Self-Regulatory Organizations; Chicago Mercantile Exchange, Inc.; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change To Amend Rules Relating to Interest Rate Swaps Clearing, 41207-41209 [2012-16992]
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Federal Register / Vol. 77, No. 134 / Thursday, July 12, 2012 / Notices
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email: duane.hardesty@nrc.gov.
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pmangrum on DSK3VPTVN1PROD with NOTICES
[FR Doc. 2012–17011 Filed 7–11–12; 8:45 am]
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VerDate Mar<15>2010
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Jkt 226001
DATE AND TIME OF PREVIOUSLY ANNOUNCED
MEETING: Tuesday, July 10, 2012 at 10:00
a.m.
Date Change.
The Closed Meeting scheduled for
Tuesday, July 10, 2012 at 10:00 a.m., has
been changed to Friday, July 13, 2012 at
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any, matters have been added, deleted
or postponed, please contact:
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CHANGE IN THE MEETING:
PO 00000
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41207
Dated: July 10, 2012.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012–17126 Filed 7–10–12; 4:15 pm]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–67362; File No. SR–CME–
2012–27]
Self-Regulatory Organizations;
Chicago Mercantile Exchange, Inc.;
Notice of Filing and Order Granting
Accelerated Approval of Proposed
Rule Change To Amend Rules Relating
to Interest Rate Swaps Clearing
July 6, 2012.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on June 25,
2012, the Chicago Mercantile Exchange,
Inc. (‘‘CME’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change described in Items I and II,
below, which items have been prepared
primarily by CME. The Commission is
publishing this Notice and Order to
solicit comments on the proposed rule
change from interested persons, and to
approve the proposed rule change on an
accelerated basis.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
CME proposes to amend certain rules
relating to its interest rate swap (‘‘IRS’’)
cleared only offering. The proposed
changes make certain clarifying
amendments and corrections to Chapter
8G of the CME Rulebook. The text of the
proposed rule changes is available on
the CME’s Web site at https://
www.cmegroup.com, at the principal
office of CME, and at the Commission’s
Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
CME included statements concerning
the purpose and basis for the proposed
rule changes and discussed any
comments it received on the proposed
rule changes. The text of these
statements and comments may be
examined at the places specified in Item
III below. CME has prepared summaries,
set forth in sections A, B, and C below,
1 15
2 17
E:\FR\FM\12JYN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
12JYN1
41208
Federal Register / Vol. 77, No. 134 / Thursday, July 12, 2012 / Notices
of the most significant aspects of these
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
pmangrum on DSK3VPTVN1PROD with NOTICES
CME proposes to make certain
clarifying rule amendments related to its
IRS offering. The first proposed change
would correct an inadvertent omission
in Rule 8G07 resulting from a previous
filing. The new language makes clear
that the methodology for allocating the
IRS Guaranty Fund 3 among IRS
Clearing Members 4 is based on the 30day trailing average of an IRS Clearing
Member’s potential residual loss
(‘‘PRL’’).
The second proposed change makes
corrections to CME Rule 8G26, which
currently refers to an IRS Advisory
Committee that has never been formed.
The IRS Advisory Committee referenced
in Rule 8G26 has been superseded by
other CME IRS working groups.
CME also notes that it is making
certain updates to its Manual of
Operations for IRS in connection with
these proposed changes. These changes
can be summarized as follows:
• Eligible maturity dates for IRS
denominated in Canadian Dollars,
Japanese Yen, Swiss Francs and
Australian Dollars are being extended to
31 years from the clearing date,
primarily to accommodate forwardstarting 30 year swaps;
• The earliest weekly submission
time for submission of IRS is being
extended from 1:15 a.m. Eastern Time
Monday to 6 p.m. Eastern Time Sunday;
• The daily end-of-day report sent to
IRS clearing members is being updated
to include listed futures and FX pricing
information and changed to align the
tenors of certain curves to enhance the
reporting applicable to CME’s portfolio
margining of futures of IRS; and
• Several sample reports, field
descriptions and product tables have
been removed to simplify the IRS
Manual; and
• Certain typographical and
grammatical corrections.
CME notes that it has also submitted
the proposed rule changes that are the
subject of this filing to the Commodity
3 CME’s Rulebook defines a ‘‘Guaranty Fund
Deposit’’ as ‘‘[t]he amount required to be deposited
with the [CME] Clearing House by the clearing
member as a guaranty of its obligations to the
Clearing House.’’
4 CME’s Rulebook defines a ‘‘Clearing Member’’
as ‘‘[a] firm meeting the requirements of, and
approved for, clearing membership at the Exchange.
The term ‘clearing member’ as used in the Rules
shall include all clearing member categories set
forth in Rule 900, unless otherwise specified.’’
VerDate Mar<15>2010
15:39 Jul 11, 2012
Jkt 226001
Futures Trading Commission (‘‘CFTC’’),
in CME Submission 12–204.
CME believes the proposed rule
changes are consistent with the
requirements of the Act, including
Section 17A,5 and the rules and
regulations thereunder, because they
involve improvements to CME’s IRS
offering for investors that help to:
(i) Promote the prompt and accurate
clearance and settlement of securities
transactions and derivatives agreements,
contracts and transactions; (ii) assure
the safeguarding of securities and funds
that are in CME’s custody or control;
and (iii) protect investors and the public
interest. CME also observes that the
proposed rule changes are limited to the
clearing of swaps, and thus relate solely
to the CME’s swaps clearing activities
pursuant to its registration as a
derivatives clearing organization under
the Commodity Exchange Act (‘‘CEA’’),
and do not significantly affect any of
CME’s securities clearing operations, or
any related rights or obligations of CME
or persons using such service. CME
further notes that the policies of the
CEA with respect to clearing are
comparable to a number of the policies
underlying the Act, such as promoting
market transparency for over-thecounter derivatives markets, promoting
the prompt and accurate clearance of
transactions and protecting investors
and the public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
CME does not believe that the
proposed rule changes will have any
impact, or impose any burden, on
competition.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
CME has not solicited, and does not
intend to solicit, comments regarding
these proposed rule changes. CME has
not received any unsolicited written
comments from interested parties.
III. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposed rule
changes are consistent with the Act.
Comments may be submitted by any of
the following methods:
• Electronic comments may be
submitted by using the Commission’s
Internet comment form (https://
www.sec.gov/rules/sro.shtml), or by
sending an email to rule-
PO 00000
comments@sec.gov. Please include File
No. SR–CME–2012–27 on the subject
line.
• Paper comments should be sent in
triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange
Commission, 100 F Street NE.,
Washington, DC 20549–0609.
All submissions should refer to File
Number SR–CME–2012–27. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
Room, 100 F Street NE., Washington, DC
20549, on official business days
between the hours of 10:00 a.m. and
3:00 p.m. Copies of such filing also will
be available for inspection and copying
at the principal office of CME. All
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly.
All submissions should refer to File
Number SR–CME–2012–27 and should
be submitted on or before August 2,
2012.
IV. Commission’s Findings and Order
Granting Accelerated Approval of
Proposed Rule Change
Section 19(b) of the Act 6 directs the
Commission to approve a proposed rule
change of a self-regulatory organization
if it finds that such proposed rule
change is consistent with the
requirements of the Act and the rules
and regulations thereunder applicable to
such organization. In particular, Section
17A(b)(3)(F) 7 of the Act requires, among
other things, that the rules of a clearing
agency be designed to promote the
prompt and accurate clearance and
settlement of securities transactions,
assure the safeguarding of securities and
funds that are in the custody or control
of the clearing agency, or for which it
is responsible, and protect investors and
6 15
5 15
U.S.C. 78q–1.
Frm 00046
Fmt 4703
7 15
Sfmt 4703
E:\FR\FM\12JYN1.SGM
U.S.C. 78s(b).
U.S.C. 78q–1(b)(3)(F).
12JYN1
Federal Register / Vol. 77, No. 134 / Thursday, July 12, 2012 / Notices
the public interest. The Commission
finds that the proposed clarifications to
the manner in which CME allocates
guaranty fund obligations among its
members are consistent with the
requirements of Section 17A(b)(3)(F) of
the Act because the clarifications should
allow CME’s Members to better monitor
their financial status and riskmanagement procedures. This, in turn,
should enhance CME’s ability to
safeguard the securities and funds in its
custody or control, or for which it is
responsible.8
In its filing, CME requested that the
Commission approve these proposed
rule changes prior to the thirtieth day
after the date of publication of the
notice of the filing. CME has articulated
three reasons for so granting approval.
First, CME notes that the products
covered by this filing, and CME’s
operations as a derivatives clearing
organization for such products, are
regulated by the CFTC under the CEA.
Second, CME observes that the
proposed rule changes relate solely to
interest rate swap clearing, and
therefore relate solely to CME’s swaps
clearing activities, and do not
significantly relate to the CME’s
functions as a clearing agency for
security-based swaps. Third, CME
contends that not approving this request
on an accelerated basis will have a
significant impact on the swaps clearing
business of CME as a designated
clearing organization.
The Commission finds good cause for
granting approval of the proposed rule
changes prior to the thirtieth day after
publication of the notice of filing
because: (i) The proposed rule changes
do not significantly affect any of CME’s
securities clearing operations or any
related rights or obligations of CME or
persons using such service; (ii) CME has
indicated that not providing accelerated
approval would have a significant
impact on its business as a designated
clearing organization; and (iii) the
activity relating to CME’s non-security
clearing operations for which CME is
seeking approval is subject to regulation
by another federal regulator.
pmangrum on DSK3VPTVN1PROD with NOTICES
V. Conclusion
It is therefore ordered pursuant to
Section 19(b)(2) of the Act that the
proposed rule change (SR–CME–2012–
27) be, and hereby is, approved on an
accelerated basis.
8 See 15 U.S.C. 78q–1. In approving these
proposed rule changes, the Commission has
considered the proposed rule changes’ impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
VerDate Mar<15>2010
15:39 Jul 11, 2012
Jkt 226001
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012–16992 Filed 7–11–12; 8:45 am]
BILLING CODE 8011–01–P
OFFICE OF THE UNITED STATES
TRADE REPRESENTATIVE
Generalized System of Preferences
(GSP): Results of the 2011 Annual GSP
Review; Notice of Hearing and Public
Comments for Country Practice
Petitions Accepted as Part of the 2011
Annual GSP Review
Office of the United States
Trade Representative.
ACTION: Notice and request for
submissions.
AGENCY:
This notice announces the
results of the 2011 Annual GSP Review
with respect to: (1) Products considered
for addition to the list of eligible
products for GSP; (2) decisions related
to competitive need limitations (CNLs),
including petitions for waivers of CNLs
and revocation of previous CNL
waivers; (3) redesignations of products
previously excluded from GSP
eligibility for certain countries; and (4)
petitions to modify the GSP status of
certain GSP beneficiary countries
because of country practices. This
notice also announces the schedule for
public comments and a public hearing
for four country practice petitions newly
accepted for review (regarding Fiji,
Indonesia, Iraq, and Ukraine), the
closure of the country practices review
of Sri Lanka’s worker rights practices,
and the designation of Afghanistan as a
member of the South Asian Association
for Regional Cooperation (SAARC) for
purposes of the GSP.
FOR FURTHER INFORMATION CONTACT:
Tameka Cooper, GSP Program, Office of
the United States Trade Representative,
600 17th Street NW., Washington, DC
20508. The telephone number is (202)
395–6971; the fax number is (202) 395–
9674, and the email address is
Tameka_Cooper@ustr.eop.gov.
DATES: The GSP regulations (15 CFR
Part 2007) provide the schedule of dates
for conducting an annual review unless
otherwise specified in a Federal
Register notice. The schedule for review
of the country practices petitions cited
above follows.
September 13, 2012: Deadline for
submission of pre-hearing briefs and
requests to appear at the September 27,
SUMMARY:
PO 00000
9 17
CFR 200.30–3(a)(12).
Frm 00047
Fmt 4703
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41209
2012 public hearing; submissions must
be received by 5:00 p.m.
September 27, 2012: The GSP
Subcommittee of the Trade Policy Staff
Committee (TPSC) will convene a
public hearing on the country practice
petitions newly accepted in the 2011
Annual GSP Review, i.e., petitions
concerning practices of Fiji, Indonesia,
Iraq, and Ukraine, at 1724 F Street, NW.,
Washington, DC 20508, beginning at
9:30 a.m.
October 18, 2012: Deadline for
submission of post-hearing briefs, which
must be received by 5:00 p.m.
SUPPLEMENTARY INFORMATION: The GSP
program provides for the duty-free
treatment of designated articles when
imported from beneficiary developing
countries. The GSP program is
authorized by Title V of the Trade Act
of 1974 (19 U.S.C. 2461 et seq.), as
amended.
Results of the 2011 Annual GSP Review
In the 2011 Annual Review, the TPSC
reviewed: (1) A petition to add a
product to the list of those eligible for
duty-free treatment under GSP; (2)
certain cotton products for possible
designation as eligible for GSP benefits
when imported from least-developed
beneficiary developing countries under
the GSP program; (3) nine petitions to
waive CNLs for products from certain
beneficiary countries; (4) revocation of
CNL waivers for products from certain
beneficiary countries where 2011
imports exceeded certain statutory
limits; (5) products eligible for de
minimis waivers of CNLs; (6)
redesignation of products previously
excluded from GSP eligibility for certain
beneficiary countries; and (7) country
practice petitions previously submitted
as part of the 2011 Annual Review and
earlier reviews.
In Presidential Proclamation 8840 of
June 29, 2012 the President
implemented his decisions regarding
GSP product eligibility issues arising
out of the 2011 Annual GSP Review,
including CNL waivers, CNL
revocations, and product redesignations.
This notice provides further information
on the results of the 2011 Annual GSP
Review, including disposition of
country practice petitions. These
results, comprising eight lists, are
available for public viewing at https://
www.regulations.gov in docket USTR–
2011–0015, under ‘‘Supporting and
Related Materials’’ and at https://
www.ustr.gov/webfm_send/3487.
Specific Results
The Administration has decided to
defer a decision on final disposition of
a petition to add certain plastic bags
E:\FR\FM\12JYN1.SGM
12JYN1
]]>Agencies
[Federal Register Volume 77, Number 134 (Thursday, July 12, 2012)]
[Notices]
[Pages 41207-41209]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-16992]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-67362; File No. SR-CME-2012-27]
Self-Regulatory Organizations; Chicago Mercantile Exchange, Inc.;
Notice of Filing and Order Granting Accelerated Approval of Proposed
Rule Change To Amend Rules Relating to Interest Rate Swaps Clearing
July 6, 2012.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on June 25, 2012, the Chicago Mercantile Exchange, Inc. (``CME'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change described in Items I and II, below, which items
have been prepared primarily by CME. The Commission is publishing this
Notice and Order to solicit comments on the proposed rule change from
interested persons, and to approve the proposed rule change on an
accelerated basis.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
CME proposes to amend certain rules relating to its interest rate
swap (``IRS'') cleared only offering. The proposed changes make certain
clarifying amendments and corrections to Chapter 8G of the CME
Rulebook. The text of the proposed rule changes is available on the
CME's Web site at https://www.cmegroup.com, at the principal office of
CME, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, CME included statements
concerning the purpose and basis for the proposed rule changes and
discussed any comments it received on the proposed rule changes. The
text of these statements and comments may be examined at the places
specified in Item III below. CME has prepared summaries, set forth in
sections A, B, and C below,
[[Page 41208]]
of the most significant aspects of these statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
CME proposes to make certain clarifying rule amendments related to
its IRS offering. The first proposed change would correct an
inadvertent omission in Rule 8G07 resulting from a previous filing. The
new language makes clear that the methodology for allocating the IRS
Guaranty Fund \3\ among IRS Clearing Members \4\ is based on the 30-day
trailing average of an IRS Clearing Member's potential residual loss
(``PRL'').
---------------------------------------------------------------------------
\3\ CME's Rulebook defines a ``Guaranty Fund Deposit'' as
``[t]he amount required to be deposited with the [CME] Clearing
House by the clearing member as a guaranty of its obligations to the
Clearing House.''
\4\ CME's Rulebook defines a ``Clearing Member'' as ``[a] firm
meeting the requirements of, and approved for, clearing membership
at the Exchange. The term `clearing member' as used in the Rules
shall include all clearing member categories set forth in Rule 900,
unless otherwise specified.''
---------------------------------------------------------------------------
The second proposed change makes corrections to CME Rule 8G26,
which currently refers to an IRS Advisory Committee that has never been
formed. The IRS Advisory Committee referenced in Rule 8G26 has been
superseded by other CME IRS working groups.
CME also notes that it is making certain updates to its Manual of
Operations for IRS in connection with these proposed changes. These
changes can be summarized as follows:
Eligible maturity dates for IRS denominated in Canadian
Dollars, Japanese Yen, Swiss Francs and Australian Dollars are being
extended to 31 years from the clearing date, primarily to accommodate
forward-starting 30 year swaps;
The earliest weekly submission time for submission of IRS
is being extended from 1:15 a.m. Eastern Time Monday to 6 p.m. Eastern
Time Sunday;
The daily end-of-day report sent to IRS clearing members
is being updated to include listed futures and FX pricing information
and changed to align the tenors of certain curves to enhance the
reporting applicable to CME's portfolio margining of futures of IRS;
and
Several sample reports, field descriptions and product
tables have been removed to simplify the IRS Manual; and
Certain typographical and grammatical corrections.
CME notes that it has also submitted the proposed rule changes that
are the subject of this filing to the Commodity Futures Trading
Commission (``CFTC''), in CME Submission 12-204.
CME believes the proposed rule changes are consistent with the
requirements of the Act, including Section 17A,\5\ and the rules and
regulations thereunder, because they involve improvements to CME's IRS
offering for investors that help to: (i) Promote the prompt and
accurate clearance and settlement of securities transactions and
derivatives agreements, contracts and transactions; (ii) assure the
safeguarding of securities and funds that are in CME's custody or
control; and (iii) protect investors and the public interest. CME also
observes that the proposed rule changes are limited to the clearing of
swaps, and thus relate solely to the CME's swaps clearing activities
pursuant to its registration as a derivatives clearing organization
under the Commodity Exchange Act (``CEA''), and do not significantly
affect any of CME's securities clearing operations, or any related
rights or obligations of CME or persons using such service. CME further
notes that the policies of the CEA with respect to clearing are
comparable to a number of the policies underlying the Act, such as
promoting market transparency for over-the-counter derivatives markets,
promoting the prompt and accurate clearance of transactions and
protecting investors and the public interest.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78q-1.
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
CME does not believe that the proposed rule changes will have any
impact, or impose any burden, on competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
CME has not solicited, and does not intend to solicit, comments
regarding these proposed rule changes. CME has not received any
unsolicited written comments from interested parties.
III. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
changes are consistent with the Act. Comments may be submitted by any
of the following methods:
Electronic comments may be submitted by using the
Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml), or by sending an email to rule-comments@sec.gov. Please
include File No. SR-CME-2012-27 on the subject line.
Paper comments should be sent in triplicate to Elizabeth
M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street
NE., Washington, DC 20549-0609.
All submissions should refer to File Number SR-CME-2012-27. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for inspection and
copying in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such filing also will be available
for inspection and copying at the principal office of CME. All comments
received will be posted without change; the Commission does not edit
personal identifying information from submissions. You should submit
only information that you wish to make available publicly.
All submissions should refer to File Number SR-CME-2012-27 and
should be submitted on or before August 2, 2012.
IV. Commission's Findings and Order Granting Accelerated Approval of
Proposed Rule Change
Section 19(b) of the Act \6\ directs the Commission to approve a
proposed rule change of a self-regulatory organization if it finds that
such proposed rule change is consistent with the requirements of the
Act and the rules and regulations thereunder applicable to such
organization. In particular, Section 17A(b)(3)(F) \7\ of the Act
requires, among other things, that the rules of a clearing agency be
designed to promote the prompt and accurate clearance and settlement of
securities transactions, assure the safeguarding of securities and
funds that are in the custody or control of the clearing agency, or for
which it is responsible, and protect investors and
[[Page 41209]]
the public interest. The Commission finds that the proposed
clarifications to the manner in which CME allocates guaranty fund
obligations among its members are consistent with the requirements of
Section 17A(b)(3)(F) of the Act because the clarifications should allow
CME's Members to better monitor their financial status and risk-
management procedures. This, in turn, should enhance CME's ability to
safeguard the securities and funds in its custody or control, or for
which it is responsible.\8\
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\6\ 15 U.S.C. 78s(b).
\7\ 15 U.S.C. 78q-1(b)(3)(F).
\8\ See 15 U.S.C. 78q-1. In approving these proposed rule
changes, the Commission has considered the proposed rule changes'
impact on efficiency, competition, and capital formation. 15 U.S.C.
78c(f).
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In its filing, CME requested that the Commission approve these
proposed rule changes prior to the thirtieth day after the date of
publication of the notice of the filing. CME has articulated three
reasons for so granting approval. First, CME notes that the products
covered by this filing, and CME's operations as a derivatives clearing
organization for such products, are regulated by the CFTC under the
CEA. Second, CME observes that the proposed rule changes relate solely
to interest rate swap clearing, and therefore relate solely to CME's
swaps clearing activities, and do not significantly relate to the CME's
functions as a clearing agency for security-based swaps. Third, CME
contends that not approving this request on an accelerated basis will
have a significant impact on the swaps clearing business of CME as a
designated clearing organization.
The Commission finds good cause for granting approval of the
proposed rule changes prior to the thirtieth day after publication of
the notice of filing because: (i) The proposed rule changes do not
significantly affect any of CME's securities clearing operations or any
related rights or obligations of CME or persons using such service;
(ii) CME has indicated that not providing accelerated approval would
have a significant impact on its business as a designated clearing
organization; and (iii) the activity relating to CME's non-security
clearing operations for which CME is seeking approval is subject to
regulation by another federal regulator.
V. Conclusion
It is therefore ordered pursuant to Section 19(b)(2) of the Act
that the proposed rule change (SR-CME-2012-27) be, and hereby is,
approved on an accelerated basis.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(12).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012-16992 Filed 7-11-12; 8:45 am]
BILLING CODE 8011-01-P
