Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Clarify the Applicability of OCC's Rules Governing Delivery of Treasury Securities Underlying Treasury Futures Contracts to Futures on Treasury Securities With Maturities of Greater Than 25 Years, 67429-67431 [2012-27354]
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Federal Register / Vol. 77, No. 218 / Friday, November 9, 2012 / Notices
promote market transparency for
derivatives markets, promote the
prompt and accurate clearance of
securities transactions, and derivative
agreements, contracts, and transactions,
and protect investors and the public
interest. The Customer CDS Clearing
Model is designed to permit customers
of Clearing Members to clear CDS
transactions, thereby permitting the
increased use of clearing and the
prompt and accurate clearance and
settlement of securities transactions in
furtherance of the goals of Section 17A
of the Act. ICE Clear Europe also
believes the proposed changes are
specifically designed to protect
investors and the public interest. The
non-Customer CDS Clearing Model
proposed rule changes also achieve such
ends by clarifying the rights and
obligations of Clearing Members and
ICE Clear Europe with respect to key
aspects of the clearance and settlement
process.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
ICE Clear Europe does not believe that
the proposed rule change 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
ICE Clear Europe has consulted
extensively with CDS Clearing Members
and others in developing the Customer
CDS Clearing Model. ICE Clear Europe
has not solicited and does not intend to
solicit comments regarding this
proposed rule change. ICE Clear Europe
has not received any unsolicited written
comments from interested parties. ICE
Clear Europe will notify the
Commission of any written comments
received by ICE Clear Europe.
tkelley on DSK3SPTVN1PROD with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period
up to 90 days (i) as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or (ii) as to which
the self-regulatory organization
consents, the Commission will:
(A) By order approve or disapprove
the proposed rule change or
(B) institute proceedings to determine
whether the proposed rule change
should be disapproved.
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17:34 Nov 08, 2012
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IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposed rule
change is 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 send
an email to rule-comments@sec.gov.
Please include File No. SR–ICEEU–
2012–09 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 20549–1090.
All submissions should refer to File
Number SR–ICEEU–2012–09. This file
number should be included on the
subject line if email is used. 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 Web site viewing and
printing 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 ICE Clear Europe and on ICE
Clear Europe’s Web site at https://
www.theice.com/notices/
Notices.shtml?regulatoryFilings.
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–ICEEU–2012–09 and
should be submitted on or before
November 30, 2012.
PO 00000
Frm 00101
Fmt 4703
Sfmt 4703
67429
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.4
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–27355 Filed 11–8–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–68151; File No. SR–OCC–
2012–20]
Self-Regulatory Organizations; The
Options Clearing Corporation; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change To Clarify
the Applicability of OCC’s Rules
Governing Delivery of Treasury
Securities Underlying Treasury
Futures Contracts to Futures on
Treasury Securities With Maturities of
Greater Than 25 Years
November 5, 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 October 22, 2012,
The Options
Clearing Corporation (‘‘OCC’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I, II and III below, which Items
have been prepared primarily by OCC.
OCC filed the proposed rule change
pursuant to Section 19(b)(3)(A) 3 of the
Act and Rule 19b–4(f)(4) 4 thereunder so
that the proposal was effective upon
filing with the Commission. The
Commission is publishing this notice to
solicit comments on the rule change
from interested parties.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
OCC proposes to clarify the
applicability of OCC’s rules governing
delivery of Treasury securities
underlying Treasury futures contracts to
futures on Treasury securities with
maturities of greater than 25 years.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
OCC included statements concerning
4 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(4).
1 15
E:\FR\FM\09NON1.SGM
09NON1
67430
Federal Register / Vol. 77, No. 218 / Friday, November 9, 2012 / Notices
tkelley on DSK3SPTVN1PROD with NOTICES
the purpose of and basis for the
proposed rule change and discussed any
comments it received on the proposed
rule change. The text of these statements
may be examined at the places specified
in Item IV below. OCC has prepared
summaries, set forth in sections (A), (B),
and (C) below, of the most significant
aspects of these statements.5
(A) Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
The purpose of this proposed rule
change is to clarify the applicability of
OCC’s Rules governing delivery of
Treasury securities underlying Treasury
futures contracts to futures on Treasury
securities with maturities of greater than
25 years, which are currently traded on
ELX Futures, L.P. (‘‘ELX’’).
Clearing members that are, or that
represent, the seller of a physicallysettled Treasury future must make
delivery of the underlying Treasury
security in accordance with the
procedures set forth in Rule 1302B. A
clearing member need not deliver
Treasury securities of a particular issue
to satisfy a delivery obligation.6 Instead,
Interpretation and Policy .02 to Rule
1302B sets forth criteria for specific
Treasury securities that may be
delivered in settlement of Treasury
futures contracts. For example, for a
Treasury futures contract with an
underlying interest that is a Treasury
bond, a clearing member may deliver
Treasury bonds, if not callable, with a
remaining term of at least fifteen years
or, if callable, that are not callable for
at least 15 years.
ELX trades futures on Treasury
securities of various maturities,
including futures on treasury bonds
with a maturity of greater than 25 years
(‘‘Ultra-Long Treasury Futures’’). Under
the rules of ELX, delivery obligations on
Ultra-Long Treasury Futures may be
satisfied by delivering Treasury bonds
that, if not callable, have a remaining
term of at least 25 years, or if callable,
are not callable for at least 25 years.
Interpretation and Policy .02 does not
specifically address the delivery of
Treasury bonds with maturities of 25
years or greater against Ultra-Long
Treasury Futures. Accordingly, OCC is
proposing to amend Interpretation and
Policy .02 to Rule 1302B to provide that
the characteristics of Treasury securities
that may be delivered in settlement of
5 The Commission has modified the text of the
summaries prepared by OCC.
6 Subject to the condition that all Treasury
securities delivered against a single physicallysettled Treasury futures contract be of the same
issue.
VerDate Mar<15>2010
17:34 Nov 08, 2012
Jkt 229001
futures on Treasury securities will be as
set forth in the relevant exchange rules
and reflected in OCC’s procedures. This
amendment will clarify the applicability
of Rule 1302B to Ultra-Long Treasury
Futures, as well as accommodate futures
on other Treasury securities that may be
introduced by an exchange at a later
date that allow for delivery of Treasury
securities with different maturity dates
than those currently listed in
Interpretation and Policy .02.
OCC believes that the proposed rule
change is consistent with the purposes
and requirements of Section 17A of the
Securities Exchange Act of 1934,
because they are designed to permit
OCC to perform clearing services for
products that are subject to the
jurisdiction of the Commodity Futures
Trading Commission (‘‘CFTC’’) without
adversely affecting OCC’s obligations
with respect to the prompt and accurate
clearance and settlement of securities
transactions or the protection of
investors and the public interest. The
proposed rule change is not inconsistent
with any rules of OCC, including any
that are proposed to be amended.
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
OCC does not believe the proposed
rule change would impose any burden
on competition.
(C) Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
Written comments on the proposed
rule change were not and are not
intended to be solicited with respect to
the proposed rule change and none have
been received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective upon filing pursuant to Section
19(b)(3)(A)(iii) 7 of the Act and Rule
19b–4(f)(4)(ii) 8 thereunder because it
affects a change in an existing service of
a registered clearing agency that
primarily affects the futures clearing
operations of the clearing agency with
respect to futures that are not security
futures and it does not significantly
affect any securities clearing operations
of the clearing agency or any related
rights or obligations of the clearing
agency or persons using such service.
OCC will delay the implementation of
the rule change until it is deemed
certified under CFTC Regulation § 40.6.
7 15
8 17
PO 00000
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(4)(ii).
Frm 00102
Fmt 4703
Sfmt 4703
At any time within 60 days of the filing
of such rule change, the Commission
summarily may temporarily suspend
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rulecomments@sec.gov. Please include File
Number SR–OCC–2012–20 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–OCC–2012–20. This file
number should be included on the
subject line if email is used. 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 Web site viewing and
printing in the Commission’s Public
Reference Section, 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 OCC and on OCC’s Web site at
(https://www.theocc.com/components/
docs/legal/rules_and_bylaws/
sr_occ_12_20.pdf).
All comments received will be posted
without change; the Commission does
E:\FR\FM\09NON1.SGM
09NON1
Federal Register / Vol. 77, No. 218 / Friday, November 9, 2012 / Notices
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–OCC–2012–20 and should
be submitted on or before November 30,
2012.
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.9
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–27354 Filed 11–8–12; 8:45 am]
BILLING CODE 8011–01–P
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
SECURITIES AND EXCHANGE
COMMISSION
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
[Release No. 34–68150; File No. SR–NYSE–
2012–56]
1. Purpose
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Proposing To
Make Changes to Certain Fees and
Credits Within the New York Stock
Exchange LLC Price List
November 5, 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 October
22, 2012, New York Stock Exchange
LLC (the ‘‘Exchange’’ or ‘‘NYSE’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I, II and III below, which Items
have been prepared by the Exchange.
The Commission is publishing this
notice to solicit comments on the
proposed rule change from interested
persons.
tkelley on DSK3SPTVN1PROD with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to make
changes to certain fees and credits
within its Price List, which the
Exchange proposes to become operative
on November 1, 2012. The text of the
proposed rule change is available on the
Exchange’s Web site at www.nyse.com,
at the principal office of the Exchange,
and at the Commission’s Public
Reference Room.
9 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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17:34 Nov 08, 2012
Jkt 229001
The Exchange proposes to make
changes to certain fees and credits
within its Price List, which the
Exchange proposes to become operative
on November 1, 2012.
Currently, for transactions in stocks
with a per share stock price of $1.00 or
more, the Exchange charges a
transaction fee of $0.00055 per share for
all market at-the-close (‘‘MOC’’) and
limit at-the-close (‘‘LOC’’) orders from
any member organizations that execute
an average daily trading volume
(‘‘ADV’’) of MOC and LOC activity on
the Exchange in that month of at least
14 million shares. Member
organizations that do not execute an
ADV of MOC and LOC activity on the
Exchange of at least 14 million shares
are charged a transaction fee of $0.00095
per share. The Exchange proposes to
modify the threshold for the $0.00055
transaction fee for MOC and LOC orders
from an ADV of at least 14 million
shares to an ADV of at least 0.375% of
consolidated average daily volume in
NYSE-listed securities during the billing
month (‘‘NYSE CADV’’).
The Exchange believes that modifying
the transaction fee threshold for MOC
and LOC orders with a per share stock
price of $1.00 or more as proposed
would provide a more flexible method
by which member organizations may
qualify for the lower fee for MOC and
LOC orders by changing from a fixed
volume to one that will adjust
automatically based on higher or lower
NYSE CADV. The Exchange believes
that the proposed change would
continue to allocate a lower fee to
member organizations that make
significant contributions to market
quality by providing higher volumes of
liquidity.
PO 00000
Frm 00103
Fmt 4703
Sfmt 4703
67431
Currently, the Exchange provides a
credit of $0.0018 per share for
transactions in stocks with a per share
stock price of $1.00 or more when
adding displayed liquidity to the
Exchange if either:
(i) The member organization has ADV
that adds liquidity to the Exchange
during the billing month (‘‘Adding
ADV,’’ which excludes any liquidity
added by a Designated Market Maker
(‘‘DMM’’)) that is at least 1.5% of NYSE
CADV, and executes MOC and LOC
orders of at least 0.375% of NYSE
CADV; or
(ii) The member organization has
Adding ADV that is at least 0.8% of
NYSE CADV, executes MOC and LOC
orders of at least 0.12% of NYSE CADV,
and adds liquidity to the Exchange as a
Supplemental Liquidity Provider
(‘‘SLP’’) for all assigned SLP securities
in the aggregate (including shares of
both an SLP proprietary trading unit
(‘‘SLP-Prop’’) and an SLP market maker
(‘‘SLMM’’) of the same member
organization) of more than 0.25% of
NYSE CADV.
The Exchange proposes to modify the
second method by which member
organizations may qualify for the credit
and add a third method by which
member organizations may qualify for
the credit when adding displayed
liquidity. More specifically, the
Exchange proposes to revise the second
method to qualify for the credit such
that a member organization would
qualify for the credit if the member
organization has Adding ADV that is at
least 0.8% of NYSE CADV, executes
MOC and LOC orders of at least 0.12%
of NYSE CADV, and adds liquidity to
the Exchange as a SLP for all assigned
SLP securities in the aggregate
(including shares of both an SLP-Prop
and an SLMM of the same member
organization) of more than 0.15% of
NYSE CADV. Currently, a member
organization would have to provide
liquidity to the Exchange as an SLP for
all assigned SLP securities in the
aggregate of more than 0.25% of NYSE
CADV, as opposed to the proposed
0.15% of NYSE CADV. The Exchange
believes that reducing the threshold to
0.15% of NYSE CADV would allow
more member organizations to qualify
for the higher credit, and therefore, in
turn, attract multiple sources of
liquidity to the Exchange.
Finally, the Exchange proposes that a
member organization would qualify for
the credit of $0.0018 per share if the
member organization has ADV that adds
liquidity in customer electronic orders
to the Exchange (‘‘Customer Electronic
Adding ADV,’’ which would exclude
any liquidity added by a Floor broker,
E:\FR\FM\09NON1.SGM
09NON1
]]>Agencies
[Federal Register Volume 77, Number 218 (Friday, November 9, 2012)]
[Notices]
[Pages 67429-67431]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-27354]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-68151; File No. SR-OCC-2012-20]
Self-Regulatory Organizations; The Options Clearing Corporation;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Clarify the Applicability of OCC's Rules Governing Delivery of Treasury
Securities Underlying Treasury Futures Contracts to Futures on Treasury
Securities With Maturities of Greater Than 25 Years
November 5, 2012.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
---------------------------------------------------------------------------
Rule 19b-4 thereunder \2\ notice is hereby given that on October
22, 2012, The Options
---------------------------------------------------------------------------
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
Clearing Corporation (``OCC'') filed with the Securities and
Exchange Commission (``Commission'') the proposed rule change as
described in Items I, II and III below, which Items have been prepared
primarily by OCC. OCC filed the proposed rule change pursuant to
Section 19(b)(3)(A) \3\ of the Act and Rule 19b-4(f)(4) \4\ thereunder
so that the proposal was effective upon filing with the Commission. The
Commission is publishing this notice to solicit comments on the rule
change from interested parties.
---------------------------------------------------------------------------
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(4).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
OCC proposes to clarify the applicability of OCC's rules governing
delivery of Treasury securities underlying Treasury futures contracts
to futures on Treasury securities with maturities of greater than 25
years.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, OCC included statements
concerning
[[Page 67430]]
the purpose of and basis for the proposed rule change and discussed any
comments it received on the proposed rule change. The text of these
statements may be examined at the places specified in Item IV below.
OCC has prepared summaries, set forth in sections (A), (B), and (C)
below, of the most significant aspects of these statements.\5\
---------------------------------------------------------------------------
\5\ The Commission has modified the text of the summaries
prepared by OCC.
---------------------------------------------------------------------------
(A) Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
The purpose of this proposed rule change is to clarify the
applicability of OCC's Rules governing delivery of Treasury securities
underlying Treasury futures contracts to futures on Treasury securities
with maturities of greater than 25 years, which are currently traded on
ELX Futures, L.P. (``ELX'').
Clearing members that are, or that represent, the seller of a
physically-settled Treasury future must make delivery of the underlying
Treasury security in accordance with the procedures set forth in Rule
1302B. A clearing member need not deliver Treasury securities of a
particular issue to satisfy a delivery obligation.\6\ Instead,
Interpretation and Policy .02 to Rule 1302B sets forth criteria for
specific Treasury securities that may be delivered in settlement of
Treasury futures contracts. For example, for a Treasury futures
contract with an underlying interest that is a Treasury bond, a
clearing member may deliver Treasury bonds, if not callable, with a
remaining term of at least fifteen years or, if callable, that are not
callable for at least 15 years.
---------------------------------------------------------------------------
\6\ Subject to the condition that all Treasury securities
delivered against a single physically-settled Treasury futures
contract be of the same issue.
---------------------------------------------------------------------------
ELX trades futures on Treasury securities of various maturities,
including futures on treasury bonds with a maturity of greater than 25
years (``Ultra-Long Treasury Futures''). Under the rules of ELX,
delivery obligations on Ultra-Long Treasury Futures may be satisfied by
delivering Treasury bonds that, if not callable, have a remaining term
of at least 25 years, or if callable, are not callable for at least 25
years. Interpretation and Policy .02 does not specifically address the
delivery of Treasury bonds with maturities of 25 years or greater
against Ultra-Long Treasury Futures. Accordingly, OCC is proposing to
amend Interpretation and Policy .02 to Rule 1302B to provide that the
characteristics of Treasury securities that may be delivered in
settlement of futures on Treasury securities will be as set forth in
the relevant exchange rules and reflected in OCC's procedures. This
amendment will clarify the applicability of Rule 1302B to Ultra-Long
Treasury Futures, as well as accommodate futures on other Treasury
securities that may be introduced by an exchange at a later date that
allow for delivery of Treasury securities with different maturity dates
than those currently listed in Interpretation and Policy .02.
OCC believes that the proposed rule change is consistent with the
purposes and requirements of Section 17A of the Securities Exchange Act
of 1934, because they are designed to permit OCC to perform clearing
services for products that are subject to the jurisdiction of the
Commodity Futures Trading Commission (``CFTC'') without adversely
affecting OCC's obligations with respect to the prompt and accurate
clearance and settlement of securities transactions or the protection
of investors and the public interest. The proposed rule change is not
inconsistent with any rules of OCC, including any that are proposed to
be amended.
(B) Self-Regulatory Organization's Statement on Burden on Competition
OCC does not believe the proposed rule change would impose any
burden on competition.
(C) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received From Members, Participants or Others
Written comments on the proposed rule change were not and are not
intended to be solicited with respect to the proposed rule change and
none have been received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective upon filing pursuant
to Section 19(b)(3)(A)(iii) \7\ of the Act and Rule 19b-4(f)(4)(ii) \8\
thereunder because it affects a change in an existing service of a
registered clearing agency that primarily affects the futures clearing
operations of the clearing agency with respect to futures that are not
security futures and it does not significantly affect any securities
clearing operations of the clearing agency or any related rights or
obligations of the clearing agency or persons using such service. OCC
will delay the implementation of the rule change until it is deemed
certified under CFTC Regulation Sec. 40.6. At any time within 60 days
of the filing of such rule change, the Commission summarily may
temporarily suspend such rule change if it appears to the Commission
that such action is necessary or appropriate in the public interest,
for the protection of investors, or otherwise in furtherance of the
purposes of the Act.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A)(iii).
\8\ 17 CFR 240.19b-4(f)(4)(ii).
---------------------------------------------------------------------------
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-OCC-2012-20 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-OCC-2012-20. This file
number should be included on the subject line if email is used. 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 Web site viewing and
printing in the Commission's Public Reference Section, 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 OCC and
on OCC's Web site at (https://www.theocc.com/components/docs/legal/rules_and_bylaws/sr_occ_12_20.pdf).
All comments received will be posted without change; the Commission
does
[[Page 67431]]
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-OCC-2012-20 and should be
submitted on or before November 30, 2012.
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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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-27354 Filed 11-8-12; 8:45 am]
BILLING CODE 8011-01-P
