Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Correct One Term in the ICC Rules, 71649-71650 [2012-29075]
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Federal Register / Vol. 77, No. 232 / Monday, December 3, 2012 / Notices
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 the Exchange. 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–BOX–
2012–019 and should be submitted on
or before December 24, 2012.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–29074 Filed 11–30–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–68300; File No. SR–ICC–
2012–21]
Self-Regulatory Organizations; ICE
Clear Credit LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Correct One Term in
the ICC Rules
November 27, 2012.
emcdonald on DSK67QTVN1PROD with NOTICES
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 November
13, 2012, ICE Clear Credit LLC (‘‘ICC’’)
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 ICC.
ICC filed the proposal pursuant to
Section 19(b)(3)(A)(iii) of the Act,3 and
Rule 19b–4(f)(3) 4 thereunder, so that the
proposal was effective upon filing with
the Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The purpose of the proposed rule
change is to change the word
‘‘customer’’ to ‘‘client’’ in the defined
term ‘‘Client Omnibus Margin Account’’
in one instance in Section 20–605(d) in
order to ensure consistency of defined
10 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)(iii).
4 17 CFR 240.19b–4(f)(3).
1 15
VerDate Mar<15>2010
14:30 Nov 30, 2012
terms throughout the ICE Clear Credit
Rules.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, ICC
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 these statements
may be examined at the places specified
in Item IV below. ICC has prepared
summaries, set forth in sections (A), (B)
and (C) below, of the most significant
aspects of such statements.
(A) Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
ICC is updating one word in Section
20–605(d) of the Rules to change the
word ‘‘customer’’ to ‘‘client’’ in the
defined term ‘‘Client Omnibus Margin
Account.’’ ICC is making this correction
in order to ensure that the defined terms
in the ICC Rules are consistent. This
change does not require any changes to
the ICC risk management framework.
The only change submitted is the
correction of one defined term in ICC
Rule 20–605(d).
Section 17A(b)(3)(F) of the Act 5
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 and, to the extent
applicable, derivative agreements,
contracts, and transactions. ICC believes
that the proposed rule change is
consistent with the requirements of the
Act and the rules and regulations
thereunder applicable to ICC, in
particular, to Section 17A(b)(3)(F),
because the correction of ‘‘customer’’ to
‘‘client’’ in the defined term ‘‘Client
Omnibus Margin Account’’ in ICC Rule
20–605(d) will facilitate the prompt and
accurate settlement of securities
transactions and contribute to the
safeguarding of securities and funds
associated with swap transactions
which are in the custody of control of
ICC or for which it is responsible. ICC
believes the proposed change will
alleviate any potential confusion with
defined terms in the ICC Rules.
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
ICC does not believe the proposed
rule change would 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
Written comments relating to the
proposed rule changes have not been
solicited or received. ICC will notify the
Commission of any written comments
received by ICC.
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) 6 of the Act and Rule
19b–4(f)(3) 7 thereunder because it is
concerned solely with the
administration of the self-regulatory
organization. At any time within 60
days of the filing of the proposed 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.8
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–ICC–2012–21 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–ICC–2012–21. 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
6 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(3).
8 15 U.S.C. 78s(b)(3)(C).
7 17
5 15
Jkt 229001
PO 00000
U.S.C. 78q–1(b)(3)(F).
Frm 00077
Fmt 4703
Sfmt 4703
71649
E:\FR\FM\03DEN1.SGM
03DEN1
71650
Federal Register / Vol. 77, No. 232 / Monday, December 3, 2012 / Notices
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
filings will also be available for
inspection and copying at the principal
office of ICC and on ICC’s Web site
(https://www.theice.com/publicdocs/
regulatory_filings/
ICEClearCredit_111312.pdf).
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–ICC–2012–21 and should
be submitted on or before December 24,
2012.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–29075 Filed 11–30–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–68301; File No. SR–CBOE–
2012–111]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Order Granting Accelerated Approval
of Proposed Rule Change To Amend
CBOE Rule 6.18 Concerning the
Exchange’s Disaster Recovery Facility
emcdonald on DSK67QTVN1PROD with NOTICES
November 27, 2012.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on November
13, 2012, Chicago Board Options
Exchange, Incorporated (the ‘‘Exchange’’
or ‘‘CBOE’’) filed with the Securities
and Exchange Commission (the
‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been
9 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Mar<15>2010
14:30 Nov 30, 2012
Jkt 229001
substantially prepared by the Exchange.
The Commission is publishing this
notice to solicit comments on the
proposed rule change from interested
persons and is approving the proposal
on an accelerated basis.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to modify the
text of Rule 6.18, ‘‘Disaster Recovery
Facility,’’ to clarify how the Exchange
intends to continue to operate in the
event the Exchange’s trading floor or
trading systems are compromised. The
text of the proposed rule change is
available on the Exchange’s Web site
(www.cboe.com/AboutCBOE/
CBOELegalRegulatoryHome.aspx), at
the Exchange’s Office of the Secretary,
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, the
Exchange 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 these
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 aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
CBOE Rule 6.18 (Disaster Recovery
Facility) currently provides for a
disaster recovery site in the event that
open outcry trading is not available. In
such an event, Trading Permit Holders
(‘‘TPHs’’) are required to utilize a
floorless configuration of the trading
system similar to the electronic
component of the Exchange’s Hybrid
System platform, the primary difference
being that this configuration is not
programmed to require open outcry.
Because of a change in location of the
Exchange’s back-up data center (the
Exchange is moving its primary data
center to the East coast and will use its
current Chicago data center as the backup data center), the Exchange is
proposing to amend Rule 6.18 in order
to provide that (1) in the case the
Exchange must use the back-up data
center, the Exchange’s trading floor may
PO 00000
Frm 00078
Fmt 4703
Sfmt 4703
still be operable, and (2) TPHs will need
to use the alternate trading system if the
Exchange’s trading floor should become
inoperable. Finally, the Exchange is
proposing to make conforming changes
to the entire rule to reflect this change
in location by eliminating references to
a ‘‘Disaster Recovery Facility’’ and
eliminating portions of the rule that are
no longer relevant. This change in
location of the Exchange’s primary and
back-up data centers is anticipated to
take effect on December 3, 2012.
First, the Exchange is proposing to
modify Rule 6.18 to clarify that when an
event or other circumstance renders the
Exchange’s primary electronic platform
inoperable, assuming the trading floor
has not been affected, TPHs may still be
able to utilize the Exchange’s trading
floor. The Exchange’s current Rule 6.18
specifies that if the Disaster Recovery
Facility were used, no open outcry
trading would be available. Because of
the change of location of the back-up
data center, this will no longer be the
case. In the event the Exchange back-up
data center must be utilized, the
Exchange’s trading floor may still be
operable and all Exchange rules
associated with the trading floor,
including those codifying the
integration of the electronic trading
platform with the trading floor, will
remain in effect. As such, trading on the
Exchange would not change.
Second, the Exchange is proposing to
amend Rule 6.18 to clarify that TPHs
will need to use the floorless
configuration in the event a disaster or
other unusual circumstance renders the
Exchange trading floor inoperable. In
the current Exchange rules, TPHs must
only utilize a floorless configuration in
the event the Disaster Recovery Facility
is utilized. In the proposed changes,
TPHs will need to use this configuration
of the trading system if the trading floor
is inoperable which could be the case in
an instance when the primary data
center is still operating. In this
configuration, there will be no change in
the Exchange trading rules associated
with electronic trading. TPHs will be
required to follow the same rules
associated with electronic trading as
they would if the trading floor were
operable. This proposed change is also
a result of the change in location of the
Exchange’s various data centers.
Finally, other conforming changes
have been made throughout the rule to
eliminate references to a Disaster
Recovery ‘‘Facility’’ to reflect that dual
locations may now be used in the event
the Exchange experiences an event or
other circumstance rendering either the
trading floor or the primary data center
inoperable. In addition, references to
E:\FR\FM\03DEN1.SGM
03DEN1
]]>Agencies
[Federal Register Volume 77, Number 232 (Monday, December 3, 2012)]
[Notices]
[Pages 71649-71650]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-29075]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-68300; File No. SR-ICC-2012-21]
Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Correct
One Term in the ICC Rules
November 27, 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 November 13, 2012, ICE Clear Credit LLC (``ICC'') 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 ICC. ICC filed the proposal pursuant to Section
19(b)(3)(A)(iii) of the Act,\3\ and Rule 19b-4(f)(3) \4\ thereunder, so
that the proposal was effective upon filing with the Commission. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(3).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The purpose of the proposed rule change is to change the word
``customer'' to ``client'' in the defined term ``Client Omnibus Margin
Account'' in one instance in Section 20-605(d) in order to ensure
consistency of defined terms throughout the ICE Clear Credit Rules.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, ICC 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 these statements may be examined at the places specified in
Item IV below. ICC has prepared summaries, set forth in sections (A),
(B) and (C) below, of the most significant aspects of such statements.
(A) Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
ICC is updating one word in Section 20-605(d) of the Rules to
change the word ``customer'' to ``client'' in the defined term ``Client
Omnibus Margin Account.'' ICC is making this correction in order to
ensure that the defined terms in the ICC Rules are consistent. This
change does not require any changes to the ICC risk management
framework. The only change submitted is the correction of one defined
term in ICC Rule 20-605(d).
Section 17A(b)(3)(F) of the Act \5\ 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 and,
to the extent applicable, derivative agreements, contracts, and
transactions. ICC believes that the proposed rule change is consistent
with the requirements of the Act and the rules and regulations
thereunder applicable to ICC, in particular, to Section 17A(b)(3)(F),
because the correction of ``customer'' to ``client'' in the defined
term ``Client Omnibus Margin Account'' in ICC Rule 20-605(d) will
facilitate the prompt and accurate settlement of securities
transactions and contribute to the safeguarding of securities and funds
associated with swap transactions which are in the custody of control
of ICC or for which it is responsible. ICC believes the proposed change
will alleviate any potential confusion with defined terms in the ICC
Rules.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------
(B) Self-Regulatory Organization's Statement on Burden on Competition
ICC does not believe the proposed rule change would 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
Written comments relating to the proposed rule changes have not
been solicited or received. ICC will notify the Commission of any
written comments received by ICC.
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) \6\ of the Act and Rule 19b-4(f)(3) \7\
thereunder because it is concerned solely with the administration of
the self-regulatory organization. At any time within 60 days of the
filing of the proposed 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.\8\
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(3)(A)(iii).
\7\ 17 CFR 240.19b-4(f)(3).
\8\ 15 U.S.C. 78s(b)(3)(C).
---------------------------------------------------------------------------
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-ICC-2012-21 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-ICC-2012-21. 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
[[Page 71650]]
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 filings will also be available for inspection
and copying at the principal office of ICC and on ICC's Web site
(https://www.theice.com/publicdocs/regulatory_filings/ICEClearCredit_111312.pdf).
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-ICC-2012-21
and should be submitted on or before December 24, 2012.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
---------------------------------------------------------------------------
\9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-29075 Filed 11-30-12; 8:45 am]
BILLING CODE 8011-01-P
