Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Remove the Fee Related to the DTCC GCF Repo Index® From the Fee Structure of the Government Securities Division, 970-971 [2012-31751]
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<![CDATA[
970
Federal Register / Vol. 78, No. 4 / Monday, January 7, 2013 / Notices
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–EDGX–
2012–48 and should be submitted on or
before January 28, 2013.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.29
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012–31752 Filed 1–4–13; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–68553; File No. SR–FICC–
2012–10]
Self-Regulatory Organizations; Fixed
Income Clearing Corporation; Notice of
Filing and Immediate Effectiveness of
a Proposed Rule Change To Remove
the Fee Related to the DTCC GCF Repo
Index® From the Fee Structure of the
Government Securities Division
December 31, 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 December
21, 2012 Fixed Income Clearing
Corporation (‘‘FICC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed change as
described in Items I and II below, which
Items have been prepared primarily by
FICC. The Commission is publishing
this notice to solicit comments on the
proposed change from interested
persons.
wreier-aviles on DSK7SPTVN1PROD with
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
FICC proposes to remove the fee
related to the DTCC GCF Repo Index®
from the Fee Structure of the
Government Securities Division. The
text of the proposed rule change was
filed with the Commission as Exhibit 5
to the filing.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
FICC included statements concerning
the purpose of and basis for the
proposed rule change and discussed any
29 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
15:16 Jan 04, 2013
Jkt 229001
comments it received on the proposed
rule change. The text of these statements
may be examined at the places specified
in Item IV below. FICC has prepared
summaries, set forth in sections (A), (B),
and (C) below, of the most significant
aspects of these statements.3
(A) Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
The purpose of this filing is to
discontinue the $250.00 monthly fee
that GCF Repo® participants are
required to pay in connection with the
DTCC GCF Repo Index®.
On October 18, 2010, FICC filed SR–
FICC 2010–07 4 which permitted FICC
to charge a monthly fee of $250 to all
GCF Repo® participants. This fee
covered the development and
maintenance costs of the DTCC GCF
Repo Index®. Because DTCC and NYSE
Liffe have entered into an agreement
whereby NYSE Liffe agrees to list
futures based on the DTCC GCF Repo
Index®, it is no longer necessary for
FICC to charge a monthly fee to the GCF
Repo® participants. As a result, the fee
will be discontinued as of January 2,
2013 and the GSD Fee Structure will be
revised to reflect this change.
FICC believes that the proposed rule
is consistent with the Act and the rules
and regulations promulgated thereunder
because it promotes the prompt and
accurate clearance and settlement of
securities transactions by helping
ensures that participants are not charged
unnecessary fees.
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
FICC does not believe that 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 have not been solicited or
received. FICC will notify the
Commission of any other written
comments received by FICC.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
3 The Commission has modified the text of the
summaries prepared by FICC.
4 See Securities Exchange Act Release No. 34–
63215 (October 29, 2010); 75 FR 213 (November 4,
2010) (SR–FICC–2010–07).
PO 00000
Frm 00043
Fmt 4703
Sfmt 4703
19(b)(3)(A)(ii) of the Act 5 and Rule 19b–
4(f)(2) 6 thereunder because they
constitute a change a due, fee, or other
charge applicable only to a member. 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.7
Electronic Comments
• Use the Commissions Internet
comment form (https://www.sec.gov/
rules/sro.shtml) or Send an email to
rule-comments@sec.gov. Please include
File Number SR–FICC–2012–10 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–FICC–2012–10. 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 FICC and on FICC’s Web site
at https://www.dtcc.com/downloads/
legal/rule_filings/2012/ficc/SR-FICC2012-10.pdf
All comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
5 15
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
7 15 U.S.C. 78s(b)(3)(C).
6 17
E:\FR\FM\07JAN1.SGM
07JAN1
Federal Register / Vol. 78, No. 4 / Monday, January 7, 2013 / Notices
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–FICC–2012–10 and should
be submitted on or before January 28,
2013.
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.8
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012–31751 Filed 1–4–13; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–68550; File No. SR–CBOE–
2012–127]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change Relating to the Exchange
Penny Pilot Program
December 31, 2012.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that on December
21, 2012, the 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 prepared
by the Exchange. 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 Exchange proposes to amend its
rules relating to the Penny Pilot
Program. The text of the proposed rule
change is provided below.
(additions are italicized; deletions are
[bracketed])
*
*
*
*
*
Chicago Board Options Exchange,
Incorporated Rules
wreier-aviles on DSK7SPTVN1PROD with
*
*
*
*
*
Rule 6.42. Minimum Increments for
Bids and Offers
The Board of Directors may establish
minimum increments for options traded
on the Exchange. When the Board of
8 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
VerDate Mar<15>2010
15:16 Jan 04, 2013
Jkt 229001
Directors determines to change the
minimum increments, the Exchange
will designate such change as a stated
policy, practice, or interpretation with
respect to the administration of Rule
6.42 within the meaning of
subparagraph (3)(A) of subsection 19(b)
of the Exchange Act and will file a rule
change for effectiveness upon filing
with the Commission. Until such time
as the Board of Directors makes a
change to the minimum increments, the
following minimum increments shall
apply to options traded on the
Exchange:
(1) No change.
(2) No change.
(3) The decimal increments for bids
and offers for all series of the option
classes participating in the Penny Pilot
Program are: $0.01 for all option series
quoted below $3 (including LEAPS),
and $0.05 for all option series $3 and
above (including LEAPS). For QQQQs,
IWM, and SPY, the minimum increment
is $0.01 for all option series. The
Exchange may replace any option class
participating in the Penny Pilot Program
that has been delisted with the next
most actively-traded, multiply-listed
option class, based on national average
daily volume in the preceding six
calendar months, that is not yet
included in the Pilot Program. Any
replacement class would be added on
the second trading day following [July 1,
2012] January 1, 2013. The Penny Pilot
shall expire on [December 31, 2012]
June 30, 2013.
(4) No change.
* * * Interpretations and Policies:
.01–.03 No change.
*
*
*
*
*
The text of the proposed rule change
is also available on the Exchange’s Web
site (https://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.
PO 00000
Frm 00044
Fmt 4703
Sfmt 4703
971
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Penny Pilot Program (the ‘‘Pilot
Program’’) is scheduled to expire on
December 31, 2012. CBOE proposes to
extend the Pilot Program until June 30,
2013. CBOE believes that extending the
Pilot Program will allow for further
analysis of the Pilot Program and a
determination of how the Pilot Program
should be structured in the future.
During this extension of the Pilot
Program, CBOE proposes that it may
replace any option class that is currently
included in the Pilot Program and that
has been delisted with the next most
actively traded, multiply listed option
class that is not yet participating in the
Pilot Program (‘‘replacement class’’).
Any replacement class would be
determined based on national average
daily volume in the preceding six
months,4 and would be added on the
second trading day following January 1,
2013. CBOE will employ the same
parameters to prospective replacement
classes as approved and applicable in
determining the existing classes in the
Pilot Program, including excluding
high-priced underlying securities.5
CBOE will announce to its Trading
Permit Holders by circular any
replacement classes in the Pilot
Program.
CBOE is specifically authorized to act
jointly with the other options exchanges
participating in the Pilot Program in
identifying any replacement class.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with the
Securities Exchange Act of 1934 (the
‘‘Act’’) and the rules and regulations
thereunder applicable to the Exchange
and, in particular, the requirements of
Section 6(b) of the Act.6 Specifically,
the Exchange believes the proposed rule
change is consistent with the Section
6(b)(5) 7 requirements that the rules of
an exchange be designed to prevent
fraudulent and manipulative acts and
practices, to promote just and equitable
principles of trade, to foster cooperation
4 The month immediately preceding a
replacement class’s addition to the Pilot Program
(i.e. December) would not be used for purposes of
the six-month analysis. Thus, a replacement class
to be added on the second trading day following
January 1, 2013 would be identified based on The
Option Clearing Corporation’s trading volume data
from June 1, 2012 through November 30, 2012.
5 See Securities Exchange Act Release No. 60864
(October 22, 2009) (SR–CBOE–2009–76).
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(5).
E:\FR\FM\07JAN1.SGM
07JAN1
]]>Agencies
[Federal Register Volume 78, Number 4 (Monday, January 7, 2013)]
[Notices]
[Pages 970-971]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-31751]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-68553; File No. SR-FICC-2012-10]
Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
To Remove the Fee Related to the DTCC GCF Repo Index[supreg] From the
Fee Structure of the Government Securities Division
December 31, 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 December 21, 2012 Fixed Income Clearing Corporation (``FICC'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed change as described in Items I and II below, which Items have
been prepared primarily by FICC. The Commission is publishing this
notice to solicit comments on the proposed change from interested
persons.
---------------------------------------------------------------------------
\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
FICC proposes to remove the fee related to the DTCC GCF Repo
Index[supreg] from the Fee Structure of the Government Securities
Division. The text of the proposed rule change was filed with the
Commission as Exhibit 5 to the filing.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, FICC 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. FICC has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of these
statements.\3\
---------------------------------------------------------------------------
\3\ The Commission has modified the text of the summaries
prepared by FICC.
---------------------------------------------------------------------------
(A) Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
The purpose of this filing is to discontinue the $250.00 monthly
fee that GCF Repo[supreg] participants are required to pay in
connection with the DTCC GCF Repo Index[supreg].
On October 18, 2010, FICC filed SR-FICC 2010-07 \4\ which permitted
FICC to charge a monthly fee of $250 to all GCF Repo[supreg]
participants. This fee covered the development and maintenance costs of
the DTCC GCF Repo Index[supreg]. Because DTCC and NYSE Liffe have
entered into an agreement whereby NYSE Liffe agrees to list futures
based on the DTCC GCF Repo Index[supreg], it is no longer necessary for
FICC to charge a monthly fee to the GCF Repo[supreg] participants. As a
result, the fee will be discontinued as of January 2, 2013 and the GSD
Fee Structure will be revised to reflect this change.
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 34-63215 (October
29, 2010); 75 FR 213 (November 4, 2010) (SR-FICC-2010-07).
---------------------------------------------------------------------------
FICC believes that the proposed rule is consistent with the Act and
the rules and regulations promulgated thereunder because it promotes
the prompt and accurate clearance and settlement of securities
transactions by helping ensures that participants are not charged
unnecessary fees.
(B) Self-Regulatory Organization's Statement on Burden on Competition
FICC does not believe that 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 have not been
solicited or received. FICC will notify the Commission of any other
written comments received by FICC.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act \5\ and Rule 19b-4(f)(2) \6\ thereunder
because they constitute a change a due, fee, or other charge applicable
only to a member. 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.\7\
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(3)(A)(ii).
\6\ 17 CFR 240.19b-4(f)(2).
\7\ 15 U.S.C. 78s(b)(3)(C).
---------------------------------------------------------------------------
Electronic Comments
Use the Commissions Internet comment form (https://www.sec.gov/rules/sro.shtml) or Send an email to rule-comments@sec.gov.
Please include File Number SR-FICC-2012-10 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-FICC-2012-10. 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 FICC and on
FICC's Web site at https://www.dtcc.com/downloads/legal/rule_filings/2012/ficc/SR-FICC-2012-10.pdf
All comments received will be posted without change; the Commission
does not edit personal identifying information from submissions. You
[[Page 971]]
should submit only information that you wish to make available
publicly. All submissions should refer to File Number SR-FICC-2012-10
and should be submitted on or before January 28, 2013.
For the Commission by the Division of Trading and Markets,
pursuant to delegated authority.\8\
---------------------------------------------------------------------------
\8\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012-31751 Filed 1-4-13; 8:45 am]
BILLING CODE 8011-01-P
