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]

Download as PDF 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 (http://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 (http://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 http://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 (http://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]


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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 (http://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 (http://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 http://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