Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change To Add Rules Related to the Clearing of iTraxx Europe Index CDS, 10646-10647 [2013-03391]
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Federal Register / Vol. 78, No. 31 / Thursday, February 14, 2013 / Notices
impose any burden on competition
while providing certainty of treatment
and execution of trading interest on the
Exchange to market participants during
periods of extraordinary volatility in
NMS stock while in compliance with
the limit up-limit down and trading
pause requirements specified in the
Plan.
Electronic Comments
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Paper Comments
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 27 and Rule
19b–4(f)(6) thereunder.28 Because the
proposed rule change does not: (i)
Significantly affect the protection of
investors or the public interest; (ii)
impose any significant burden on
competition; and (iii) become operative
prior to 30 days from the date on which
it was filed, or such shorter time as the
Commission may designate, if
consistent with the protection of
investors and the public interest, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act and Rule 19b–4(f)(6)(iii)
thereunder.
At any time within 60 days of the
filing of such 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. If the
Commission takes such action, the
Commission shall institute proceedings
under Section 19(b)(2)(B) of the Act 29 to
determine whether the proposed rule
change should be approved or
disapproved.
sroberts on DSK5SPTVN1PROD with NOTICES
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:
• 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
No. SR–NYSE–2013–09 on the subject
line.
• 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 No.
SR–NYSE–2013–09. 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 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 No. SR–NYSE–
2013–09 and should be submitted on or
before March 7, 2013.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.30
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–03389 Filed 2–13–13; 8:45 am]
BILLING CODE 8011–01–P
27 15
U.S.C. 78s(b)(3)(A)(iii).
28 17 CFR 240.19b–4(f)(6).
29 15 U.S.C. 78s(b)(2)(B).
VerDate Mar<15>2010
17:16 Feb 13, 2013
30 17
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CFR 200.30–3(a)(12).
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–68882; File No. SR–ICC–
2012–23]
Self-Regulatory Organizations; ICE
Clear Credit LLC; Notice of
Designation of a Longer Period for
Commission Action on Proposed Rule
Change To Add Rules Related to the
Clearing of iTraxx Europe Index CDS
February 8, 2013.
On December 6, 2012, ICE Clear
Credit LLC (‘‘ICC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change SR–ICC–2012–23 pursuant to
Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b-4 thereunder.2 The proposed rule
change was published for comment in
the Federal Register on December 26,
2012.3 The Commission did not receive
comments on the proposal.
Section 19(b)(2) of the Act 4 provides
that within 45 days of the publication of
notice of the filing of a proposed rule
change, or within such longer period up
to 90 days as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or as to which the
self-regulatory organization consents,
the Commission shall either approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether the
proposed rule change should be
disapproved. The 45th day from the
publication of notice of filing of this
proposed rule change is February 9,
2013. The Commission is extending this
45-day time period.
The proposed rule change relates to
ICC’s adoption of rules to permit the
clearing of iTraxx Europe credit default
swap indices. The proposed rule change
is novel because no clearing agency
located in the United States currently
provides clearing services for these
products. As a result, and in order to
provide the Commission with sufficient
time to consider the proposed rule
change, the Commission finds it is
appropriate to designate a longer period
within which to take action on the
proposed rule change.
Accordingly, the Commission,
pursuant to Section 19(b)(2) of the Act,5
designates March 26, 2013, as the date
1 15
U.S.C. 78s(b)(1).
CFR 240.19b-4.
3 Securities Exchange Act Release No. 34–68481
(December 19, 2012), 77 FR 76109 (December 26,
2012).
4 15 U.S.C. 78s(b)(2).
5 15 U.S.C. 78s(b)(2).
2 17
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Federal Register / Vol. 78, No. 31 / Thursday, February 14, 2013 / Notices
by which the Commission should either
approve or disapprove, or institute
proceedings to determine whether to
disapprove, the proposed rule change
(File No. SR–ICC–2012–23).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–03391 Filed 2–13–13; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–68887; File No. SR–CBOE–
2013–017]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend the Fees
Schedule
February 8, 2013.
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 February
1, 2013, 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, 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.
sroberts on DSK5SPTVN1PROD with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
The Exchange is proposing to amend
the Fees Schedule. The text of the
proposed rule change is 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.
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
6 17
CFR 200.30–3(a)(31).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
17:16 Feb 13, 2013
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
in the third tier will be decreased from
$0.12 per contract to $0.11 per contract,
and the credit in the fourth tier will
decrease from $0.18 to $0.14 per
contract. Going forward, the relative
volume thresholds and credit amounts
will be as follows:
Percentage thresholds of
national customer volume in
multiply-listed options
classes (monthly)
Per contract
credit
Jkt 229001
1. Purpose
The Exchange proposes to amend its
Fees Schedule. Specifically, the
Exchange proposes to amend its Volume
Incentive Program (‘‘VIP’’), through
which the Exchange credits each
Trading Permit Holder (‘‘TPH’’) the per
contract amount resulting from each
public customer (‘‘C’’ origin code) order
transmitted by that TPH which is
executed electronically on the Exchange
in all multiply-listed option classes
(excluding Qualified Contingent Cross
(‘‘QCC’’) trades and executions related
to contracts that are routed to one or
more exchanges in connection with the
Options Order Protection and Locked/
Crossed Market Plan referenced in Rule
6.80), provided the TPH meets certain
volume thresholds in a month. The
proposed changes are to take effect on
February 1, 2013.
First, the Exchange proposes to
change the different fee tier thresholds
in the VIP. Currently, qualification for
the different fee rates at different tiers in
the VIP is based on a TPH’s percentage
of national customer volume in
multiply-listed options monthly. The
current qualification tiers are set to, in
ascending order, 0 through 0.75%,3
above 0.75% through 2.25%, above
2.25% through 3.50%, above 3.50%
through 5.00%, and above 5.00%. The
purpose of the change is to eliminate the
fifth qualification tier and adjust the
threshold percentages for tier one
through tier four. The Exchange is
proposing to amend the tiers to be, in
ascending order, 0 through 0.75%,
above 0.75% through 2.00%, above
2.00% through 2.75%, and above
2.75%. Lowering the upper thresholds
in the second and third tiers, along with
the corresponding lower thresholds in
the third and fourth tiers, allows for a
greater number or participants to
achieve a higher payment in the VIP
Program.
The Exchange also proposes to change
the amounts of the credits in the tiers of
the VIP. The credit in the second tier
will be increased from $0.07 per
contract to $0.10 per contract, the credit
The purpose of increasing the credit in
the second tier and decreasing the
credits in the third and fourth tiers is to
rationalize the opportunity to receive a
credit under the VIP across a broader set
of participants. Lowering the credit in
the third and fourth tiers allows the
Exchange to make up for lowering the
thresholds in tier two through tier four.
Next, the Exchange is proposing to
eliminate the VIP credit of $0.10 per
contract at every tier in VIP. Currently
this $0.10 credit is given at every tier,
including the $0.00 tier, on each leg, for
customer, complex multiply-listed
options contracts, when executed
electronically against a non-public
customer origin. The Exchange is
proposing to eliminate this additional
credit. Eliminating this credit allows the
Exchange to make up for threshold and
credit adjustments as proposed above.
Finally, the Exchange is proposing to
add to the notes on the VIP table. The
Exchange is proposing to amend the
section of the ‘‘Notes’’ on the VIP table
to state that the VIP payment will be
calculated from the first executed
contract at the applicable threshold per
contract credit. Stated in a different
way, VIP payments will be made at the
highest achieved tier for each contract
executed in that month. Under the
current VIP, VIP payments are made for
the number of applicable contracts
executed in each tier. For example, if
TPH Firm XYZ executes 2.50% of the
total national customer volume in the
month of April, XYZ would receive a
$0.00 credit for the contracts at 0.75%
of the market and below, a credit of
$0.10 4 for the contracts above 0.75%
through 2.00% of the market, and $0.11
for each contract above 2.00% of the
market through the total 2.50% of the
market. In the proposed VIP Program,
XYZ will receive a credit of $0.11 for
each contract executed in the month of
3 Each tier is based on the percentage of total
national customer volume in multiply-listed
options monthly.
BILLING CODE 8011–01–P
VerDate Mar<15>2010
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.
10647
4 For sake of the example, credit amounts being
applied are the proposed credit changes as
mentioned above.
PO 00000
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0%–0.75% ............................
Above 0.75%–2.00% ............
Above 2.00%–2.75% ............
Above 2.75 ...........................
E:\FR\FM\14FEN1.SGM
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$0.00
0.10
0.11
0.14
]]>Agencies
[Federal Register Volume 78, Number 31 (Thursday, February 14, 2013)]
[Notices]
[Pages 10646-10647]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-03391]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-68882; File No. SR-ICC-2012-23]
Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of
Designation of a Longer Period for Commission Action on Proposed Rule
Change To Add Rules Related to the Clearing of iTraxx Europe Index CDS
February 8, 2013.
On December 6, 2012, ICE Clear Credit LLC (``ICC'') filed with the
Securities and Exchange Commission (``Commission'') the proposed rule
change SR-ICC-2012-23 pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder.\2\ The
proposed rule change was published for comment in the Federal Register
on December 26, 2012.\3\ The Commission did not receive comments on the
proposal.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Securities Exchange Act Release No. 34-68481 (December 19,
2012), 77 FR 76109 (December 26, 2012).
---------------------------------------------------------------------------
Section 19(b)(2) of the Act \4\ provides that within 45 days of the
publication of notice of the filing of a proposed rule change, or
within such longer period up to 90 days as the Commission may designate
if it finds such longer period to be appropriate and publishes its
reasons for so finding or as to which the self-regulatory organization
consents, the Commission shall either approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether the proposed rule change should be disapproved. The
45th day from the publication of notice of filing of this proposed rule
change is February 9, 2013. The Commission is extending this 45-day
time period.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------
The proposed rule change relates to ICC's adoption of rules to
permit the clearing of iTraxx Europe credit default swap indices. The
proposed rule change is novel because no clearing agency located in the
United States currently provides clearing services for these products.
As a result, and in order to provide the Commission with sufficient
time to consider the proposed rule change, the Commission finds it is
appropriate to designate a longer period within which to take action on
the proposed rule change.
Accordingly, the Commission, pursuant to Section 19(b)(2) of the
Act,\5\ designates March 26, 2013, as the date
[[Page 10647]]
by which the Commission should either approve or disapprove, or
institute proceedings to determine whether to disapprove, the proposed
rule change (File No. SR-ICC-2012-23).
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(2).
\6\ 17 CFR 200.30-3(a)(31).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\6\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-03391 Filed 2-13-13; 8:45 am]
BILLING CODE 8011-01-P
