Justia Agencies And Commissions Securities And Exchange Commission Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Include Options on Interest Rate Futures Contracts With Maturities Not Longer Than Two Years in the One-Pot Cross-Margining Program Between the Government Securities Division and New York Portfolio Clearing, LLC, 36797-36798 [2013-14535]

Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Include Options on Interest Rate Futures Contracts With Maturities Not Longer Than Two Years in the One-Pot Cross-Margining Program Between the Government Securities Division and New York Portfolio Clearing, LLC, 36797-36798 [2013-14535]

Download as PDF Federal Register / Vol. 78, No. 118 / Wednesday, June 19, 2013 / Notices Agreements in the Mail Classification Schedule’s Competitive Products List. DATES: Effective date: June 19, 2013. FOR FURTHER INFORMATION CONTACT: Elizabeth A. Reed, 202–268–3179. SUPPLEMENTARY INFORMATION: The United States Postal Service® hereby gives notice that, pursuant to 39 U.S.C. 3642 and 3632(b)(3), on June 12, 2013, it filed with the Postal Regulatory Commission a Request of the United States Postal Service to Add Priority Mail Contract 59 to Competitive Product List. Documents are available at www.prc.gov, Docket Nos. MC2013–52, CP2013–66. Stanley F. Mires, Attorney, Legal Policy & Legislative Advice. [FR Doc. 2013–14532 Filed 6–18–13; 8:45 am] BILLING CODE 7710–12–P SECURITIES AND EXCHANGE COMMISSION Proposed Collection; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213 mstockstill on DSK4VPTVN1PROD with NOTICES Extension: Rule 6a–4, Form 1–N; SEC File No. 270– 496, OMB Control No. 3235–0554 Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (‘‘Commission’’) is soliciting comments on the collection of information provided for in in Rule 6a–4 and Form 1–N, summarized below. The Commission plans to submit this existing collection of information to the Office of Management and Budget for extension and approval. The Code of Federal Regulation citation to this collection of information is 17 CFR 240.6a–4 and 17 CFR 249.10 under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (the ‘‘Act’’). Section 6 of the Act 1 sets out a framework for the registration and regulation of national securities exchanges. Under the Commodity Futures Modernization Act of 2000, a futures market may trade security futures products by registering as a national securities exchange. Rule 6a– 4 2 sets forth these registration procedures and directs futures markets to submit a notice registration on Form 1 15 2 17 U.S.C. 78f. CFR 240.6a–4. VerDate Mar<15>2010 17:13 Jun 18, 2013 Jkt 229001 1–N.3 Form 1–N calls for information regarding how the futures market operates, its rules and procedures, corporate governance, its criteria for membership, its subsidiaries and affiliates, and the security futures products it intends to trade. Rule 6a–4 also requires entities that have submitted an initial Form 1–N to file: (1) Amendments to Form 1–N in the event of material changes to the information provided in the initial Form 1–N; (2) periodic updates of certain information provided in the initial Form 1–N; (3) certain information that is provided to the futures market’s members; and (4) a monthly report summarizing the futures market’s trading of security futures products. The information required to be filed with the Commission pursuant to Rule 6a–4 is designed to enable the Commission to carry out its statutorily mandated oversight functions and to ensure that registered and exempt exchanges continue to be in compliance with the Act. The respondents to the collection of information are futures markets. The Commission estimates that the total annual burden for all respondents to provide ad hoc amendments 4 to keep the Form 1–N accurate and up to date as required under Rule 6a–4 would be 45 hours (15 hours/respondent per year × 3 respondents 5) and $300 of miscellaneous clerical expenses. The Commission estimates that the total annual burden for all respondents to provide annual and three-year amendments 6 under Rule 6a–4 would be 88 hours (22 hours/respondent per year × 4 respondents) and $576 ($144 per year × 4 respondents 7). The Commission estimates that the total annual burden for the filing of the supplemental information 8 and the monthly reports required under Rule 6a–4 would be 50 hours (12.5 hours/ respondent per year × 4 respondents 9) and $500 of miscellaneous clerical expenses. Thus, the Commission estimates the total annual burden for complying with Rule 6a–4 is 183 hours 3 17 CFR 249.10. CFR 240.6a–4(b)(1). 5 Based on prior data, the Commission estimates that the three exchanges will file amendments with the Commission in order to keep their Form 1–N current. 6 17 CFR 240.6a–4(b)(3) and (4). 7 The Commission notes that while there are currently five Security Futures Product Exchanges, one of those exchanges, NQLX, is dormant. Thus, a total of four exchanges are active and required to submit mandatory amendments pursuant to Rule 6a–4. 8 17 CFR 240.6a–4(c). 9 See supra footnote 7. 4 17 PO 00000 Frm 00055 Fmt 4703 Sfmt 4703 36797 and $1376 in miscellaneous clerical expenses. Compliance with Rule 6a–4 is mandatory. Information received in response to Rule 6a–4 shall not be kept confidential; the information collected is public information. Written comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the agency’s estimate of the burden of the proposed collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; and (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. Consideration will be given to comments and suggestions submitted in writing within 60 days of this publication. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid OMB control number. Please direct your written comments to: Thomas Bayer, Director/Chief Information Officer, Securities and Exchange Commission, c/o Remi PavlikSimon, 6432 General Green Way, Alexandria, VA 22312 or send an email to: PRA_Mailbox@sec.gov. Dated: June 14, 2013. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2013–14604 Filed 6–18–13; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–69754; File No. SR–FICC– 2013–02] Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Include Options on Interest Rate Futures Contracts With Maturities Not Longer Than Two Years in the One-Pot Cross-Margining Program Between the Government Securities Division and New York Portfolio Clearing, LLC June 13, 2013. On April 15, 2013, the Fixed Income Clearing Corporation (‘‘FICC’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant E:\FR\FM\19JNN1.SGM 19JNN1 36798 Federal Register / Vol. 78, No. 118 / Wednesday, June 19, 2013 / Notices to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to include options on interest rate futures contracts with maturities not longer than two years in the one-pot cross-margining program between the Government Securities Division (‘‘GSD’’) and New York Portfolio Clearing, LLC (‘‘NYPC’’).3 The proposed rule change was published for public comment in the Federal Register on May 3, 2013.4 The Commission has received no comment letters regarding the proposal. Section 19(b)(2)(A) of the Act 5 provides that, within 45 days of the date of publication of notice of the filing of a proposed rule change in the Federal Register, 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, the Commission shall either approve or disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The forty-fifth day after publication of notice of this proposed rule change is Monday, June 17, 2013. As noted, the proposed rule change would allow FICC to include options on interest rate futures contracts with maturities not longer than two years in the one-pot cross-margining program between the GSD and NYPC. In the proposed rule change, FICC acknowledged that it will have to alter its risk management framework to account for the non-linear risks presented by options on interest rate futures.6 The Commission deems it appropriate to designate a longer time period within which to take action on the proposed rule change so that it has sufficient time to evaluate the risk management implications of the proposed rule change. Accordingly, pursuant to Section 19(b)(2)(A)(ii)(I) of the Act,7 the Commission designates Thursday, August 1, 2013 as the date by which the Commission should either approve, disapprove, or institute proceedings to determine whether to disapprove the mstockstill on DSK4VPTVN1PROD with NOTICES 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 NYPC is jointly owned by NYSE Euronext and The Depository Trust & Clearing Corporation. 4 See Securities Exchange Act Release No. 69470 (April 29, 2013), 78 FR 26093–01 (May 3, 2013) (SR–FICC–2013–02). 5 15 U.S.C. 78s(b)(2)(A). 6 See Securities Exchange Act Release No. 69470 (April 29, 2013), 78 FR 26093–01, 26094 (May 3, 2013) (SR–FICC–2013–02). 7 15 U.S.C. 78s(b)(2)(A)(ii)(I). VerDate Mar<15>2010 17:13 Jun 18, 2013 Jkt 229001 BILLING CODE 8011–01–P 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. SECURITIES AND EXCHANGE COMMISSION A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change proposed rule change (SR–FICC–2013– 02). For the Commission by the Division of Trading and Markets, pursuant to delegated authority.8 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2013–14535 Filed 6–18–13; 8:45 am] [Release No. 34–69753; File No. SR–BX– 2013–038] Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Its Schedule of Fees and Rebates for Execution of Orders for Securities Priced at $1 or More Under Rule 7018 June 13, 2013. 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 June 3, 2013, NASDAQ OMX BX, Inc. (‘‘BX’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘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. I. Self-Regulatory Organization’s Statement of the Terms of the Substance of the Proposed Rule Change The Exchange proposes changes to its schedule of fees and rebates for execution of orders for securities priced at $1 or more under Rule 7018. These amendments are effective upon filing, and the Exchange has designated the proposed amendments to be operative on June 3, 2013. The text of the proposed rule change is also available on the Exchange’s Web site at https:// nasdaqomxbx.cchwallstreet.com, at the principal office of the Exchange, 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 3 ‘‘Consolidated Volume’’ is the consolidated volume of shares reported to all consolidated transaction reporting plans by all exchanges and trade reporting facilities during a month. 8 17 CFR 200.30–3(a)(31). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. PO 00000 Frm 00056 Fmt 4703 1. Purpose The Exchange charges a reduced fee for members providing liquidity if they meet the criteria of a ‘‘Qualified Liquidity Provider.’’ These criteria include requirements that the member access and provide volumes of liquidity in excess of certain levels, expressed as a percentage of Consolidated Volume.3 The Exchange has determined that it would be beneficial to members to exclude the date of the annual reconstitution of the Russell Investments Indexes (the ‘‘Russell Reconstitution’’) (in 2013, June 28) from calculations of Consolidated Volume. Trades occurring on that date would be excluded from the calculation of total Consolidated Volume and from the calculation of the member’s trading activity (i.e., they would be excluded from both the numerator and the denominator of the calculation of a member’s percentage). Trading volumes on the date of the Russell Reconstitution are generally far in excess of volumes on other days during the month. As a result, the trading activity of members that are regular daily participants in BX, expressed as a percentage of Consolidated Volume, is likely to be lower than their percentage of Consolidated Volume on other days during the month. Including the date of the Russell Reconstitution in calculations of Consolidated Volume is therefore likely to make it more difficult for members to achieve particular volume levels during the month. Accordingly, excluding the date of the Russell Reconstitution from these calculations will diminish the likelihood of a de facto price increase occurring because a member is not able to reach a volume percentage on that date that it reaches on other trading days during the month. Moreover, excluding the date is very unlikely to result in a price increase for any Sfmt 4703 E:\FR\FM\19JNN1.SGM 19JNN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 78, Number 118 (Wednesday, June 19, 2013)]
[Notices]
[Pages 36797-36798]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-14535]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-69754; File No. SR-FICC-2013-02]


Self-Regulatory Organizations; Fixed Income Clearing Corporation; 
Notice of Designation of Longer Period for Commission Action on 
Proposed Rule Change To Include Options on Interest Rate Futures 
Contracts With Maturities Not Longer Than Two Years in the One-Pot 
Cross-Margining Program Between the Government Securities Division and 
New York Portfolio Clearing, LLC

June 13, 2013.
    On April 15, 2013, the Fixed Income Clearing Corporation (``FICC'') 
filed with the Securities and Exchange Commission (``Commission''), 
pursuant

[[Page 36798]]

to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') 
\1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to include 
options on interest rate futures contracts with maturities not longer 
than two years in the one-pot cross-margining program between the 
Government Securities Division (``GSD'') and New York Portfolio 
Clearing, LLC (``NYPC'').\3\ The proposed rule change was published for 
public comment in the Federal Register on May 3, 2013.\4\ The 
Commission has received no comment letters regarding the proposal.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ NYPC is jointly owned by NYSE Euronext and The Depository 
Trust & Clearing Corporation.
    \4\ See Securities Exchange Act Release No. 69470 (April 29, 
2013), 78 FR 26093-01 (May 3, 2013) (SR-FICC-2013-02).
---------------------------------------------------------------------------

    Section 19(b)(2)(A) of the Act \5\ provides that, within 45 days of 
the date of publication of notice of the filing of a proposed rule 
change in the Federal Register, 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, the Commission 
shall either approve or disapprove the proposed rule change, or 
institute proceedings to determine whether the proposed rule change 
should be disapproved. The forty-fifth day after publication of notice 
of this proposed rule change is Monday, June 17, 2013.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78s(b)(2)(A).
---------------------------------------------------------------------------

    As noted, the proposed rule change would allow FICC to include 
options on interest rate futures contracts with maturities not longer 
than two years in the one-pot cross-margining program between the GSD 
and NYPC. In the proposed rule change, FICC acknowledged that it will 
have to alter its risk management framework to account for the non-
linear risks presented by options on interest rate futures.\6\ The 
Commission deems it appropriate to designate a longer time period 
within which to take action on the proposed rule change so that it has 
sufficient time to evaluate the risk management implications of the 
proposed rule change.
---------------------------------------------------------------------------

    \6\ See Securities Exchange Act Release No. 69470 (April 29, 
2013), 78 FR 26093-01, 26094 (May 3, 2013) (SR-FICC-2013-02).
---------------------------------------------------------------------------

    Accordingly, pursuant to Section 19(b)(2)(A)(ii)(I) of the Act,\7\ 
the Commission designates Thursday, August 1, 2013 as the date by which 
the Commission should either approve, disapprove, or institute 
proceedings to determine whether to disapprove the proposed rule change 
(SR-FICC-2013-02).
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(2)(A)(ii)(I).

    For the Commission by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
---------------------------------------------------------------------------

    \8\ 17 CFR 200.30-3(a)(31).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-14535 Filed 6-18-13; 8:45 am]
BILLING CODE 8011-01-P

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