Self-Regulatory Organizations; Chicago Mercantile Exchange Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Corrections to Chicago Mercantile Exchange Inc. Rule 274H.02.A. Regarding Timing of Determination of the Spot Exchange Rate of Chilean Peso per United States Dollar for Use in Settlement of Cleared Spot, Forward and Swap Contracts, 70368-70370 [2013-28161]
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sroberts on DSK5SPTVN1PROD with NOTICES
70368
Federal Register / Vol. 78, No. 227 / Monday, November 25, 2013 / Notices
Agreement stating without limitation
that their respective boards of directors
or trustees and their investment
advisers, or trustee and Sponsor, as
applicable, understand the terms and
conditions of the Order, and agree to
fulfill their responsibilities under the
Order. At the time of its investment in
Shares of a Fund in excess of the limit
in section 12(d)(1)(A)(i), a Fund of
Funds will notify the Fund of the
investment. At such time, the Fund of
Funds will also transmit to the Fund a
list of the names of each Fund of Funds
Affiliate and Underwriting Affiliate. The
Fund of Funds will notify the Fund of
any changes to the list of the names as
soon as reasonably practicable after a
change occurs. The Fund and the Fund
of Funds will maintain and preserve a
copy of the Order, the FOF Participation
Agreement, and the list with any
updated information for the duration of
the investment and for a period of not
less than six years thereafter, the first
two years in an easily accessible place.
10. Before approving any advisory
contract under section 15 of the Act, the
board of directors or trustees of each
Investing Management Company,
including a majority of the noninterested directors or trustees, will find
that the advisory fees charged under
such contract are based on services
provided that will be in addition to,
rather than duplicative of, the services
provided under the advisory contract(s)
of any Fund (or its respective Master
Fund) in which the Investing
Management Company may invest.
These findings and their basis will be
fully recorded in the minute books of
the appropriate Investing Management
Company.
11. Any sales charges and/or service
fees charged with respect to shares of a
Fund of Funds will not exceed the
limits applicable to a fund of funds as
set forth in NASD Conduct Rule 2830.
12. No Fund (or its respective Master
Fund) will acquire securities of an
investment company or company
relying on section 3(c)(1) or 3(c)(7) of
the Act in excess of the limits contained
in section 12(d)(1)(A) of the Act, except
to the extent (i) the Fund (or its
respective Master Fund) acquires
securities of another investment
company pursuant to exemptive relief
from the Commission permitting the
Fund (or its respective Master Fund) to
acquire securities of one or more
investment companies for short-term
cash management purposes or (ii) the
Fund acquires securities of the Master
Fund pursuant to the Master-Feeder
Relief.
VerDate Mar<15>2010
17:53 Nov 22, 2013
Jkt 232001
For the Commission, by the Division of
Investment Management, under delegated
authority.
Kevin M. O’Neill,
Deputy Secretary.
Sunshine Act Meeting
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Public Law 94–409, that
the Securities and Exchange
Commission will hold a roundtable
about proxy advisory firms on December
5, 2013 from 9:30 a.m. to 1:30 p.m.
The roundtable panel will be asked to
discuss topics including the current
state of proxy advisory firm use by
investment advisers and institutional
investors and potential changes that
have been suggested by market
participants. Panelists will also be
invited to discuss any new ideas.
The roundtable discussion will be
held at SEC headquarters at 100 F Street
NE in Washington, DC The roundtable
will be webcast on the Commission’s
Web site at www.sec.gov and will be
archived for later viewing. Seating for
the public will be available.
For further information, please
contact the Office of the Secretary at
(202) 551–5400.
and 17 CFR 200.402(a)(3), (5), (7), 9(ii)
and (10), permit consideration of the
scheduled matter at the Closed Meeting.
Commissioner Gallagher, as duty
officer, voted to consider the items
listed for the Closed Meeting in a closed
session and determined that no earlier
notice thereof was possible.
The subject matter of the Closed
Meeting will be:
institution and settlement of injunctive
actions;
institution and settlement of
administrative proceedings; and
other matters relating to enforcement
proceedings.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
For further information and to
ascertain what, if any, matters have been
added, deleted or postponed, please
contact the Office of the Secretary at
(202) 551–5400.
Dated: November 20, 2013.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2013–28219 Filed 11–22–13; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[FR Doc. 2013–28275 Filed 11–21–13; 11:15 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–70901; File No. SR–CME–
2013–30]
SECURITIES AND EXCHANGE
COMMISSION
Self-Regulatory Organizations;
Chicago Mercantile Exchange Inc.;
Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change Relating to Corrections to
Chicago Mercantile Exchange Inc. Rule
274H.02.A. Regarding Timing of
Determination of the Spot Exchange
Rate of Chilean Peso per United States
Dollar for Use in Settlement of Cleared
Spot, Forward and Swap Contracts
Sunshine Act Meeting
November 19, 2013.
Dated: November 21, 2013.
Elizabeth M. Murphym
Secretary.
[FR Doc. 2013–28310 Filed 11–21–13; 4:15 pm]
BILLING CODE 8011–01–P
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Public Law 94–409, that
the Securities and Exchange
Commission will hold a Closed Meeting
on Tuesday, November 26, 2013 at 2:00
p.m.
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the Closed Meeting. Certain
staff members who have an interest in
the matters also may be present.
The General Counsel of the
Commission, or her designee, has
certified that, in her opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(3), (5), (7), 9(B) and (10)
PO 00000
Frm 00112
Fmt 4703
Sfmt 4703
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
12, 2013, Chicago Mercantile Exchange
Inc. (‘‘CME’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change described in Items I, II and III
below, which Items have been prepared
primarily by CME. CME filed the
proposal pursuant to Section
19(b)(3)(A)(iii) of the Act 3 and Rule
19b–4(f)(4)(ii) 4 thereunder so that the
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(4)(ii).
2 17
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Federal Register / Vol. 78, No. 227 / Monday, November 25, 2013 / Notices
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
CME is filing a proposed rule change
that is limited to its business as a
derivatives clearing organization. More
specifically, the proposed rule change
would make amendments to its rules to
correct an error in the current rule text
of CME Rule 274H.02.A. regarding cash
settlement of Cleared OTC USD/CLP
Spot, Forwards and Swaps Contracts.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
CME included statements concerning
the purpose 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. CME has prepared
summaries, set forth in sections A, B,
and C below, of the most significant
aspects of such statements.
sroberts on DSK5SPTVN1PROD with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
CME is registered as a derivatives
clearing organization with the
Commodity Futures Trading
Commission and currently offers
clearing services for many different
futures and swaps products. With this
filing, CME proposes to make
amendments to its rules regarding its
OTC foreign currency (‘‘FX’’) swap
clearing offering. Although this change
will be effective on filing, CME plans to
operationalize the proposed change on
November 17, 2013 for trade date
November 18, 2013.
The proposed rule change is intended
to correct an error in the current rule
text of CME Rule 274H.02.A. regarding
Cash Settlement of Cleared OTC USD/
CLP Spot, Forwards and Swaps
Contracts. Specifically, the proposed
rule change would amend the time of
the underlying benchmark fixing for the
spot exchange rate of the Chilean peso
per U.S. dollar that is calculated by the
Central Bank of Chile and is used by
CME for the final cash settlement of
Cleared OTC USD/CLP from 8:00 p.m.
Santiago time to 10:30 a.m. Santiago
time.
VerDate Mar<15>2010
17:53 Nov 22, 2013
Jkt 232001
The change that is described in this
filing is limited to CME’s business as a
derivatives clearing organization
clearing products under the exclusive
jurisdiction of the Commodity Futures
Trading Commission (‘‘CFTC’’) and does
not materially impact CME’s securitybased swap clearing business in any
way. CME notes that it has already
submitted the proposed rule change that
is the subject of this filing to its primary
regulator, the CFTC, in CME Submission
13–507R.
CME believes the proposed rule
change is consistent with the
requirements of the Act including
Section 17A of the Act.5 The proposed
rule change would correct an error in
the current rule text of CME Rule
274H.02.A. regarding cash settlement of
Cleared OTC USD/CLP Spot, Forwards
and Swaps Contracts to reflect the
actual time that the spot exchange rate
of the Chilean peso per U.S. dollar is
calculated by the Central Bank of Chile
(and therefore the timing used by CME
for the final cash settlement of Cleared
OTC USD/CLP). Because the change
will ensure CME rules accurately reflect
this timing, the change should be seen
to be designed to promote the prompt
and accurate clearance and settlement of
securities transactions and, to the extent
applicable, derivatives agreements,
contracts, and transactions, to assure the
safeguarding of securities and funds
which are in the custody or control of
the clearing agency or for which it is
responsible, and, in general, to protect
investors and the public interest
consistent with Section 17A(b)(3)(F) of
the Act.6
Furthermore, the proposed change is
limited in its effect to swaps products
offered under CME’s authority to act as
a derivatives clearing organization.
These products are under the exclusive
jurisdiction of the CFTC. As such, the
proposed change is limited to CME’s
activities as a derivatives clearing
organization clearing swaps that are not
security-based swaps; CME notes that
the policies of the CFTC with respect to
administering the Commodity Exchange
Act are comparable to a number of the
policies underlying the Act, such as
promoting market transparency for overthe-counter derivatives markets,
promoting the prompt and accurate
clearance of transactions and protecting
investors and the public interest.
Because the proposed change is
limited in its effect to swaps products
offered under CME’s authority to act as
a derivatives clearing organization, the
proposed change is properly classified
5 15
6 15
PO 00000
U.S.C. 78q–1.
U.S.C. 78q–1(b)(3)(F).
Frm 00113
Fmt 4703
Sfmt 4703
70369
as effecting a change in an existing
service of CME that:
(a) Primarily affects the clearing
operations of CME with respect to
products that are not securities,
including futures that are not security
futures, and swaps that are not securitybased swaps or mixed swaps; and
(b) does not significantly affect any
securities clearing operations of CME or
any rights or obligations of CME with
respect to securities clearing or persons
using such securities-clearing service.
As such, the change is therefore
consistent with the requirements of
Section 17A of the Act 7 and are
properly filed under Section
19(b)(3)(A) 8 and Rule 19b–4(f)(4)(ii) 9
thereunder.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
CME does not believe that the
proposed rule change will have any
impact, or impose any burden, on
competition. The rule change makes
changes to accurately reflect the timing
of the pricing mechanism for settlement
of swaps contracts and should therefore
not be seen to have any competitive
concerns.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
CME has not solicited, and does not
intend to solicit, comments regarding
this proposed rule change. CME has not
received any unsolicited written
comments from interested parties.
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) 10 of the Act and Rule 19b–
4(f)(4)(ii) 11 thereunder. 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.12
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
7 15
U.S.C. 78q–1.
U.S.C. 78s(b)(3)(A).
9 17 CFR 240.19b–4(f)(4)(ii).
10 15 U.S.C. 78s(b)(3)(A).
11 17 CFR 240.19b–4(f)(4)(ii).
12 15 U.S.C. 78s(b)(3)(C).
8 15
E:\FR\FM\25NON1.SGM
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70370
Federal Register / Vol. 78, No. 227 / Monday, November 25, 2013 / Notices
Electronic Comments
Paper Comments
sroberts on DSK5SPTVN1PROD with NOTICES
• 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–CME–2013–30. 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 or
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 CME and on CME’s Web site at
https://www.cmegroup.com/marketregulation/rule-filings.html.
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–CME–2013–30 and should
be submitted on or before December 16,
2013.
17:53 Nov 22, 2013
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 parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
BILLING CODE 8011–01–P
• 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 No. SR–
CME–2013–30 on the subject line.
VerDate Mar<15>2010
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–28161 Filed 11–22–13; 8:45 am]
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:
Jkt 232001
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–70902; File No. SR–
NYSEArca–2013–121]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing of Proposed
Rule Change Relating to the Listing
and Trading of Shares of
AdvisorShares Sage Core Reserves
ETF Under NYSE Arca Equities Rule
8.600
November 19, 2013.
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
November 5, 2013, NYSE Arca, Inc. (the
‘‘Exchange’’ or ‘‘NYSE Arca’’) 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 self-regulatory
organization. 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 list and
trade the shares of the following under
NYSE Arca Equities Rule 8.600
(‘‘Managed Fund Shares’’):
AdvisorShares Sage Core Reserves ETF.
The text of the proposed rule change is
available on the Exchange’s Web site at
www.nyse.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
self-regulatory organization 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 those statements may be examined at
13 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
PO 00000
Frm 00114
Fmt 4703
Sfmt 4703
1. Purpose
The Exchange proposes to list and
trade shares (‘‘Shares’’) of the following
under NYSE Arca Equities Rule 8.600,
which governs the listing and trading of
Managed Fund Shares: 4 AdvisorShares
Sage Core Reserves ETF(‘‘Fund’’). The
Shares will be offered by AdvisorShares
Trust (the ‘‘Trust’’),5 a statutory trust
organized under the laws of the State of
Delaware and registered with the
Commission as an open-end
management investment company.6 The
investment adviser to the Fund will be
AdvisorShares Investments, LLC (the
‘‘Adviser’’). Sage Advisory Services Ltd.
Co. (‘‘Sub-Adviser’’) will be the Fund’s
sub-adviser and will provide day-to-day
portfolio management of the Fund.
4 A Managed Fund Share is a security that
represents an interest in an investment company
registered under the Investment Company Act of
1940 (15 U.S.C. 80a–1) (‘‘1940 Act’’) organized as
an open-end investment company or similar entity
that invests in a portfolio of securities selected by
its investment adviser consistent with its
investment objectives and policies. In contrast, an
open-end investment company that issues
Investment Company Units, listed and traded on
the Exchange under NYSE Arca Equities Rule
5.2(j)(3), seeks to provide investment results that
correspond generally to the price and yield
performance of a specific foreign or domestic stock
index, fixed income securities index or combination
thereof.
5 The Trust is registered under the 1940 Act. On
August 13, 2013, the Trust filed with the
Commission an amendment to its registration
statement on Form N–1A under the Securities Act
of 1933 (15 U.S.C. 77a) (‘‘Securities Act’’), and
under the 1940 Act relating to the Fund (File Nos.
333–157876 and 811–22110) (‘‘Registration
Statement’’). The description of the operation of the
Trust and the Fund herein is based, in part, on the
Registration Statement. In addition, the
Commission has issued an order granting certain
exemptive relief to the Trust under the 1940 Act.
See Investment Company Act Release No. 29291
(May 28, 2010) (File No. 812–13677) (‘‘Exemptive
Order’’).
6 The Commission has approved listing and
trading on the Exchange of a number of actively
managed funds under Rule 8.600. See, e.g.,
Securities Exchange Act Release Nos. 63076
(October 12, 2010), 75 FR 63874 (October 18, 2010)
(SR–NYSEArca–2010–79) (order approving
Exchange listing and trading of Cambria Global
Tactical ETF); 63802 (January 31, 2011), 76 FR 6503
(February 4, 2011) (SR–NYSEArca–2010–118)
(order approving Exchange listing and trading of the
SiM Dynamic Allocation Diversified Income ETF
and SiM Dynamic Allocation Growth Income ETF);
and 65468 (October 3, 2011), 76 FR 62873 (October
11, 2011) (SR–NYSEArca–2011–51) (order
approving Exchange listing and trading of TrimTabs
Float Shrink ETF).
E:\FR\FM\25NON1.SGM
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]]>Agencies
[Federal Register Volume 78, Number 227 (Monday, November 25, 2013)]
[Notices]
[Pages 70368-70370]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-28161]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-70901; File No. SR-CME-2013-30]
Self-Regulatory Organizations; Chicago Mercantile Exchange Inc.;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
Relating to Corrections to Chicago Mercantile Exchange Inc. Rule
274H.02.A. Regarding Timing of Determination of the Spot Exchange Rate
of Chilean Peso per United States Dollar for Use in Settlement of
Cleared Spot, Forward and Swap Contracts
November 19, 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 November 12, 2013, Chicago Mercantile Exchange Inc. (``CME'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change described in Items I, II and III below, which
Items have been prepared primarily by CME. CME filed the proposal
pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-
4(f)(4)(ii) \4\ thereunder so that the
[[Page 70369]]
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)(4)(ii).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
CME is filing a proposed rule change that is limited to its
business as a derivatives clearing organization. More specifically, the
proposed rule change would make amendments to its rules to correct an
error in the current rule text of CME Rule 274H.02.A. regarding cash
settlement of Cleared OTC USD/CLP Spot, Forwards and Swaps Contracts.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, CME included statements
concerning the purpose 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. CME 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
CME is registered as a derivatives clearing organization with the
Commodity Futures Trading Commission and currently offers clearing
services for many different futures and swaps products. With this
filing, CME proposes to make amendments to its rules regarding its OTC
foreign currency (``FX'') swap clearing offering. Although this change
will be effective on filing, CME plans to operationalize the proposed
change on November 17, 2013 for trade date November 18, 2013.
The proposed rule change is intended to correct an error in the
current rule text of CME Rule 274H.02.A. regarding Cash Settlement of
Cleared OTC USD/CLP Spot, Forwards and Swaps Contracts. Specifically,
the proposed rule change would amend the time of the underlying
benchmark fixing for the spot exchange rate of the Chilean peso per
U.S. dollar that is calculated by the Central Bank of Chile and is used
by CME for the final cash settlement of Cleared OTC USD/CLP from 8:00
p.m. Santiago time to 10:30 a.m. Santiago time.
The change that is described in this filing is limited to CME's
business as a derivatives clearing organization clearing products under
the exclusive jurisdiction of the Commodity Futures Trading Commission
(``CFTC'') and does not materially impact CME's security-based swap
clearing business in any way. CME notes that it has already submitted
the proposed rule change that is the subject of this filing to its
primary regulator, the CFTC, in CME Submission 13-507R.
CME believes the proposed rule change is consistent with the
requirements of the Act including Section 17A of the Act.\5\ The
proposed rule change would correct an error in the current rule text of
CME Rule 274H.02.A. regarding cash settlement of Cleared OTC USD/CLP
Spot, Forwards and Swaps Contracts to reflect the actual time that the
spot exchange rate of the Chilean peso per U.S. dollar is calculated by
the Central Bank of Chile (and therefore the timing used by CME for the
final cash settlement of Cleared OTC USD/CLP). Because the change will
ensure CME rules accurately reflect this timing, the change should be
seen to be designed to promote the prompt and accurate clearance and
settlement of securities transactions and, to the extent applicable,
derivatives agreements, contracts, and transactions, to assure the
safeguarding of securities and funds which are in the custody or
control of the clearing agency or for which it is responsible, and, in
general, to protect investors and the public interest consistent with
Section 17A(b)(3)(F) of the Act.\6\
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78q-1.
\6\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------
Furthermore, the proposed change is limited in its effect to swaps
products offered under CME's authority to act as a derivatives clearing
organization. These products are under the exclusive jurisdiction of
the CFTC. As such, the proposed change is limited to CME's activities
as a derivatives clearing organization clearing swaps that are not
security-based swaps; CME notes that the policies of the CFTC with
respect to administering the Commodity Exchange Act are comparable to a
number of the policies underlying the Act, such as promoting market
transparency for over-the-counter derivatives markets, promoting the
prompt and accurate clearance of transactions and protecting investors
and the public interest.
Because the proposed change is limited in its effect to swaps
products offered under CME's authority to act as a derivatives clearing
organization, the proposed change is properly classified as effecting a
change in an existing service of CME that:
(a) Primarily affects the clearing operations of CME with respect
to products that are not securities, including futures that are not
security futures, and swaps that are not security-based swaps or mixed
swaps; and
(b) does not significantly affect any securities clearing
operations of CME or any rights or obligations of CME with respect to
securities clearing or persons using such securities-clearing service.
As such, the change is therefore consistent with the requirements of
Section 17A of the Act \7\ and are properly filed under Section
19(b)(3)(A) \8\ and Rule 19b-4(f)(4)(ii) \9\ thereunder.
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\7\ 15 U.S.C. 78q-1.
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(4)(ii).
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B. Self-Regulatory Organization's Statement on Burden on Competition
CME does not believe that the proposed rule change will have any
impact, or impose any burden, on competition. The rule change makes
changes to accurately reflect the timing of the pricing mechanism for
settlement of swaps contracts and should therefore not be seen to have
any competitive concerns.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
CME has not solicited, and does not intend to solicit, comments
regarding this proposed rule change. CME has not received any
unsolicited written comments from interested parties.
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) \10\ of the Act and Rule 19b-4(f)(4)(ii) \11\ thereunder.
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.\12\
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\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(4)(ii).
\12\ 15 U.S.C. 78s(b)(3)(C).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
[[Page 70370]]
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 No. SR-CME-2013-30 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-CME-2013-30. 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 or
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 CME and on CME's
Web site at https://www.cmegroup.com/market-regulation/rule-filings.html.
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-CME-2013-30
and should be submitted on or before December 16, 2013.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-28161 Filed 11-22-13; 8:45 am]
BILLING CODE 8011-01-P
