Self-Regulatory Organizations; OneChicago, LLC; Notice of Filing of Proposed Rule Change To Expand the Trading Hours for Bilateral Block Trades and Bilateral EFP Trades, 69159-69160 [2014-27448]

Download as PDF Federal Register / Vol. 79, No. 224 / Thursday, November 20, 2014 / Notices standards or requirements for participation in or use of the Clearing House. Accordingly, the changes should not, in the Clearing House’s view, affect the availability of clearing, access to clearing services or the costs of clearing for clearing members or other market participants. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others Written comments relating to the proposed changes to the rules have not been solicited or received. ICE Clear Europe will notify the Commission of any written comments received by ICE Clear Europe. 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) 8 of the Act and Rule 19b– 4(f)(4)(ii) 9 thereunder because it effects a change in an existing service of a registered clearing agency that primarily affects the operations of the clearing agency with respect to products that are not securities, including futures that are not security futures, swaps that are not security-based swaps or mixed swaps, and forwards that are not security forwards, and does not significantly affect any securities clearing operations of the clearing agency or any rights or obligations of the clearing agency with respect to securities clearing or persons using such securities clearing service, within the meaning of Rule 19b– 4(f)(4)(ii).10 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. IV. Solicitation of Comments rmajette on DSK2VPTVN1PROD with NOTICES 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: Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml) or U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(4)(ii). 10 Id. • Send an email to rule-comments@ sec.gov. Please include File Number SR– ICEEU–2014–19 on the subject line. Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–ICEEU–2014–19. 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 filings will also be available for inspection and copying at the principal office of ICE Clear Europe and on ICE Clear Europe’s Web site at https:// www.theice.com/clear-europe/ regulation#rule-filings. 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–ICEEU–2014–19 and should be submitted on or before December 11, 2014. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–27453 Filed 11–19–14; 8:45 am] BILLING CODE 8011–01–P 8 15 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–73599; File No. SR–OC– 2014–05] Self-Regulatory Organizations; OneChicago, LLC; Notice of Filing of Proposed Rule Change To Expand the Trading Hours for Bilateral Block Trades and Bilateral EFP Trades November 14, 2014. Pursuant to Section 19(b)(7) of the Securities Exchange Act of 1934 (the ‘‘Act’’),1 notice is hereby given that on October 23, 2014, OneChicago, LLC (‘‘OneChicago,’’ ‘‘OCX,’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change described in Items I, II, and III 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. OneChicago has also filed this rule change with the Commodity Futures Trading Commission (‘‘CFTC’’). OneChicago filed a written certification with the CFTC under Section 5c(c) of the Commodity Exchange Act (‘‘CEA’’) on October 23, 2014. I. Self-Regulatory Organization’s Description of the Proposed Rule Change OCX is proposing to expand its Trading Hours for bilateral block trades and bilateral Exchange of Future for Physical (‘‘EFP’’) trades. Currently, bilateral block trades and bilateral EFP trades are permitted to be reported to the Exchange beginning at 8:00 a.m. Central Time (‘‘CT’’) until 4:00 p.m. CT. Under the proposed change, market participants will be permitted to report these bilateral trades beginning at 7:00 a.m. CT. The closing time for reporting bilateral block trades and bilateral EFP trades will remain unchanged at 4:00 p.m. CT. The text of the proposed rule change is attached as Exhibit 4 to the filing submitted by the Exchange but is not attached to the published notice of 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, OneChicago included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the 9 17 VerDate Sep<11>2014 13:37 Nov 19, 2014 11 17 Jkt 235001 PO 00000 CFR 200.30–3(a)(12). Frm 00064 Fmt 4703 Sfmt 4703 69159 1 15 U.S.C. 78s(b)(7). E:\FR\FM\20NON1.SGM 20NON1 69160 Federal Register / Vol. 79, No. 224 / Thursday, November 20, 2014 / Notices proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The self-regulatory organization 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 1. Purpose The purpose of OneChicago’s filing is to update its Trading Hours by expanding the reporting time for bilateral block and bilateral EFP trades. Currently, bilateral trades may be reported to OneChicago beginning at 8:00 a.m. CT and concluding at 4:00 p.m. CT. This reporting period opens thirty minutes earlier—and closes one hour later—than the standard market hours, which are 8:30 a.m.–3:00 p.m. CT (3:15 p.m. for futures overlaying ETFs). By expanding the bilateral trade reporting hours, OneChicago will allow market participants to utilize liquidity in the pre-market period when hedging their bilateral block trades, and also to generally increase the hours for reporting a bilateral EFP. Since the Exchange Rules require the reporting of bilateral trades within a certain timeframe, market participants cannot execute the underlying security portion of their block and EFP trades before permissible reporting hours. With the proposed change, market participants will be able to execute and timely report bilateral trades that involved underlying security executions that occurred as early as 7:00 a.m. CT. rmajette on DSK2VPTVN1PROD with NOTICES 2. Statutory Basis OneChicago believes that the proposed rule change is consistent with Section 6(b) of the Act,2 in general, and furthers the objectives of Section 6(b)(5) of the Act,3 in particular, in that it is designed to foster cooperation and coordination with persons engaged in facilitating transactions in securities, and remove impediments to and perfect the mechanism of a free and open market and national market system. OneChicago believes that expanding the bilateral trade reporting hours removes an impediment to trading that OneChicago market participants currently experience. By restricting bilateral trade reporting to an 8:00 a.m. CT opening time, market participants are currently unable to report bilateral trades executed before that time. U.S.C. 78f(b). 3 15 U.S.C. 78(f)(b)(5). B. Self-Regulatory Organization’s Statement on Burden on Competition OneChicago does not believe that the proposed rule change will impose any impact, or impose any burden, on competition not necessary or appropriate in furtherance of the purposes of the Act. The rule change simply expands the trading hours for bilateral trades and does not impose any new burdens on any market participants. The Exchange believes that the proposed rule change is equitable and not unfairly discriminatory because all of the amended rules apply equally to all market participants. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others 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 rule change will become operative on November 10, 2014. At any time within 60 days of the date of effectiveness of the proposed rule change, the Commission, after consultation with the CFTC, may summarily abrogate the proposed rule change and require that the proposed rule change be refiled in accordance with the provisions of Section 19(b)(1) of the Act.4 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: Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File Number SR– OC–2014–05 on the subject line. Paper Comments • Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–OC–2014–05. This file number should be included on the subject line if email is used. To help the Commission process and review your 2 15 VerDate Sep<11>2014 17:53 Nov 19, 2014 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 offices 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 Number SR–OC– 2014–05, and should be submitted on or before December 11, 2014. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.5 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–27448 Filed 11–19–14; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–73595; File No. SR–BYX– 2014–030] Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of Filing of a Proposed Rule Change, and Amendment No. 1 Thereto, To Establish a New Market Data Product Called the BATS One Feed November 14, 2014. 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 October 30, 2014, BATS Y-Exchange, Inc. (the ‘‘Exchange’’ or ‘‘BYX’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule 5 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 4 15 Jkt 235001 PO 00000 U.S.C. 78s(b)(1). Frm 00065 Fmt 4703 Sfmt 4703 E:\FR\FM\20NON1.SGM 20NON1

Agencies

[Federal Register Volume 79, Number 224 (Thursday, November 20, 2014)]
[Notices]
[Pages 69159-69160]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-27448]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73599; File No. SR-OC-2014-05]


Self-Regulatory Organizations; OneChicago, LLC; Notice of Filing 
of Proposed Rule Change To Expand the Trading Hours for Bilateral Block 
Trades and Bilateral EFP Trades

November 14, 2014.
    Pursuant to Section 19(b)(7) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ notice is hereby given that on October 23, 2014, 
OneChicago, LLC (``OneChicago,'' ``OCX,'' or the ``Exchange'') filed 
with the Securities and Exchange Commission (``SEC'' or ``Commission'') 
the proposed rule change described in Items I, II, and III 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. OneChicago has also filed 
this rule change with the Commodity Futures Trading Commission 
(``CFTC''). OneChicago filed a written certification with the CFTC 
under Section 5c(c) of the Commodity Exchange Act (``CEA'') on October 
23, 2014.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(7).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Description of the Proposed Rule 
Change

    OCX is proposing to expand its Trading Hours for bilateral block 
trades and bilateral Exchange of Future for Physical (``EFP'') trades. 
Currently, bilateral block trades and bilateral EFP trades are 
permitted to be reported to the Exchange beginning at 8:00 a.m. Central 
Time (``CT'') until 4:00 p.m. CT. Under the proposed change, market 
participants will be permitted to report these bilateral trades 
beginning at 7:00 a.m. CT. The closing time for reporting bilateral 
block trades and bilateral EFP trades will remain unchanged at 4:00 
p.m. CT.
    The text of the proposed rule change is attached as Exhibit 4 to 
the filing submitted by the Exchange but is not attached to the 
published notice of 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, OneChicago included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the

[[Page 69160]]

proposed rule change. The text of these statements may be examined at 
the places specified in Item IV below. The self-regulatory organization 
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

1. Purpose
    The purpose of OneChicago's filing is to update its Trading Hours 
by expanding the reporting time for bilateral block and bilateral EFP 
trades. Currently, bilateral trades may be reported to OneChicago 
beginning at 8:00 a.m. CT and concluding at 4:00 p.m. CT. This 
reporting period opens thirty minutes earlier--and closes one hour 
later--than the standard market hours, which are 8:30 a.m.-3:00 p.m. CT 
(3:15 p.m. for futures overlaying ETFs).
    By expanding the bilateral trade reporting hours, OneChicago will 
allow market participants to utilize liquidity in the pre-market period 
when hedging their bilateral block trades, and also to generally 
increase the hours for reporting a bilateral EFP. Since the Exchange 
Rules require the reporting of bilateral trades within a certain 
timeframe, market participants cannot execute the underlying security 
portion of their block and EFP trades before permissible reporting 
hours. With the proposed change, market participants will be able to 
execute and timely report bilateral trades that involved underlying 
security executions that occurred as early as 7:00 a.m. CT.
2. Statutory Basis
    OneChicago believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\2\ in general, and furthers the 
objectives of Section 6(b)(5) of the Act,\3\ in particular, in that it 
is designed to foster cooperation and coordination with persons engaged 
in facilitating transactions in securities, and remove impediments to 
and perfect the mechanism of a free and open market and national market 
system. OneChicago believes that expanding the bilateral trade 
reporting hours removes an impediment to trading that OneChicago market 
participants currently experience. By restricting bilateral trade 
reporting to an 8:00 a.m. CT opening time, market participants are 
currently unable to report bilateral trades executed before that time.
---------------------------------------------------------------------------

    \2\ 15 U.S.C. 78f(b).
    \3\ 15 U.S.C. 78(f)(b)(5).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    OneChicago does not believe that the proposed rule change will 
impose any impact, or impose any burden, on competition not necessary 
or appropriate in furtherance of the purposes of the Act. The rule 
change simply expands the trading hours for bilateral trades and does 
not impose any new burdens on any market participants. The Exchange 
believes that the proposed rule change is equitable and not unfairly 
discriminatory because all of the amended rules apply equally to all 
market participants.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    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 rule change will become operative on November 10, 2014.
    At any time within 60 days of the date of effectiveness of the 
proposed rule change, the Commission, after consultation with the CFTC, 
may summarily abrogate the proposed rule change and require that the 
proposed rule change be refiled in accordance with the provisions of 
Section 19(b)(1) of the Act.\4\
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78s(b)(1).
---------------------------------------------------------------------------

 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:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number SR-OC-2014-05 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-OC-2014-05. 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 offices 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 Number SR-OC-2014-05, 
and should be submitted on or before December 11, 2014.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\5\
---------------------------------------------------------------------------

    \5\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-27448 Filed 11-19-14; 8:45 am]
BILLING CODE 8011-01-P