Self-Regulatory Organizations; Chicago Mercantile Exchange Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend a Fee Waiver Program for Certain OTC FX Cleared-Only Products, 1451-1453 [2015-00127]

Download as PDF Federal Register / Vol. 80, No. 6 / Friday, January 9, 2015 / Notices use of the service during a calendar year, then the account would be charged an additional $500 to reach the annual minimum amount of $7,500. However, the existing annual minimum charge does not apply to U.S. Branches and this would remain the case. In addition, the Fee Schedule would be clarified to reflect that this fee does not apply to U.S. Branches. The fee changes set forth above would be incorporated into the Fee Schedule which is available at www.dtcc.com. necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. Implementation Date 2014–13 and should be submitted on or before January 30, 2015. Electronic Comments The proposed fee changes would take effect on January 2, 2015. 2. Statutory Basis The proposed rule change would align DTC’s fees for the services described above with the costs of delivering applicable services, and the charges would apply equally in accordance with Participants’ use of DTC services. Therefore, DTC believes the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to DTC, in particular Section 17A(b)(3)(D) of the Act,9 which requires that DTC’s Rules provide for the equitable allocation of reasonable dues, fees, and other charges among its Participants. (B) Clearing Agency’s Statement on Burden on Competition DTC does not believe that the proposed rule change would have any impact, or impose any burden, on competition. (C) Clearing Agency’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments relating to the proposed rule change have not yet been solicited or received. DTC will notify the Commission of any written comments received by DTC. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action rljohnson on DSK3VPTVN1PROD with NOTICES 1451 The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) 10 of the Act and paragraph (f) of Rule 19b–4 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 9 15 U.S.C. 78q–1(b)(3)(D). U.S.C. 78s(b)(3)(A). 11 17 CFR 240.19b–4(f). 10 15 VerDate Sep<11>2014 14:56 Jan 08, 2015 Jkt 235001 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 rule-comments@ sec.gov. Please include File Number SR– DTC–2014–13 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–DTC–2014–13. 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 the filing also will be available for inspection and copying at the principal office of DTC and on DTCC’s Web site at https://dtcc.com/legal/sec-rulefilings.aspx. 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–DTC– PO 00000 Frm 00066 Fmt 4703 Sfmt 4703 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.12 Brent J. Fields, Secretary. [FR Doc. 2015–00128 Filed 1–8–15; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–73981; File No. SR–CME– 2014–58] Self-Regulatory Organizations; Chicago Mercantile Exchange Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend a Fee Waiver Program for Certain OTC FX ClearedOnly Products January 5, 2015. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’ or ‘‘Exchange Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on December 22, 2014, Chicago Mercantile Exchange Inc. (‘‘CME’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as 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)(ii) of the Act,3 and Rule 19b–4(f)(2) 4 thereunder, so that the 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 proposing to extend an existing fee waiver program supporting certain CME cleared-only over-thecounter (‘‘OTC’’) foreign exchange (‘‘FX’’) products through December 31, 2015. The text of the proposed rule change is below. Italicized text indicates additions; bracketed text indicates deletions. * * * * * 12 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(ii). 4 17 CFR 240.19b–4(f)(2). 1 15 E:\FR\FM\09JAN1.SGM 09JAN1 1452 Federal Register / Vol. 80, No. 6 / Friday, January 9, 2015 / Notices CME OTC FX Fee Waiver Program Program Purpose The purpose of this Program is to incentivize market participants to submit transaction in the OTC FX products listed below to the Clearing House for clearing. The resulting increase in volume benefits all participant segments in the market. Product Scope The following cleared only OTC FX products (‘‘Products’’): 1. CME Cleared OTC FX—Emerging Markets. a. USDBRL, USDCLP, USDCNY, USDCOP, USDIDR, USDINR, USDKRW, USDMYR, USDPEN, USDPHP, USDRUB, USDTWD Non-Deliverable Forwards. b. USDCZK, USDHUF, USDHKD, USDILS, USDMXN, USDPLN, USDSGD, USDTHB, USDTRY, USDZAR CashSettled Forwards. 2. CME Cleared OTC FX—Majors. a. AUDJPY, AUDUSD, CADJPY, EURAUD, EURCHF, EURGBP, EURJPY, EURUSD, GBPUSD, NZDUSD, USDCAD, USDCHF, USDDKK, USDJPY, USDNOK, USDSEK Cash-Settled Forwards. Eligible Participants The temporary reduction in fees will be open to all market participants and will automatically be applied to any transaction in the Products submitted to the Clearing House for clearing. Program Term Start date is February 1, 2012. End date is December 31, 201[4]5. Hours The Program will be applicable regardless of the transaction time. rljohnson on DSK3VPTVN1PROD with NOTICES Program Incentives Fee Waivers. All market participants that submit transactions in the Products to the Clearing House will have their clearing fees waived. * * * * * 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. VerDate Sep<11>2014 14:56 Jan 08, 2015 Jkt 235001 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 (‘‘CFTC’’) and currently offers clearing services for many different futures and swaps products. With this filing, CME proposes to make proposed changes to CME rules governing certain cleared-only OTC FX products. The proposed changes would extend an existing fee waiver program that applies to these OTC FX products. The only proposed changes are modifying the current December 31, 2014 termination date for the current fee waiver program to December 31, 2015. There is no limit to the number of participants that may participate in the proposed fee waiver program; it will be open to all market participants and will be automatically applied to all transaction fees in the enumerated OTC FX products. The changes that are described in this filing are limited to fee changes for OTC FX products. The proposed changes would become effective on filing. The proposed fee changes are limited to CME’s business as a derivatives clearing organization clearing products under the exclusive jurisdiction of the CFTC and do not materially impact CME’s security-based swap clearing business in any way. CME notes that it recently filed a proposed rule change that clarified that CME has decided not to clear security-based swaps, except in a very limited set of circumstances.5 CME has also certified the proposed rule change that is the subject of this filing to the CFTC in CFTC Submission 14– 523. CME believes the proposed rule change is consistent with the requirements of the Exchange Act including Section 17A of the Exchange Act.6 More specifically, the proposed rule change establishes or changes a member due, fee or other charge imposed by CME under Section 19(b)(3)(A)(ii) 7 of the Securities Exchange Act of 1934 and Rule 19(f)(2) 8 5 See Securities Exchange Act Release No. 34– 73615 (Nov. 17, 2014), 79 FR 69545 (Nov. 21, 2014) (SR–CME–2014–49). The only exception is with regards to Restructuring European Single Name CDS Contracts created following the occurrence of a Restructuring Credit Event in respect of an iTraxx Component Transaction. The clearing of Restructuring European Single Name CDS Contracts will be a necessary byproduct after such time that CME begins clearing iTraxx Europe index CDS. 6 15 U.S.C. 78q–1. 7 15 U.S.C. 78s(b)(3)(A)(ii). 8 17 CFR 240.19b–4(f)(2). PO 00000 Frm 00067 Fmt 4703 Sfmt 4703 thereunder. CME believes that the proposed fee change is consistent with the requirements of the Securities Exchange Act of 1934 and the rules and regulations thereunder and, in particular, to Section 17A(b)(3)(D),9 because the proposed fee changes apply equally to all market participants and therefore the proposed changes provide for the equitable allocation of reasonable dues, fees and other charges among participants. CME also notes that it operates in a highly competitive market in which market participants can readily direct business to competing venues. As such, the proposed changes are appropriately filed pursuant to Section 19(b)(3)(A) 10 of the Act and paragraph (f)(2) of Rule 19b–4 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 proposed rule change extends a currently operating OTC FX fee waiver program for an additional year. These products are swaps under the exclusive jurisdiction of the CFTC, and, as such, these proposed changes do not affect the security-based swap clearing activities of CME in any way and therefore do not impose any burden on competition that is inappropriate in furtherance of the purposes of the Act. 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 upon filing pursuant to Section 19(b)(3)(A) of the Act 11 and Rule 19(f)(2) thereunder.12 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, 9 15 U.S.C. 78q–1(b)(3)(D). U.S.C. 78s(b)(3)(A). 11 15 U.S.C. 78s(b)(3)(A). 12 17 CFR 240.19(f)(2). 10 15 E:\FR\FM\09JAN1.SGM 09JAN1 Federal Register / Vol. 80, No. 6 / Friday, January 9, 2015 / Notices or otherwise in furtherance of the purposes of the Act. 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 (https://www.sec.gov/ rules/sro.shtml), or • Send an email to rule-comments@ sec.gov. Please include File No. SR– CME–2014–58 on the subject line. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.13 Brent J. Fields, Secretary. [FR Doc. 2015–00127 Filed 1–8–15; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–73990; File No. SR–EDGA– 2014–35] Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Top and Last Sale Data Feeds January 5, 2015. • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC, 20549–1090. rljohnson on DSK3VPTVN1PROD with NOTICES Paper Comments 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 December 24, 2014, EDGA Exchange, Inc. (the ‘‘Exchange’’ or the ‘‘EDGA’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Exchange has designated this proposal as a ‘‘non-controversial’’ proposed rule change pursuant to section 19(b)(3)(A) of the Act 3 and Rule 19b–4(f)(6)(iii) thereunder.4 The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. All submissions should refer to File Number SR–CME–2014–58. 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 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–2014–58 and should be submitted on or before January 30, 2015. VerDate Sep<11>2014 14:56 Jan 08, 2015 Jkt 235001 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange filed a proposed rule change to amend Rule 13.8 to establish two new market data products know as: (i) EDGA TOP; and (ii) EDGA Last Sale. The proposed market data products are identical to the existing Top and Last Sale data feeds available on the BATS Exchange, Inc. (‘‘BZX’’) and the BATS Y-Exchange, Inc. (‘‘BYX’’, collectively with BZX, ‘‘BATS’’).5 The Exchange also proposes to amend Rule 13.8(a) to rename the EDGA Book Feed as the EDGA Depth and align with system functionality currently available on BATS. The text of the proposed rule change is available at the Exchange’s Web site at https://www.directedge.com/, at the 13 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A). 4 17 CFR 240.19b–4(f)(6)(iii). 5 See BATS Rule 11.22(d) and (g). 1453 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 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 Earlier this year, the Exchange and its affiliate, EDGX Exchange, Inc. (‘‘EDGX’’) received approval to effect a merger (the ‘‘Merger’’) of the Exchange’s parent company, Direct Edge Holdings LLC, with BATS Global Markets, Inc., the parent of BZX and BYX (together with BYX, BZX, EDGA and EDGX, the ‘‘BGM Affiliated Exchanges’’ or ‘‘BATS Exchange’’).6 In the context of the Merger, the BGM Affiliated Exchanges are working to migrate EDGX and EDGA onto the BATS technology platform, and align certain system functionality, retaining only intended differences between the BGM Affiliated Exchanges. As a result of these efforts, the Exchange proposes to establish two new market data products know as: (i) EDGA TOP; and (ii) EDGA Last Sale. The proposed market data products are identical to the existing Top and Last Sale data feeds available on BATS.7 The Exchange also proposes to amend Rule 13.8(a) to rename the EDGA Book Feed as the EDGA Depth and to align with system functionality currently available on BATS. EDGA Top and EDGA Last Sale The Exchange is proposing to offer two new data feeds that are identical to data feeds currently available on BATS: (i) EDGA Last Sale; and (ii) EDGA Top. EDGA Last Sale will provide real-time, intraday trade information, including price, volume and time of executions based on orders entered into the 1 15 PO 00000 Frm 00068 Fmt 4703 Sfmt 4703 6 See Securities Exchange Act Release No. 71449 (January 30, 2014), 79 FR 6961 (February 5, 2014) (SR–EDGX–2013–43; SR–EDGA–2013–34). 7 See supra note 5. E:\FR\FM\09JAN1.SGM 09JAN1

Agencies

[Federal Register Volume 80, Number 6 (Friday, January 9, 2015)]
[Notices]
[Pages 1451-1453]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-00127]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73981; File No. SR-CME-2014-58]


Self-Regulatory Organizations; Chicago Mercantile Exchange Inc.; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Extend a Fee Waiver Program for Certain OTC FX Cleared-Only Products

January 5, 2015.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'' or ``Exchange Act''),\1\ and Rule 19b-4 thereunder,\2\ notice 
is hereby given that on December 22, 2014, Chicago Mercantile Exchange 
Inc. (``CME'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as 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)(ii) of the Act,\3\ 
and Rule 19b-4(f)(2) \4\ thereunder, so that the 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)(ii).
    \4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    CME is proposing to extend an existing fee waiver program 
supporting certain CME cleared-only over-the-counter (``OTC'') foreign 
exchange (``FX'') products through December 31, 2015.
    The text of the proposed rule change is below. Italicized text 
indicates additions; bracketed text indicates deletions.
* * * * *

[[Page 1452]]

CME OTC FX Fee Waiver Program
Program Purpose
    The purpose of this Program is to incentivize market participants 
to submit transaction in the OTC FX products listed below to the 
Clearing House for clearing. The resulting increase in volume benefits 
all participant segments in the market.
Product Scope
    The following cleared only OTC FX products (``Products''):
    1. CME Cleared OTC FX--Emerging Markets.
    a. USDBRL, USDCLP, USDCNY, USDCOP, USDIDR, USDINR, USDKRW, USDMYR, 
USDPEN, USDPHP, USDRUB, USDTWD Non-Deliverable Forwards.
    b. USDCZK, USDHUF, USDHKD, USDILS, USDMXN, USDPLN, USDSGD, USDTHB, 
USDTRY, USDZAR Cash-Settled Forwards.
    2. CME Cleared OTC FX--Majors.
    a. AUDJPY, AUDUSD, CADJPY, EURAUD, EURCHF, EURGBP, EURJPY, EURUSD, 
GBPUSD, NZDUSD, USDCAD, USDCHF, USDDKK, USDJPY, USDNOK, USDSEK Cash-
Settled Forwards.
Eligible Participants
    The temporary reduction in fees will be open to all market 
participants and will automatically be applied to any transaction in 
the Products submitted to the Clearing House for clearing.
Program Term
    Start date is February 1, 2012. End date is December 31, 201[4]5.
Hours
    The Program will be applicable regardless of the transaction time.
Program Incentives
    Fee Waivers. All market participants that submit transactions in 
the Products to the Clearing House will have their clearing fees 
waived.
* * * * *

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 (``CFTC'') and currently offers 
clearing services for many different futures and swaps products. With 
this filing, CME proposes to make proposed changes to CME rules 
governing certain cleared-only OTC FX products.
    The proposed changes would extend an existing fee waiver program 
that applies to these OTC FX products. The only proposed changes are 
modifying the current December 31, 2014 termination date for the 
current fee waiver program to December 31, 2015.
    There is no limit to the number of participants that may 
participate in the proposed fee waiver program; it will be open to all 
market participants and will be automatically applied to all 
transaction fees in the enumerated OTC FX products. The changes that 
are described in this filing are limited to fee changes for OTC FX 
products. The proposed changes would become effective on filing.
    The proposed fee changes are limited to CME's business as a 
derivatives clearing organization clearing products under the exclusive 
jurisdiction of the CFTC and do not materially impact CME's security-
based swap clearing business in any way. CME notes that it recently 
filed a proposed rule change that clarified that CME has decided not to 
clear security-based swaps, except in a very limited set of 
circumstances.\5\ CME has also certified the proposed rule change that 
is the subject of this filing to the CFTC in CFTC Submission 14-523.
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 34-73615 (Nov. 17, 
2014), 79 FR 69545 (Nov. 21, 2014) (SR-CME-2014-49). The only 
exception is with regards to Restructuring European Single Name CDS 
Contracts created following the occurrence of a Restructuring Credit 
Event in respect of an iTraxx Component Transaction. The clearing of 
Restructuring European Single Name CDS Contracts will be a necessary 
byproduct after such time that CME begins clearing iTraxx Europe 
index CDS.
---------------------------------------------------------------------------

    CME believes the proposed rule change is consistent with the 
requirements of the Exchange Act including Section 17A of the Exchange 
Act.\6\ More specifically, the proposed rule change establishes or 
changes a member due, fee or other charge imposed by CME under Section 
19(b)(3)(A)(ii) \7\ of the Securities Exchange Act of 1934 and Rule 
19(f)(2) \8\ thereunder. CME believes that the proposed fee change is 
consistent with the requirements of the Securities Exchange Act of 1934 
and the rules and regulations thereunder and, in particular, to Section 
17A(b)(3)(D),\9\ because the proposed fee changes apply equally to all 
market participants and therefore the proposed changes provide for the 
equitable allocation of reasonable dues, fees and other charges among 
participants. CME also notes that it operates in a highly competitive 
market in which market participants can readily direct business to 
competing venues. As such, the proposed changes are appropriately filed 
pursuant to Section 19(b)(3)(A) \10\ of the Act and paragraph (f)(2) of 
Rule 19b-4 thereunder.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78q-1.
    \7\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \8\ 17 CFR 240.19b-4(f)(2).
    \9\ 15 U.S.C. 78q-1(b)(3)(D).
    \10\ 15 U.S.C. 78s(b)(3)(A).
---------------------------------------------------------------------------

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 proposed rule change 
extends a currently operating OTC FX fee waiver program for an 
additional year. These products are swaps under the exclusive 
jurisdiction of the CFTC, and, as such, these proposed changes do not 
affect the security-based swap clearing activities of CME in any way 
and therefore do not impose any burden on competition that is 
inappropriate in furtherance of the purposes of the Act.

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 upon filing pursuant 
to Section 19(b)(3)(A) of the Act \11\ and Rule 19(f)(2) 
thereunder.\12\ 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,

[[Page 1453]]

or otherwise in furtherance of the purposes of the Act.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 17 CFR 240.19(f)(2).
---------------------------------------------------------------------------

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 (https://www.sec.gov/rules/sro.shtml), or
     Send an email to rule-comments@sec.gov. Please include 
File No. SR-CME-2014-58 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-CME-2014-58. 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 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-2014-58 and 
should be submitted on or before January 30, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
---------------------------------------------------------------------------

    \13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Brent J. Fields,
Secretary.
[FR Doc. 2015-00127 Filed 1-8-15; 8:45 am]
BILLING CODE 8011-01-P
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