Self-Regulatory Organizations; CBOE Futures Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Proposed Rule Change Regarding Open Interest Reporting, 19378-19380 [2015-08200]

Download as PDF 19378 Federal Register / Vol. 80, No. 69 / Friday, April 10, 2015 / Notices mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. In particular, the Exchange believes that the deletion of Rule 2.50 is appropriate because it is obsolete now that CBSX no longer owns or is affiliated with NSX. Additionally, if the current rule text language remains, confusion could arise as to whether or not NSX is still a wholly owned subsidiary of CBSX. B. Self-Regulatory Organization’s Statement on Burden on Competition CBOE does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange does not believe the proposed rule change imposes any burden on intramarket competition because it applies to all market participants. Additionally, the Exchange does not believe the proposed rule change will impose any burden on intermarket competition as it is merely attempting to delete Rule 2.50 in its entirety as the rule text is no longer relevant because CBSX no longer owns or is affiliated with NSX. The Exchange does not propose any substantive changes to the Exchange’s operations or its rules that the Exchange believes could have any impact on competition (intermarket or intramarket). mstockstill on DSK4VPTVN1PROD with NOTICES C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others The Exchange neither solicited nor received written comments on the proposed rule changes submitted in this filing. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The Exchange has filed the proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act 9 and Rule 19b–4(f)(6) thereunder.10 Because the foregoing proposed rule change does not: (1) Significantly affect the protection of investors or the public interest; (2) impose any significant burden on competition; and (3) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act 11 and Rule 19b– 9 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). 11 15 U.S.C. 78s(b)(3)(A). 10 17 VerDate Sep<11>2014 20:09 Apr 09, 2015 Jkt 235001 4(f)(6) 12 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. If the Commission takes such action, the Commission will institute proceedings to determine whether the proposed rule change should be approved or disapproved. 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: 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 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–CBOE– 2015-–033 and should be submitted on or before May 1, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.13 Brent J. Fields, Secretary. [FR Doc. 2015–08199 Filed 4–9–15; 8:45 am] BILLING CODE 8011–01–P 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 Number SR– CBOE–2015–033 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–CBOE–2015–033. 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 12 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6)(iii) requires the Exchange to give the Commission written notice of the Exchange’s intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. PO 00000 Frm 00103 Fmt 4703 Sfmt 4703 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–74652; File No. SR–CFE– 2015–003] Self-Regulatory Organizations; CBOE Futures Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Proposed Rule Change Regarding Open Interest Reporting April 6, 2015. Pursuant to Section 19(b)(7) of the Securities Exchange Act of 1934 (‘‘Act’’),1 notice is hereby given that on March 23, 2015 CBOE Futures Exchange, LLC (‘‘CFE’’ or ‘‘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 CFE. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. CFE also has filed this proposed rule change with the Commodity Futures Trading Commission (‘‘CFTC’’). CFE filed a written certification with the CFTC under Section 5c(c) of the Commodity Exchange Act (‘‘CEA’’) 2 on March 20, 2015. I. Self-Regulatory Organization’s Description of the Proposed Rule Change The Exchange proposes to amend its rules related to open interest reporting. The scope of this filing is limited solely 13 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(7). 2 7 U.S.C. 7a–2(c). 1 15 E:\FR\FM\10APN1.SGM 10APN1 Federal Register / Vol. 80, No. 69 / Friday, April 10, 2015 / Notices to the application of the rule amendments to security futures traded on CFE. The only security futures currently traded on CFE are traded under Chapter 16 of CFE’s Rulebook which is applicable to Individual Stock Based and Exchange-Traded Fund Based Volatility Index security futures. The text of the proposed rule change is attached as Exhibit 4 to the filing but is not attached to the publication of this notice. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, CFE 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. CFE has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. mstockstill on DSK4VPTVN1PROD with NOTICES A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of the proposed CFE rule amendments included as part of this rule change is to add CFE Rule 410A (Reporting Open Interest to the Clearing Corporation) to make clear that all CFE clearing members 3 must report open interest information to The Options Clearing Corporation (‘‘OCC’’) in conformance with OCC rules. The rule amendments included as part of this rule change are to apply to all products traded on CFE, including both nonsecurity futures and security futures. CFE has contracted with and uses OCC for clearing and settlement services for all transactions conducted on the Exchange. CFE clearing members are required by OCC Rule 401, Interpretation and Policy .01 to submit gross position adjustment information to OCC as necessary to identify the actual open interest in clearing member accounts at the end of each trading day based upon the day’s trading activity and any applicable rules of an exchange. Clearing members are not required to provide this information for market maker accounts at OCC or when a futures exchange like CFE identifies a transaction as opening or closing in 3 CFE Rule 121 defines ‘‘Clearing Member’’ to mean a member of OCC that is a CFE TPH and that is authorized under OCC Rules to clear trades in any or all contracts. VerDate Sep<11>2014 20:09 Apr 09, 2015 Jkt 235001 matching trade information that the exchange provides to OCC. The amendments make clear that CFE clearing members must report gross position adjustment information to OCC to the extent required by, and in accordance with, OCC rules by including this requirement in new CFE Rule 410A. The amendments also provide that gross position adjustment information is not required to be reported to OCC pursuant to Rule 410A for market maker accounts at OCC or for transactions with respect to which a CFE Trading Privilege Holder (‘‘TPH’’) has designated as part of the applicable order submission to CFE whether the transaction is opening or closing. These two exceptions exist because in each case OCC will already have this information and thus does not need to receive it from clearing members. Specifically, with respect to the second exception, when a TPH submits an order to CFE’s trading system, the TPH may choose to designate the transaction as opening or closing, though this field is not required. CFE provides such opening and closing designations by its TPHs to OCC, and OCC will then know that it does not need to receive this information regarding the order from the applicable clearing member. By adding Rule 410A to the CFE Rulebook, the amendments make clear that a failure to report open interest information pursuant to OCC rules is an independent violation of CFE rules. These amendments are based upon a recommendation by the CFTC Division of Market Oversight in a recent rule enforcement review of the market surveillance program of ICE Futures U.S., Inc.4 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,5 in general, and furthers the objectives of Sections 6(b)(5) 6 and 6(b)(7) 7 in particular in that it is designed: • To prevent fraudulent and manipulative acts and practices, • to promote just and equitable principles of trade, • to foster cooperation and coordination with persons engaged in facilitating transactions in securities, • to remove impediments to and perfect the mechanism of a free and 4 See CFTC, Div. of Mkt. Oversight, Rule Enforcement Review of ICE Futures U.S. at pp. 9, 32 (July 22, 2014), available at https://www.cftc.gov/ ucm/groups/public/@iodcms/documents/file/ rericefutures072214.pdf. 5 15 U.S.C. 78f(b). 6 15 U.S.C. 78f(b)(5). 7 15 U.S.C. 78f(b)(7). PO 00000 Frm 00104 Fmt 4703 Sfmt 4703 19379 open market and a national market system, and in general, to protect investors and the public interest, and • to provide a fair procedure for the disciplining of members. The Exchange believes that the proposed rule change will strengthen its ability to carry out its responsibilities as a self-regulatory organization by clarifying that CFE clearing members must report gross position adjustment information to OCC to the extent required by, and in accordance with, OCC rules by including this requirement in new CFE Rule 410A. The proposed rule change also provides that that gross position adjustment information is not required to be reported to OCC pursuant to Rule 410A for market maker accounts at OCC or for transactions with respect to which a TPH has designated as part of the applicable order submission to CFE whether the transaction is opening or closing. This change will strengthen CFE’s regulatory and disciplinary program as well as serve as an effective deterrent to potential conduct that violates OCC’s open interest reporting rule by making clear that a failure to report open interest information pursuant to OCC rules is an independent violation of CFE rules. CFE additionally believes that this change enables CFE to conform with recent guidance issued by the CFTC’s Division of Market Oversight. B. Self-Regulatory Organization’s Statement on Burden on Competition CFE does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act, in that the rule change will enhance CFE’s ability to carry out its responsibilities as a selfregulatory organization. The Exchange believes that the proposed rule change is equitable and not unfairly discriminatory because the clarification of CFE clearing members’ responsibility to report open interest to OCC in conformance with OCC rules would apply equally to all parties that are subject to the applicable requirements. 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 proposed rule change will become effective on April 3, 2015. E:\FR\FM\10APN1.SGM 10APN1 19380 Federal Register / Vol. 80, No. 69 / Friday, April 10, 2015 / Notices 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.8 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: mstockstill on DSK4VPTVN1PROD with NOTICES 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 Number SR– CFE–2015–003 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–CFE–2015–003. 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 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 8 15 U.S.C. 78s(b)(1). VerDate Sep<11>2014 20:09 Apr 09, 2015 available publicly. All submissions should refer to File Number SR–CFE– 2015–003, and should be submitted on or before May 1, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Brent J. Fields, Secretary. [FR Doc. 2015–08200 Filed 4–9–15; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 31547; 812–14400] Van Eck Associates Corporation, et al.; Notice of Application April 6, 2015. Applicants’ Representations 1. Van Eck Funds is organized as a Massachusetts business trust and is registered under the Act as an open-end management investment company. Van Eck Funds is a trust which currently consists of eight Funds (as defined below), each with its own investment Summary of Application: Applicants objective and policies. VIP Trust is a request an order to permit open-end Massachusetts business trust and is management investment companies registered under the Act as an open-end relying on rule 12d1–2 under the Act to management investment company. VIP invest in certain financial instruments. Trust currently consists of six Funds, Applicants: Van Eck Associates each with its own investment objective Corporation (the ‘‘VEAC’’), Van Eck and policies. MV Trust is a Delaware Securities Corporation (‘‘VESC’’), statutory trust and is registered under Market Vectors ETF Trust (‘‘MV Trust’’), the Act as an open-end management Van Eck VIP Trust (‘‘VIP Trust’’) and investment company. MV Trust Van Eck Funds (‘‘VE Funds’’ and, currently consists of 60 Funds, each together with MV Trust and VIP Trust, with its own investment objective and the ‘‘Trusts’’). policies. Filing Date: The application was filed 2. VEAC is registered as an on December 18, 2014. investment adviser under the Hearing or Notification of Hearing: An Investment Advisers Act of 1940 (the order granting the application will be ‘‘Advisers Act’’). VEAC currently is the issued unless the Commission orders a investment adviser to the Trusts. VESC, hearing. Interested persons may request a broker-dealer registered under the a hearing by writing to the Securities Exchange Act of 1934, as Commission’s Secretary and serving amended (‘‘Exchange Act’’), serves as applicants with a copy of the request, the principal underwriter for the Trusts. personally or by mail. Hearing requests 3. Applicants request an exemption to should be received by the Commission the extent necessary to permit any by 5:30 p.m. on May 1, 2015, and existing or future series of the Trusts should be accompanied by proof of and any other registered open-end service on applicants, in the form of an management investment company or affidavit or, for lawyers, a certificate of series thereof that: (a) Is advised by service. Pursuant to rule 0–5 under the VEAC or any investment adviser Act, hearing requests should state the controlling, controlled by, or under nature of the writer’s interest, any facts common control with VEAC (any such bearing upon the desirability of a adviser or VEAC, the ‘‘Adviser’’); 1 (b) is hearing on the matter, the reason for the in the same group of investment request, and the issues contested. companies as defined in section Persons who wish to be notified of a 12(d)(1)(G) of the Act as the Trusts; (c) hearing may request notification by invests in other registered open-end writing to the Commission’s Secretary. Securities and Exchange Commission (‘‘Commission’’). ACTION: Notice of an application under section 6(c) of the Investment Company Act of 1940 (‘‘Act’’) for an exemption from rule 12d1–2(a) under the Act. AGENCY: 9 17 Jkt 235001 Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090; Applicants: Johnathan R. Simon, Van Eck Associates Corporation, 335 Madison Avenue, New York, NY 10017. FOR FURTHER INFORMATION CONTACT: Emerson S. Davis, Senior Counsel, at (202) 551–6868, or Daniele Marchesani, Branch Chief, at (202) 551–6821 (Division of Investment Management, Chief Counsel’s Office). SUPPLEMENTARY INFORMATION: The following is a summary of the application. The complete application may be obtained via the Commission’s Web site by searching for the file number, or for an applicant using the Company name box, at https:// www.sec.gov/search/search.htm or by calling (202) 551–8090. ADDRESSES: PO 00000 1 Each Adviser will be registered as an investment adviser under the Advisers Act. CFR 200.30–3(a)(73). Frm 00105 Fmt 4703 Sfmt 4703 E:\FR\FM\10APN1.SGM 10APN1

Agencies

[Federal Register Volume 80, Number 69 (Friday, April 10, 2015)]
[Notices]
[Pages 19378-19380]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-08200]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74652; File No. SR-CFE-2015-003]


Self-Regulatory Organizations; CBOE Futures Exchange, LLC; Notice 
of Filing and Immediate Effectiveness of a Proposed Rule Change 
Proposed Rule Change Regarding Open Interest Reporting

April 6, 2015.
    Pursuant to Section 19(b)(7) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on March 23, 2015 CBOE 
Futures Exchange, LLC (``CFE'' or ``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 CFE. The Commission is publishing this 
notice to solicit comments on the proposed rule change from interested 
persons. CFE also has filed this proposed rule change with the 
Commodity Futures Trading Commission (``CFTC''). CFE filed a written 
certification with the CFTC under Section 5c(c) of the Commodity 
Exchange Act (``CEA'') \2\ on March 20, 2015.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(7).
    \2\ 7 U.S.C. 7a-2(c).
---------------------------------------------------------------------------

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

    The Exchange proposes to amend its rules related to open interest 
reporting. The scope of this filing is limited solely

[[Page 19379]]

to the application of the rule amendments to security futures traded on 
CFE. The only security futures currently traded on CFE are traded under 
Chapter 16 of CFE's Rulebook which is applicable to Individual Stock 
Based and Exchange-Traded Fund Based Volatility Index security futures. 
The text of the proposed rule change is attached as Exhibit 4 to the 
filing but is not attached to the publication of this notice.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, CFE 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. CFE 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 the proposed CFE rule amendments included as part of 
this rule change is to add CFE Rule 410A (Reporting Open Interest to 
the Clearing Corporation) to make clear that all CFE clearing members 
\3\ must report open interest information to The Options Clearing 
Corporation (``OCC'') in conformance with OCC rules. The rule 
amendments included as part of this rule change are to apply to all 
products traded on CFE, including both non-security futures and 
security futures.
---------------------------------------------------------------------------

    \3\ CFE Rule 121 defines ``Clearing Member'' to mean a member of 
OCC that is a CFE TPH and that is authorized under OCC Rules to 
clear trades in any or all contracts.
---------------------------------------------------------------------------

    CFE has contracted with and uses OCC for clearing and settlement 
services for all transactions conducted on the Exchange. CFE clearing 
members are required by OCC Rule 401, Interpretation and Policy .01 to 
submit gross position adjustment information to OCC as necessary to 
identify the actual open interest in clearing member accounts at the 
end of each trading day based upon the day's trading activity and any 
applicable rules of an exchange. Clearing members are not required to 
provide this information for market maker accounts at OCC or when a 
futures exchange like CFE identifies a transaction as opening or 
closing in matching trade information that the exchange provides to 
OCC.
    The amendments make clear that CFE clearing members must report 
gross position adjustment information to OCC to the extent required by, 
and in accordance with, OCC rules by including this requirement in new 
CFE Rule 410A. The amendments also provide that gross position 
adjustment information is not required to be reported to OCC pursuant 
to Rule 410A for market maker accounts at OCC or for transactions with 
respect to which a CFE Trading Privilege Holder (``TPH'') has 
designated as part of the applicable order submission to CFE whether 
the transaction is opening or closing. These two exceptions exist 
because in each case OCC will already have this information and thus 
does not need to receive it from clearing members. Specifically, with 
respect to the second exception, when a TPH submits an order to CFE's 
trading system, the TPH may choose to designate the transaction as 
opening or closing, though this field is not required. CFE provides 
such opening and closing designations by its TPHs to OCC, and OCC will 
then know that it does not need to receive this information regarding 
the order from the applicable clearing member.
    By adding Rule 410A to the CFE Rulebook, the amendments make clear 
that a failure to report open interest information pursuant to OCC 
rules is an independent violation of CFE rules. These amendments are 
based upon a recommendation by the CFTC Division of Market Oversight in 
a recent rule enforcement review of the market surveillance program of 
ICE Futures U.S., Inc.\4\
---------------------------------------------------------------------------

    \4\ See CFTC, Div. of Mkt. Oversight, Rule Enforcement Review of 
ICE Futures U.S. at pp. 9, 32 (July 22, 2014), available at https://www.cftc.gov/ucm/groups/public/@iodcms/documents/file/rericefutures072214.pdf.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\5\ in general, and furthers the 
objectives of Sections 6(b)(5) \6\ and 6(b)(7) \7\ in particular in 
that it is designed:
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(5).
    \7\ 15 U.S.C. 78f(b)(7).
---------------------------------------------------------------------------

     To prevent fraudulent and manipulative acts and practices,
     to promote just and equitable principles of trade,
     to foster cooperation and coordination with persons 
engaged in facilitating transactions in securities,
     to remove impediments to and perfect the mechanism of a 
free and open market and a national market system, and in general, to 
protect investors and the public interest, and
     to provide a fair procedure for the disciplining of 
members.
    The Exchange believes that the proposed rule change will strengthen 
its ability to carry out its responsibilities as a self-regulatory 
organization by clarifying that CFE clearing members must report gross 
position adjustment information to OCC to the extent required by, and 
in accordance with, OCC rules by including this requirement in new CFE 
Rule 410A. The proposed rule change also provides that that gross 
position adjustment information is not required to be reported to OCC 
pursuant to Rule 410A for market maker accounts at OCC or for 
transactions with respect to which a TPH has designated as part of the 
applicable order submission to CFE whether the transaction is opening 
or closing. This change will strengthen CFE's regulatory and 
disciplinary program as well as serve as an effective deterrent to 
potential conduct that violates OCC's open interest reporting rule by 
making clear that a failure to report open interest information 
pursuant to OCC rules is an independent violation of CFE rules. CFE 
additionally believes that this change enables CFE to conform with 
recent guidance issued by the CFTC's Division of Market 
Oversight.

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

    CFE does not believe that the proposed rule change will impose any 
burden on competition not necessary or appropriate in furtherance of 
the purposes of the Act, in that the rule change will enhance CFE's 
ability to carry out its responsibilities as a self-regulatory 
organization. The Exchange believes that the proposed rule change is 
equitable and not unfairly discriminatory because the clarification of 
CFE clearing members' responsibility to report open interest to OCC in 
conformance with OCC rules would apply equally to all parties that are 
subject to the applicable requirements.

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 proposed rule change will become effective on April 3, 2015.

[[Page 19380]]

    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.\8\
---------------------------------------------------------------------------

    \8\ 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 (https://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number SR-CFE-2015-003 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-CFE-2015-003. 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 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-CFE-2015-003, 
and should be submitted on or before May 1, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
Brent J. Fields,
Secretary.
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(73).
---------------------------------------------------------------------------

[FR Doc. 2015-08200 Filed 4-9-15; 8:45 am]
 BILLING CODE 8011-01-P
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