Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Concerning Administrative Changes to The Options Clearing Corporation's Financial Resources Monitoring and Call Procedure, 36869-36870 [2015-15688]

Download as PDF Federal Register / Vol. 80, No. 123 / Friday, June 26, 2015 / Notices 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 OCC and on OCC’s Web site at https://www.theocc.com/components/ docs/legal/rules_and_bylaws/sr_occ_15_ 013.pdf. 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–OCC–2015–013 and should be submitted on or before July 17,2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.14 Robert W. Errett, Deputy Secretary. [FR Doc. 2015–15693 Filed 6–25–15; 8:45 am] BILLING CODE 8011–01–P I. Clearing Agency’s Statement of the Terms of Substance of the Proposed Rule Change This proposed rule change concerns administrative changes to The Options Clearing Corporation’s (‘‘OCC’’) Financial Resources Monitoring and Call Procedure (‘‘Procedure’’). Specifically, OCC is proposing to change the method by which Dashboard Reports (defined below) are distributed to OCC’s senior management and the Risk Committee of OCC’s Board of Directors (‘‘Risk Committee’’). II. Clearing Agency’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, OCC 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. OCC has prepared summaries, set forth in sections (A), (B), and (C) below, of the most significant aspects of these statements. (A) Clearing Agency’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change SECURITIES AND EXCHANGE COMMISSION [Release No. 34–75255; File No. SR–OCC– 2015–012] Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Concerning Administrative Changes to The Options Clearing Corporation’s Financial Resources Monitoring and Call Procedure June 22, 2015. tkelley on DSK3SPTVN1PROD with NOTICES have been prepared by OCC. OCC filed the proposal pursuant to section 19(b)(3)(A) of the Act 3 and Rule 19b– 4(f)(1) thereunder 4 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. Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on June 18, 2015, The Options Clearing Corporation (‘‘OCC’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I, II and III below, which Items 1. Purpose This proposed rule change concerns administrative changes to the Procedure in that information concerning OCC’s Clearing Fund that is reported to OCC’s senior management and the Risk Committee on a weekly basis through dashboards (‘‘Dashboard Reports’’) would now be first distributed to the Legal Department’s Corporate Assistant for subsequent dissemination to OCC’s senior management and the Risk Committee. By way of background, the Commission has recently approved, pursuant to Section 19(b)(2) of the Act,5 and issued a Notice of No-Objection to, pursuant to section 806(e)(1)(I) of the Payment, Clearing, and Settlement Supervision Act of 2010,6 OCC’s 3 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(1). 5 15 U.S.C. 78s(b)(2). 6 12 U.S.C. 5465(e)(1)(I). 14 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. VerDate Sep<11>2014 18:15 Jun 25, 2015 4 17 Jkt 235001 PO 00000 Frm 00113 Fmt 4703 Sfmt 4703 36869 adoption of the Procedure.7 The Procedure sets forth the steps that clarify, for clearing members and market participants, the manner in which OCC would, if necessary, collect additional financial resources through intra-day margin calls and intra-month increases of is [sic] Clearing Fund. As part of the Procedure, information concerning OCC’s Clearing Fund is reported to OCC’s senior management and the Risk Committee on a weekly basis through Dashboard Reports. When OCC first adopted the Procedure, Dashboard Reports were distributed to OCC’s senior management and the Risk Committee directly by OCC’s Financial Risk Management Department’s management. In an order [sic] to harmonize the manner in which Dashboard Reports are provided to the Risk Committee with the manner in which materials are provided to the Risk Committee generally, OCC is proposing to make an administrative amendment to section 3.5 of the Procedure such that Dashboard Reports would be provide [sic] to the Legal Department’s Corporate Assistant by the Financial Risk Management Department’s management for subsequent dissemination to OCC’s senior management and the Risk Committee. The ultimate reviewers of Dashboard Reports would not be changed in any manner. In addition to the above, OCC also proposes to correct typographical errors throughout the Procedure. 2. Statutory Basis OCC believes the proposed rule change is consistent with section 17A(b)(3)(F) of the Act,8 and the rules and regulations thereunder because it is designed to promote the prompt and accurate clearance and settlement of securities transactions. As described above, the manner in which senior management and the Risk Committee are provided with Dashboard Reports would be harmonized with the manner in which the Risk Committee is provided with information generally. This practice would better ensure that the Risk Committee is provided with appropriate information in a timely manner to discharge its responsibilities as a committee of OCC’s Board of Directors,9 thereby promoting the 7 See Securities Exchange Act Release No. 74980 (May 15, 2015), 80 FR 29364 (May 21, 2015) (SR– OCC–2015–009). See also Securities Exchange Act Release No. 74981 (May 15, 2015), 80 FR 29367 (May 21, 2015) (SR–OCC–2014–811). 8 15 U.S.C. 78q–1(b)(3)(F). 9 See Securities Exchange Act Release No. 71751 (March 19, 2014), 79 FR 16414 (March 25, 2014) (SR–OCC–2014–04). E:\FR\FM\26JNN1.SGM 26JNN1 36870 Federal Register / Vol. 80, No. 123 / Friday, June 26, 2015 / Notices prompt and accurate clearance and settlement of securities transactions. This proposed rule change is also consistent with Rule 17Ad–22(d)(8) 10 because it would promote the effectiveness of OCC’s risk management procedures by better ensuring that the Risk Committee is provided with appropriate information in a timely manner to discharge its responsibilities as a committee of OCC’s Board of Directors.11 The proposed rule change is not inconsistent with the existing rules of OCC, including any other rules proposed to be amended. (B) Clearing Agency’s Statement on Burden on Competition OCC does not believe that the proposed rule change would impose any burden on competition.12 OCC believes that the proposed rule change would not unfairly inhibit access to OCC’s services or disadvantage or favor any particular user in relationship to another user because the proposed rule solely concerns administrative matters, mainly the manner in which Dashboard Reports are disseminated to OCC’s senior management and Risk Committee, and does not concern any particular user, or clearing member, of OCC. For the foregoing reasons, OCC believes that the proposed rule change is in the public interest, would be consistent with the requirements of the Act applicable to clearing agencies, and would not impose a burden on competition. tkelley on DSK3SPTVN1PROD with NOTICES (C) Clearing Agency’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments on the proposed rule change were not and are not intended to be solicited with respect to the proposed rule change and none have been received. 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) of the Act and paragraph (f) of Rule 19b–4 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. 10 17 CFR 240.17Ad–22(d)(8). Footnote 7. 12 15 U.S.C. 78q–1(b)(3)(I). 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: 18:15 Jun 25, 2015 [FR Doc. 2015–15688 Filed 6–25–15; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION 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– OCC–2015–012 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–OCC–2015–012. 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 OCC and on OCC’s Web site at https://www.theocc.com/components/ docs/legal/rules_and_bylaws/sr_occ_15_ 012.pdf. 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–OCC–2015–012 and should be submitted on or before July 17, 2015. 11 See VerDate Sep<11>2014 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.13 Robert W. Errett, Deputy Secretary. [Release No. 34–75259; File No. SR–BX– 2015–034] Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to a Proposal To Amend Chapter VI, Section 18 of the Exchange’s Options Rules June 22, 2015. Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 2 thereunder, notice is hereby given that, on June 12, 2015, NASDAQ OMX BX, Inc. (‘‘BX’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend chapter VI, section 18 of the Exchange’s options rules. The text of the proposed rule change is set forth below. Proposed new language is italicized. Proposed deletions are enclosed in [brackets]. * * * * * NASDAQ OMX BX Rules * * Jkt 235001 PO 00000 CFR 200.30–3(a)(12). Frm 00114 Fmt 4703 Sfmt 4703 * * * * Options Rules * * * Chapter VI * * Sec. 18 Trading Systems * * * Order Price Protection Order Price Protection (‘‘OPP’’) is a feature of the System that prevents certain day limit, good til cancelled, and immediate or cancel orders at prices outside of pre-set standard limits from being accepted by the System. OPP 1 15 13 17 * 2 17 E:\FR\FM\26JNN1.SGM U.S.C. 78s(b)(1). CFR 240.19b–4. 26JNN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 80, Number 123 (Friday, June 26, 2015)]
[Notices]
[Pages 36869-36870]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-15688]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75255; File No. SR-OCC-2015-012]


Self-Regulatory Organizations; The Options Clearing Corporation; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Concerning Administrative Changes to The Options Clearing Corporation's 
Financial Resources Monitoring and Call Procedure

June 22, 2015.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on June 18, 2015, The Options Clearing Corporation (``OCC'') 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 by OCC. OCC filed the proposal pursuant to section 
19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(1) thereunder \4\ 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).
    \4\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------

I. Clearing Agency's Statement of the Terms of Substance of the 
Proposed Rule Change

    This proposed rule change concerns administrative changes to The 
Options Clearing Corporation's (``OCC'') Financial Resources Monitoring 
and Call Procedure (``Procedure''). Specifically, OCC is proposing to 
change the method by which Dashboard Reports (defined below) are 
distributed to OCC's senior management and the Risk Committee of OCC's 
Board of Directors (``Risk Committee'').

II. Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change

    In its filing with the Commission, OCC 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. OCC has prepared summaries, set forth in sections (A), 
(B), and (C) below, of the most significant aspects of these 
statements.

(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change

1. Purpose
    This proposed rule change concerns administrative changes to the 
Procedure in that information concerning OCC's Clearing Fund that is 
reported to OCC's senior management and the Risk Committee on a weekly 
basis through dashboards (``Dashboard Reports'') would now be first 
distributed to the Legal Department's Corporate Assistant for 
subsequent dissemination to OCC's senior management and the Risk 
Committee.
    By way of background, the Commission has recently approved, 
pursuant to Section 19(b)(2) of the Act,\5\ and issued a Notice of No-
Objection to, pursuant to section 806(e)(1)(I) of the Payment, 
Clearing, and Settlement Supervision Act of 2010,\6\ OCC's adoption of 
the Procedure.\7\ The Procedure sets forth the steps that clarify, for 
clearing members and market participants, the manner in which OCC 
would, if necessary, collect additional financial resources through 
intra-day margin calls and intra-month increases of is [sic] Clearing 
Fund. As part of the Procedure, information concerning OCC's Clearing 
Fund is reported to OCC's senior management and the Risk Committee on a 
weekly basis through Dashboard Reports.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78s(b)(2).
    \6\ 12 U.S.C. 5465(e)(1)(I).
    \7\ See Securities Exchange Act Release No. 74980 (May 15, 
2015), 80 FR 29364 (May 21, 2015) (SR-OCC-2015-009). See also 
Securities Exchange Act Release No. 74981 (May 15, 2015), 80 FR 
29367 (May 21, 2015) (SR-OCC-2014-811).
---------------------------------------------------------------------------

    When OCC first adopted the Procedure, Dashboard Reports were 
distributed to OCC's senior management and the Risk Committee directly 
by OCC's Financial Risk Management Department's management. In an order 
[sic] to harmonize the manner in which Dashboard Reports are provided 
to the Risk Committee with the manner in which materials are provided 
to the Risk Committee generally, OCC is proposing to make an 
administrative amendment to section 3.5 of the Procedure such that 
Dashboard Reports would be provide [sic] to the Legal Department's 
Corporate Assistant by the Financial Risk Management Department's 
management for subsequent dissemination to OCC's senior management and 
the Risk Committee. The ultimate reviewers of Dashboard Reports would 
not be changed in any manner.
    In addition to the above, OCC also proposes to correct 
typographical errors throughout the Procedure.
2. Statutory Basis
    OCC believes the proposed rule change is consistent with section 
17A(b)(3)(F) of the Act,\8\ and the rules and regulations thereunder 
because it is designed to promote the prompt and accurate clearance and 
settlement of securities transactions. As described above, the manner 
in which senior management and the Risk Committee are provided with 
Dashboard Reports would be harmonized with the manner in which the Risk 
Committee is provided with information generally. This practice would 
better ensure that the Risk Committee is provided with appropriate 
information in a timely manner to discharge its responsibilities as a 
committee of OCC's Board of Directors,\9\ thereby promoting the

[[Page 36870]]

prompt and accurate clearance and settlement of securities 
transactions. This proposed rule change is also consistent with Rule 
17Ad-22(d)(8) \10\ because it would promote the effectiveness of OCC's 
risk management procedures by better ensuring that the Risk Committee 
is provided with appropriate information in a timely manner to 
discharge its responsibilities as a committee of OCC's Board of 
Directors.\11\ The proposed rule change is not inconsistent with the 
existing rules of OCC, including any other rules proposed to be 
amended.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78q-1(b)(3)(F).
    \9\ See Securities Exchange Act Release No. 71751 (March 19, 
2014), 79 FR 16414 (March 25, 2014) (SR-OCC-2014-04).
    \10\ 17 CFR 240.17Ad-22(d)(8).
    \11\ See Footnote 7.
---------------------------------------------------------------------------

(B) Clearing Agency's Statement on Burden on Competition

    OCC does not believe that the proposed rule change would impose any 
burden on competition.\12\ OCC believes that the proposed rule change 
would not unfairly inhibit access to OCC's services or disadvantage or 
favor any particular user in relationship to another user because the 
proposed rule solely concerns administrative matters, mainly the manner 
in which Dashboard Reports are disseminated to OCC's senior management 
and Risk Committee, and does not concern any particular user, or 
clearing member, of OCC.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78q-1(b)(3)(I).
---------------------------------------------------------------------------

    For the foregoing reasons, OCC believes that the proposed rule 
change is in the public interest, would be consistent with the 
requirements of the Act applicable to clearing agencies, and would not 
impose a burden on competition.

(C) Clearing Agency's Statement on Comments on the Proposed Rule Change 
Received From Members, Participants, or Others

    Written comments on the proposed rule change were not and are not 
intended to be solicited with respect to the proposed rule change and 
none have been received.

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) of the Act and paragraph (f) of Rule 19b-4 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.

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-OCC-2015-012 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-OCC-2015-012. 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 OCC and on OCC's 
Web site at https://www.theocc.com/components/docs/legal/rules_and_bylaws/sr_occ_15_012.pdf. 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-OCC-2015-012 and should be submitted on 
or before July 17, 2015.
---------------------------------------------------------------------------

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

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-15688 Filed 6-25-15; 8:45 am]
 BILLING CODE 8011-01-P

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