Self-Regulatory Organizations; The Depository Trust Company; Notice of Withdrawal of Proposed Rule Change Regarding the Acknowledgment of End-of-Day Net-Net Settlement Balances by Settling Banks, 40116 [2015-16979]
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Federal Register / Vol. 80, No. 133 / Monday, July 13, 2015 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–75380; File No. SR–DTC–
2015–003]
Self-Regulatory Organizations; The
Depository Trust Company; Notice of
Withdrawal of Proposed Rule Change
Regarding the Acknowledgment of
End-of-Day Net-Net Settlement
Balances by Settling Banks
July 7, 2015.
On April 15, 2015, The Depository
Trust Company (‘‘DTC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) proposed rule change
SR–DTC–2015–003 (‘‘Proposed Rule
Change’’) pursuant to Section 19(b)(1) of
the Securities Exchange Act of 19341
and Rule 19b-4 thereunder regarding the
acknowledgment of End-of-Day Net-Net
Settlement Balances by Settling Banks.2
The Proposed Rule Change was
published for comment in the Federal
Registrar on May 5, 2015.3 The
Commission received one comment
letter to the Proposed Rule Change.4 On
June 5, 2015, DTC extended the date for
Commission action on the Proposed
Rule Change to August 3, 2015. On July
1, 2015, DTC withdrew the Proposed
Rule Change (SR–DTC–2015–003).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.5
Brent J. Fields,
Secretary.
[FR Doc. 2015–16979 Filed 7–10–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–75378; File No. SR–CBOE–
2015–067]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change to Delay Implementation
of Tied to Stock Marking Requirement
for Certain Orders
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
asabaliauskas on DSK5VPTVN1PROD with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to delay the
implementation of the marking
requirement set forth in Rule 6.53(y)
with respect to certain orders. There is
no proposed change to the rule text.
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
Exchange 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
Exchange 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
On August 13, 2014, the Securities
and Exchange Commission (the
‘‘Commission’’) approved CBOE Rules
6.53(y) and 15.2A.5 Rule 6.53(y) defines
a tied to stock order 6 and requires the
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
5 Securities Exchange Act Release No. 72839
(August 13, 2014), 79 FR 49123 (August 19, 2014)
(SR–CBOE–2014–040) (order approving Rules
6.53(y) and 15.2A).
6 Rule 6.53(y) provides that an order is ‘‘tied to
stock’’ if, at the time the Trading Permit Holder
representing the order on the Exchange receives the
order (if the order is a customer order) or initiates
the order (if the order is a is a proprietary order),
has knowledge that the order is coupled with an
order(s) for the underlying stock or a security
convertible into the underlying stock (‘‘convertible
2 17
July 7, 2015.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b-4.
3 Securities Exchange Act Release No. 74830
(April 29, 2015), 80 FR 25727 (May 5, 2015) (File
No. SR–DTC–2015–003).
4 Letter from Suzanne Shatto (May 3, 2015),
available at https://www.sec.gov/comments/sr-dtc2015–003/dtc2015003.shtml.
5 17 CFR 200.30–3(a)(12).
2 17
VerDate Sep<11>2014
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on July 1,
2015, Chicago Board Options Exchange,
Incorporated (the ‘‘Exchange’’ or
‘‘CBOE’’) filed with the Securities and
Exchange Commission (the
‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The Exchange filed the
proposal as a ‘‘non-controversial’’
proposed rule change pursuant to
Section 19(b)(3)(A)(iii) of the Act 3 and
Rule 19b–4(f)(6) thereunder.4 The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
19:27 Jul 10, 2015
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representing Trading Permit Holder to
include an indicator on each tied to
stock order upon systemization, subject
to certain exceptions. Rule 15.2A
requires, in a manner and form
prescribed by the Exchange, each
Trading Permit Holder (‘‘TPH’’), on the
business day following the order
execution date, to report to the
Exchange certain information regarding
the executed stock or convertible
security legs of qualified contingent
cross (‘‘QCC’’) orders,7 stock-option
orders and other tied to stock orders that
the TPH executed on the Exchange that
trading day. The Exchange stated in rule
filing SR–CBOE–2014–040 that it would
issue a circular announcing the
implementation date for these rules
within 90 days of the date of filing,
which implementation date would be
within 180 days of the date of filing.
On January 7, 2015, CBOE submitted
a rule filing to delay the implementation
of these rules based on feedback it
received from TPHs.8 The Exchange
stated in that rule filing that it would
issue a circular announcing the
implementation date for the rules
within 90 days of the date of the rule
security’’ and, together with underlying stock,
‘‘non-option’’).
7 A QCC order is an order to buy (sell) at least
1,000 standard option contracts or 10,000 minioption contracts that is identified as being part of
a qualified contingent trade coupled with a contraside order to sell (buy) an equal number of
contracts. These orders may only be entered in the
standard increments applicable to simple orders in
the options class under Rule 6.42. For purposes of
this order type, a ‘‘qualified contingent trade’’ is a
transaction consisting of two or more component
orders, executed as agent or principal, where: (a) at
least one component is an NMS stock, as defined
in Rule 600 of Regulation NMS under the Act; (b)
all components are effected with a product or price
contingency that either has been agreed to by all the
respective counterparties or arranged for by a
broker-dealer as principal or agent; (c) the execution
of one component is contingent upon the execution
of all other components at or near the same time;
(d) the specific relationship between the component
orders (e.g., the spread between the prices of the
component orders) is determined by the time the
contingent order is placed; (e) the component
orders bear a derivative relationship to one another,
represent different classes of shares of the same
issuer, or involve the securities of participants in
mergers or with intentions to merge that have been
announced or cancelled; and (f) the transaction is
fully hedged (without regard to any prior existing
position) as a result of other components of the
contingent trade. QCC orders may execute without
exposure provided the execution is not at the same
price as a public customer order resting in the
electronic book and is at or between the national
best bid or offer. A QCC order will be cancelled if
it cannot be executed. See Rule 6.53(u). The
Exchange notes that it deactivated the QCC
functionality effective August 11, 2014 and will
announce any reactivation of QCC functionality by
Regulatory Circular. See Regulatory Circular RG14–
121.
8 Securities Exchange Act Release No. 34–74067
(January 15, 2015), 80 FR 3267 (January 22, 2015)
(SR–CBOE–2015–004) (notice of immediate
effectiveness of rule filing).
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]]>Agencies
[Federal Register Volume 80, Number 133 (Monday, July 13, 2015)]
[Notices]
[Page 40116]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-16979]
[[Page 40116]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-75380; File No. SR-DTC-2015-003]
Self-Regulatory Organizations; The Depository Trust Company;
Notice of Withdrawal of Proposed Rule Change Regarding the
Acknowledgment of End-of-Day Net-Net Settlement Balances by Settling
Banks
July 7, 2015.
On April 15, 2015, The Depository Trust Company (``DTC'') filed
with the Securities and Exchange Commission (``Commission'') proposed
rule change SR-DTC-2015-003 (``Proposed Rule Change'') pursuant to
Section 19(b)(1) of the Securities Exchange Act of 1934\1\ and Rule
19b-4 thereunder regarding the acknowledgment of End-of-Day Net-Net
Settlement Balances by Settling Banks.\2\ The Proposed Rule Change was
published for comment in the Federal Registrar on May 5, 2015.\3\ The
Commission received one comment letter to the Proposed Rule Change.\4\
On June 5, 2015, DTC extended the date for Commission action on the
Proposed Rule Change to August 3, 2015. On July 1, 2015, DTC withdrew
the Proposed Rule Change (SR-DTC-2015-003).
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Securities Exchange Act Release No. 74830 (April 29, 2015),
80 FR 25727 (May 5, 2015) (File No. SR-DTC-2015-003).
\4\ Letter from Suzanne Shatto (May 3, 2015), available at
https://www.sec.gov/comments/sr-dtc-2015-003/dtc2015003.shtml.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\5\
---------------------------------------------------------------------------
\5\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Brent J. Fields,
Secretary.
[FR Doc. 2015-16979 Filed 7-10-15; 8:45 am]
BILLING CODE 8011-01-P
