Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Modify The Options Clearing Corporation's Margin Methodology by Incorporating Variations in Implied Volatility, 74179 [2015-30085]
Download as PDF
Federal Register / Vol. 80, No. 228 / Friday, November 27, 2015 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–76496; File No. SR–OCC–
2015–016]
Self-Regulatory Organizations; The
Options Clearing Corporation; Notice
of Designation of Longer Period for
Commission Action on Proposed Rule
Change To Modify The Options
Clearing Corporation’s Margin
Methodology by Incorporating
Variations in Implied Volatility
November 20, 2015.
On October 5, 2015, The Options
Clearing Corporation (‘‘OCC’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change SR–OCC–2015–
016 pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Exchange Act’’) 1 and Rule 19b–4
thereunder.2 The proposed rule change
was published for comment in the
Federal Register on October 19, 2015.3
The Commission did not receive any
comments on the proposed rule change.
Section 19(b)(2) of the Exchange Act 4
provides that within 45 days of the
publication of notice of the filing of a
proposed rule change, or within such
longer period up to 90 days as the
Commission may designate if it finds
such longer period to be appropriate
and publishes its reasons for so finding
or as to which the self-regulatory
organization consents, the Commission
shall either approve the proposed rule
change, disapprove the proposed rule
change, or institute proceedings to
determine whether the proposed rule
change should be disapproved. The 45th
day from the publication of notice of
filing of this proposed rule change is
December 3, 2015.
The Commission is extending the 45day time period for Commission action
on the proposed rule change. The
Commission finds that it is appropriate
to designate a longer period within
which to take action on the proposed
rule change so that it has sufficient time
to consider and take action on OCC’s
proposed rule change.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4. OCC also filed this proposal
as an advance notice pursuant to Section 802(e)(1)
of the Payment, Clearing, and Settlement
Supervision Act of 2010 and Rule 19b–4(n)(1)
under the Exchange Act. 15 U.S.C. 5465(e)(1) and
17 CFR 240.19b–4(n)(1). See Securities Exchange
Act Release No. 76421 (November 10, 2015), 80 FR
71900 (November 17, 2015) (SR–OCC–2015–804).
To date, the Commission has not received any
comments on the advance notice.
3 Securities Exchange Act Release No. 76128
(October 13, 2015), 80 FR 63264 (October 19, 2015)
(SR–OCC–2015–016).
4 15 U.S.C. 78s(b)(2).
mstockstill on DSK4VPTVN1PROD with NOTICES
2 17
VerDate Sep<11>2014
19:01 Nov 25, 2015
Jkt 238001
Accordingly, pursuant to Section
19(b)(2)(A)(ii)(I) of the Exchange Act,5
the Commission designates January 17,
2016, as the date by which the
Commission should either approve or
disapprove, or institute proceedings to
determine whether to disapprove, the
proposed rule change (File No. SR–
OCC–2015–016).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015–30085 Filed 11–25–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–76500; File No. SR–
ISEGemini–2015–26]
Self-Regulatory Organizations; ISE
Gemini, LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend the Schedule
of Fees
November 20, 2015.
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 November
6, 2015, ISE Gemini, LLC (the
‘‘Exchange’’ or ‘‘ISE Gemini’’) 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 the selfregulatory organization. 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
ISE Gemini proposes to amend the
Schedule of Fees as described in more
detail below. The text of the proposed
rule change is available on the
Exchange’s Internet Web site at https://
www.ise.com, at the 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
Exchange included statements
5 15
U.S.C. 19(b)(2)(A)(ii)(I).
CFR 200.30–3(a)(31).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
6 17
PO 00000
Frm 00109
Fmt 4703
Sfmt 4703
74179
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
The Exchange currently offers three
real-time market data feed offerings.3 In
order to encourage subscriptions to
multiple market data feeds, ISE Gemini
adopted a multi-product subscription
discount, which offers a ten percent
(10%) discount for customers who
subscribe to two data feeds.4 The
Exchange now proposes to remove this
multi-product subscription discount
from its Schedule of Fees.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the provisions of Section 6 of the Act,5
in general, and Section 6(b)(4) of the
Act,6 in particular, in that it is designed
to provide for the equitable allocation of
reasonable dues, fees, and other charges
among its members and other persons
using its facilities.
In particular, the Exchange believes
the removal of the subscription discount
is reasonable and equitable because the
discount is no longer necessary to
encourage subscriptions to multiple
data feeds. Further, the Exchange
believes that the proposed removal of
the discount is not unfairly
discriminatory because it applies to all
similarly situated market participations
who subscribe to the feeds.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
In accordance with Section 6(b)(8) of
the Act,7 the Exchange does not believe
that the proposed rule change will
impose any burden on intermarket or
intramarket competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The removal
of the multi-product, market data
3 The market data feeds are: the ISE Gemini Order
Feed, the ISE Gemini Top Quote Feed, and the ISE
Gemini Real-Time Depth of Market Raw Data Feed.
4 See Securities Exchange Act Release No. 34–
71614 (February 25, 2014), 79 FR 11840 (March 3,
2014) (SR–ISE Gemini–2014–10).
5 15 U.S.C. 78f.
6 15 U.S.C. 78f(b)(4).
7 15 U.S.C. 78f(b)(8).
E:\FR\FM\27NON1.SGM
27NON1
Agencies
[Federal Register Volume 80, Number 228 (Friday, November 27, 2015)]
[Notices]
[Page 74179]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-30085]
[[Page 74179]]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-76496; File No. SR-OCC-2015-016]
Self-Regulatory Organizations; The Options Clearing Corporation;
Notice of Designation of Longer Period for Commission Action on
Proposed Rule Change To Modify The Options Clearing Corporation's
Margin Methodology by Incorporating Variations in Implied Volatility
November 20, 2015.
On October 5, 2015, The Options Clearing Corporation (``OCC'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change SR-OCC-2015-016 pursuant to Section 19(b)(1) of
the Securities Exchange Act of 1934 (``Exchange Act'') \1\ and Rule
19b-4 thereunder.\2\ The proposed rule change was published for comment
in the Federal Register on October 19, 2015.\3\ The Commission did not
receive any comments on the proposed rule change.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4. OCC also filed this proposal as an advance
notice pursuant to Section 802(e)(1) of the Payment, Clearing, and
Settlement Supervision Act of 2010 and Rule 19b-4(n)(1) under the
Exchange Act. 15 U.S.C. 5465(e)(1) and 17 CFR 240.19b-4(n)(1). See
Securities Exchange Act Release No. 76421 (November 10, 2015), 80 FR
71900 (November 17, 2015) (SR-OCC-2015-804). To date, the Commission
has not received any comments on the advance notice.
\3\ Securities Exchange Act Release No. 76128 (October 13,
2015), 80 FR 63264 (October 19, 2015) (SR-OCC-2015-016).
---------------------------------------------------------------------------
Section 19(b)(2) of the Exchange Act \4\ provides that within 45
days of the publication of notice of the filing of a proposed rule
change, or within such longer period up to 90 days as the Commission
may designate if it finds such longer period to be appropriate and
publishes its reasons for so finding or as to which the self-regulatory
organization consents, the Commission shall either approve the proposed
rule change, disapprove the proposed rule change, or institute
proceedings to determine whether the proposed rule change should be
disapproved. The 45th day from the publication of notice of filing of
this proposed rule change is December 3, 2015.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------
The Commission is extending the 45-day time period for Commission
action on the proposed rule change. The Commission finds that it is
appropriate to designate a longer period within which to take action on
the proposed rule change so that it has sufficient time to consider and
take action on OCC's proposed rule change.
Accordingly, pursuant to Section 19(b)(2)(A)(ii)(I) of the Exchange
Act,\5\ the Commission designates January 17, 2016, as the date by
which the Commission should either approve or disapprove, or institute
proceedings to determine whether to disapprove, the proposed rule
change (File No. SR-OCC-2015-016).
---------------------------------------------------------------------------
\5\ 15 U.S.C. 19(b)(2)(A)(ii)(I).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\6\
---------------------------------------------------------------------------
\6\ 17 CFR 200.30-3(a)(31).
---------------------------------------------------------------------------
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-30085 Filed 11-25-15; 8:45 am]
BILLING CODE 8011-01-P