80 FR 12652 - Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing of Proposed Rule Change Concerning the Execution of an Agreement for Clearing and Settlement Services Between OCC and NASDAQ Futures, Inc.
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 46 (March 10, 2015)
Federal Register Volume 80, Issue 46 (March 10, 2015)
| Page Range | 12652-12655 | |
| FR Document | 2015-05479 |
[Federal Register Volume 80, Number 46 (Tuesday, March 10, 2015)] [Notices] [Pages 12652-12655] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-05479] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74432; File No. SR-OCC-2015-03] Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing of Proposed Rule Change Concerning the Execution of an Agreement for Clearing and Settlement Services Between OCC and NASDAQ Futures, Inc. March 4, 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 February 20, 2015, The Options Clearing Corporation (``OCC'') filed with the [[Page 12653]] Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by OCC. 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. --------------------------------------------------------------------------- I. Clearing Agency's Statement of the Terms of Substance of the Proposed Rule Change OCC is proposing to execute an Agreement for Clearing and Settlement Services (``Clearing Agreement'') between OCC and NASDAQ Futures, Inc. (``NFX'') in connection with NFX's intention to resume operating as a designated contract market (``DCM'') regulated by the Commodity Futures Trading Commission (``CFTC''). 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 OCC is proposing to provide clearance and settlement services to NFX pursuant to the terms set forth in the Clearing Agreement. NFX has been re-designated by the CFTC as a DCM.\3\ The purpose of this proposed rule change is to provide notice regarding the Clearing Agreement so that OCC may begin providing clearing and settlement services for NFX in the second quarter of 2015. --------------------------------------------------------------------------- \3\ See http://www.cftc.gov/ucm/groups/public/@otherif/documents/ifdocs/nasdaqorderofreinstatement.pdf. --------------------------------------------------------------------------- Background By way of background, NFX previously operated as a DCM and cleared its futures contracts through OCC. As such, OCC and NFX had previously entered into a Second Amended and Restated Agreement for Clearing and Settlement Services (``Previous Agreement'') dated January 13, 2012.\4\ Subsequently, as of January 31, 2014, NFX ceased operations as a contract market and became a dormant contract market under CFTC Regulations.\5\ As a result, the Previous Agreement was terminated pursuant to its terms\6\ and the clearing relationship between OCC and NFX terminated. --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 66340 (February 7, 2012), 77 FR 7621 (February 13, 2012) (SR-OCC-2012-02). \5\ See 17 CFR 40.1. \6\ More specifically, the Previous Agreement, in relevant part, stated that it would terminate if NFX terminates trading of all Cleared Contracts. See Section 19(b) of the Previous Agreement. See also note 4 supra. --------------------------------------------------------------------------- Clearing Agreement Proposal On November 21, 2014, NFX was approved by the CFTC as a DCM.\7\ In connection with that approval, OCC is now proposing to provide the clearance and settlement services as described in the Clearing Agreement. The Clearing Agreement is substantially similar to the Previous Agreement with several differences discussed in more detail below. --------------------------------------------------------------------------- \7\ See note 3 supra. --------------------------------------------------------------------------- The Clearing Agreement has been amended to allow OCC more flexibility in determining which products it will clear based upon OCC's conclusion that it is able to appropriately risk manage such products using commercially reasonable standards.\8\ More specifically, the following changes have been made: --------------------------------------------------------------------------- \8\ See Sections 3(a) and 9 of the Clearing Agreement in which language has been added allowing such flexibility. ---------------------------------------------------------------------------Section 3(a) of the Clearing Agreement, ``General Criteria for Underlying Interests,'' has been amended to permit NFX to select the underlying interests that are the subject of currency futures, commodity futures, and/or futures options to be traded on NFX only if OCC is satisfied that it is able to appropriately risk manage the contract with the proposed underlying interest using commercially reasonable efforts. Section 9 of the Clearing Agreement, ``Limitations of Authority and Responsibility,'' has been amended to specify that OCC shall have no responsibility to enforce standards relating to the conduct of trading on NFX unless OCC finds it reasonably necessary in order to appropriately risk manage the products that are being traded on NFX. In addition to the above, the Clearing Agreement will also make several changes to the Previous Agreement, which include: Section 3(c), ``Procedures for Selection of Underlying Interests,'' has been amended to state that NFX must submit a certificate for a new class of contracts not already listed or traded on NFX as soon as practicable (rather than ten days prior to the commencement of trading). It has also been amended to state that OCC will be obligated to use commercially reasonable efforts to authorize the clearance and settlement of such contracts as soon as practicable. In addition, the Clearing Agreement expressly obligates NFX to provide OCC with any additional information as requested by OCC from time to time that will assist OCC in identifying a new product proposed for clearing by NFX. OCC believes that these amendments to Section 3(c), related to the procedures for the selection of underlying interests, will ensure that OCC not only has the correct information needed to evaluate a proposed new product but that the information will be produced to OCC in a timely manner which will provide OCC sufficient time to evaluate the proposed new product. Section 3(d), ``Notice of Additional Maturity or Expiration Dates,'' has been amended to state that, for a class of products previously certified, NFX may introduce a new maturity or expiration date that is in the cycle set forth in the certificate by providing notice to OCC through electronic means specified by OCC. The Previous Agreement required such notice to be sent to OCC only by email or facsimile. A universal conforming change has been made to various sections in the Clearing Agreement to replace the term ``matched'' trades with ``confirmed'' trades to better describe trades that are processed for clearance and settlement.\9\ --------------------------------------------------------------------------- \9\ See Article I, Section 1(C)(28) of OCC's By-Laws. See also Sections 3(g), 6(a), 7, 19, and Schedule A, Section 1 of the Clearing Agreement. --------------------------------------------------------------------------- Section 5(a), ``Confirmed Trade Reports,'' has been amended to remove language discussing the possibility that NFX will provide OCC with a confirmed trade report on a real time basis as this capability is already captured in the language ``as the Corporation may reasonably prescribe.'' Section 5(c)(i) has been amended to include language that will allow OCC to determine the final settlement price for a futures contract in which the underlying interest is a cash-settled foreign currency if the organized market in which that foreign currency future is traded on, or the foreign currency itself, did not open or remain open for trading at or before the time in which the settlement price for such futures contract would ordinarily be determined. In addition, Section 5(c)(i) has been amended to include a reference to ``variance'' when listing factors that will allow OCC to determine a final reasonable settlement price, if not reported at the ordinary time of final [[Page 12654]] settlement. OCC believes that these additions to the Clearing Agreement clarify the potential underlying interests in which NFX may introduce futures contracts and make the Clearing Agreement more precise. Section 7, ``Acceptance and Rejection of Transactions in Cleared Contracts,'' has been amended to include a provision that will allow OCC, in accordance with its By-Laws, to reject transactions due to validation errors which will allow OCC to better manage its clearance and settlement obligations by expressly allowing it to reject transactions that do not contain complete terms. These validation errors include, for example, an incorrect Clearing Member, account, product or format. Section 8, ``Non-Discrimination,'' has been amended to delete a provision restricting OCC from changing its By-Laws or Rules in any manner that may limit its obligations to clear and settle for NFX. In addition, a provision has been deleted requiring OCC to amend the Clearing Agreement in the event that OCC has made changes to its standard form agreement for clearing and settlement services. Section 8 has also been amended to delete a provision stating OCC is required to consult with NFX and modify OCC's By-Laws or Rules to incorporate product design features specified by NFX for new products. OCC believes that these provisions are no longer necessary as they limit OCC's ability to modify its By-Laws, Rules and agreements which may be necessary for OCC to fulfill its obligations as a clearing organization. OCC will, however, continue to be obligated to fulfill both the provisions of the Clearing Agreement and OCC's regulatory responsibilities. Section 8 has additionally been amended to delete an obligation for each party to provide the other with proposed rule changes. The elimination of this contractual obligation reflects the parties' determination that their respective obligations to post filed regulatory submissions on their public Web sites provides sufficient notice of such changes. Section 11, ``Financial Requirements for Clearing Members,'' has been amended to delete a provision stating the specific financial responsibility standards OCC has with respect to its Clearing Members. This change was made to further streamline the Clearing Agreement given OCC's general obligation to remain consistent with OCC By-Laws and Rules. Section 14, ``Programs and Projects,'' has been amended to eliminate a provision expressly requiring OCC to offer futures contract clearing terms to NFX that are no less favorable to the terms offered to other exchanges. Sections 15 and 24 in the Previous Agreement, ``Information Sharing'' and ``Quality Standards'' respectively, have been deleted in their entirety in an attempt to simplify the Clearing Agreement as the sections create unnecessary obligations on the parties and are duplicative of general regulatory responsibilities of both parties. Section 18(b), ``Other Grounds for Termination,'' has been amended to include a provision that OCC may terminate the Clearing Agreement at any time so long as NFX is given 120 days prior written notice. The addition of this provision better balances the rights of both parties to terminate the Clearing Agreement at their discretion provided that proper notice is given as required by the Clearing Agreement. Various administrative changes have been made throughout the document including, but not limited to, an amended legal name and description of NFX, updated references to sections within the document, and clean-up changes of duplicative terms. Finally, Schedule A of the Clearing Agreement, ``Description of Clearing and Settlement Services'' and Schedule B of the Clearing Agreement, ``Information Sharing,'' have been amended making several changes to the Previous Agreement, which include: Section (1) of Schedule A of the Clearing Agreement, ``Trade Acceptance,'' has been updated to reflect current OCC operational requirements with respect to submission of confirmed trades. Section (4) of Schedule A, ``Information for Clearing Members,'' has been amended to delete specific information sharing obligations of OCC to its Clearing Members and to state that the information provided to Clearing Members will be in accordance with OCC's By-Laws and Rules. Section (I)(A) of Schedule B has been amended to delete specific references to information that OCC will provide to Clearing Members on a daily basis and instead adds a provision that OCC will provide NFX with its ``Data Distribution Service'' information for regulatory and financial purposes. Section (I)(B) of Schedule B has been amended to delete certain information sharing provisions and to state that the information sharing obligations OCC continues to have may be satisfied by posting the required information on OCC's public Web site which streamlines the information sharing process. Conclusion The Clearing Agreement has remained substantially similar to the Previous Agreement but has been amended in certain respects as described above. Generally, the amendments will provide OCC more discretion in which products it manages based upon its risk management framework, remove unnecessary obligations for each party, and make the Clearing Agreement more precise and reflective of current practices. The Clearing Agreement also allows OCC to continue to provide clearance and settlement purposes while fulfilling its obligations as a self- regulating organization. As such, as stated above, OCC is proposing to provide notice regarding the Clearing Agreement so that OCC may begin providing clearing and settlement services for NFX in the second quarter of 2015. 2. Statutory Basis OCC believes that the proposed rule change is consistent with Section 17A(b)(3)(F) of the Securities Exchange Act of 1934, as amended (``Act'').\10\ By entering into the Clearing Agreement, OCC will help ensure that derivatives contracts traded on NFX will be promptly and accurately cleared pursuant to OCC's prudent risk management framework. By bringing derivatives contracts traded on NFX within the scope of OCC's clearance and settlement processes, OCC believes the proposed rule change contributes to the protection of investors and the public interest. By ensuring that the derivatives contracts traded on NFX are prudently risk managed under OCC's risk management framework, the proposed rule change also helps ensure the safeguarding of securities and funds in the custody and control of OCC. Finally, the proposed rule change is not inconsistent with the existing rules of OCC, including any other rules proposed to be amended. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78q-1(b)(3)(F). --------------------------------------------------------------------------- (B) Clearing Agency's Statement on Burden on Competition OCC does not believe that the proposed rule change would 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. [[Page 12655]] III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within 45 days of the date of publication of this notice in the Federal Register or within such longer period up to 90 days (i) as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: (A) By order approve or disapprove such proposed rule change, or (B) institute proceedings to determine whether the proposed rule change should be 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: Electronic Comments Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-OCC-2015-03 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-2015-03. 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 (http://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 http://www.theocc.com/components/docs/legal/rules_and_bylaws/sr_occ_15_03.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-2015-03 and should be submitted on or before March 31, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\11\ --------------------------------------------------------------------------- \11\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2015-05479 Filed 3-9-15; 08:45 am] BILLING CODE 8011-01-P
![12652 Federal Register / Vol. 80, No. 46 / Tuesday, March 10, 2015 / Notices
using its facilities and does not unfairly the reasons described above, the To help the Commission process and
discriminate between customers, Exchange believes that the proposed review your comments more efficiently,
issuers, brokers or dealers. rule change reflects this competitive please use only one method. The
The Exchange believes that the environment. Commission will post all comments on
proposed change is reasonable, the Commission’s Internet Web site
C. Self-Regulatory Organization’s
equitable and not unfairly (http://www.sec.gov/rules/sro.shtml).
Statement on Comments on the
discriminatory because the reduced fee Copies of the submission, all subsequent
Proposed Rule Change Received From
cap is designed to attract more volume amendments, all written statements
Members, Participants, or Others
and liquidity to the Exchange, which with respect to the proposed rule
would benefit all Exchange participants No written comments were solicited change that are filed with the
through increased opportunities to trade or received with respect to the proposed Commission, and all written
as well as enhancing price discovery. rule change. communications relating to the
Further, because the proposed change III. Date of Effectiveness of the proposed rule change between the
applies equally to all non-Customers Proposed Rule Change and Timing for Commission and any person, other than
who may participate in Strategy Commission Action those that may be withheld from the
Executions, the Exchange believes the public in accordance with the
reduced Strategy Cap is reasonable, The foregoing rule change is effective provisions of 5 U.S.C. 552, will be
equitable and not unfairly upon filing pursuant to Section available for Web site viewing and
discriminatory. The Exchange notes that 19(b)(3)(A) 9 of the Act and printing in the Commission’s Public
Customers are not charged transaction subparagraph (f)(2) of Rule 19b–4 10 Reference Room, 100 F Street NE.,
fees when participating in Strategy thereunder, because it establishes a due, Washington, DC 20549, on official
Executions and therefore are not subject fee, or other charge imposed by the business days between the hours of
to the Strategy Cap. Exchange. 10:00 a.m. and 3:00 p.m. Copies of the
At any time within 60 days of the filing will also be available for
Finally, the Exchange notes that the
filing of such proposed rule change, the inspection and copying at the NYSE’s
proposed $700 Strategy Cap is
Commission summarily may principal office and on its Internet Web
equivalent to the cap placed on various
temporarily suspend such rule change if site at www.nyse.com. All comments
executions strategies by other
it appears to the Commission that such received will be posted without change;
exchanges.7
For these reasons, the Exchange action is necessary or appropriate in the the Commission does not edit personal
public interest, for the protection of identifying information from
believes that the proposal is consistent
investors, or otherwise in furtherance of submissions. You should submit only
with the Act.
the purposes of the Act. If the information that you wish to make
B. Self-Regulatory Organization’s Commission takes such action, the available publicly. All submissions
Statement on Burden on Competition Commission shall institute proceedings should refer to File Number SR–
In accordance with Section 6(b)(8) of under Section 19(b)(2)(B) 11 of the Act to NYSEARCA–2015–09, and should be
the Act,8 the Exchange does not believe determine whether the proposed rule submitted on or before March 31, 2015.
that the proposed rule change will change should be approved or
disapproved. For the Commission, by the Division of
impose any burden on competition that Trading and Markets, pursuant to delegated
is not necessary or appropriate in IV. Solicitation of Comments authority.12
furtherance of the purposes of the Act Interested persons are invited to Brent J. Fields,
because the proposed changes apply submit written data, views, and Secretary.
uniformly to all Exchange members that arguments concerning the foregoing, [FR Doc. 2015–05483 Filed 3–9–15; 8:45 am]
incur transaction charges. To the including whether the proposed rule BILLING CODE 8011–01–P
contrary, the proposed change would change is consistent with the Act.
continue to encourage members to Comments may be submitted by any of
transact strategies on the Exchange the following methods: SECURITIES AND EXCHANGE
because the proposed fee caps are COMMISSION
competitive with fee caps at other Electronic Comments
[Release No. 34–74432; File No. SR–OCC–
options exchanges. • Use the Commission’s Internet 2015–03]
The Exchange notes that it operates in comment form (http://www.sec.gov/
a highly competitive market in which rules/sro.shtml); or Self-Regulatory Organizations; The
market participants can readily favor • Send an email to rule-comments@ Options Clearing Corporation; Notice
competing venues. In such an sec.gov. Please include File Number SR– of Filing of Proposed Rule Change
environment, the Exchange must NYSEARCA–2015–09 on the subject Concerning the Execution of an
continually review, and consider line. Agreement for Clearing and Settlement
adjusting, its fees and credits to remain Services Between OCC and NASDAQ
competitive with other exchanges. For Paper Comments
Futures, Inc.
• Send paper comments in triplicate
7 See, e.g., NASDAQ OMX PHLX LLC fee to Secretary, Securities and Exchange March 4, 2015.
schedule, available at, http:// Commission, 100 F Street NE., Pursuant to Section 19(b)(1) of the
www.nasdaqtrader.com/Micro.aspx?id=phlxpricing Washington, DC 20549–1090.
(capping at $700 transaction fees for all reversals,
Securities Exchange Act of 1934
mstockstill on DSK4VPTVN1PROD with NOTICES
conversions, box spreads, and jelly roll strategies All submissions should refer to File (‘‘Act’’) 1 and Rule 19b–4 thereunder 2
executed on the same trading day in the same Number SR–NYSEARCA–2015–09. This notice is hereby given that on February
option class); Chicago Board Options Exchange, Inc. file number should be included on the 20, 2015, The Options Clearing
fee schedule, available at, http://www.cboe.com/
publish/feeschedule/CBOEFeeSchedule.pdf
subject line if email is used. Corporation (‘‘OCC’’) filed with the
(capping at $700 transaction fees for all reversals,
9 15 U.S.C. 78s(b)(3)(A). 12 17 CFR 200.30–3(a)(12).
conversions, and jelly roll strategies executed on
the same trading day in the same option class). 10 17 CFR 240.19b–4(f)(2). 1 15 U.S.C. 78s(b)(1).
8 15 U.S.C. 78f(b)(8). 11 15 U.S.C. 78s(b)(2)(B). 2 17 CFR 240.19b–4.
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![Federal Register / Vol. 80, No. 46 / Tuesday, March 10, 2015 / Notices 12655
III. Date of Effectiveness of the inspection and copying at the principal System,4 including the operation of its
Proposed Rule Change and Timing for office of OCC and on OCC’s Web site at order types and order instructions, as
Commission Action http://www.theocc.com/components/ further described below.
docs/legal/rules_and_bylaws/sr_occ_15_ The text of the proposed rule change
Within 45 days of the date of
03.pdf. is available at the Exchange’s Web site
publication of this notice in the Federal
All comments received will be posted at www.batstrading.com, at the
Register or within such longer period
without change; the Commission does principal office of the Exchange, and at
up to 90 days (i) as the Commission may
not edit personal identifying the Commission’s Public Reference
designate if it finds such longer period
information from submissions. You Room.
to be appropriate and publishes its
should submit only information that II. Self-Regulatory Organization’s
reasons for so finding or (ii) as to which
you wish to make available publicly. All Statement of the Purpose of, and the
the self-regulatory organization
submissions should refer to File Statutory Basis for, the Proposed Rule
consents, the Commission will:
(A) By order approve or disapprove Number SR–OCC–2015–03 and should Change
such proposed rule change, or be submitted on or before March 31,
2015. In its filing with the Commission, the
(B) institute proceedings to determine Exchange included statements
whether the proposed rule change For the Commission, by the Division of concerning the purpose of, and basis for,
should be disapproved. Trading and Markets, pursuant to delegated
authority.11 the proposed rule change and discussed
IV. Solicitation of Comments any comments it received on the
Brent J. Fields,
proposed rule change. The text of these
Interested persons are invited to Secretary. statements may be examined at the
submit written data, views and [FR Doc. 2015–05479 Filed 3–9–15; 08:45 am] places specified in Item IV below. The
arguments concerning the foregoing, BILLING CODE 8011–01–P Exchange has prepared summaries, set
including whether the proposed rule forth in Sections A, B and C below, of
change is consistent with the Act. the most significant parts of such
Comments may be submitted by any of SECURITIES AND EXCHANGE statements.
the following methods: COMMISSION
A. Self-Regulatory Organization’s
Electronic Comments [Release No. 34–74435; File No. SR–EDGA– Statement of the Purpose of, and the
2015–10]
• Use the Commission’s Internet Statutory Basis for, the Proposed Rule
comment form (http://www.sec.gov/ Self-Regulatory Organizations; EDGA Change
rules/sro.shtml); or Exchange, Inc.; Notice of Filing of a 1. Purpose
• Send an email to rule-comments@ Proposed Rule Change, as Modified by
sec.gov. Please include File Number SR– On June 5, 2014, Chair Mary Jo White
Amendment No. 1, To Amend Rules asked all national securities exchanges
OCC–2015–03 on the subject line. 11.6, 11.8, 11.9, 11.10 and 11.11 of to conduct a comprehensive review of
Paper Comments EDGA Exchange, Inc. each order type offered to members and
• Send paper comments in triplicate March 4, 2015. how it operates.5 The Exchange notes
to Secretary, Securities and Exchange Pursuant to Section 19(b)(1) of the that a comprehensive rule filing
Commission, 100 F Street NE., Securities Exchange Act of 1934 (the clarifying and updating Exchange rules
Washington, DC 20549–1090. ‘‘Act’’),1 and Rule 19b–4 thereunder,2 was recently approved.6 However, based
notice is hereby given that on February on the request from Chair White, the
All submissions should refer to File
20, 2015, EDGA Exchange, Inc. (the Exchange did indeed conduct further
Number SR–OCC–2015–03. This file
‘‘Exchange’’ or ‘‘EDGA’’) filed with the review of each order types and its
number should be included on the
Securities and Exchange Commission operation. The proposals set forth below
subject line if email is used. To help the
(‘‘Commission’’) the proposed rule are based on this comprehensive review
Commission process and review your
change as described in Items I, II and III and are intended to clarify and to
comments more efficiently, please use
below, which items have been prepared include additional specificity regarding
only one method. The Commission will
by the self-regulatory organization. On the current functionality of the
post all comments on the Commission’s
February 27, 2015, the Exchange filed Exchange’s System, including the
Internet Web site (http://www.sec.gov/
Amendment No. 1 to the proposal.3 The operation of its order types and order
rules/sro.shtml). Copies of the
Commission is publishing this notice, as instructions. The proposals set forth
submission, all subsequent
modified by Amendment No. 1, to below are intended to supplement the
amendments, all written statements
solicit comments on the proposed rule recently approved filing based on
with respect to the proposed rule
change from interested persons. further review conducted by the
change that are filed with the
Exchange and are intended to clarify
Commission, and all written I. Self-Regulatory Organization’s and enhance the understandability of
communications relating to the Statement of the Terms of the Substance
proposed rule change between the of the Proposed Rule Change 4 The term ‘‘System’’ is defined as ‘‘the electronic
Commission and any person, other than communications and trading facility designated by
those that may be withheld from the The Exchange filed a proposal to the Board through which securities orders of Users
public in accordance with the amend Rules 11.6, 11.8, 11.9, 11.10 and are consolidated for ranking, execution and, when
11.11 to clarify and to include applicable, routing away.’’ See Exchange Rule
mstockstill on DSK4VPTVN1PROD with NOTICES
provisions of 5 U.S.C. 552, will be 1.5(cc).
available for Web site viewing and additional specificity regarding the
5 See Mary Jo White, Chair, Commission, Speech
printing in the Commission’s Public current functionality of the Exchange’s
at the Sandler O’Neill & Partners, L.P. Global
Reference Room, 100 F Street NE., 11 17
Exchange and Brokerage Conference, (June 5, 2014)
CFR 200.30–3(a)(12). (available at http://www.sec.gov/News/Speech/
Washington, DC 20549 on official 1 15 U.S.C. 78s(b)(1). Detail/Speech/1370542004312#.VD2HW610w6Y).
business days between the hours of 2 17 CFR 240.19b–4. 6 Securities Exchange Act Release No. 73592
10:00 a.m. and 3:00 p.m. Copies of the 3 Amendment No. 1 replaces SR–EDGA–2015–10 (November 13, 2014), 79 FR 68937 (November 19,
filing also will be available for and supersedes such filing in its entirety. 2014) (SR–EDGA–2014–20).
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Document Created: 2018-02-21 09:34:52
Document Modified: 2018-02-21 09:34:52
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| FR Citation | 80 FR 12652 |
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