80 FR 36865 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of Proposed Rule Change, as Modified by Amendment No. 1, To Amend and Restate Certain Nasdaq Rules That Govern the Nasdaq Market Center
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 123 (June 26, 2015)
Federal Register Volume 80, Issue 123 (June 26, 2015)
| Page Range | 36865-36867 | |
| FR Document | 2015-15686 |
[Federal Register Volume 80, Number 123 (Friday, June 26, 2015)] [Notices] [Pages 36865-36867] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-15686] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75252; File No. SR-NASDAQ-2015-024] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of Proposed Rule Change, as Modified by Amendment No. 1, To Amend and Restate Certain Nasdaq Rules That Govern the Nasdaq Market Center June 22, 2015. I. Introduction On March 16, 2015, The NASDAQ Stock Market LLC (``Nasdaq'' or the ``Exchange'') filed with the Securities and Exchange Commission (``Commission''), pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to amend and restate certain Nasdaq rules that govern the Nasdaq Market Center in order to provide a clearer and more detailed description of certain aspects of its functionality. The proposed rule change was published for comment in the Federal Register on March 26, 2015.\3\ The Commission received no comment letters regarding the proposed rule change. On May 6, 2015, the Commission extended to June 24, 2015, the time period in which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved.\4\ On June 15, 2015, the Exchange filed Amendment No. 1 to the proposed rule change.\5\ This order approves the proposed rule change. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ See Securities Exchange Act Release No. 74558 (March 20, 2015), 80 FR 16050 (``Notice''). \4\ See Securities Exchange Act Release No. 74881, 80 FR 27216 (May 12, 2015). \5\ In Amendment No. 1, the Exchange proposed to correct typographical errors in the original filing, further improve the clarity of certain rule language, and include additional explanation with regard to the purpose of the proposed rule change. --------------------------------------------------------------------------- II. Description of the Amended Proposal The Exchange proposes to amend and restate certain rules governing the Nasdaq Market Center in order to provide additional detail and clarity regarding its order type functionality.\6\ This proposed rule change is a response to Chair White's request that each self-regulatory organization (``SRO'') conduct a comprehensive review of the operation of each of the order types that it offers to members.\7\ --------------------------------------------------------------------------- \6\ See Notice, 80 FR at 16050. \7\ Id.; see also Mary Jo White, Chair, Commission, Speech at the Sandler O'Neill & Partners, L.P. Global Exchange and Brokerage Conference (June 5, 2014), available at http://www.sec.gov/News/Speech/Detail/Speech/1370542004312. --------------------------------------------------------------------------- While the Exchange believes that its current rules and other public disclosures provide a comprehensive description of the operation of the Nasdaq Market Center and are sufficient for members and the investing public to have an accurate understanding of its market structure,\8\ it also acknowledges that a restatement of certain rules will further clarify the operation of its system.\9\ For instance, Nasdaq believes that adding examples of order type operation to its rules will promote greater understanding of Nasdaq's market structure.\10\ In addition, Nasdaq asserts that certain functionality previously described as an ``order type'' is more precisely characterized as an attribute that may be added to a particular order.\11\ Accordingly, this proposed rule change distinguishes between ``Order Types'' and ``Order Attributes,'' and provides descriptions [[Page 36866]] of the Order Attributes that may be attached to particular Order Types.\12\ --------------------------------------------------------------------------- \8\ See Notice, 80 FR at 16050. \9\ Id. \10\ Id. \11\ Id. \12\ Id. --------------------------------------------------------------------------- Currently, Nasdaq Rule 4751 sets forth most of the rules governing Nasdaq's Order Types and Order Attributes, as well as other defined terms that pertain to trading securities on the Exchange.\13\ Nasdaq proposes to restate and amend Rule 4751 as new Rule 4701.\14\ Nasdaq also proposes to amend the definitions pertaining to Order Types and Order Attributes and to relocate them from Rule 4751 to new Rules 4702 (Order Types) and 4703 (Order Attributes), respectively.\15\ In addition, Nasdaq proposes certain conforming and technical changes to Rules 4752, 4754-4758, and 4780.\16\ --------------------------------------------------------------------------- \13\ See Rule 4751. \14\ See proposed Rule 4701. \15\ See proposed Rules 4702 and 4703. \16\ Nasdaq states that, in subsequent proposed rule changes, it plans to restate the remainder of its Rules numbered 4752 through 4780 so that they appear sequentially following Rule 4703. See Notice, 80 FR at 16050. --------------------------------------------------------------------------- Nasdaq represents that, except where specifically stated otherwise, all proposed rules are restatements of existing rules and are not intended to reflect substantive changes to the rule text or the operation of the Nasdaq Market Center.\17\ Proposed Rule 4702 related to Order Types contains definitions and descriptions of Price to Comply Orders, Price to Display Orders (referred to as ``Price to Comply Post Orders'' in current Rule 4751),\18\ Non-Displayed Orders, Post-Only Orders, Midpoint Peg Post-Only Orders, Supplemental Orders, Market Maker Peg Orders, Market on Open Orders, Limit on Open Orders, Opening Imbalance Only Orders, Market on Close Orders, Limit on Close Orders, and Imbalance Only Orders. Proposed Rule 4703 related to Order Attributes contains definitions and descriptions of time-in-force (``TIF'') modifiers, order size, order price, pegging, minimum quantity, routing, discretion, reserve size, attribution, intermarket sweep order (``ISO'') designation, display, and participation in the Nasdaq opening cross or closing cross.\19\ --------------------------------------------------------------------------- \17\ Id. \18\ Id. at 16054 n.29. \19\ The Notice contains additional details related to proposed Rules 4702 and 4703. See Notice, 80 FR at 16051-69. --------------------------------------------------------------------------- In Amendment No. 1, the Exchange proposes to add language further explaining the operation of the following order types: Post-Only Orders; orders with a time-in-force of IOC, including Routable Orders and Post-Only Orders; Market Maker Peg Orders; orders with Midpoint Pegging, Primary Pegging or Market Pegging; Midpoint Peg Post-Only Orders; orders designated with both Pegging and Routing attributes; Minimum Quantity Orders; and orders designated with a reactive routing strategy.\20\ For example, the Exchange states that for Order Types that list both Pegging and Routing as possible Order Attributes, the two Order Attributes may be combined since Pegging serves to establish the price of the order, while Routing establishes the market center(s) to which the system's routing functionality may direct a routed order if liquidity is available at that price.\21\ The Exchange also proposes to add further specification regarding the availability of certain order types only through certain communication protocols.\22\ For example, the Exchange states that a Post-Only Order with a TIF of IOC may not be entered through the RASH, QIX, or FIX protocols.\23\ In addition, the Exchange proposes to add language stating that one or more Order Attributes may be assigned to a single order, but if the use of multiple Order Attributes would result in contradictory instructions, the system will reject the order or remove non-conforming Order Attributes.\24\ --------------------------------------------------------------------------- \20\ See Amendment No. 1. \21\ Id. \22\ Id. \23\ Id. \24\ Id. --------------------------------------------------------------------------- III. Discussion and Commission Findings After careful review, the Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange.\25\ In particular, the Commission finds that the proposed rule change is consistent with section 6(b)(5) of the Act,\26\ which requires, among other things, that the rules of a national securities exchange be 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 open market and a national market system, and, in general, to protect investors and the public interest; and are not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \25\ In approving this proposed rule change, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). \26\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Commission notes that the Exchange believes that the proposal is consistent with section 6(b)(5) of the Act because the reorganized and enhanced descriptions of its Order Types, Order Attributes, and related System functionality should promote just and equitable principles of trade and perfect the mechanisms of a free and open market and the national market system by providing greater clarity concerning certain aspects of the System's operations.\27\ In addition, the Commission notes that Nasdaq believes that the proposed rule change should contribute to the protection of investors and the public interest by making Nasdaq's rules easier to understand.\28\ Further, Nasdaq believes that additional specificity in its rules will promote a better understanding of Nasdaq's operation, thereby facilitating fair competition among brokers and dealers and among markets.\29\ --------------------------------------------------------------------------- \27\ See Notice, 80 FR at 16069. \28\ Id. \29\ Id. --------------------------------------------------------------------------- The Commission notes that, according to the Exchange, the proposal does not add any new functionality but instead re-organizes the Exchange's order type rules and provides additional detail regarding the order type functionality currently offered by the Exchange. Based on the Exchange's representation, the Commission believes that the proposed rule change does not raise any novel regulatory considerations and should provide greater specificity, clarity and transparency with respect to the order type functionality available on the Exchange. In addition, the Commission notes that the Exchange's proposed rule changes provide additional detail related to functionality for certain order types and the handling of orders during initial entry and after posting to the Nasdaq Book. Accordingly, the Commission believes that this proposed rule change should provide greater transparency with respect to the Exchange's order type functionality. For these reasons, the Commission believes that the proposal should help to prevent fraudulent and manipulative acts and practices, promote just and equitable principles of trade, remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, protect investors and the public interest. The Commission finds good cause to approve the filing, as amended by Amendment No. 1 to the proposed rule change, prior to the thirtieth day after [[Page 36867]] the date of publication of notice of filing thereof in the Federal Register. The proposed amendments should further increase the Exchange's transparency with respect to the operation of various order types and modifiers, and serve to enhance investors' understanding of the tools available with respect to the handling of their orders. Accelerated approval would allow the Exchange to update its rule text immediately, thus providing users with greater clarity with respect to the use and potential use of functionality offered by the Exchange. In addition, the initial proposal was open for comment for twenty-one days after publication and generated no comment. Accordingly, the Commission believes that good cause exists, consistent with sections 6(b)(5) and 19(b) of the Act,\30\ to approve the filing, as amended by Amendment No. 1 to the proposed rule change, on an accelerated basis. --------------------------------------------------------------------------- \30\ 15 U.S.C. 78f(b)(5); 15 U.S.C. 78s(b). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change, as amended, is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse 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-NASDAQ-2015-024 on the subject line. Paper Comments Send paper comments in triplicate to Robert W. Errett, Deputy Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NASDAQ-2015-024. 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 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-NASDAQ-2015-024 and should be submitted on or before July 17, 2015. V. Conclusion It is therefore ordered, pursuant to section 19(b)(2) of the Act,\31\ that the proposed rule change (SR-NASDAQ-2015-024) be, and it hereby is, approved, as amended. --------------------------------------------------------------------------- \31\ 15 U.S.C. 78s(b)(2). \32\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\32\ Robert W. Errett, Deputy Secretary. [FR Doc. 2015-15686 Filed 6-25-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 123 / Friday, June 26, 2015 / Notices 36865
they would use to create the proposed that the NASDAQ OMX equity markets, 2015.3 The Commission received no
NLS Plus feed is the same as the source which are separate self-regulatory comment letters regarding the proposed
available to competing vendors. organizations, do not, because of their rule change. On May 6, 2015, the
With respect to latency, the Exchange relationship as affiliates, offer one Commission extended to June 24, 2015,
represents that a competing vendor another products or services on a more the time period in which to approve the
could obtain the underlying data feeds favorable basis than that available to proposed rule change, disapprove the
on the same latency basis as the system other competing market participants. proposed rule change, or institute
that would be performing the For the foregoing reasons, the proceedings to determine whether the
aggregation and consolidation of the Commission finds that the proposed proposed rule change should be
proposed NLS Plus feed and could rule change is consistent with section disapproved.4 On June 15, 2015, the
provide the same kind of product to its 11A(c)(1)(C) of the Act and Rule Exchange filed Amendment No. 1 to the
customers with the same latency they 603(a)(2) of Regulation NMS proposed rule change.5 This order
could achieve by purchasing the NLS thereunder,19 and sections 6(b)(5) and approves the proposed rule change.
Plus feed from NASDAQ.18 The (b)(8) of the Act.20
Exchange also represents that it has II. Description of the Amended
designed the NLS Plus feed so that it IV. Conclusion Proposal
will have no advantages over a It is therefore ordered, pursuant to
competing vendor with respect to the The Exchange proposes to amend and
section 19(b)(2) of the Act,21 that the
speed of access to the underlying feeds. restate certain rules governing the
proposed rule change (SR–NASDAQ–
With respect to pricing, although Nasdaq Market Center in order to
2015–055) be, and hereby is, approved.
specific fees to be charged for NLS Plus provide additional detail and clarity
For the Commission, by the Division of regarding its order type functionality.6
are not part of the proposed rule change,
Trading and Markets, pursuant to delegated This proposed rule change is a response
the Exchange represents that the pricing authority.22
will reflect the incremental cost of the to Chair White’s request that each self-
Robert W. Errett, regulatory organization (‘‘SRO’’)
aggregation and consolidation function
Deputy Secretary. conduct a comprehensive review of the
for NLS Plus, and would not be lower
than the cost to a vendor creating a [FR Doc. 2015–15690 Filed 6–25–15; 8:45 am] operation of each of the order types that
competing product, including the cost BILLING CODE 8011–01–P it offers to members.7
of receiving the underlying data feeds. While the Exchange believes that its
The Exchange further represents that the current rules and other public
pricing it would charge clients for NLS SECURITIES AND EXCHANGE
COMMISSION disclosures provide a comprehensive
Plus would enable a vendor to receive description of the operation of the
the underlying data feeds and offer a [Release No. 34–75252; File No. SR– Nasdaq Market Center and are sufficient
similar product on a competitive basis NASDAQ–2015–024] for members and the investing public to
and with no greater cost than the have an accurate understanding of its
Exchange. Self-Regulatory Organizations; The market structure,8 it also acknowledges
Based on the Exchange’s NASDAQ Stock Market LLC; Notice of
that a restatement of certain rules will
representations with respect to the Filing of Amendment No. 1 and Order
further clarify the operation of its
content, latency, and pricing of NLS Granting Accelerated Approval of
system.9 For instance, Nasdaq believes
Plus—which are central to the Proposed Rule Change, as Modified by
that adding examples of order type
Commission’s analysis of the proposal— Amendment No. 1, To Amend and
operation to its rules will promote
the Commission finds that the proposal Restate Certain Nasdaq Rules That
greater understanding of Nasdaq’s
is consistent with the Act and the rules Govern the Nasdaq Market Center
market structure.10 In addition, Nasdaq
and regulations thereunder applicable to
national securities exchanges. The June 22, 2015. asserts that certain functionality
Commission believes that these previously described as an ‘‘order type’’
I. Introduction is more precisely characterized as an
representations are designed to ensure
On March 16, 2015, The NASDAQ attribute that may be added to a
18 The Exchange represents that, in order to create Stock Market LLC (‘‘Nasdaq’’ or the particular order.11 Accordingly, this
NLS Plus, the system creating and supporting NLS ‘‘Exchange’’) filed with the Securities proposed rule change distinguishes
Plus receives the individual data feeds from each and Exchange Commission between ‘‘Order Types’’ and ‘‘Order
of the NASDAQ OMX equity markets and, in turn, (‘‘Commission’’), pursuant to section Attributes,’’ and provides descriptions
aggregates and summarizes that data to create NLS
Plus and then distribute it to end users. The 19(b)(1) of the Securities Exchange Act
Exchange further represents that this is the same of 1934 (‘‘Act’’) 1 and Rule 19b–4 3 See Securities Exchange Act Release No. 74558
process that a competing market data vendor would thereunder,2 a proposed rule change to (March 20, 2015), 80 FR 16050 (‘‘Notice’’).
undergo should it want to create a market data 4 See Securities Exchange Act Release No. 74881,
product similar to NLS Plus to distribute to its end
amend and restate certain Nasdaq rules
80 FR 27216 (May 12, 2015).
users. The Exchange also represents that a that govern the Nasdaq Market Center in 5 In Amendment No. 1, the Exchange proposed to
competing market data vendor could receive the order to provide a clearer and more correct typographical errors in the original filing,
individual data feeds from each of the NASDAQ detailed description of certain aspects of further improve the clarity of certain rule language,
OMX equity markets at the same time the system and include additional explanation with regard to
creating and supporting NLS Plus would for it to
its functionality. The proposed rule
the purpose of the proposed rule change.
create NLS Plus. Therefore, a competing market change was published for comment in 6 See Notice, 80 FR at 16050.
data vendor could obtain the underlying data the Federal Register on March 26, 7 Id.; see also Mary Jo White, Chair, Commission,
elements from the NASDAQ OMX equity markets
tkelley on DSK3SPTVN1PROD with NOTICES
Speech at the Sandler O’Neill & Partners, L.P.
on the same latency basis as the system that would 19 15 U.S.C. 78k–1(c)(1)(C) and 17 CFR
Global Exchange and Brokerage Conference (June 5,
be performing the aggregation and consolidation of 242.603(a)(2). 2014), available at http://www.sec.gov/News/
proposed NLS Plus, and provide a similar product 20 15 U.S.C. 78f(b)(5) and (b)(8). Speech/Detail/Speech/1370542004312.
to its customers with the same latency they could 21 15 U.S.C. 78s(b)(2). 8 See Notice, 80 FR at 16050.
achieve by purchasing NLS Plus from the Exchange.
22 17 CFR 200.30–3(a)(12). 9 Id.
The Exchange further represents that it would
1 15 U.S.C. 78s(b)(1). 10 Id.
access the underlying NLS feed from the same point
as would a market data vendor. 2 17 CFR 240.19b–4. 11 Id.
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![Federal Register / Vol. 80, No. 123 / Friday, June 26, 2015 / Notices 36867
the date of publication of notice of filing public in accordance with the solicit comments on the proposed rule
thereof in the Federal Register. The provisions of 5 U.S.C. 552, will be change from interested persons.
proposed amendments should further available for Web site viewing and
I. Clearing Agency’s Statement of the
increase the Exchange’s transparency printing in the Commission’s Public
Terms of Substance of the Proposed
with respect to the operation of various Reference Room, 100 F Street NE.,
Rule Change
order types and modifiers, and serve to Washington, DC 20549, on official
enhance investors’ understanding of the business days between the hours of The Commission recently approved a
tools available with respect to the 10:00 a.m. and 3:00 p.m. Copies of the proposed rule change, and issued a
handling of their orders. Accelerated filing also will be available for Notice of No-Objection to an Advance
approval would allow the Exchange to inspection and copying at the principal Notice Filing, concerning the
update its rule text immediately, thus office of the Exchange. All comments establishment of procedures to resize
providing users with greater clarity with received will be posted without change; OCC’s Clearing Fund and the addition
respect to the use and potential use of the Commission does not edit personal of financial resources through intra-day
functionality offered by the Exchange. identifying information from margin calls and/or an intra-month
In addition, the initial proposal was submissions. You should submit only increase of the Clearing Fund.3 This
open for comment for twenty-one days information that you wish to make proposed rule change by OCC would
after publication and generated no available publicly. All submissions codify the authority granted to OCC
comment. Accordingly, the Commission should refer to File Number SR– through such approval and non-
believes that good cause exists, NASDAQ–2015–024 and should be objection by amending the second
consistent with sections 6(b)(5) and submitted on or before July 17, 2015. sentence of Rule 1001(a).
19(b) of the Act,30 to approve the filing, II. Clearing Agency’s Statement of the
as amended by Amendment No. 1 to the V. Conclusion
Purpose of, and Statutory Basis for, the
proposed rule change, on an accelerated It is therefore ordered, pursuant to Proposed Rule Change
basis. section 19(b)(2) of the Act,31 that the In its filing with the Commission,
IV. Solicitation of Comments proposed rule change (SR–NASDAQ– OCC included statements concerning
Interested persons are invited to 2015–024) be, and it hereby is, the purpose of and basis for the
submit written data, views, and approved, asamended. proposed rule change and discussed any
arguments concerning the foregoing, For the Commission, by the Division of comments it received on the proposed
including whether the proposed rule Trading and Markets, pursuant to delegated rule change. The text of these statements
change, as amended, is consistent with authority.32 may be examined at the places specified
the Act. Comments may be submitted by Robert W. Errett, in Item IV below. OCC has prepared
any of the following methods: Deputy Secretary. summaries, set forth in sections (A), (B),
[FR Doc. 2015–15686 Filed 6–25–15; 8:45 am] and (C) below, of the most significant
Electronic Comments aspects of these statements.
BILLING CODE 8011–01–P
• Use the Commission’s Internet
comment form (http://www.sec.gov/ (A) Clearing Agency’s Statement of the
rules/sro.shtml); or Purpose of, and Statutory Basis for, the
SECURITIES AND EXCHANGE
• Send an email to rule-comments@ Proposed Rule Change
COMMISSION
sec.gov. Please include File Number SR– 1. Purpose
NASDAQ–2015–024 on the subject line. [Release No. 34–75260; File No. SR–OCC– OCC is submitting this proposed rule
Paper Comments 2015–013] change to amend Rule 1001(a) in order
• Send paper comments in triplicate to codify the Commission’s recent
Self-Regulatory Organizations; The approval of and non-objection to
to Robert W. Errett, Deputy Secretary, Options Clearing Corporation; Notice
Securities and Exchange Commission, procedures for resizing the Clearing
of Filing of Proposed Rule Change To Fund on a monthly basis and increasing
100 F Street NE., Washington, DC Codify Procedures for Resizing the
20549–1090. such Clearing Fund size on an intra-
Options Clearing Corporation’s month basis to ensure OCC maintains
All submissions should refer to File Clearing Fund on a Monthly Basis and sufficient financial resources consistent
Number SR–NASDAQ–2015–024. This Increasing Such Clearing Fund Size on with regulatory requirements.4
file number should be included on the an Intra-Month Basis On October 16, 2014, OCC filed a
subject line if email is used. To help the
June 22, 2015. notice reflecting emergency action taken
Commission process and review your
to permit it to increase the size of the
comments more efficiently, please use Pursuant to Section 19(b)(1) of the Clearing Fund intra-month to ensure
only one method. The Commission will Securities Exchange Act of 1934 that it had sufficient financial resources
post all comments on the Commission’s (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 to cover the potential loss associated
Internet Web site (http://www.sec.gov/ notice is hereby given that on June 19, with a Clearing Member default that
rules/sro.shtml). Copies of the 2015, The Options Clearing Corporation presented the largest exposure to OCC
submission, all subsequent (‘‘OCC’’) filed with the Securities and under extreme but plausible market
amendments, all written statements Exchange Commission (‘‘Commission’’) conditions.5 The Commission since has
with respect to the proposed rule the proposed rule change as described
change that are filed with the in Items I, II and III below, which Items 3 See Securities Exchange Act Release No. 74980
tkelley on DSK3SPTVN1PROD with NOTICES
Commission, and all written have been prepared by OCC. The (May 15, 2015), 80 FR 29364 (May 21, 2015) (SR–
communications relating to the Commission is publishing this notice to OCC–2015–009). See also Securities Exchange Act
proposed rule change between the Release No. 74981 (May 15, 2015), 80 FR 29367
(May 21, 2015) (SR–OCC–2014–811).
Commission and any person, other than 31 15 U.S.C. 78s(b)(2). 4 Id.
those that may be withheld from the 32 17 CFR 200.30–3(a)(12). 5 See Securities Exchange Act Release No. 73579
1 15 U.S.C. 78s(b)(1).
(November 12, 2014), 79 FR 68747 (November 18,
30 15 U.S.C. 78f(b)(5); 15 U.S.C. 78s(b). 2 17 CFR 240.19b–4. Continued
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Document Created: 2015-12-15 14:15:52
Document Modified: 2015-12-15 14:15:52
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| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 80 FR 36865 |
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