80 FR 36867 - Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing of Proposed Rule Change To Codify Procedures for Resizing the Options Clearing Corporation's Clearing Fund on a Monthly Basis and Increasing Such Clearing Fund Size on an Intra-Month Basis

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 123 (June 26, 2015)

Page Range		36867-36869
FR Document		2015-15693
Federal Register, Volume 80 Issue 123 (Friday, June 26, 2015)
[Federal Register Volume 80, Number 123 (Friday, June 26, 2015)]
[Notices]
[Pages 36867-36869]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-15693]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75260; File No. SR-OCC-2015-013]


Self-Regulatory Organizations; The Options Clearing Corporation; 
Notice of Filing of Proposed Rule Change To Codify Procedures for 
Resizing the Options Clearing Corporation's Clearing Fund on a Monthly 
Basis and Increasing Such Clearing Fund Size on an Intra-Month Basis

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 19, 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. The Commission is publishing this notice to 
solicit comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Clearing Agency's Statement of the Terms of Substance of the 
Proposed Rule Change

    The Commission recently approved a proposed rule change, and issued 
a Notice of No-Objection to an Advance Notice Filing, concerning the 
establishment of procedures to resize OCC's Clearing Fund and the 
addition of financial resources through intra-day margin calls and/or 
an intra-month increase of the Clearing Fund.\3\ This proposed rule 
change by OCC would codify the authority granted to OCC through such 
approval and non-objection by amending the second sentence of Rule 
1001(a).
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    \3\ 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).
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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 submitting this proposed rule change to amend Rule 1001(a) 
in order to codify the Commission's recent approval of and non-
objection to procedures for resizing the Clearing Fund on a monthly 
basis and increasing such Clearing Fund size on an intra-month basis to 
ensure OCC maintains sufficient financial resources consistent with 
regulatory requirements.\4\
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    \4\ Id.
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    On October 16, 2014, OCC filed a notice reflecting emergency action 
taken to permit it to increase the size of the Clearing Fund intra-
month to ensure that it had sufficient financial resources to cover the 
potential loss associated with a Clearing Member default that presented 
the largest exposure to OCC under extreme but plausible market 
conditions.\5\ The Commission since has

[[Page 36868]]

approved, pursuant to Section 19(b)(2) of the Act,\6\ 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,\7\ OCC's 
adoption of procedures designed to clarify for Clearing Members and 
market participants the manner in which OCC would resize the Clearing 
Fund on a monthly basis and, if necessary, collect additional financial 
resources through intra-day margin calls and intra-month increases of 
the Clearing Fund (``Procedures'').\8\ Under the Procedures, OCC 
continues to size the Clearing Fund on the first business day of each 
month, with the Clearing Fund size equal to a base amount and an 
additional prudential margin of safety determined by OCC, currently set 
at $1.8 billion. The base amount is equal to the peak five-day rolling 
average of Clearing Fund draws \9\ observed over the preceding three 
calendar months. However, under the Procedures, OCC must issue an 
intra-day margin call in the event that a projected draw on the 
Clearing Fund under stress tests conducted by OCC exceeds 75% of the 
then-current size of OCC's Clearing Fund. In addition, OCC must 
increase the size of the Clearing Fund intra-month where a projected 
draw, after taking into account intra-day margin collected under the 
Procedures, exceeds 90% of the then-current size of the Clearing Fund.
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    \5\ See Securities Exchange Act Release No. 73579 (November 12, 
2014), 79 FR 68747 (November 18, 2014) (SR-OCC-2014-807). On 
November 13, 2014, OCC filed SR- OCC-2014-21 with the Commission to 
delete the second sentence of Rule 1001(a), preserving the suspended 
effectiveness of that sentence until such time as the Commission 
approves or disapproves SR-OCC-2014-21. See Securities Exchange Act 
Release No. 73685 (November 25, 2014), 79 FR 71479 (December 2, 
2014) (SR-OCC-2014-21). SR-OCC-2014-21 remains pending because on 
March 2, 2015 the Commission published an order instituting 
proceedings to determine whether to approve or disapprove the 
filing. See Securities Exchange Act Release No. 74406 (March 2, 
2015), 80 FR 12232 (March 6, 2015) (SR-OCC-2014-21).
    \6\ 15 U.S.C. 78s(b)(2).
    \7\ 12 U.S.C. 5465(e)(1)(I).
    \8\ See Footnote 3 above. Since the Commission issued such 
approval and Notice of No-Objection, OCC has amended the Procedures 
as set forth in SR-OCC-2015-012.
    \9\ Clearing Fund draws are the amounts that OCC would have been 
required to draw against the Clearing Fund under the daily 
idiosyncratic default and minor systemic default scenario 
calculations conducted by OCC (i.e., the amount of projected losses 
not covered by margin deposits or deposits in lieu of margin).
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    OCC is proposing to amend Rule 1001(a) to codify, in accordance 
with the Procedures, the process by which such Clearing Fund size: (i) 
is determined and set on a monthly basis, and (ii) may be increased on 
an intra-month basis. The proposed rule change provides greater 
transparency to Clearing Members and other market participants, because 
OCC's practices with regard to the monthly sizing of the Clearing Fund 
and OCC's ability to increase the Clearing Fund intra-month in 
accordance with the Procedures would be codified in the text of Rule 
1001(a).
2. Statutory Basis
    OCC believes the proposed rule change is consistent with Section 
17A(b)(3)(F) of the Act,\10\ and the rules and regulations thereunder 
because it would safeguard securities and funds in the custody and 
control of OCC. The Commission has already found that the Procedures 
are consistent with the Act, and the rules and regulations thereunder--
more specifically, the Commission found that the Procedures are 
consistent with Rule 17Ad-22(b)(3) since they should ensure that OCC is 
capable of obtaining sufficient financial resources in a timely manner 
to withstand the default of a clearing member presenting the largest 
exposure to OCC.\11\ By codifying the Procedures, as described above, 
as well as permitting OCC to take action pursuant to the Procedures, 
the proposed rule change would provide OCC with the authority necessary 
to resize its Clearing Fund pursuant to the Procedures and thereby 
safeguard securities and funds in the custody and control of OCC. In 
addition, the proposed rule change would ensure that market 
participants have sufficient information to identify and evaluate the 
risks and costs of using OCC's services since the proposed rule change 
would be incorporated into OCC's Rules (which are made available to the 
public on OCC's public Web site), in compliance with Rule 17Ad-
22(d)(9).\12\ The proposed rule change is not inconsistent with the 
existing rules of OCC, including any other rules proposed to be 
amended.
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    \10\ 15 U.S.C. 78q-1(b)(3)(F).
    \11\ 17 CFR 240.17Ad-22(b)(3).
    \12\ 17 CFR 240.17Ad-22(d)(9).
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(B) Clearing Agency's Statement on Burden on Competition

    OCC does not believe that the proposed rule change would impose any 
burden on competition.\13\ 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 OCC 
would continue to size and increase the size of the Clearing Fund as 
per the Procedures for which the Commission issued its approval and 
non-objection to and without regard to any particular user or Clearing 
Member that makes Clearing Fund contributions.
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    \13\ 15 U.S.C. 78q-1(b)(3)(I).
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    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

    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 the 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-2015-013 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-2015-013. 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/

[[Page 36869]]

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_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.
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    \14\ 17 CFR 200.30-3(a)(12).

    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
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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Federal Register / Vol. 80, No. 123 / Friday, June 26, 2015 / Notices 36869

rules/sro.shtml). Copies of the have been prepared by OCC. OCC filed adoption of the Procedure.7 The
submission, all subsequent the proposal pursuant to section Procedure sets forth the steps that
amendments, all written statements 19(b)(3)(A) of the Act 3 and Rule 19b– clarify, for clearing members and market
with respect to the proposed rule 4(f)(1) thereunder 4 so that the proposal participants, the manner in which OCC
change that are filed with the was effective upon filing with the would, if necessary, collect additional
Commission, and all written Commission. The Commission is financial resources through intra-day
communications relating to the publishing this notice to solicit margin calls and intra-month increases
proposed rule change between the comments on the proposed rule change of is [sic] Clearing Fund. As part of the
Commission and any person, other than from interested persons. Procedure, information concerning
those that may be withheld from the OCC’s Clearing Fund is reported to
public in accordance with the I. Clearing Agency’s Statement of the
OCC’s senior management and the Risk
provisions of 5 U.S.C. 552, will be Terms of Substance of the Proposed
Committee on a weekly basis through
available for Web site viewing and Rule Change
Dashboard Reports.
printing in the Commission’s Public This proposed rule change concerns When OCC first adopted the
Reference Room, 100 F Street NE., administrative changes to The Options Procedure, Dashboard Reports were
Washington, DC 20549 on official Clearing Corporation’s (‘‘OCC’’) distributed to OCC’s senior management
business days between the hours of Financial Resources Monitoring and and the Risk Committee directly by
10:00 a.m. and 3:00 p.m. Copies of the Call Procedure (‘‘Procedure’’). OCC’s Financial Risk Management
filing also will be available for Specifically, OCC is proposing to Department’s management. In an order
inspection and copying at the principal change the method by which Dashboard [sic] to harmonize the manner in which
office of OCC and on OCC’s Web site at Reports (defined below) are distributed Dashboard Reports are provided to the
http://www.theocc.com/components/ to OCC’s senior management and the Risk Committee with the manner in
docs/legal/rules_and_bylaws/sr_occ_15_ Risk Committee of OCC’s Board of which materials are provided to the Risk
013.pdf. All comments received will be Directors (‘‘Risk Committee’’). Committee generally, OCC is proposing
posted without change; the Commission to make an administrative amendment
does not edit personal identifying II. Clearing Agency’s Statement of the
to section 3.5 of the Procedure such that
information from submissions. You Purpose of, and Statutory Basis for, the
Dashboard Reports would be provide
should submit only information that Proposed Rule Change
[sic] to the Legal Department’s
you wish to make available publicly. All In its filing with the Commission, Corporate Assistant by the Financial
submissions should refer to File OCC included statements concerning Risk Management Department’s
Number SR–OCC–2015–013 and should the purpose of and basis for the management for subsequent
be submitted on or before July 17,2015. proposed rule change and discussed any dissemination to OCC’s senior
For the Commission, by the Division of comments it received on the proposed management and the Risk Committee.
Trading and Markets, pursuant to delegated rule change. The text of these statements The ultimate reviewers of Dashboard
authority.14 may be examined at the places specified Reports would not be changed in any
Robert W. Errett, in Item IV below. OCC has prepared manner.
Deputy Secretary. summaries, set forth in sections (A), (B), In addition to the above, OCC also
[FR Doc. 2015–15693 Filed 6–25–15; 8:45 am] and (C) below, of the most significant proposes to correct typographical errors
BILLING CODE 8011–01–P aspects of these statements. throughout the Procedure.
(A) Clearing Agency’s Statement of the 2. Statutory Basis
Purpose of, and Statutory Basis for, the OCC believes the proposed rule
SECURITIES AND EXCHANGE
Proposed Rule Change change is consistent with section
COMMISSION
1. Purpose 17A(b)(3)(F) of the Act,8 and the rules
[Release No. 34–75255; File No. SR–OCC– and regulations thereunder because it is
2015–012] This proposed rule change concerns designed to promote the prompt and
administrative changes to the Procedure accurate clearance and settlement of
Self-Regulatory Organizations; The in that information concerning OCC’s
Options Clearing Corporation; Notice securities transactions. As described
Clearing Fund that is reported to OCC’s above, the manner in which senior
of Filing and Immediate Effectiveness senior management and the Risk
of Proposed Rule Change Concerning management and the Risk Committee
Committee on a weekly basis through are provided with Dashboard Reports
Administrative Changes to The dashboards (‘‘Dashboard Reports’’)
Options Clearing Corporation’s would be harmonized with the manner
would now be first distributed to the in which the Risk Committee is
Financial Resources Monitoring and Legal Department’s Corporate Assistant
Call Procedure provided with information generally.
for subsequent dissemination to OCC’s This practice would better ensure that
June 22, 2015. senior management and the Risk the Risk Committee is provided with
Pursuant to section 19(b)(1) of the Committee. appropriate information in a timely
Securities Exchange Act of 1934 By way of background, the manner to discharge its responsibilities
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 Commission has recently approved, as a committee of OCC’s Board of
notice is hereby given that on June 18, pursuant to Section 19(b)(2) of the Act,5 Directors,9 thereby promoting the
2015, The Options Clearing Corporation and issued a Notice of No-Objection to,
(‘‘OCC’’) filed with the Securities and pursuant to section 806(e)(1)(I) of the 7 See Securities Exchange Act Release No. 74980
tkelley on DSK3SPTVN1PROD with NOTICES

Exchange Commission (‘‘Commission’’) Payment, Clearing, and Settlement (May 15, 2015), 80 FR 29364 (May 21, 2015) (SR–
the proposed rule change as described Supervision Act of 2010,6 OCC’s OCC–2015–009). See also Securities Exchange Act
Release No. 74981 (May 15, 2015), 80 FR 29367
in Items I, II and III below, which Items (May 21, 2015) (SR–OCC–2014–811).
3 15 U.S.C. 78s(b)(3)(A). 8 15 U.S.C. 78q–1(b)(3)(F).
14 17 CFR 200.30–3(a)(12). 4 17 CFR 240.19b–4(f)(1). 9 See Securities Exchange Act Release No. 71751
1 15 U.S.C. 78s(b)(1). 5 15 U.S.C. 78s(b)(2).
(March 19, 2014), 79 FR 16414 (March 25, 2014)
2 17 CFR 240.19b–4. 6 12 U.S.C. 5465(e)(1)(I). (SR–OCC–2014–04).

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Document Created: 2015-12-15 14:15:54
Document Modified: 2015-12-15 14:15:54
Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		80 FR 36867