80 FR 54628 - Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing of a Proposed Rule Change To Amend The Options Clearing Corporation's Schedule of Fees To Allow a Clearing Fee Waiver for Exchange New Products
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 175 (September 10, 2015)
Federal Register Volume 80, Issue 175 (September 10, 2015)
| Page Range | 54628-54629 | |
| FR Document | 2015-22740 |
[Federal Register Volume 80, Number 175 (Thursday, September 10, 2015)] [Notices] [Pages 54628-54629] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-22740] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75825; File No. SR-OCC-2015-014] Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing of a Proposed Rule Change To Amend The Options Clearing Corporation's Schedule of Fees To Allow a Clearing Fee Waiver for Exchange New Products September 3, 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 August 31, 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. --------------------------------------------------------------------------- \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 The purpose of this proposed rule change is to amend OCC's Schedule of Fees, effective September 1, 2015, to allow a clearing fee waiver for exchange new products that is longer than the current clearing fee waiver for exchange new products. 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 The purpose of this proposed rule change is to amend OCC's Schedule of Fees to allow for a longer clearing fee waiver period, for up to twelve (12) months, for clearing members trading exchange new products. OCC's Schedule of Fees sets forth the clearing fee related to ``New Products'' listed by an exchange and cleared through OCC. New products are currently subject to a fee waiver, or ``fee holiday,'' in which OCC does not charge a clearing fee from the first day of the listing of the new product through the end of the following calendar month. After that time, the clearing fee reverts to the applicable clearing fee set forth in the Schedule of Fees.\3\ --------------------------------------------------------------------------- \3\ For example, the current Schedule of Fees provides that trades with contracts of 1-500 are charged $0.05 per trade, trades with contracts of 501-1000 are charged $0.04 per trade and trades with contracts of 1001-2000 are charged $0.03 per trade. --------------------------------------------------------------------------- OCC is proposing to revise its Schedule of Fees to allow the exchange new product fee waiver period to be longer in duration than the current exchange new product fee waiver period in the event that OCC and an exchange would agree to a longer fee waiver. The length of any proposed extended exchange new product fee waiver would be subject to agreement between OCC and the requesting exchange and shall not exceed 12 months. Each exchange clearing new products through OCC would be able to extend the clearing fee waiver for its new products beyond the period in the current Schedule of Fees for up to 12 months, subject to OCC's agreement. Further, consistent with the terms of the Restated Participant Exchange Agreement for options exchanges and OCC's Clearing and Settlement Services Agreements with futures exchanges, OCC may not discriminate among exchanges with respect to the nature or quality of the services it provides to the exchanges for which it provides clearance and settlement services. Accordingly, the service terms provided to one exchange, such as an extended clearing fee waiver for new products, would also need to be made available to all other exchanges. In addition, the current clearing fee waiver period for exchange new products would not be shortened by this proposed rule change. OCC believes that the proposed flexibility in the waiver period for exchange new products will enhance innovation for the introduced new products. 2. Statutory Basis OCC believes the proposed rule change is consistent with Section 17A(b)(3)(D) \4\ of the Act, because the proposed change would equitably allocate reasonable clearing fees among all of its clearing members pursuant to the proposed Schedule of Fees. As described above, the proposed extended clearing fee waiver would apply equally [[Page 54629]] to all clearing members trading applicable exchange new products and there is no concurrent increase in clearing fees for any other clearing members clearing any other products at OCC. The proposed rule change is not inconsistent with the existing rules of the OCC including any other rules proposed to be amended. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78q-1(b)(3)(D). --------------------------------------------------------------------------- (B) Clearing Agency's Statement on Burden on Competition OCC does not believe that the proposed rule change would impose a burden on competition.\5\ Although this proposed rule change affects clearing members, their customers and the markets that OCC serves, OCC believes that the proposed rule change would not disadvantage or favor any particular user of OCC's services in relationship to another user because clearing fees apply equally to all users of OCC as set forth in OCC's Schedule of Fees. Additionally, and as described above, OCC cannot discriminate among exchanges with respect to the nature or quality of the services it provides to the exchanges for which it provides clearance and settlement services. For the foregoing reasons, OCC does not believe that the proposed rule change would impose a burden on competition. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78q-1(b)(3)(I). --------------------------------------------------------------------------- (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 The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act and paragraph (f) of Rule 19b-4 thereunder. At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. 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 CommentsUse the Commissions Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-OCC-2015-014 on the subject line. Paper Comments Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-OCC-2015-014. 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 Section, 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 such 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_014.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-2015-014 and should be submitted on or before October 1, 2015. For the Commission by the Division of Trading and Markets, pursuant to delegated Authority.\6\ --------------------------------------------------------------------------- \6\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-22740 Filed 9-9-15; 8:45 am] BILLING CODE 8011-01-P
![54628 Federal Register / Vol. 80, No. 175 / Thursday, September 10, 2015 / Notices
Register on July 21, 2015.3 To date, the SECURITIES AND EXCHANGE fee related to ‘‘New Products’’ listed by
Commission has not received comments COMMISSION an exchange and cleared through OCC.
on the proposal. New products are currently subject to a
[Release No. 34–75825; File No. SR–OCC–
Section 19(b)(2) of the Act 4 provides 2015–014]
fee waiver, or ‘‘fee holiday,’’ in which
OCC does not charge a clearing fee from
that within 45 days of the publication of
Self-Regulatory Organizations; The the first day of the listing of the new
notice of the filing of a proposed rule
Options Clearing Corporation; Notice product through the end of the
change, or within such longer period up following calendar month. After that
to 90 days as the Commission may of Filing of a Proposed Rule Change
To Amend The Options Clearing time, the clearing fee reverts to the
designate if it finds such longer period applicable clearing fee set forth in the
Corporation’s Schedule of Fees To
to be appropriate and publishes its Schedule of Fees.3
Allow a Clearing Fee Waiver for
reasons for so finding or as to which the Exchange New Products OCC is proposing to revise its
self-regulatory organization consents, Schedule of Fees to allow the exchange
the Commission shall either approve the September 3, 2015. new product fee waiver period to be
proposed rule change, disapprove the Pursuant to Section 19(b)(1) of the longer in duration than the current
proposed rule change, or institute Securities Exchange Act of 1934 exchange new product fee waiver period
proceedings to determine whether the (‘‘Act’’) 1 and Rule 19b–4 thereunder 2 in the event that OCC and an exchange
proposed rule change should be notice is hereby given that on August would agree to a longer fee waiver. The
disapproved. The 45th day from the 31, 2015, The Options Clearing length of any proposed extended
publication of notice of filing of this Corporation (‘‘OCC’’) filed with the exchange new product fee waiver would
proposed rule change is September 4, Securities and Exchange Commission be subject to agreement between OCC
2015. (‘‘Commission’’) the proposed rule and the requesting exchange and shall
change as described in Items I, II and III not exceed 12 months. Each exchange
The Commission is extending the 45- below, which Items have been prepared clearing new products through OCC
day time period for Commission action by OCC. The Commission is publishing would be able to extend the clearing fee
on the proposed rule change. ICC’s this notice to solicit comments on the waiver for its new products beyond the
proposed rule change would provide the proposed rule change from interested period in the current Schedule of Fees
basis for ICC to include the Federal persons. for up to 12 months, subject to OCC’s
Republic of Germany, the French agreement. Further, consistent with the
I. Clearing Agency’s Statement of the
Republic and the United Kingdom of Terms of Substance of the Proposed terms of the Restated Participant
Great Britain and Northern Ireland in Rule Change Exchange Agreement for options
the list of specific Eligible Standard exchanges and OCC’s Clearing and
Western European Sovereign (‘‘SWES’’) The purpose of this proposed rule Settlement Services Agreements with
Reference Entities to be cleared by ICC. change is to amend OCC’s Schedule of futures exchanges, OCC may not
Fees, effective September 1, 2015, to discriminate among exchanges with
Because the proposed rule change is
allow a clearing fee waiver for exchange respect to the nature or quality of the
dependent on the approval and new products that is longer than the
implementation of the proposed rule services it provides to the exchanges for
current clearing fee waiver for exchange which it provides clearance and
change in SR–ICC–2015–009, which is new products.
currently under Commission review, the settlement services. Accordingly, the
Commission finds it appropriate to II. Clearing Agency’s Statement of the service terms provided to one exchange,
Purpose of, and Statutory Basis for, the such as an extended clearing fee waiver
designate a longer period within which
Proposed Rule Change for new products, would also need to be
to take action on the proposed rule
made available to all other exchanges.
change. In its filing with the Commission, In addition, the current clearing fee
Accordingly, the Commission, OCC included statements concerning
waiver period for exchange new
the purpose of and basis for the
pursuant to Section 19(b)(2) of the Act,5 products would not be shortened by this
proposed rule change and discussed any
designates October 19, 2015, as the date proposed rule change. OCC believes that
comments it received on the proposed
by which the Commission should either the proposed flexibility in the waiver
rule change. The text of these statements
approve or disapprove, or institute period for exchange new products will
may be examined at the places specified
proceedings to determine whether to enhance innovation for the introduced
in Item IV below. OCC has prepared
disapprove, the proposed rule change new products.
summaries, set forth in sections (A), (B),
(File No. SR–ICC–2015–013). and (C) below, of the most significant 2. Statutory Basis
For the Commission, by the Division of aspects of these statements. OCC believes the proposed rule
Trading and Markets, pursuant to delegated change is consistent with Section
(A) Clearing Agency’s Statement of the
authority.6 17A(b)(3)(D) 4 of the Act, because the
Purpose of, and Statutory Basis for, the
Robert W. Errett, Proposed Rule Change proposed change would equitably
Deputy Secretary. allocate reasonable clearing fees among
1. Purpose all of its clearing members pursuant to
[FR Doc. 2015–22748 Filed 9–9–15; 8:45 am]
BILLING CODE 8011–01–P
The purpose of this proposed rule the proposed Schedule of Fees. As
change is to amend OCC’s Schedule of described above, the proposed extended
mstockstill on DSK4VPTVN1PROD with NOTICES
Fees to allow for a longer clearing fee clearing fee waiver would apply equally
waiver period, for up to twelve (12)
3 Securities Exchange Act Release No. 34–75456 months, for clearing members trading 3 For example, the current Schedule of Fees
(July 15, 2015), 80 FR 43146 (July 21, 2015) (SR– exchange new products. OCC’s provides that trades with contracts of 1–500 are
charged $0.05 per trade, trades with contracts of
ICC–2015–013). Schedule of Fees sets forth the clearing 501–1000 are charged $0.04 per trade and trades
4 15 U.S.C. 78s(b)(2).
with contracts of 1001–2000 are charged $0.03 per
5 15 U.S.C. 78s(b)(2). 1 15 U.S.C. 78s(b)(1). trade.
6 17 CFR 200.30–3(a)(31). 2 17 CFR 240.19b–4. 4 15 U.S.C. 78q–1(b)(3)(D).
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![Federal Register / Vol. 80, No. 175 / Thursday, September 10, 2015 / Notices 54629
to all clearing members trading Comments may be submitted by any of For the Commission by the Division of
applicable exchange new products and the following methods: Trading and Markets, pursuant to delegated
there is no concurrent increase in Authority.6
clearing fees for any other clearing Electronic Comments Robert W. Errett,
members clearing any other products at • Use the Commissions Internet Deputy Secretary.
OCC. The proposed rule change is not comment form (http://www.sec.gov/ [FR Doc. 2015–22740 Filed 9–9–15; 8:45 am]
inconsistent with the existing rules of rules/sro.shtml); or BILLING CODE 8011–01–P
the OCC including any other rules
proposed to be amended. • Send an email to rule-comments@
sec.gov. Please include File Number SR–
(B) Clearing Agency’s Statement on OCC–2015–014 on the subject line. SECURITIES AND EXCHANGE
Burden on Competition COMMISSION
Paper Comments
OCC does not believe that the Sunshine Act Meeting
proposed rule change would impose a • Send paper comments in triplicate
burden on competition.5 Although this to Elizabeth M. Murphy, Secretary, Notice is hereby given, pursuant to
proposed rule change affects clearing Securities and Exchange Commission, the provisions of the Government in the
members, their customers and the 100 F Street NE., Washington, DC Sunshine Act, Public Law 94–409, that
markets that OCC serves, OCC believes 20549–1090. the Securities and Exchange
that the proposed rule change would not Commission will hold a Closed Meeting
disadvantage or favor any particular All submissions should refer to File
on Thursday, September 10, 2015 at
user of OCC’s services in relationship to Number SR–OCC–2015–014. This file
2:00 p.m.
another user because clearing fees apply number should be included on the
equally to all users of OCC as set forth subject line if email is used. To help the Commissioners, Counsel to the
in OCC’s Schedule of Fees. Commission process and review your Commissioners, the Secretary to the
Additionally, and as described above, comments more efficiently, please use Commission, and recording secretaries
OCC cannot discriminate among only one method. The Commission will will attend the Closed Meeting. Certain
exchanges with respect to the nature or post all comments on the Commission’s staff members who have an interest in
quality of the services it provides to the Internet Web site (http://www.sec.gov/ the matters also may be present.
exchanges for which it provides rules/sro.shtml). Copies of the The General Counsel of the
clearance and settlement services. For submission, all subsequent Commission, or her designee, has
the foregoing reasons, OCC does not amendments, all written statements certified that, in her opinion, one or
believe that the proposed rule change with respect to the proposed rule more of the exemptions set forth in 5
would impose a burden on competition. change that are filed with the U.S.C. 552b(c)(3), (5), (7), 9(B) and (10)
(C) Clearing Agency’s Statement on Commission, and all written and 17 CFR 200.402(a)(3), (5), (7), 9(ii)
Comments on the Proposed Rule communications relating to the and (10), permit consideration of the
Change Received From Members, proposed rule change between the scheduled matter at the Closed Meeting.
Participants or Others Commission and any person, other than Commissioner Stein, as duty officer,
those that may be withheld from the voted to consider the items listed for the
Written comments on the proposed
public in accordance with the Closed Meeting in closed session. The
rule change were not and are not
intended to be solicited with respect to provisions of 5 U.S.C. 552, will be duty officer determined no earlier notice
the proposed rule change and none have available for Web site viewing and of this Meeting was practicable.
been received. printing in the Commission’s Public
The subject matter of the Closed
Reference Section, 100 F Street NE.,
III. Date of Effectiveness of the Meeting will be:
Washington, DC 20549, on official
Proposed Rule Change and Timing for business days between the hours of Institution and settlement of
Commission Action 10:00 a.m. and 3:00 p.m. Copies of such injunctive actions;
The foregoing rule change has become filing also will be available for Institution and settlement of
effective pursuant to Section 19(b)(3)(A) inspection and copying at the principal administrative proceedings; and
of the Act and paragraph (f) of Rule office of OCC and on OCC’s Web site at Other matters relating to enforcement
19b–4 thereunder. At any time within http://www.theocc.com/components/ proceedings.
60 days of the filing of the proposed rule docs/legal/rules_and_bylaws/sr_occ_15_
At times, changes in Commission
change, the Commission summarily may 014.pdf.
priorities require alterations in the
temporarily suspend such rule change if All comments received will be posted
it appears to the Commission that such scheduling of meeting items.
without change; the Commission does
action is necessary or appropriate in the For further information and to
not edit personal identifying
public interest, for the protection of ascertain what, if any, matters have been
information from submissions. You
investors, or otherwise in furtherance of added, deleted or postponed, please
should submit only information that
the purposes of the Act. contact the Office of the Secretary at
you wish to make available publicly.
(202) 551–5400.
IV. Solicitation of Comments All submissions should refer to File
mstockstill on DSK4VPTVN1PROD with NOTICES
Dated: September 4, 2015.
Interested persons are invited to Number SR–OCC–2015–014 and should
be submitted on or before October 1, Brent J. Fields,
submit written data, views, and
arguments concerning the foregoing, 2015. Secretary.
including whether the proposed rule [FR Doc. 2015–22911 Filed 9–8–15; 4:15 pm]
change is consistent with the Act. BILLING CODE 8011–1–P
5 15 U.S.C. 78q–1(b)(3)(I). 6 17 CFR 200.30–3(a)(12).
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Document Created: 2015-12-15 10:04:20
Document Modified: 2015-12-15 10:04:20
| 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 54628 |
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