81 FR 1255 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Credit Option Margin Pilot Program Through January 17, 2017
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 6 (January 11, 2016)
Federal Register Volume 81, Issue 6 (January 11, 2016)
| Page Range | 1255-1257 | |
| FR Document | 2016-00259 |
[Federal Register Volume 81, Number 6 (Monday, January 11, 2016)] [Notices] [Pages 1255-1257] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-00259] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76824; File No. SR-CBOE-2015-118] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Credit Option Margin Pilot Program Through January 17, 2017 January 5, 2016. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on December 23, 2015, Chicago Board Options Exchange, Incorporated (the ``Exchange'' or ``CBOE'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Exchange filed the proposal as a ``non-controversial'' proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6) thereunder.\4\ 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. \3\ 15 U.S.C. 78s(b)(3)(A)(iii). \4\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change CBOE proposes to amend Rule 12.3 by extending the Credit Option Margin Pilot Program through January 17, 2017. The text of the proposed rule change is available on the Exchange's Web site (http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the Secretary, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose On February 2, 2011, the Commission approved the Exchange's proposal to establish a Credit Option Margin Pilot Program (``Program'').\5\ The proposal became effective on a pilot basis to run on a parallel track with Financial Industry Regulatory Authority [[Page 1256]] (``FINRA'') Rule 4240 that similarly operates on an interim pilot basis.\6\ --------------------------------------------------------------------------- \5\ See Securities Exchange Act Release No. 63819 (February 2, 2011), 76 FR 6838 (February 8, 2011) order approving (SR-CBOE-2010- 106). To implement the Program, the Exchange amended Rule 12.3(l), Margin Requirements, to make CBOE's margin requirements for Credit Options consistent with Financial Industry Regulatory Authority (``FINRA'') Rule 4240, Margin Requirements for Credit Default Swaps. CBOE's Credit Options (i.e., Credit Default Options and Credit Default Basket Options) are analogous to credit default swaps. \6\ See Securities Exchange Act Release No. 59955 (May 22, 2009), 74 FR 25586 (May 28, 2009) (Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change; SR-FINRA- 2009-012). --------------------------------------------------------------------------- On January 17, 2012, the Exchange filed a rule change to, among other things, decouple the Program with the FINRA program and to extend the expiration date of the Program to January 17, 2013.\7\ The Program, however, continues to be substantially similar to the provisions of the FINRA program. Subsequently, the Exchange filed rule changes to extend the program until January 17, 2014, January 16, 2015, and January 15, 2016, respectively.\8\ The Exchange believes that extending the expiration date of the Program further will allow for further analysis of the Program and a determination of how the Program should be structured in the future. Thus, the Exchange is now currently proposing to extend the duration of the Program for an additional year until January 17, 2017. Additionally, the Exchange believes that it is in the public interest to extend the expiration date of the Program because it will continue to allow the Exchange to list Credit Options for trading. As a result, the Exchange will remain competitive with the Over-the- Counter market with respect to swaps and security-based swaps. In the future, if the Exchange proposes an additional extension of the Credit Option Margin Pilot Program or proposes to make the Program permanent, then the Exchange will submit a filing proposing such amendments to the Program. --------------------------------------------------------------------------- \7\ See Securities Exchange Act Release No. 66163 (January 17, 2012), 77 FR 3318 (January 23, 2012) (SR-CBOE-2012-007). \8\ See Securities Exchange Act Release Nos. 68539 (December 27, 2012), 78 FR 138 (January 2, 2013) (SR-CBOE-2012-125), 71124 (December 18, 2013), 78 FR 77754 (December 24, 2013) (SR-CBOE-2013- 123), and 73837 (December 15, 2014), 79 FR 75850 (December 19, 2014) (SR-CBOE-2014-091). --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes the proposed rule change is consistent with the Act and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act.\9\ Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \10\ requirements that the rules of an 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 regulating, clearing, settling, processing information with respect to, and facilitation 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. Additionally, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \11\ requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78f(b). \10\ 15 U.S.C. 78f(b)(5). \11\ Id. --------------------------------------------------------------------------- In particular, the Exchange believes that the proposed rule change will further the purposes of the Act because, consistent with the goals of the Commission at the initial adoption of the program, the margin requirements set forth by the proposed rule change will help to stabilize the financial markets. In addition, the proposed rule change is substantially similar to existing FINRA Rule 4240. B. Self-Regulatory Organization's Statement on Burden on Competition CBOE does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. Specifically, the Exchange believes that, by extending the expiration of the Program, the proposed rule change will allow for further analysis of the Program and a determination of how the Program shall be structured in the future. In doing so, the proposed rule change will also serve to promote regulatory clarity and consistency, thereby reducing burdens on the marketplace and facilitating investor protection. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange neither solicited nor received comments on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: A. significantly affect the protection of investors or the public interest; B. impose any significant burden on competition; and C. become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act \12\ and Rule 19b-4(f)(6) \13\ thereunder. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78s(b)(3)(A). \13\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- In its filing the Exchange requested that the Commission waive the 30-day operative delay period after which a proposed rule change under Rule 19b-4(f)(6) becomes effective. Waiver of the 30-day operative delay would allow the Exchange to extend the pilot program prior to its expiration on January 15, 2016. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and public interest, as it will allow for the least amount of market disruption as the pilot will continue without interruption. For this reason, the Commission designates the proposed rule change to be operative upon filing.\14\ --------------------------------------------------------------------------- \14\ For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- 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. If the Commission takes such action, the Commission will institute proceedings to determine whether the proposed rule change should be approved or 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 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-CBOE-2015-118 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. All submissions should refer to File Number SR-CBOE-2015-118. This file [[Page 1257]] 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-CBOE-2015-118 and should be submitted on or before February 1, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\ --------------------------------------------------------------------------- \15\ 17 CFR 200.30-3(a)(12) and (59). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-00259 Filed 1-8-16; 8:45 am] BILLING CODE 8011-01-P
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III. Date of Effectiveness of the Commission process and review your and Exchange Commission (the
Proposed Rule Change and Timing for comments more efficiently, please use ‘‘Commission’’) the proposed rule
Commission Action only one method. The Commission will change as described in Items I, II, and
Because the foregoing proposed rule post all comments on the Commission’s III below, which Items have been
change does not: (A) Significantly affect Internet Web site (http://www.sec.gov/ prepared by the Exchange. The
the protection of investors or the public rules/sro.shtml). Copies of the Exchange filed the proposal as a ‘‘non-
interest; (B) impose any significant submission, all subsequent controversial’’ proposed rule change
burden on competition; and (C) by its amendments, all written statements pursuant to Section 19(b)(3)(A)(iii) of
terms, become operative for 30 days with respect to the proposed rule the Act 3 and Rule 19b–4(f)(6)
from the date on which it was filed or change that are filed with the thereunder.4 The Commission is
such shorter time as the Commission Commission, and all written publishing this notice to solicit
may designate it has become effective communications relating to the comments on the proposed rule change
pursuant to Section 19(b)(3)(A) of the proposed rule change between the from interested persons.
Act 24 and paragraph (f)(6) of Rule 19b– Commission and any person, other than
I. Self-Regulatory Organization’s
4 thereunder,25 the Exchange has those that may be withheld from the
Statement of the Terms of Substance of
designated this rule filing as non- public in accordance with the
the Proposed Rule Change
controversial. The Exchange has given provisions of 5 U.S.C. 552, will be
available for Web site viewing and CBOE proposes to amend Rule 12.3 by
the Commission written notice of its
printing in the Commission’s Public extending the Credit Option Margin
intent to file the proposed rule change,
Reference Room, 100 F Street NE., Pilot Program through January 17, 2017.
along with a brief description and text The text of the proposed rule change
of the proposed rule change at least five Washington, DC 20549, on official
business days between the hours of is available on the Exchange’s Web site
business days prior to the date of filing (http://www.cboe.com/AboutCBOE/
of the proposed rule change, or such 10:00 a.m. and 3:00 p.m. Copies of such
filing will also be available for CBOELegalRegulatoryHome.aspx), at
shorter time as designated by the the Exchange’s Office of the Secretary,
Commission. inspection and copying at the principal
office of the Exchange. All comments and at the Commission’s Public
At any time within 60 days of the
received will be posted without change; Reference Room.
filing of the proposed rule change, the
Commission summarily may the Commission does not edit personal II. Self-Regulatory Organization’s
temporarily suspend such rule change if identifying information from Statement of the Purpose of, and
it appears to the Commission that such submissions. You should submit only Statutory Basis for, the Proposed Rule
action is: (1) Necessary or appropriate in information that you wish to make Change
the public interest; (2) for the protection available publicly. All submissions
should refer to File No. SR–BATS– In its filing with the Commission, the
of investors; or (3) otherwise in Exchange included statements
furtherance of the purposes of the Act. 2015–119 and should be submitted on
or before February 1, 2016. concerning the purpose of and basis for
If the Commission takes such action, the the proposed rule change and discussed
Commission shall institute proceedings For the Commission, by the Division of any comments it received on the
to determine whether the proposed rule Trading and Markets, pursuant to delegated proposed rule change. The text of these
should be approved or disapproved. authority.26
statements may be examined at the
Robert W. Errett,
IV. Solicitation of Comments places specified in Item IV below. The
Deputy Secretary. Exchange has prepared summaries, set
Interested persons are invited to [FR Doc. 2016–00250 Filed 1–8–16; 8:45 am] forth in sections A, B, and C below, of
submit written data, views and BILLING CODE 8011–01–P the most significant aspects of such
arguments concerning the foregoing,
statements.
including whether the proposal is
consistent with the Act. Comments may SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
be submitted by any of the following COMMISSION Statement of the Purpose of, and
methods: Statutory Basis for, the Proposed Rule
[Release No. 34–76824; File No. SR–CBOE– Change
Electronic Comments 2015–118]
• Use the Commission’s Internet 1. Purpose
Self-Regulatory Organizations;
comment form (http://www.sec.gov/ On February 2, 2011, the Commission
Chicago Board Options Exchange,
rules/sro.shtml); or approved the Exchange’s proposal to
Incorporated; Notice of Filing and
• Send an email to rule- establish a Credit Option Margin Pilot
Immediate Effectiveness of a Proposed
comments@sec.gov. Please include File Program (‘‘Program’’).5 The proposal
Rule Change To Extend the Credit
No. SR–BATS–2015–119 on the subject became effective on a pilot basis to run
Option Margin Pilot Program Through
line. on a parallel track with Financial
January 17, 2017
Industry Regulatory Authority
Paper Comments
January 5, 2016.
• Send paper comments in triplicate Pursuant to Section 19(b)(1) of the 3 15 U.S.C. 78s(b)(3)(A)(iii).
to Secretary, Securities and Exchange Securities Exchange Act of 1934 (the 4 17 CFR 240.19b–4(f)(6).
Commission, 100 F Street NE., ‘‘Act’’),1 and Rule 19b–4 thereunder,2
5 See Securities Exchange Act Release No. 63819
Washington, DC 20549–1090. (February 2, 2011), 76 FR 6838 (February 8, 2011)
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notice is hereby given that on December order approving (SR–CBOE–2010–106). To
All submissions should refer to File No. 23, 2015, Chicago Board Options implement the Program, the Exchange amended
SR–BATS–2015–119. This file number Exchange, Incorporated (the ‘‘Exchange’’ Rule 12.3(l), Margin Requirements, to make CBOE’s
should be included on the subject line or ‘‘CBOE’’) filed with the Securities margin requirements for Credit Options consistent
with Financial Industry Regulatory Authority
if email is used. To help the (‘‘FINRA’’) Rule 4240, Margin Requirements for
26 17 CFR 200.30–3(a)(12). Credit Default Swaps. CBOE’s Credit Options (i.e.,
24 15 U.S.C. 78s(b)(3)(A). 1 15 U.S.C. 78s(b)(1). Credit Default Options and Credit Default Basket
25 17 CFR 240.19b–4. 2 17 CFR 240.19b–4. Options) are analogous to credit default swaps.
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![Federal Register / Vol. 81, No. 6 / Monday, January 11, 2016 / Notices 1257
number should be included on the Commission (‘‘Commission’’) the believes that it is clear that some of the
subject line if email is used. To help the proposed rule change as described in systems listed are operated by FINRA
Commission process and review your Items I, II, and III below, which Items (e.g., FINRA’s OTCBB Service), the
comments more efficiently, please use have been prepared by the Exchange. Exchange believes that expressly stating
only one method. The Commission will The Commission is publishing this that the systems include those of FINRA
post all comments on the Commission’s notice to solicit comments on the will make the rule more clear. Nasdaq
Internet Web site (http://www.sec.gov/ proposed rule change from interested is also updating the list of FINRA
rules/sro.shtml). Copies of the persons. systems that the connectivity options
submission, all subsequent under the rule may connect to. Nasdaq
amendments, all written statements I. Self-Regulatory Organization’s notes that, from time to time, new
with respect to the proposed rule Statement of the Terms of Substance of systems are added by Nasdaq and
change that are filed with the the Proposed Rule Change FINRA, and Nasdaq is taking this
Commission, and all written Nasdaq is proposing to amend Nasdaq opportunity to update the rule with all
communications relating to the Rule 7015 to clarify the connectivity of the FINRA systems covered by the
proposed rule change between the options and application of the fees rule. As such, Nasdaq is updating the
Commission and any person, other than assessed thereunder. rule to include the FINRA Trade
those that may be withheld from the The text of the proposed rule change Reporting and Compliance Engine
public in accordance with the is available at nasdaq.cchwallstreet.com (‘‘TRACE’’), and the FINRA OTC
provisions of 5 U.S.C. 552, will be [sic] at Nasdaq [sic] principal office, and Reporting Facility (‘‘ORF’’).
available for Web site viewing and at the Commission’s Public Reference Second, Nasdaq is proposing to clarify
printing in the Commission’s Public Room. the use of the term ‘‘port pair,’’ which
Reference Room, 100 F Street NE., is used inconsistently under the rule.
Washington, DC 20549 on official II. Self-Regulatory Organization’s For certain ports under Rule 7015 that
business days between the hours of Statement of the Purpose of, and are used for either trading or data,
10:00 a.m. and 3:00 p.m. Copies of the Statutory Basis for, the Proposed Rule Nasdaq additionally provides a disaster
filing also will be available for Change recovery port at no cost. Such a disaster
inspection and copying at the principal In its filing with the Commission, recovery port provides connectivity to
office of the Exchange. All comments Nasdaq included statements concerning Nasdaq’s or FINRA’s disaster recovery
received will be posted without change; the purpose of, and basis for, the location in the event of a failure of
the Commission does not edit personal proposed rule change and discussed any Nasdaq’s or FINRA’s primary trading
identifying information from comments it received on the proposed infrastructure. Nasdaq has provided
submissions. You should submit only rule change. The text of those disaster recovery ports at no cost since
information that you wish to make statements may be examined at the 2006 to encourage member firms to
available publicly. All submissions places specified in Item IV below. The maintain such connectivity in the event
should refer to File Number SR–CBOE– Exchange has prepared summaries, set of a market disruption so that the
2015–118 and should be submitted on forth in sections A, B, and C below, of market as a whole could continue to
or before February 1, 2016. the most significant parts of such operate.3 As noted, Nasdaq has not used
For the Commission, by the Division of statements. the term port pair consistently under the
Trading and Markets, pursuant to delegated rule, whereby in certain cases, port pair
authority.15 A. Self-Regulatory Organization’s is not noted in the rule yet Nasdaq
Statement of the Purpose of, and provides a disaster recovery port
Robert W. Errett,
Statutory Basis for, the Proposed Rule nonetheless.4 Accordingly, the
Deputy Secretary.
Change Exchange is eliminating the term port
[FR Doc. 2016–00259 Filed 1–8–16; 8:45 am]
1. Purpose pair and is clarifying the rule by
BILLING CODE 8011–01–P
specifically noting when a disaster
Rule 7015 provides the charges recovery port is available for a particular
Nasdaq assesses for equity securities protocol under a rule.5
SECURITIES AND EXCHANGE market connectivity to systems operated
COMMISSION Third, Nasdaq is reorganizing and
by Nasdaq. Nasdaq is amending Rule adding language to subparagraph (a) of
[Release No. 34–76825; File No. SR– 7015 in seven ways: (1) To clarify how
NASDAQ–2015–162] Rule 7015 applies to FINRA systems; (2) 3 Although Nasdaq encourages all member firms
to clarify the term ‘‘port pair’’; (3) to and options participants to have and use disaster
Self-Regulatory Organizations; The clarify QIX protocol connectivity recovery ports and to participate in disaster
NASDAQ Stock Market LLC; Notice of options; (4) to clarify FIX protocol recovery testing, the Exchange historically was
Filing and Immediate Effectiveness of unable to compel a member firm to connect to, or
connectivity options; (5) to eliminate otherwise take the steps necessary to, use a disaster
Proposed Rule Change To Amend outdated CTCI connectivity options that recovery port. Nasdaq recently adopted rules to
Nasdaq Rule 7015 rely on Nasdaq-supported circuits; (6) to require mandatory business continuity and disaster
recovery plans testing by certain member firms and
January 5, 2016. eliminate CTCI connectivity as it relates options participants, consistent with Regulation
Pursuant to Section 19(b)(1) of the to FINRA/NASDAQ Trade Reporting SCI. See Rule 1170; see also Securities Exchange
Securities Exchange Act of 1934 Facility; and (7) to add clarifying rule Act Release No. 76368 (November 5, 2015), 80 FR
text and numbering to the section of the 70045 (November 12, 2015) (SR–NASDAQ–2015–
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 134). As a consequence, certain member firms will
rule concerning other port fees.
ebenthall on DSK6SPTVN1PROD with NOTICES
notice is hereby given that, on December be required to use disaster recovery ports and
23, 2015, The NASDAQ Stock Market First, Nasdaq is proposing to add participate in business continuity and disaster
LLC (‘‘Nasdaq’’ or ‘‘Exchange’’) filed clarifying language to the preamble of recovery plans testing.
with the Securities and Exchange the rule. Specifically, Nasdaq is 4 For example, a FIX Trading Port under Rule
proposing to note that the various 7015(b).
5 A disaster recovery port is available for QIX,
15 17 CFR 200.30–3(a)(12) and (59). connectivity options under the rule FIX, and CTCI protocol ports under Rules 7015(a),
1 15 U.S.C. 78s(b)(1). include connectivity to systems (b), (c). Disaster recovery ports are also available for
2 17 CFR 240.19b–4. operated by FINRA. Although Nasdaq all of the ports available under Rule 7015(g)(2).
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Document Created: 2016-01-16 01:05:48
Document Modified: 2016-01-16 01:05:48
| 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 | 81 FR 1255 |
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