81 FR 54632 - Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Revise The Options Clearing Corporation's Schedule of Fees
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 158 (August 16, 2016)
Federal Register Volume 81, Issue 158 (August 16, 2016)
| Page Range | 54632-54634 | |
| FR Document | 2016-19431 |
[Federal Register Volume 81, Number 158 (Tuesday, August 16, 2016)] [Notices] [Pages 54632-54634] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-19431] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-78526; File No. SR-OCC-2016-008] Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Revise The Options Clearing Corporation's Schedule of Fees August 10, 2016. 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 July 29, 2016, 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. OCC filed the proposed rule change pursuant to Section 19(b)(3)(A)(ii) \3\ of the Act and Rule 19b-4(f)(2) \4\ thereunder so that the proposal was effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the 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)(ii). \4\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- I. Clearing Agency's Statement of the Terms of Substance of the Proposed Rule Change The purpose of this proposed rule change by OCC is to revise OCC's Schedule of Fees effective October 1, [[Page 54633]] 2016, or such later date as OCC may determine and announce to its Clearing Members via Information Memo,\5\ to implement a change of fees in conjunction with enhancements to OCC's Stock Loan Program (``Program''). --------------------------------------------------------------------------- \5\ On August 8, 2016, pursuant to a telephone conversation with Commission staff, OCC agreed that if OCC determines that an effective date later than October 1, 2016 is required for the fee change that is the subject of this filing, OCC will re-file a revised Schedule of Fees specifying the new effective date. In addition, OCC agreed to the insertion of clarifying language concerning its determination of any later effective date in its description of the proposed rule change. --------------------------------------------------------------------------- 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 revise OCC's Schedule of Fees to more adequately cover the expenses incurred by OCC to operate the Program, including costs associated with ongoing and anticipated operational and risk management enhancements to the Program. The revised fee schedule would become effective on October 1, 2016, or such later date as OCC may determine and announce via Information Memo.\6\ --------------------------------------------------------------------------- \6\ See supra note 5. --------------------------------------------------------------------------- The Program began in 1993 as a tool for participants to use borrowed and loaned securities to reduce OCC margin requirements by reflecting the actual risks of their inter-market hedged positions. When the Program began, OCC implemented a risk management infrastructure based on the Program's scale and complexity. Over time, OCC's Clearing Members have discovered that the Program can provide valuable risk management and capital efficiency solutions. Specifically, the credit risk of a given stock loan transaction in the Program is significantly lower than a bilaterally executed stock loan as a result of OCC's novation and guarantee of stock loans in the Program, and Clearing Members' stock loans in the Program are netted against their other positions held at OCC. These factors have caused significant increases in both the scale of the Program and the resulting risk management demands. As a result of the increased operational and risk management demands of the Program, and in light of OCC's heightened responsibilities as a designated Systemically Important Financial Market Utility, OCC is considering a number of enhancements to its operational and risk management systems and processes, which require both process redesign and increased operating expenses. These enhanced systems and processes would include:The capture and validation of trades prior to facilitating settlement; A new position accounting system to support expanded guarantee of contract terms such as rebate rate and term; An automated trade correction mechanism; Automated systems to support re-matching upon the default of a participant lending and borrowing the same security; and, Automation of the default management process for any unmatched positions and limitation of the close-out period. Taking these enhancements into account, OCC analyzed its pricing for the Program, which has not been updated since 2009, against the Program's annual revenue as well as the Program's expenses assessed against OCC by the Depository Trust Company (``DTC'') and determined that current pricing would not reflect the expenses incurred by OCC to make the Program more robust and sustainable given its increased scope and risk managements demands. OCC arrived at the fee schedule presented herein by determining pricing for the Program that: (1) Covers OCC's costs in running the Program, including the transaction fees charged to OCC by DTC; (2) account for costs incurred by OCC to make the operational and risk management enhancements required to make the Program more robust and sustainable; and, (3) better reflects the value the Program provides participants, particularly to borrowers, by providing for a centrally cleared and risk managed stock loan clearing solution. As a result of the aforementioned analysis, OCC proposes to revise its Schedule of Fees \7\ by adding a monthly 0.4 basis point annualized charge for borrowers on average daily notional outstanding balances in addition to the current $1 clearing fee for both lenders and borrowers, which would be retained under the proposed fee change.\8\ --------------------------------------------------------------------------- \7\ These changes are also reflected in Exhibit 5. \8\ OCC notes that the proposed fee increase is designed to help defray increased expenses to OCC from the development and implementation of the ongoing and anticipated operational and risk management enhancements discussed above. Moreover, OCC would continue to monitor Program revenue and expenses in order to determine if further revisions to OCC's Schedule of Fees are required so that revenue is commensurate with expenses and the services provided. Any subsequent changes to OCC's Schedule of Fees would be the subject of a subsequent proposed rule change filed with the Commission. --------------------------------------------------------------------------- OCC does not believe that its current pricing schedule reflects the value that the Program provides to its participants, particularly to borrowers using the Program. Securities lending transactions are typically driven by the need for borrowers to obtain specific securities. Lenders, in comparison, do not have a specific need to lend their securities and the price of a given stock loan transaction in part compensates the lender for the borrower's credit risk. As a result, it is common for the borrower to pay all ancillary fees related to a given stock loan transaction. Moreover, while borrowers and lenders both benefit from the risk management and capital efficiencies gained by clearing stock loan transactions through the Program, on balance, the capital efficiencies for borrowers are greater. Furthermore, the implementation of the aforementioned operational and risk management enhancements would provide for a more robust and sustainable Program, and as a result, OCC hopes to be able to build on this foundation in the future to attract a broader market of securities borrowers and lenders to the Program, particularly securities lenders, which would potentially lead to borrowers in the Program receiving better loan rates because there would a greater amount of willing lenders. 2. Statutory Basis OCC believes that the proposed rule change concerning a change to OCC's clearing fees is consistent with Section 17A(b)(3)(D) \9\ of the Act, because the proposed fee schedule provides for the equitable allocation of reasonable fees among its Clearing Members. OCC believes the proposed fee change is reasonable because it is designed to cover the costs incurred by OCC to implement operational and risk management enhancements designed to make the Program more robust and sustainable, particularly given the increased scale and risk management demands of the Program, and the increased revenue from the fee change [[Page 54634]] is anticipated to help offset the increased expenses incurred by OCC to make such enhancements. These enhancements would strengthen the Program's operational resiliency and risk management capabilities, potentially enabling the introduction of further enhancements that would allow the Program to service a broader market of participants, which in turn would provide economic benefits and lower risk for both borrowers and lenders. Moreover, OCC believes that the proposed fee schedule would provide for an equitable allocation of clearing fees to users of the Program. Specifically, OCC would retain the $1 new loan transaction clearing fee for both lenders and borrowers, and the proposed fee change would impose an additional monthly 0.4 basis point annualized charge for borrowers based on average daily notional outstanding balances to more appropriately allocate costs of the Program to those users benefiting most from the Program. The proposed fee change would therefore better align Program fees with the industry, in which is it common practice for borrowers to bear additional costs associated with stock loan transactions. The proposed rule change is not inconsistent with the existing rules of OCC, including any other rules proposed to be amended. --------------------------------------------------------------------------- \9\ 17 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 have any impact or impose a burden on competition not necessary or appropriate in furtherance of the purposes of the Act.\10\ Although this proposed rule change would assess an additional fee against borrowers utilizing the Program that is not assessed against lenders, as explained above, OCC believes that the proposed rule change appropriately aligns how fees are assessed with the economic and risk management benefits of the Program, and enables OCC to provide a more robust Program that will expand its user base and benefit borrowers. Also, the proposed fee changes would not disadvantage or favor any particular borrower or lender utilizing the Program in relationship to another borrower or lender, respectively, because the proposed clearing fees apply equally to all users of the Program. Accordingly, OCC does not believe that the proposed rule change would have any impact or impose a burden on competition not necessary or appropriate in furtherance of the purposes of the Act. --------------------------------------------------------------------------- \10\ 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 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)(ii) of the Act \11\ and Rule 19b-4(f)(2) thereunder.\12\ 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. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(3)(A)(ii). \12\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- 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-2016-008 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-OCC-2016-008. 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 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_16_008.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-2016-008 and should be submitted on or before September 6, 2016. --------------------------------------------------------------------------- \13\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\13\ Robert W. Errett, Deputy Secretary. [FR Doc. 2016-19431 Filed 8-15-16; 8:45 am] BILLING CODE 8011-01-P
![54632 Federal Register / Vol. 81, No. 158 / Tuesday, August 16, 2016 / Notices
and perfect the mechanism of a free and III. Date of Effectiveness of the Proposed Reference Room, 100 F Street NE.,
open market and a national market Rule Change and Timing for Washington, DC 20549 on official
system, and, in general, to protect Commission Action business days between the hours of
investors and the public interest. The foregoing rule change has become 10:00 a.m. and 3:00 p.m. Copies of the
Additionally, the Exchange believes the effective pursuant to Section 19(b)(3)(A) filing also will be available for
proposed rule change is consistent with of the Act 6 and paragraph (f) of Rule inspection and copying at the principal
Section 6(b)(4) of the Act,5 which 19b–4 7 thereunder. At any time within office of the Exchange. All comments
requires that Exchange rules provide for 60 days of the filing of the proposed rule received will be posted without change;
the equitable allocation of reasonable change, the Commission summarily may the Commission does not edit personal
dues, fees, and other charges among its temporarily suspend such rule change if identifying information from
Trading Permit Holders and other it appears to the Commission that such submissions. You should submit only
persons using its facilities. action is necessary or appropriate in the information that you wish to make
The Exchange believes extending the public interest, for the protection of available publicly. All submissions
waiver of ETH Trading Permit and investors, or otherwise in furtherance of should refer to File Number SR–CBOE–
Bandwidth Packet fees for one of each the purposes of the Act. If the 2016–060 and should be submitted on
type of Trading Permit and Bandwidth Commission takes such action, the or before September 6, 2016.
Packet, per affiliated TPH through Commission will institute proceedings For the Commission, by the Division of
December 31, 2016 is reasonable, to determine whether the proposed rule Trading and Markets, pursuant to delegated
equitable and not unfairly change should be approved or authority.8
discriminatory, because it promotes and disapproved. Robert W. Errett,
encourages trading during the ETH Deputy Secretary.
IV. Solicitation of Comments
session and applies to all ETH TPHs. [FR Doc. 2016–19443 Filed 8–15–16; 8:45 am]
The Exchange believes it’s also Interested persons are invited to BILLING CODE 8011–01–P
reasonable, equitable and not unfairly submit written data, views, and
discriminatory to waive fees for Login arguments concerning the foregoing,
IDs related to waived Trading Permits including whether the proposed rule SECURITIES AND EXCHANGE
and/or Bandwidth Packets in order to change is consistent with the Act. COMMISSION
promote and encourage ongoing Comments may be submitted by any of
the following methods: [Release No. 34–78526; File No. SR–OCC–
participation in ETH and also applies to 2016–008]
all ETH TPHs. Electronic Comments
• Use the Commission’s Internet Self-Regulatory Organizations; The
B. Self-Regulatory Organization’s Options Clearing Corporation; Notice
Statement on Burden on Competition comment form (http://www.sec.gov/
rules/sro.shtml); or of Filing and Immediate Effectiveness
The Exchange does not believe that • Send an email to rule-comments@ of Proposed Rule Change To Revise
the proposed rule changes will impose sec.gov. Please include File Number SR– The Options Clearing Corporation’s
any burden on competition that are not CBOE–2016–060 on the subject line. Schedule of Fees
necessary or appropriate in furtherance August 10, 2016.
Paper Comments
of the purposes of the Act. The Pursuant to Section 19(b)(1) of the
Exchange does not believe that the • Send paper comments in triplicate
Securities Exchange Act of 1934
proposed rule change will impose any to Secretary, Securities and Exchange
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
burden on intramarket competition Commission, 100 F Street NE.,
notice is hereby given that on July 29,
because it applies to all Trading Permit Washington, DC 20549–1090.
2016, The Options Clearing Corporation
Holders and encourages Trading Permit All submissions should refer to File (‘‘OCC’’) filed with the Securities and
Holders to participate in the ETH Number SR–CBOE–2016–060. This file Exchange Commission (‘‘Commission’’)
session. number should be included on the the proposed rule change as described
The Exchange does not believe that subject line if email is used. To help the in Items I, II, and III below, which Items
Commission process and review your have been prepared by OCC. OCC filed
the proposed rule changes will impose
comments more efficiently, please use
any burden on intermarket competition the proposed rule change pursuant to
only one method. The Commission will
that is not necessary or appropriate in Section 19(b)(3)(A)(ii) 3 of the Act and
post all comments on the Commission’s
furtherance of the purposes of the Act Rule 19b–4(f)(2) 4 thereunder so that the
Internet Web site (http://www.sec.gov/
because the proposed changes only proposal was effective upon filing with
rules/sro.shtml). Copies of the
affect trading on CBOE. To the extent the Commission. The Commission is
submission, all subsequent
that the proposed changes make CBOE publishing this notice to solicit
amendments, all written statements
a more attractive marketplace for market comments on the rule change from
with respect to the proposed rule
participants at other exchanges, such interested persons.
change that are filed with the
market participants are welcome to
Commission, and all written I. Clearing Agency’s Statement of the
become CBOE market participants.
communications relating to the Terms of Substance of the Proposed
C. Self-Regulatory Organization’s proposed rule change between the Rule Change
asabaliauskas on DSK3SPTVN1PROD with NOTICES
Statement on Comments on the Commission and any person, other than The purpose of this proposed rule
Proposed Rule Change Received From those that may be withheld from the change by OCC is to revise OCC’s
Members, Participants, or Others public in accordance with the Schedule of Fees effective October 1,
provisions of 5 U.S.C. 552, will be
The Exchange neither solicited nor available for Web site viewing and 8 17 CFR 200.30–3(a)(12).
received comments on the proposed printing in the Commission’s Public 1 15 U.S.C. 78s(b)(1).
rule change. 2 17 CFR 240.19b–4.
6 15 U.S.C. 78s(b)(3)(A). 3 15 U.S.C. 78s(b)(3)(A)(ii).
5 15 U.S.C. 78f(b)(4). 7 17 CFR 240.19b–4(f). 4 17 CFR 240.19b–4(f)(2).
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![54634 Federal Register / Vol. 81, No. 158 / Tuesday, August 16, 2016 / Notices
is anticipated to help offset the necessary or appropriate in furtherance communications relating to the
increased expenses incurred by OCC to of the purposes of the Act. proposed rule change between the
make such enhancements. These Commission and any person, other than
(C) Clearing Agency’s Statement on
enhancements would strengthen the those that may be withheld from the
Comments on the Proposed Rule
Program’s operational resiliency and public in accordance with the
Change Received From Members,
risk management capabilities, provisions of 5 U.S.C. 552, will be
Participants or Others available for Web site viewing and
potentially enabling the introduction of
further enhancements that would allow Written comments were not and are printing in the Commission’s Public
the Program to service a broader market not intended to be solicited with respect Reference Room, 100 F Street NE.,
of participants, which in turn would to the proposed rule change, and none Washington, DC 20549, on official
provide economic benefits and lower have been received. business days between the hours of
risk for both borrowers and lenders. 10:00 a.m. and 3:00 p.m. Copies of such
III. Date of Effectiveness of the
Moreover, OCC believes that the filing also will be available for
Proposed Rule Change and Timing for
proposed fee schedule would provide inspection and copying at the principal
Commission Action
for an equitable allocation of clearing office of OCC and on OCC’s Web site at
The foregoing rule change has become http://www.theocc.com/components/
fees to users of the Program. effective pursuant to Section docs/legal/rules_and_bylaws/sr_occ_16_
Specifically, OCC would retain the $1 19(b)(3)(A)(ii) of the Act 11 and Rule 008.pdf.
new loan transaction clearing fee for 19b–4(f)(2) thereunder.12 At any time All comments received will be posted
both lenders and borrowers, and the within 60 days of the filing of the without change; the Commission does
proposed fee change would impose an proposed rule change, the Commission not edit personal identifying
additional monthly 0.4 basis point summarily may temporarily suspend information from submissions. You
annualized charge for borrowers based such rule change if it appears to the should submit only information that
on average daily notional outstanding Commission that such action is you wish to make available publicly. All
balances to more appropriately allocate necessary or appropriate in the public submissions should refer to File
costs of the Program to those users interest, for the protection of investors, Number SR–OCC–2016–008 and should
benefiting most from the Program. The or otherwise in furtherance of the be submitted on or before September 6,
proposed fee change would therefore purposes of the Act. 2016.
better align Program fees with the
IV. Solicitation of Comments For the Commission, by the Division of
industry, in which is it common
Trading and Markets, pursuant to delegated
practice for borrowers to bear additional Interested persons are invited to authority.13
costs associated with stock loan submit written data, views, and Robert W. Errett,
transactions. The proposed rule change arguments concerning the foregoing, Deputy Secretary.
is not inconsistent with the existing including whether the proposed rule
[FR Doc. 2016–19431 Filed 8–15–16; 8:45 am]
rules of OCC, including any other rules change is consistent with the Act.
BILLING CODE 8011–01–P
proposed to be amended. Comments may be submitted by any of
the following methods:
(B) Clearing Agency’s Statement on
Burden on Competition Electronic Comments SECURITIES AND EXCHANGE
• Use the Commission’s Internet COMMISSION
OCC does not believe that the
proposed rule change would have any comment form (http://www.sec.gov/ [Release No. 34–78533; File No. SR–
rules/sro.shtml); or NASDAQ–2016–086]
impact or impose a burden on
• Send an email to rule-comments@
competition not necessary or Self-Regulatory Organizations; The
sec.gov. Please include File Number SR–
appropriate in furtherance of the NASDAQ Stock Market LLC; Order
OCC–2016–008 on the subject line.
purposes of the Act.10 Although this Granting Approval of a Proposed Rule
proposed rule change would assess an Paper Comments Change, as Modified by Amendment
additional fee against borrowers • Send paper comments in triplicate No. 1 Thereto, To List and Trade the
utilizing the Program that is not to Brent J. Fields, Secretary, Securities Shares of the VanEck Vectors Long/
assessed against lenders, as explained and Exchange Commission, 100 F Street Flat Commodity ETF
above, OCC believes that the proposed NE., Washington, DC 20549–1090.
rule change appropriately aligns how August 10, 2016.
All submissions should refer to File
fees are assessed with the economic and Number SR–OCC–2016–008. This file I. Introduction
risk management benefits of the number should be included on the On June 10, 2016, The NASDAQ
Program, and enables OCC to provide a subject line if email is used. To help the Stock Market LLC (‘‘Nasdaq’’ or
more robust Program that will expand Commission process and review your ‘‘Exchange’’) filed with the Securities
its user base and benefit borrowers. comments more efficiently, please use and Exchange Commission
Also, the proposed fee changes would only one method. The Commission will (‘‘Commission’’), pursuant to Section
not disadvantage or favor any particular post all comments on the Commission’s 19(b)(1) of the Securities Exchange Act
borrower or lender utilizing the Program Internet Web site (http://www.sec.gov/ of 1934 (‘‘Act’’ or ‘‘Exchange Act’’),1 and
in relationship to another borrower or
asabaliauskas on DSK3SPTVN1PROD with NOTICES
rules/sro.shtml). Copies of the Rule 19b–4 thereunder,2 a proposed rule
lender, respectively, because the submission, all subsequent change to list and trade shares
proposed clearing fees apply equally to amendments, all written statements (‘‘Shares’’) of the VanEck Vectors Long/
all users of the Program. Accordingly, with respect to the proposed rule Flat Commodity ETF (‘‘Fund’’) under
OCC does not believe that the proposed change that are filed with the Nasdaq Rule 5735. The Commission
rule change would have any impact or Commission, and all written
impose a burden on competition not 13 17 CFR 200.30–3(a)(12).
11 15 U.S.C. 78s(b)(3)(A)(ii). 1 15 U.S.C. 78s(b)(1).
10 15 U.S.C. 78q–1(b)(3)(I). 12 17 CFR 240.19b–4(f)(2). 2 17 CFR 240.19b–4.
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Document Created: 2016-08-16 03:20:24
Document Modified: 2016-08-16 03:20:24
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 81 FR 54632 |
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