81_FR_6941 81 FR 6915 - Self-Regulatory Organizations; The Options Clearing Corporation; Order Approving the Adoption of a Charter of a New Committee of The Options Clearing Corporation's Board of Directors, the Technology Committee

81 FR 6915 - Self-Regulatory Organizations; The Options Clearing Corporation; Order Approving the Adoption of a Charter of a New Committee of The Options Clearing Corporation's Board of Directors, the Technology Committee

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 26 (February 9, 2016)

Page Range6915-6916
FR Document2016-02437

Federal Register, Volume 81 Issue 26 (Tuesday, February 9, 2016)
[Federal Register Volume 81, Number 26 (Tuesday, February 9, 2016)]
[Notices]
[Pages 6915-6916]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-02437]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77042; File No. SR-OCC-2015-018]


Self-Regulatory Organizations; The Options Clearing Corporation; 
Order Approving the Adoption of a Charter of a New Committee of The 
Options Clearing Corporation's Board of Directors, the Technology 
Committee

February 3, 2016.
    On December 8, 2015, The Options Clearing Corporation (``OCC'') 
filed with the Securities and Exchange Commission (``Commission'') the 
proposed rule change SR-OCC-2015-018 pursuant to Section 19(b)(1) of 
the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 
thereunder.\2\ On December 24, 2015, the proposed rule change was 
published for comment in the Federal Register.\3\ The Commission did 
not receive any comments on the proposed rule change. This order 
approves the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 76686 (December 18, 
2015), 80 FR 80422 (December 24, 2015) (SR-OCC-2015-018).
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I. Description

    OCC is adopting a Charter for a new committee of OCC's Board of 
Directors (``Board''), the Technology Committee (``TC''). Additionally, 
OCC is adding a description of the TC into Article III, Section 9 of 
OCC's By-Laws. The Board formed the TC in order to enhance the Board's 
understanding and oversight of key technology, information security, 
and cyber-security risk issues at OCC. Consistent with OCC's other 
Board-level committee charters, the TC Charter sets forth: (i) The 
purpose, functions, and responsibilities of the TC; and (ii) the 
composition and organization of the TC.
    As set forth in the TC Charter, the TC will be responsible for: (i) 
Overseeing major information technology (``IT'') related strategies, 
projects, and technology architecture decisions; (ii) monitoring 
whether OCC's IT programs effectively support OCC's business objectives 
and strategies; (iii) monitoring OCC's IT risk management efforts as 
well as the security of OCC's information systems and physical security 
of information system assets; and (iv) conferring with OCC's senior IT 
management team and informing the Board on IT-related matters.
    Further, and with respect to the TC Charter's role in the oversight 
of OCC's IT strategy and projects, the TC Charter provides that the TC 
will be specifically tasked with: (i) Evaluating OCC's IT strategy, 
including the financial, tactical, and strategic benefits of IT 
projects and technology architecture initiatives; (ii) critically 
reviewing IT projects and technology architecture decisions, including 
review of the process related to approval of capital expenditures as 
they relate to IT projects; and (iii) making recommendations to the 
Board with respect to IT-related projects and investments that require 
Board approval. In addition, the TC Charter will require that the TC: 
(i) Monitor the quality and effectiveness of OCC's IT and physical 
security, including periodically reviewing and appraising OCC's 
disaster recovery capabilities and crisis management plans; (ii) in 
coordination and cooperation with the Audit Committee of the Board, 
monitor the quality and effectiveness of OCC's IT systems and processes 
that relate to or affect OCC's internal controls and assess OCC's 
management of IT-related compliance risks; (iii) report to the Board 
and the Audit Committee about IT risks and controls; and (iv) serve in 
an advisory role with respect to IT decisions at OCC. In connection 
with carrying out its responsibilities, the TC will also, in general, 
inform and make recommendations to the Board and other Board-level 
committees with respect to IT-related matters.
    The TC Charter will provide that the TC be comprised of three or 
more directors, and meet at least four times per year.\4\ The TC will 
function in a manner similar to the other Board-level committees in 
that it will have the ability to hire specialists and meet in executive 
session as well as be required to report to the Board on an annual 
basis. The TC will also have to annually confirm to the Board that its 
responsibilities, as set forth in the TC Charter, have been carried out 
and evaluate its and its members' performance on a regular basis.
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    \4\ Members of the TC will not need to be technology experts.
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II. Discussion and Commission Findings

    Section 19(b)(2)(C) of the Act \5\ directs the Commission to 
approve a proposed rule change of a self-regulatory organization if it 
finds that the rule change, as proposed, is consistent with the 
requirements of the Act and the rules and regulations thereunder 
applicable to such organization.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78s(b)(2)(C).
---------------------------------------------------------------------------

    The Commission finds that the proposed rule change is consistent 
with Section 17A(b)(3)(F) of the Act. This section requires, among 
other things, that the rules of a clearing agency promote the prompt 
and accurate clearance and settlement of securities transactions.\6\ 
The rule change should enhance the effectiveness of the Board's 
oversight on OCC's business and operational processes. Specifically, it 
should enhance technology-related processes (such as disaster recovery 
and crisis management plans), as well as IT systems that relate to 
internal controls and compliance risks, through a dedicated Board-level 
committee's oversight of such processes. Accordingly, the proposed rule 
change will increase the likelihood that OCC's technology processes 
work as expected, including those processes tied to the clearance and 
settlement of securities transactions.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    Additionally, the Commission finds that the proposed rule change is 
consistent with Rule 17Ad-22(d)(8). This rule requires a clearing 
agency's the written policies and procedures to: (i) Have governance 
arrangements that are clear and transparent to fulfill the public 
interest requirements in Section 17A of the Act; (ii) support the 
objectives of OCC's owners and participants; and (iii) promote the 
effectiveness of OCC's risk management procedures.\7\ First, the TC 
Charter delineates a clear and transparent governance arrangement 
designed to increase the likelihood that OCC's technology processes 
work as expected (including those processes tied to the clearance and 
settlement of securities transactions). By increasing the likelihood 
that OCC's technology processes work as expected, the TC Charter also 
supports the objective of OCC's owners and participants to promote the 
prompt and accurate clearance and settlement of securities

[[Page 6916]]

transactions. Finally, the TC Charter promotes the effectiveness of 
OCC's risk management procedures by establishing a Board-level 
committee focused on reducing IT-related risk at OCC.
---------------------------------------------------------------------------

    \7\ 17 CFR 240.17Ad-22(d)(8).
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III. Conclusion

    On the basis of the foregoing, the Commission finds that the 
proposal is consistent with the requirements of the Act, and in 
particular, with the requirements of Section 17A of the Act \8\ and the 
rules and regulations thereunder.
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    \8\ In approving this proposed rule change, the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. See 15 U.S.C. 78c(f).
---------------------------------------------------------------------------

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\9\ that the proposed rule change (SR-OCC-2015-018) be, and it 
hereby is, approved.
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    \9\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
Robert W. Errett,
Deputy Secretary.
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    \10\ 17 CFR 200.30-3(a)(12).
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[FR Doc. 2016-02437 Filed 2-8-16; 8:45 am]
 BILLING CODE 8011-01-P



                                                                               Federal Register / Vol. 81, No. 26 / Tuesday, February 9, 2016 / Notices                                              6915

                                                  Commission does not edit personal                          As set forth in the TC Charter, the TC             responsibilities, as set forth in the TC
                                                  identifying information from                            will be responsible for: (i) Overseeing               Charter, have been carried out and
                                                  submissions. You should submit only                     major information technology (‘‘IT’’)                 evaluate its and its members’
                                                  information that you wish to make                       related strategies, projects, and                     performance on a regular basis.
                                                  available publicly. All submissions                     technology architecture decisions; (ii)
                                                                                                                                                                II. Discussion and Commission
                                                  should refer to File Number SR–DTC–                     monitoring whether OCC’s IT programs
                                                                                                                                                                Findings
                                                  2016–002 and should be submitted on                     effectively support OCC’s business
                                                  or before March 1, 2016.                                objectives and strategies; (iii)                         Section 19(b)(2)(C) of the Act 5 directs
                                                                                                          monitoring OCC’s IT risk management                   the Commission to approve a proposed
                                                    For the Commission, by the Division of
                                                                                                          efforts as well as the security of OCC’s              rule change of a self-regulatory
                                                  Trading and Markets, pursuant to delegated
                                                  authority.23                                            information systems and physical                      organization if it finds that the rule
                                                                                                          security of information system assets;                change, as proposed, is consistent with
                                                  Robert W. Errett,
                                                                                                          and (iv) conferring with OCC’s senior IT              the requirements of the Act and the
                                                  Deputy Secretary.
                                                                                                          management team and informing the                     rules and regulations thereunder
                                                  [FR Doc. 2016–02438 Filed 2–8–16; 8:45 am]                                                                    applicable to such organization.
                                                                                                          Board on IT-related matters.
                                                  BILLING CODE 8011–01–P                                     Further, and with respect to the TC                   The Commission finds that the
                                                                                                          Charter’s role in the oversight of OCC’s              proposed rule change is consistent with
                                                                                                          IT strategy and projects, the TC Charter              Section 17A(b)(3)(F) of the Act. This
                                                  SECURITIES AND EXCHANGE                                 provides that the TC will be specifically             section requires, among other things,
                                                  COMMISSION                                              tasked with: (i) Evaluating OCC’s IT                  that the rules of a clearing agency
                                                  [Release No. 34–77042; File No. SR–OCC–                 strategy, including the financial,                    promote the prompt and accurate
                                                  2015–018]                                               tactical, and strategic benefits of IT                clearance and settlement of securities
                                                                                                          projects and technology architecture                  transactions.6 The rule change should
                                                  Self-Regulatory Organizations; The                      initiatives; (ii) critically reviewing IT             enhance the effectiveness of the Board’s
                                                  Options Clearing Corporation; Order                     projects and technology architecture                  oversight on OCC’s business and
                                                  Approving the Adoption of a Charter of                  decisions, including review of the                    operational processes. Specifically, it
                                                  a New Committee of The Options                          process related to approval of capital                should enhance technology-related
                                                  Clearing Corporation’s Board of                         expenditures as they relate to IT                     processes (such as disaster recovery and
                                                  Directors, the Technology Committee                     projects; and (iii) making                            crisis management plans), as well as IT
                                                                                                          recommendations to the Board with                     systems that relate to internal controls
                                                  February 3, 2016.
                                                                                                          respect to IT-related projects and                    and compliance risks, through a
                                                     On December 8, 2015, The Options                                                                           dedicated Board-level committee’s
                                                                                                          investments that require Board
                                                  Clearing Corporation (‘‘OCC’’) filed with                                                                     oversight of such processes.
                                                                                                          approval. In addition, the TC Charter
                                                  the Securities and Exchange                                                                                   Accordingly, the proposed rule change
                                                                                                          will require that the TC: (i) Monitor the
                                                  Commission (‘‘Commission’’) the                                                                               will increase the likelihood that OCC’s
                                                                                                          quality and effectiveness of OCC’s IT
                                                  proposed rule change SR–OCC–2015–                                                                             technology processes work as expected,
                                                                                                          and physical security, including
                                                  018 pursuant to Section 19(b)(1) of the                                                                       including those processes tied to the
                                                                                                          periodically reviewing and appraising
                                                  Securities Exchange Act of 1934                         OCC’s disaster recovery capabilities and              clearance and settlement of securities
                                                  (‘‘Act’’) 1 and Rule 19b–4 thereunder.2                 crisis management plans; (ii) in                      transactions.
                                                  On December 24, 2015, the proposed                      coordination and cooperation with the                    Additionally, the Commission finds
                                                  rule change was published for comment                   Audit Committee of the Board, monitor                 that the proposed rule change is
                                                  in the Federal Register.3 The                           the quality and effectiveness of OCC’s IT             consistent with Rule 17Ad–22(d)(8).
                                                  Commission did not receive any                          systems and processes that relate to or               This rule requires a clearing agency’s
                                                  comments on the proposed rule change.                   affect OCC’s internal controls and assess             the written policies and procedures to:
                                                  This order approves the proposed rule                   OCC’s management of IT-related                        (i) Have governance arrangements that
                                                  change.                                                 compliance risks; (iii) report to the                 are clear and transparent to fulfill the
                                                  I. Description                                          Board and the Audit Committee about                   public interest requirements in Section
                                                                                                          IT risks and controls; and (iv) serve in              17A of the Act; (ii) support the
                                                     OCC is adopting a Charter for a new
                                                                                                          an advisory role with respect to IT                   objectives of OCC’s owners and
                                                  committee of OCC’s Board of Directors
                                                                                                          decisions at OCC. In connection with                  participants; and (iii) promote the
                                                  (‘‘Board’’), the Technology Committee
                                                                                                          carrying out its responsibilities, the TC             effectiveness of OCC’s risk management
                                                  (‘‘TC’’). Additionally, OCC is adding a
                                                                                                          will also, in general, inform and make                procedures.7 First, the TC Charter
                                                  description of the TC into Article III,
                                                                                                          recommendations to the Board and                      delineates a clear and transparent
                                                  Section 9 of OCC’s By-Laws. The Board
                                                                                                          other Board-level committees with                     governance arrangement designed to
                                                  formed the TC in order to enhance the
                                                                                                          respect to IT-related matters.                        increase the likelihood that OCC’s
                                                  Board’s understanding and oversight of
                                                                                                             The TC Charter will provide that the               technology processes work as expected
                                                  key technology, information security,
                                                                                                          TC be comprised of three or more                      (including those processes tied to the
                                                  and cyber-security risk issues at OCC.
                                                                                                          directors, and meet at least four times               clearance and settlement of securities
                                                  Consistent with OCC’s other Board-level
                                                                                                          per year.4 The TC will function in a                  transactions). By increasing the
                                                  committee charters, the TC Charter sets
                                                                                                          manner similar to the other Board-level               likelihood that OCC’s technology
                                                  forth: (i) The purpose, functions, and
                                                                                                          committees in that it will have the                   processes work as expected, the TC
                                                  responsibilities of the TC; and (ii) the
mstockstill on DSK4VPTVN1PROD with NOTICES




                                                                                                          ability to hire specialists and meet in               Charter also supports the objective of
                                                  composition and organization of the TC.
                                                                                                          executive session as well as be required              OCC’s owners and participants to
                                                    23 17 CFR 200.30–3(a)(12).
                                                                                                          to report to the Board on an annual                   promote the prompt and accurate
                                                    1 15 U.S.C. 78s(b)(1).                                basis. The TC will also have to annually              clearance and settlement of securities
                                                    2 17 CFR 240.19b–4.                                   confirm to the Board that its
                                                    3 Securities Exchange Act Release No. 76686                                                                   5 15 U.S.C. 78s(b)(2)(C).
                                                                                                                                                                  6 15 U.S.C. 78q–1(b)(3)(F).
                                                  (December 18, 2015), 80 FR 80422 (December 24,            4 Members of the TC will not need to be
                                                  2015) (SR–OCC–2015–018).                                technology experts.                                     7 17 CFR 240.17Ad–22(d)(8).




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                                                  6916                         Federal Register / Vol. 81, No. 26 / Tuesday, February 9, 2016 / Notices

                                                  transactions. Finally, the TC Charter                   II. The Exchange’s Description of the                  Additionally, NYSE Arca clarifies that
                                                  promotes the effectiveness of OCC’s risk                Proposed Rule Change                                   the Commentary is inapplicable because
                                                  management procedures by establishing                                                                          the Index contains options
                                                                                                          A. The Prior Proposal
                                                  a Board-level committee focused on                                                                             components.8
                                                  reducing IT-related risk at OCC.                           The Commission approved the listing                    The Exchange asserts that the deletion
                                                                                                          and trading on the Exchange of shares                  of its prior representations would not
                                                  III. Conclusion                                         (‘‘Shares’’) of the WisdomTree Put Write               adversely affect investors or the public
                                                                                                          Strategy Fund (‘‘Fund’’) under NYSE                    interest, because the Index is based on
                                                    On the basis of the foregoing, the
                                                                                                          Arca Equities Rule 5.2(j)(3), which                    CBOE-traded puts on the S&P 500,
                                                  Commission finds that the proposal is
                                                                                                          governs the listing and trading of                     which are highly liquid.9 The Exchange
                                                  consistent with the requirements of the
                                                                                                          Investment Company Units.4 The                         further estimates that, on the launch
                                                  Act, and in particular, with the
                                                                                                          Exchange filed that proposed rule                      date, the Fund would hold
                                                  requirements of Section 17A of the Act 8
                                                                                                          change because the Fund and the Shares                 approximately $2.5–$5.0 million in cash
                                                  and the rules and regulations
                                                                                                          did not meet all of the ‘‘generic’’ listing            and cash equivalents. The Exchange
                                                  thereunder.
                                                                                                          requirements of Commentary .01(a)(A)                   also believes that sufficient protections
                                                    It is therefore ordered, pursuant to                  to NYSE Arca Equities Rule 5.2(j)(3),                  are in place to protect against market
                                                  Section 19(b)(2) of the Act,9 that the                  applicable to the listing of Investment                manipulation of the Fund’s Shares and
                                                  proposed rule change (SR–OCC–2015–                      Company Units based upon an index of                   SPX Puts because: (i) Trading in the
                                                  018) be, and it hereby is, approved.                    ‘‘US Component Stocks.’’ 5 The                         Shares and the underlying Fund
                                                    For the Commission, by the Division of                Exchange represented that the Shares                   instruments are subject to the federal
                                                  Trading and Markets, pursuant to delegated              would conform to the initial and                       securities laws and to the Exchange’s,
                                                  authority.10                                            continued listing criteria under NYSE                  CBOE’s, and the Financial Industry
                                                  Robert W. Errett,                                       Arca Equities Rules 5.2(j)(3) and                      Regulatory Authority’s rules and
                                                  Deputy Secretary.
                                                                                                          5.5(g)(2), except that the underlying                  surveillance programs, which are
                                                                                                          index, the CBOE S&P 500 Put Write                      designed to detect violations; (ii) assets
                                                  [FR Doc. 2016–02437 Filed 2–8–16; 8:45 am]
                                                                                                          Index (the ‘‘Index’’), would not meet the              in the portfolio—which will primarily
                                                  BILLING CODE 8011–01–P
                                                                                                          requirements of NYSE Arca Equities                     be short-term U.S. Treasury bills 10 and
                                                                                                          Rule 5.2(j)(3), Commentary .01(a)(A)(1)–               SPX Puts—will be acquired in
                                                                                                          (5). The Exchange, however, also                       extremely liquid and highly regulated
                                                  SECURITIES AND EXCHANGE                                 represented that the Index would (1)                   markets; and (iii) the exchange-traded
                                                  COMMISSION                                              include a minimum of 20 components,                    fund creation/redemption and arbitrage
                                                                                                          and therefore (2) meet the numerical                   mechanisms are tied to the large pool of
                                                  [Release No. 34–77045; File No. SR–                     requirements of NYSE Arca Equities                     liquidity of each of the Fund’s
                                                  NYSEArca–2015–113]                                      Rule 5.2(j)(3), Commentary .01(a)(A)(4),               underlying investments.
                                                                                                          which requires a minimum of 13 index                      The Exchange represents that trading
                                                  Self-Regulatory Organizations; NYSE                     or portfolio components.                               in the Shares will be subject to the
                                                  Arca, Inc.; Order Approving a                              The Exchange has not listed or                      existing trading surveillances and that
                                                  Proposed Rule Change Relating to the                    commenced trading in the Shares.6                      these procedures are adequate to
                                                  Index Underlying the WisdomTree Put                                                                            properly monitor Exchange trading of
                                                  Write Strategy Fund                                     B. The Instant Proposed Rule Change
                                                                                                                                                                 the Shares in all trading sessions and to
                                                                                                             The Exchange submitted this proposal                deter and detect violations of Exchange
                                                  February 3, 2016.
                                                                                                          to correct two representations made in                 rules and federal securities laws.
                                                  I. Introduction                                         support of its prior proposal to list and              Furthermore, the Financial Industry
                                                                                                          trade the Shares. Specifically, the
                                                     On December 2, 2015, NYSE Arca,                      Exchange seeks to strike its                           invested in one and three-month Treasury bills. The
                                                  Inc. (‘‘Exchange’’ or ‘‘NYSE Arca’’) filed              representations that the Index will (1)                SPX Puts are struck at-the-money and are sold on
                                                  with the Securities and Exchange                        include a minimum of 20 components;                    a monthly basis, usually the third Friday of the
                                                  Commission (‘‘Commission’’), pursuant                                                                          month (i.e., the ‘‘Roll Date’’), which matches the
                                                                                                          and (2) meet the numerical                             expiration date of the SPX Puts. All SPX Puts are
                                                  to Section 19(b)(1) of the Securities                   requirements of NYSE Arca Equities                     standardized options traded on the CBOE.
                                                  Exchange Act of 1934 (‘‘Act’’) 1 and Rule               Rule 5.2(j)(3), Commentary .01(a)(A)(4).                  8 NYSE Arca Equities Rule 5.2(j)(3), Commentary

                                                  19b–4 thereunder,2 a proposal to change                 At any given time, the Index consists of               .01(a)(A)(5) provides that all securities in the
                                                  a representation the Exchange made in                                                                          applicable index or portfolio shall be US
                                                                                                          one component, an ‘‘SPX Put.’’ 7                       Component Stocks listed on a national securities
                                                  support of a prior proposed rule change.                                                                       exchange and shall be NMS Stocks as defined in
                                                  The proposed rule change was                               4 See Securities Exchange Act Release Nos. 74290
                                                                                                                                                                 Rule 600 under Regulation NMS of the Act. Each
                                                  published for comment in the Federal                    (February 18, 2015), 80 FR 9818 (February 24, 2015)    component stock of the S&P 500 Index is a US
                                                  Register on December 21, 2015.3 The                     (SR–NYSEArca–2015–05) (‘‘Prior Notice’’); 74675        Component Stock that is listed on a national
                                                                                                          (April 8, 2015), 80 FR 20038 (April 14, 2015) (SR–     securities exchange and is an NMS Stock. Options
                                                  Commission received no comments on                      NYSEArca–2015–05) (‘‘Prior Order’’ and, together       are excluded from the definition of NMS Stock.
                                                  the proposed rule change. This order                    with the Prior Notice, the ‘‘Prior Release’’).            9 See Notice, supra note 3, at 79372 and 79373 for
                                                  approves the proposed rule change.                         5 NYSE Arca Equities Rule 5.2(j)(3) provides that
                                                                                                                                                                 the Exchange’s representation of the average daily
                                                                                                          the term ‘‘US Component Stock’’ shall mean an          trading volume of at-the-money 30-day SPX Puts,
                                                    8 In approving this proposed rule change, the
                                                                                                          equity security that is registered under Sections      the trading volume of the at-the-money SPX Puts,
                                                                                                          12(b) or 12(g) of the Act and an American              and the daily high, low and last reported sales
mstockstill on DSK4VPTVN1PROD with NOTICES




                                                  Commission has considered the proposed rule’s           Depositary Receipt, the underlying equity securities   prices on each of the Roll Dates for SPX Puts at-
                                                  impact on efficiency, competition, and capital          of which is registered under Sections 12(b) or 12(g)   the-money.
                                                  formation. See 15 U.S.C. 78c(f).                        of the Act.                                               10 See Notice, supra note 3, at 79373. The
                                                    9 15 U.S.C. 78s(b)(2).
                                                                                                             6 See Notice, supra note 3, 80 FR at 79371.
                                                    10 17 CFR 200.30–3(a)(12).
                                                                                                                                                                 Exchange states that the short-term Treasury
                                                                                                             7 The Index is maintained by the Chicago Board      securities that the Fund will acquire as part of its
                                                    1 15 U.S.C. 78s(b)(1).
                                                                                                          Options Exchange, Inc. (‘‘CBOE’’) and tracks the       strategy are not readily susceptible to market
                                                    2 17 CFR 240.19b–4.
                                                                                                          value of a passive investment strategy, which          manipulation due to the liquidity and extensive
                                                    3 See Securities Exchange Act Release No. 76646       consists of overlaying of S&P 500 Index put options    oversight associated with the short-term U.S.
                                                  (Dec. 15, 2015), 80 FR 79371 (‘‘Notice’’).              (‘‘SPX Puts’’) over a money market account,            Treasury market.



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Document Created: 2018-02-02 14:30:01
Document Modified: 2018-02-02 14:30:01
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation81 FR 6915 

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