82 FR 26726 - Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend MIAX Options Rule 521, Nullification and Adjustment of Options Transactions Including Obvious Errors
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 109 (June 8, 2017)
Federal Register Volume 82, Issue 109 (June 8, 2017)
| Page Range | 26726-26728 | |
| FR Document | 2017-11869 |
[Federal Register Volume 82, Number 109 (Thursday, June 8, 2017)] [Notices] [Pages 26726-26728] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-11869] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80853; File No. SR-MIAX-2017-25] Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend MIAX Options Rule 521, Nullification and Adjustment of Options Transactions Including Obvious Errors June 2, 2017. Pursuant to the provisions of 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 May 30, 2017, Miami International Securities Exchange, LLC (``MIAX Options'' or ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') a proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange is filing a proposal to make a technical amendment to Exchange Rule 521, Nullification and Adjustment of Options Transactions including Obvious Errors. The text of the proposed rule change is available on the Exchange's Web site at http://www.miaxoptions.com/rule-filings, at MIAX's principal office, 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 The Exchange is proposing a technical change to delete obsolete Rule 521(l)(5), Complex Order Obvious Errors, from the Exchange's Rules. Background In 2015, the Exchange, in concert with the other then-existing U.S. options exchanges, adopted harmonized rules related to the adjustment and nullification of erroneous options transactions and coordination among the Exchanges in connection with large-scale events involving erroneous options transactions.\3\ The Exchange believes that the changes the options exchanges implemented with the new, harmonized rule have led to increased transparency and finality with respect to the adjustment and nullification of erroneous options transactions. However, as part of that initiative, the Exchange and other options exchanges deferred a few specific matters for further discussion, among them the manner in which erroneous transactions in complex orders would be handled. --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 74918 (May 8, 2015), 80 FR 27781 (May 14, 2015) (SR-MIAX-2015-35). --------------------------------------------------------------------------- In October, 2016, the Commission approved a proposed rule change that permitted the Exchange to adopt new rules to govern the trading of complex orders (the ``Complex Orders Filing'').\4\ Among the rules adopted in the Complex Orders Filing was Rule 521(l)(5), Complex Order Obvious Errors, which was not included in the industry-wide, harmonized rules described above.\5\ Rule 521(l)(5) governs the handling of complex orders in [[Page 26727]] situations where one or more components of a complex order is eligible to be adjusted or nullified under Rule 521(c)(4), Adjust or Bust.\6\ --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 79072 (October 7, 2016), 81 FR 71131 (October 14, 2016) (SR-MIAX-2016-26). \5\ See supra note 3. \6\ If it is determined that an Obvious Error has occurred, the Exchange shall take one of the actions listed in Rule 521(c)(4). Upon taking final action, the Exchange shall promptly notify both parties to the trade electronically or via telephone. See Exchange Rule 521(c)(4). --------------------------------------------------------------------------- Since the industry-wide adoption of the harmonized rules, the options exchanges have been working together to identify ways to improve the process related to the adjustment and nullification of erroneous options transactions as it relates to complex orders and stock-option orders.\7\ The goal of the process that the options exchanges have undertaken is to further harmonize rules related to the adjustment and nullification of erroneous options transactions. Accordingly, as the culmination of this coordinated effort, the exchanges that offer complex orders and/or stock-option orders (including the Exchange) universally adopted new provisions that the options exchanges collectively believe will improve the handling of erroneous options transactions that result from the execution of complex orders and stock-option orders.\8\ --------------------------------------------------------------------------- \7\ See Exchange Rule 518(a)(5) (defining complex orders and stock-option orders). \8\ Exchanges that do not offer complex orders and/or stock- option orders did not adopt these new provisions. --------------------------------------------------------------------------- Proposal These harmonized provisions are set forth in recently-adopted Interpretations and Policies .03 to Rule 521.\9\ Interpretations and Policies .03 to Rule 521 should have replaced current Rule 521(l)(5) as the controlling Rule governing the manner in which the Exchange handles Obvious Errors in complex orders on the Exchange. The Exchange, however, inadvertently omitted the deletion of Rule 521(l)(5) from its Rules in the Complex Obvious Error Filing. Accordingly, the Exchange is proposing herein to delete obsolete Rule 521(l)(5) from its Rules as a technical matter. --------------------------------------------------------------------------- \9\ See Securities Exchange Act Release No. 80284 (March 21, 2017), 82 FR 15251 (March 27, 2017) (SR-MIAX-2017-13) (the ``Complex Obvious Error Filing''). --------------------------------------------------------------------------- The proposed deletion of Rule 521(l)(5) is intended to avoid the possibility of confusion between Rule 521(l)(5) and Interpretations and Policies .03 to Rule 521, and to eliminate any potential conflict in the Exchange's Rules in this regard. Interpretations and Policies .03 tracks the harmonized rules of the exchanges that offer and trade complex orders, and the Exchange believes that it is appropriate to establish one single rule regarding Obvious Errors in complex orders. Accordingly, the Exchange proposes to delete current Rule 521(l)(5) from its Rules. The Exchange notes that NYSE Arca, Inc. (``NYSEArca'') also deleted its comparable provision from its Rule 6.87 (specifically, Rule 6.87(c)(5)) when it filed to adopt harmonized rules for the handling of Obvious Errors in complex orders.\10\ --------------------------------------------------------------------------- \10\ See Securities Exchange Act Release No. 80496 (April 20, 2017), 82 FR 19282 (April 26, 2017) (SR-NYSEArca-2017-42). --------------------------------------------------------------------------- 2. Statutory Basis MIAX believes that its proposed rule change is consistent with Section 6(b) of the Act \11\ in general, and furthers the objectives of Section 6(b)(5) of the Act \12\ in particular, in that it is 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 facilitating transactions in securities, to remove impediments to and perfect the mechanisms of a free and open market and a national market system and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78f(b). \12\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes the proposed rule change promotes just and equitable principles of trade and removes impediments to and perfects the mechanism of a free and open market and a national market system because it eliminates a potentially conflicting section from Rule 521 that was erroneously left intact in the Complex Obvious Error Filing. In particular, the Exchange believes that the proposed rule change will provide consistency and clarity to Members \13\ and the public, regarding the Exchange's Rules. Moreover, the proposed rule change eliminates a rule that could possibly be in conflict with another Exchange rule and with the harmonized rules. The Exchange believes therefore that it is in the public interest for rules to be accurate and concise so as to eliminate the potential for confusion. --------------------------------------------------------------------------- \13\ The term ``Member'' means an individual or organization approved to exercise the trading rights associated with a Trading Permit. Members are deemed ``members'' under the Exchange Act. See Exchange Rule 100. --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange 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. The proposed rule change will have no impact on competition as it is not designed to address any competitive issues but rather to add additional clarity to, and remedy possible conflicts in, the Exchange's Rules. The Exchange does not believe that the proposed rule changes will impose any burden on intermarket competition as the Rules apply equally to all Exchange Members. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the proposed rule change does not (i) significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) 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 \14\ and Rule 19b-4(f)(6) thereunder.\15\ --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(3)(A). \15\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b- 4(f)(6)(iii), the Exchange provided the Commission with written notice of its intent to file the proposed rule change, along with a brief description and the text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. --------------------------------------------------------------------------- A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the Act \16\ normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii) \17\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the current conflict between Rule 521(l)(5) and Interpretations and Policies .03 to Rule 521 may be promptly removed from the Exchange's Rules, which the Exchange stated would avoid any potential confusion among participants using its facilities. The Commission believes the waiver of the operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission hereby waives the operative delay and [[Page 26728]] designates the proposal operative upon filing.\18\ --------------------------------------------------------------------------- \16\ 17 CFR 240.19b-4(f)(6). \17\ 17 CFR 240.19b-4(f)(6)(iii). \18\ 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 shall 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-MIAX-2017-25 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-MIAX-2017-25. 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 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-MIAX-2017-25 and should be submitted on or before June 29, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\19\ --------------------------------------------------------------------------- \19\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-11869 Filed 6-7-17; 8:45 am] BILLING CODE 8011-01-P
![26726 Federal Register / Vol. 82, No. 109 / Thursday, June 8, 2017 / Notices
Interested persons are invited to the Commission does not edit personal II. Self-Regulatory Organization’s
submit written data, views, and identifying information from Statement of the Purpose of, and
arguments regarding whether the submissions. You should submit only Statutory Basis for, the Proposed Rule
proposal should be approved or information that you wish to make Change
disapproved by June 29, 2017. Any available publicly. All submissions In its filing with the Commission, the
person who wishes to file a rebuttal to should refer to File Number SR–CBOE– Exchange included statements
any other person’s submission must file 2017–010 and should be submitted on concerning the purpose of and basis for
that rebuttal by July 13, 2017. The or before June 29, 2017. Rebuttal the proposed rule change and discussed
Commission asks that commenters comments should be submitted by July any comments it received on the
address the sufficiency of the 13, 2017. proposed rule change. The text of these
Exchange’s statements in support of the For the Commission, by the Division of statements may be examined at the
proposal, in addition to any other Trading and Markets, pursuant to delegated places specified in Item IV below. The
comments they may wish to submit authority.29 Exchange has prepared summaries, set
about the proposed rule change. Eduardo A. Aleman, forth in sections A, B, and C below, of
Comments may be submitted by any
Assistant Secretary. the most significant aspects of such
of the following methods:
[FR Doc. 2017–11870 Filed 6–7–17; 8:45 am] statements.
Electronic Comments BILLING CODE 8011–01–P A. Self-Regulatory Organization’s
• Use the Commission’s Internet Statement of the Purpose of, and
comment form (http://www.sec.gov/ Statutory Basis for, the Proposed Rule
rules/sro.shtml); or SECURITIES AND EXCHANGE Change
• Send an email to rule-comments@ COMMISSION
sec.gov. Please include File Number SR– 1. Purpose
[Release No. 34–80853; File No. SR–MIAX–
CBOE–2017–010 on the subject line. 2017–25] The Exchange is proposing a technical
Paper Comments change to delete obsolete Rule 521(l)(5),
Self-Regulatory Organizations; Miami Complex Order Obvious Errors, from the
• Send paper comments in triplicate International Securities Exchange LLC; Exchange’s Rules.
to Secretary, Securities and Exchange Notice of Filing and Immediate
Commission, 100 F Street NE., Background
Effectiveness of a Proposed Rule
Washington, DC 20549–1090. In 2015, the Exchange, in concert with
Change To Amend MIAX Options Rule
All submissions should refer to File the other then-existing U.S. options
Numbers SR–CBOE–2017–010. This file 521, Nullification and Adjustment of
Options Transactions Including exchanges, adopted harmonized rules
number should be included on the related to the adjustment and
subject line if email is used. To help the Obvious Errors
nullification of erroneous options
Commission process and review your June 2, 2017. transactions and coordination among
comments more efficiently, please use Pursuant to the provisions of Section the Exchanges in connection with large-
only one method. The Commission will 19(b)(1) of the Securities Exchange Act scale events involving erroneous
post all comments on the Commission’s of 1934 (‘‘Act’’) 1 and Rule 19b–4 options transactions.3 The Exchange
Internet Web site (http://www.sec.gov/ thereunder,2 notice is hereby given that believes that the changes the options
rules/sro.shtml). Copies of the on May 30, 2017, Miami International exchanges implemented with the new,
submission, all subsequent Securities Exchange, LLC (‘‘MIAX harmonized rule have led to increased
amendments, all written statements Options’’ or ‘‘Exchange’’) filed with the transparency and finality with respect to
with respect to the proposed rule Securities and Exchange Commission the adjustment and nullification of
change that are filed with the (‘‘Commission’’) a proposed rule change erroneous options transactions.
Commission, and all written as described in Items I and II below, However, as part of that initiative, the
communications relating to the which Items have been prepared by the Exchange and other options exchanges
proposed rule change between the Exchange. The Commission is deferred a few specific matters for
Commission and any person, other than publishing this notice to solicit further discussion, among them the
those that may be withheld from the comments on the proposed rule change manner in which erroneous transactions
public in accordance with the from interested persons. in complex orders would be handled.
provisions of 5 U.S.C. 552, will be In October, 2016, the Commission
available for Web site viewing and I. Self-Regulatory Organization’s approved a proposed rule change that
printing in the Commission’s Public Statement of the Terms of Substance of permitted the Exchange to adopt new
Reference Room, 100 F Street NE., the Proposed Rule Change rules to govern the trading of complex
Washington, DC 20549, on official The Exchange is filing a proposal to orders (the ‘‘Complex Orders Filing’’).4
business days between the hours of make a technical amendment to Among the rules adopted in the
10:00 a.m. and 3:00 p.m. Copies of these Exchange Rule 521, Nullification and Complex Orders Filing was Rule
filings also will be available for Adjustment of Options Transactions 521(l)(5), Complex Order Obvious
inspection and copying at the principal including Obvious Errors. Errors, which was not included in the
office of the Exchange. All comments The text of the proposed rule change industry-wide, harmonized rules
received will be posted without change;
asabaliauskas on DSKBBXCHB2PROD with NOTICES
is available on the Exchange’s Web site described above.5 Rule 521(l)(5) governs
at http://www.miaxoptions.com/rule- the handling of complex orders in
1975, Public Law 94–29 (June 4, 1975), grants the
Commission flexibility to determine what type of filings, at MIAX’s principal office, and
proceeding—either oral or notice and opportunity at the Commission’s Public Reference 3 See Securities Exchange Act Release No. 74918
for written comments—is appropriate for Room. (May 8, 2015), 80 FR 27781 (May 14, 2015) (SR–
consideration of a particular proposal by a self- MIAX–2015–35).
4 See Securities Exchange Act Release No. 79072
regulatory organization. See Securities Act
29 17 CFR 200.30–3(a)(57).
Amendments of 1975, Senate Comm. on Banking, (October 7, 2016), 81 FR 71131 (October 14, 2016)
1 15 U.S.C. 78s(b)(1). (SR–MIAX–2016–26).
Housing & Urban Affairs, S. Rep. No. 75, 94th
Cong., 1st Sess. 30 (1975). 2 17 CFR 240.19b–4. 5 See supra note 3.
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![26728 Federal Register / Vol. 82, No. 109 / Thursday, June 8, 2017 / Notices
designates the proposal operative upon business days between the hours of eliminating the recovery rate risk charge
filing.18 10:00 a.m. and 3:00 p.m. Copies of the as a component of the margin
At any time within 60 days of the filing also will be available for methodology, as it applies to index CDS.
filing of the proposed rule change, the inspection and copying at the principal LCH SA, however, does not propose to
Commission summarily may office of the Exchange. All comments alter the recovery rate risk charge as a
temporarily suspend such rule change if received will be posted without change; component of the margin methodology,
it appears to the Commission that such the Commission does not edit personal as it applies to single name CDS. The
action is necessary or appropriate in the identifying information from proposed rule change also seeks to make
public interest, for the protection of submissions. You should submit only minor updates and clarifications to the
investors, or otherwise in furtherance of information that you wish to make Reference Guide.4
the purposes of the Act. If the available publicly. All submissions
Commission takes such action, the should refer to File Number SR–MIAX– With respect to the portion of the
Commission shall institute proceedings 2017–25 and should be submitted on or proposed rule change that eliminates
to determine whether the proposed rule before June 29, 2017. the recovery rate risk charge as a margin
change should be approved or component for index CDS positions,
For the Commission, by the Division of
disapproved. Trading and Markets, pursuant to delegated LCH SA believes that recovery rate risk
IV. Solicitation of Comments authority.19 is irrelevant to index CDS in normal
Eduardo A. Aleman, market conditions and it therefore
Interested persons are invited to should not need to charge margin to
submit written data, views, and Assistant Secretary.
[FR Doc. 2017–11869 Filed 6–7–17; 8:45 am]
address it. In support, LCH SA
arguments concerning the foregoing,
represents that ‘‘[the] market convention
including whether the proposed rule BILLING CODE 8011–01–P
is to assume a pre-defined recovery rate
change is consistent with the Act.
Comments may be submitted by any of for pricing an index CDS, such as a CDS
the following methods: SECURITIES AND EXCHANGE on iTraxx indices.’’ 5 Therefore,
COMMISSION according to LCH SA, there is no need
Electronic Comments to charge margin for an adverse recovery
[Release No. 34–80848; File No. SR–LCH
• Use the Commission’s Internet SA–2017–003]
rate movement for an index CDS
comment form (http://www.sec.gov/ position because, pursuant to market
rules/sro.shtml); or Self-Regulatory Organizations; LCH convention for pricing an index CDS in
• Send an email to rule-comments@ SA; Order Approving Proposed Rule normal market conditions, the rate will
sec.gov. Please include File Number SR– Change Relating to Recovery Risk not move. Moreover, LCH SA
MIAX–2017–25 on the subject line. Margin characterizes any drop in the recovery
Paper Comments rate for index CDS as a stress loss, and
June 2, 2017.
• Send paper comments in triplicate states that applying a margin charge to
to Brent J. Fields, Secretary, Securities I. Introduction address this risk ‘‘would be trying to
and Exchange Commission, 100 F Street On April 4, 2017, Banque Centrale de capture a stress loss incurred in a
NE., Washington, DC 20549–1090. Compensation, which conducts Clearing Member’s portfolio should the
All submissions should refer to File business under the name LCH SA (‘‘LCH pre-defined recovery rate for these index
Number SR–MIAX–2017–25. This file SA’’), filed with the Securities and CDS change, which is not consistent
number should be included on the Exchange Commission (‘‘Commission’’), with market convention in normal
subject line if email is used. To help the pursuant to Section 19(b)(1) of the market conditions.’’ 6 Furthermore,
Commission process and review your Securities Exchange Act of 1934 while LCH SA does expect deviations
comments more efficiently, please use (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a from this market convention in extreme
only one method. The Commission will proposed rule change (SR–LCH SA– market conditions, LCH SA believes that
post all comments on the Commission’s 2017–003) to revise its margin these deviations—and any resultant
Internet Web site (http://www.sec.gov/ methodology with respect to credit recovery rate risk on the affected index
rules/sro.shtml). Copies of the default swaps (‘‘CDS’’) in the Reference CDS positions—should not be addressed
submission, all subsequent Guide: CDS Margin Framework through its margin framework but rather
amendments, all written statements (‘‘Reference Guide’’). The proposed rule ‘‘would be captured by LCH SA’s stress
with respect to the proposed rule change was published for comment in scenarios used to size the Default
change that are filed with the the Federal Register on April 19, 2017.3 Fund.’’ 7 Therefore, LCH SA maintains
Commission, and all written The Commission received no comment that elimination of recovery rate risk
communications relating to the letters regarding the proposed change. charge from its margin framework is
proposed rule change between the For the reasons discussed below, the appropriate and consistent with
Commission and any person, other than Commission is approving the proposed applicable provisions of the Exchange
those that may be withheld from the rule change. Act and Commission Rules promulgated
public in accordance with the thereunder.
II. Description of the Proposed Rule
provisions of 5 U.S.C. 552, will be
Change
available for Web site viewing and
asabaliauskas on DSKBBXCHB2PROD with NOTICES
printing in the Commission’s Public The proposed rule change seeks to 4 LCH SA has proposed changes to the Reference
Reference Room, 100 F Street NE., amend the Reference Guide by Guide to (i) correct a hyperlink and (ii) add a cross
reference and hyperlink to the general inputs
Washington, DC 20549, on official considered by LCH SA in constructing the CDS
19 17 CFR 200.30–3(a)(12).
1 15
pricing for European and U.S. dollar denominated
18 For purposes only of waiving the 30-day U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
contracts. See Notice, 82 FR at 18489.
operative delay, the Commission has also 5 Id.
considered the proposed rule’s impact on 3 Securities Exchange Act Release No. 34–80450
6 Id.
efficiency, competition, and capital formation. See (April 13, 2017), 82 FR 18488 (April 19, 2017) (SR–
15 U.S.C. 78c(f). LCH SA–2017–003) (the ‘‘Notice’’). 7 Id.
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Document Created: 2018-11-14 10:07:06
Document Modified: 2018-11-14 10:07:06
| 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 | 82 FR 26726 |
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