[Federal Register Volume 75, Number 129 (Wednesday, July 7, 2010)]
[Notices]
[Pages 39083-39084]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-16429]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62398; File No. SR-OC-2010-02]
Self-Regulatory Organization; Notice of Filing and Immediate
Effectiveness of a Proposed Rule Change by OneChicago Amending Position
Limits
June 28, 2010.
Pursuant to Section 19(b)(7) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-7 under the Act \2\ notice is hereby given
that on June 18, 2010, OneChicago, LLC (``OneChicago'' or ``OCX'')
filed with the Securities and Exchange Commission (``SEC'' or
``Commission'') the proposed rule change described in Items I, II, and
III below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
OneChicago also has filed the proposed rule change with the Commodity
Futures Trading Commission (``CFTC'') under Section 5c(c) of the
Commodity Exchange Act \3\ on June 4, 2010.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(7).
\2\ 17 CFR 240.19b-7.
\3\ 7 U.S.C. 7a-2(c).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Description of the Proposed Rule
Change
OneChicago is proposing to amend the position limits for eighteen
security futures products, as set forth in Exhibit 4 to the Submission,
because the speculative position limits for these products were greater
than 25% of the outstanding number of shares available for delivery.
The requirement is found in Appendix B to Part 38 in the guidance to
Core Principle 5 of section 5(d) of the Commodity Exchange Act (CEA).
Accordingly, OneChicago has filed the reduction notice consistent with
Core Principle 5.
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. OneChicago has prepared summaries, set forth in Sections
A, B, and C below, of the most significant aspects of such statements.
[[Page 39084]]
A. Self-Regulatory Organization'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 conform the
speculative position limits for certain security futures products to
the requirements of the CEA. This change will achieve that result.
2. Statutory Basis
The proposed rule change is consistent with Section 6(b)(5) of the
Act \4\ in that it is designed to prevent fraudulent and manipulative
acts and practices, to promote just and equitable principles of trade,
to protect investors and the public interest, and to remove impediments
to and perfect the mechanism for a free and open market and a national
market system.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
OneChicago does not believe that the proposed rule change will have
an impact on competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Comments on the OneChicago proposed rule change have not been
solicited and none have been received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The proposed rule change has become effective pursuant to Section
19(b)(7) of the Act.\5\ Within 60 days of the date of effectiveness of
the proposed rule change, the Commission, after consultation with the
CFTC, may summarily abrogate the proposed rule change and require that
the proposed rule change be refiled in accordance with the provisions
of Section 19(b)(1) of the Act.\6\
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(7).
\6\ 15 U.S.C. 78s(b)(1).
---------------------------------------------------------------------------
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 e-mail to [email protected]. Please include
File Number SR-OC-2010-02 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-OC-2010-02. This file
number should be included on the subject line if e-mail 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
a.m. and 3 p.m. Copies of such filing also will be available for
inspection and copying at the principal office of the OneChicago. 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-OC-2010-02 and should be
submitted on or before August 6, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
---------------------------------------------------------------------------
\7\ 17 CFR 200.30-3(a)(73).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-16429 Filed 7-6-10; 8:45 am]
BILLING CODE 8010-01-P