[Federal Register Volume 75, Number 130 (Thursday, July 8, 2010)]
[Notices]
[Pages 39314-39315]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-16667]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62421; File No. SR-OCC-2010-08]
Self-Regulatory Organizations; The Options Clearing Corporation;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to Additional Underlying Interests for Commodity Futures and
Commodity Options Available to ELX Futures, L.P. for Clearing and
Settlement Services
June 30, 2010.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of
1934,\1\ notice is hereby given that on June 16, 2010, the Options
Clearing Corporation (``OCC'') filed with the Securities and Exchange
Commission the proposed rule change as described in Items I, II, and
III below, which Items have been prepared primarily by OCC. OCC filed
the proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the
Act \2\ and Rule 19b-4(f)(4) thereunder \3\ so that the proposal was
effective upon filing with the Commission. The Commission is publishing
this notice to solicit comments on the proposed rule change from
interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78s(b)(3)(A)(iii).
\3\ 17 CFR 240.19b-4(f)(4).
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I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change
The proposed rule change consists of adding Schedule C-1 to the
Agreement for Clearing and Settlement Services (``Agreement'') dated
December 5, 2008, between the Options Clearing Corporation (``OCC'')
and ELX Futures L.P. (``ELX'').
[[Page 39315]]
II. Self-Regulatory Organization'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 such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
OCC and ELX are parties to a clearing and settlement agreement
pursuant to which OCC provides clearing services for U.S. treasury
futures traded on ELX. The Agreement further provides, among other
things, that ELX may select additional underlying interests for
commodity futures and commodity options by completing and executing a
Schedule C, which is subject to the agreement of OCC. (ELX may trade
futures options on futures contracts traded on ELX and cleared by OCC
without executing a Schedule C.) When completed and duly executed, a
Schedule C is incorporated into the Agreement and becomes a part
thereof.
ELX has selected Eurodollar Time Deposits having a principal value
of USD $1,000,000 with a 3-month maturity as an underlying interest for
futures contracts (``Eurodollar Futures'') and OCC has agreed to clear
Eurodollar Futures on behalf of ELX. OCC and ELX have now executed
Schedule C-1 to codify that Eurodollar Futures will be incorporated and
become a part of the Agreement between the parties. Schedule C-1 is
attached as Exhibit 5A to OCC's filing with the Commission.\4\
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\4\ The filing, including Schedule C-1, can be seen at http://www.theocc.com/about/publications/bylaws.jsp.
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OCC states that the proposed change is consistent with Section 17A
of the Act \5\ because it makes explicit that OCC will clear pursuant
to the Agreement the Eurodollar futures contracts proposed for trading
by ELX. OCC also states that the proposed rule change is not
inconsistent with the existing rules of OCC including any other rules
proposed to be amended.
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\5\ 15 U.S.C. 78q-1.
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B. Self-Regulatory Organization's Statement on Burden on Competition
OCC does not believe that the proposed rule change would impose any
burden on competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
OCC has not solicited or received written comments relating to the
proposed rule change. OCC will notify the Commission of any written
comments it receives.
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)(iii) of the Act \6\ and Rule 19b-4(f)(4) \7\ thereunder
because it effects a change in an existing service of a registered
clearing agency that does not adversely affect the safeguarding of
securities or funds in the custody or control of the clearing agency or
for which it is responsible and does not significantly affect the
respective rights or obligations of the clearing agency or persons
using the service. At any time within 60 days of the filing of the
proposed rule change, the Commission may summarily abrogate such rule
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.
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\6\ 15 U.S.C. 78s(b)(3)(A)(iii).
\7\ 17 CFR 240.19b-4(f)(4).
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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 No. SR-OCC-2010-08 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street, NE., Washington, DC 20549-1090.
All submissions should refer to File No. SR-OCC-2010-08. 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 OCC's principal office and on OCC's Web site
at http://www.theocc.com/about/publications/bylaws.jsp. 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 No. SR-OCC-2010-08 and should be
submitted on or before July 29, 2010.
For the Commission by the Division of Trading and Markets,
pursuant to delegated authority.\8\
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\8\ 17 CFR 200.30-3(a)(12).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010-16667 Filed 7-7-10; 8:45 am]
BILLING CODE 8010-01-P