[Federal Register Volume 84, Number 169 (Friday, August 30, 2019)]
[Notices]
[Pages 45807-45810]
[FR Doc No: 2019-18753]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-86766; File No. SR-CBOE-2019-046]

Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change Concerning
End-of-Month and End-of-Day Indicative Values

August 26, 2019.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on August 12, 2019, Cboe Exchange, Inc. (the ``Exchange'' or
``Cboe Options'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I,
and II, below, which Items have been prepared by the Exchange. The
Exchange filed the proposal as a ``non-controversial'' proposed rule
change pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule
19b-4(f)(6) thereunder.\4\ 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\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes
to amend and move certain current Rules in connection with end-of-month
and end-of-day indicative values from the Exchange's currently
effective Rulebook (``current Rulebook'') to the shell structure for
the Exchange's Rulebook that will become effective upon the migration
of the Exchange's trading platform to the same system used by the Cboe
Affiliated Exchanges (as defined below) (``shell Rulebook''). The text
of the proposed rule change is provided in Exhibit 5.
    The text of the proposed rule change is also available on the
Exchange's website (http://www.cboe.com/AboutCBOE/CBOELegalRegulatory
Home.aspx), at the Exchange's Office of the Secretary, 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
    In 2016, the Exchange's parent company, Cboe Global Markets, Inc.
(formerly named CBOE Holdings, Inc.) (``Cboe Global''), which is also
the parent company of Cboe C2 Exchange, Inc. (``C2''), acquired Cboe
EDGA Exchange, Inc. (``EDGA''), Cboe EDGX Exchange, Inc. (``EDGX'' or
``EDGX Options''), Cboe BZX Exchange, Inc. (``BZX'' or ``BZX
Options''), and Cboe BYX Exchange, Inc. (``BYX'' and,

together with Cboe Options, C2, EDGX, EDGA, and BZX, the ``Cboe
Affiliated Exchanges''). The Exchange intends to migrate its trading
platform to the same system used by the Cboe Affiliated Exchanges,
which the Exchange expects to complete on October 7, 2019. In
connection with this technology migration, the Exchange has a shell
Rulebook that resides alongside its current Rulebook, which shell
Rulebook will contain the Rules that will be in place upon completion
of the Cboe Options technology migration.
    The Exchange proposes to adopt Rule 4.17 (in the shell Rulebook),
which amends its current rules regarding end-of-month (``EOM'') and
end-of-day (``EOD'') indicative values.\5\ Currently, Rule 6.2.06(a)
describes the Exchange's process for calculating EOM values.
Specifically, it provides that following the close of trading on the
last business day of each calendar month, the Exchange will conduct
special non-trading closing rotations for each series of S&P 500 Index
(``SPX'') options in order to determine the theoretical ``fair value''
of such series as of time of the close of trading in the underlying
cash market. During such special non-trading closing rotations, Lead
Market Makers (``LMMs'') or Select Market Makers (``SMMs'') in the SPX
options in each series of SPX options, may provide bid and offer
quotations, the midpoint of which will reflect the theoretical fair
value of the series of SPX options, as determined by the LMM(s) or
SMM(s) pursuant to the LMMs' or SMMs' algorithmic analysis of relevant
and available data. Notwithstanding that trading in SPX options on the
Exchange continues until fifteen minutes after the close of trading in
the underlying cash market, on the last business day of each month,
after the close of trading, the Exchange shall disseminate the fair
value quotations as of the close of trading in the underlying cash
market provided by the LMM(s) or SMM(s) as the quotations used to
calculate the theoretical fair value for each series of SPX options. In
particular, LMMs and SMMs provide the exchange with quotes to fairly
represent the market of the subject series, using the final EOM fair
value of the corresponding E-Mini S&P 500 (``ES'') futures price
provided by the CME Group, Inc. (``CME''), usually within 10 minutes of
CME's EOM fair value market close, which occurs at 3:00 p.m. on the
last trading day of the month.
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    \5\ The Exchange notes that current Rule 6.2.06, which currently
provides for EOM and EOD values, was already ``removed'' from the
current Rulebook in anticipation of migration, therefore, is
effective only until October 7, 2019. See Securities Exchange Act
Release No. 86387 (July 16, 2019), 84 FR 35147 (July 22, 2019) (SR-
CBOE-2019-034).
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    Current Rule 6.2.06(b) describes the Exchange's process for
calculating EOD values. Specifically, it provides that following the
close of trading of Regular Trading Hours on any trading day that is
not the last business day of a calendar month, in addition to the
Exchange's regular end-of-day quotations, the Exchange may determine,
on a series-by-series basis, to disseminate two-sided indicative values
in non-expiring series of SPX options in the interests of fair and
orderly markets. The Exchange derives end-of-day indicative values for
series of SPX options using an algorithm based on quotations and orders
displayed in series of SPX options prior to the close of trading or, in
the absence of sufficient quote and order data in a series, using
generally accepted volatility and options pricing models as determined
by the Exchange. EOD indicative values shall be clearly identified and
disseminated via the Options Price Reporting Authority (``OPRA''). This
permits the Exchange to disseminate informational indicative values
more reflective of actual options values in addition to final end-of-
day displayed quotations when Users' systems issues or market
conditions result in an absence of final quotes or extraordinarily wide
final quotes without interfering in the markets or impeding any market
functionalities that rely on accurate pricing or EOD quotes.
    Upon migration, the Exchange will discontinue the dissemination of
indicative values to OPRA, \6\ as well as the EOM closing rotation.
Instead, the Exchange will make publicly available, e.g., on its
website, the indicative prices calculated for each series in classes as
the Exchange determines on a class-by-class basis, on any trading day,
including the last trading day of the month, using the same logic
currently implemented for calculating indicative values under current
Rule 6.2.06(b). As such, the Exchange now proposes Rule 4.17 (in the
shell Rulebook), which amends the language under current Rule 6.2.06(b)
and does not adopt language from current Rule 6.2.06(a), to account for
the above-described changes to be implemented upon migration.
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    \6\ The Exchange has communicated and worked with OPRA reporting
authorities regarding the implementation of this change.
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    The proposed rule does not present any new or novel functionality
as the indicative value logic will function for all trading days in the
same manner as it does today for EOD. The proposed change merely
applies the same process to every trading day, including the last
business day of the calendar month. This will provide a streamlined
indicative price process for each trading day in which indicative
prices may be published. In addition to streamlining the process for
each trading day, the Exchange proposes to remove the theoretical fair
value process for EOM for a number of other reasons. First, the
migrated technology platform will no longer support the ability for
LMMs or SMMs to quote after the close as the current rule provides.
Second, the Exchange believes using an algorithm based on quotations
and orders displayed will provide a more objective, static formulation
for indicative prices as opposed to the current analysis conducted by
LMMs or SMMs, which potentially varies across different LMMs or SMMs.
Third, though CME currently provides for a EOM fair value procedure for
many of its equities products (which differs from the 3:15 p.m. daily
settlement process for such products), it may determine to have a 3:00
p.m. daily settlement process for all days, including the last trading
day of the month, in its equities products as it currently has in place
for other products, which could interfere with the current EOM process.
Therefore, the Exchange proposes to mitigate any possibility that
indicative values could not be calculated on the last day of the month
by applying the current Exchange-generated EOD logic to all trading
days.
    The Exchange also proposes that, instead of a series-by-series
basis, the Exchange may determine which indicative values will be
provided on a class-by-class basis, which is consistent with the
majority of Exchange determinations, where applicable, throughout the
Exchange rules, as well as provides the Exchange with flexibility to
potentially provide indicative prices for any and all of its options
classes exclusively listed on the Exchange.\7\ This will benefit all
market participants by providing more indicative values than if the
Exchange determined indicative prices on the narrower series-by-series
basis. In addition to this, rather than disseminating the indicative
pricing to OPRA, for which market participants must pay a fee to OPRA
to access, the Exchange will make indicative prices publicly available,
e.g., by posting on its website, which will provide free access

to such prices for all market participants.
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    \7\ Upon migration, the Exchange plans to provide indicative
prices for SPX, SPXW, VIX, and VIXX options.
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2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\8\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \9\ requirements that the rules of an exchange be
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 regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. Additionally,
the Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \10\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(5).
    \10\ Id.
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    The Exchange notes that the proposed rule does not present any new
or novel functionality, as it will continue to use the EOD logic in the
same manner for calculating indicative values as it does today for all
trading days. The proposed change merely applies the current EOD logic
to every trading day, including the last business day of the calendar
month. As such, the proposed rule change will protect investors by
fostering cooperation and coordination with market participants
processing information with respect to securities and by removing
impediments to and perfecting the mechanism of a free and open market
and national market system by providing market participants with a
streamlined indicative price process. The Exchange believes this will
make the process itself easier to understand within the Exchange Rules,
as well as provide easier access to such pricing. In addition to
streamlining the process for each trading day, removing the theoretical
fair value process for EOM will also remove impediments to and perfect
the mechanism of a free and open market and national market system by
providing market participants with rules that will accurately reflect
the manner in the Exchange's System will function upon migration, allow
for a more objective, static formulation for indicative prices than the
current LMM or SMM analysis, which potentially varies across different
LMMs or SMMs, as well as mitigate any potential issues in deriving
indicative values from CME's EOM fair value process, which is subject
to change and, as a result, could interfere with the current EOM
process. Additionally, by providing the Exchange with the flexibility
to determine indicative values on a broader class-by-class basis, the
proposed rule change will potentially provide more indicative pricing
information, benefitting all market participants. Exchange
determinations on a class-by-class basis are also consistent with the
majority of Exchange determinations currently under the Rules.
Moreover, the proposed rule change will remove impediments to and
perfect the mechanism of a free and open market and national market
system by making the indicative values publicly available and free for
all participants to access, as opposed to the current dissemination of
such prices to OPRA, for which market participants must pay a fee to
access.

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 Exchange does not
believe that the proposed rule change will impose any burden on
intramarket competition because the dissemination of EOD indicative
values does not impact trading on the Exchange, but is intended merely
to make indicative pricing information available to all market
participants. Likewise, the Exchange does not believe that the proposed
rule change will impose any burden on intermarket competition because
the indicative values will be publicly available, e.g., on the
Exchange's website, to all market participants for free.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    The Exchange neither solicited nor received comments on the
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

    Because the foregoing proposed rule change does not:
    A. Significantly affect the protection of investors or the public
interest;
    B. impose any significant burden on competition; and
    C. 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 \11\ and
Rule 19b-4(f)(6) \12\ thereunder. 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 under Section 19(b)(2)(B) \13\
of the Act to determine whether the proposed rule change should be
approved or disapproved.
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    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 17 CFR 240.19b-4(f)(6).
    \13\ 15 U.S.C. 78s(b)(2)(B).
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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 email to<EMAIL_ADDRESS>Please include
File Number SR-CBOE-2019-046 on the subject line.

Paper Comments

     Send paper comments in triplicate to the Secretary,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549-1090.

All submissions should refer to File Number SR-CBOE-2019-046. 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 website (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 website 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. Persons submitting comments are cautioned that we do
not redact or edit personal identifying information from comment
submissions. You should submit only information that you wish to make
available publicly. All submissions should refer to File Number SR-
CBOE-2019-046 and should be submitted on or before September 20, 2019.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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    \14\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-18753 Filed 8-29-19; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 79, Number 212 (Monday, November 3, 2014)]
[Notices]
[Pages 65275-65277]
[FR Doc No: 2014-26006]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73445; File No. SR-CME-2014-46]

Self-Regulatory Organizations; Chicago Mercantile Exchange Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Make Changes to Settlement Procedures Regarding Seven CME Cleared OTC
FX Spot, Forward and Swap Contracts

October 28, 2014.
    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 October 20, 2014, Chicago Mercantile Exchange Inc. (``CME'')
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 primarily by CME. CME filed the proposal
pursuant to Section 19(b)(3)(A) of the Act,\3\ and Rule 19b-4(f)(4)(ii)
\4\ thereunder, 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\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(4)(ii).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    CME is proposing rule changes that are limited to its business as a
derivatives clearing organization (``DCO''). More specifically, the
proposed rule change contains amendments to certain aspects of CME's
settlement procedures for seven of CME's Cleared Over-the-Counter
(``OTC'') Foreign Exchange (``FX'') Spot, Forward and Swap Contracts.

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, CME 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. CME has prepared summaries, set forth in sections A, B,
and C below, of the most significant aspects of these statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    CME is registered as a DCO with the Commodity Futures Trading
Commission (``CFTC'') and offers clearing services for many different
futures and swaps products. The proposed rule changes that are the
subject of this filing are limited to CME's business as a DCO offering
clearing services for CFTC-regulated swaps products. CME currently
offers clearing services for cleared-only OTC FX contracts on a number
of different currency pairs. These CME Cleared OTC FX Spot, Forward and
Swap Contracts are non-deliverable foreign currency forward contracts
and, as such, are considered to be ``swaps'' under applicable
regulatory definitions.\5\ CME proposes to make amendments to five of
these contracts.
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    \5\ See Commodity Futures Trading Commission and Securities and
Exchange Commission Joint Final Rule Defining ``Swap,'' ``Security-
Based Swap,'' and ``Security-Based Swap Agreement;'' Mixed Swaps;
Security-Based Swap Agreement Recordkeeping, 77 FR 48207, 48255
(August 13, 2012).
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    The amendments would impact the following CME contracts and
associated rules:
     Rule 270H.02.A. Day of Cash Settlement of Cleared OTC U.S.
Dollar/Chinese Renminbi (USD/RMB) Spot, Forwards and Swaps (Rulebook
Chapter 270H: Commodity Code: USDCNY); Rule 270H.02.B.--Procedures if
No Cash Settlement Price is Available for the USD/RMB Cleared OTC Spot,
Forwards and Swaps Contracts;
     Rule 271H.02.A. Day of Cash Settlement of Cleared OTC U.S.
Dollar/

Korean Won (USD/KRW) Spot, Forwards and Swaps (Rulebook Chapter 271H:
Commodity Code: USDKRW); Rule 271H.02.B.--Procedures if No Cash
Settlement Price is Available for the USD/KRW Cleared OTC Spot,
Forwards and Swaps Contracts;
     Rule 279H.02.A. Day of Cash Settlement of Cleared OTC U.S.
Dollar/Indian Rupee (USD/INR) Spot, Forwards and Swaps (Rulebook
Chapter 279H: Commodity Code: USDINR);
     Rule 280H.02.A. Day of Cash Settlement of Cleared OTC U.S.
Dollar/Malaysian Ringgit (USD/MYR) Spot, Forwards and Swaps (Rulebook
Chapter 280H: Commodity Code: USDMYR);
     Rule 281H.02.A. Day of Cash Settlement of Cleared OTC U.S.
Dollar/Indonesian Rupiah (USD/IDR) Spot, Forwards and Swaps (Rulebook
Chapter 281H: Commodity Code: USDIDR);
     Rule 282H.02.A. Day of Cash Settlement of Cleared OTC U.S.
Dollar/Taiwan Dollar (USD/TWD) Spot, Forwards and Swaps (Rulebook
Chapter 282H: Commodity Code: USDTWD); and
     Rule 283H.02.A. Day of Cash Settlement of Cleared OTC U.S.
Dollar/Philippines Peso (USD/PHP) Spot, Forwards and Swaps (Rulebook
Chapter 283H: Commodity Code: USDPHP).
    More specifically, CME is proposing to amend Rule 270H.02.B. and
271H.02.B. to remove an outdated interpretation reference regarding
fallback procedures. CME will work with EMTA, a trade group focused on
the global emerging markets trading and investment community, and other
OTC organizations, to make sure CME is aligned in the event a rate is
not determined or published. Further, CME is proposing rule changes to
Rules 270H.02.A., 271H.02.A., 279H.02.A., Rule 280H.02.A., Rule
281H.02.A., Rule 282H.02.A. and Rule 283H.02.A. that would specify that
in the event that a ``Final Settlement Price'' is not able to be
determined for the applicable contracts, then the Final Settlement
Price would be determined pursuant to existing CME Rule 812.\6\ CME
Rule 812 allows CME to establish a final settlement price in the event
the final settlement price cannot be determined and alternative
settlement procedures are not otherwise specified in the relevant
product chapter.
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    \6\ Pursuant to a teleconference with CME's counsel on October
23, 2014, staff in the Division of Trading and Markets has revised
this sentence by adding Rule 280H.02.A. to the description of the
Rules that are being amended as part of the proposed rule change.
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    The changes that are described in this filing are limited to CME's
business as a DCO clearing products under the exclusive jurisdiction of
the CFTC and do not materially impact CME's security-based swap
clearing business in any way. The changes will be effective on filing.
CME notes that it has also certified the proposed rule changes that are
the subject of this filing to its primary regulator, the CFTC, in a
separate filing, CME Submission No. 14-409.
    CME believes the proposed rule change is consistent with the
requirements of the Act including Section 17A of the Act.\7\ CME is
proposing the amendments to clarify that CME would be allowed to
establish a final settlement price for certain OTC FX contracts in the
event a final settlement price cannot be determined and alternative
settlement procedures are not otherwise specified in the relevant
product chapter. These amendments to CME's fallback procedures are
designed to promote the prompt and accurate clearance and settlement of
securities transactions and, to the extent applicable, derivatives
agreements, contracts, and transactions, to assure the safeguarding of
securities and funds which are in the custody or control of the
clearing agency or for which it is responsible, and, in general, to
protect investors and the public interest consistent with Section
17A(b)(3)(F) of the Act.\8\
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    \7\ 15 U.S.C. 78q-1.
    \8\ 15 U.S.C. 78q-1(b)(3)(F).
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    Furthermore, the proposed changes are limited in their effect to
products offered under CME's authority to act as a DCO. The products
that are the subject of this filing are under the exclusive
jurisdiction of the CFTC. As such, the proposed CME changes are limited
to CME's activities as a DCO clearing swaps that are not security-based
swaps, futures that are not security futures and forwards that are not
security forwards. CME notes that the policies of the CFTC with respect
to administering the Commodity Exchange Act are comparable to a number
of the policies underlying the Act, such as promoting market
transparency for over-the-counter derivatives markets, promoting the
prompt and accurate clearance of transactions and protecting investors
and the public interest.
    Because the proposed changes are limited in their effect to OTC FX
products offered under CME's authority to act as a DCO, the proposed
changes are properly classified as effecting a change in an existing
service of CME that:
    (a) Primarily affects the clearing operations of CME with respect
to products that are not securities, including futures that are not
security futures, swaps that are not security-based swaps or mixed
swaps, and forwards that are not security forwards; and
    (b) does not significantly affect any securities clearing
operations of CME or any rights or obligations of CME with respect to
securities clearing or persons using such securities-clearing service.
    As such, the changes are therefore consistent with the requirements
of Section 17A of the Act \9\ and are properly filed under Section
19(b)(3)(A) \10\ and Rule 19b-4(f)(4)(ii) \11\ thereunder.
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    \9\ 15 U.S.C. 78q-1.
    \10\ 15 U.S.C. 78s(b)(3)(A).
    \11\ 17 CFR 240.19b-4(f)(4)(ii).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    CME does not believe that the proposed rule change will have any
impact, or impose any burden, on competition. The proposed amendments
are designed to establish appropriate fallback settlement price
procedures for several OTC FX contracts. Further, the changes are
limited to CME's derivatives clearing business and, as such, do not
affect the security-based swap clearing activities of CME in any way
and therefore would not impose any burden on competition that is
inappropriate in furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others

    CME has not solicited, and does not intend to solicit, comments
regarding this proposed rule change. CME has not received any
unsolicited written comments from interested parties.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

    The foregoing rule change has become effective upon filing pursuant
to Section 19(b)(3)(A) \12\ of the Act and Rule 19b-4(f)(4)(ii) \13\
thereunder. 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.
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    \12\ 15 U.S.C. 78s(b)(3)(A).
    \13\ 17 CFR 240.19b-4(f)(4)(ii).
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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 email to<EMAIL_ADDRESS>Please include
File Number SR-CME-2014-46 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-CME-2014-46. 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 filings will also be available
for inspection and copying at the principal office of CME and on CME's
Web site at http://www.cmegroup.com/market-regulation/rule-filings.html.
    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-CME-2014-46
and should be submitted on or before November 24, 2014.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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    \14\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-26006 Filed 10-31-14; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 79, Number 155 (Tuesday, August 12, 2014)]
[Notices]
[Pages 47097-47098]
[FR Doc No: 2014-19022]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings 1

    Take notice that the Commission received the following electric
corporate filings:

    Docket Numbers: EC14-123-000.
    Applicants: Osage Wind, LLC.
    Description: Application for Authorization Under Section 203 of the
Federal Power Act, Request for Shortened Notice Period, Expedited
Consideration and Confidential Treatment of Osage Wind, LLC.
    Filed Date: 8/4/14.
    Accession Number: 20140804-5212.
    Comments Due: 5 p.m. ET 8/25/14.

    Take notice that the Commission received the following electric
rate filings:

    Docket Numbers: ER10-2211-003.
    Applicants: Vandolah Power Company, L.L.C.
    Description: Compliance to Baseline Tariff to be effective 8/6/
2014.
    Filed Date: 8/5/14.
    Accession Number: 20140805-5067.
    Comments Due: 5 p.m. ET 8/26/14.

    Docket Numbers: ER10-2218-003.
    Applicants: Orlando CoGen Limited, L.P.
    Description: Compliance to Baseline Tariff to be effective 8/6/
2014.
    Filed Date: 8/5/14.
    Accession Number: 20140805-5064.
    Comments Due: 5 p.m. ET 8/26/14.

    Docket Numbers: ER11-2370-004.
    Applicants: Cambria CoGen Company.
    Description: Cambria CoGen Company submits tariff filing per 35:
Compliance to Baseline Tariff to be effective 8/6/2014.
    Filed Date: 8/5/14.
    Accession Number: 20140805-5084.
    Comments Due: 5 p.m. ET 8/26/14.

    Docket Numbers: ER13-298-003.
    Applicants: New York Independent System Operator, Inc.
    Description: NYISO Compliance-Eliminate Reference Level Cap on 10-
minute Reserve to be effective 8/25/2014.
    Filed Date: 8/5/14.
    Accession Number: 20140805-5115.
    Comments Due: 5 p.m. ET 8/26/14.

    Docket Numbers: ER13-2318-003; ER13-1430-003; ER10-2743-004; ER12-
637-002; ER10-1936-003; ER13-1561-003; ER12-995-002; ER10-1892-004;
ER10-1886-004; ER10-2793-004; ER10-1854-005; ER13-2317-003; ER10-2755-
005; ER10-2739-008; ER11-3320-005; ER10-1872-004; ER14-2499-001; ER13-
2319-003; ER10-2751-004; ER10-2744-006; ER10-2740-006; ER10-1859-004;
ER13-2316-003; ER10-2742-004; ER10-1631-005; ER11-3321-005; ER14-19-
003.
    Applicants: All Dams Generation, LLC, Arlington Valley Solar Energy
II, LLC, Bluegrass Generation Company, L.L.C., Calhoun Power Company,
LLC, Carville Energy LLC, Centinela Solar Energy, LLC, Cherokee County
Cogeneration Partners, LLC, Columbia Energy LLC, Decatur Energy Center,
LLC, DeSoto County Generating Company, LLC, Doswell Limited
Partnership, Lake Lynn Generation, LLC, Las Vegas Power Company, LLC,
LS Power Marketing, LLC, LSP University Park, LLC, Mobile Energy LLC,
Oneta Power, LLC, PE Hydro Generation, LLC, Renaissance Power, L.L.C.,
Riverside Generating Company, L.L.C., Rocky Road Power, LLC, Santa Rosa
Energy Center, LLC, Seneca Generation, LLC, Tilton Energy LLC,
University Park Energy, LLC, Wallingford Energy LLC, West Deptford
Energy, LLC.
    Description: Notification of Change in Status of the LS Power
Development, LLC subsidiaries.
    Filed Date: 8/4/14.
    Accession Number: 20140804-5214.
    Comments Due: 5 p.m. ET 8/25/14.

    Docket Numbers: ER14-2593-000.
    Applicants: RE Columbia Two LLC.

    Description: RE Columbia Two LLC--Certificate of Concurrence Filing
to be effective 9/7/2014.
    Filed Date: 8/4/14.
    Accession Number: 20140804-5189.
    Comments Due: 5 p.m. ET 8/25/14.

    Docket Numbers: ER14-2594-000.
    Applicants: RE Camelot LLC.
    Description: RE Camelot LLC--Certificate of Concurrence to be
effective 9/7/2014.
    Filed Date: 8/5/14.
    Accession Number: 20140805-5000.
    Comments Due: 5 p.m. ET 8/26/14.

    Docket Numbers: ER14-2595-000.
    Applicants: PJM Interconnection, L.L.C.
    Description: PJM Interconnection, L.L.C. submits tariff filing per
35.13(a)(2)(iii: Queue Position  Y2-042 ?Service Agreement No.
3915 to be effective 7/7/2014.
    Filed Date: 8/5/14.
    Accession Number: 20140805-5068.
    Comments Due: 5 p.m. ET 8/26/14.

    Docket Numbers: ER14-2596-000.
    Applicants: NSTAR Electric Company, ISO New England Inc.
    Description: NSTAR Electric Company submits tariff filing per
35.13(a)(2)(iii: ISO-NE., MBTA and NSTAR Local Service Agreement TSA-
NSTAR-001 to be effective 5/1/2014.
    Filed Date: 8/5/14.
    Accession Number: 20140805-5074.
    Comments Due: 5 p.m. ET 8/26/14.

    Docket Numbers: ER14-2597-000.
    Applicants: Town of Hanover
    Description: Town of Hanover submits tariff filing per 35.12: Town
of Hanover MBR Application to be effective 10/15/2014.
    Filed Date: 8/5/14.
    Accession Number: 20140805-5076.
    Comments Due: 5 p.m. ET 8/26/14.

    Docket Numbers: ER14-2598-000.
    Applicants: Midcontinent Independent System Operator, Inc.
    Description: Midcontinent Independent System Operator, Inc. submits
tariff filing per 35.13(a)(2)(iii: 2014-08-05--SA 2682 MidAmerican-
MidAmerican Amended GIA (R39) to be effective 8/6/2014.
    Filed Date: 8/5/14.
    Accession Number: 20140805-5077.
    Comments Due: 5 p.m. ET 8/26/14.

    Docket Numbers: ER14-2599-000.
    Applicants: Midcontinent Independent System Operator, Inc.
    Description: Midcontinent Independent System Operator, Inc. submits
tariff filing per 35.13(a)(2)(iii: 2014-06-30 Bi-Directional EARS
filing to be effective 3/1/2015.
    Filed Date: 8/5/14.
    Accession Number: 20140805-5104.
    Comments Due: 5 p.m. ET 8/26/14.

    Docket Numbers: ER14-2600-000.
    Applicants: Southwest Power Pool, Inc.
    Description: 1166R21 Oklahoma Municipal Power Authority NITSA and
NOA to be effective 7/1/2014.
    Filed Date: 8/5/14.
    Accession Number: 20140805-5121.
    Comments Due: 5 p.m. ET 8/26/14.
    Docket Numbers: ER14-2601-000.
    Applicants: Ameren Illinois Company.
    Description: Ameren Illinois Company submits tariff filing per
35.13(a)(2)(iii: Letter Agreement Between AIC, IMEA, and Flora to be
effective 7/7/2014.
    Filed Date: 8/5/14.
    Accession Number: 20140805-5137.
    Comments Due: 5 p.m. ET 8/26/14.

    Take notice that the Commission received the following public
utility holding company filings:

    .Docket Numbers: PH14-5-001.
    Applicants: LS Power Development, LLC.
    Description: LS Power Development, LLC submits Notice of Non-
Material Change in Fact of FERC 65-B Waiver Notification..
    Filed Date: 8/4/14.
    Accession Number: 20140804-5209.
    Comments Due: 5 p.m. ET 8/25/14.

    The filings are accessible in the Commission's eLibrary system by
clicking on the links or querying the docket number.
    Any person desiring to intervene or protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Regulations (18 CFR 385.211 and 385.214) on or before 5:00
p.m. Eastern time on the specified comment date. Protests may be
considered, but intervention is necessary to become a party to the
proceeding.
    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, service, and qualifying
facilities filings can be found at: http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information, call<PHONE_NUMBER>
(toll free). For TTY, call<PHONE_NUMBER>.

    Dated: August 5, 2014.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2014-19022 Filed 8-11-14; 8:45 am]
BILLING CODE 6717-01-P