[Federal Register Volume 85, Number 120 (Monday, June 22, 2020)]
[Notices]
[Pages 37483-37486]
[FR Doc No: 2020-13308]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-89072; File No. SR-ICC-2020-008]

Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of
Filing of Proposed Rule Change, Security-Based Swap Submission, or
Advance Notice Relating to the ICC Exercise Procedures and ICC Clearing
Rules

June 16, 2020.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of
1934,\1\ and Rule 19b-4,\2\ notice is hereby given that on June 3,
2020, ICE Clear Credit LLC (``ICC'') filed with the Securities and
Exchange Commission (the ``Commission'') the proposed rule change,
security-based swap submission, or advance notice as described in Items
I, II and III below, which Items have been prepared by ICC. The
Commission is publishing this notice to solicit comments on the
proposed rule change, security-based swap submission, or advance notice
from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change, Security-Based Swap Submission, or Advance Notice

    The principal purpose of the proposed rule change is to formalize
the ICC Exercise Procedures in connection with the clearing of credit
default index swaptions. ICC also proposes a related update to the ICC
Clearing Rules (the ``Rules'').\3\
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    \3\ Capitalized terms used but not defined herein have the
meanings specified in the Rules.
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II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change, Security-Based Swap Submission, or
Advance Notice

    In its filing with the Commission, ICC included statements
concerning the purpose of and basis for the proposed rule change,
security-based swap submission, or advance notice and discussed any
comments it received on the proposed rule change, security-based swap
submission, or advance notice. The text of these statements may be
examined at the places specified in Item IV below. ICC has prepared
summaries, set forth in sections (A), (B), and (C) below, of the most
significant aspects of these statements.

(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change, Security-Based Swap Submission, or
Advance Notice

(a) Purpose
    ICC proposes to formalize the Exercise Procedures and to make a
related change to the Rules in connection with its proposed launch of
the clearing of credit default index swaptions (``Index Swaptions'').
ICC has previously filed with the Commission changes to certain other
policies and procedures related to the clearing of Index Swaptions on
June 28, 2019 \4\ and January 14, 2020 \5\ (the ``Swaption Rule
Filings''). As set out in the Swaption Rule Filings, ICC intends to
adopt certain related policies and procedures in preparation for the
launch of clearing of Index Swaptions, including those set out in this
filing, and does not intend to commence clearing of Index Swaptions
until all such policies and procedures have been approved by the
Commission or otherwise become effective. As such, ICC proposes to
formalize the Exercise Procedures and make the related changes to the
Rules effective following the approval of all such policies and
procedures and the completion of the ICC governance process surrounding
the Index Swaptions product expansion.
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    \4\ SEC Release No. 34-87297; File No. SR-ICC-2019-007 (Oct. 15,
2019) (approval), 84 FR 56270 (Oct. 21, 2019).
    \5\ SEC Release No. 34-88047; File No. SR-ICC-2020-002 (Jan. 27,
2020) (notice), 85 FR 5756 (Jan. 31, 2020).
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    As discussed in the Swaption Rule Filings, pursuant to an Index
Swaption, one party (the ``Swaption Buyer'') has the right (but not the
obligation) to cause the other party (the ``Swaption Seller'') to enter
into an index credit default swap transaction at a pre-determined
strike price on a specified expiration date on specified terms. In the
case of Index Swaptions that would be cleared by ICC, the underlying
index credit default swap would be limited to certain CDX and iTraxx
Europe index credit default swaps that are accepted for clearing by
ICC, and which would be automatically cleared by ICC upon exercise of
the Index Swaption by the Swaption Buyer in accordance with its terms.
I. Exercise Procedures
    The Exercise Procedures are intended to supplement the provisions
of Subchapter 26R of the Rules \6\ with respect to Index Swaptions and
provide further detail as to the manner in which Index Swaptions may be
exercised by Swaption Buyers, the manner in which ICC will assign such
exercises to Swaption Sellers, and certain actions that ICC may take in
the event of technical issues.
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    \6\ Subchapter 26R of the Rules was proposed in the Swaption
Rule Filings. SEC Release No. 34-87297; File No. SR-ICC-2019-007
(Oct. 15, 2019) (approval), 84 FR 56270 (Oct. 21, 2019).
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    In paragraph 1 of the Exercise Procedures, ICC proposes to set out
key definitions used for the exercise of Index Swaptions. Key defined
terms would include the Exercise Period, which would be the period on
the expiration date of an Index Swaption during which the Swaption
Buyer may deliver an exercise notice to ICC to exercise all or part of
such Index Swaption. The document would define the circumstances that
constitute the failure of the Exercise System (``Exercise System
Failure'') which is the electronic system established by ICC for
exercise. The Exercising Party would mean (i) with respect to an Index
Swaption carried in the house account of a Participant as Swaption
Buyer, such Participant, and (ii) with respect to an Index Swaption
carried in the client origin account of a Participant for a Non-
Participant Party as Swaption Buyer, such Non-Participant Party.
    ICC proposes to describe the exercise and assignment process in
paragraph 2 of the Exercise Procedures. In paragraph 2.1, ICC states
that exercise notices would be delivered in accordance with the ICC
Rules and the Exercise Procedures and specifically references
Subchapter 26R of the Rules related to Index Swaptions.
    Paragraph 2.2 of the proposed Exercise Procedures would address the
procedures for exercise and assignment of Index Swaptions. The document
sets forth ICC's process of netting all open positions in such expiring
Index Swaption, which takes place on the business day prior to the
expiration date of an Index Swaption and applies to house and client
origin accounts. To exercise an Index Swaption, the Exercising Party
would deliver an exercise notice to ICC during the Exercise Period
specifying the notional amount being exercised (``Exercised Notional
Amount''). ICC may also establish a Pre-Exercise Notification Period
during which an Exercising Party may submit, modify, and/or withdraw
preliminary exercise notices. The submission of an exercise notice
during the Exercise Period will be irrevocable

and binding on the Exercising Party and, once validated by ICC, will be
accepted by ICC and binding on ICC and the Exercising Party (and, in
the case of a Non-Participant Party, its Participant). If ICC rejects
an exercise notice as not valid, as described in the Exercise
Procedures, it will inform the submitting party, who may resubmit a
corrected notice within the Exercise Period. For informational purposes
only, within the Exercise Period, ICC may estimate and provide the
notional amount that it will assign to each open position in an Index
Swaption of a Swaption Seller. Moreover, if an Exercising Party did not
submit an exercise notice but submitted a preliminary exercise notice
in respect of such Index Swaption that was not withdrawn, the
Exercising Party will be deemed to have submitted an exercise notice
with the Exercised Notional Amount specified under such preliminary
notice. After the Exercise Period ends, ICC will determine final
assignments to open positions in Index Swaptions of Swaption Sellers
and notify Participants as described in the Exercise Procedures.
    The proposed Exercise Procedures would address limitations and
clarifications regarding the exercise process. Paragraph 2.3 sets out
certain limitations, including limitations that ICC may impose during
the Exercise Period and limitations as to the responsibility for any
failure to exercise an Index Swaption. Paragraph 2.4 further clarifies
the party that is entitled to exercise. A Participant is not entitled
to provide a preliminary exercise notice or exercise notice on behalf
of Non-Participant Parties for which it carries Index Swaptions. A Non-
Participant Party will only be permitted to exercise an Index Swaption
in a portfolio belonging to the Non-Participant Party. Additionally,
under paragraph 2.4, a Participant may make certain elections as a
result of a default or termination event with respect to a Non-
Participant Party for which it carries an Index Swaption, and is
required to obtain the agreement of each Non-Participant Party for
which it carries an open position in Index Swaptions to the provisions
of the Rules and Exercise Procedures applicable to Index Swaptions.
    The proposed Exercise Procedures would describe the Exercise System
and provide the steps that ICC would follow in case of technical
issues. Paragraph 2.5 explains the Electronic Notice Process which is
the process for the electronic delivery and assignment of exercise
notices or preliminary exercise notices through the Exercise System.
Exercise notices would only be submitted through the Exercise System
pursuant to the Electronic Notice Process, unless otherwise determined
by ICC pursuant to paragraph 2.6. Namely, in the event of an Exercise
System Failure affecting an Exercise Period, paragraph 2.6 provides ICC
with the following options: (i) Cancel and reschedule the Exercise
Period, (ii) determine that automatic exercise will apply; and/or (iii)
take such other action as ICC determines appropriate to permit
Exercising Parties to submit exercise notices and to permit ICC to
assign such notices. Paragraph 2.7 would address the situation where an
Exercising Party is affected by a significant communications or
information technology failure making it impossible or impractical to
deliver all, or substantially all, of its exercise notices in
accordance with the Electronic Notice Process during the Exercise
Period (``Party Communication Failure''). Paragraph 2.8 would address
the situation where Index Swaptions will be automatically exercised on
the expiration date due to an Exercise System Failure.
II. Rule Amendments
    ICC proposes to amend ICC Rule 304 related to offsets to
incorporate a reference to the Exercise Procedures. Specifically, ICC
proposes a change to ICC Rule 304(a) to clarify that netting of
applicable offsetting positions in Index Swaptions would be subject to
any provisions in the Exercise Procedures.
(b) Statutory Basis
    ICC believes that the proposed rule change is consistent with the
requirements of Section 17A of the Act \7\ and the regulations
thereunder applicable to it, including the applicable standards under
Rule 17Ad-22.\8\ In particular, Section 17A(b)(3)(F) of the Act \9\
requires that the rule change be consistent with the prompt and
accurate clearance and settlement of securities transactions and
derivative agreements, contracts and transactions cleared by ICC, the
safeguarding of securities and funds in the custody or control of ICC
or for which it is responsible, and the protection of investors and the
public interest. The proposed rule change would formalize the Exercise
Procedures, which describe the exercise and assignment process and are
intended to supplement the provisions of Subchapter 26R of the Rules,
to support the clearing of Index Swaptions. ICC sets out procedures in
the document that are designed to protect users in the event of
technical issues or technology failures, including circumstances where
there is an Exercise System Failure and Party Communication Failure.
The procedures allow firms to submit preliminary exercise notices such
that the preliminary instructions can be used as the final exercise
instructions in the event of a communications failure during the
exercise window. The proposed rule change also proposes a related
update to Rule 304(a) to clarify that netting of applicable offsetting
positions in Index Swaptions would be subject to any provisions in the
Exercise Procedures. Accordingly, in ICC's view, the proposed rule
change will further ensure that ICC's Rules and policies and procedures
clearly reflect the terms and conditions applicable to Index Swaptions
and is thus consistent with the prompt and accurate clearing and
settlement of the contracts cleared by ICC, including Index Swaptions,
the safeguarding of securities and funds in the custody or control of
ICC or for which it is responsible, and the protection of investors and
the public interest, within the meaning of Section 17A(b)(3)(F) of the
Act.\10\
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    \7\ 15 U.S.C. 78q-1.
    \8\ 17 CFR 240.17Ad-22.
    \9\ 15 U.S.C. 78q-1(b)(3)(F).
    \10\ Id.
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    The amendments would also satisfy relevant requirements of Rule
17Ad-22.\11\ Rule 17Ad-22(e)(1) \12\ requires each covered clearing
agency \13\ to establish, implement, maintain, and enforce written
policies and procedures reasonably designed to provide for a well-
founded, clear, transparent, and enforceable legal basis for each
aspect of its activities in all relevant jurisdictions. The Exercise
Procedures are intended to supplement the provisions of Subchapter 26R
of the Rules with respect to Index Swaptions and would further ensure
that ICC's Rules clearly reflect the terms and conditions applicable to
Index Swaptions. The proposed rule change would support the legal basis
for the operation of the exercise and assignment process, including by
defining key terms; describing the validation and rejection of exercise
notices, including the party that is entitled to submit such notices;
and addressing situations where there are technical issues. As such,
the proposed rule change would satisfy the requirements of the Rule
17Ad-22(e)(1).\14\
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    \11\ 17 CFR 240.17Ad-22.
    \12\ 17 CFR 240.17Ad-22(e)(1).
    \13\ ICC will be a covered clearing agency subject to Rule 17ad-
22(e) as of the effective date (July 13, 2020) as a result of the
amended definition. 17 CFR 240.17Ad-22; Release No. 34-88616; File
No. S7-23-16 (April 9, 2020), 85 FR 28853 (May 14, 2020).
    \14\ 17 CFR 240.17Ad-22(e)(1).

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    Rule 17Ad-22(e)(17) \15\ requires, in relevant part, each covered
clearing agency to establish, implement, maintain, and enforce written
policies and procedures reasonably designed to manage its operational
risks by (i) identifying the plausible sources of operational risk,
both internal and external, and mitigating their impact through the use
of appropriate systems, policies, procedures, and controls; and (ii)
ensuring that systems have a high degree of security, resiliency,
operational reliability, and adequate, scalable capacity. The proposed
rule change would allow ICC to manage the operational risks associated
with the exercise and assignment process by establishing procedures for
the exercise and assignment of Index Swaptions, which would allow ICC
to identify plausible sources of operational risks in clearing Index
Swaptions and minimize their impact through appropriate systems,
policies, procedures, and controls. To reduce operational risk, the
document includes procedures for validating and rejecting exercise
notices and procedures for exercise in the event of technical issues or
technology failures, including an Exercise System Failure and a Party
Communication Failure. Such procedures are designed to provide sound
alternatives in the case of technical issues and help mitigate the
impact from technical issues to ensure that the system has a high
degree of security, resiliency, operational reliability, and adequate,
scalable capacity. The proposed rule change is therefore reasonably
designed to meet the requirements of Rule 17Ad-22(e)(17).\16\
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    \15\ 17 CFR 240.17Ad-22(e)(17)(i)-(ii).
    \16\ Id.
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    Rule 17Ad-22(e)(18) \17\ requires each covered clearing agency to
establish, implement, maintain, and enforce written policies and
procedures reasonably designed to establish objective, risk-based, and
publicly disclosed criteria for participation, which permit fair and
open access by direct and, where relevant, indirect participants and
other financial market utilities, require participants to have
sufficient financial resources and robust operational capacity to meet
obligations arising from participation in the clearing agency, and
monitor compliance with such participation requirements on an ongoing
basis. The publically available Rules and the Exercise Procedures,
which would be publically available, would establish objective, risk-
based, and publicly disclosed criteria for participation in ICC's
exercise and assignment process. As discussed above, the Exercise
Procedures would provide further detail as to the manner in which Index
Swaptions may be exercised by Swaption Buyers and the manner in which
ICC will assign such exercises to Swaption Sellers. The document would
also specify the party entitled to exercise, stating that a Non-
Participant Party will only be permitted to exercise an Index Swaption
in a portfolio belonging to the Non-Participant Party. The amendments
to the Rules further incorporate reference to the Exercise Procedures
into Rule 304(a). Additionally, the proposed rule change would require
a Participant to obtain the agreement of each Non-Participant Party for
which it carries an open position in Index Swaptions to the provisions
of the Rules and Exercise Procedures applicable to Index Swaptions,
which are intended to ensure that participants have sufficient
financial resources and robust operational capacity to meet obligations
arising from participation in the clearing agency. Thus, the proposed
rule change would satisfy the requirements of Rule 17Ad-22(e)(18).\18\
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    \17\ 17 CFR 240.17Ad-22(e)(18).
    \18\ Id.
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(B) Clearing Agency's Statement on Burden on Competition

    ICC does not believe the proposed rule change would have any
impact, or impose any burden, on competition not necessary or
appropriate in furtherance of the purpose of the Act. The proposed rule
change would support the clearing of Index Swaptions, including by
formalizing the Exercise Procedures and making a related Rule change
necessary to support the clearing of Index Swaptions. The proposed rule
change will apply uniformly across all market participants. ICC does
not believe acceptance of Index Swaptions for clearing would adversely
affect the trading markets for such contracts, and in fact acceptance
of such contracts by ICC would provide market participants with the
additional flexibility to have their Index Swaptions cleared.
Acceptance of Index Swaptions for clearing will not, in ICC's view,
adversely affect clearing of any other currently cleared product. ICC
does not believe the amendments would adversely affect the ability of
Participants, their customers or other market participants to continue
to clear contracts, including CDS Contracts. ICC also does not believe
the enhancements would adversely affect the cost of clearing or
otherwise limit market participants' choices for selecting clearing
services in Index Swaptions, credit default swaps or other products.
Accordingly, ICC does not believe the amendments would impose any
burden on competition not necessary or appropriate in furtherance of
the purpose of the Act.

(C) Clearing Agency's Statement on Comments on the Proposed Rule
Change, Security-Based Swap Submission, or Advance Notice Received From
Members, Participants or Others

    Written comments relating to the proposed rule change have not been
solicited or received. ICC will notify the Commission of any written
comments received by ICC.

III. Date of Effectiveness of the Proposed Rule Change, Security-Based
Swap Submission, or Advance Notice and Timing for Commission Action

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
    (A) By order approve or disapprove such proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule
change should be 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, security-based swap submission, or advance notice 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-ICC-2020-008 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-ICC-2020-008. 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, security-based swap submission, or
advance notice that are filed with the Commission, and all written
communications relating to the proposed rule change, security-based
swap submission, or advance notice 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 such filings
will also be available for inspection and copying at the principal
office of ICE Clear Credit and on ICE Clear Credit's website at https://www.theice.com/clear-credit/regulation. 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-ICC-2020-008
and should be submitted on or before July 13, 2020.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
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    \19\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-13308 Filed 6-19-20; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 78, Number 206 (Thursday, October 24, 2013)]
[Notices]
[Page 63484]
[FR Doc No: 2013-24935]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Internal Agency Docket No. FEMA-3365-EM; Docket ID FEMA-2013-0001]

Colorado; Amendment No. 3 to Notice of an Emergency Declaration

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: This notice amends the notice of an emergency declaration for
the State of Colorado (FEMA-3365-EM), dated September 12, 2013, and
related determinations.

DATES: Effective Date: September 30, 2013.

FOR FURTHER INFORMATION CONTACT: Dean Webster, Office of Response and
Recovery, Federal Emergency Management Agency, 500 C Street SW.,
Washington, DC 20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: Notice is hereby given that the incident
period for this disaster is closed effective September 30, 2013.

(The following Catalog of Federal Domestic Assistance Numbers (CFDA)
are to be used for reporting and drawing funds: 97.030, Community
Disaster Loans; 97.031, Cora Brown Fund; 97.032, Crisis Counseling;
97.033, Disaster Legal Services; 97.034, Disaster Unemployment
Assistance (DUA); 97.046, Fire Management Assistance Grant; 97.048,
Disaster Housing Assistance to Individuals and Households In
Presidentially Declared Disaster Areas; 97.049, Presidentially
Declared Disaster Assistance--Disaster Housing Operations for
Individuals and Households; 97.050, Presidentially Declared Disaster
Assistance to Individuals and Households--Other Needs; 97.036,
Disaster Grants--Public Assistance (Presidentially Declared
Disasters); 97.039, Hazard Mitigation Grant.)

W. Craig Fugate,
Administrator, Federal Emergency Management Agency.
[FR Doc. 2013-24935 Filed 10-23-13; 8:45 am]
BILLING CODE 9111-23-P


[Federal Register Volume 82, Number 226 (Monday, November 27, 2017)]
[Notices]
[Pages 56014-56015]
[FR Doc No: 2017-25486]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. CP18-13-000]

Notice of Application; Columbia Gas Transmission, LLC

    Take notice that on November 3, 2017, Columbia Gas Transmission,
LLC (Columbia Gas), 700 Louisiana Street, Suite 700, Houston, Texas
77002-2700, filed in Docket No. CP18-13-000, an application under
sections 7(b) and 7(c) of the Natural Gas Act for the proposed Line
8000 Replacement Project (Project). Specifically, Columbia Gas requests
authorization to: (i) Replace approximately 14 miles of bare steel
pipeline; and (ii) abandon multiple taps, all located in Mineral
County, West Virginia and Allegany County, Maryland, all as more fully
set forth in the application which is on file with the Commission and
open to public inspection. The project costs approximately $18.2
million and Columbia Gas requests pre-determination of rolled-in rate
treatment and surcharges. The Project is part of Columbia Gas's multi-
year, comprehensive modernization program to address its aging
infrastructure. This

filing may be viewed on the web at http://www.ferc.gov using the
``eLibrary'' link. Enter the docket number excluding the last three
digits in the docket number field to access the document. For
assistance, please contact FERC at [email protected] or call
toll-free,<PHONE_NUMBER> or TYY,<PHONE_NUMBER>.
    Any questions regarding this Application should be directed counsel
for Columbia, Lauri Newton, Director of Regulatory and Commercial Law,
TransCanada Corporation, 700 Louisiana St, Houston, TX 77002;
Telephone:<PHONE_NUMBER>.
    Pursuant to section 157.9 of the Commission's rules, 18 CFR 157.9,
within 90 days of this Notice the Commission staff will either:
Complete its environmental assessment (EA) and place it into the
Commission's public record (eLibrary) for this proceeding; or issue a
Notice of Schedule for Environmental Review. If a Notice of Schedule
for Environmental Review is issued, it will indicate, among other
milestones, the anticipated date for the Commission staff's issuance of
the final environmental impact statement (FEIS) or EA for this
proposal. The filing of the EA in the Commission's public record for
this proceeding or the issuance of a Notice of Schedule for
Environmental Review will serve to notify federal and state agencies of
the timing for the completion of all necessary reviews, and the
subsequent need to complete all federal authorizations within 90 days
of the date of issuance of the Commission staff's FEIS or EA.
    There are two ways to become involved in the Commission's review of
this project. First, any person wishing to obtain legal status by
becoming a party to the proceedings for this project should, on or
before the comment date stated below, file with the Federal Energy
Regulatory Commission, 888 First Street NE., Washington, DC 20426, a
motion to intervene in accordance with the requirements of the
Commission's Rules of Practice and Procedure (18 CFR 385.214 or
385.211) and the Regulations under the NGA (18 CFR 157.10). A person
obtaining party status will be placed on the service list maintained by
the Secretary of the Commission and will receive copies of all
documents filed by the applicant and by all other parties. A party must
submit 7 copies of filings made with the Commission and must mail a
copy to the applicant and to every other party in the proceeding. Only
parties to the proceeding can ask for court review of Commission orders
in the proceeding.
    However, a person does not have to intervene in order to have
comments considered. The second way to participate is by filing with
the Secretary of the Commission, as soon as possible, an original and
two copies of comments in support of or in opposition to this project.
The Commission will consider these comments in determining the
appropriate action to be taken, but the filing of a comment alone will
not serve to make the filer a party to the proceeding. The Commission's
rules require that persons filing comments in opposition to the project
provide copies of their protests only to the party or parties directly
involved in the protest.
    Persons who wish to comment only on the environmental review of
this project should submit an original and two copies of their comments
to the Secretary of the Commission. Environmental commenter's will be
placed on the Commission's environmental mailing list, will receive
copies of the environmental documents, and will be notified of meetings
associated with the Commission's environmental review process.
Environmental commenter's will not be required to serve copies of filed
documents on all other parties. However, the non-party commentary, will
not receive copies of all documents filed by other parties or issued by
the Commission (except for the mailing of environmental documents
issued by the Commission) and will not have the right to seek court
review of the Commission's final order.
    The Commission strongly encourages electronic filings of comments,
protests and interventions in lieu of paper using the eFiling link at
http://www.ferc.gov. Persons unable to file electronically should
submit an original and 5 copies of the protest or intervention to the
Federal Energy Regulatory Commission, 888 First Street NE., Washington,
DC 20426. See, 18 CFR 385.2001(a) (1) (iii) and the instructions on the
Commission's Web site under the e-Filing link.
    Comment Date: 5:00 p.m. Eastern Time on December 8, 2017.

    Dated: November 17, 2017.
Kimberly D. Bose,
Secretary.
[FR Doc. 2017-25486 Filed 11-24-17; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 83, Number 14 (Monday, January 22, 2018)]
[Notices]
[Pages 2974-2975]
[FR Doc No: 2018-01020]

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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
rate filings:

    Docket Numbers: ER10-2739-019; ER14-1219-006; ER16-1732-005; ER17-
993-004; ER10-2743-014; ER18-95-001; ER17-989-004; ER10-1854-011; ER17-
990-004; ER17-1946-004; ER17-991-004; ER10-2755-017; ER16-1652-007;
ER11-3320-011; ER10-2751-014; ER10-2744-012; ER16-2406-005; ER16-2405-
005; ER13-2316-009; ER17-992-004; ER10-2678-012; ER10-1631-011; ER14-
19-010.
    Applicants: LS Power Marketing, LLC, Armstrong Power, LLC, Aurora
Generation, LLC, Bath County Energy, LLC, Bluegrass Generation Company,
L.L.C., Buchanan Energy Services Company, LLC, Chambersburg Energy,
LLC, Doswell Limited Partnership, Gans Energy, LLC, Helix Ironwood,
LLC, Hunlock Energy, LLC, Las Vegas Power Company, LLC, LifeEnergy,
LLC, LSP University Park, LLC, Renaissance Power, L.L.C, Riverside
Generating Company, L.L.C., Rockford Power, LLC, Rockford Power II,
LLC, Seneca Generation, LLC, Springdale Energy, LLC, Troy Energy, LLC,
University Park Energy, LLC, West Deptford Energy, LLC.
    Description: Notification of Change in Status of the LS PJM MBR
Sellers.
    Filed Date: 1/12/18.
    Accession Number: 20180112-5211.
    Comments Due: 5 p.m. ET 2/2/18.

    Docket Numbers: ER15-760-010
    Applicants: Western Antelope Blue Sky Ranch A LLC.
    Description: Compliance filing: Western Antelope Blue Sky Ranch A
Notice of Change in Status MBR Tariff to be effective 1/16/2018.
    Filed Date: 1/16/18
    Accession Number: 20180116-5122.
    Comments Due: 5 p.m. ET 2/6/18.

    Docket Numbers: ER16-120-005.
    Applicants: New York Independent System Operator, Inc.
    Description: Compliance filing: NYISO filing re: RMR compliance
revisions to address 11/16/17 Order to be effective 10/20/2015.
    Filed Date: 1/16/18.
    Accession Number: 20180116-5196.
    Comments Due: 5 p.m. ET 2/6/18.

    Docket Numbers: ER16-1738-005.
    Applicants: Beacon Solar 4, LLC.
    Description: Compliance filing: Beacon Solar 4, LLC, Notice of
Change in Category Status MBR Tariff to be effective 1/16/2018.
    Filed Date: 1/16/18.
    Accession Number: 20180116-5119.
    Comments Due: 5 p.m. ET 2/6/18.

    Docket Numbers: ER16-1956-005.
    Applicants: Western Antelope Dry Ranch LLC.
    Description: Compliance filing: Western Antelope Dry Ranch Notice
of Change in Status MBR Tariff to be effective 1/16/2018.
    Filed Date: 1/16/18.
    Accession Number: 20180116-5123.
    Comments Due: 5 p.m. ET 2/6/18.

    Docket Numbers: ER16-2224-004.
    Applicants: Solverde 1, LLC.
    Description: Compliance filing: Solverde 1, LLC, Notice of Change
in Category Status MBR Tariff to be effective 1/16/2018.
    Filed Date: 1/16/18.
    Accession Number: 20180116-5121.
    Comments Due: 5 p.m. ET 2/6/18.

    Docket Numbers: ER17-306-004.
    Applicants: Beacon Solar 3, LLC.
    Description: Compliance filing: Beacon Solar 3, LLC Notice of
Change in Category Status MBR Tariff to be effective 1/16/2018.
    Filed Date: 1/16/18.
    Accession Number: 20180116-5117.
    Comments Due: 5 p.m. ET 2/6/18.

    Docket Numbers: ER17-544-004.
    Applicants: Beacon Solar 1, LLC.
    Description: Compliance filing: Beacon Solar 1, LLC Notice of
Change in Category Status MBR Tariff to be effective 1/16/2018.
    Filed Date: 1/16/18.
    Accession Number: 20180116-5115.
    Comments Due: 5 p.m. ET 2/6/18.

    Docket Numbers: ER17-980-002.
    Applicants: Alliant Energy Corporate Services, Inc.
    Description: Compliance filing: AECS Reactive Power Compliance
Filing to be effective 4/17/2017.
    Filed Date: 1/16/18.
    Accession Number: 20180116-5006.
    Comments Due: 5 p.m. ET 2/6/18.

    Docket Numbers: ER18-153-001.
    Applicants: Otter Tail Power Company.
    Description: Compliance filing: Compliance Filing of Executed Big
Stone Plant Transmission Facilities Agreement to be effective 12/24/
2017.
    Filed Date: 1/16/18.
    Accession Number: 20180116-5197.
    Comments Due: 5 p.m. ET 2/6/18.

    Docket Numbers: ER18-648-000.
    Applicants: Springdale Energy, LLC.
    Description: Sec.  205(d) Rate Filing: Reactive Service Rate
Schedule Effective Date eTariff Filings to be effective 12/13/2017.
    Filed Date: 1/12/18.
    Accession Number: 20180112-5149.
    Comments Due: 5 p.m. ET 2/2/18.

    Docket Numbers: ER18-649-000.
    Applicants: Hunlock Energy, LLC.
    Description: Sec.  205(d) Rate Filing: Notice of Succession for
Reactive Service Rate Schedule to be effective 12/13/2017.
    Filed Date: 1/12/18.
    Accession Number: 20180112-5152.
    Comments Due: 5 p.m. ET 2/2/18.

    Docket Numbers: ER18-650-000.
    Applicants: Southwest Power Pool, Inc.
    Description: Sec.  205(d) Rate Filing: 3290R1 Sholes Wind Energy
GIA to be effective 12/14/2017.

    Filed Date: 1/12/18.
    Accession Number: 20180112-5161.
    Comments Due: 5 p.m. ET 2/2/18.

    Docket Numbers: ER18-651-000.
    Applicants: Arizona Public Service Company.
    Description: Sec.  205(d) Rate Filing: OATT Collation Filing to be
effective 1/12/2018.
    Filed Date: 1/12/18.
    Accession Number: 20180112-5184.
    Comments Due: 5 p.m. ET 2/2/18.

    Docket Numbers: ER18-652-000.
    Applicants: PJM Interconnection, L.L.C.
    Description: Tariff Cancellation: Notice of Cancellation of ISA SA
No. 4666, Queue No. Z2-038 to be effective 2/19/2018.
    Filed Date: 1/16/18.
    Accession Number: 20180116-5192.
    Comments Due: 5 p.m. ET 2/6/18.

    Docket Numbers: ER18-653-000.
    Applicants: Southern California Edison Company.
    Description: Tariff Cancellation: Notice of Cancellation GIA & DSA
SEPV Kennedy Project SA Nos. 953-954 to be effective 2/5/2018.
    Filed Date: 1/16/18.
    Accession Number: 20180116-5193.
    Comments Due: 5 p.m. ET 2/6/18.

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

    Docket Numbers: PH18-3-000.
    Applicants: LS Power Development, LLC.
    Description: LS Power Development, LLC submits FERC 65-B Non-
Material Change in Fact of Waiver Notification.
    Filed Date: 1/12/18.
    Accession Number: 20180112-5193.
    Comments Due: 5 p.m. ET 2/2/18.

    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: January 16, 2018.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2018-01020 Filed 1-19-18; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 76, Number 228 (Monday, November 28, 2011)]
[Notices]
[Pages 72989-72991]
[FR Doc No: 2011-30425]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-65794; File No. SR-OPRA-2011-03]

Options Price Reporting Authority; Notice of Filing and Immediate
Effectiveness of Proposed Amendment to the Plan To Implement New
Policies Regarding Reporting and Usage-Based Vendor Fees

November 21, 2011.
    Pursuant to Section 11A of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 608 thereunder,\2\ notice is hereby given that
on November 7, 2011, the Options Price Reporting Authority (``OPRA'')
submitted to the Securities and Exchange Commission (``Commission'') an
amendment to the Plan for Reporting of Consolidated Options Last Sale
Reports and Quotation Information (``OPRA Plan'').\3\ The proposed
amendment would implement a new set of policies entitled ``Policies
with respect to Reporting and Usage-based Vendor Fees.'' The Commission
is publishing this notice to solicit comments from interested persons
on the proposed OPRA Plan amendment.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78k-1.
    \2\ 17 CFR 242.608.
    \3\ The OPRA Plan is a national market system plan approved by
the Commission pursuant to Section 11A of the Act and Rule 608
thereunder (formerly Rule 11Aa3-2). See Securities Exchange Act
Release No. 17638 (March 18, 1981), 22 S.E.C. Docket 484 (March 31,
1981). The full text of the OPRA Plan is available at http://www.opradata.com.
    The OPRA Plan provides for the collection and dissemination of
last sale and quotation information on options that are traded on
the participant exchanges. The nine participants to the OPRA Plan
are BATS Exchange, Inc., Chicago Board Options Exchange,
Incorporated, C2 Options Exchange, Incorporated, International
Securities Exchange, LLC, NASDAQ OMX BX, Inc., NASDAQ OMX PHLX,
Inc., NASDAQ Stock Market LLC, NYSE Amex, Inc., and NYSE Arca, Inc.
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I. Description and Purpose of the Plan Amendment

    OPRA's proposed ``Policies with respect to Reporting and Usage-
based Vendor Fees'' (the ``Policies'') are comprised of three sections.
The first section describes OPRA policies relating to the reports that
OPRA requires in order to determine the fees that are payable to OPRA
by Vendors' and Professional Subscribers. The second and third sections
describe OPRA policies pertaining to ``Usage-based Vendor Fees.'' \4\
Usage-based Vendor Fees are one of the types of fees that are payable
to OPRA by Vendors. OPRA is not proposing to change the amount of any
of its fees, but rather to clarify its reporting requirements and the
circumstances in which certain fees are payable.
---------------------------------------------------------------------------

    \4\ ``Usage-based Vendor Fees'' or ``usage-based fees'' are fees
that are payable by each Vendor with respect to access to OPRA Data
by the Vendor's Subscribers on a ``Per Query'' or ``meter-based''
basis. Usage-based fees are applicable, at the election of the
Vendor, to queries for ``quote packets'' or ``options chains.'' The
rates for usage-based fees are stated, and the terms ``quote
packet'' and ``options chain'' are defined, in OPRA's Fee Schedule.
OPRA's Fee Schedule is available on OPRA's Web site,
www.opradata.com.
---------------------------------------------------------------------------

    (1) Policies with Respect to Reporting. Section 1 of the new
Policies summarizes OPRA's reporting requirements for Vendors and for
Professional Subscribers that have an obligation to report their usage
of OPRA data directly to OPRA. (These Professional Subscribers are
sometimes referred to as ``internal distributors.'' \5\) OPRA has not
previously summarized its requirements in a single document. As
described in Section 1, OPRA requires that a Vendor report to OPRA with
respect to:
---------------------------------------------------------------------------

    \5\ Professional Subscribers that are obliged to report their
usage of OPRA data directly to OPRA are sometimes referred to as
``internal distributors'' because they have the independent ability
to entitle access to OPRA data by their employees. These
Professional Subscribers must have entered into Professional
Subscriber Agreements directly with OPRA, and must also have entered
into either a Direct Circuit Connection Rider or an Indirect (Vendor
Pass-Through) Circuit Connection Rider with OPRA. OPRA sometimes
refers to the data service to a Professional Subscriber that enables
the Professional Subscriber to act as an internal distributor as a
``bulk data feed,'' and that term is defined in the Policies for
that purpose.
---------------------------------------------------------------------------

     The Professional Subscribers to which the Vendor is
providing bulk data feeds of OPRA Data (enabling these Professional
Subscribers to act as internal distributors).
     The Professional Subscribers that have entered into
Professional Subscriber Agreements directly with OPRA and that have
devices and/or User IDs entitled by the Vendors.\6\
---------------------------------------------------------------------------

    \6\ OPRA uses these reports to generate invoices for
``Professional Subscriber Device-based Fees'' that it sends directly
to these Professional Subscribers.
---------------------------------------------------------------------------

     The Professional Subscribers to which the Vendor
distributes OPRA data and for whose access it pays OPRA usage-based
fees (i.e., Professional Subscribers to which it distributes OPRA data
on a ``Per Query'' or ``meter-based'' basis).
     The Non-Professional Subscribers to whom the Vendor
distributes OPRA data on a ``Per Query'' or ``meter-based'' basis and
for whose access it pays OPRA usage-based fees.
     The Non-Professional Subscribers to whom the Vendor
distributes OPRA data and for whose access it pays OPRA Nonprofessional
Subscriber Fees.\7\
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    \7\ OPRA's Fee Schedule permits a Vendor to pay fees with
respect to the receipt of OPRA data by a Nonprofessional Subscriber
in one of two ways: Either by counting quote packets or options
chains and paying usage-based fees or by paying the
``Nonprofessional Subscriber Fee''. The usage-based fees for
Nonprofessional Subscribers are subject to a monthly cap, currently
$1.00/month/Nonprofessional, and the Nonprofessional Subscriber Fee
is a flat fee, also currently $1.00/month/Nonprofessional.
---------------------------------------------------------------------------

     Any voice-synthesized market data service provided by the
Vendor.
    Also as described in Section 1, OPRA requires that a Professional
Subscriber that is an internal distributor report to OPRA with respect
to the devices and User IDs that have .been entitled by the
Professional Subscriber to have access to OPRA data.
    (2) Policies Relating to Usage-Based Fees. Section 2 of the
Policies describes OPRA's longstanding policies with respect to three
questions that Vendors occasionally ask relating to OPRA's usage-based
fees.
    Paragraph 2(a) states OPRA's policy with respect to a Vendor that
wishes to have access to OPRA data other than in connection with its
activities as a Vendor--that is, to have access to OPRA

data in a ``Subscriber'' capacity as well as in its ``Vendor''
capacity. Such a Vendor has two choices. First, the Vendor may enter
into a Professional Subscriber Agreement with OPRA and pay ``device-
based fees'' directly to OPRA with respect to its access to OPRA data.
Alternatively, the Vendor may enter into a Subscriber Agreement with a
second, unaffiliated, Vendor to permit employees of the first Vendor to
have access to OPRA data on a metered usage basis. In that case, the
second Vendor will be responsible for tracking and reporting the access
to OPRA data by employees of the first Vendor. OPRA is occasionally
asked whether a Vendor can track and report the internal usage on a
metered basis of the Vendor itself or its affiliates and pay usage-
based fees with respect to this internal usage. Paragraph 2(a) states
OPRA's longstanding policy that this alternative is not permitted.
    Paragraph 2(b) states OPRA's policy that a Vendor must report with
respect to its dissemination of OPRA data to a Professional Subscriber
entirely on either a ``meter-based'' basis (in which case, the Vendor
is responsible for paying Usage-based Vendor Fees for its dissemination
of OPRA data to the Professional Subscriber) or on a ``device-based''
basis (in which case, the Professional Subscriber is responsible for
paying device-based fees with respect to the Vendor's dissemination of
OPRA data to the Professional Subscriber).
    The policy described in paragraph 2(c) states that, if a device or
User ID is capable of receiving OPRA information from one Vendor for
which a Professional Subscriber pays device-based fees and from a
second Vendor for which the second Vendor pays usage-based fees, both
types of fees must be paid by the respective payors. OPRA has had a
longstanding policy--stated in OPRA's ``Policies with respect to
Device-Based Fees,'' \8\--that a Professional Subscriber is not
required to pay more than one device-based fee with respect to any
device or User ID that is capable of receiving OPRA information, even
if the device or User ID is capable of receiving OPRA information from
more than one source or ``service.'' Paragraph 2(c) affirms that, if a
device or User ID is capable of receiving OPRA information from one
Vendor for which the Professional Subscriber pays device-based fees and
from a second Vendor for which the second Vendor pays usage-based fees,
OPRA requires that both types of fees be paid by the respective payors.
---------------------------------------------------------------------------

    \8\ OPRA's Policies with respect to Device-Based Fees are
available on OPRA's Web site, www.opradata.com.
---------------------------------------------------------------------------

    (3) Guidelines for Vendors' Quote Counting Systems. Section 3
describes OPRA's guidelines with respect to Vendors' quote counting
systems or ``quote meters.'' This section replaces a Policy currently
on the OPRA Web site that, although it is entitled ``Auditing,''
actually describes OPRA's requirements with respect to quote meters.
Section 3 states that a quote meter must comply with the following
requirements:
     The quote meter must be able to recognize and count
``quote packets'' and/or ``options chains'' \9\ for all data service of
the Vendor that is provided to Subscribers on a usage basis, except
that:
---------------------------------------------------------------------------

    \9\ These terms are defined in OPRA's Fee Schedule.
---------------------------------------------------------------------------

    [cir] If the Vendor is ``capping'' the fee payable by the Vendor
for any Nonprofessional Subscriber at the monthly maximum amount stated
in OPRA's Fee Schedule, the quote meter needs to be able to count usage
only up to the maximum amount.
    [cir] If the Vendor is ``capping'' the fee payable by the Vendor
for any Professional Subscriber at the monthly maximum amount stated in
OPRA's Fee Schedule, the quote meter needs to be able to count usage
only up to the maximum amount.
     The quote meter must not count usage for any
Nonprofessional Subscriber for which the Vendor is paying the
Nonprofessional Subscriber Fee. (The service to these Nonprofessional
Subscribers is not on a usage basis.) \10\
---------------------------------------------------------------------------

    \10\ OPRA's systems and Fee Schedule treat Nonprofessional
Subscriber Fees and Usage-based Vendor Fees that are paid by Vendors
with respect to access to OPRA data by Nonprofessionals separately.
---------------------------------------------------------------------------

     The quote meter must count usage separately for each
option listed in a portfolio format or a market minder service. (For
example, quote packets for a portfolio with five options series would
constitute five quote packets.)
     The quote meter must count all ``current'' OPRA market
data (i.e., all OPRA data that was sent to the Vendor within the
preceding 15 minutes). (Data that is no longer current--i.e., that is
delayed data--is not subject to reporting and payment of usage-based
fees to OPRA.)
    A Vendor's quote counting system must be able to comply with these
requirements if the system is to be able to count quotes in a manner
that results in an accurate determination of the Usage-based Vendor
Fees that the Vendor owes to OPRA. Section 3 of the Policies provides a
more accurate description of these requirements than OPRA's current
policy entitled ``Auditing'' does.
    The text of the proposed amendment to the OPRA Plan is available at
OPRA, the Commission's Public Reference Room, on OPRA's Web site at
http://opradata.com, and on the Commission's Web site at http://www.sec.gov.

II. Implementation of the OPRA Plan Amendment

    OPRA designated this amendment as qualified to be put into effect
upon filing with the Commission in accordance with clause (i) of
paragraph (b)(3) of Rule 608 under the Act.\11\ The Policies describe
and refine longstanding OPRA technical policies with respect to the
applicability of its fees, particularly its Usage-based Vendor Fee and
Nonprofessional Subscriber Fee. Accordingly, OPRA will implement the
Policies upon filing with the Commission.
---------------------------------------------------------------------------

    \11\ 17 CFR 242.608(b)(3)(i).
---------------------------------------------------------------------------

    The Commission may summarily abrogate the amendment within sixty
days of its filing and require refiling and approval of the amendment
by Commission order pursuant to Rule 608(b)(2) under the Act \12\ if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or the
maintenance of fair and orderly markets, to remove impediments to, and
perfect the mechanisms of, a national market system, or otherwise in
furtherance of the purposes of the Act.
---------------------------------------------------------------------------

    \12\ 17 CFR 242.608(b)(2).
---------------------------------------------------------------------------

III. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed OPRA
Plan amendment 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 No. SR-OPRA-2011-03 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-OPRA-2011-03. 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 plan amendment that are
filed with the Commission, and all written communications relating to
the proposed plan amendment 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 OPRA.
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-OPRA-2011-03
and should be submitted on or before December 19, 2011.
---------------------------------------------------------------------------

    \13\ 17 CFR 200.30-3(a)(29).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2011-30425 Filed 11-25-11; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: June 30, 2008 (Volume 73, Number 126)]
[Notices]
[Page 36945-36950]
[DOCID:fr30jn08-133]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-58008; File No. SR-NYSEArca-2008-61]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Order Granting Accelerated Approval of Proposed Rule Change To List
and Trade Options on Reduced Values of the FTSE 100 Index and the FTSE
250 Index

June 24, 2008.
    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 June 19, 2008, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been substantially prepared by the Exchange.
This order provides notice of the proposed rule change and approves it
on an accelerated basis.
---------------------------------------------------------------------------

    \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 proposes to amend certain Exchange rules to trade
options on reduced values of the FTSE 100 Index and the FTSE 250 Index.
The Exchange also proposes to list and trade long-term options on
reduced values of the FTSE 100 Index and the FTSE 250 Index. Options on
these indexes will be a.m. cash-settled and will have European-style
exercise provisions.
    The text of the proposed rule change is available on the Exchange's
Web site at http://www.nyse.com, at the

Exchange'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. The
text of these statements may be examined at the places specified in
Item III 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 the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to list and trade on the Exchange a.m. cash-
settled, European-style, index options on the FTSE 100 Index and the
FTSE 250 Index (collectively, ``FTSE Indexes''). Specifically, the
Exchange proposes to list options based upon one-tenth of the value of
the FTSE Indexes (``Mini FTSE Indexes''). In addition to regular
options on the Mini FTSE Indexes, the Exchange may list long-term
options on such Indexes (``FTSE LEAPS'').\3\
---------------------------------------------------------------------------

    \3\ Under NYSE Arca Rule 5.19(b)(1) ``Index LEAPS Options
Series,'' the Exchange may list long-term options that expire from
12 to 60 months from the date of issuance.
---------------------------------------------------------------------------

    The Exchange states that the FTSE 100 Index and the FTSE 250 Index
are internationally recognized, capitalization-weighted indexes based
on the prices of the most highly capitalized British stocks traded on
the London Stock Exchange (``LSE''), a Recognized Investment Exchange
under the Financial Services and Markets Act 2000 of the U.K and
regulated by the Financial Services Authority (``FSA'') of the U.K. The
LSE's Stock Exchange Electronic Trading Service (``SETS'') is a fully
electronic order book trading service. SETS is the central price
formation and trading service for the securities comprising the FTSE
100 Index, the most liquid FTSE 250 securities, and equities that
underlie EuronextLIFFE (``LIFFE'') traded equity options. SETS market
maker (``SETSmm'') is the LSE's trading service for, among others, the
FTSE 250 securities that are not traded on SETS.
    Currently, LIFFE lists equity options on the FTSE 100 Index and
futures and futures options on the FTSE 250 Index. The Exchange notes
that the Commission previously approved for the Chicago Board Options
Exchange (``CBOE'') to list reduced-value options on the FTSE 100
Index, and for the International Securities Exchange (``ISE'') to list
reduced value options on both the FTSE 100 and the FTSE 250.\4\
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 29722 (September 23,
1991), 56 FR 49807 (October 1, 1991) (order approving SR-CBOE-91-
07); Securities Exchange Act Release No. 53484 (March 14, 2006) 71
FR 14268 (March 21, 2006) (order approving SR-ISE-2005-25).
---------------------------------------------------------------------------

Index Design and Composition

    The FTSE 100 and 250 Indexes were created in the 1980s by the
International Stock Exchange of the United Kingdom and the Republic of
Ireland (the predecessor to the LSE) in conjunction with the Financial
Times and a committee of U.K. financial institutions, including LIFFE.
The Indexes are administered and maintained by FTSE International
Limited (``FTSE'').\5\ To qualify for inclusion in a FTSE Index, a
company must satisfy, among others, the following conditions: (1) It
must have a full listing on the London Stock Exchange; (2) it must not
be a subsidiary of another FTSE Index constituent; and (3) it must be
sufficiently liquid to be traded.\6\ The FTSE 100 Index consists of the
largest 100 U.K. companies ranked by unadjusted market value, and the
FTSE 250 consists of the next largest 250 U.K. companies ranked by
unadjusted market value.\7\ The FTSE EMEA Committee conducts a
quarterly review of the FTSE Indexes to ensure that its component
stocks are representative of the state of the equity market for the
largest U.K. companies.
---------------------------------------------------------------------------

    \5\ The FTSE Europe, Middle East and Africa (``EMEA'') Committee
is responsible for, among other things, establishing rules to
determine, review, and modify the composition of the FTSE Indexes,
as well as how the FTSE Indexes are calculated. The FTSE EMEA
Committee is comprised of representatives from various financial
institutions including, among others, FTSE, Barclays Global
Investors, Goldman Sachs, and LIFFE.
    \6\ See ``Ground Rules for the Management of the UK Series of
the FTSE Actuaries Share Indices,'' at http://www.ftse.com for
complete eligibility criteria.
    \7\ Unadjusted market capitalization (as opposed to a ``free-
float'' index methodology) refers to the total number of shares
outstanding multiplied by the share price. A ``free-float'' index
methodology usually excludes shares held by strategic investors by
way of cross ownership, government ownership, private ownership, and
restricted share ownership.
---------------------------------------------------------------------------

    As of August 31, 2007, the following were the characteristics of
the FTSE 100 Index: \8\ (i) The total capitalization of all of the
components in the Index is [pound]1.50 trillion; (ii) regarding
component capitalization, (a) the highest capitalization of a component
is [pound]107.14 billion (BP Plc), (b) the lowest capitalization of a
component is [pound]861.13 million (Schroders NV), (c) the average
capitalization of the components is 14.70 billion, and (d) the median
capitalization of the components is [pound]6.02 billion; (iii)
regarding component price per share, (a) the highest price per share of
a component is [pound]44.19 (Rio Tinto), (b) the lowest price per share
of a component is 101 pence (ITV), (c) the mean price per share of a
component is [pound]8.60, and (d) the median price per share of a
component is [pound]7.16; (iv) regarding component weightings, (a) the
highest weighting of a component is 7.14% (BP Plc), (b) the lowest
weighting of a component is 0.04% (Schroders NV), (c) the mean
weighting of the components is 0.99%, (d) the median weighting of the
components is 0.45%, and (e) the total weighting of the top five
highest weighted components is 29.36% (BP Plc, HSBC Holdings, Vodafone
Group, GlaxoSmithKline, Royal Dutch Shell); (v) regarding component
available shares, (a) the most available shares of a component is 5.03
billion (Vodafone Group), (b) the least available shares of a component
is 66.90 million (Schroders NV), (c) the mean available shares of the
components is 2.97 billion, and (d) the median available shares of the
components is 1.24 billion; (vi) regarding the three-month average
daily volumes of the components, (a) the highest three-month average
daily volume of a component is 291.648 million (Vodafone Group), (b)
the lowest three-month average daily volume of a component is 307,521
(Schroders NV), (c) the mean three-month average daily volume of the
components is 15.77 million, (d) the median three-month average daily
volume of the components is 8.01 million, (e) the average of three-
month average daily volumes of the five most heavily traded components
is 579.50 million (Vodafone Group, BP Plc, Corus Group, BT Group,
Tesco), and (f) 100% of the components had a three-month average daily
volume of at least 50,000.
---------------------------------------------------------------------------

    \8\ The Exchange deems information regarding characteristics of
the FTSE 100 accurate as per data available from various sources,
including the FTSE 100 Fact Sheet published by FTSE International
Ltd. and the Bloomberg Financial Web sites.
---------------------------------------------------------------------------

    As of August 31, 2007, the following were the characteristics of
the FTSE 250 Index \9\: (i) The total capitalization of all of the
components in the Index is [pound]260.34 billion; (ii) regarding
component capitalization, (a) the highest capitalization of a component
is [pound]3.97 billion (Taylor Wimpey), (b) the lowest capitalization
of a component is

[pound]369.09 million (JPM European), (c) the average capitalization of
the components is [pound]1.03 billion, and (d) the median
capitalization of the components is [pound]830 million; (iii) regarding
component price per share, (a) the highest price per share of a
component is [pound]52.93 (Greggs), (b) the lowest price per share of a
component is 28 pence (PartyGaming), (c) the mean price per share of a
component is [pound]4.60, and (d) the median price per share of a
component is [pound]5.97; (iv) regarding component weightings, (a) the
highest weighting of a component is 1.53% (Taylor Wimpey), (b) the
lowest weighting of a component is 0.06% (JP Morgan European), (c) the
mean weighting of the components is 0.41%, (d) the median weighting of
the components is 0.30%, and (e) the total weighting of the top five
highest weighted components is 6.13% (Taylor Wimpey, Tulow Oil, First
Group, Ladbrokes, Invensys); (v) regarding component available shares,
(a) the most available shares of a component is 3.96 billion
(PartyGaming), (b) the least available shares of a component is 16.41
million (Daejan), (c) the mean available shares of the components is
367.10 million, and (d) the median available shares of the components
is 211.60 million; (vi) regarding the three-month average daily volumes
of the components, (a) the highest three-month average daily volume of
a component is 30.80 million (PartyGaming), (b) the lowest three-month
average daily volume of a component is 10,900 (Daejan), (c) the mean
three-month average daily volume of the components is 2.41 million, (d)
the median three-month average daily volume of the components is
769,801, (e) the average of three-month average daily volumes of the
five most heavily traded components is 97.29 million (PartyGaming,
Bradford & Bingley, Debenhams, LogicaCMG, and Hays), and (f) 98% of the
components had a three-month average daily volume of at least 50,000.
---------------------------------------------------------------------------

    \9\ The Exchange deems information regarding characteristics of
the FTSE 250 accurate as per data available from various sources,
including the FTSE 250 Fact Sheet published by FTSE International
Ltd. and Bloomberg Financial Web sites.
---------------------------------------------------------------------------

Index Calculation and Index Maintenance

    The base index value of the FTSE 100 Index and the FTSE 250 Index,
was 1000, as of December 31, 1983, and 1412.60, as of December 31,
1985, respectively. As of April 17, 2008, the index value of the FTSE
100 Index and the FTSE 250 Index was 5980.4 and 10,089.4, respectively.
The Exchange believes that these levels are too high for successful
options trading. As a result, the premiums for options on the full
values of the FTSE Indexes are high, which may deter retail investors.
Accordingly, the Exchange proposes to base trading in options on a
fraction of the full size FTSE Indexes. In particular, the Exchange
proposes to list Mini FTSE Index options that are based on one-tenth of
the value of each of the FTSE Indexes.\10\ The Exchange believes that
listing options on reduced values will attract a greater source of
customer business than if options were based on the full value of the
FTSE Indexes. The Exchange further believes that listing options on
reduced values will provide an opportunity for investors to hedge, or
speculate on, the market risk associated with the stocks comprising the
FTSE Indexes. Additionally, by reducing the values of the FTSE Indexes,
investors will be able to use this trading vehicle while extending a
smaller outlay of capital. The Exchange believes that this should
attract additional investors, and, in turn, create a more active and
liquid trading environment.\11\
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    \10\ As noted above, the Exchange also proposes to list LEAPS on
the Mini FTSE Indexes.
    \11\ The concept of listing reduced value options on an index is
not a novel one. For example, the Commission has previously approved
the listing of reduced value options on the S&P 500 Index, the
NASDAQ 100 Index, and the NYSE Composite Index. See Securities
Exchange Act Release Nos. 32893 (September 14, 1993), 58 FR 49070
(September 21, 1993) (S&P 500 Index); and 48681 (October 22, 2003),
68 FR 62337 (November 3, 2003) (NYSE Composite Index). See also
Securities Exchange Act Release No. 43000 (June 30, 2000), 65 FR
42409 (July 10, 2000) (relating to a reduction in the value of the
NASDAQ 100 Index).
---------------------------------------------------------------------------

    Index levels for options on the Mini FTSE Indexes are calculated by
FTSE, and are currently disseminated by ISE every 15 seconds during the
Exchange's regular trading hours to market information vendors via the
Options Price Reporting Authority (``OPRA'').\12\ In the event ISE no
longer disseminates such index levels, the Exchange will cause such
index levels to be disseminated via OPRA, the Consolidated Tape
Association, or one or more major market data vendors. The methodology
used to calculate the value of the FTSE Indexes is similar to the
methodology used to calculate the value of other well-known market-
capitalization weighted indexes. The level of each FTSE Index reflects
the total market value of the component stocks relative to a particular
base period and is computed by dividing the total market value of the
companies in each index by its respective index divisor.\13\
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    \12\ The FTSE Indexes will be published daily through major
quotation vendors, such as Reuters.
    \13\ A divisor is an arbitrary number chosen at the starting
date of an index to fix the index starting value. The divisor is
adjusted periodically when capitalization amendments are made to the
constituents of the index in order to allow the index value to
remain comparable over time. Without a divisor the index value would
change when corporate actions took place and would not reflect the
true value of an underlying portfolio upon which the index is based.
---------------------------------------------------------------------------

    The FTSE Indexes are updated on a real-time basis from 8 a.m. to
4:30 p.m. (London time), which corresponds to 3 a.m. to 11:30 a.m. (New
York time). After 11:30 a.m. (New York time), OPRA disseminates a
static value of the FTSE Indexes until the close of trading each day.
The FTSE Indexes are calculated using the last traded price of the
component securities. If a component security does not open for
trading, the price of that security at the close or the index on the
previous day is used in the calculation.\14\
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    \14\ The FTSE Indexes are published daily in the Financial Times
and are available in real-time on Reuters, Bloomberg, and other
market information systems which disseminate information on a real-
time basis.
---------------------------------------------------------------------------

    The FTSE Indexes will be monitored and maintained by FTSE. FTSE
will be responsible for making all necessary adjustments to the indexes
to reflect component deletions, share changes, stock splits, stock
dividends (other than an ordinary cash dividend), and stock price
adjustments due to restructuring, mergers, or spin-offs involving the
underlying components. Some corporate actions, such as stock splits and
stock dividends, require simple changes to the available shares
outstanding and the stock prices of the underlying components. Other
corporate actions, such as share issuances, that change the market
value would require changing the index divisor to effect adjustments.
    The FTSE Indexes are reviewed each quarter in March, June,
September, and December based on market capitalization. Based on
information submitted by FTSE, the FTSE EMEA Committee approves the new
index components and a reserve list of six companies for the FTSE 100
Index. If a company is deleted from the FTSE 100 Index between reviews
as a result of a merger, takeover, or other corporate action, the
highest ranking company from the reserve list will replace it in the
index.
    Although the Exchange is not involved in the maintenance of any of
the FTSE Indexes, the Exchange represents that it will monitor each
FTSE Index on a quarterly basis. The Exchange will not list any
additional series for trading and will limit all transactions in such
options to closing transactions only if, with respect to any FTSE
Index: (i) The number of securities in a FTSE Index drops by one-third
or more; (ii) 10% or more of the weight of a FTSE Index is represented
by component securities having a market

value of less than $50 million; (iii) 10% or more of the weight of a
FTSE Index is represented by component securities trading less than
20,000 shares per day; or (iv) the largest component security accounts
for more than 15% of the weight of a FTSE Index or the largest five
components in the aggregate account for more than 50% of the weight of
a FTSE Index. As of May 15, 2008, the FTSE Indexes comply with these
criteria.
    In the event the FTSE Indexes cease to be maintained or calculated,
or their values are not disseminated every 15 seconds by a widely
available source, the Exchange will not list any additional series for
trading and will limit all transactions in such options to closing
transactions only for the purpose of maintaining a fair and orderly
market and protecting investors.

Exercise and Settlement Value

    Options on the FTSE Indexes will expire on the Saturday following
the third Friday of the expiration month. Trading in the FTSE Indexes
will normally cease at 4:15 p.m. (New York time) on the Thursday
preceding an expiration Saturday. The index value for exercise of the
FTSE Index options will be calculated based on the LSE's Exchange
Delivery Settlement Price (``EDSP'') intra-day auction, which was
introduced by LSE in November of 2004. The EDSP is a settlement value
calculated by Euronext-LIFFE for FTSE index futures and options
contracts traded on its exchange. The EDSP value is calculated using an
intra-day auction process administered by the LSE for all the component
stocks of the FTSE 100 Index and the FTSE 250 Index. The intra-day
auction occurs between 10:10 a.m. and 10:29 a.m. (London time) for the
FTSE 100 Index, and between 10:10 a.m. and 10:31 a.m. (London time) for
the FTSE 250 Index on the third Friday of the expiration month.
Therefore, because trading in the expiring contract months will
normally cease on a Thursday at 4:15 p.m. (New York time), the EDSP for
exercise will be determined the day after trading has ceased, i.e.,
during the Friday morning LSE trading session, by 5:31 a.m. (New York
time). The last automated traded price prior to the EDSP auction or the
previous day's closing price will be used to calculate the final EDSP
if a security did not participate in the auction. During the auction
process, indications of the settlement price for each index are widely
disseminated every 15 seconds via special indexes called Expiry
Indexes. The purpose of the Expiry Indexes is to disseminate expected
settlement values as the auction progresses. When the auction is
finished, the final values of the Expiry Indexes are disseminated as
the EDSP values. The Expiry Indexes and subsequent EDSP values are
widely disseminated through major market data vendors including
Reuters, Bloomberg, and Thomson.
    If the LSE is closed on the Friday before expiration, but the
Exchange remains open, then the last trading day for expiring FTSE
Index options will be moved earlier to Wednesday as if the Exchange had
had a Friday holiday. The settlement index value used for exercise will
be calculated during LSE's EDSP intra-day auction on Thursday morning.

Contract Specifications

    The contract specifications for options on the FTSE Indexes are set
forth in Exhibits 3-1 and 3-2 to the proposed rule change. The FTSE
Indexes are broad-based indexes, as defined in NYSE Arca Rule 5.12.
Options on the FTSE Indexes are European-style and a.m. cash-settled.
The Exchange's standard trading hours for broad-based index options
(6:30 a.m. to 1:15 p.m., Pacific time), as set forth in Rule 7.1, will
apply to the FTSE Indexes. Exchange rules that are applicable to the
trading of options on broad-based indexes will apply to the reduced
values of the FTSE Indexes.\15\ Specifically, the trading of reduced
values of the FTSE Indexes will be subject to, among others, Exchange
rules governing margin requirements and trading halt procedures for
index options. Options shall be quoted and traded in U.S. dollars.
---------------------------------------------------------------------------

    \15\ See NYSE Arca Rule 5.12.
---------------------------------------------------------------------------

    For options on the Mini FTSE Indexes, the Exchange proposes to
amend Rule 5.15 to state that all broad-based index options contracts
shall be subject to a contract limitation fixed by the Exchange, which
shall not be larger than the limits provided in the chart included in
Rule 5.15. The proposed amended Rule 5.15 would establish aggregate
position limits for options on the Mini FTSE Indexes at 250,000
contracts on the same side of the market, provided no more than 150,000
of such contracts are in the nearest expiration month series.
Additionally, the Exchange proposes to amend NYSE Arca Rule 5.17
relating to the availability of an index option hedge exemption for
public customers. The proposed rule change would specify that, for
options on broad-based indexes other than for those that do not have
any position limits, the hedge exemption is 75,000 contracts in
addition to the standard limit.\16\ Furthermore, proprietary accounts
of members may receive an exemption of up to 500,000 contracts for the
purpose of facilitating public customer orders.\17\
---------------------------------------------------------------------------

    \16\ The same limits that apply to position limits shall apply
to exercise limits for these products.
    \17\ See NYSE Arca Rule 6.8, Commentary .08.
---------------------------------------------------------------------------

    The Exchange proposes to apply broad-based index margin
requirements for the purchase and sale of options on the Mini FTSE
Indexes. Accordingly, purchases of put or call options with 9 months or
less until expiration must be paid for in full. Writers of uncovered
put or call options must deposit/maintain 100% of the option proceeds,
plus 15% of the aggregate contract value (current index level x $100),
less any out-of-the-money amount, subject to a minimum of the option
proceeds plus 10% of the aggregate contract value for call options and
a minimum of the option proceeds plus 10% of the aggregate exercise
price amount for put options.
    The Exchange proposes to set strike price intervals at least 2\1/2\
points for certain near-the-money series in near-term expiration months
when the index level of the FTSE Indexes is below 200, and 5-point
strike price intervals for other options series with expirations up to
one year, and at least 10-point strike price intervals for longer-term
options. The minimum tick size for series trading below $3 shall be
$0.05, and for series trading at or above $3, the minimum tick size
shall be $0.10.
    The Exchange proposes to list options on reduced values of the FTSE
Indexes in the three consecutive near-term expiration months plus up to
three successive expiration months in the March cycle. For example,
consecutive expirations of January, February, March, plus June,
September, and December expirations would be listed.\18\ In addition,
long-term option series having up to sixty months to expiration may be
traded.\19\ The trading of long-term FTSE Indexes shall be subject to
the same rules that govern the trading of all the Exchange's index
options, including sales practice rules, margin requirements, and
trading rules.
---------------------------------------------------------------------------

    \18\ See NYSE Arca Rule 5.19(a)(3).
    \19\ See NYSE Arca Rule 5.19(b)(1). The Exchange is not listing
reduced value LEAPS on the FTSE Indexes pursuant to NYSE Arca Rule
5.19(b)(2).
---------------------------------------------------------------------------

    Options on the Mini FTSE Indexes shall be subject to the same rules
that presently govern the trading of Exchange index options, including
sales practice rules, margin requirements, trading rules, and position
and exercise limits.
    The Exchange proposes to amend Rule 5.19(a)(7)(A) to specify Mini
FTSE

Index options as a.m.-settled options approved for trading on the
Exchange. The Exchange also proposes to add Commentary .01 to Rule 5.22
(Disclaimers) to specify that FTSE International Limited is the
reporting authority for the FTSE 100 and 250 Indexes.

Surveillance and Capacity

    The Exchange represents that it has an adequate surveillance
program in place for options traded on the FTSE Indexes and intends to
apply those same program procedures that it applies to the Exchange's
other index options. Additionally, the Exchange has provided the
Commission, on a confidential basis, a representation made by FTSE to
the Exchange regarding FTSE's insider trading policies, as they pertain
to the broker-dealer members of FTSE's EMEA Committee who are charged
with the selection of component securities that comprise the FTSE
Indexes. The FTSE EMEA Committee members are also required to maintain
in confidence, including non-disclosure to another party, any
information that they may be given by virtue of their membership of the
FTSE EMEA Committee, unless such information is already in the public
domain or where disclosure is required by law. NYSE Arca is also a
member of the Intermarket Surveillance Group (ISG). The members of the
ISG include all of the U.S. registered stock and options markets. In
addition, the LSE and LIFFE are members of ISG. ISG members work
together to coordinate surveillance and investigative information
sharing in the stock and options markets. In addition, the major
futures exchanges are members of the ISG, which allows for the sharing
of surveillance information for potential intermarket trading abuses.
    The Exchange has the necessary systems capacity to support new
options series that will result from the introduction of reduced values
of the FTSE Indexes, including LEAPS. The Exchange has provided the
Commission system capacity information that supports its system
capacity representations.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
and furthers the objectives of Section 6(b)(5) of the Act,\20\ in that
it is designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, 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. The Exchange believes that the proposed rule
change will provide for additional competition in the U.S. options
markets in trading FTSE Index options, to the benefit of the investing
public.
---------------------------------------------------------------------------

    \20\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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.

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

    No written comments were solicited or received with respect to the
proposed rule change.

III. 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_ADDRESS>Please include
File Number SR-NYSEArca-2008-61 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-NYSEArca-2008-61. 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 inspection
and copying 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 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-NYSEArca-2008-61 and should
be submitted on or before July 21, 2008.

IV. Commission's Findings and Order Granting Accelerated Approval of
the Proposed Rule Change

    After careful consideration, the Commission finds that the proposed
rule change is consistent with the requirements of the Act and the
rules and regulations thereunder applicable to a national securities
exchange.\21\ In particular, the Commission finds that the proposed
rule change is consistent with Section 6(b) of the Act,\22\ in general,
and furthers the objectives of Section 6(b)(5),\23\ in particular, in
that it is designed to promote just and equitable principles of trade,
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.
---------------------------------------------------------------------------

    \21\ In approving this proposal, the Commission notes that it
has considered the proposal's impact on efficiency, competition, and
capital formation. See 15 U.S.C. 78c(f).
    \22\ 15 U.S.C. 78f(b).
    \23\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    Because the FTSE 100 and FTSE 250 Indexes are broad-based indexes
of actively traded, well-capitalized stocks, the trading of the
proposed Index options on the Exchange does not raise unique regulatory
concerns. The options on the Mini FTSE Indexes will be traded under
NYSE Arca's existing regulatory regime for index options, which
includes among other things, positions and exercise limits and margin
requirements. Additionally, the Exchange has represented that it has
adequate system capacity and surveillance for these Index options and
that the index value will be disseminated at least every 15 seconds. In
addition, as ISG members, NYSE Arca, LSE, and LIFFE work together to
coordinate surveillance and investigate information sharing in the
stock and options markets.

    Under Section 19(b)(2) of the Act,\24\ the Commission may not
approve any proposed rule change prior to the thirtieth day after
publication of the notice of the filing thereof, unless the Commission
find good cause for so doing and publishes its reasons for so finding.
The Commission believes that the proposed rule filing does not raise
any new, unique or substantive issues from those raised in similar
proposals previously approved the Commission,\25\ allowing other
exchanges to list and trade reduced value index options on the FTSE
Indexes. Accordingly, the Commission hereby finds good cause for
approving the proposed rule change thereto prior to thirtieth day after
the date of publication of notice of filings thereof in the Federal
Register.
---------------------------------------------------------------------------

    \24\ 15 U.S.C. 78s(b)(2).
    \25\ See Securities Exchange Act Release No. 29722 (September
23, 1991), 56 FR 49807 (October 1, 1991) (order approving SR-CBOE-
91-07); 53484 (March 14, 2006), 71 FR 14268 (March 21, 2006) (order
approving SR-ISE-2005-25).
---------------------------------------------------------------------------

V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\26\ that the proposed rule change (SR-NYSEArca-2008-61) be, and it
hereby is, approved on an accelerated basis.
---------------------------------------------------------------------------

    \26\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\27\
---------------------------------------------------------------------------

    \27\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-14767 Filed 6-27-08; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 76, Number 36 (Wednesday, February 23, 2011)]
[Notices]
[Pages 10019-10020]
[FR Doc No: 2011-4000]

-----------------------------------------------------------------------

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings

    Take notice that the Commission has received the following Natural
Gas Pipeline Rate and Refund Report filings:

    Docket Numbers: RP11-1772-000.
    Applicants: MoGas Pipeline LLC.
    Description: MoGas Pipeline LLC submits tariff filing per
154.403(d)(2): Annual Fuel Adjustment to be effective 3/1/2011.
    Filed Date: 02/11/2011.
    Accession Number: 20110211-5120.
    Comment Date: 5 p.m. Eastern Time on Friday, February 18, 2011.

    Docket Numbers: RP11-1773-000.
    Applicants: Northern Natural Gas Company.
    Description: Northern Natural Gas Company submits tariff filing per
154.204: 20110214 Flint Hills Non-conforming to be effective 3/17/2011.
    Filed Date: 02/14/2011.
    Accession Number: 20110214-5062.
    Comment Date: 5 p.m. Eastern Time on Monday, February 28, 2011.

    Docket Numbers: RP11-1774-000.
    Applicants: Kern River Gas Transmission Company.
    Description: Kern River Gas Transmission Company submits request
for limited waiver of tariff general terms and conditions sections 10.6
and 12.7.
    Filed Date: 02/14/2011.
    Accession Number: 20110214-5064.
    Comment Date: 5 p.m. Eastern Time on Monday, February 28, 2011.

    Docket Numbers: RP11-1775-000.
    Applicants: Columbia Gas Transmission, LLC.
    Description: Columbia Gas Transmission, LLC submits tariff filing
per 154.204: Contract Extension to be effective 3/16/2011.
    Filed Date: 02/14/2011.
    Accession Number: 20110214-5111.
    Comment Date: 5 p.m. Eastern Time on Monday, February 28, 2011.

    Docket Numbers: RP11-1776-000.
    Applicants: Nautilus Pipeline Company, L.L.C.
    Description: Nautilus Pipeline Company, L.L.C. submits tariff
filing per 154.204: Non-Conforming Agreements to be effective 12/1/
2010.
    Filed Date: 02/14/2011.
    Accession Number: 20110214-5163.
    Comment Date: 5 p.m. Eastern Time on Monday, February 28, 2011.

    Any person desiring to intervene or to protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Rules of Practice and Procedure (18 CFR 385.211 and
385.214) on or before 5 p.m. Eastern time on the specified comment
date. It is not necessary to separately intervene again in a subdocket
related to a compliance filing if you have previously intervened in the
same docket. Protests will be considered by the Commission in
determining the appropriate action to be taken, but will not serve to
make protestants parties to the proceeding. Anyone filing a motion to
intervene or protest must serve a copy of that document on the
Applicant. In reference to filings initiating a new proceeding,
interventions or protests submitted on or before the comment deadline
need not be served on persons other than the Applicant.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://www.ferc.gov. To facilitate electronic service, persons with Internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically should submit an original and
14 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First St., NE., Washington, DC 20426.
    The filings in the above proceedings are accessible in the
Commission's eLibrary system by clicking on the appropriate link in the
above list. They are also available for review in the Commission's
Public Reference Room in Washington, DC. There is an eSubscription link
on the Web site that enables subscribers to receive email notification
when a document is added to a subscribed dockets(s). For assistance
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    Dated: February 15, 2011.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2011-4000 Filed 2-22-11; 8:45 am]
BILLING CODE 6717-01-P