[Federal Register Volume 80, Number 18 (Wednesday, January 28, 2015)]
[Notices]
[Pages 4561-4562]
[FR Doc No: 2015-01498]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. RM98-1-000]

Records Governing Off-the-Record Communications; Public Notice

    This constitutes notice, in accordance with 18 CFR 385.2201(b), of
the receipt of prohibited and exempt off-the-record communications.
    Order No. 607 (64 FR 51222, September 22, 1999) requires Commission
decisional employees, who make or receive a prohibited or exempt off-
the-record communication relevant to the merits of a contested
proceeding, to deliver to the Secretary of the Commission, a copy of
the communication, if written, or a summary of the substance of any
oral communication.
    Prohibited communications are included in a public, non-decisional
file associated with, but not a part of, the decisional record of the
proceeding. Unless the Commission determines that the prohibited
communication and any responses thereto should become a part of the
decisional record, the prohibited off-the-record communication will not
be considered by the Commission in reaching its decision. Parties to a
proceeding may seek the opportunity to respond to any facts or
contentions made in a prohibited off-the-record communication, and may
request that the Commission place the prohibited communication and
responses thereto in the decisional record. The Commission will grant
such a request only when it determines that fairness so requires. Any
person identified below as having made a prohibited off-the-record
communication shall serve the document on all parties listed on the
official service list for the applicable proceeding in accordance with
Rule 2010, 18 CFR 385.2010.
    Exempt off-the-record communications are included in the decisional
record of the proceeding, unless the communication was with a
cooperating agency as described by 40 CFR 1501.6, made under 18 CFR
385.2201(e) (1) (v).
    The following is a list of off-the-record communications recently
received by the Secretary of the Commission. The communications listed
are grouped by docket numbers in ascending order. These filings are
available for electronic review at the Commission in the Public
Reference Room or may be viewed on the Commission's Web site 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 Online Support at<EMAIL_ADDRESS>or toll free at
(866)208-3676, or for TTY, contact<PHONE_NUMBER>.
    Exempt:

----------------------------------------------------------------------------------------------------------------
                  Docket No.                      File date                  Presenter or requester
----------------------------------------------------------------------------------------------------------------
1. CP13-483-000, CP13-492-000................          1-7-12  FERC Staff.\1\
2. CP13-483-000, CP13-492-000................         1-13-12  United States Congress.
3. CP15-17-000...............................         1-14-15  Hon. Bill Nelson.
4. CP14-497-000..............................         1-15-15  Hon. Richard Hanna.
----------------------------------------------------------------------------------------------------------------

    Dated: January 20, 2015.
---------------------------------------------------------------------------

    \1\ Phone record.
---------------------------------------------------------------------------

Kimberly D. Bose,
Secretary.
[FR Doc. 2015-01498 Filed 1-27-15; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 84, Number 70 (Thursday, April 11, 2019)]
[Notices]
[Pages 14663-14664]
[FR Doc No: 2019-07192]

=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF HOMELAND SECURITY

Coast Guard

[Docket No. USCG-2018-1057]
RIN 1625-AA00

Extension of Comment Period for the Safety Zone; Gastineau
Channel, Juneau, AK

AGENCY: Coast Guard, DHS.

ACTION: Extension of comment period.

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

SUMMARY: The United States Coast Guard is extending the comment period
for the notice of proposed rulemaking

for a safety zone which appeared in the Federal Register on April 2,
2019 (33 CFR 165) for the proposed modification of an existing safety
zone for certain waters of the Gastineau Channel in Juneau, AK. The
notice of proposed rulemaking is to expand an existing safety zone for
certain waters of the Gastineau Channel in order to improve safety of
large passenger vessels anchoring within the safety zone. The comment
period has been extended an additional 30 days to May 13, 2019.

DATES: Comments and related material must be submitted to the online
docket at http://www.regulations.gov or reach the Docket Management
Facility on or before May 13, 2019.

ADDRESSES: You may submit comments identified by docket number USCG-
2018-1057 using the Federal eRulemaking Portal at https://www.regulations.gov.

FOR FURTHER INFORMATION CONTACT: If you have questions on this notice
please contact LT Kristi Sloane, Sector Juneau, Waterways Management
Division, U.S. Coast Guard, at telephone number<PHONE_NUMBER> or email
to [email protected].

    Dated: April 5, 2019.
Stephen R. White,
Captain, U.S. Coast Guard, Captain of the Port, Southeast Alaska.
[FR Doc. 2019-07192 Filed 4-10-19; 8:45 am]
 BILLING CODE 9110-04-P


[Federal Register Volume 79, Number 108 (Thursday, June 5, 2014)]
[Notices]
[Pages 32594-32599]
[FR Doc No: 2014-13017]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-72284; File No. SR-CBOE-2014-043]

Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing of a Proposed Rule Change Relating to
Closing Rotation Procedures for S&P 500 Index Options

May 30, 2014.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on May 30, 2014 Chicago Board Options Exchange, Incorporated
(``Exchange'' or ``CBOE'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule change as described in
Items I, II, and III below, which Items have been prepared by the
Exchange. The Commission is publishing this notice to solicit comments
on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to make minor changes to Interpretation and
Policy .06 to Rule 6.2B (Hybrid Opening System (``HOSS'')) relating to
month-end closing price rotation procedures for non-expiring S&P 500
Index (``SPX'')

options. The text of the proposed rule change is provided below.
    (additions are italicized; deletions are [bracketed])

* * * * *

Chicago Board Options Exchange, Incorporated Rules

* * * * *

Rule 6.2B. Hybrid Opening System (``HOSS'')

    (a)-(h) No change.
    * * * Interpretations and Policies:
    .01-.05 No change.
    .06 Following the 3:15 p.m. Chicago time close of trading on the
last business day of each calendar month, the Exchange will conduct
special non-trading closing rotations for each series of S&P 500
Index (``SPX'') options in order to determine the theoretical ``fair
value'' of such series as of 3:00 p.m. Chicago time. During such
special non-trading closing rotations, [the] an LMM in [each series
of] the SPX options designated by the Exchange in each series of SPX
options, will provide bid and offer quotations, the midpoint of
which will reflect the theoretical fair value of the series of SPX
options, as determined by the LMM pursuant to the LMM's algorithmic
analysis of relevant and available data. Notwithstanding that
trading in SPX options on the Exchange continues until 3:15 p.m., on
the last business day of each month, after 3:15 p.m. the Exchange
shall disseminate the 3:00 p.m. fair value quotations provided by
[each] the designated LMM as the quotations used to calculate the
theoretical fair value for each series of SPX options, provided,
however, that the Exchange may determine, in the interest of fair
and orderly markets, not to disseminate such quotations.
* * * * *

    The text of the proposed rule change is also available on the
Exchange's Web site (http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the
Secretary, and at the Commission's Public Reference Room.

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

    In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.

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

1. Purpose
    The Exchange proposes to make minor changes to Interpretation and
Policy .06 to Rule 6.2B (``Interpretation and Policy .06'') to extend
its SPX end-of-month pricing procedures to series of SPX options on the
Hybrid Trading System (``Hybrid System'').\3\ The Exchange believes
that the proposed rule will add consistency to S&P 500 Index-related
markets and make it easier for investors to trade SPX options.
---------------------------------------------------------------------------

    \3\ The Hybrid Platform refers to the Exchange's trading
platform that allows automatic executions to occur electronically
and open outcry trades to occur on the floor of the Exchange. To
operate in this ``hybrid'' environment, the Exchange has a dynamic
order handling system that has the capability to route orders to the
trade engine for automatic execution and book entry, to Trading
Permit Holder and PAR Official workstations located in the trading
crowds for manual handling, and/or to other order management
terminals generally located in booths on the trading floor for
manual handling. Classes of SPX options other than standard SPX
options are traded on the Hybrid Platform. The Hybrid 3.0 Platform
is an electronic trading platform on the Hybrid Trading System that
allows one or more quoters to submit electronic quotes which
represent the aggregate Market-Maker quoting interest in a series
for the trading crowd. Standard SPX options contracts are traded on
the Hybrid 3.0 Platform.
---------------------------------------------------------------------------

Background
    In 2001, the Chicago Mercantile Exchange (``CME'') adopted special
settlement procedures to determine end-of-month settlement prices for
its domestic futures contracts.\4\ Specifically, CME adopted end-of-
month valuation procedures to calculate the price of S&P 500 futures
contracts based on the value of the underlying S&P 500 Index at the
close of trading. CME has termed these procedures ``End-of-Month
Special Fair Value'' (``EOM FV'') or ``Fair Value'' (``FV'') settlement
procedures.
---------------------------------------------------------------------------

    \4\ The CME originally instituted this practice for the December
31, 1999 year-end, but has adopted the practice for each month-end
closing date since January 2001. See generally CME Group, Month-End
Fair Value Procedures, available at http://www.cmegroup.com/trading/equity-index/fairvaluefaq.html.
---------------------------------------------------------------------------

    According to CME, ``[f]air value represents the level at which
futures theoretically should be priced in relation to cash index values
in the absence of transaction costs--albeit not where they necessarily
will trade.'' \5\ Pursuant to its EOM FV settlement procedures, CME
calculates the end-of-month final settlement value of S&P 500 futures
contracts based on the value of the underlying S&P 500 Index cash
market, rather than the actual final trading prices of S&P 500 futures
contracts. CME uses its end-of-month theoretical fair value settlement
prices for all purposes, including account value reporting and end-of-
day variation margin calls.\6\ These procedures mitigate issues caused
by the misalignment of valuations in the S&P 500 futures market and the
underlying S&P 500 Index cash market due to the extended trading hours
for S&P 500 futures contracts after the close of trading in the cash
market.
---------------------------------------------------------------------------

    \5\ See generally CME Group, Month-End Fair Value Procedures,
available at http://www.cmegroup.com/trading/equity-index/fairvaluefaq.html.
    \6\ Id.
---------------------------------------------------------------------------

    The Exchange understands that CME adopted its EOM FV procedures at
the request of institutional investors (active in both the S&P 500
futures and S&P 500 Index cash markets), who wanted the end-of-month
value of their futures positions to align with prices in the underlying
S&P 500 Index cash market. If the month-end settlement price of
investors' futures positions were based on the actual closing trading
prices as of the 3:15 p.m.\7\ close of futures market while the month-
end closing price of their cash positions were based on the 3:00 p.m.
close of trading in the underlying S&P 500 Index cash market, investors
might experience tracking errors and/or financial reporting
incongruities that do not reflect actual portfolio performance. Pricing
model discrepancies or misaligned pricing between the S&P 500 futures
and S&P 500 Index cash market could also lead to unnecessary and/or
unwarranted margin calls and returns as well as other hedging and
accounting problems. The EOM FV settlement procedures adopted by CME
mitigate these issues by aligning the end-of-month settlement prices of
S&P 500 futures contracts with closing prices in the underlying cash
market as of 3:00 p.m.\8\
---------------------------------------------------------------------------

    \7\ All times referred to herein are stated as Chicago Central
Standard Time.
    \8\ CME has explained the reason for maintaining its 3:00 p.m.
fair value procedure as follows:
    Stock index products on the . . . [CME] normally close and
settle fifteen minutes after the daily close of trading in cash
equities. The cash/futures basis may be affected to the extent that
futures may fluctuate--sometimes sharply--during those final fifteen
minutes. As such, this may become a difficulty for institutional
traders practicing coordinated cash/futures strategies. Still, the
opportunity to lay off equity market exposure during those fifteen
minutes subsequent to the cash close has proven quite beneficial.
The use of FV settlement procedures is intended to address this so-
called ``tracking error'' while still permitting trade [sic] to
continue for fifteen minutes past the 3:00 p.m. cash close.
Conceptually, the fair value settlement is determined when the cash
market closes at 3:00 p.m., since any new information following 3:00
p.m. will not affect the closing price of the stocks and the
indexes. However, information or events subsequent to the cash close
may still impact futures prices. Market participants should be aware
of the possibility that futures may trade at prices apart from fair
value settlement prices between 3;00 [sic] p.m. and the close of the
market at 3:15 p.m. on days on which FV settlement procedures are
applied.
    See id.

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

    The S&P 500 futures market and SPX options market are highly
interconnected. Many investors use SPX options to hedge S&P 500 futures
positions. Because of the interconnectedness between the S&P 500
futures and SPX options markets, the Exchange believed that the use of
end-of-month pricing procedures that diverged significantly form [sic]
the CME's EOM FV pricing procedures would be disruptive to fair and
orderly markets. Although the Exchange could have aligned the end-of-
month settlement prices of standard non-expiring SPX options with the
end-of-month prices of the related S&P 500 futures contracts (and the
underlying S&P Index cash market) by simply ending trading at 3:00 p.m.
on the last trading day of each month, the Exchange determined that
closing trading in SPX options market prior to the close of trading at
the CME would also be disruptive to fair and orderly markets. In
particular, the Exchange believed that closing trading for standard
non-expiring SPX options during S&P 500 futures trading hours would be
disruptive to many market participants who hedge S&P 500 futures
positions with SPX options. Accordingly, the Exchange adopted end-of-
month settlement practices designed to align its end-of-month pricing
with CME's EOM FV settlement procedures. The Exchange's end-of-month
pricing procedures were adopted through a series of Regulatory
Circulars and subsequently codified in the Exchange's rules in
Interpretation and Policy .06.\9\
---------------------------------------------------------------------------

    \9\ See CBOE Interpretation and Policy .06 to Rule 6.2B;
Securities and Exchange Act Release No. 34-67992; File No. SR-CBOE-
2012-095 (October 5, 2012) (Notice of Filing and Immediate
Effectiveness of Proposed Rule Change Relating to Closing Rotation
Procedures for S&P 500 Index Options).
    See also CBOE Regulatory Circular RG99-233 (Dec. 21, 1999),
available at https://www.cboe.org/publish/regcir/rg99-233.pdf; CBOE
Regulatory Circular RG00-049 (Mar. 29, 2000), available at https://www.cboe.org/publish/regcir/rg00-049.pdf; CBOE Regulatory Circular
RG01-014 (Jan. 25, 2001), available at http://www.cboe.com/publish/RegCir/RG01-014.pdf; CBOE Regulatory Circular RG01-040 (Mar. 29,
2001), available at https://www.cboe.org/publish/regcir/rg01-040.pdf; CBOE Regulatory Circular RG01-058 (Apr. 27, 2001),
available at https://www.cboe.org/publish/regcir/rg01-058.pdf; CBOE
Regulatory Circular RG02-019 (Apr. 4, 2002), available at http://www.cboe.com/publish/RegCir/RG02-019.pdf; CBOE Regulatory Circular
RG02-039 (June 12, 2002), available at http://www.cboe.com/publish/RegCir/RG02-039.pdf; CBOE Regulatory Circular RG02-073 (Sept. 17,
2002), available at http://www.cboe.com/publish/RegCir/RG02-073.pdf;
CBOE Regulatory Circular RG02-118 (Dec. 19, 2002), available at
http://www.cboe.org/publish/regcir/rg02-118.pdf; CBOE Regulatory
Circular RG03-016 (Mar. 19, 2003), available at http://www.cboe.com/publish/RegCir/RG03-016.pdf; CBOE Regulatory Circular RG03-039 (June
11, 2003), available at http://www.cboe.com/publish/RegCir/RG03-039.pdf; CBOE Regulatory Circular RG03-075 (Sept. 10, 2003),
available at http://www.cboe.com/publish/RegCir/RG03-075.pdf; CBOE
Regulatory Circular RG03-082 (Sept. 22, 2003), available at http://www.cboe.com/publish/RegCir/RG03-082.pdf; CBOE Regulatory Circular
RG03-110 (Dec. 17, 2003), available at http://www.cboe.com/publish/RegCir/RG03-110.pdf; CBOE Regulatory Circular RG04-132 (Dec. 30,
2004), available at http://www.cboe.com/publish/RegCir/RG04-132.pdf;
CBOE Regulatory Circular RG05-130 (Dec. 29, 2005), available at
http://www.cboe.com/publish/RegCir/RG05-130.pdf; CBOE Regulatory
Circular RG06-130 (Dec. 19, 2006), available at http://www.cboe.org/publish/regcir/rg06-130.pdf; CBOE Regulatory Circular RG08-004 (Jan.
8, 2008), available at http://www.cboe.com/publish/RegCir/RG08-004.pdf; CBOE Regulatory Circular RG09-151 (Dec. 30, 2009),
available at http://www.cboe.org/publish/regcir/rg09-151.pdf; and
CBOE Regulatory Circular RG12-023 (Jan. 30, 2012), available at
http://www.cboe.org/publish/regcir/rg12-023.pdf.
---------------------------------------------------------------------------

Current Exchange Procedures
    Currently, on days other than the last business day of each month,
the final closing price of standard non-expiring SPX options traded on
the Hybrid 3.0 Platform is determined by the OCC based on the final
end-of-day trading quotations that it receives from the Exchange. In
general, the OCC determines the closing price of standard non-expiring
SPX options using the midpoint between the final bid and final offer
quotations disseminated by the Exchange through the Options Price
Reporting Authority (``OPRA'').
    On the last business day of each month, however, the Exchange
conducts special end-of-month non-trading rotations for series of
standard non-expiring SPX options pursuant to Interpretation and Policy
.06. These special non-trading closing rotations are conducted on the
same month-end business days on which CME calculates the EOM FV
settlement prices of the S&P 500 futures contracts based on the
theoretical fair value of the underlying S&P 500 Index cash market at
the close of trading.\10\ The OCC calculates the final month-end
settlement prices for standard non-expiring SPX options based on non-
trading quotations provided by a designated Lead Market-Maker (``LMM'')
or LMMs in the SPX, which are then ``smoothed'' by the OCC with an
implied volatility curve. LMMs calculate non-trading closing bid and
offer quotations to reflect the theoretical fair value of the options
through pricing algorithms with a number of relevant inputs, in
particular, the EOM FV settlement prices of the related S&P 500 futures
contracts at CME.\11\ The theoretical fair value prices are
disseminated to the OCC via OPRA after the 3:15 p.m. close of trading
on the last business day of each month (on the same day that CME
performs its end-of-month fair market valuations for the S&P 500
futures). Consistent with CME's practices, the Exchange considers the
end-of-month theoretical fair value closing prices of SPX options
traded on the Hybrid 3.0 Platform to be the final month-end settlement
prices for all purposes, including OCC margin calculations, even though
no actual trades occur at these prices.
---------------------------------------------------------------------------

    \10\ See CBOE Interpretation and Policy .06 to Rule 6.2B.
    \11\ See Securities and Exchange Act Release No. 34-67992; File
No. SR-CBOE-2012-095 (October 5, 2012) (Notice of Filing and
Immediate Effectiveness of Proposed Rule Change Relating to Closing
Rotation Procedures for S&P 500 Index Options).
---------------------------------------------------------------------------

Proposed Rule Change
    The Exchange proposes minor changes to its rules to extend its
current end-of-month settlement pricing procedures for SPX options
traded on the Hybrid 3.0 Platform to series of SPX options traded on
the Hybrid System (e.g., SPXW). The Exchange believes that extending
Interpretation and Policy .06 to additional groups of series of SPX
options will allow investors to realize consistency in the SPX options
market and with respect to valuations in the S&P 500 futures market and
underlying S&P 500 Index cash market.
    Although Interpretation and Policy .06 does not restrict the
Exchange from conducting special end-of-month non-trading closing
rotations for series of SPX options traded on the Hybrid System,
Interpretation and Policy .06 does not contemplate the application of
month-end fair value pricing procedures in groups of series of SPX
options without an LMM. Thus, under the Exchange's current rules, the
Exchange cannot extend Interpretation and Policy .06 to series of SPX
options traded on the Hybrid System with no LMM.\12\ The proposed
changes to Interpretation and Policy .06 will allow a designated LMM in
the SPX options class to conduct non-trading closing rotations for
series of SPX options on the Hybrid System.
---------------------------------------------------------------------------

    \12\ Notably, the Exchange's rules do not require the
appointment of an LMM in each options class or group of series of
options. See CBOE Rule 8.14.
---------------------------------------------------------------------------

    Under the proposed rule, end-of-month settlement pricing procedures
will be conducted in the same manner in all series of SPX options. The
Exchange expects that LMMs in the SPX class will continue to base their
end-of-month non-trading quotations substantially and materially on the
closing prices of the related S&P 500

futures contracts (which reflect the theoretical fair value of the S&P
500 Index cash market as of 3:00 p.m. as determined by CME), in all
series of SPX options. The Exchange believes that the proposed rule
will allow investors to realize consistency in the SPX options market
by ensuring that the same pricing models are applied to determine the
end-of-month theoretical fair value of each non-expiring series of SPX
options. The Exchange believes that the application of consistent
pricing models in the SPX options market will protect investors'
interests by mitigating the risk of tracking errors and inconsistent
reporting that may be caused by the dissemination of closing quotations
derived from several different pricing models.
    The Exchange believes that extending Interpretation and Policy .06
to additional groups of series of SPX options will promote the
functioning of a fair and orderly market in SPX options. The
misalignment of month-end S&P 500 futures valuations and SPX options
prices poses unnecessary risk to investors who actively trade in these
markets. Such inconsistencies expose investors to the possibility of
unwarranted and potentially significant margin calls, which may not
reflect actual levels of portfolio risk or true market exposure. The
Exchange believes that extending Interpretation and Policy .06 to
additional groups of series of SPX options will mitigate these risks
and allow investors to realize consistency with respect to the margin
treatment of SPX options.
    Interpretation and Policy .06 was adopted in response to investors'
requests for end-of-month pricing of SPX options on the Hybrid 3.0
Platform consistent with CME's end-of-month S&P 500 futures valuations.
Similarly, the Exchange is proposing this rule change in response to
investors' requests for consistent pricing between the S&P 500 futures
and series of SPX options traded on the Hybrid System. The Exchange
anticipates disseminating end-of-month non-trading closing rotation
quotations for each series of SPX options so long as doing so remains
consistent with CME's end-of-month pricing practices in the S&P 500
futures. The Exchange, however, cannot predict whether CME will change
its EOM FV procedures in the future. Accordingly, the proposed rule
change preserves the Exchange's discretion not to disseminate the 3:00
p.m. fair value quotations provided by a designated LMM in a series, if
the Exchange determines that disseminating the quotations would not be
in the interests of investors or fair and orderly markets. In the event
that the CME determines not to apply its special EOM FV procedures,
either on a particular month-end trading day or otherwise, the Exchange
would allow the actual 3:15 p.m. closing quotations to act as the final
quotations, as occurs on other trading days.
    The Exchange believes that the proposed rule is designed to guard
against unfair discrimination in the application of its end-of-month
settlement pricing procedures. The proposed rule merely extends the
Exchange's current end-of-month pricing procedures (which have been
reviewed and accepted by the Commission), to additional series of SPX
options. Under the proposed rule an LMM in the SPX class will provide
end-of-month non-trading quotations for each series of SPX options. LMM
appointments in SPX options will continue to be governed by CBOE Rules
8.15 and 8.15A and selected based on the criteria set forth in those
rules including, but not limited to: adequacy of capital; experience in
trading index options or options on ETPs; presence in the trading
crowd; and ability to meet required quoting and market-making
obligations as described in the Exchange's rules.\13\ The Exchange
believes that the LMM appointment process and procedures are objective;
all Trading Permit Holders may request an LMM appointment subject to
approval based on nondiscriminatory criteria and considerations
designed to promote fair and orderly markets. To the extent that there
may be more than one LMM appointed in the SPX, the Exchange will
designate an LMM to provide end-of-month non-trading quotations for
each group of series of SPX options on a monthly rotating basis.
---------------------------------------------------------------------------

    \13\ CBOE Rules 8.15(a) and 8.15A(a).
---------------------------------------------------------------------------

    The Exchange recognizes that LMMs may have an interest in the
outcome of month-end valuation determinations based on the composition
of their own proprietary positions. For example, an LMM may have an
incentive to skew their fair value determinations to minimize the risk
of potential variation margin calls from the OCC to cover proprietary
holdings. The Exchange believes, however, that these risks are
substantially mitigated by the weight given to the CME's valuations of
related S&P 500 futures contracts. The Exchange expects that under the
proposed rule the end-of-month non-trading closing quotations provided
by the designated LMM in each series of SPX options will continue to be
materially, if not directly, based on CME's EOM FV calculations. The
Exchange believes that the risk of market manipulation is further
limited by the fact that fair valuations can generally be approximated
by other third parties and verified through independent checks.
    In addition, the Exchange is equipped to monitor LMMs' end-of-month
fair value calculations. The Exchange currently monitors the fair value
calculations of LMMs who quote end-of-month fair value settlement
prices for SPX options on the Hybrid 3.0 Platform. The Exchange also
conducts surveillance and oversight of LMMs' fair value quotations to
monitor for potential attempts at manipulation. Should the proposed
rule change take effect, the Exchange would extend its regulatory
practices to monitor the end-of-month fair valuation calculations of
LMMs who quote any series of SPX options under Interpretation and
Policy .06.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\14\ Specifically, the Exchange believes the proposed rule change
is consistent with the Section 6(b)(5) \15\ requirements that the rules
of an exchange be designed to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to
foster cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general, to protect investors and the public interest.
Additionally, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) \16\ requirement that the rules of
an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78f(b).
    \15\ 15 U.S.C. 78f(b)(5).
    \16\ Id.
---------------------------------------------------------------------------

    In particular, the proposed rule change furthers the interests of
fair and orderly markets by allowing investors to realize consistency
across the SPX options, S&P 500 futures and S&P 500 Index cash markets.
The Exchange proposes to extend the end-of-month fair value pricing
procedures in Interpretation and Policy .06 to additional series of SPX
options traded on the Hybrid System to better align end-of-month prices
in the SPX options

market with prices of related S&P 500 futures contracts and prices in
the underlying cash market. The Exchange believes that greater
consistency in SPX options market is in the best interests of
investors.
    The Exchange also believes that the proposed rule change will
contribute to more robust and competitive markets by making it easier
for investors to trade S&P 500 Index-related securities and, in
particular, making it easier for investors to use SPX options to hedge
S&P 500 futures positions. Thus, the proposed rule change will
facilitate investors' use of risk-reducing trading strategies and
promote robust trading activity in the S&P 500 Index-related markets.
The Exchange also believes that extending its fair value pricing
procedures to additional groups of series of SPX options will mitigate
risk to investors, including investors' risk of tracking errors,
misrepresentative financial reporting, and potential unwarranted margin
calls that may be caused by misaligned end-of-month settlement pricing
in the S&P 500 Index-related markets, rather than actual portfolio risk
or market exposure.
    The Exchange believes that the proposed rule change is designed to
guard against unfair discrimination in the application of its end-of-
month settlement pricing procedures. The proposed rule merely extends
the Exchange's current procedures (which have been reviewed and
approved by the Commission), to additional series of SPX options. Under
the proposed rule a designated LMM in each series of the SPX options
will provide end-of-month non-trading settlement pricing quotations for
series of SPX options. LMM appointments in SPX options will continue to
be governed by CBOE Rules 8.15 and 8.15A and selected based on the
criteria set forth in those rules including, but not limited to:
adequacy of capital; experience in trading index options or options on
ETPs; presence in the trading crowd; and ability to meet the required
quoting and market-making obligations described in the Exchange's
rules.\17\ The Exchange believes that the LMM appointment procedures
and process set forth in Rules 8.15 and 8.15A are objective; all TPHs
may request an appointment subject to the nondiscriminatory criteria
set forth in Rules 8.15 and 8.15A, which are designed to promote fair
and orderly markets.
---------------------------------------------------------------------------

    \17\ CBOE Rules 8.15(a) and 8.15A(a).
---------------------------------------------------------------------------

    The Exchange recognizes that LMMs may have an interest in the
outcome of month-end valuation determinations based on the composition
of their own proprietary positions. For example, an LMM may have an
incentive to skew their fair value determinations to minimize the risk
of potential of variation margin calls from the OCC to cover
proprietary holdings. The Exchange believes, however, that these risks
are substantially mitigated by the weight given to fair valuations of
the related S&P 500 futures contracts at CME. The Exchange expects that
the end-of-month non-trading closing price quotations provided by LMMs
for series of SPX options on the Hybrid System will continue to be
materially, if not directly, based on CME's EOM FV calculations under
the proposed rule. The Exchange believes that the risk of market
manipulation is further limited by the fact that fair valuations can
generally be approximated by other third parties and verified through
independent checks.
    In addition, the Exchange is equipped to protect investors through
end-of-month fair value calculations monitoring practices. The Exchange
currently monitors the fair value calculations of LMMs who quote end-
of-month fair value settlement prices for SPX options on the Hybrid 3.0
Platform. The Exchange also conducts surveillance and oversight of
LMMs' fair value quotations to monitor for potential attempts at
manipulation. Under the proposed rule, the Exchange would extend its
regulatory practices to monitor LMMs' end-of-month price calculations
for all series of SPX options quoted in accordance with Interpretation
and Policy .06.

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. Extending the Exchange's
current end-of-month fair value settlement procedures to other series
of SPX options will not adversely affect investors. These procedures
will be equally applied to affect all market participants equally in
the SPX options market. Furthermore, the Exchange believes that the
proposed rule will bolster competition and contribute to more robust
markets by making it easier for investors to trade SPX options and use
SPX options to hedge S&P 500 futures positions. The Exchange believes
that the proposed rule will bolster competition with other exchanges by
making it easier for investors to trade S&P 500 Index-related
securities listed on exchanges other than CBOE.

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

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

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

    Because the foregoing proposed rule change does not:
    A. Significantly affect the protection of investors or the public
interest;
    B. impose any significant burden on competition; and
    C. become operative for 30 days from the date on which it was
filed, or such shorter time as the Commission may designate, it has
become effective pursuant to Section 19(b)(3)(A) of the Act \18\ and
Rule 19b-4(f)(6) \19\ thereunder. At any time within 60 days of the
filing of the proposed rule change, the Commission summarily may
temporarily suspend such rule change if it appears to the Commission
that such action is necessary or appropriate in the public interest,
for the protection of investors, or otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission will institute proceedings to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \18\ 15 U.S.C. 78s(b)(3)(A).
    \19\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-CBOE-2014-043 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-CBOE-2014-043. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use

only one method. The Commission will post all comments on the
Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for Web site viewing and printing in
the Commission's Public Reference Room, 100 F Street NE., Washington,
DC 20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change; the Commission does not edit
personal identifying information from submissions. You should submit
only information that you wish to make available publicly. All
submissions should refer to File Number SR-CBOE-2014-043 and should be
submitted on or before June 26, 2014.
---------------------------------------------------------------------------

    \20\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-13017 Filed 6-4-14; 8:45 am]
BILLING CODE 8001-01-P


[Federal Register Volume 81, Number 56 (Wednesday, March 23, 2016)]
[Notices]
[Pages 15518-15519]
[FR Doc No: 2016-06564]

=======================================================================
-----------------------------------------------------------------------

ENVIRONMENTAL PROTECTION AGENCY

[FRL 9944-17-Region 5]

Notification of a Public Teleconference of the Great Lakes
Advisory Board

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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

SUMMARY: The Environmental Protection Agency (EPA) announces a
teleconference of the Great Lakes Advisory Board (the Board). The
purpose of this teleconference is to discuss the Great Lakes
Restoration Initiative covering (GLRI) FY15-19 and other relevant
matters.

DATES: The teleconference will be held Wednesday, April 6, 2016 from 10
a.m. to 12 p.m. Central Time, 11 a.m. to 1 p.m. Eastern Time. An
opportunity will be provided to the public to comment.

ADDRESSES: The public teleconference will be held by teleconference
only. The teleconference number is: 1-877-226-9607; Participant code:
6050166037.

FOR FURTHER INFORMATION CONTACT: Any member of the public wishing
further information regarding this meeting may contact Rita Cestaric,
Designated Federal Officer (DFO), by email at<EMAIL_ADDRESS>
General information on the Board can be found at http://glri.us/advisory/index.html.

SUPPLEMENTARY INFORMATION:
    Background: The Board is a federal advisory committee chartered
under the Federal Advisory Committee Act (FACA), Public Law 92-463. EPA
established the Board in 2013 to provide independent advice to the EPA
Administrator in her capacity as Chair

of the federal Great Lakes Interagency Task Force (IATF). The Board
conducts business in accordance with FACA and related regulations.
    The Board consists of 16 members appointed by EPA's Administrator
in her capacity as IATF Chair. Members serve as representatives of
state, local and tribal government, environmental groups, agriculture,
business, transportation, foundations, educational institutions, and as
technical experts.
    Availability of Meeting Materials: The agenda and other materials
in support of the teleconference will be available on the Board Web
site at http://glri.us/advisory/index.html.
    Procedures for Providing Public Input: Federal advisory committees
provide independent advice to federal agencies. Members of the public
can submit relevant comments for consideration by the Board. Input from
the public to the Board will have the most impact if it provides
specific information for the Board to consider. Members of the public
wishing to provide comments should contact the DFO directly.
    Oral Statements: In general, individuals or groups requesting to
provide comments or oral presentation at this public meeting will be
limited to three minutes per speaker, subject to the number of people
wanting to comment. Interested parties should contact the DFO in
writing (preferably via email) at the contact information noted above
by April 1, 2016 to be placed on the list of public speakers for the
meeting.
    Written Statements: Written statements must be received by April 1,
2016 so that the information may be made available to the Board for
consideration. Written statements should be supplied to the DFO in the
following formats: One hard copy with original signature and one
electronic copy via email. Commenters are requested to provide two
versions of each document submitted: One each with and without
signatures because only documents without signatures may be published
on the Board Web page.
    Accessibility: For information on access or services for
individuals with disabilities, please contact the DFO at the email
address noted above, preferably at least 7 days prior to the meeting,
to give EPA as much time as possible to process your request.

    Dated: March 14, 2016.
Cameron Davis,
Senior Advisor to the Administrator.
[FR Doc. 2016-06564 Filed 3-22-16; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register Volume 81, Number 22 (Wednesday, February 3, 2016)]
[Notices]
[Pages 5814-5815]
[FR Doc No: 2016-01969]

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

DEPARTMENT OF TRANSPORTATION

Federal Railroad Administration

[Docket Number FRA-2016-0005]

Notice of Application for Approval of Discontinuance or
Modification of a Railroad Signal System

    In accordance with part 235 of Title 49 of the Code of Federal
Regulations (CFR) and Title 49 U.S.C. 20502(a), this

document provides the public notice that by a document dated December
17, 2015, Union Pacific Railroad (UP) petitioned the Federal Railroad
Administration (FRA) seeking approval for the discontinuance or
modification of a signal system. FRA assigned the petition Docket
Number FRA-2016-0005.
    Applicant: Union Pacific Railroad, Mr. John J. Hovanec, AVP
Engineering--Design, 1400 Douglas Street, Mail Stop 0910, Omaha, NE
68179.
    UP seeks approval of the discontinuance of Hold Signal Y077 at
Milepost (MP) 77.50 and the removal of the coded track in Yard Lead 202
on the Geneva Subdivision in the State of Illinois.
    The reason given for the proposed discontinuance is to allow and
facilitate yard switching operations on the affected trackage, which
are necessary to maintain fluid operation.
    A copy of the petition, as well as any written communications
concerning the petition, is available for review online at
www.regulations.gov and in person at the U.S. Department of
Transportation's Docket Operations Facility, 1200 New Jersey Avenue
SE., W12-140, Washington, DC 20590. The Docket Operations Facility is
open from 9 a.m. to 5 p.m., Monday through Friday, except Federal
Holidays.
    Interested parties are invited to participate in these proceedings
by submitting written views, data, or comments. FRA does not anticipate
scheduling a public hearing in connection with these proceedings since
the facts do not appear to warrant a hearing. If any interested party
desires an opportunity for oral comment, they should notify FRA, in
writing, before the end of the comment period and specify the basis for
their request.
    All communications concerning these proceedings should identify the
appropriate docket number and may be submitted by any of the following
methods:
     Web site: http://www.regulations.gov. Follow the online
instructions for submitting comments.
     Fax:<PHONE_NUMBER>.
     Mail: Docket Operations Facility, U.S. Department of
Transportation, 1200 New Jersey Avenue SE., W12-140, Washington, DC
20590.
     Hand Delivery: 1200 New Jersey Avenue SE., Room W12-140,
Washington, DC 20590, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal Holidays.
    Communications received by March 21, 2016 will be considered by FRA
before final action is taken. Comments received after that date will be
considered as far as practicable.
    Anyone is able to search the electronic form of any written
communications and comments received into any of our dockets by the
name of the individual submitting the comment (or signing the document,
if submitted on behalf of an association, business, labor union, etc.).
In accordance with 5 U.S.C. 553(c), DOT solicits comments from the
public to better inform its processes. DOT posts these comments,
without edit, including any personal information the commenter
provides, to www.regulations.gov, as described in the system of records
notice (DOT/ALL-14 FDMS), which can be reviewed at www.dot.gov/privacy.
See also http://www.regulations.gov/#!privacyNotice for the privacy
notice of regulations.gov.

Robert C. Lauby,
Associate Administrator for Railroad Safety, Chief Safety Officer.
[FR Doc. 2016-01969 Filed 2-2-16; 8:45 am]
BILLING CODE 4910-06-P