[Federal Register Volume 76, Number 148 (Tuesday, August 2, 2011)]
[Notices]
[Pages 46346-46347]
[FR Doc No: 2011-19450]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-64973; File No. SR-OCC-2011-09]

Self-Regulatory Organizations; The Options Clearing Corporation;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Allow for the Clearing of Real Estate Index Futures Contracts

July 27, 2011.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of
1934,\1\ notice is hereby given that on July 19, 2011, The Options
Clearing Corporation (``OCC'') filed with the Securities and Exchange
Commission the proposed rule change as described in Items I and II
below, which items have been prepared primarily by OCC. OCC filed the
proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act
\2\ and Rule 19b-4(f)(4) thereunder \3\ so that the proposal was
effective upon filing with the Commission. The Commission is publishing
this notice to solicit comments on the proposed rule change from
interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \3\ 17 CFR 240.19b-4(f)(4).
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I. Self-Regulatory Organization's Statement of Terms of Substance of
the Proposed Rule Change

    The proposed rule change would accommodate the clearing and
settling of certain futures on real estate indexes (``Real Estate Index
Futures'') proposed

to be traded by CBOE Futures Exchange, LLC (``CFE'').

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

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

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

    The purpose of this proposed rule change is to accommodate Real
Estate Index Futures that are currently proposed to be traded by CFE.
Real Estate Index Futures are futures contracts on various proprietary
indexes that are based on the aggregate residential real estate
transaction prices in specific geographic regions over a 28-day
calendar period. Unlike other index futures currently cleared by OCC,
Real Estate Index Futures have a final settlement price determined as
of a date well before the maturity date. The indexes underlying Real
Estate Index Futures are based on real estate transaction prices in
specific geographic regions over a 28-day calendar period, but the
index value is not published until 63 days after the end of that 28-day
calendar period. This publication date is also the maturity date for
Real Estate Index Futures and the date on which the final settlement
price is then determined. OCC is proposing to amend ``maturity date''
to include the day ``as of which'' the final settlement price is
determined or, as in the case of Real Estate Index Futures, the day
``on which'' the final settlement price is determined.
    OCC has submitted a copy of the Clearing Agreement and a new
Schedule C-6 providing for the clearance of futures on non-securities
indexes, such as Real Estate Index Futures, which is attached to File
No. SR-OCC-2011-09 as Exhibit 5.
    The proposed change is consistent with the purposes and
requirements of Section 17A of the Act \4\ because it is designed to
permit OCC to perform clearing services for products that are subject
to the jurisdiction of the CFTC without adversely affecting OCC's
obligations with respect to the prompt and accurate clearance and
settlement of securities transactions or the protection of investors
and the public interest. The proposed rule change is not inconsistent
with any rules of OCC.
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    \4\ 15 U.S.C. 78q-1.
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B. Self-Regulatory Organization's Statement on Burden on Competition

    OCC does not believe that the proposed rule change will have any
impact or impose any burden on competition.

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

    OCC has not solicited or received written comments relating to the
proposed rule change.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(iii) of the Act \5\ and Rule 19b-4(f)(4) \6\ because it
effects a change in an existing service of a registered clearing agency
that does not adversely affect the safeguarding of securities or funds
in the custody or control of the clearing agency or for which it is
responsible and does not significantly affect the respective rights or
obligations of the clearing agency or persons using the service. At any
time within 60 days of the filing of the proposed rule change, the
Commission summarily may temporarily suspend such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.
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    \5\ Supra note 2.
    \6\ Supra note 3.
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IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml) or
     Send an e-mail to<EMAIL_ADDRESS>Please include
File No. SR-OCC-2011-09 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 No. SR-OCC-2011-09. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of such filings also will be available for
inspection and copying at OCC's principal office and OCC's Web site
(http://www.theocc.com/components/docs/legal/rules_and_bylaws/sr_occ_11_09.pdf). All comments received will be posted without change;
the Commission does not edit personal identifying information from
submissions. You should submit only information that you wish to make
available publicly. All submissions should refer to File No. SR-OCC-
2011-09 and should be submitted on or before August 23, 2011.

    For the Commission by the Division of Trading and Markets,
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(12).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-19450 Filed 8-1-11; 8:45 am]
BILLING CODE 8011-01-P