[Federal Register Volume 80, Number 217 (Tuesday, November 10, 2015)]
[Notices]
[Pages 69741-69745]
[FR Doc No: 2015-28504]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76354; File No. SR-CBOE-2015-099]

Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing of a Proposed Rule Change To List and
Trade Options That Overlie a Reduced Value of the FTSE China 50 Index

November 4, 2015.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on October 30, 2015, Chicago Board Options Exchange, Incorporated
(the ``Exchange'' or ``CBOE'') filed with the Securities and Exchange
Commission (the ``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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange is proposing to amend its rules to list and trade
options that overlie a reduced value of the FTSE China 50 Index.
    The text of the proposed rule change is 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 purpose of this proposed rule change is to permit the Exchange
to list and trade options that overlie a reduced value of the FTSE
China 50 Index (``China 50 options''). China 50 options would be A.M.,
cash-settled contracts with European-style exercise.
FTSE China 50 Index Design, Methodology and Dissemination
    The FTSE China 50 Index is a free float-adjusted market
capitalization index that is designed to measure the performance of 50
of the largest and most liquid Chinese stocks (H Shares,\3\ Red Chips
\4\ and P Chips \5\) listed and trading on the Stock Exchange of Hong
Kong (SEHK).\6\
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    \3\ H Shares are securities of companies incorporated in the
People's Republic of China (PRC) and listed on SEHK. They can only
be traded by Chinese investors under the Qualified Domestic
Institutional Investors Scheme (QDII). There are no restrictions for
international investors.
    \4\ Red Chip companies are incorporated outside the PRC and
traded on SEHK. A Red Chip company has at least 30 percent of its
shares in aggregate held directly or indirectly by mainland state
entities, and at least 50 percent of its revenue or assets derived
from mainland China.
    \5\ P Chip companies are incorporated outside the PRC that trade
on SEHK. A P Chip is a company that is controlled by Mainland China
individuals, with the establishment and origin of the company in
Mainland China and at least 50 percent of its revenue or assets
derived from mainland China.
    \6\ See FTSE China 50 Index fact sheet (dated August 31, 2015)
located at: http://www.ftse.com/Analytics/FactSheets/temp/a5b0d638-068e-41d9-b169-be9838d8227a.pdf.
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    The FTSE China 50 Index was launched on April 19, 2001 and is

calculated by FTSE International Limited (``FTSE''), which is a
provider of investment support tools. The FTSE China 50 Index is
calculated and published on a real-time basis in Hong Kong dollars
during Hong Kong trading hours. The methodology used to calculate the
FTSE China 50 Index is similar to the methodology used to calculate the
value of other benchmark market-capitalization weighted indexes.
Specifically, the FTSE China 50 Index is governed by the FTSE Ground
Rules for the FTSE China 50 Index.\7\ The level of the FTSE China 50
Index reflects the free float-adjusted market value of the component
stocks relative to a particular base date and is computed by dividing
the total market value of the companies in the FTSE China 50 Index by
the index divisor.
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    \7\ Summary and comprehensive information about the FTSE China
50 Index methodology may be reviewed at: http://www.ftse.com/products/downloads/FTSE_China_50_Index_ English_.pdf?154).
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    The FTSE China 50 Index is monitored and maintained by FTSE.
Adjustments to the FTSE China 50 Index could be made on a daily basis
with respect to corporate events and dividends. FTSE reviews the FTSE
China 50 Index quarterly (March, June, September and December)
according to rules for inserting and deleting companies that ``are
designed to provide stability in the selection of constituents of the
FTSE China 50 Index while ensuring that the [FTSE China 50] Index
continues to be representative of the market by including or excluding
those companies which have risen or fallen significantly.'' \8\
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    \8\ See id.
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    Real-time data is distributed at least every 15 seconds while the
index is being calculated using FTSE's real-time calculation engine to
Bloomberg L.P. (``Bloomberg''), Thomson Reuters (``Reuters'') and other
major vendors. End of day data is distributed daily to clients through
FTSE as well as through major quotation vendors, including Bloomberg
and Reuters.
    The Exchange proposes to base trading in options on a fraction of
the full size FTSE China 50 Index. In particular, the Exchange proposes
to list FTSE China 50 options that are based on one one-hundredth of
the value of the FTSE China 50 Index. The Exchange believes that
listing options on the reduced value of the index will attract a
greater source of customer business than if options were based on the
full value of the FTSE China 50 Index. The Exchange further believes
that listing options on a reduced value of the FTSE China 50 Index will
provide an opportunity for investors to hedge, or speculate on, the
market risk associated with the stocks comprising the FTSE China 50
Index. Additionally, by reducing the value of the FTSE China 50 Index,
investors will be able to use this trading vehicle while extending a
smaller outlay of capital. The Exchange believes this should attract
additional investors, and, in turn, create a more active and liquid
trading environment.
Initial and Maintenance Listing Criteria
    The FTSE China 50 Index meets the definition of a broad-based index
as set forth in Rule 24.1(i)(1).\9\ In addition, the Exchange proposes
to create specific initial and maintenance listing criteria for options
on the reduced value of the FTSE China 50 Index. Specifically, the
Exchange proposes to add new Interpretation and Policy .02(a) to Rule
24.2, Designation of the Index, to provide that the Exchange may trade
China 50 options if each of the following conditions is satisfied: (1)
The index is broad-based, as defined in Rule 24.1(i)(1); (2) Options on
the index are designated as A.M.-settled index options; (3) The index
is capitalization-weighted, price-weighted, modified capitalization-
weighted or equal dollar-weighted; (4) The index consists of 45 or more
component securities; (5) Each of the component securities of the index
will have a market capitalization of greater than $100 million; (6) No
single component security accounts for more than fifteen percent (15%)
of the weight of the index, and the five highest weighted component
securities in the index do not, in the aggregate, account for more than
fifty percent (50%) of the weight of the index; (7) Non-U.S. component
securities (stocks or ADRs) that are not subject to comprehensive
surveillance agreements do not, in the aggregate, represent more than
twenty percent (20%) of the weight of the Index; (8) The Exchange may
continue to trade China 50 options after trading in all component
securities has closed for the day and the index level is no longer
widely disseminated at least once every fifteen (15) seconds by one or
more major market data vendors, provided that China 50 futures
contracts are trading and prices for those contracts may be used as a
proxy for the current index value; (9) The Exchange reasonably believes
it has adequate system capacity to support the trading of options on
the index, based on a calculation of the Exchange's current Independent
System Capacity Advisor (ISCA) allocation and the number of new
messages per second expected to be generated by options on such index;
and (10) The Exchange has written surveillance procedures in place with
respect to surveillance of trading of options on the index.
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    \9\ Rule 24.1(i)(1) defines a broad-based index to mean an index
designed to be representative of a stock market as a whole or of a
range of companies in unrelated industries.
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    Additionally, the Exchange proposes to add new Interpretation and
Policy .02(b) to Rule 24.2, Designation of the Index, to set forth the
following maintenance listing standards for China 50 Options: (1) The
conditions set forth in subparagraphs .02(a) (1), (2), (3), (4), (7),
(8), (9) and (10) must continue to be satisfied. The conditions set
forth in subparagraphs .02(a)(5) and (6) must be satisfied only as of
the first day of January and July in each year; and (2) The total
number of component securities in the index may not increase or
decrease by more than ten percent (10%) from the number of component
securities in the index at the time of its initial listing. In the
event a class of index options listed on the Exchange fails to satisfy
the maintenance listing standards set forth herein, the Exchange shall
not open for trading any additional series of options of that class
unless the continued listing of that class of index options has been
approved by the Commission under Section 19(b)(2) of the Exchange Act.
    The Exchange believes that A.M. settlement is appropriate for China
50 options due to the nature of the index that encompasses the Chinese
market. The components of the FTSE China 50 Index open with the start
of trading on the SEHK at approximately 8:30 p.m. (Chicago time) (prior
day) and close with the end of trading on the SEHK at approximately
3:00 a.m. (Chicago time) (next day). The closing FTSE China 50 Index
level is distributed by FTSE between approximately 3:00 a.m. and 4:00
a.m. (Chicago time) each trading day. Thus, between 8:30 a.m. and 3:15
p.m. (Chicago time) the FTSE China 50 Index level is a static value
that market participants can access via data vendors.
    As a result, there will not be a current FTSE China 50 Index level
calculated and disseminated while China 50 options would be traded.\10\
However, the E-Mini FTSE China 50 Index future contracts based on the
FTSE China 50 Index that trades on CME will be trading during this time
period.\11\ The Exchange

believes that the E-Mini FTSE China 50 Index futures prices would be a
proxy for the current FTSE China 50 Index level. Therefore, the
Exchange believes that China 50 options should be permitted to trade
after trading in all component securities has closed for the day and
the index level is no longer widely disseminated at least once every
fifteen (15) seconds by one or more major market data vendors, provided
that E-Mini FTSE China 50 Index future contracts are trading and prices
for those contracts may be used as a proxy for the current index value.
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    \10\ The trading hours for China 50 options are from 8:30 a.m.
(Chicago time) to 3:15 p.m. (Chicago time).
    \11\ The trading hours for E-Mini FTSE China 50 Index Futures
are from 5:00 p.m. (Chicago time) to 4:00 p.m. (Chicago time) the
following day, Sunday through Friday. See E-Mini FTSE China 50 Index
Future Contract specifications located at: http://www.cmegroup.com/education/files/e-mini-ftse-china-50-index-futures.pdf. The Exchange
believes E-Mini FTSE China 50 Index Futures are an appropriate proxy
for China 50 options.
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    Because the FTSE China 50 Index is comprised of 50 of the largest
and most liquid Chinese stocks traded on the SEHK, the Exchange
believes that the initial listing requirements are appropriate to trade
options on this index. In addition, similar to other broad based
indexes, the Exchange proposes various maintenance requirements, which
require continual compliance and periodic compliance.
Options Trading
    Exhibit 3 presents contract specifications for China 50 options.
    The contract multiplier for China 50 options would be $100. China
50 options would be quoted in index points and one point would equal
$100. The minimum tick size for series trading below $3 would be 0.05
($5.00) and at or above $3 will be 0.10 ($10.00).
    Initially, the Exchange would list in-, at- and out-of-the-money
strike prices. Additional series may be opened for trading as the
underlying index level moves up or down.\12\ The minimum strike price
interval for China 50 options series would be 2.5 points if the strike
price is less than 200. When the strike price is 200 or above, strike
price intervals would be no less than 5 points.\13\ New series would be
permitted to be added up to the fifth business day prior to
expiration.\14\
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    \12\ See Rules 24.9(d) and 24.9.04. These rules set forth the
criteria for listing additional series of the same class as the
current value of the underlying index moves. Generally, additional
series must be ``reasonably related'' to the current index value,
which means that strike prices must be within 30% of the current
index value. Series exceeding the 30% range may be listed based on
demonstrated customer interest.
    \13\ See proposed amendments to Rule 24.9.01(a) adding China 50
options as a class eligible for 2.5 point minimum strike intervals
if the strike price is below 200.
    \14\ See Rule 24.9.01(c).
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    The Exchange would be permitted to list up to twelve near-term
expiration months.\15\ The Exchange would also be permitted to list up
to ten expirations in Long-Term Index Option Series (``LEAPS'') on the
reduced value of the FTSE China 50 index and the index would be
eligible for all other expirations permitted for other broad-based
index options, e.g., End of Week/End of Month Expirations, Short Term
Option Series and Quarterly Option Series.\16\
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    \15\ See proposed amendments to Rule 24.9(a)(2). The Exchange is
proposing to allow the listing of up to twelve expiration months at
any one time for China 50 options.
    \16\ See e.g., Rules 24.9(b) (LEAPS), 24.9(e) (End of Week/End
of Month Expirations), 24.9(a)(2)(A) (Short Term Option Series) and
24.9(a)(2)(B) (Quarterly Option Series). See also, proposed Rule
24.9(b)(2)(A)(lxxxvi) (listing LEAPS on the reduced value of the
FTSE China 50 Index).
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    The trading hours for China 50 options would be from 8:30 a.m.
(Chicago time) to 3:15 p.m. (Chicago time).\17\
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    \17\ See Rule 24.6.
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Exercise and Settlement
    The proposed China 50 options would expire on the third Friday of
the expiring month.\18\ Trading in expiring China 50 options would
cease at 3:15 p.m. (Chicago time) one business day prior (usually a
Thursday) to the day on which the exercise-settlement value is
calculated (usually a Friday). When the last trading day/expiration
date is moved because of an Exchange holiday or closure, the last
trading day/expiration date for expiring options would be the
immediately preceding business day.
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    \18\ See proposed Rule 24.9(a)(3) (listing the reduced value
FTSE China 50 Index as a European-style index option approved for
trading on the Exchange).
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    Exercise would result in delivery of cash on the business day
following expiration. China 50 options would be A.M.-settled, in that
the expiring contract would cease trading on the business day (usually
a Thursday) before the expiration date (generally a Friday).\19\ The
exercise settlement value would be one-hundredth (1/100th) of the
official closing value of the FTSE China 50 Index as reported by FTSE
on the last trading day of the expiring contract, which occurs between
approximately 3:00 a.m. and 4:00 a.m. (Chicago time).\20\
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    \19\ See proposed amendment to Rule 24.1.01 to identify FTSE
International Limited as the Reporting Authority for the FTSE China
50 Index. As the designated Reporting Authority for the index, the
disclaimers set forth in Rule 24.14 (Disclaimers) would apply to
FTSE International Limited.
    \20\ See proposed amendment to Rule 24.9(a)(4) to specify that
for China 50 options the current index value at expiration is based
on the closing prices of the underlying securities on the last
trading day. The last day of trading continues to be the business
day preceding the last day of trading in the underlying securities
prior to expiration because the business day preceding the last day
of trading in the underlying securities is (generally) Thursday
Chicago time and the last day of trading in the underlying
securities is (generally) Friday Chicago time.
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    The exercise settlement amount would be equal to the difference
between the exercise-settlement value and the exercise price of the
option, multiplied by the contract multiplier ($100).
    If the exercise settlement value is not available or the normal
settlement procedure cannot be utilized due to a trading disruption or
other unusual circumstance, the settlement value would be determined in
accordance with the rules and bylaws of The Options Clearing
Corporation (``OCC'').\21\
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    \21\ See Rule 24.7.
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Position and Exercise Limits
    The Exchange proposes to apply the default position limits for
broad-based index options to China 50 options. Specifically, the chart
set forth in Rule 24.4(a), Position Limits for Broad-Based Index
Options, provides that the positions limits applicable to ``other
broad-based indexes'' is 25,000 contracts (standard limit/on the same
side of the market) and 15,000 contracts (near-term limit). Pursuant to
Rule 24.5, Exercise Limits, the exercise limits for China 50 options
would be equivalent to the position limits for China 50 options. All
position limit hedge exemptions would apply.
Margin
    The Exchange proposes that China 50 options be margined as ``broad-
based index'' options, and under CBOE rules, especially, Rule
12.3(c)(5)(A), the margin requirement for a short put or call shall be
100% of the current market value of the contract plus 15% of the
``product of the current index group value and the applicable index
multiplier,'' reduced by any out-of-the-money amount. There would be a
minimum margin requirement of 100% of the current market value of the
contract plus: 10% of the aggregate put exercise price amount in the
case of puts, and 10% of the product of the current index group value
and the applicable index multiplier in the case of calls. Additional
margin may be required pursuant to Rules 12.3(h) and 12.10 (Margin
Required is Minimum).
    The Exchange believes that FTSE China 50 Index options are an
eligible product for portfolio margining under CBOE Rule 12.4.
Accordingly, the

Exchange proposes that FTSE China 50 Index options be allowed in
portfolio margin accounts. In the portfolio margining construct, a
Class Group for the FTSE China 50 Index already exists and it is
contained within the China Indexes Product Group. This Product Group is
a non-high capitalization, broad-based index Product Group. In
portfolio margin accounts, the assumed market moves currently utilized
in the China Indexes Product Group (which would not be changing) are -
10%/+10%, with a 100% offset of gains and losses between all products
in the same Class Group. There is a 90% offset of gains and losses
between Class Groups.\22\
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    \22\ A table detailing the currently existing portfolio
margining Product Groups and their component class groups can be
found at http://www.optionsclearing.com/components/docs/risk-management/cpm/cpm_parameters.pdf.
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Exchange Rules Applicable
    Except as modified herein, the rules in Chapters I through XIX,
XXIV, XXIVA, and XXIVB would equally apply to China 50 options. China
50 options would be subject to the same rules that currently govern
other CBOE index options, including sales practice rules,\23\, margin
requirements \24\ and trading rules.\25\
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    \23\ See Chapter IX (Doing Business with the Public).
    \24\ See Chapter XII (Margins).
    \25\ See e.g., Chapters IV (Business Conduct), VI (Doing
Business on the Exchange Floor), Chapter VIII (Market-Makers,
Trading Crowds and Modified Trading Systems) and Chapter XXIV (Index
Options).
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    The Exchange hereby designates China 50 options as eligible for
trading as Flexible Exchange Options as provided for in Chapters XXIVA
(Flexible Exchange Options) and XXIVB (FLEX Hybrid Trading System).\26\
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    \26\ See proposed amendments to Rules 24A.7, Position Limits and
Reporting Requirements, and 24B.7, Position Limits and Reporting
Requirements, providing that the position limits for FLEX Index
options on the FTSE China 50 Index would be equal to the position
limits for Non-FLEX options on the Index. Per existing Rules 24A.8,
Exercise Limits, and 24B.8, Exercise Limits, the exercise limits for
FLEX China 50 options would be equivalent to the position limits for
FLEX China 50 options.
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Surveillance and Capacity
    The Exchange represents that it has an adequate surveillance
program in place for China 50 options and intends to use the same
surveillance procedures currently utilized for each of the Exchange's
other index options to monitor trading in China 50 options.
    The Exchange is a member of the Intermarket Surveillance Group
(``ISG''), which ``is comprised of an international group of exchanges,
market centers, and market regulators.'' \27\ The purpose of the ISG is
to provide a framework for the sharing of information and the
coordination of regulatory efforts among exchanges trading securities
and related products to address potential intermarket manipulations and
trading abuses. The ISG plays a crucial role in information sharing
among markets that trade securities, options on securities, security
futures products, and futures and options on broad-based security
indexes. A list identifying the current ISG members is available at:
https://www.isgportal.org/home.html.
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    \27\ See Intermarket Surveillance Group Web site, available at
https://www.isgportal.org/home.html.
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    The Exchange is also an affiliate member of the International
Organization of Securities Commissions (``IOSCO''), which has members
from over 100 different countries. The Hong Kong Securities and Futures
Commission, the regulator of the market on which the constituent
securities trade, is also a member of IOSCO.\28\ A list identifying the
current ordinary IOSCO members is available at: http://www.iosco.org/about/?subsection=membership&memid=1. Finally, the Exchange has entered
into various comprehensive surveillance agreements (``CSAs'') and/or
Memoranda of Understanding with various stock exchanges, including the
Stock Exchange of Hong Kong. Given the capitalization of the FTSE China
50 Index and the deep and liquid markets for the securities underlying
the Index, the concerns for market manipulation and/or disruption in
the underlying markets are greatly reduced.
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    \28\ There are three categories of IOSCO members: Ordinary,
associate and affiliate. In general, the ordinary members (124) are
the national securities commissions in their respective
jurisdictions. Associate members (17) are usually agencies or
branches of government, other than the principal national securities
regulator in their respective jurisdictions that have some
regulatory competence over securities markets, or intergovernmental
international organizations and other international standard-setting
bodies, such as the IMF and the World Bank, with a mission related
to either the development or the regulation of securities markets.
Affiliate members (64) are self-regulatory organizations, stock
exchanges, financial market infrastructures, investor protection
funds and compensation funds, and other bodies with an appropriate
interest in securities regulation. See IOSCO Fact Sheet located at:
http://www.iosco.org/about/pdf/IOSCO-Fact-Sheet.pdf.
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    The Exchange notes that FTSE China 50 ETFs, such as the iShares
China Large-Cap ETF (FXI), are actively traded products. CBOE also
lists options overlying those ETFs (FXI options) and those options are
actively traded as well.
    CBOE has analyzed its capacity and represents that it believes the
Exchange and the Options Price Reporting Authority (``OPRA'') have the
necessary systems capacity to handle the additional traffic associated
with the listing of new series that would result from the introduction
of China 50 options. Because the proposal is limited to one new class,
the Exchange believes that the additional traffic that would be
generated from the introduction of China 50 options would be
manageable.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\29\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \30\ requirements that the rules of an exchange be
designed to promote just and equitable principles of trade, to prevent
fraudulent and manipulative acts, to remove impediments to and to
perfect the mechanism for a free and open market and a national market
system, and, in general, to protect investors and the public interest.
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    \29\ 15 U.S.C. 78f(b).
    \30\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that the proposed rule change will further
the Exchange's goal of introducing new and innovative products to the
marketplace. Currently, the Exchange believes that there is unmet
market demand for exchange-listed options listed on this popular cash
index. As described above, the iShares China Large-Cap ETF is an
actively traded product, as are the options on that ETF. E-Mini FTSE
China 50 Index Futures are listed for trading on CME. As a result, CBOE
believes that China 50 options are designed to provide different and
additional opportunities for investors to hedge or speculate on the
market risk on the FTSE China 50 Index by listing an option directly on
the FTSE China 50 Index.
    The Exchanges believes that the FTSE China 50 Index is not easily
susceptible to manipulation. The index is a broad-based index and has
high market capitalization. The FTSE China 50 Index is comprised of 50
of the largest and most liquid Chinese stocks traded on the SEHK and no
single component comprises more than 15% of the index, making it not
easily subject to market manipulation.
    Additionally, the iShares China Large-Cap ETF is an actively traded
product, as are options on that ETF. Because the index has 50 of the
largest and most liquid Chinese stocks that trade on the

SEHK and trade a large volume with respect to ETFs and options on those
ETFs, the Exchange believes that the initial listing requirements are
appropriate to trade options on the index. In addition, similar to
other broad-based indexes, the Exchange proposes to adopt various
maintenance criteria, which would require continual compliance and
periodic compliance.
    China 50 options would be subject to the same rules that currently
govern other CBOE index options, including sales practice rules,\31\
margin requirements \32\ and trading rules.\33\ The Exchange would
apply the same default position limits for broad-based index options to
China 50 options. Specifically, the applicable position limits would be
25,000 contracts (standard limit/on the same side of the market) and
15,000 contracts (near-term limit). The exercise limit for China 50
options would be equivalent to the position limit for China 50 options.
These same position and exercise limits would apply to FLEX trading.
All position limit hedge exemptions would apply. The Exchange would
apply existing index option margin requirements for the purchase and
sale of China 50 options.
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    \31\ See Chapter IX (Doing Business with the Public).
    \32\ See Chapter XII (Margins).
    \33\ See e.g., Chapters IV (Business Conduct), VI (Doing
Business on the Exchange Floor), Chapter VIII (Market-Makers,
Trading Crowds and Modified Trading Systems) and Chapter XXIV (Index
Options).
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    The Exchange represents that it has an adequate surveillance
program in place for China 50 options. The Exchange also represents
that it has the necessary systems capacity to support the new option
series.

B. Self-Regulatory Organization's Statement on Burden on Competition

    CBOE does not believe that the proposed rule change will impose any
burden on competition not necessary or appropriate in furtherance of
the purposes of the Act. Specifically, CBOE believes that the
introduction of new cash index options will enhance competition among
market participants and will provide a new type of options to compete
with domestic products such as FXI options, E-Mini FTSE China 50 Index
Future and European-traded derivatives on the FTSE China 50 Index to
the benefit of investors and the marketplace.

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. Date of Effectiveness of the Proposed Rule Change 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 Exchange 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 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-2015-099 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-2015-099. 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-2015-099 and should be
submitted on or before December 1, 2015.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\34\
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    \34\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-28504 Filed 11-9-15; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 77, Number 163 (Wednesday, August 22, 2012)]
[Notices]
[Page 50686]
[FR Doc No: 2012-20654]

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ENVIRONMENTAL PROTECTION AGENCY

[FRL-9717-6]

Notice of Approval of Title V Operating Permit for Peabody
Western Coal Company (Navajo Nation EPA No. NN-OP 08-010)

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice of final action.

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SUMMARY: This notice announces that the Navajo Nation Environmental
Protection Agency (``NNEPA''), acting with authority from the United
States Environmental Protection Agency (``EPA'') delegated pursuant to
40 C.F.R. Part 71, has issued a federal Clean Air Act Title V operating
permit to Peabody Western Coal Company (``Peabody'') governing air
emissions from Peabody's mining operation at the Kayenta Mine, Black
Mesa Complex in Arizona on the reservation of the Navajo Nation.

DATES: NNEPA, acting as EPA's delegate, issued notice of a final permit
decision on May 21, 2012. Certain portions of the permit became
effective on April 14, 2011. All other provisions of the permit became
effective on March 13, 2012 after the Environmental Appeals Board
denied Peabody's petition for review. Pursuant to section 307(b)(1) of
the Clean Air Act, 42 U.S.C. 7607(b)(1), judicial review of this permit
decision, to the extent it is available, may be sought by filing a
petition for review in the United States Court of Appeals for the Ninth
Circuit by October 22, 2012.

ADDRESSES: The documents relevant to the above-referenced permits are
available for public inspection during normal business hours at the
following address: U.S. Environmental Protection Agency, Region 9, 75
Hawthorne Street, San Francisco, CA 94105. To arrange for viewing of
these documents call Roger Kohn at<PHONE_NUMBER>.

FOR FURTHER INFORMATION CONTACT: Roger Kohn, Air Division Permits
Office, U.S. Environmental Protection Agency, Region 9, 75 Hawthorne
Street, San Francisco, CA 94105.
    Charlene Nelson, Navajo Nation Air Quality Control Program,
Operating Permits Section, P.O. Box 529, Fort Defiance, AZ 86504.

Anyone who wishes to review the EPA Environmental Appeals Board
decision described below can obtain it at http://www.epa.gov/eab/.

    Notice of Final Action and Supplementary Information: NNEPA issued
notice of a final revised permit decision to Peabody for its surface
coal mining operations on the Navajo reservation, Title V Operating
Permit No. NN-OP 08-010 (``Peabody permit''), on May 21, 2012. The
Peabody revised permit was initially issued by NNEPA on April 14, 2011.
EPA's Environmental Appeals Board (``EAB'') received a petition for
review by Peabody of this revised permit on May 16, 2011. On March 13,
2012, the EAB issued an order denying review of the petition. See In re
Peabody Western Coal Company, CAA Appeal No. 11-01 (EAB March 13, 2012)
(Order Denying Petition for Review). The petition challenged, among
other things, NNEPA's use of tribal law in issuing the permit and
inclusion in the permit for conditions III(B), IV(C), IV(D), IV(E),
IV(G), IV(H), IV(I), IV(K), IV(L), and IV(Q) tribal law citations in
parallel with the federally enforceable 40 C.F.R. Part 71 requirements.
After the EAB's denial of review, Peabody filed a motion with the EAB
for reconsideration, which was denied on April 17, 2012. Pursuant to 40
C.F.R. 71.11(l)(5) and 124.19(f)(1), final agency action by EPA has
occurred because agency review procedures before the EAB have been
exhausted and NNEPA has issued a final permit decision.

    Dated: August 8, 2012.
Deborah Jordan,
Director, Air Division, Region IX.
[FR Doc. 2012-20654 Filed 8-21-12; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register: February 7, 2007 (Volume 72, Number 25)]
[Notices]
[Page 5683]
[DOCID:fr07fe07-47]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. RP96-200-166]

CenterPoint Energy Gas Transmission Company; Notice of Filing

February 1, 2007.
    Take notice that on January 29, 2007, CenterPoint Energy Gas
Transmission Company (CEGT) tendered for filing as part of its FERC Gas
Tariff, Sixth Revised Volume No. 1, Sheet Nos. 864 through 879, to be
effective January 29, 2007.
    CEGT states that the purpose of this filing is to reflect the
expiration of negotiated rates with respect to certain transactions.
    Any person desiring to protest this filing must file in accordance
with Rule 211 of the Commission's Rules of Practice and Procedure (18
CFR 385.211). Protests to this filing 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. Such protests
must be filed in accordance with the provisions of Section 154.210 of
the Commission's regulations (18 CFR 154.210). Anyone filing a protest
must serve a copy of that document on all the parties to the
proceeding.
    The Commission encourages electronic submission of protests in lieu
of paper using the ``eFiling'' link at http://www.ferc.gov. Persons

unable to file electronically should submit an original and 14 copies
of the protest to the Federal Energy Regulatory Commission, 888 First
Street, NE., Washington, DC 20426.
    This filing is accessible on-line at http://www.ferc.gov, using the

``eLibrary'' link and is 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 e-mail
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please e-mail
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For

TTY, call<PHONE_NUMBER>.

Magalie R. Salas,
Secretary.
 [FR Doc. E7-2026 Filed 2-6-07; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 85, Number 123 (Thursday, June 25, 2020)]
[Notices]
[Pages 38248-38249]
[FR Doc No: 2020-13709]

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DEPARTMENT OF TRANSPORTATION

Federal Motor Carrier Safety Administration

[Docket No. FMCSA-2006-26367]

Meetings: Motor Carrier Safety Advisory Committee (MCSAC); Public
Meeting

AGENCY: Federal Motor Carrier Safety Administration (FMCSA), DOT.

ACTION: Notice of advisory committee meeting.

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SUMMARY: FMCSA announces a meeting of the MCSAC, which will take place
via videoconference.

DATES: The meeting will be held Monday, July 13, and Tuesday, July 14,
2020, from 9:15 a.m. to 4:30 p.m., Eastern Time. Requests for
accommodations because of a disability must be received by Thursday,
July 2, 2020. Requests to submit written materials to be reviewed
during the meeting must be received no later than July 2, 2020.

ADDRESSES: The meeting will be held via videoconference. Those members
of the public who would like to participate should go to https://www.fmcsa.dot.gov/advisory-committees/mcsac/meetings to access the
meeting, task statements, a detailed agenda for the entire meeting,
meeting minutes and additional information on the committee and its
activities.

FOR FURTHER INFORMATION CONTACT: Ms. Shannon L. Watson, Senior Advisor
to the Associate Administrator for Policy, Federal Motor Carrier Safety
Administration, U.S. Department of Transportation, 1200 New Jersey
Avenue SE, Washington, DC 20590,<PHONE_NUMBER><EMAIL_ADDRESS>Any
committee-related request or submission should be sent via email to the
person listed in this section.
    Information may also be submitted by docket through Docket Number
FMCSA-2006-26367 using any of the following methods:
     Federal eRulemaking Portal: Go to http://www.regulations.gov. Follow the online instructions for submitting
comments.
     Fax:<PHONE_NUMBER>.
     Mail: Docket Operations; U.S. Department of
Transportation, 1200 New Jersey Avenue SE, Room W12-140, Washington, DC
20590.
     Hand Delivery: Docket Operations, U.S. Department of
Transportation, 1200 New Jersey Avenue SE, West Building, Room W12-140,
Washington, DC, between 9 a.m. and 5 p.m., E.T. Monday through Friday,
except Federal holidays. To be sure someone is there to help you,
please call<PHONE_NUMBER> or<PHONE_NUMBER> before visiting Docket
Operations.

SUPPLEMENTARY INFORMATION:

I. Background

Purpose of the Committee

    MCSAC was established to provide FMCSA with advice and
recommendations on motor carrier safety programs and motor carrier
safety regulations. MCSAC is composed of up to 25 voting
representatives from safety advocacy, safety enforcement, labor, and
industry stakeholders of motor carrier safety. The diversity of the
Committee ensures the requisite range of views and expertise necessary
to discharge its responsibilities. The committee operates as a
discretionary committee under the authority of the U.S. Department of
Transportation (DOT), established in accordance with the provisions of
the Federal Advisory Committee Act (FACA), as amended 5 U.S.C. App. 2.

Meeting Agenda

    The MCSAC will take up the following issues:
     Task 20-1 will provide the MCSAC with the opportunity to
discuss changes to the package and small goods delivery sector. A
number of companies are now using small vehicles (e.g., vehicles with a
gross vehicle weight rating less than 10,000 pounds, etc.) to deliver
goods and there appears to be a gap in safety oversight of both drivers
and vehicles. For this task, members will hear from Agency experts on
trends in the Fatality Analysis Reporting System (FARS) and Motor
Carrier Management Information System (MCMIS) crash and highway safety
data.
     Task 20-2 will focus on the impact of the aging
demographic of the commercial motor vehicle driver workforce on the
truck and bus industries and whether this trend will exacerbate the
driver shortage problem. Stakeholders have expressed concerns about the
need to address the driver shortage, including options for allowing
younger drivers to enter the industry. How would an aging workforce
impact motor carriers' ability to deliver services and goods safely in
interstate commerce? For this task, FMCSA will consider data by agency
experts on the distribution of age among CMV drivers.
     Additionally, FMCSA will brief the MCSAC members on the
impact of the legalization of hemp on the safety oversight of CMV
drivers. While FMCSA's safety regulations prohibit drivers' use or
transportation of illegal drugs, what actions should be considered to
ensure motor carriers, drivers and enforcement officials have
appropriate guidance concerning hemp and what happens if drivers test
positive for tetrahydrocannabinol.

II. Meeting Participation

    While not required, advance registration is encouraged. To indicate
that you will attend, please email the person listed in the FOR FURTHER
INFORMATION CONTACT section by the deadline referenced in the DATES
section. The meeting will be open to the public for its entirety. The
U.S. Department of Transportation is committed to providing equal
access to this meeting for all participants. If you need alternative
formats or services because of a disability, such as sign language,
interpretation, or other ancillary aids, please contact the person
listed in the FOR FURTHER INFORMATION CONTACT section.
    Oral comments from the public will be heard throughout the meeting,
at the discretion of the MCSAC chairman and designated federal officer.
Additionally, to ensure that all participants have had the opportunity
to have their comments heard, the agenda will include a public comment
period at the end of each day's session. Members of the public may
submit written comments to the person listed in the FOR FURTHER
INFORMATION CONTACT section on the topics to be considered during the
meeting by the deadline referenced in DATES section. Any member of the
public may submit a written statement after the meeting deadline, and
it will be presented to the committee.

Larry W. Minor,
Associate Administrator for Policy.
[FR Doc. 2020-13709 Filed 6-24-20; 8:45 am]
BILLING CODE 4910-EX-P


[Federal Register Volume 77, Number 40 (Wednesday, February 29, 2012)]
[Proposed Rules]
[Page 12226]
[FR Doc No: 2012-4810]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

21 CFR Part 579

[Docket No. FDA-2012-F-0178]

Sadex Corp.; Filing of Food Additive Petition (Animal Use);
Electron Beam and X-Ray Sources for Irradiation of Poultry Feed and
Poultry Feed Ingredients

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice of petition.

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SUMMARY: The Food and Drug Administration (FDA) is announcing that
Sadex Corp. has filed a petition proposing that the food additive
regulations be amended to provide for the safe use of electron beam and
x-ray sources for irradiation of poultry feed and poultry feed
ingredients.

DATES: Submit either electronic or written comments on the petitioner's
environmental assessment by March 30, 2012.

ADDRESSES: Submit electronic comments to: http://www.regulations.gov.
Submit written comments to the Division of Dockets Management (HFA-
305), Food and Drug Administration, 5630 Fishers Lane, rm. 1061,
Rockville, MD 20852.

FOR FURTHER INFORMATION CONTACT: Isabel W. Pocurull, Center for
Veterinary Medicine (HFV-226), Food and Drug Administration, 7519
Standish Pl., Rockville, MD 20855,<PHONE_NUMBER>, email:
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Under the Federal Food, Drug, and Cosmetic
Act (section 409(b)(5) (21 U.S.C. 348(b)(5)), notice is given that a
food additive petition (FAP 2272) has been filed by Sadex Corp., 2650
Murray St., Sioux City, IA 51111. The petition proposes to amend Title
21 of the Code of Federal Regulations (CFR) in part 579 Irradiation in
the Production, Processing, and Handling of Animal Feed and Pet Food
(21 CFR part 579) to provide for the safe use of electron beam and x-
ray sources for irradiation of poultry feed and poultry feed
ingredients.
    The potential environmental impact of this action is being
reviewed. To encourage public participation consistent with regulations
issued under the National Environmental Policy Act (40 CFR 1501.4(b)),
the Agency is placing the environmental assessment submitted with the
petition that is the subject of this notice on public display at the
Division of Dockets Management (see DATES and ADDRESSES) for public
review and comment.
    Interested persons may submit to the Division of Dockets Management
(see ADDRESSES) either electronic or written comments regarding this
document. It is only necessary to send one set of comments. Identify
comments with the docket number found in brackets in the heading of
this document. Received comments may be seen in the Division of Dockets
Management between 9 a.m. and 4 p.m., Monday through Friday. FDA will
also place on public display any amendments to, or comments on, the
petitioner's environmental assessment without further announcement in
the Federal Register. If, based on its review, the Agency finds that an
environmental impact statement is not required and this petition
results in a regulation, the notice of availability of the Agency's
finding of no significant impact and the evidence supporting that
finding will be published with the regulation in the Federal Register
in accordance with 21 CFR 25.51(b).

    Dated: February 24, 2012.
Bernadette Dunham,
Director, Center for Veterinary Medicine.
[FR Doc. 2012-4810 Filed 2-28-12; 8:45 am]
BILLING CODE 4160-01-P