[Federal Register Volume 75, Number 129 (Wednesday, July 7, 2010)]
[Notices]
[Pages 39078-39081]
[FR Doc No: 2010-16403]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-62409; File No. SR-CBOE-2010-065]

Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing of a Proposed Rule Change Related to
Individual Stock Trading Pauses Due to Extraordinary Market Volatility

June 30, 2010.
    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 June 30, 2010, the 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 Rule 6.3C, Individual Stock
Trading Pauses Due to Extraordinary Market Volatility, to add
additional stocks to the pilot rule applicable to certain stocks traded
on the CBOE Stock Exchange (``CBSX''), the CBOE's stock trading
facility. The text of the proposed rule change is available on the
Exchange's Web site (http://www.cboe.org/Legal), at the Office of the
Secretary, CBOE and at the Commission.

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 self-regulatory organization
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 those 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 parts 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 amend Rule 6.3C to add stocks included in
the Russell 1000[supreg] Index (``Russell 1000'') and specified
Exchange Traded Products (``ETP'') to the pilot rule. For purposes of
this filing, ETPs include Exchange Traded Funds (``ETF''),\3\ Exchange
Traded Vehicles (``ETV''),\4\ and Exchange Traded Notes (``ETN'').\5\
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    \3\ An ETF is an open-ended registered investment company under
the Investment Company Act of 1940 that has received certain
exemptive relief from the SEC to allow secondary market trading in
the ETF shares. ETFs are generally index-based products, in that
each ETF holds a portfolio of securities that is intended to provide
investment results that, before fees and expenses, generally
correspond to the price and yield performance of the underlying
benchmark index.
    \4\ An ETV tracks the underlying performance of an asset or
index, allowing investors exposure to underlying assets such as
futures contracts, commodities, and currency without actually
trading futures or taking physical delivery of the underlying asset.
An ETV is traded intraday like an ETF. An ETV is an open-ended trust
or partnership unit that is registered under the Securities Act of
1933.
    \5\ An ETN is a senior unsecured debt obligation designed to
track the total return of an underlying index, benchmark or
strategy, minus investor fees. ETNs are registered under the
Securities Act of 1933 and are redeemable to the issuer.
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    Rule 6.3C was approved by the Commission on June 10, 2010 on a
pilot basis to end on December 10, 2010.\6\ The rule was developed in
consultation with U.S. listing markets to provide for uniform market-
wide trading pause standards for certain individual stocks that
experience rapid price movement. During the pilot period, the markets
will continue to assess whether additional stocks need to be added and
whether the parameters of the rule will need to be modified to
accommodate trading characteristics of different stocks.
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    \6\ See Securities Exchange Act Release No. 62252 (June 10,
2010), (SR-CBOE-2010-047).
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    Currently, the pilot list of stocks is all stocks included in the
S&P 500[supreg] Index (``S&P 500''). As noted in comment letters to the
original filing to adopt Rule 6.3C, concerns were raised that including
only stocks in the S&P 500 in the pilot rule was too narrow. In
particular, commenters noted that stocks that experienced volatility on
May 6, 2010, including ETFs, should be included in the pilot.
    In consultation with other markets, the Exchange proposes to add
the stocks included in the Russell 1000 and specified ETPs to the pilot
beginning in July 2010, subject to Commission approval. The Exchange
believes that adding these stocks would begin to address concerns that
the scope of the pilot may be too narrow, while at the same time
recognizing that during the pilot period, the markets will continue to
review whether and when to add additional stocks to the pilot and
whether the parameters of the rule should be adjusted for different
stocks.
    In particular, the Exchange proposes to add stocks included in the
Russell 1000 because the Exchange believes that, based on consultation
with other markets, the stocks included in that index have similar
trading characteristics to stocks included in the S&P 500 (many of
which are the same stocks) and therefore the existing 10% price
movement applicable before invoking a trading pause would be
appropriate for the Russell 1000 stocks. Because the Exchange does not
propose to modify the 10% price movement at this time, the Exchange
believes that expanding to the Russell 1000 is an appropriate next
step. Based on consultation with other markets, we understand that the
number of times that the Trading Pause would be triggered for Russell
1000 stocks would be similar to the instances for the S&P 500 stocks.
    In addition, the Exchange, in consultation with the other markets,
proposes to add to the pilot a selected list of ETPs. The proposed
pilot list of ETPs was developed first by identifying all ETPs across
multiple asset classes and issuers, including domestic equity,
international equity, fixed income, currency, and commodities and
futures. Next leveraged ETPs were excluded from the list and the list
was sorted by notional consolidated average daily volume (``CADV'')
using year-to-date CADV ending May 5, 2010, multiplied by the closing
price on May 5, 2010. Then those symbols, including inverse ETPs, were
selected that trade over $2,000,000 CADV year to date through May 5,
2010. To ensure that ETPs that track similar benchmarks but that do not
meet this volume criterion do not become subject to pricing volatility
when a component stock is the subject of a trading pause, certain non-
leveraged ETPs are proposed to be included that have traded below this
volume criterion, but that track the same benchmark as an ETP that does
meet the volume criterion.
    Based on consultation with the other markets, the Exchange believes
that the proposed list of ETPs is appropriate because it identifies
those ETPs that have component stocks that largely track the stocks
included in the S&P 500 and Russell 1000. Accordingly, if an S&P 500 or
Russell 1000 stock experiences a trading pause, any resulting price
volatility in a related ETP, regardless of the CADV of the ETP, would
also be subject to a trading pause trigger. As with the proposal to add
the Russell 1000 stocks, the proposed ETPs have been selected because
the Exchange, in consultation with the other markets, believes that the
existing 10% price movement would be an appropriate price movement
before invoking a trading pause for ETPs with these characteristics.
The Exchange does not believe that the 10% price movement is an
appropriate threshold for leveraged ETPs because by definition,
leveraged ETPs are based on multiples of price movements in the
underlying index. Accordingly, a 10% percent price movement in a
leveraged ETP may not signify extraordinary volatility. Because a
revised price

movement thresholds is not being proposed at this time, leveraged ETPs
are therefore not proposed to be included for now.
    As proposed, the list includes broad-based ETPs, which the Exchange
recognizes has raised some debate. In particular, concerns have been
raised about whether halting an index-based ETP may impact an index-
based option or future. However, based on consultation with the other
markets, the Exchange believes that including broad-based ETPs is
appropriate so that ETP investors are protected should the component
stocks experience such volatility that trading in the broad-based ETP
is impacted, as it was on May 6, 2010. Because this is a pilot rule,
the markets can continue to assess whether it is appropriate to have a
trading pause in broad-based ETPs when there is not a similar trading
pause in related index-based options or futures.
    As noted above, during the pilot, the markets will continue to re-
assess the list to determine whether specific ETPs should be added or
removed from the pilot list. The markets will also assess whether the
parameters for invoking a trading pause continue to be the appropriate
standard and whether the parameters should be modified.
    To effect this change, the Exchange proposes to amend
Interpretation and Policy .03 to Rule 6.3C to provide that the pilot
applies to all stocks in the S&P 500, stocks in the Russell 1000, as
well as specified ETPs. The pilot list of ETPs is identified in Exhibit
3.
2. Statutory Basis
    The statutory basis for the proposed rule change is Section 6(b)(5)
of the Act,\7\ which requires the rules of an exchange to promote just
and equitable principles of trade, to remove impediments to and perfect
the mechanism of a free and open market and a national market system
and, in general, to protect investors and the public interest. The
proposed rule change also is designed to support the principles of
Section 11A(a)(1) \8\ of the Act in that it seeks to assure fair
competition among brokers and dealers and among exchange markets. The
Exchange believes that the proposed rule meets these requirements in
that it promotes uniformity across markets concerning decisions to
pause trading in a stock when there are significant price movements.
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    \7\ 15 U.S.C. 78f(b)(5).
    \8\ 15 U.S.C. 78k-1(a)(1).
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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.

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 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
    (A) By order approve such proposed rule change, or
    (B) Institute proceedings to determine whether the proposed rule
change should be disapproved.\9\
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    \9\ The Commission notes that the Exchange has requested
accelerated approval of the filing.
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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.
    The Commission notes that ETF trades constituted a substantial
majority of the trades that were cancelled on May 6, and the proposed
amendments would bring certain ETFs within the scope of the trading
pause pilot for the first time. The Commission solicits comment
regarding the inclusion of ETFs within the trading pause pilot. The
Commission requests comment in particular on the implications of
including in the trading pause pilot ETFs on broad-based indices that
also underlie options and futures products. What are the potential
benefits and risks of including those ETFs in the pilot under
circumstances where other products based on the same index may not be
subject to any trading pause, or may be subject to a different type of
trading pause? Are existing mechanisms available in the markets for
those other products sufficient to address any cross-market linkage
concerns? What are the potential effects on price discovery and trading
behavior in the different markets?
    Similarly, the Commission solicits comments on the potential
benefits and risks of excluding such ETFs from the pilot, particularly
under circumstances where the securities underlying the ETF are
included in the pilot. If there are trading pauses for the component
securities of an index but not for an ETF based on that index, what
consequences might that have for the ETF or for other products based on
that index? If there are trading pauses in an ETF but not in the stocks
that underlie that ETF, what consequences might that have for the
underlying stocks or other products? What are the potential effects on
price discovery for the ETF, the underlying stocks and other products?
    Are there other market-based characteristics or metrics that should
be considered for purposes of determining which ETFs should be included
in the trading pause pilot, or for re-calibrating particular features
of the trading pause?
    In addition, the Commission solicits comments regarding the
operation of the trading pause pilot to date with respect to stocks in
the S&P 500.
    Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to<EMAIL_ADDRESS>Please include
File Number SR-CBOE-2010-065 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-CBOE-2010-065. 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 on official business days between the hours of 10 a.m.
and 3 p.m. Copies of such filing also will be available for inspection
and copying at the principal offices 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-2010-065, and should be
submitted on or before July 19, 2010.\10\
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    \10\ The Commission believes that a 10-day comment period is
reasonable, given the urgency of the matter. It will provide
adequate time for comment.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-16403 Filed 7-6-10; 8:45 am]
BILLING CODE 8010-01-P


[Federal Register Volume 78, Number 59 (Wednesday, March 27, 2013)]
[Notices]
[Pages 18646-18649]
[FR Doc No: 2013-07008]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-69201; File No. SR-ICC-2013-03]

Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of
Filing of Proposed Rule Change To Amend Rules Relating to Recovery and
Resolution Arrangements

March 21, 2013.
    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 March 7, 2013, ICE Clear Credit LLC (``ICC'') filed with the
Securities and Exchange Commission (``Commission'') the proposed rule
change as described in Items I, II, and III below, which Items have
been prepared primarily by ICC. 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

    ICC is proposing amendments to its clearing rules (``Rules'')
relating to clearinghouse resolution and recovery following the
exhaustion of available resources after a clearing participant
(``Participant'') defaults or series of Participants default. The
amendments would, among other matters: (i) Establish a ``cooling-off
period'' in cases of certain Participant defaults that result in
guaranty fund depletion, in which case the liability of Participants
and ICC for additional guaranty fund assessments would be capped for
all defaults during that period; (ii) establish new procedures under
which a Participant may terminate its status as a Participant, both in
the ordinary course of business and during a cooling-off period, and
related procedures for unwinding all positions of such a Participant
and capping its continuing liability to ICC; (iii) provide for
``haircutting'' of mark-to-market margin gains and other outgoing
payments by ICC in situations where ICC determines, following a
Participant default, that it is unlikely to have sufficient resources
to make all such payments; (iv) permit ICC to temporarily suspend
payments on cleared contracts where ICC determines that mark-to-market
margin haircutting of gains will not be sufficient to address a
shortfall in resources, or where there has been a failed auction of
positions of a defaulting Participant; (v) revise procedures for the
termination of clearing and wind-up of outstanding contracts; and (vi)
eliminate rules permitting the forced allocation of CDS positions to
non-defaulting Participants in the case of a failed default auction,
and (vii) provide for the use of guaranty fund contributions of
Participants that fail to participate in default auctions prior to the
use of guaranty fund contributions of other Participants.

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

    In its filing with the Commission, ICC 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. ICC has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of these
statements.\3\
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    \3\ The Commission has modified the text of the summaries
prepared by ICC.
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(A) Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

(1) Purpose
    The proposed amendments are intended principally to address
clearinghouse recovery and resolution arrangements. The proposed Rule
amendments are described in detail as follows.
    In Rule 102, new definitions of ``Account,'' ``Client Origin
Account'' and ``House Account'' were added, and certain definitions no
longer used in the Rules were removed. Rules 207 (``Termination of
Participant Status'') and 209 (``Risk-Based Capital Requirement'') have
been revised to conform to the new termination provisions in Rule 807.
Further conforming changes and corrections are made in, and certain
obsolete references have been removed from, Rules 312(b), 402, 406(g)
and 503(a). A new subsection (b) has been added to Rule 604, which
permits ICC to delay making outgoing mark-to-market margin payments on
an intra-day basis in certain circumstances where a Participant has
failed to make a mark-to-market margin payment to ICC on such day.
    In addition to various conforming changes, Chapter 8 of the Rules
has been revised to incorporate the new resolution and recovery
provisions. Obsolete references to procedures for initial contributions
by ICC to the guaranty fund have been removed from Rule 801 as they are
no longer relevant. Rule 801(b)(vi) has been revised to cap ICC's
obligation to contribute additional assets to the guaranty fund at $25
million in respect of any single Participant default and $75 million in
respect of all defaults during any cooling-off period. Rule 801(c)(iii)
and Rule 802(b) add an additional tranche to the guaranty fund
waterfall to provide for use of guaranty fund contributions of
Participants that fail to participate in or perform their obligations
in connection with default auctions prior to the use of guaranty fund
contributions of other Participants. Additional collateral deposits of
Participants that fail to participate in or perform their obligations
in connection with default auctions are similarly applied before
additional collateral deposits of other Participants. Conforming
changes have been made to Rules 802(a) and (c).
    Rule 802(d) has been revised to provide that additional collateral
deposits may be called from Participants in anticipation of any charge
against the general guaranty fund following a default, rather than only
after a charge. In addition, under the revised Rule, a Participant is
not required to post an additional collateral deposit of more than 100%
of its required guaranty fund contribution for any single default.
However, a Participant is still liable for additional collateral
deposits in respect of any specific wrong-way risk guaranty fund
contribution. In addition, a retiring Participant is only obligated to
make additional collateral deposits for defaults occurring prior to its
termination date or, if applicable, during the cooling-off period. Rule
802(f) is being modified to provide that ICC may pledge assets in the
guaranty fund to support borrowings to be used for default management
purposes.
    Rule 803 addressing the return of the guaranty fund has been
revised to conform to the new termination of Participant status
provisions in Rule 807. Rule 804 has been revised to conform to the new
termination and final settlement provisions in Rule 810. The revised
rule also clarifies that the single net amount owed by or owed to each
Participant following termination shall take into account and be offset
against available mark-to-market margin posted by ICC or the
Participant.
    New Rule 806 implements the ``cooling-off period'' concept. A
``cooling-off period'' is triggered by certain calls for additional
collateral deposits or by sequential guaranty fund depletion within a
30-day period. Liability of Participants for additional collateral
deposits is capped during the cooling-off period at three times the
required guaranty fund contribution, regardless of the number of
defaults during the period.
    New procedures for termination of Participant status are added in
new Rule 807. These apply both to ordinary course terminations outside
of a default scenario and termination during a cooling-off period.
Participants may retire from ICC during a cooling-off period by
providing an irrevocable notice of termination during the first 10
business days of the period and must close out all positions within 30
days of such termination notice. A retiring Participant (other than
during a cooling-off period) must make a deposit of three times its
required guaranty fund contribution at the time of notice and will
remain liable for defaults occurring prior to its termination date.
Together with Rule 803, Rule 807(b)(viii) provides for the return of
guaranty fund contributions to a retiring Participant within 5 business
days of the termination date, or at the end of the month in which the
termination date occurs, whichever is later.

    Rule 808(a) contains various new definitions used in the
haircutting provisions in Rule 808, the suspension provisions of Rule
809 and the termination provisions of Rule 810. New Rule 808
establishes the mark-to-market margin haircutting mechanism. The core
of Rule 808 is a procedure for ``haircutting'' the mark-to-market
margin and certain other contractual payments owed by ICC to
Participants. A determination to impose such haircutting may be made,
once certain conditions are satisfied, including the following:
    (i) One or more Participant defaults have occurred but ICC has not
yet determined and either paid or submitted a claim in respect of all
the net amount due to or from the defaulter in respect of its
proprietary account and its customer origin account; and (ii) ICC
determines, based on one of several relevant tests, that its available
resources are insufficient to pay all relevant outward mark-to-market
margin and contractual payments and/or its available resources would be
insufficient to cover the losses or shortfalls to ICC following a
close-out of the defaulter's positions.
    A haircutting determination will not be made if a determination to
suspend clearing has been made under Rule 809, clearing is being
terminated under Rule 810, or an ICC insolvency or failure to pay has
occurred. In the event of a haircutting determination, on each day
during the ``loss distribution period'' specified by ICC, the net
amount owed on such day to each Participant that is deemed to be a
``cash gainer'' in respect of its house or customer origin account
(i.e., a member that would otherwise be entitled to receive mark-to-
market margin or other payments in respect of such account) will be
subject to a percentage haircut. Corresponding adjustments are also
made for ``cash losers'' (i.e., those who owe any amounts to ICC) to
the extent amounts previously owed to them have been haircut. Haircuts
are applied separately for the house and customer origin accounts, and
on a net basis within those accounts.
    New Rule 809 authorizes ICC to make a ``suspension determination''
for contracts where (i) its obligations to meet mark-to-market margin
payments or the cost of auctioning off the positions of a defaulting
Participant will not be satisfied through the haircutting procedure in
Rule 808, (ii) following the determination of all net amounts owed in
respect of a particular default, ICC may be rendered insolvent if it
does not suspend clearing, or (iii) there has been a failed auction. In
such case, during the suspension period, which is initially up to 2
business days, payments in respect of suspended contracts will be
suspended.
    New Rule 810 permits ICC to terminate contracts if, at the end of a
suspension period under Rule 809, the conditions for suspension are
still satisfied, or if conditions for suspension are satisfied but ICC
does not commence a suspension. Rule 810 provides a procedure for
determining the termination price for all contracts of the same type.
To the extent the termination value payable by ICC for the terminated
contracts exceeds available resources for those contracts, ICC's
obligations will be limited to the available resources.
    Rule 20-605(c)(vii), which permitted the forced allocation of CDS
contracts to Participants in the event of a failed auction or other
inability to close-out or transfer relevant positions, has been removed
following extensive discussions with Participants. ICC believes that
the risks of this scenario are now addressed through the haircutting,
suspension, and termination procedures discussed above, as well as the
revisions to Rule 802(b) that permit the use of guaranty fund
contributions of Participants that fail to participate in a default
auction prior to the contributions of other Participants.
(2) Statutory Basis
    Section 17A(b)(3)(F) of the Act \4\ requires, among other things,
that the rules of a clearing agency be designed to promote the prompt
and accurate clearance and settlement of securities transactions and,
to the extent applicable, derivative agreements, contracts, and
transactions. ICC believes that the proposed rule changes are
consistent with the Act and the regulations thereunder applicable to
ICC, in particular, to Section 17(A)(b)(3)(F),\5\ because ICC believes
that the new resolution and recovery rules will facilitate the prompt
and accurate settlement of swaps and contribute to the safeguarding of
securities and funds associated with swap transactions which are in the
custody or control of ICC or for which it is responsible. ICC has
developed the new resolution and recovery rules in response to issues
raised by, and following extensive consultation with, its Participants.
Specifically, ICC believes that the proposed rule changes will enhance
the stability of ICC following the default of one or more Participants
and reduce the risk of ICC failure or insolvency. The revisions will in
particular facilitate the orderly wind-down or termination of contracts
affected by a default. The amendments also provide clearer limitations
on the liability of Participants for assessments following defaults,
and a clearer procedure for termination of Participant status.
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    \4\ 15 U.S.C. 78q-1(b)(3)(F).
    \5\ Id.
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(B) Self-Regulatory Organization's Statement on Burden on Competition

    ICC does not believe the proposed rule change would 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

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

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

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
    (A) by order approve or disapprove the 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-ICC-2013-03 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-ICC-2013-03. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed 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 Section, 100 F Street NE,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such filings will also be available
for inspection and copying at the principal office of ICC and on ICC's
Web site at https://www.theice.com/publicdocs/regulatory_filings/ICEClearCredit_20130306.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 Number SR-ICC-2013-03
and should be submitted on or before April 17, 2013.

    For the Commission by the Division of Trading and Markets,
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(12).
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Kevin O'Neill,
Deputy Secretary.
[FR Doc. 2013-07008 Filed 3-26-13; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 82, Number 109 (Thursday, June 8, 2017)]
[Notices]
[Pages 26731-26732]
[FR Doc No: 2017-11353]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Agency Information Collection Activities: Requests for Comments;
Clearance of Renewed Approval of Information Collection: Service
Difficulty Reporting System

AGENCY: Federal Aviation Administration, DOT.

ACTION: Notice and request for comments.

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SUMMARY: In accordance with the Paperwork Reduction Act of 1995, FAA
invites public comments about our intention to request the Office of
Management and Budget (OMB) approval to reinstate a previously approved
information collection. The collection involves requirements for
operators and repair stations to report any malfunctions and defects or
service difficulties to the Administrator. The information collected
allows the FAA to evaluate its certification standards, maintenance
programs, and regulatory requirements. It is also the basis for
issuance of Airworthiness Directives designed to prevent unsafe
conditions and accidents.

DATES: Written comments should be submitted by July 10, 2017.

ADDRESSES: Interested persons are invited to submit written comments on
the proposed information collection to the Office of Information and
Regulatory Affairs, Office of Management and Budget. Comments should be
addressed to the attention of the Desk Officer, Department of
Transportation/FAA, and sent via electronic mail to
<EMAIL_ADDRESS>or faxed to<PHONE_NUMBER>, or mailed to
the Office of Information and Regulatory Affairs, Office of Management
and Budget, Docket Library, Room 10102, 725 17th Street NW.,
Washington, DC 20503.
    Public Comments Invited: You are asked to comment on any aspect of
this information collection, including (a) Whether the proposed
collection of information is necessary for FAA's performance; (b) the
accuracy of the estimated burden; (c) ways for FAA to enhance the
quality, utility and clarity of the information collection; and (d)
ways that the burden could be minimized without reducing the quality of
the collected information. The agency will summarize and/or include
your comments in the request for OMB's clearance of this information
collection.

FOR FURTHER INFORMATION CONTACT: Ronda Thompson by email at:
<EMAIL_ADDRESS>or by telephone at<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:
    OMB Control Number: 2120-0663.
    Title: Service Difficulty Reporting System.
    Form Numbers: FAA Forms 8010-4 & 8070-1.
    Type of Review: Re-instatement of an information collection.
    Background: The Federal Register Notice with a 60-day comment
period soliciting comments on the following

collection of information was published on March 14, 2017 (82 FR
13706). This collection affects certificate holders operating under 14
CFR part 121, 125, 135, and 145 who are required to report service
difficulties and malfunction or defect reports. The data collected
identifies mechanical failures, malfunctions, and defects that may be a
hazard to the operation of an aircraft. The FAA uses this data to
identify trends that may facilitate the early detection of
airworthiness problems. When defects are reported which are likely to
exist on other products of the same or similar design, the FAA may
disseminate safety information to a particular section of the aviation
community.
    Respondents: Approximately 60,000 respondents.
    Frequency: Information is collected on occasion.
    Estimated Average Burden per Response: 15 minutes.
    Estimated Total Annual Burden: 15,000 hours.

    Issued in Washington, DC, on May 24, 2017.
Ronda L. Thompson,
FAA Information Collection Clearance Officer, Performance, Policy &
Records Management Branch, ASP-110.
[FR Doc. 2017-11353 Filed 6-7-17; 8:45 am]
 BILLING CODE 4910-13-P


[Federal Register: January 27, 2009 (Volume 74, Number 16)]
[Notices]
[Page 4800-4802]
[DOCID:fr27ja09-75]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59264; File No. SR-NYSEArca-2009-02]

Self-Regulatory Organizations; Notice of Filing of and Immediate
Effectiveness of Proposed Rule Change by NYSE Arca, Inc. To Amend or
Eliminate Unnecessary Rule Text

January 16, 2009.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on January 8, 2009, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the self-regulatory
organization. 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. 78a.
    \3\ 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 proposes to amend or eliminate several of its rules in
order to remove unnecessary rule text related to terms or systems that
are now obsolete. The text of the proposed rule change is attached to
the proposed rule change as Exhibit 5. A copy of this filing is
available on the Exchange's Web site at http://www.nyse.com, at the
Exchange's principal office and at the Commission's Public Reference
Room.

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

    In its filing with the Commission, the self-regulatory organization
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 those 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 parts of such statements.

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

1. Purpose
    The purpose of this filing by NYSE Arca is to correct certain NYSE
Arca cross-references and remove obsolete and unnecessary rule text. By
abolishing these out-dated references and correcting cross-references,
the Exchange is not changing or altering any obligation, rights,
policies or practices enumerated within its rules.
    The specific proposed changes are discussed in further detail
below.

     Rule 5.3(g). Criteria for Underlying Securities: The
Exchange is changing the numbering within the rule because two
separate rule filings were approved at different times which
affected the numbering within the rule.\4\
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    \4\ See SR-NYSEArca-2008-108, Securities Exchange Act Release
No. 34-59004 [sic] (November 24, 2008) 73 FR 207 [sic] (October 24,
2008) [sic] (filing seeking approval for listing and trading of
options on Managed Fund Shares) and SR-NYSEArca-2008-66, Securities
[sic] Act Release No. 34-59055 [sic] (December 4, 2008) 73 FR 238
[sic] (December 10, 2008) (filing seeking approval for Listing and
Trading Options on Shares of the iShares COMEX Gold Trust and the
iShares Silver Trust).

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     Rule 6.20(a). Time Synchronization: The Exchange is
changing the rule reference from Rule 4.25 to Rule 11.18.
     Rule 6.34. Trading by OTP Holders and OTP Firms on the
Floor: The Exchange is eliminating the references to Rule 6.38 and
Rule 6.52(a) in Commentary .01 as those rules are obsolete and no
longer exist.
     Rule 6.48(c). Discretionary Transaction: The Exchange
is changing the rule reference from Rule 6.39 to Rule 6.84.
     Rule 6.75(f)(1). Priority and Order Allocation
Procedures--Open Outcry: The Exchange is eliminating the phrase
related to ``Exchange officer'' as this now obsolete.
     Rule 6.78(e)(1)(E). Transactions Off the Exchange: The
Exchange is changing the rule reference from Rule 8.103 to Rule
5.33.
     Rule 6.78. Transaction Off the Exchange. Commentary:
The Exchange is removing the Rule 7.9 Meaning of Premium Bids and
Offers, Index Options reference as this rule is now obsolete and no
longer exists.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Securities Exchange Act of 1934 (the
``Act''),\5\ in general, and furthers the objectives of Section 6(b)(5)
of the Act,\6\ in particular, because it is 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 facilitating transactions in securities, and to
remove impediments to and perfect the mechanism of a free and open
market and a national market system, and, in general, to protect
investors and the public interest. The Exchange believes that the
proposed rule change will clarify the rule cross-references and
eliminate unnecessary confusion in its rule structure.
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    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.

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

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

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

    The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \7\ and Rule 19b-4(f)(6) thereunder.\8\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \9\ and Rule 19b-
4(f)(6)(iii) thereunder.\10\
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    \7\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \8\ 17 CFR 240.19b-4(f)(6).
    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change along with a
brief description and text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
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    A proposed rule change filed under Rule 19b-4(f)(6) \11\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\12\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing. The Exchange believes the
waiver of this period will allow it to immediately remove outdated and
obsolete references and terms contained in Exchange rules without
delay. The Commission has determined that waiving the 30-day operative
delay of the Exchange's proposal is consistent with the protection of
investors and the public interest because such waiver will allow the
Exchange to promptly remove obsolete references and terms contained in
its rules, thereby avoiding further potential confusion and ensuring
that the rule text of the Exchange is accurate.\13\ Therefore, the
Commission designates the proposal as operative upon filing. At any
time within 60 days of the filing of the proposed rule change, the
Commission may summarily abrogate 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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    \11\ 17 CFR 240.19b-4(f)(6).
    \12\ 17 CFR 240.19b-4(f)(6)(iii).
    \13\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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 Number SR-NYSEArca-2009-02 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEArca-2009-02. This
file number should be included on the subject line if e-mail is used.
To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (http://www.sec.gov/
rules/sro.shtml). Copies of the submission, all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for inspection
and copying in the Commission's Public Reference Room on official
business days between the hours of 10 a.m. and 3 p.m. Copies of such
filing also will be available for inspection and copying at the
principal office of the Exchange. All comments received will be posted
without change; the Commission does not edit personal identifying
information from submissions. You should submit only information that
you wish to make available publicly. All submissions should refer to
File Number SR-NYSEArca-2009-02 and should be submitted on or before
February 17, 2009.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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    \14\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-1672 Filed 1-26-09; 8:45 am]

BILLING CODE 8011-01-P