Federal Register / Vol. 80, No. 15 / Friday, January 23, 2015 / Notices 3687 

10 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3Securities Exchange Act Release No. 34–73684 

(Nov. 25, 2014), 79 FR 71495 (Dec. 2, 2014) (SR– 

ICC–2014–19). 

4 15 U.S.C. 78s(b)(2). 

5 15 U.S.C. 78s(b)(2). 

6 17 CFR 200.30–3(a)(31). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 73362 

(October 15, 2014), 79 FR 62983 (‘‘Notice’’). 

4 15 U.S.C. 78s(b)(2). 

5See Securities Exchange Act Release No. 73720, 

79 FR 72747 (December 8, 2014). The Commission 

designated January 19, 2014, as the date by which 

it should approve, disapprove, or institute 

proceedings to determine whether to disapprove the 

proposed rule change. 

6See Letter from Elizabeth King, Secretary & 

General Counsel, Exchange, to Kevin O’Neill, 

Deputy Secretary, Commission, dated January 8, 

2015 (‘‘NYSE Arca Letter’’) available at http://

www.sec.gov/comments/sr-nysearca-2014-117/

nysearca2014117.shtml. 

7 15 U.S.C. 78s(b)(2)(B). 

8See Securities and Exchange Release No. 55156 

(January 23, 2007), 72 FR 4759 (February 1, 2007) 

(Order Granting Approval of SR–NYSEArca–2006– 

73) (‘‘Quote Mitigation Approval Order’’). The 

Penny Pilot Program permitted certain options 

classes to be quoted in pennies. See id. 

9See Notice, supra note 3, at 62983. 

10See Exchange Rule 6.86, Commentary .03, and 

Notice, supra note 3, at 62983. 

11See id. 

12 In addition, the Exchange proposes to amend 

paragraphs (b)(1) and (b)(2) of Exchange Rule 6.86 

to delete references to the ‘‘Quote Mitigation Plan,’’ 

which refer to the quote mitigation plan set forth 

in Commentary .03 to Exchange Rule 6.86. See 

Notice, supra note 3, at 62984. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–01069 Filed 1–22–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74082; File No. SR–ICC– 

2014–19] 

Self-Regulatory Organizations; ICE 

Clear Credit LLC; Notice of 

Designation of Longer Period for 

Commission Action on Proposed Rule 

Change To Formalize the ICC 

Operational Risk Management 

Framework 

January 16, 2015. 

On November 18, 2014, ICE Clear 

Credit LLC (‘‘ICC’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change SR–ICC–2014–19 pursuant to 

Section 19(b)(1) of the Securities 

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b–4 thereunder.2 The proposed rule 

change was published for comment in 

the Federal Register on December 2, 

2014.3 The Commission did not receive 

comments on the proposed rule change. 

Section 19(b)(2) of the Act 4 provides 

that within 45 days of the publication of 

notice of the filing of a proposed rule 

change, or within such longer period up 

to 90 days as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or as to which the 

self-regulatory organization consents, 

the Commission shall either approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. The 45th day from the 

publication of notice of filing of this 

proposed rule change is January 16, 

2015. The Commission is extending this 

45-day time period. 

ICC is proposing to update and 

formalize ICC’s Operational Risk 

Management Framework. In light of the 

fact that the proper management and 

documentation of the systems to be 

maintained in order to formalize the 

processes for assessing operational risk 

can be detailed and require specific 

knowledge of the risks involved, the 

Commission finds it appropriate to 

designate a longer period within which 

to take action on the proposed rule 

change so that it has sufficient time to 

consider this proposed rule change. 

Accordingly, the Commission, 

pursuant to Section 19(b)(2) of the Act,5

designates March 2, 2015, as the date by 

which the Commission should either 

approve or disapprove, or institute 

proceedings to determine whether to 

disapprove, the proposed rule change 

(File No. SR–ICC–2014–19). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–01068 Filed 1–22–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74088; File No. SR– 

NYSEArca–2014–117] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Order Instituting 

Proceedings To Determine Whether To 

Approve or Disapprove a Proposed 

Rule Change To Remove the 

Exchange’s Quote Mitigation Plan as 

Provided by Commentary .03 to 

Exchange Rule 6.86 

January 16, 2015. 

I. Introduction 

On October 2, 2014, NYSE Arca, Inc., 

(‘‘NYSE Arca’’ or ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

to Section 19(b)(1) of the Securities 

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b–4 thereunder,2 a proposed rule 

change to remove the Exchange’s quote 

mitigation plan as provided by 

Commentary .03 to NYSE Arca Rule 

6.86. The proposed rule change was 

published for comment in the Federal 

Register on October 21, 2014.3 On 

December 2, 2014, pursuant to Section 

19(b)(2) of the Act,4 the Commission 

designated a longer period within which 

to approve the proposed rule change, 

disapprove the proposed rule change, or 

institute proceedings to determine 

whether to disapprove the proposed 

rule change.5 On January 8, 2015, the 

Exchange submitted a letter in further 

support of the proposal.6 The 

Commission received no comments on 

the proposal. This order institutes 

proceedings under Section 19(b)(2)(B) of 

the Act 7 to determine whether to 

approve or disapprove the proposal. 

II. Description of the Proposal 

In 2007, the Exchange adopted a 

quote mitigation plan in connection 

with the Penny Pilot Program.8

According to the Exchange, the quote 

mitigation plan was designed to reduce 

the number of quotation messages sent 

by the Exchange to the Options Price 

Reporting Authority (‘‘OPRA’’) by only 

submitting quote messages for ‘‘active’’ 

series.9 The Exchange defines active 

series under the quote mitigation plan 

in Commentary .03 to Exchange Rule 

6.86 as: (i) Series that have traded on 

any options exchange in the previous 14 

calendar days; or (ii) series that are 

solely listed on the Exchange; or (iii) 

series that have been trading ten days or 

less, or; (iv) series for which the 

Exchange has received an order.10 In 

addition, under the Exchange’s quote 

mitigation plan, the Exchange may 

define a series as active on an intraday 

basis if: (i) The series trades at any 

options exchange; (ii) the Exchange 

receives an order in the series; or (iii) 

the Exchange receives a request for 

quote from a customer in that series.11

The Exchange proposes to remove its 

quote mitigation plan from its rules by 

deleting Commentary .03 to Exchange 

Rule 6.86.12 The Exchange believes that 

its quote mitigation plan is no longer 

necessary primarily for three reasons. 

First, the Exchange states that its 


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