Federal Register / Vol. 80, No. 31 / Tuesday, February 17, 2015 / Notices 8387 

See Financial Market Utilities, 77 FR 45907 (August 

2, 2012). 

24 12 U.S.C. 5464(b). 

25 12 U.S.C. 5464(b). 26 12 U.S.C. 5465(e)(1)(I). 

such, it is appropriate for the 

Commission to review advance notices 

against these Clearing Agency 

Standards, and the objectives and 

principles of these risk management 

standards as described in Section 805(b) 

of the Clearing Supervision Act.24

The Commission believes that the 

proposal in this Advance Notice is 

designed to further the objectives and 

principles of Section 805(b) of the 

Clearing Supervision Act.25 The 

Commission notes that clearing 

transactions executed in overnight 

trading sessions may present additional 

risks to OCC and the markets in general; 

specifically, overnight trading sessions 

may create risk due to the gap between 

trade acceptance and settlement, the 

staffing levels at clearing members and 

OCC during such trading sessions, and 

the inability of clearing members to 

transfer funds to satisfy margin during 

overnight hours. However, OCC’s 

proposal is designed in a manner that 

should adequately monitor for the risks 

presented by accepting trades for 

clearance and settlement during these 

extended and overnight sessions, and 

should adequately mitigate these risks. 

As part of that design, OCC proposed 

to limit to the product set eligible for 

overnight trading sessions to index 

options and index futures products and 

to institute qualification criteria for 

determining whether to provide clearing 

services for overnight trading sessions 

offered by a particular exchange. These 

qualification criteria include price 

reasonability checks, controls to prevent 

orders from being executed at prices 

beyond a certain percentage of the 

initial execution price, activity based 

protections focused on risk beyond 

price, such as a high number of trades 

occurring in a set period of time, and 

kill switch capabilities. Limiting the 

eligible product set as well as 

confirming risk management controls by 

participating exchanges also should 

help promote robust risk management 

and safety, and soundness of the 

clearance of overnight trades. 

In addition, OCC’s proposed 

framework also incorporates a number 

of mechanisms designed to further 

control the risks posed by overnight 

trading, including (i) clearing member 

qualification criteria, (ii) systemic 

controls to identify trades executed by 

clearing members not approved for 

overnight trading, (iii) enhancements to 

OCC’s overnight monitoring of trades 

submitted by exchanges during 

overnight trading sessions, (iv) 

enhancements to OCC’s credit controls 

with respect to monitoring clearing 

members’ credit risk during overnight 

trading sessions, and (v) disciplinary 

actions for unapproved clearing 

members who attempt to clear during 

overnight trading sessions. 

Particularly, OCC’s overnight 

monitoring and escalation, including 

requiring additional intra-day margin, 

increasing a clearing member’s margin 

requirement, and/or invoking an 

exchange’s kill switch should serve to 

help mitigate the risks posed by the 

inability of clearing members to transfer 

funds to satisfy margin during overnight 

hours due to the, lack of availability of 

bank payment systems in the overnight 

hours and the period of time between 

trade acceptance and settlement. 

Moreover, requiring and enforcing 

adequate staffing at clearing members as 

well as at OCC through a designated an 

on-call Market Risk duty officer should 

help to mitigate the risks of overnight 

clearing. Accordingly, the Commission 

believes that the proposal should 

promote robust risk management, 

promote safety and soundness in the 

marketplace, reduce systemic risks, and 

support the stability of the broader 

financial system as it provides OCC 

with a range of mechanisms that help 

mitigate the risks posed by clearance 

trades from extended and overnight 

trading sessions. 

III. Conclusion 

It is therefore noticed, pursuant to 

Section 806(e)(1)(I) of the Clearing 

Supervision Act,26 that the Commission 

does not object to advance notice 

proposal (SR–OCC–2014–812) and that 

OCC is authorized to implement the 

proposal as of the date of this notice or 

the date of an order by the Commission 

approving a proposed rule change that 

reflects rule changes that are consistent 

with this advance notice proposal (SR– 

OCC–2014–24), whichever is later. 

By the Commission. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–03097 Filed 2–13–15; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

Notice of Release From Conveyance 

Deed Obligations for Superior 

Municipal Airport, Superior, Pinal 

County, Arizona 

AGENCY: Federal Aviation 

Administration, DOT. 

ACTION: Notice of request to release 

airport land. 

SUMMARY: The Federal Aviation 

Administration (FAA) proposes to rule 

and invites public comment on the 

application for a release of 

approximately 15.09 acres of airport 

property at Superior Municipal Airport, 

Superior, Pinal County, Arizona from all 

conditions contained in the Conveyance 

Deed since the parcel of land is not 

needed for airport purposes. The 

property will be sold for its fair market 

value and the proceeds used for an 

airport purpose. The reuse of the land 

for a roadway improvement project by 

the State of Arizona represents a 

compatible land use that will not 

interfere with the airport, thereby 

protecting the interests of civil aviation. 

DATES: Comments must be received on 

or before March 19, 2015. 

FOR FURTHER INFORMATION CONTACT: 

Comments on the request may be mailed 

or delivered to the FAA at the following 

address: Mike N. Williams, Manager, 

Airports District Office, Federal Register 

Comment, Federal Aviation 

Administration, Phoenix Airports 

District Office, 3800 N. Central Avenue, 

Suite 1025, Phoenix, Arizona 85012. In 

addition, one copy of the comment 

submitted to the FAA must be mailed or 

delivered to David E. Edwards, Right of 

Way Project Coordinator, Arizona 

Department of Transportation, 205 

South 17th Avenue, MD 612E, Phoenix, 

Arizona 85007–3212. 

SUPPLEMENTARY INFORMATION: In 

accordance with the Wendell H. Ford 

Aviation Investment and Reform Act for 

the 21st Century (AIR 21), Public Law 

10–181 (Apr. 5, 2000; 114 Stat. 61), this 

notice must be published in the Federal 

Register 30 days before the Secretary 

may waive any condition imposed on a 

federally obligated airport by surplus 

property conveyance deeds or grant 

agreements. 

The following is a brief overview of 

the request: 

The Town of Superior, Pinal County, 

Arizona requested a release from the 

conditions contained in the Conveyance 

Deed for approximately 15.09 acres of 

airport land. The property is located on 

the north side of the airport adjacent to 


tkelley on DSK3SPTVN1PROD with NOTICES
8388 Federal Register / Vol. 80, No. 31 / Tuesday, February 17, 2015 / Notices 

U.S. Highway 60. The land is presently 

unused and undeveloped. The land is 

needed for roadway improvements to 

U.S. Highway 60 that will encroach into 

airport property. The Town of Superior, 

Pinal County, Arizona agrees to the sale 

of the land to the State of Arizona, 

Department of Transportation, since the 

property is not needed for airport 

purposes. The conveyance will not 

impact the airport, while the project 

will aid traffic flow by the airport and 

to the Town of Superior. The sale price 

will be based on its appraised market 

value and the sale proceeds will be used 

for an airport purpose. The use of the 

property for a public roadway 

represents a compatible use that will not 

interfere with the airport. The airport 

will receive proper compensation, 

thereby serving the interests of civil 

aviation. 

Issued in Hawthorne, California, on 

February 5, 2015. 

Steven Oetzell, 

Acting Manager, Safety and Standards, 

Airports Division, Western-Pacific Region. 

[FR Doc. 2015–03140 Filed 2–13–15; 8:45 am] 

BILLING CODE 4910–13–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

Notice of Release From Quitclaim Deed 

and Federal Grant Assurance 

Obligations at Oxnard Airport, Oxnard, 

Ventura County, California 

AGENCY: Federal Aviation 

Administration, DOT. 

ACTION: Notice of request to release 

airport land. 

SUMMARY: The Federal Aviation 

Administration (FAA) proposes to rule 

and invites public comment on the 

application for a release of 

approximately .99 acre of airport 

property near Oxnard Airport, Oxnard, 

Ventura County, California, from all 

conditions contained in the Quitclaim 

Deed and Grant Assurances since the 

parcel of land is not needed for airport 

purposes. The property will be sold for 

its fair market value and the proceeds 

used for airport purposes. The 

continued use of the land for agriculture 

represents a compatible land use that 

will not interfere with the airport or its 

operation, thereby protecting the 

interests of civil aviation. 

DATES: Comments must be received on 

or before March 19, 2015. 

FOR FURTHER INFORMATION CONTACT: 

Comments on the request may be mailed 

or delivered to the FAA at the following 

address: Tony Garcia, Airports 

Compliance Program Manager, Federal 

Aviation Administration, Airports 

Division, Federal Register Comment, 

15000 Aviation Blvd., Lawndale, CA 

90261. In addition, one copy of the 

comment submitted to the FAA must be 

mailed or delivered to Mr. Todd 

McNamee, Director, Ventura County 

Department of Airports, 555 Airport 

Way, Camarillo, CA 93010. 

SUPPLEMENTARY INFORMATION: In 

accordance with the Wendell H. Ford 

Aviation Investment and Reform Act for 

the 21st Century (AIR 21), Public Law 

10–181 (Apr. 5, 2000; 114 Stat. 61), this 

notice must be published in the Federal 

Register 30 days before the Secretary 

may waive any condition imposed on a 

federally obligated airport by surplus 

property conveyance deeds or grant 

agreements. 

The following is a brief overview of 

the request: 

Ventura County, Department of 

Airports, Camarillo, California 

requested a release from the conditions 

contained in the Quitclaim Deed and 

Grant Assurance obligations for 

approximately .99 acres of airport land 

near Oxnard Airport. The property is 

located northwest of Oxnard Airport, 

adjacent to North Victoria Avenue and 

between Doris Avenue and Gonzales 

Road. The property is presently farm 

land in an agricultural area. The land 

will continue to be used for farming. 

Ventura County requested approval to 

sell the small parcel because the land is 

not needed for airport purposes and its 

current agricultural status prevents 

other uses. The property is 

approximately one mile from the airport 

boundary and is not suitable for current 

or future airport development. The sale 

price will be based on its appraised 

market value and the sale proceeds will 

be used for airport purposes. The 

continued use of the property for 

farming represents a compatible use that 

will not interfere with airport 

operations. The airport will be properly 

compensated, thereby serving the 

interests of civil aviation. 

Issued in Hawthorne, California, on 

February 5, 2015. 

Steven Oetzell, 

Acting Manager, Safety and Standards, 

Airports Division, Western-Pacific Region. 

[FR Doc. 2015–03141 Filed 2–13–15; 8:45 am] 

BILLING CODE 4910–13–P 

DEPARTMENT OF TRANSPORTATION 

Maritime Administration 

[Docket Number MARAD–2013–0022] 

Information Collection Approved by 

the Office of Management and Budget: 

Cruise Vessel Security and Safety 

Training Provider Certification 

AGENCY: Maritime Administration, 

Department of Transportation. 

ACTION: Notice. 

SUMMARY: The Maritime Administration 

(MARAD) has received Office of 

Management and Budget (OMB) 

approval, pursuant to the Paperwork 

Reduction Act of 1995 (44 U.S.C. 3501– 

3520), for the public information 

collection associated with MARAD’s 

Cruise Vessel Security and Safety Act 

(CVSSA) Certification Program. A 

Federal agency may not conduct or 

sponsor a collection of information 

unless it displays a currently valid OMB 

control number, and no person is 

required to respond to a Federal agency 

request for information unless the 

agency holds a valid control number. 

MARAD welcomes any comments 

concerning the accuracy of the burden 

estimates and any suggestions for 

reducing the collection burden. 

The MARAD CVSSA Certification 

Program application procedure and 

program details are now available on 

MARAD’s Web site 

www.marad.dot.gov/cvssa. MARAD 

recommends that applicants submit 

their applications in electronic format 

(e.g., CD, DVD, or memory stick) via 

mail or courier service to the address 

listed in the FOR FURTHER INFORMATION

CONTACT section below. Program 

applicants may submit any questions or 

comments to MARAD via email at 

CVSSA-MARAD@dot.gov, by mail to the 

address listed below, or by telephone to 

the CVSSA Program Manager at (202) 

366–5906. 

FOR FURTHER INFORMATION CONTACT: U.S. 

Department of Transportation, Maritime 

Administration, Attention: Mail Stop 1: 

MAR–420 CVSSA Program Manager, 

1200 New Jersey Avenue SE., 

Washington, DC 20590–0001. 

SUPPLEMENTARY INFORMATION: 

OMB Control Number: 2133–0547. 

OMB Approval Date: 12/24/2014. 

OMB Expiration Date: 12/31/2017. 

Title: Cruise Vessel Security and 

Safety Act Training Provider 

Certification Program. 

Respondents: Individuals, 

partnerships, or corporations seeking 

training provider certification. 


tkelley on DSK3SPTVN1PROD with NOTICES