17522 Federal Register / Vol. 80, No. 62 / Wednesday, April 1, 2015 / Notices 

17 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A)(ii). 

4 17 CFR 240.19b–4(f)(2). 

5The term ‘‘Member’’ is defined as ‘‘any 

registered broker or dealer that has been admitted 

to membership in the Exchange.’’ See Exchange 

Rule 1.5(n). 

investors, or otherwise in furtherance of 

the purposes of the Act. 

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 rule-comments@

sec.gov. Please include File Number SR– 

BATS–2015–23 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–BATS–2015–23. 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 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–BATS– 

2015–23, and should be submitted on or 

before April 22, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–07363 Filed 3–31–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74594; File No. SR–BYX– 

2015–18] 

Self-Regulatory Organizations; BATS 

Y-Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change Related to Fees for Use 

of BATS Y-Exchange, Inc. 

March 26, 2015. 

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 17, 

2015, BATS Y-Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BYX’’) filed with the 

Securities and Exchange Commission 

(‘‘SEC’’ or ‘‘Commission’’) the proposed 

rule change as described in Items I, II, 

and III below, which Items have been 

prepared by the Exchange. The 

Exchange has designated the proposed 

rule change as one establishing or 

changing a member due, fee, or other 

charge imposed by the Exchange under 

Section 19(b)(3)(A)(ii) of the Act 3 and 

Rule 19b–4(f)(2) thereunder,4 which 

renders the proposed rule change 

effective upon filing with the 

Commission. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange filed a proposal to 

amend the fee schedule applicable to 

Members 5 and non-members of the 

Exchange pursuant to BYX Rules 15.1(a) 

and (c). Changes to the fee schedule 

pursuant to this proposal are effective 

upon filing. 

The text of the proposed rule change 

is available at the Exchange’s Web site 

at www.batstrading.com, at the 

principal office of the Exchange, 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 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 its 

fee schedule in order to: (i) Adjust 

rebates for orders that yield fee code A; 

(ii) add new fee code RN; and (iii) add 

a clarifying statement regarding fee 

codes applicable to certain orders 

routed to NYSE Arca, Inc. (‘‘NYSE 

Arca’’). 

Fee Code A 

In securities priced at or above $1.00, 

the Exchange currently provides a 

rebate of $0.0015 per share for Members’ 

orders that yield fee code A, which 

routes to Nasdaq Stock Market LLC 

(‘‘Nasdaq’’) and adds liquidity. The 

Exchange proposes to amend its Fee 

Schedule to decrease this rebate to 

$0.0004 per share for Members’ orders 

that yield fee code A. The proposed 

change represents a pass through of the 

lowest possible rebate that BATS 

Trading, Inc. (‘‘BATS Trading’’), the 

Exchange’s affiliated routing brokerdealer, receives for adding liquidity on 

Nasdaq. When BATS Trading routes and 

adds liquidity to Nasdaq, it is rebated a 

standard rate of $0.0004 per share for 

orders in select symbols (‘‘Nasdaq’s 

Select Symbol Program’’). When BATS 

Trading routes to Nasdaq in other 

symbols, it is rebated a standard rate of 

$0.0015 per share. Further, BATS 

Trading might qualify for tiered pricing 

that would increase the amount of the 

rebate received. However, due to billing 

system limitations that do not allow for 

separate rates on a security by security 

basis and in order to maintain a simple 

to understand fee schedule, the 

Exchange will provide a rebate of 

$0.0004 per share for executions in all 

mstockstill on DSK4VPTVN1PROD with NOTICES

Federal Register / Vol. 80, No. 62 / Wednesday, April 1, 2015 / Notices 17523 

6See Securities Exchange Act Release No. 73967 

(December 30, 2014), 80 FR 594 (January 6, 2015) 

(SR–Nasdaq–2014–128). 

7 15 U.S.C. 78f. 

8 15 U.S.C. 78f(b)(4) and (5). 9See supra note 6. 

Tapes A, B & C securities routed to 

Nasdaq that yield fee code A. 

The Exchange notes that the proposed 

change is in response to Nasdaq’s 

January 2015 fee change where Nasdaq 

decreased the rebate it provides its 

customers, such as BATS Trading, for 

orders in symbols included in Nasdaq’s 

Select Symbol Program from a rebate of 

$0.0015 per share to a rebate of $0.0004 

per share.6

Fee Code RN 

The Exchange proposes to adopt new 

fee code RN, which would be applied to 

orders routed to Nasdaq using the ROOC 

routing strategy that add liquidity. 

Orders that yield fee code RN will 

receive a rebate of $0.0015 per share. 

The ROOC Routing strategy routes 

orders to participate in the opening, reopening (following a halt, suspension, 

or pause), or closing process of a 

primary listing market if received before 

the opening/re-opening/closing time of 

such market. In turn, an order that has 

been sent to participate in an opening or 

closing process may add liquidity prior 

to the commencement of such process. 

Proposed fee code RN represents a pass 

through of the standard rebate that 

BATS Trading, the Exchange’s affiliated 

routing broker-dealer, is rebated for 

added liquidity on Nasdaq in securities 

not included in Nasdaq’s Select Symbol 

Program (presuming it does not qualify 

for a volume tiered rebate). When BATS 

Trading routes to Nasdaq using the 

ROOC routing strategy and an order 

adds liquidity, BATS Trading receives a 

standard rebate of $0.0015 per share for 

securities that are not included in 

Nasdaq’s Select Symbol Program. As 

noted above, due to billing system 

limitations that do not allow for 

separate rates on a security by security 

basis and in order to maintain a simple 

to understand fee schedule, the 

Exchange will pass through the rebate of 

$0.0015 per share for executions in all 

Tapes A, B & C securities routed to 

Nasdaq that yield fee code RN. The 

Exchange notes that fee code A above 

will continue to be applied to all orders 

routed to Nasdaq not utilizing the ROOC 

routing strategy that add liquidity. 

Orders routed via ROOC that add 

liquidity at Nasdaq have previously 

yielded fee code A, and thus, have 

received a rebate of $0.0015 per share. 

The Exchange has proposed to add fee 

code RN to maintain the applicable 

pricing (i.e., a rebate of $0.0015 per 

share) for orders that are routed via 

ROOC and add liquidity at Nasdaq. The 

Exchange notes that it has proposed to 

pass on the standard rebate for 

executions that yield fee code RN even 

though the Exchange will receive a 

lower rebate per share, $.0004 per share, 

for executions of securities that are 

included in Nasdaq’s Select Symbol 

Program. 

NYSE and NYSE MKT Rule 49 

The Exchange proposes to add a 

bullet under the General Notes section 

of the Fee Schedule to describe the rates 

that would apply where the New York 

Stock Exchange, Inc. (‘‘NYSE’’) or NYSE 

MKT LLC (‘‘NYSE MKT’’) declare an 

emergency condition under their Rule 

49. Under NYSE and NYSE MKT Rule 

49, the NYSE or NYSE MKT may invoke 

their emergency powers during an 

emergency condition and designate 

NYSE Arca as their backup facility to 

receive and process bids and offers and 

to execute orders on behalf of the NYSE 

or NYSE MKT. In such case, the 

Exchange will route any order that was 

intended to be routed to the NYSE or 

NYSE MKT to NYSE Arca and the 

Exchange’s System will identify such 

trades as being executed on NYSE Arca, 

not the NYSE or NYSE MKT. Because 

the executions occurred on NYSE Arca, 

NYSE Arca will charge BATS Trading 

their applicable fee or rebate, and BATS 

Trading will pass through that fee or 

rebate to the Exchange who would, in 

turn, pass that rate along to its Members. 

Therefore, the Exchange proposes to add 

a bullet to its Fee Schedule stating that 

fee codes applicable to orders routed to 

NYSE Arca will be applied to orders 

routed to the NYSE or NYSE MKT 

where, pursuant to NYSE and NYSE 

MKT Rule 49, the NYSE or NYSE MKT 

have designated NYSE Arca as their 

backup facility to receive and process 

bids and offers and to execute orders on 

behalf of the NYSE or NYSE MKT. 

Implementation Date 

The Exchange proposes to implement 

the amendments to its fee schedule 

effective immediately. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the requirements of the Act and the 

rules and regulations thereunder that 

are applicable to a national securities 

exchange, and, in particular, with the 

requirements of Section 6 of the Act.7

Specifically, the Exchange believes that 

the proposed rule change is consistent 

with Sections 6(b)(4) of the Act and 

6(b)(5) of the Act,8 in that it provides for 

the equitable allocation of reasonable 

dues, fees and other charges among 

members and other persons using any 

facility or system which the Exchange 

operates or controls. The Exchange 

notes that it operates in a highly 

competitive market in which market 

participants can readily direct order 

flow to competing venues if they deem 

fee levels at a particular venue to be 

excessive. The Exchange believes that 

the proposed rates are equitable and 

non-discriminatory in that they apply 

uniformly to all Members. The 

Exchange believes the fees and credits 

remain competitive with those charged 

by other venues and therefore continue 

to be reasonable and equitably allocated 

to Members. 

Fee Code A 

The Exchange believes that its 

proposal to decrease the pass through 

rebate for Members’ orders that yield fee 

code A from $0.0015 to $0.0004 per 

share represents an equitable allocation 

of reasonable dues, fees, and other 

charges among Members and other 

persons using its facilities. Prior to the 

changes related to the Nasdaq Select 

Symbol Program, Nasdaq provided 

BATS Trading a rebate of $0.0015 per 

share for orders that added liquidity, 

which BATS Trading passed through to 

the Exchange and the Exchange passed 

through to its Members pursuant to fee 

code A. In January 2015, Nasdaq 

decreased the standard rebate it 

provides its customers, such as BATS 

Trading, from a rebate of $0.0015 per 

share to a rebate of $0.0004 per share for 

orders that add liquidity on Nasdaq in 

symbols included in its Select Symbol 

Program.9 Therefore, the Exchange 

believes that the proposed change in fee 

code A from a rebate of $0.0015 per 

share to a rebate of $0.0004 per share is 

equitable and reasonable because it 

accounts for the pricing changes on 

Nasdaq and is necessary due to billing 

system limitations and to maintain a 

simple to understand fee schedule. The 

Exchange notes that routing through 

BATS Trading is voluntary. Lastly, the 

Exchange also believes that the 

proposed amendment is nondiscriminatory because it applies 

uniformly to all Members. 

Fee Code RN 

The Exchange believes its proposal to 

adopt new fee code RN, which would be 

applied to orders routed to Nasdaq 

using the ROOC routing strategy that 

add liquidity, represents an equitable 

allocation of reasonable dues, fees, and 

other charges among Members and other 

mstockstill on DSK4VPTVN1PROD with NOTICES

17524 Federal Register / Vol. 80, No. 62 / Wednesday, April 1, 2015 / Notices 

10 15 U.S.C. 78s(b)(3)(A). 

11 17 CFR 240.19b–4(f). 

persons using its facilities because the 

Exchange does not levy additional fees 

or offer additional rebates for orders that 

it routes to Nasdaq through BATS 

Trading using the ROOC routing 

strategy. Proposed fee code RN 

represents a pass through of the 

standard rebate that BATS Trading, the 

Exchange’s affiliated routing brokerdealer, receives for adding liquidity to 

Nasdaq in securities not included in 

Nasdaq’s Select Symbol Program 

(presuming BATS Trading does not 

qualify for a volume tiered rebate). The 

Exchange believes the proposal to 

provide proposed fee code RN a rebate 

of $0.0015 per share is equitable and 

reasonable because it accounts for 

pricing on Nasdaq in securities not 

subject to the Select Symbol Program 

and it allows the Exchange to continue 

to provide its Members a pass-through 

rebate of $0.0015 per share for orders 

that are routed to Nasdaq using the 

ROOC routing strategy. The Exchange 

notes that it has proposed to pass on the 

standard rebate of $0.0015 for 

executions that yield fee code RN even 

though the Exchange will receive a 

lower rebate per share, $0.0004 per 

share, for executions of securities that 

are included in Nasdaq’s Select Symbol 

Program. The Exchange believes that the 

proposed fee structure is equitable and 

reasonable because it does not represent 

a change from the current pricing 

applicable to orders sent through such 

strategy that add liquidity at Nasdaq and 

because orders that use the ROOC 

routing strategy could only add liquidity 

at Nasdaq immediately prior to the 

opening or closing processes rather than 

throughout the day. The Exchange notes 

that routing through BATS Trading is 

voluntary. Lastly, the Exchange also 

believes that the proposed amendment 

is non-discriminatory because it applies 

uniformly to all Members. 

NYSE and NYSE MKT Rule 49 

The Exchange believes that adding a 

bullet under the General Notes section 

of the Fee Schedule to describe the rates 

that would apply where the NYSE or 

NYSE MKT declare an emergency 

condition under their Rule 49 is 

reasonable because it is designed to 

provide greater transparency to 

Members by describing which rates 

would apply in such circumstances. In 

the case when NYSE or NYSE MKT 

invoke their Rule 49, the Exchange will 

route any order that was intended for 

the NYSE or NYSE MKT to NYSE Arca 

and the Exchange’s System will identify 

such trades as being executed on NYSE 

Arca, not the NYSE or NYSE MKT. 

Because the executions occurred on 

NYSE Arca, NYSE Arca will charge 

their applicable fee or rebate. The 

proposed bullet is intended to make 

clear within the Fee Schedule which 

rate would apply where the NYSE or 

NYSE MKT invoke their emergency 

powers under their Rule 49, thereby 

eliminating potential investor 

confusion, removing impediments to 

and perfecting the mechanism of a free 

and open market and a national market 

system, and, in general, protecting 

investors and the public interest. The 

Exchange notes that routing through 

BATS Trading is voluntary. Lastly, the 

Exchange also believes that the 

proposed amendment is nondiscriminatory because it applies 

uniformly to all Members. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

As further described below, the 

Exchange does not believe that the 

proposed rule change will result in any 

burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act, as amended. 

The Exchange does not believe that the 

proposed changes represent a significant 

departure from previous pricing offered 

by the Exchange or pricing offered by 

the Exchange’s competitors. 

Additionally, Members may opt to 

disfavor the Exchange’s pricing if they 

believe that alternatives offer them 

better value. Accordingly, the Exchange 

does not believe that the proposed 

changes will impair the ability of 

Members or competing venues to 

maintain their competitive standing in 

the financial markets. 

Fee Code A 

The Exchange also believes that its 

proposal to amend the pricing for orders 

routed to Nasdaq would enhance the 

Exchange’s ability to compete because 

the change is designed to insure that it 

is not providing a greater rebate than is 

being provided to BATS Trading by 

Nasdaq for an execution. The Exchange 

believes that its proposal would not 

burden intramarket competition because 

the proposed rate would apply 

uniformly to all Members. 

Fee Code RN 

The Exchange believes that its 

proposal to add fee code RN for orders 

that route to Nasdaq using the ROOC 

routing strategy and pass through a 

rebate of $0.0015 per share to Members 

would increase intermarket competition 

because it offers customers an 

alternative means to route orders to 

Nasdaq to participate in their opening, 

re-opening or closing process for a 

similar rate as entering orders in certain 

symbols on Nasdaq directly. The 

Exchange believes that its proposal 

would not burden intramarket 

competition because the proposed rate 

would apply uniformly to all Members. 

NYSE and NYSE MKT Rule 49 

The Exchange believes that adding a 

bullet under the General Notes section 

of the Fee Schedule to describe which 

rates that would apply where the NYSE 

or NYSE MKT declare an emergency 

condition under their Rule 49 would not 

affect intermarket nor intramarket 

competition because none of these 

changes are designed to amend any 

rebate or alter the manner in which the 

Exchange calculates rebates. This 

change is not designed to have a 

competitive impact. Rather, it is 

intended to make clear to Members and 

investors within the Fee Schedule 

which rate would apply where the 

NYSE or NYSE MKT invoke their 

emergency powers under their Rule 49, 

thereby eliminating potential investor 

confusion. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange has not solicited, and 

does not intend to solicit, comments on 

this proposed rule change. The 

Exchange has not received any written 

comments from members or other 

interested parties. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 10 and paragraph (f) of Rule 

19b–4 thereunder.11 At any time within 

60 days of the filing of the proposed rule 

change, the Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. 

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: 

mstockstill on DSK4VPTVN1PROD with NOTICES

Federal Register / Vol. 80, No. 62 / Wednesday, April 1, 2015 / Notices 17525 

12 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A)(ii). 

4 17 CFR 240.19b–4(f)(2). 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

BYX–2015–18 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–BYX–2015–18. 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 

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–BYX– 

2015–18, and should be submitted on or 

before April 22, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–07368 Filed 3–31–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74591; File No. SR–CME– 

2015–010] 

Self-Regulatory Organizations; 

Chicago Mercantile Exchange Inc.; 

Notice of Filing and Immediate 

Effectiveness of Proposed Rules 

Change To Amend Listing Rules for 

New CDX Indexes Available for 

Clearing 

March 26, 2015. 

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

Securities Exchange Act of 1934 (‘‘Act’’ 

or ‘‘Exchange Act’’),1 and Rule 19b–4 

thereunder,2 notice is hereby given that 

on March 23, 2015, Chicago Mercantile 

Exchange Inc. (‘‘CME’’) 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 CME. CME filed the 

proposal pursuant to Section 

19(b)(3)(A)(ii) 3 of the Act, and Rule 

19b–4(f)(2) 4 thereunder, so that the 

proposal was effective upon filing with 

the Commission. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

CME is filing a proposed rule change 

that is limited to its business as a 

derivatives clearing organization. More 

specifically, the proposed rule change 

would make amendments to its rules 

regarding the listing of new CDS 

indexes available for clearing. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, 

CME included statements concerning 

the purpose 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. CME 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 

CME is registered as a derivatives 

clearing organization with the 

Commodity Futures Trading 

Commission (‘‘CFTC’’) and currently 

offers clearing services for many 

different futures and swaps products. 

With this filing, CME proposes to make 

rulebook changes that are limited to its 

business clearing futures and swaps 

under the exclusive jurisdiction of the 

CFTC. More specifically, the proposed 

changes would make amendments to its 

rules regarding the listing of new CDS 

indexes available for clearing. 

CME offers clearing for CDX North 

American Investment Grade (Series 8– 

24) and CDX North American High 

Yield (14–24) Index Contracts. Further, 

CME plans to clear all future on-the-run 

series of the respective indices on a 

going forward basis. The proposed 

amendments would permit CME to 

maintain a list on its Web site of each 

index that a cleared CDX Index 

Untranched CDS Contract may 

reference, in lieu of maintaining such 

list in Appendix 1 to Rule 802, as it 

currently does. CME currently 

maintains on its Web site a similar list 

for iTraxx Europe Index Untranched 

CDS Contracts; the amendments 

proposed hereby would simply conform 

CME’s practice for maintaining the list 

of indices for CDX Index Untranched 

CDS Contracts to CME’s existing 

practice for maintaining the list of 

indices for iTraxx Europe Index 

Untranched CDS Contracts. The 

proposed amendments would affect 

CME Rules 80202.A.B. and 80202.B. and 

Appendix 1 of Rule 802. 

The proposed rule change that is 

described in this filing is limited to its 

business as a derivatives clearing 

organization clearing products under 

the exclusive jurisdiction of the 

Commodity Futures Trading 

Commission (‘‘CFTC’’). CME has not 

cleared security based swaps and does 

not plan to and therefore the proposed 

rule change does not impact CME’s 

security-based swap clearing business in 

any way. The proposed rule change 

would become effective immediately. 

CME notes that it has also submitted the 

proposed rule change that is the subject 

of this filing to its primary regulator, the 

CFTC, in CME Submission 14–095. 

CME believes the proposed rule 

change is consistent with the 

requirements of the Exchange Act 

including Section 17A of the Exchange 

mstockstill on DSK4VPTVN1PROD with NOTICES