Federal Register / Vol. 80, No. 63 / Thursday, April 2, 2015 / Notices 17807 

32See BATS One Fee Proposals, supra note 6. 

33 15 U.S.C. 78s(b)(3)(A). 

34 17 CFR 240.19b–4(f). 35 17 CFR 200.30–3(a)(12). 

fair, reasonable, and not unreasonably 

discriminatory fees and an equitable 

allocation of fees among all Users. The 

existence of alternatives to the BATS 

One Feed, including the existing 

underlying feeds, consolidated data, and 

proprietary data from other sources, 

ensures that the Exchange cannot set 

unreasonable fees, or fees that are 

unreasonably discriminatory, when 

vendors and subscribers can elect these 

alternatives or choose not to purchase a 

specific proprietary data product if its 

cost to purchase is not justified by the 

returns any particular vendor or 

subscriber would achieve through the 

purchase. 

Finally, although the BATS 

Exchanges are the exclusive distributors 

of the individual data feeds from which 

certain data elements would be taken to 

create the BATS One Feed, the 

Exchange is not the exclusive 

distributor of the aggregated and 

consolidated information that would 

compose the BATS One Feed. The 

Exchange has taken into consideration 

its affiliated relationship with EDGA, 

BYX, and BZX in its design of the BATS 

One Feed to assure that vendors would 

be able to offer a similar product on the 

same terms as the Exchange from a cost 

perspective. While the BATS Exchanges 

are the exclusive distributors of the 

individual data feeds from which 

certain data elements may be taken to 

create the BATS One Feed, they are not 

the exclusive distributors of the 

aggregated and consolidated 

information that comprises the BATS 

One Feed. As discussed in in the BATS 

One Fee Proposal,32 any entity may 

separately purchase the individual 

underlying products, and if they so 

choose, perform a similar aggregation 

and consolidation function that the 

Exchange performs in creating the BATS 

One Feed, and offer a data feed with the 

same information included in the BATS 

One Feed to sell and distribute it to its 

clients with no greater cost than the 

Exchange. 

To enable such competition, the 

amount of the proposed Digital Media 

Enterprise license compared to the cost 

of the individual data feeds from the 

BATS Exchanges would enable a vendor 

to receive the underlying data feeds and 

offer a similar product on a competitive 

basis and with no greater cost than the 

Exchange. The amount of the proposed 

Digital Media Enterprise license, 

coupled with the Data Consolidation 

Fee, is not lower than the cost to a 

vendor of receiving the underlying data 

feeds to create a competing product. 

Therefore, the amount of the proposed 

Digital Media Enterprise license the 

Exchange would charge clients for the 

BATS One Feed compared to the cost of 

the individual data feeds from the BATS 

Exchanges would enable a vendor to 

receive the underlying data feeds and 

offer a similar product on a competitive 

basis and with no greater cost than the 

Exchange. 

Non-Substantive Change to the 

Description of the BATS One Enterprise 

Fee 

The proposal to amend the 

description of the Enterprise fee within 

the fee schedule will not have any 

impact on completion [sic]. The 

proposed changes are designed to clarify 

the fee schedule and avoid potential 

investor confusion and do not amend 

the amount or application of the BATS 

One Enterprise fee. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange has neither solicited 

nor received written comments on the 

proposed rule change. 

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 33 and paragraph (f) of Rule 

19b–4 thereunder.34 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: 

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– 

EDGX–2015–14 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Brent J. Fields, Secretary, Securities 

and Exchange Commission, 100 F Street 

NE., Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–EDGX–2015–14. 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 20549–1090, 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 

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–EDGX– 

2015–14, and should be submitted on or 

before April 23, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.35

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–07522 Filed 4–1–15; 8:45 am] 

BILLING CODE CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[File No. 500–1] 

In the Matter of Urban AG Corp.; Order 

of Suspension of Trading 

March 31, 2015. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Urban AG 

Corporation (‘‘Urban AG’’) because it 

has not filed a periodic report since it 

filed its Form 10–Q for the period 

ending September 30, 2013, filed on 


tkelley on DSK3SPTVN1PROD with NOTICES
17808 Federal Register / Vol. 80, No. 63 / Thursday, April 2, 2015 / Notices 

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

2 17 CFR 240.19b–4. 

3On March 13, 2015, OCC formally withdrew the 

proposed rule change filed as SR–OCC–2014–22, as 

modified by Amendment No. 1 and Amendment 

No. 2 thereto, the substance of which OCC has 

refiled as SR–OCC–2015–009. 

4 ‘‘Financial Resources’’ means, with respect to a 

projected loss attributable to a particular Clearing 

Member or Clearing Member Group, as defined 

below, the sum of the margin deposits (less any 

excess margin a Clearing Member or Clearing 

Member Group may have on deposit at OCC) and 

deposits in lieu of margin in respect of such 

Clearing Members’ or Clearing Member Groups’ 

accounts, and the value of OCC’s Clearing Fund, 

including both the Base Amount, as defined below, 

and the prudential margin of safety, as discussed 

below. 

5 ‘‘Clearing Member Group’’ means a Clearing 

Member and any affiliated entities that control, are 

controlled by or are under common control with 

such Clearing Member. See OCC By-Laws, Article 

I, Sections 1.C.(15) and 1.M(11). 

6This proposed rule filing has also been filed as 

an advance notice filing (SR–OCC–2014–811). 

7The procedures described herein would be in 

effect until the development of a new standard 

Clearing Fund sizing methodology. Following such 

development, which will include a quantitative 

approach to calculating the ‘‘prudential margin of 

safety,’’ as discussed below, OCC will file a separate 

rule change and advance notice with the 

Commission that will include a description of the 

new methodology as well as a revised Monthly 

Clearing Fund Sizing Procedure. 

8On October 16, 2014, OCC filed an emergency 

notice with the Commission to suspend the 

effectiveness of the second sentence of Rule 

1001(a). See Securities Exchange Act Release No. 

73579 (November 12, 2014), 79 FR 68747 

(November 18, 2014) (SR–OCC–2014–807). On 

November 13, 2014, OCC filed SR–OCC–2014–21 

with the Commission to delete the second sentence 

of Rule 1001(a), preserving the suspended 

effectiveness of that sentence until such time as the 

Commission approves or disapproves SR–OCC– 

2014–21. See Securities Exchange Act Release No. 

73685 (November 25, 2014) 79 FR 71479 (December 

2, 2014) (SR–OCC–2014–21). 

9See Rule 1001(a). 

10OCC also has submitted an advance notice that 

would provide greater detail concerning conditions 

under which OCC would increase the size of the 

Clearing Fund intra-month. The change would 

permit an intra-month increase in the event that the 

five-day rolling average of projected draws are 

150% or more of the Clearing Fund’s then current 

size. See Securities Exchange Act Release No. 72804 

(August 11, 2014), 79 FR 48276 (August 15, 2014) 

(SR–OCC–2014–804). 

November 19, 2013. Urban AG’s 

common stock (ticker ‘‘AQUM’’) is 

quoted on OTC Link (previously ‘‘Pink 

Sheets’’) operated by OTC Markets 

Group, Inc. 

The Commission is of the opinion that 

the public interest and the protection of 

investors require a suspension of trading 

in the securities of Urban AG. 

Therefore, it is ordered, pursuant to 

Section 12(k) of the Securities Exchange 

Act of 1934, that trading in the 

securities of Urban AG is suspended for 

the period from 9:30 a.m. EDT on March 

31, 2015, through 11:59 p.m. EDT on 

April 14, 2015. 

By the Commission. 

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2015–07672 Filed 3–31–15; 4:15 pm] 

BILLING CODE CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74603; File No. SR–OCC– 

2015–009] 

Self-Regulatory Organizations; The 

Options Clearing Corporation; Notice 

of Filing of a Proposed Rule Change 

To Establish Procedures Regarding 

the Monthly Resizing of its Clearing 

Fund and the Addition of Financial 

Resources 

March 27, 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 13, 

2015, The Options Clearing Corporation 

(‘‘OCC’’) 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 by OCC.3 The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Clearing Agency’s Statement of the 

Terms of Substance of the Proposed 

Rule Change 

OCC proposes to establish procedures 

regarding the monthly resizing of its 

Clearing Fund and the addition of 

financial resources through intra-day 

margin calls and/or an intra-month 

increase of the Clearing Fund to ensure 

that it maintains adequate financial 

resources in the event of a default of a 

Clearing Member or group of affiliated 

Clearing Members presenting the largest 

exposure to OCC. 

II. Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

In its filing with the Commission, 

OCC 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. OCC has prepared 

summaries, set forth in sections (A), (B), 

and (C) below, of the most significant 

aspects of these statements. 

(A) Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

1. Purpose 

The proposed rule change is intended 

to describe the situations in which OCC 

would exercise authority under its Rules 

to ensure that it maintains adequate 

Financial Resources 4 in the event that 

stress tests reveal a default of the 

Clearing Member or Clearing Member 

Group 5 presenting the largest exposure 

would threaten the then-current 

Financial Resources. This proposed rule 

change would establish procedures 

governing: (i) OCC’s resizing of the 

Clearing Fund on a monthly basis 

pursuant to Rule 1001(a) (the ‘‘Monthly 

Clearing Fund Sizing Procedure’’); and 

(ii) the addition of Financial Resources 

through an intra-day margin call on one 

or more Clearing Members under Rule 

609 and, if necessary, an intra-month 

increase of the Clearing Fund pursuant 

to Rule 1001(a) (the ‘‘Financial Resource 

Monitoring and Call Procedure’’).6 The 

Monthly Clearing Fund Sizing 

Procedure would permit OCC to 

determine the size of the Clearing Fund 

by relying on a broader range of sound 

risk management practices than those 

historically used under Rule 1001(a).7

The Financial Resource Monitoring and 

Call Procedure would require OCC to 

collect additional Financial Resources 

in certain circumstances, establish how 

OCC calculates and collects such 

resources and provide the timing by 

which such resources would be required 

to be deposited by Clearing Members. 

Background 

OCC monitors the sufficiency of the 

Clearing Fund on a daily basis but, prior 

to emergency action taken on October 

16, 2014,8 OCC had no express authority 

to increase the size of the Clearing Fund 

on an intra-month basis.9 During 

ordinary course daily monitoring on 

October 15, 2014, and as a result of 

increased volatility in the financial 

markets in October 2014, OCC 

determined that the Financial Resources 

needed to cover the potential loss 

associated with a default of the Clearing 

Member or Clearing Member Group 

presenting the largest exposure could 

have exceeded the Financial Resources 

then available to apply to such a default. 

To permit OCC to increase the size of 

its Clearing Fund prior to the next 

monthly resizing that was scheduled to 

take place on the first business day of 

November 2014, OCC’s Executive 

Chairman, on October 16, 2014, 

exercised certain emergency powers as 

set forth in Article IX, Section 14 of 

OCC’s By-Laws 10 to waive the 

effectiveness of the second sentence of 

Rule 1001(a), which states that OCC will 


tkelley on DSK3SPTVN1PROD with NOTICES