Federal Register / Vol. 80, No. 72 / Wednesday, April 15, 2015 / Notices 20271 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(4)(ii). 

5Staff has not altered any part of this paragraph 

even though the dates referenced in this paragraph 

have passed. 

Frequency of Use: One per investor 

per project. 

Type of Respondents: Business or 

other institution (except farms); 

individuals. 

Standard Industrial Classification 

Codes: All. 

Description of Affected Public: U.S. 

companies or citizens investing 

overseas. 

Reporting Hours: 150 hours (2 hours 

per response). 

Number of Responses: 75 per year. 

Federal Cost: $11,572. 

Authority for Information Collection: 

Sections 231, 234(a), 239(d), and 240A 

of the Foreign Assistance Act of 1961, 

as amended. 

Abstract (Needs and Uses): The 

application is the principal document 

used by OPIC to determine the 

investor’s and the project’s eligibility for 

political risk insurance and collect 

information for underwriting analysis. 

Dated: April 6, 2015. 

Nichole Cadiente, 

Administrative Counsel, Department of Legal 

Affairs. 

[FR Doc. 2015–08609 Filed 4–14–15; 8:45 am] 

BILLING CODE 3210–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74689; File No. SR–CME– 

2015–012] 

Self-Regulatory Organizations; 

Chicago Mercantile Exchange Inc.; 

Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Change To Facilitate Acceptance of a 

New Credit Default Swap Index 

Product Series 

April 9, 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 31, 

2015, Chicago Mercantile Exchange Inc. 

(‘‘CME’’) filed with the Securities and 

Exchange Commission (‘‘Commission’’) 

the proposed rule change described in 

Items I, II and III, below, which Items 

have been primarily prepared by CME. 

CME filed the proposed rule change 

pursuant to Section 19(b)(3)(A) of the 

Act,3 and Rule 19b–4(f)(4)(ii) 4

thereunder, so that the proposed rule 

change 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 series of 

CDS indexes available for clearing and 

the deletion of the series whose 

termination dates have passed. 

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 (‘‘DCO’’) with the 

Commodity Futures Trading 

Commission (‘‘CFTC’’) and offers 

clearing services for many different 

futures and swaps products, including 

certain credit default swap index 

products. Currently, CME offers clearing 

of the Markit CDX North American 

Investment Grade Index Series 9, 10, 11, 

12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22 

and 23. CME also offers clearing of the 

Markit CDX North American High Yield 

Index Series 11, 12, 13, 14, 15, 16, 17, 

18, 19, 20, 21, 22 and 23. 

The proposed rule change would 

expand CME’s Markit CDX North 

American Investment Grade (‘‘CDX IG’’) 

Index and Markit CDX North American 

High Yield (‘‘CDX HY’’) Index product 

offerings by incorporating the upcoming 

Series 24 for both sets of index 

products. 

In addition to the changes to expand 

CME’s CDX offering, CME also proposes 

to remove from the current list of 

accepted CDX indices certain products 

whose termination dates have passed. 

These products are set forth in the 

following table: 

CDX index Series 

Termination date 

(scheduled termination 

date) 

CDX North American Investment Grade (CDX.NA.IG) ...................................................................... 9 20 Dec 2014. 

CDX North American Investment Grade (CDX.NA.IG) ...................................................................... 13 20 Dec 2014. 

CDX North American Investment Grade (CDX.NA.IG) ...................................................................... 17 20 Dec 2014. 

CDX North American High Yield (CDX.NA.HY) ................................................................................. 13 20 Dec 2014. 

Although these changes will be 

effective on filing, CME plans to 

operationalize the proposed changes as 

follows: CDX IG 24 will become 

available for clearing on March 20, 2015 

and CDX HY 24 will become available 

for clearing on March 27, 2015; the 

product deletions would be effective 

immediately.5

The change that is described in this 

filing is limited to CME’s business as a 

DCO clearing products under the 

exclusive jurisdiction of the CFTC and 

do not materially impact CME’s 

security-based swap clearing business in 

any way. CME notes that it has also 

certified the proposed rule change that 

is the subject of this filing to its primary 

regulator, the CFTC, in a separate filing, 

CME Submission 15–100. 


tkelley on DSK3SPTVN1PROD with NOTICES
20272 Federal Register / Vol. 80, No. 72 / Wednesday, April 15, 2015 / Notices 

6 15 U.S.C. 78q–1. 

7 15 U.S.C. 78q–1(b)(3)(F). 

8 15 U.S.C. 78q–1. 

9 15 U.S.C. 78s(b)(3)(A). 

10 17 CFR 240.19b–4(f)(4)(ii). 

11 15 U.S.C. 78s(b)(3)(A). 

12 17 CFR 240.19b–4(f)(4)(ii). 13 17 CFR 200.30–3(a)(12). 

CME believes the proposed rule 

change is consistent with the 

requirements of the Act, including 

Section 17A of the Act.6 The proposed 

rule change would expand CME’s CDX 

IG and CDX HY product offerings by 

incorporating the upcoming Series 24 

for both sets of index products and 

would therefore provide investors with 

an expanded range of derivatives 

products for clearing and would also 

remove certain products whose 

termination dates have passed. As such, 

the proposed rule change is designed to 

promote the prompt and accurate 

clearance and settlement of securities 

transactions and, to the extent 

applicable, derivatives agreements, 

contracts, and transactions, to assure the 

safeguarding of securities and funds 

which are in the custody or control of 

the clearing agency or for which it is 

responsible, and, in general, to protect 

investors and the public interest 

consistent with Section 17A(b)(3)(F) of 

the Act.7

Furthermore, the proposed rule 

change is limited to CME’s futures and 

swaps clearing businesses, which means 

it is limited in its effect to products that 

are under the exclusive jurisdiction of 

the CFTC. As such, the proposed rule 

change is limited to CME’s activities as 

a DCO clearing futures that are not 

security futures and swaps that are not 

security-based swaps. CME notes that 

the policies of the CFTC with respect to 

administering the Commodity Exchange 

Act are comparable to a number of the 

policies underlying the Act, such as 

promoting market transparency for overthe-counter derivatives markets, 

promoting the prompt and accurate 

clearance of transactions and protecting 

investors and the public interest. 

Because the proposed rule change is 

limited in its effect to CME’s futures and 

swaps clearing businesses, the proposed 

rule change is properly classified as 

effecting a change in an existing service 

of CME that: 

(a) Primarily affects the clearing 

operations of CME with respect to 

products that are not securities, 

including futures that are not security 

futures, swaps that are not securitybased swaps or mixed swaps; and 

forwards that are not security forwards; 

and 

(b) does not significantly affect any 

securities clearing operations of CME or 

any rights or obligations of CME with 

respect to securities clearing or persons 

using such securities-clearing service. 

As such, the proposed rule change is 

therefore consistent with the 

requirements of Section 17A of the Act 8

and are properly filed under Section 

19(b)(3)(A) 9 and Rule 19b–4(f)(4)(ii) 10

thereunder. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

CME does not believe that the 

proposed rule change will have any 

impact, or impose any burden, on 

competition. The proposed rule change 

simply facilitates the offering of two 

new series of credit default swap index 

products and deletes certain products 

whose termination dates have passed. 

Further, the proposed rule change is 

limited to CME’s futures and swaps 

clearing businesses and, as such, does 

not affect the security-based swap 

clearing activities of CME in any way 

and therefore does not impose any 

burden on competition that is 

inappropriate 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 

CME has not solicited, and does not 

intend to solicit, comments regarding 

this proposed rule change. CME has not 

received any unsolicited written 

comments from 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) 11 of the Act and paragraph 

(f)(4)(ii) of Rule 19b–4 12 thereunder. 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 No. SR– 

CME–2015–012 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE., 

Washington, DC 21049–1090. 

All submissions should refer to File 

Number SR–CME–2015–012. 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 or 

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 CME and on CME’s Web site at 

http://www.cmegroup.com/marketregulation/rule-filings.html. 

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–CME–2015–012 and should 

be submitted on or before May 6, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–08544 Filed 4–14–15; 8:45 am] 

BILLING CODE 8011–01–P 


tkelley on DSK3SPTVN1PROD with NOTICES