Federal Register / Vol. 73, No. 153 / Thursday, August 7, 2008 / Notices 46133 

6 15 U.S.C. 78f. 

7 15 U.S.C. 78f(b)(4). 

8 15 U.S.C. 78s(b)(3)(A)(ii). 

9 17 CFR 240.19b–4(f)(2). 

10 17 CFR 200.30–3(a)(12). 

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

of fees applicable on prior trading days 

in order to permit members to 

understand and evaluate their invoices 

from Nasdaq. 

Nasdaq believes that these routing 

fees and the proposed approach to 

displaying them are competitive, fair 

and reasonable, and non-discriminatory 

in that they replicate the fees assessed 

by away markets executing orders 

routed from Nasdaq. Nasdaq believes 

that displaying its fees on a wellpublicized and accessible Web site and 

maintaining an historical record of fee 

changes will provide sufficient 

transparency for Nasdaq members that 

voluntarily choose to use Nasdaq 

systems to route orders in standardized 

options. 

2. Statutory Basis 

Nasdaq believes that the proposed 

rule change is consistent with the 

provisions of Section 6 of the Act,6 in 

general, and with Section 6(b)(4) of the 

Act,7 in particular, in that it provides for 

the equitable allocation of reasonable 

dues, fees and other charges among 

members and issuers and other persons 

using any facility or system which 

Nasdaq operates or controls. 

Nasdaq is one of seven options market 

in the national market system for 

standardized options. Joining Nasdaq 

and electing to trade options is entirely 

voluntary. Under these circumstances, 

Nasdaq’s fees must be competitive and 

low in order for Nasdaq to attract order 

flow, execute orders, and grow as a 

market. The various exchanges have 

filed these fees with the Commission 

and it is reasonable for Nasdaq to pass 

those fees through to its members. As 

such, Nasdaq believes that its fees are 

fair and reasonable and consistent with 

the Exchange Act. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

Nasdaq 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. 

To the contrary, Nasdaq has designed its 

fees to compete effectively for the 

execution and routing of options 

contracts and to reduce the overall cost 

to investors of options trading. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants or Others 

Written comments were neither 

solicited nor received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Pursuant to Section 19(b)(3)(A)(ii) of 

the Act 8 and Rule 19b–4(f)(2) 

thereunder,9 Nasdaq has designated this 

proposal as establishing or changing a 

due, fee, or other charge applicable only 

to members, which renders the 

proposed rule change effective upon 

filing. Nasdaq will make the proposed 

pricing schedule operational on August 

1, 2008. 

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission may summarily abrogate 

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 e-mail to rulecomments@sec.gov. Please include File 

Number SR-NASDAQ–2008–066 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, Station Place, 100 F Street, 

NE., Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NASDAQ–2008–066. This 

file number should be included on the 

subject line if e-mail 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 inspection and copying 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 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 publicly available. All 

submissions should refer to File 

Number SR–NASDAQ–2008–066 and 

should be submitted on or before 

August 28, 2008 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–18159 Filed 8–6–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58258; File No. SR–OCC–

2008–12] 

Self-Regulatory Organizations; The 

Options Clearing Corporation; Notice 

of Filing and Order Granting 

Accelerated Approval of a Proposed 

Rule Change Relating to CrossMargining 

July 30, 2008. 

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

Securities Exchange Act of 1934,1 notice 

is hereby given that on June 10, 2008, 

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 primarily by OCC. 

The Commission is publishing this 

notice and order to solicit comments on 

the proposed rule change from 

interested persons and to grant 

accelerated approval of the proposal. 

I. Self-Regulatory Organization’s 

Statement of the Terms of the Substance 

of the Proposed Rule Change 

The proposed rule change would 

amend OCC Rule 705 to add shares of 

money market funds as a form of 

collateral that may be deposited and 

recognized with respect to cross-margin 

(‘‘XM’’) accounts. In addition, the 

proposed rule change revises the crossVerDate Aug<31>2005 16:49 Aug 06, 2008 Jkt 214001 PO 00000 Frm 00197 Fmt 4703 Sfmt 4703 E:\FR\FM\07AUN1.SGM 07AUN1

sroberts on PROD1PC70 with NOTICES
46134 Federal Register / Vol. 73, No. 153 / Thursday, August 7, 2008 / Notices 

2Rules Relating to Intermediaries of Commodity 

Interest Transactions, 65 FR 77993 (Dec. 13, 2000). 

OCC estimates that MMF shares account for 

approximately 30% of the performance bond 

deposits at the two largest futures clearinghouses, 

CME and the New York Mercantile Exchange. 

3Securities Exchange Act Release No. 47599 

(Mar. 31, 2003), 68 FR 16849 (Apr. 7, 2003). 

4Presently, OCC maintains XM programs with the 

CME, The Clearing Corporation (‘‘CCorp’’) and ICE 

Clear U.S., Inc. (‘‘ICE Clear’’). However, there is 

currently no clearing member participating in the 

OCC/CCorp XM program. If that XM program 

becomes active again in the future and there is 

interest in MMF Shares as a form of margin 

collateral, OCC would then file with the 

Commission a proposed rule change to amend the 

OCC/CCorp XM agreement to include MMF Shares. 

OCC and ICE Clear have determined to defer 

including MMF Shares in their XM program until 

the clearing organizations have determined that 

there is clearing member interest in using such 

collateral. Because MMF Shares will not be an 

allowable form of collateral in all OCC XM 

programs, Rule 705 has been amended to provide 

that forms of margin collateral must be mutually 

acceptable to OCC and each participating CCO. This 

requirement is currently applied to deposits of 

common stock. 

5The Amended and Restated Cross-Margining 

Agreement (‘‘New Agreement’’) is attached to OCC’s 

rule filing as Exhibit 5A. From 1997 to 2004, NYCC 

(now known as ICE Clear, U.S., Inc.) participated 

in a trilateral XM program with OCC and CME. See 

Securities Exchange Act Release No. 38584 (May 8, 

1997), 62 FR 26602 (May 14, 1997) (order approving 

a cross-margining agreement among OCC, CME, and 

the Commodity Clearing Corporation). The 

agreement governing this trilateral XM also sets 

forth the terms and conditions governing the 

current bilateral program between OCC and CME. 

6OCC’s criteria for accepting deposits of MMF 

shares as margin are set forth in OCC Rule 604(b)(3). 

This rule, among other things, establishes 

concentration, control, and valuation standards 

governing money market fund shares. 

margining agreement between OCC and 

the Chicago Mercantile Exchange, Inc., 

(‘‘CME’’) to reflect the allowance of 

money market fund shares as acceptable 

collateral. 

II. Self-Regulatory Organization’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 such statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

OCC Rule 705 specifies the forms of 

collateral that may be deposited with 

respect to cross-margin (‘‘XM’’) accounts 

to meet required margin. Such forms of 

collateral currently include cash, 

government securities, government 

sponsored debt securities, letters of 

credit, and, if mutually acceptable to the 

XM clearing organizations, common 

stock. OCC staff regularly reviews these 

forms of collateral with an approach of 

determining a suitable balance between 

its clearing members’ desire for a 

diverse combination of readily-available 

and cost-effective financial instruments 

and OCC’s interest to access financial 

instruments that are relatively stable in 

value and easily converted to cash. 

Based on such a review, OCC is 

proposing to expand the forms of 

margin collateral acceptable for XM 

accounts to include shares in money 

market funds (‘‘MMF Shares’’). 

MMF Shares have been increasingly 

used to collateralize accounts at futures 

clearinghouses following the December 

2000 amendments to Commodity 

Futures Trading Commission Regulation 

1.25, which allow a futures commission 

merchant or a derivatives clearing 

organization to invest segregated funds 

in money market funds.2 OCC has 

accepted MMF Shares as collateral for 

several years.3 XM participants 

therefore desire to hypothecate shares in 

such funds as margin for their XM 

accounts as well. 

Under the rule change, the underlying 

money market funds will be required to 

continuously meet the qualification 

standards of both OCC and the 

participating Commodity Clearing 

Organization (‘‘CCO’’) and will be 

valued at the lowest value given to 

MMF Shares under OCC’s or the CCO’s 

rules. Initially, OCC proposes to permit 

MMF Shares to be deposited as 

collateral in connection with its XM 

program with CME.4 Operationally, the 

shares will be transferred into an 

account held with the fund issuer that 

will be jointly controlled by OCC and 

CME for purposes of perfecting their 

security interest in deposited shares. 

Clearing members will request the 

purchase of money market mutual fund 

shares from either OCC or CME. The 

shares will be jointly purchased by the 

clearinghouses using the funds of the 

requesting clearing member(s) that have 

been drafted from the bank account 

established in respect of the applicable 

cross-margining account (i.e., 

proprietary or segregated funds 

account). These shares will then be 

deposited in an account jointly 

controlled by OCC and the CME, and 

the clearing member(s) will receive 

margin credit for the collateral value 

less the applicable haircut of the shares 

purchased. Shares will be redeemed for 

cash from the fund issuer upon the 

instruction of either (i) the clearing 

member(s), with the proceeds being 

returned to the appropriate bank 

account, or (ii) the clearing 

organizations, upon the suspension of 

the clearing member(s) with proceeds 

being deposited into the appropriate 

liquidating settlement account for 

distribution in accordance with the XM 

agreement between OCC and CME. 

To permit the use of MMF Shares as 

a form of margin once all necessary 

regulatory approvals are obtained, OCC 

and CME have amended and restated 

their Cross-Margining Agreement 

(‘‘Original Agreement’’), which also has 

been updated to reflect the withdrawal 

in 2004 of the New York Clearing 

Corporation (‘‘NYCC’’) as a party 

thereto.5 With the elimination of NYCC 

as a party to the Original Agreement, the 

New Agreement accommodates the 

current OCC/CME bilateral crossmargining program but no longer 

provides for a trilateral cross-margining 

program. Other significant differences 

between the Original Agreement and the 

New Agreement are as follows. 

Section 1 of the New Agreement 

contains definitional terms. Section 1 

has been modified to add a definitional 

term for MMF Shares (Section 1(q)) and 

to revise other definitions to reflect the 

bilateral nature of the OCC/CME XM 

program. As defined, MMF Shares refer 

to shares in a money market fund that 

meet the requirements established 

under OCC’s and CME’s rules.6

References to NYCC have been 

eliminated from all the definition 

provisions and throughout the crossmargining agreement. The term 

‘‘Carrying Clearing Organization’’ has 

been eliminated as unnecessary. The 

terms ‘‘Pair of Non-Proprietary X–M 

Accounts’’ and ‘‘Pair of X–M Accounts,’’

respectively, have replaced the terms 

‘‘Sets of Non-Proprietary X–M 

Accounts’’ and ‘‘Sets of Proprietary X–

M Accounts’’ (Sections 1(s) and (w)) in 

order to reflect the bilateral nature of the 

OCC/CME XM program. Changes 

reflecting the deletion of the terms 

‘‘Carrying Clearing Organization,’’ ‘‘Sets 

of Non-Proprietary X–M Accounts,’’ and 

‘‘Sets of Proprietary X–M Accounts’’

have been made throughout the New 

Agreement. The definition of ‘‘Market 

Professional’’ (Section 1(p)) has been 

revised to eliminate references to NYFE 

members, which is the former name of 

the market for which NYCC provides 

clearing services. Other than referencing 

pairs of XM accounts, as applicable, no 

substantive changes have been made to 

Sections 2, 3, and 4. Section 5, which 

relates to the calculation of margin, is 

also substantively unchanged other than 


sroberts on PROD1PC70 with NOTICES
Federal Register / Vol. 73, No. 153 / Thursday, August 7, 2008 / Notices 46135 

7Proposed Section 6(a) and (b). 

8 Id. 

9Proposed Section 7(a) and (b). 

10Proposed Section 7(d). 

11Proposed Section 8(d) and (f). 

12Proposed Section 8(c). 

13Proposed Section 13(a), (b), and (c). 

14See Securities Exchange Act Release No. 57118 

(Jan. 9, 2008), 73 FR 2970 (Jan. 16, 2008) (order 

approving the cross-margining agreement between 

OCC and ICE Clear U.S., Inc.). 15 15 U.S.C. 78q–1. 

the deletion of an unnecessary provision 

regarding NYCC’s election to use the 

margin calculation produced by the 

designated clearing organization’s 

margin system. 

Section 6 relates to the forms and 

method of holding initial margin. As 

revised, Section 6 permits the deposit of 

MMF Shares as a form of initial margin 

and requires such shares to be held for 

the joint benefit of the clearing 

organizations on the books of the 

issuing fund or its agent or in such other 

manner as mutually agreed upon by the 

clearing organizations.7 Unnecessary 

references to the CME acting as NYCC’s 

agent for the purpose of executing 

instructions to release forms of 

collateral from deposit have been 

deleted.8

Section 7 describes daily settlement 

procedures, which are subject to joint 

coordination and authorization. 

References to the CME acting as NYCC’s 

agent for purposes of authorizing fund 

transfers and other provisions relating to 

trilateral cross-margining have been 

deleted.9 The time at which the Clearing 

Organizations are to share position and 

other related information to the XM 

accounts has been advanced to 1 a.m. 

(Central Time) from 3 a.m. (Central 

Time).10

Section 8 concerns the suspension 

and liquidation of one or more XM 

clearing members. Section 8 has been 

modified to eliminate the loss or surplus 

sharing provisions that were effective in 

the event NYCC was a Carrying Clearing 

Organization in respect of an XM 

account, leaving in place terms that 

provide for equal loss or surplus sharing 

subject to the limitation that sharing in 

a surplus by a clearing organization for 

purposes of covering its other losses 

experienced is capped at an amount 

equal to such other losses.11 In addition, 

Section 8 has been amended to provide 

that OCC and CME would demand 

immediate payment of any letter of 

credit deposited as margin unless both 

agreed not to take such action. 

Provisions that permitted the clearing 

organizations to defer drawing on a 

letter of credit on receipt of satisfactory 

written assurances from the issuing 

bank extending its irrevocable 

commitment under the letter have been 

deleted in favor of the formulation 

described in the preceding sentence.12

No substantive changes have been made 

to Sections 9 through 12. 

Section 13 concerns the termination 

of the New Agreement. Provisions that 

specifically related to termination by 

NYCC have been deleted.13 Proposed 

Section 13, paragraph (d), which 

concerns the treatment of collateral 

deposited as margin on termination, has 

been modified to provide for the return 

of deposited MMF Shares to the 

depositing clearing member. No 

substantive changes have been made to 

Section 14. Section 15, which addresses 

information sharing, has been modified 

to reflect the OCC/ICE Clear XM 

Agreement other than as it relates to use 

of a recorded phone line for providing 

notices pursuant to Section 15.14 No 

substantive changes have been made to 

Sections 16 and 17. OCC states that any 

other changes made to the XM 

Agreement not specifically described 

above are not material in nature and 

therefore were not described in this 

narrative of the proposed rule change. 

In addition to Exhibit 5A, the 

following are attached as exhibits to the 

proposed rule change filing: 

Exhibit Name 

EXHIBIT 5B ...... Proprietary Cross-Margin 

Account Agreement and 

Security Agreement 

(Joint Clearing Member). 

EXHIBIT 5C ...... Proprietary Cross-Margin 

Account Agreement and 

Security Agreement (Affiliated Clearing Members). 

EXHIBIT 5D ...... Non-Proprietary CrossMargin Account Agreement and Security 

Agreement (Joint Clearing Member). 

EXHIBIT 5E ...... Non-Proprietary CrossMargin Account Agreement and Security 

Agreement (Affiliated 

Clearing Members). 

EXHIBIT 5F ...... Market Professional’s 

Agreement for CrossMargining (Joint Clearing 

Member). 

EXHIBIT 5G ...... Market Professional’s 

Agreement for CrossMargining (Affiliated 

Clearing Members). 

These forms of agreements have been 

slightly modified from the forms 

currently used in OCC/CME crossmargining. Modifications include: (i) 

Deleting provisions and terminology 

(e.g., ‘‘Carrying Clearing Organization’’) 

that were applicable to trilateral crossmargining, (ii) reflecting the definition 

of ‘‘market professional’’ as used in the 

New Agreement, and (iii) eliminating 

the requirement that clearing members 

and market professionals furnish the 

clearing organizations with financing 

statements relating to positions, 

collateral and property maintained with 

respect to accounts subject to crossmargining. The adoption by all 50 states 

of revisions to Articles 8 and 9 of the 

Uniform Commercial Code (‘‘UCC’’) has 

eliminated the need to obtain financing 

statements that were required to perfect 

security interests in futures and options 

under earlier versions of those Articles. 

OCC states that the proposed rule 

change is consistent with the purposes 

and requirements of Section 17A of the 

Act 15 because it updates the (i) forms of 

collateral that are currently permitted to 

be deposited with respect to XM 

accounts under the OCC/CME crossmargining program to include MMF 

Shares, a form of collateral currently 

permitted by both clearing organizations 

to be deposited with respect to accounts 

other than cross-margin accounts; and 

(ii) documents used in connection with 

OCC/CME cross-margining. Crossmargining enhances the safety of the 

clearing system while providing lower 

clearing margin costs to participants. 

Expanding acceptable collateral for 

cross-margin accounts should encourage 

their use and is therefore beneficial to 

the clearing system and its participants. 

Updating the documents governing the 

OCC/CME cross-margining program 

provides greater clarity and certainty 

with respect to the program’s operation. 

Moreover, OCC states that the proposed 

rule change is not inconsistent with 

OCC’s by-laws and rules, including any 

proposed to be amended. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

OCC does not believe that the 

proposed rule change would impose any 

burden on competition. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants or Others 

Written comments were not and are 

not intended to be solicited with respect 

to the proposed rule change and none 

have been received. 


sroberts on PROD1PC70 with NOTICES
46136 Federal Register / Vol. 73, No. 153 / Thursday, August 7, 2008 / Notices 

16 15 U.S.C. 78q–1(b)(3)(F). 

17 15 U.S.C. 78s(b)(2). 

18 15 U.S.C. 78q–1. 

19 15 U.S.C. 19s(b)(2). 

20 In approving the proposed rule change, the 

Commission considered the proposal’s impact on 

efficiency, competition and capital formation. 15 

U.S.C. 78c(f). 

21 17 CFR 200.30–3(a)(12). 

III. Commission’s Findings and Order 

Granted Accelerated Approval of the 

Proposed Rule Change 

Section 17A(b)(3)(F) of the Act 16

requires the rules of a clearing agency to 

assure the safeguarding of securities and 

funds that are in the custody or control 

of the clearing agency or for which it is 

responsible. The Commission believes 

the proposal is consistent with this 

requirement because money market 

fund shares are already an acceptable 

form of margin asset that may be 

deposited at OCC and are subject to 

OCC’s prudent controls. Moreover, the 

use of money market fund shares for 

cross-margining purposes should further 

diversify the portfolio of assets that may 

be deposited to collateralize crossmargin accounts thereby enhancing 

OCC’s ability to access financial 

instruments that are relatively liquid 

and stable in value. Accordingly, the 

proposed rule change should not affect 

OCC’s ability to assure the safeguarding 

of securities and funds in its custody or 

control or for which it is responsible. 

Pursuant to section 19(b)(2) of the 

Act,17 OCC has requested the 

Commission to approve the proposed 

rule change prior to the thirtieth day 

after the date of publication of notice of 

the filing. The Commission finds good 

cause for approving because the new 

OCC/CME cross-margining program is 

based on and is substantially similar to 

other cross-margining programs that the 

Commission has approved and because 

such approval will allow OCC to 

implement the new program in late July 

pursuant to its implementation 

schedule. 

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 e-mail to rulecomment@sec.gov. Please include File 

No. SR–OCC–2008–12 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 No. 

SR–OCC–2008–12. This file number 

should be included on the subject line 

if e-mail 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 inspection and copying 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. to 3 p.m. 

Copies of such filing also will be 

available for inspection and copying at 

OCC’s principal office and on OCC’s 

Web site at http://www.theocc.com/ 

publications/rules/proposed_changes/ 

proposed_changes.jsp. 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 No. OCC–2008–12 

and should be submitted on or before 

August 28, 2008. 

V. Conclusion 

On the basis of the foregoing, the 

Commission finds that the proposed 

rule change is consistent with the 

requirements of the Act and in 

particular section 17A of the Act 18 and 

the rules and regulations thereunder. 

It is therefore ordered, pursuant to 

section 19(b)(2) of the Act,19 that the 

proposed rule change (SR–OCC–2008–

12) be, and it hereby is, approved on an 

accelerated basis.20

For the Commission by the Division of 

Trading and Markets, pursuant to delegated 

authority.21

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–18237 Filed 8–6–08; 8:45 am] 

BILLING CODE 8010–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

Newark Liberty International Airport 

Slots; Request for Bids 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Notice of availability. 

SUMMARY: The FAA plans to auction a 

lease for a package of slots at Newark 

Liberty International Airport on 

September 3, 2008. If you are interested 

in participating in the auction, 

commenting on the planned auction 

procedures or draft lease terms, you will 

be able to find additional information 

and procedures for providing comments 

at http://faaco.faa.gov. 

FOR FURTHER INFORMATION CONTACT: Mr. 

Jeffrey Wharff, Federal Aviation 

Administration, Office of Aviation 

Policy and Plans, 800 Independence 

Avenue, SW., Washington, DC 20591; 

telephone: 202 267–3274; His e-mail is 

Jeffrey.Wharff@FAA.gov. 

Issued in Washington, DC, on August 5, 

2008. 

Nan Shellabarger, 

Acting Deputy Assistant Administrator for 

Policy, Planning, and Environment. 

[FR Doc. E8–18356 Filed 8–6–08; 8:45 am] 

BILLING CODE 4910–13–P 


sroberts on PROD1PC70 with NOTICES