64640 Federal Register / Vol. 79, No. 210 / Thursday, October 30, 2014 / Notices 

1 17 CFR 240.9b–1. 

2The Commission initially reviewed the ODD in 

1984. See Securities Exchange Act Release No. 

21365 (October 2, 1984), 49 FR 39400 (October 5, 

1984) (File No. SR–ODD–84–1). Since then, the 

Commission has reviewed several amendments to 

the ODD. See, e.g., Securities Exchange Act Release 

Nos. 51124 (February 2, 2005), 70 FR 6740 

(February 8, 2005) (File No. SR–ODD–2004–03) 

(amending the ODD to reflect, among other things, 

the name change from the S&P/TSE 60 Index to the 

S&P/TSX 60 Index and to add an Annex to the ODD 

setting forth the holidays and early closings of the 

Bourse de Montre ́al,); 44333 (May 21, 2001), 66 FR 

29193 (May 29, 2001) (File No. SR–ODD–00–04) 

(amending the ODD to reflect, among other things, 

changes to the structure of the Canadian equity 

markets and to provide a discussion of Enhanced 

Capital Marketing); 37569 (August 14, 1996), 61 FR 

43281 (August 21, 1996) (File No. SR–ODD–96–01) 

(amending the ODD to reflect, among other things, 

the name change from TCO to CDCC); 29033 (April 

1, 1991), 56 FR 14407 (April 9, 1991) (File No. SR– 

ODD–91–1) (amending the ODD to include, among 

other things, references to Toronto Stock Exchange 

35 Composite Index options); 24480 (May 19, 1987), 

52 FR 20179 (May 29, 1987) (File No. SR–ODD–87– 

2) (amending the ODD to include, among other 

things, a discussion of Government of Canada 

Treasury Bill Price Index options); 22349 (August 

21, 1985), 50 FR 34956 (August 28, 1985) (File No. 

SR–ODD–85–1) (amending the ODD to include, 

among other things, a discussion of the risks and 

uses of stock index and bond options); 51124 

(February 1, 2005), 70 FR 6740 (February 8, 2005) 

(File No. SR–ODD–2004–03) (amending the ODD to 

include, among other things, the CDCC’s new 

automatic exercise parameters for equity and bond 

options); 58172 (July 16, 2008), 73 FR 42840 (July 

23, 2008) (File No. SR–ODD–2008–03) (amending 

the ODD to include, among other things, the CDCC’s 

current automatic exercise parameters for equity 

and bond options and to add an update to the 

discussion of the treatment of adjustments in the 

terms of equity options with respect to stock splits, 

stock dividends or other stock distributions); and 

63125 (October 18, 2010) 75 FR 65537 (October 25, 

2010) (File No. SR–ODD–2010–02) (amending the 

ODD to, among other things, update the discussion 

of Canadian federal income tax considerations 

applicable to non-residents). 

3This provision is intended to permit the 

Commission either to accelerate or extend the time 

period in which definitive copies of a disclosure 

document may be distributed to the public. 

4Rule 9b–1 under the Act provides that the use 

of an ODD shall not be permitted unless the options 

class to which the document relates is the subject 

of an effective registration statement on Form S–20 

under the Securities Act of 1933 or is exempt from 

such registration. On April 5, 2010, the Commission 

declared effective the CDCC’s most recent PostEffective Amendment to its Form S–20 registration 

statement. See File No. 002–69458. 

5 17 CFR 240.9b–1. 

6 17 CFR 200.30–3(a)(39)(i). 

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

2 17 CFR 240.19b–4. 

the Fund to purchase shares of other 

investment companies for short-term 

cash management purposes. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–25781 Filed 10–29–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73426; File No. SR–ODD– 

2014–01] 

Canadian Derivatives Clearing 

Corporation; Order Approving 

Accelerated Distribution of an 

Amended Options Disclosure 

Document 

October 24, 2014. 

On October 3, 2014, the Canadian 

Derivatives Clearing Corporation 

(‘‘CDCC’’), on behalf of the Bourse de 

Montre ́al, Inc. (‘‘Bourse de Montre ́al’’), 

submitted to the Securities and 

Exchange Commission (‘‘Commission’’), 

pursuant to Rule 9b–1 under the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 five definitive copies of an 

amended options disclosure document 

(‘‘ODD’’) that describes the risks and 

characteristics of options traded on the 

Bourse de Montre ́al.2 The CDCC has 

revised the ODD to, among other things, 

modify certain expiration dates of 

options and clarify that bond options do 

not currently trade on the Bourse de 

Montre ́al. 

Rule 9b–1 under the Act provides that 

an options market must file five 

preliminary copies of an amended ODD 

with the Commission at least 30 days 

prior to the date when definitive copies 

of the amended ODD are furnished to 

customers, unless the Commission 

determines otherwise, having due 

regard to the adequacy of the 

information disclosed and the public 

interest and protection of investors.3

The Commission has reviewed the 

amended ODD and finds, having due 

regard to the adequacy of the 

information disclosed, that it is 

consistent with the protection of 

investors and in the public interest to 

allow the distribution of the amended 

ODD as of the date of this order.4

It is therefore ordered, pursuant to 

Rule 9b–1 under the Act,5 that the 

distribution of the revised ODD (SR– 

ODD–2014–01) as of the date of this is 

order, is approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–25782 Filed 10–29–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73422; File No. SR–CBOE– 

2014–079) 

Self-Regulatory Organizations; 

Chicago Board Options Exchange, 

Incorporated; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Renew an Existing 

Pilot Program 

October 24, 2014. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on October 

16, 2014, Chicago Board Options 

Exchange, Incorporated (the ‘‘Exchange’’ 

or ‘‘CBOE’’) filed with the Securities 

and Exchange Commission (the 

‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. 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 proposes to renew an 

existing pilot program until May 3, 

2016. Under the existing pilot program, 

the Exchange is permitted to list P.M.- 

settled options on broad-based indexes 

that expire on: (a) Any Friday of the 

month, other than the third Friday-ofthe-month (‘‘End of Week Expirations’’ 

or ‘‘EOWs’’), and (b) the last trading day 

of the month (‘‘End of Month 

Expirations’’ or ‘‘EOMs’’). The text of 

the proposed rule change is provided 

below. (additions are italicized; 

deletions are [bracketed]) 

* * * * * 

Chicago Board Options Exchange, 

Incorporated 

Rules 

* * * * * 

Rule 24.9. Terms of Index Option 

Contracts 

(a)–(d) No change. 

(e) End of Week/End of Month 

Expirations Pilot Program (‘‘EOW/EOM 

Pilot Program’’) 

(1) End of Week (‘‘EOW’’) Expirations. 

The Exchange may open for trading 

EOWs on any broad-based index eligible 

for regular options trading to expire on 

any Friday of the month, other than the 

third Friday-of-the-month. EOWs shall 

be subject to all provisions of this Rule 


tkelley on DSK3SPTVN1PROD with NOTICES
Federal Register / Vol. 79, No. 210 / Thursday, October 30, 2014 / Notices 64641 

3See Securities Exchange Act Release No. 62911 

(September 14, 2010), 75 FR 57539 (September 21, 

2010) (order approving SR–CBOE–2009–075). 

4 Id. 

5See Securities Exchange Act Release No. 65741 

(November 14, 2011), 76 FR 72016 (November 21, 

2011) (immediately effective rule change extending 

the Program through February 14, 2013). See also 

Securities Exchange Act Release No. 68933 

(February 14, 2013), 78 FR 12374 (February 22, 

2013) (immediately effective rule change extending 

the Program through April 14, 2014). See also 

Securities Exchange Act Release No. 71836 (April 

1, 2014), 79 FR 19139 (April 7, 2014) (immediately 

effective rule change extending the Program 

through November 3, 2014). 

6 15 U.S.C. 78f(b). 

7 15 U.S.C. 78f(b)(5). 

8 Id. 

and treated the same as options on the 

same underlying index that expire on 

either the Saturday following the third 

Friday of the month, for series expiring 

prior to February 1, 2015, or on the third 

Friday of the expiration month, for 

series expiring on or after February 1, 

2015; provided, however, that EOWs 

shall be P.M.-settled. 

(2) End of Month (‘‘EOM’’) 

Expirations. The Exchange may open for 

trading EOMs on any broad-based index 

eligible for regular options trading to 

expire on last trading day of the month. 

EOMs shall be subject to all provisions 

of this Rule and treated the same as 

options on the same underlying index 

that expire on either the Saturday 

following the third Friday of the month, 

for series expiring prior to February 1, 

2015, or on the third Friday of the 

expiration month, for series expiring on 

or after February 1, 2015; provided, 

however, that EOMs shall be P.M.- 

settled. 

(3) Duration of EOW/EOM Pilot 

Program. The EOW/EOM Pilot Program 

shall be through [November 3, 2014] 

May 3, 2016. 

(4) EOW/EOM Trading Hours on the 

Last Trading Day. On the last trading 

day, transactions in expiring EOWs and 

EOMs may be effected on the Exchange 

between the hours of 8:30 a.m. (Chicago 

time) and 3:00 p.m. (Chicago time). This 

subsection (4) applies to all outstanding 

expiring EOW and EOM Expirations 

listed on or before May 6, 2011 and all 

EOWs and EOMs listed thereafter under 

the EOW/EOM Pilot Program. 

* * * Interpretations and Policies: 

.01–.14 No change 

* * * * * 

The text of the proposed rule change 

is also available on the Exchange’s Web 

site (http://www.cboe.com/AboutCBOE/

CBOELegalRegulatoryHome.aspx), at 

the Exchange’s Office of the Secretary, 

and at the Commission. 

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 aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

On September 14, 2010, the 

Commission approved a CBOE proposal 

to establish a pilot program under 

which the Exchange is permitted to list 

P.M.-settled options on broad-based 

indexes to expire on (a) any Friday of 

the month, other than the third Fridayof-the-month, and (b) the last trading 

day of the month.3 Under the terms of 

the End of Week/End of Month 

Expirations Pilot Program (‘‘Program’’), 

EOWs and EOMs are permitted on any 

broad-based index that is eligible for 

regular options trading. EOWs and 

EOMs are cash-settled and have 

European-style exercise. The proposal 

became effective on a pilot basis for a 

period of fourteen months that 

commenced on the next full month after 

approval was received to establish the 

Program 4 and was subsequently 

extended.5 The Program is scheduled to 

expire on November 3, 2014. The 

Exchange believes that the Program has 

been successful and well received by its 

Trading Permit Holders and the 

investing public during that the time 

that it has been in operation. The 

Exchange hereby proposes to extend the 

Program until May 3, 2016. This 

proposal does not request any other 

changes to the Program. 

Pursuant to the order approving the 

establishment of the Program, two 

months prior to the conclusion of the 

pilot period, CBOE is required to submit 

an annual report to the Commission, 

which addresses the following areas: 

Analysis of Volume & Open Interest, 

Monthly Analysis of EOW & EOM 

Trading Patterns and Provisional 

Analysis of Index Price Volatility. The 

Exchange has submitted, under separate 

cover, the annual report in connection 

with the present proposed rule change. 

Confidential treatment under the 

Freedom of Information Act is requested 

regarding the annual report. 

If, in the future, the Exchange 

proposes an additional extension of the 

Program, or should the Exchange 

propose to make the Program permanent 

(which the Exchange currently intends 

to do), the Exchange will submit an 

annual report (addressing the same 

areas referenced above and consistent 

with the order approving the 

establishment of the Program) to the 

Commission at least two months prior to 

the expiration date of the Program. The 

annual report will be provided to the 

Commission on a confidential basis. 

Any positions established under the 

Program will not be impacted by the 

expiration of the Program. 

The Exchange believes there is 

sufficient investor interest and demand 

in the Program to warrant its extension. 

The Exchange believes that the Program 

has provided investors with additional 

means of managing their risk exposures 

and carrying out their investment 

objectives. Furthermore, the Exchange 

has not experienced any adverse market 

effects with respect to the Program. 

The Exchange believes that the 

proposed extension of the Program will 

not have an adverse impact on capacity. 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

Section 6(b) of the Act.6 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 7 requirements that the rules of 

an exchange be designed to prevent 

fraudulent and manipulative acts and 

practices, to promote just and equitable 

principles of trade, to foster cooperation 

and coordination with persons engaged 

in regulating, clearing, settling, 

processing information with respect to, 

and facilitation transactions in 

securities, to remove impediments to 

and perfect the mechanism of a free and 

open market and a national market 

system, and, in general, to protect 

investors and the public interest. 

Additionally, the Exchange believes the 

proposed rule change is consistent with 

the Section 6(b)(5) 8 requirement that 

the rules of an exchange not be designed 

to permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

In particular, the Exchange believes 

that the Program has been successful to 

date and states that it has not 

encountered any problems with the 


tkelley on DSK3SPTVN1PROD with NOTICES
64642 Federal Register / Vol. 79, No. 210 / Thursday, October 30, 2014 / Notices 

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

10 17 CFR 240.19b–4(f)(6)(iii). As required under 

Rule 19b–4(f)(6)(iii), the Exchange provided the 

Commission with written notice of its intent to file 

the proposed rule change, along with a brief 

description and the text of the proposed rule 

change, at least five business days prior to the date 

of filing of the proposed rule change, or such 

shorter time as designated by the Commission. 

11For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

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

12 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

Program. The proposed rule change 

allows for an extension of the Program 

for the benefit of market participants. 

Additionally, the Exchange believes that 

there is demand for the expirations 

offered under the Program and believes 

that that EOWs and EOMs will continue 

to provide the investing public and 

other market participants increased 

opportunities to better manage their risk 

exposure. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

CBOE does not believe that the 

proposed rule change will impose any 

burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. Specifically, 

the Exchange believes that, by extending 

the expiration of the Program, the 

proposed rule change will allow for 

further analysis of the Program and a 

determination of how the Program shall 

be structured in the future. In doing so, 

the proposed rule change will also serve 

to promote regulatory clarity and 

consistency, thereby reducing burdens 

on the marketplace and facilitating 

investor protection. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the proposed rule change 

does not (i) significantly affect the 

protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate if 

consistent with the protection of 

investors and the public interest, the 

proposed rule change has become 

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

of the Act 9 and Rule 19b–4(f)(6)(iii) 

thereunder.10

The Exchange has asked the 

Commission to waive the 30-day 

operative delay so that the proposal may 

become operative immediately upon 

filing. The Commission believes that 

waiving the 30-day operative delay is 

consistent with the protection of 

investors and the public interest, as it 

will allow the pilot program to continue 

uninterrupted, thereby avoiding 

investor confusion that could result 

from a temporary interruption in the 

pilot program. For this reason, the 

Commission designates the proposed 

rule change to be operative upon 

filing.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: 

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– 

CBOE–2014–079 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–CBOE–2014–079. 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 at 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–CBOE– 

2014–079 and should be submitted on 

or before November 20, 2014. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–25779 Filed 10–29–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73425; File No. SR–MIAX– 

2014–55] 

Self-Regulatory Organizations; Miami 

International Securities Exchange LLC; 

Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Amend the MIAX Options 

Fee Schedule 

October 24, 2014. 

Pursuant to the provisions of 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 October 16, 2014, Miami 

International Securities Exchange LLC 

(‘‘MIAX’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) a proposed rule change 

as described in Items I, II, and III below, 

which Items have been prepared by the 

Exchange. 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 is filing a proposal to 

amend the MIAX Options Fee Schedule 

(the ‘‘Fee Schedule’’). 

The text of the proposed rule change 

is available on the Exchange’s Web site 

at http://www.miaxoptions.com/filter/


tkelley on DSK3SPTVN1PROD with NOTICES