Federal Register / Vol. 79, No. 239 / Friday, December 12, 2014 / Notices 73921 

13 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). 

4 17 CFR 240.19b–4(f)(4)(ii). 

5 15 U.S.C. 78q–1. 

6 15 U.S.C. 78q–1(b)(3)(F). 

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 

filings will also 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–2014–29 and should 

be submitted on or before January 2, 

2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–29102 Filed 12–11–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73786; File No. SR–CME– 

2014–54] 

Self-Regulatory Organizations; 

Chicago Mercantile Exchange Inc.; 

Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Change Related to Position Limits and 

Position Accountability of the USD 

Malaysian Crude Palm Oil Calendar 

(Cleared Only) Contracts 

December 8, 2014. 

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 November 25, 2014, 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 proposal pursuant to Section 

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

4(f)(4)(ii) 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 

(‘‘DCO’’). More specifically, the 

proposed rule change would amend 

rules related to the position limits and 

position accountability of the USD 

Malaysian Crude Palm Oil Calendar 

(Cleared Only) Contract 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 DCO with the 

Commodity Futures Trading 

Commission (‘‘CFTC’’) and offers 

clearing services for many different 

futures and swaps products. The 

proposed rule change that is the subject 

of this filing is limited to CME’s 

business as a DCO offering clearing 

services for CFTC-regulated swaps 

products. More specifically, the 

proposed rule change would amend 

rules related to the position limits and 

position accountability of the USD 

Malaysian Crude Palm Oil Calendar 

Swap (Cleared Only) Contract for 

clearing. 

The proposed amendment would 

establish independent position 

accountability levels for CME’s USD 

Malaysian Crude Palm Oil Calendar 

Swap (the ‘‘Swap’’). Feedback from 

counterparties to the Swap suggests that 

much of the participation in the product 

involves commercial hedgers or 

counterparties to commercial hedgers. 

The Swap is not subject to mandatory 

position limit requirements. 

Transitioning from position limits to 

position accountability levels will 

facilitate the risk reduction practices of 

commercial firms and promote the 

continued participation of 

counterparties to commercial hedgers. 

Accordingly, CME proposes to 

transition the Swap’s current position 

limit of 2,800 contracts into new 

position accountability levels to be set 

at 2,800 contracts. 

The amendment will be reflected in 

the Position Limit, Position 

Accountability and Reportable Level 

Table and Header Notes located in the 

Interpretations and Special Notices 

Section of Chapter 5 of the CME 

Rulebook. 

The changes that are described in this 

filing are limited to CME’s business as 

a DCO clearing products under the 

exclusive jurisdiction of the CFTC. The 

changes will be effective on filing. 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 No. 14–434. 

CME believes the proposed rule 

change is consistent with the 

requirements of the Exchange Act 

including Section 17A of the Exchange 

Act.5 CME is proposing the amendment 

to establish new independent position 

accountability levels for CME’s USD 

Malaysian Crude Palm Oil Calendar 

Swap, a change that is expected to 

facilitate the risk reduction practices of 

commercial firms and promote the 

continued participation of 

counterparties to commercial hedgers. 

The 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 Exchange Act.6

Furthermore, the proposed change is 

limited in its effect to products offered 

under CME’s authority to act as a DCO. 

The products that are the subject of this 

filing are under the exclusive 

jurisdiction of the CFTC. As such, the 

proposed change is limited to CME’s 

mstockstill on DSK4VPTVN1PROD with NOTICES

73922 Federal Register / Vol. 79, No. 239 / Friday, December 12, 2014 / Notices 

7 15 U.S.C. 78q–1. 

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

9 17 CFR 240.19b–4(f)(4)(ii). 

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

11 17 CFR 240.19b–4(f)(4)(ii). 

12 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

activities as a DCO clearing swaps that 

are not security-based swaps, futures 

that are not security futures and 

forwards that are not security forwards. 

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 Exchange 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 change is 

limited in its effect to products offered 

under CME’s authority to act as a DCO, 

the proposed 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 change is therefore 

consistent with the requirements of 

Section 17A of the Exchange Act 7 and 

are properly filed under Section 

19(b)(3)(A) 8 and Rule 19b–4(f)(4)(ii) 9

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 amendment 

would simply establish independent 

position accountability levels for CME’s 

USD Malaysian Crude Palm Oil 

Calendar Swap. Further, the change is 

limited to CME’s derivatives clearing 

business and, as such, does not affect 

security-based swap clearing activities 

of CME in any way and therefore would 

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) 10 of the Act and paragraph 

(f)(4)(ii) of Rule 19b–4 11 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–2014–54 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–CME–2014–54. 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 

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–2014–54 and should 

be submitted on or before January 2, 

2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–29178 Filed 12–11–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73778; File No. SR– 

NYSEMKT–2014–99] 

Self-Regulatory Organizations; NYSE 

MKT LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Amending Commentary 

.02 to NYSE Amex Options Rule 960NY 

in Order To Extend the Penny Pilot in 

Options Classes in Certain Issues 

Through June 30, 2015 

December 8, 2014. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that on November 

26, 2014, NYSE MKT LLC (the 

‘‘Exchange’’ or ‘‘NYSE MKT’’) filed with 

the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the selfregulatory organization. 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 amend 

Commentary .02 to NYSE Amex Options 

Rule 960NY in order to extend the 

mstockstill on DSK4VPTVN1PROD with NOTICES