76426 Federal Register / Vol. 79, No. 245 / Monday, December 22, 2014 / Notices 

16 15 U.S.C. 78s(b)(3)(A)(ii). 

17 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 67672 

(August 15, 2012), 77 FR 50750 (August 22, 2012). 

highly competitive market in which 

market participants can readily favor 

competing venues if they deem fee 

levels at a particular venue to be 

excessive. In such an environment, the 

Exchange must continually adjust its 

fees to remain competitive with other 

exchanges and to attract order flow. The 

Exchange believes that the proposal 

reflects this competitive environment. 

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 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act.16 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. If the Commission 

takes such action, the Commission shall 

institute proceedings to determine 

whether the proposed rule should be 

approved or disapproved. 

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– 

MIAX–2014–63 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. 

All submissions should refer to File 

Number SR–MIAX–2014–63. 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 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–MIAX– 

2014–63 and should be submitted on or 

before January 12, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–29819 Filed 12–19–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73847; File No. SR– 

NYSEMKT–2014–106] 

Self-Regulatory Organizations; NYSE 

MKT LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Amending Commentary 

.07 to Rule 904 To Extend the Pilot 

Program That Eliminated the Position 

Limits for Options on SPDR S&P 500 

ETF 

December 16, 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 December 

12, 2014, NYSE MKT LLC (the 

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

the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been prepared by the self-regulatory 

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 the Substance 

of the Proposed Rule Change 

The Exchange proposes to amend 

Commentary .07 to Rule 904 to extend 

the pilot program that eliminated the 

position limits for options on SPDR S&P 

500 ETF (‘‘SPY’’) (‘‘SPY Pilot Program’’). 

The text of the proposed rule change is 

available on the Exchange’s Web site at 

www.nyse.com, at the principal office of 

the Exchange, and at the Commission’s 

Public Reference Room. 

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 

self-regulatory organization 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 those 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 parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend 

Commentary .07 to Rule 904 to extend 

the time period of the SPY Pilot 

Program,3 which is currently scheduled 

to expire on December 15, 2014, through 

July 12, 2015. 

This filing does not propose any 

substantive changes to the SPY Pilot 

Program. In proposing to extend the 

SPY Pilot Program, the Exchange 

reaffirms its consideration of several 

factors that supported the original 

proposal of the SPY Pilot Program, 

including (1) the availability of 

economically equivalent products and 

their respective position limits, (2) the 

liquidity of the option and the 

underlying security, (3) the market 

capitalization of the underlying security 

and the related index, (4) the reporting 

of large positions and requirements 

surrounding margin, and (5) the 

potential for market on close volatility. 


tkelley on DSK3SPTVN1PROD with NOTICES
Federal Register / Vol. 79, No. 245 / Monday, December 22, 2014 / Notices 76427 

4 Id. 

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

6 15 U.S.C. 78f(b)(5). 

7 15 U.S.C. 78s(b)(3)(A). 

8 17 CFR 240.19b–4(f)(6). 

9 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires a self-regulatory organization to 

give the Commission 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. The 

Commission has waived the five-day prefiling 

requirement in this case. 

10 17 CFR 240.19b–4(f)(6). 

11 17 CFR 240.19b–4(f)(6)(iii). 

12For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 

In the original proposal to establish 

the SPY Pilot Program, the Exchange 

stated that if it were to propose an 

extension, permanent approval or 

termination of the program, the 

Exchange would submit, along with any 

filing proposing such amendments to 

the program, a report providing an 

analysis of the SPY Pilot Program 

covering the first twelve (12) months 

during which the SPY Pilot Program 

was in effect (the ‘‘Pilot Report’’).4

Accordingly, the Exchange is submitting 

the Pilot Report detailing the Exchange’s 

experience with the SPY Pilot Program. 

The Pilot Report is attached as Exhibit 

3 to this filing. The Exchange notes that 

it is unaware of any problems created by 

the SPY Pilot Program and does not 

foresee any as a result of the proposed 

extension. In extending the SPY Pilot 

Program, the Exchange states that if it 

were to propose another extension, 

permanent approval or termination of 

the program, the Exchange will submit 

another Pilot Report covering the period 

since the previous extension, which will 

be submitted at least 30 days before the 

end of the proposed extension. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act 5 in general, and furthers the 

objectives of Section 6(b)(5) of the Act 6

in particular, in that it is designed to 

prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, 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. The Exchange believes 

that extending the SPY Pilot Program 

promotes just and equitable principles 

of trade by permitting market 

participants, including market makers, 

institutional investors and retail 

investors, to establish greater positions 

when pursuing their investment goals 

and needs. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposed rule change is not designed to 

address any aspect of competition, 

whether between the Exchange and its 

competitors, or among market 

participants. Instead, the proposed rule 

change is designed to allow the SPY 

Pilot Program to continue as other SROs 

have adopted similar provisions. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A) of the Act 7 and Rule 19b– 

4(f)(6) thereunder.8 Because the 

foregoing 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, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act and Rule 19b– 

4(f)(6) thereunder.9

A proposed rule change filed 

pursuant to Rule 19b–4(f)(6) under the 

Act 10 normally does not become 

operative for 30 days after the date of its 

filing. However, Rule 19b–4(f)(6)(iii) 11

permits the Commission to designate a 

shorter time if such action is consistent 

with the protection of investors and the 

public interest. The Exchange has asked 

the Commission to waive the 30-day 

operative delay so that the proposal may 

become operative immediately upon 

filing. The Exchange believes that 

waiving the 30-day operative delay is 

appropriate and will benefit market 

participants because immediate 

operability would allow the SPY Pilot 

Program to continue without 

interruption. The Commission believes 

that waiving the 30-day operative delay 

is consistent with the protection of 

investors and the public interest. 

Therefore, the Commission hereby 

waives the operative delay and 

designates the proposed rule change 

operative upon filing.12

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. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or disapproved. 

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– 

NYSEMKT–2014–106 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–NYSEMKT–2014–106. 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 


tkelley on DSK3SPTVN1PROD with NOTICES
76428 Federal Register / Vol. 79, No. 245 / Monday, December 22, 2014 / Notices 

13 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 72412 

(June 17, 2014), 79 FR 35610. 4 15 U.S.C. 78s(b)(2). 

5See Securities Exchange Act Release No. 72779, 

79 FR 47162 (Aug. 12, 2014). The Commission 

designated a longer period within which to take 

action on the proposed rule change and designated 

September 19, 2014 as the date by which it should 

approve, disapprove, or institute proceedings to 

determine whether to disapprove the proposed rule 

change. 

6 15 U.S.C. 78s(b)(2)(B). 

7See Securities Exchange Act Release No. 73142, 

79 FR 57150 (Sept. 24, 2014) (‘‘Order Instituting 

Proceedings’’). Specifically, the Commission 

instituted proceedings to allow for additional 

analysis of the proposed rule change’s consistency 

with Section 6(b)(5) of the Act, which requires, 

among other things, that the rules of a national 

securities exchange be ‘‘designed to prevent 

fraudulent and manipulative acts and practices, to 

promote just and equitable principles of trade,’’ and 

‘‘to protect investors and the public interest.’’ See 

id. at 57157. 

8See id. 

9See Letter from Jack Fonss, CEO and CoFounder of the Sponsor, to Kevin O’Neill, Deputy 

Secretary, Commission (Sept. 25, 2015); Letter from 

Robert E. Whaley, Valere Blair Potter Professor of 

Finance, Director, Financial Markets Research 

Center, Vanderbilt Owen Graduate School of 

Management, to Kevin O’Neill, Deputy Secretary, 

Commission (Oct. 8, 2014); Letter from David B. 

Allen to Commission (Oct. 11, 2014); Letter from 

Mark Kassner to Commission (Oct. 13, 2014); Letter 

from Ned Cataldo, Chief Operating Officer and CoFounder of the Sponsor, to Heather Seidel, 

Associate Director, Commission (Oct. 24, 2014); 

Letter from Jurij Trypupenko, Associate General 

Counsel, Exchange, to Brent J. Fields, Secretary, 

Commission (Oct. 28, 2014). All comment letters 

are available at: http://www.sec.gov/comments/srnasdaq-2014-065/nasdaq2014065.shtml. 

10 15 U.S.C. 78s(b)(2). 

11See supra note 3 and accompanying text. 

12 15 U.S.C. 78s(b)(2). 

13 17 CFR 200.30–3(a)(57). 

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). 

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– 

NYSEMKT–2014–106, and should be 

submitted on or before January 12, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–29816 Filed 12–19–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73843; File No. SR– 

NASDAQ–2014–065] 

Self-Regulatory Organizations; 

NASDAQ Stock Market LLC, Inc.; 

Notice of Designation of a Longer 

Period for Commission Action on 

Proceedings To Determine Whether To 

Approve or Disapprove a Proposed 

Rule Change To Adopt New Rule 5713 

and List Paired Class Shares Issued by 

AccuShares® Commodities Trust I 

December 16, 2014. 

On June 11, 2014, The NASDAQ 

Stock Market LLC (‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

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

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b–4 thereunder,2 a proposed rule 

change to: (1) Adopt listing standards 

for Paired Class Shares in new Rule 

5713; and (2) list and trade Paired Class 

Shares issued by AccuShares®

Commodities Trust I relating to the 

following funds pursuant to new Rule 

5713—(a) AccuShares S&P GSCI® Spot 

Fund; (b) AccuShares S&P GSCI®

Agriculture and Livestock Spot Fund; 

(c) AccuShares S&P GSCI® Industrial 

Metals Spot Fund; (d) AccuShares S&P 

GSCI® Crude Oil Spot Fund; (e) 

AccuShares S&P GSCI® Brent Oil Spot 

Fund; (f) AccuShares S&P GSCI®

Natural Gas Spot Fund; and (g) 

AccuShares Spot CBOE® VIX® Fund. 

The proposed rule change was 

published for comment in the Federal 

Register on June 23, 2014.3 On August 

6, 2014, pursuant to Section 19(b)(2) of 

the Act,4 the Commission designated a 

longer period within which to approve 

the proposed rule change, disapprove 

the proposed rule change, or institute 

proceedings to determine whether to 

approve or disapprove the proposed 

rule change.5 On September 18, 2014, 

the Commission instituted proceedings 

under Section 19(b)(2)(B) of the Act 6 to 

determine whether to approve or 

disapprove the proposed rule change.7

In the Order Instituting Proceedings, the 

Commission solicited responses to 

specified matters related to the 

proposal.8 Subsequently, the 

Commission received six comment 

letters regarding the proposed rule 

change.9

Section 19(b)(2) of the Act 10 provides 

that, after initiating disapproval 

proceedings, the Commission shall issue 

an order approving or disapproving the 

proposed rule change not later than 180 

days after the date of publication of 

notice of the filing of the proposed rule 

change. The Commission may, however, 

extend the period for issuing an order 

approving or disapproving the proposed 

rule change by not more than 60 days 

if the Commission determines that a 

longer period is appropriate and 

publishes the reasons for such 

determination. The proposed rule 

change was published for notice and 

comment in the Federal Register on 

June 23, 2014.11 The 180th day after 

publication of the notice of the filing of 

the proposed rule change in the Federal 

Register is December 20, 2014. 

The Commission finds that it is 

appropriate to designate a longer period 

within which to issue an order 

approving or disapproving the proposed 

rule change so that it has sufficient time 

to consider the proposed rule change 

and the comment letters submitted in 

response to the Order Instituting 

Proceedings. 

Accordingly, the Commission, 

pursuant to Section 19(b)(2) of the 

Act,12 designates February 18, 2015 as 

the date by which the Commission shall 

either approve or disapprove the 

proposed rule change (File No. SR– 

NASDAQ–2014–065). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–29813 Filed 12–19–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73849; File No. SR–CME– 

2014–51] 

Self-Regulatory Organizations; 

Chicago Mercantile Exchange Inc.; 

Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Change Related to Enhancements to 

Its Risk Model for Credit Default Swaps 

December 16, 2014. 

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

Securities Exchange Act of 1934 

(‘‘Exchange Act’’ or ‘‘Act’’),1 and Rule 

19b–4 thereunder,2 notice is hereby 

given that on December 8, 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 prepared primarily 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 


tkelley on DSK3SPTVN1PROD with NOTICES