Federal Register / Vol. 80, No. 6 / Friday, January 9, 2015 / Notices 1451 

9 15 U.S.C. 78q–1(b)(3)(D). 

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

11 17 CFR 240.19b–4(f). 

12 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)(ii). 

4 17 CFR 240.19b–4(f)(2). 

use of the service during a calendar 

year, then the account would be charged 

an additional $500 to reach the annual 

minimum amount of $7,500. However, 

the existing annual minimum charge 

does not apply to U.S. Branches and this 

would remain the case. In addition, the 

Fee Schedule would be clarified to 

reflect that this fee does not apply to 

U.S. Branches. 

The fee changes set forth above would 

be incorporated into the Fee Schedule 

which is available at www.dtcc.com. 

Implementation Date 

The proposed fee changes would take 

effect on January 2, 2015. 

2. Statutory Basis 

The proposed rule change would 

align DTC’s fees for the services 

described above with the costs of 

delivering applicable services, and the 

charges would apply equally in 

accordance with Participants’ use of 

DTC services. Therefore, DTC believes 

the proposed rule change is consistent 

with the requirements of the Act and the 

rules and regulations thereunder 

applicable to DTC, in particular Section 

17A(b)(3)(D) of the Act,9 which requires 

that DTC’s Rules provide for the 

equitable allocation of reasonable dues, 

fees, and other charges among its 

Participants. 

(B) Clearing Agency’s Statement on 

Burden on Competition 

DTC does not believe that the 

proposed rule change would have any 

impact, or impose any burden, on 

competition. 

(C) Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change Received From Members, 

Participants, or Others 

Written comments relating to the 

proposed rule change have not yet been 

solicited or received. DTC will notify 

the Commission of any written 

comments received by DTC. 

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) 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 Number SR– 

DTC–2014–13 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–DTC–2014–13. 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 the 

filing also will be available for 

inspection and copying at the principal 

office of DTC and on DTCC’s Web site 

at http://dtcc.com/legal/sec-rulefilings.aspx. 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–DTC– 

2014–13 and should be submitted on or 

before January 30, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–00128 Filed 1–8–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73981; File No. SR–CME– 

2014–58] 

Self-Regulatory Organizations; 

Chicago Mercantile Exchange Inc.; 

Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Change To Extend a Fee Waiver 

Program for Certain OTC FX ClearedOnly Products 

January 5, 2015. 

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 December 22, 2014, Chicago 

Mercantile Exchange Inc. (‘‘CME’’) 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 CME. 

CME filed the proposal pursuant to 

Section 19(b)(3)(A)(ii) of the Act,3 and 

Rule 19b–4(f)(2) 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 proposing to extend an 

existing fee waiver program supporting 

certain CME cleared-only over-thecounter (‘‘OTC’’) foreign exchange 

(‘‘FX’’) products through December 31, 

2015. 

The text of the proposed rule change 

is below. Italicized text indicates 

additions; bracketed text indicates 

deletions. 

* * * * * 


rljohnson on DSK3VPTVN1PROD with NOTICES
1452 Federal Register / Vol. 80, No. 6 / Friday, January 9, 2015 / Notices 

5See Securities Exchange Act Release No. 34– 

73615 (Nov. 17, 2014), 79 FR 69545 (Nov. 21, 2014) 

(SR–CME–2014–49). The only exception is with 

regards to Restructuring European Single Name 

CDS Contracts created following the occurrence of 

a Restructuring Credit Event in respect of an iTraxx 

Component Transaction. The clearing of 

Restructuring European Single Name CDS Contracts 

will be a necessary byproduct after such time that 

CME begins clearing iTraxx Europe index CDS. 

6 15 U.S.C. 78q–1. 

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

8 17 CFR 240.19b–4(f)(2). 

9 15 U.S.C. 78q–1(b)(3)(D). 

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

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

12 17 CFR 240.19(f)(2). 

CME OTC FX Fee Waiver Program 

Program Purpose 

The purpose of this Program is to 

incentivize market participants to 

submit transaction in the OTC FX 

products listed below to the Clearing 

House for clearing. The resulting 

increase in volume benefits all 

participant segments in the market. 

Product Scope 

The following cleared only OTC FX 

products (‘‘Products’’): 

1. CME Cleared OTC FX—Emerging 

Markets. 

a. USDBRL, USDCLP, USDCNY, 

USDCOP, USDIDR, USDINR, USDKRW, 

USDMYR, USDPEN, USDPHP, 

USDRUB, USDTWD Non-Deliverable 

Forwards. 

b. USDCZK, USDHUF, USDHKD, 

USDILS, USDMXN, USDPLN, USDSGD, 

USDTHB, USDTRY, USDZAR CashSettled Forwards. 

2. CME Cleared OTC FX—Majors. 

a. AUDJPY, AUDUSD, CADJPY, 

EURAUD, EURCHF, EURGBP, EURJPY, 

EURUSD, GBPUSD, NZDUSD, 

USDCAD, USDCHF, USDDKK, USDJPY, 

USDNOK, USDSEK Cash-Settled 

Forwards. 

Eligible Participants 

The temporary reduction in fees will 

be open to all market participants and 

will automatically be applied to any 

transaction in the Products submitted to 

the Clearing House for clearing. 

Program Term 

Start date is February 1, 2012. End 

date is December 31, 201[4]5. 

Hours 

The Program will be applicable 

regardless of the transaction time. 

Program Incentives 

Fee Waivers. All market participants 

that submit transactions in the Products 

to the Clearing House will have their 

clearing fees waived. 

* * * * * 

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 with the 

Commodity Futures Trading 

Commission (‘‘CFTC’’) and currently 

offers clearing services for many 

different futures and swaps products. 

With this filing, CME proposes to make 

proposed changes to CME rules 

governing certain cleared-only OTC FX 

products. 

The proposed changes would extend 

an existing fee waiver program that 

applies to these OTC FX products. The 

only proposed changes are modifying 

the current December 31, 2014 

termination date for the current fee 

waiver program to December 31, 2015. 

There is no limit to the number of 

participants that may participate in the 

proposed fee waiver program; it will be 

open to all market participants and will 

be automatically applied to all 

transaction fees in the enumerated OTC 

FX products. The changes that are 

described in this filing are limited to fee 

changes for OTC FX products. The 

proposed changes would become 

effective on filing. 

The proposed fee changes are limited 

to CME’s business as a derivatives 

clearing organization 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 

recently filed a proposed rule change 

that clarified that CME has decided not 

to clear security-based swaps, except in 

a very limited set of circumstances.5

CME has also certified the proposed rule 

change that is the subject of this filing 

to the CFTC in CFTC Submission 14– 

523. 

CME believes the proposed rule 

change is consistent with the 

requirements of the Exchange Act 

including Section 17A of the Exchange 

Act.6 More specifically, the proposed 

rule change establishes or changes a 

member due, fee or other charge 

imposed by CME under Section 

19(b)(3)(A)(ii) 7 of the Securities 

Exchange Act of 1934 and Rule 19(f)(2) 8

thereunder. CME believes that the 

proposed fee change is consistent with 

the requirements of the Securities 

Exchange Act of 1934 and the rules and 

regulations thereunder and, in 

particular, to Section 17A(b)(3)(D),9

because the proposed fee changes apply 

equally to all market participants and 

therefore the proposed changes provide 

for the equitable allocation of reasonable 

dues, fees and other charges among 

participants. CME also notes that it 

operates in a highly competitive market 

in which market participants can 

readily direct business to competing 

venues. As such, the proposed changes 

are appropriately filed pursuant to 

Section 19(b)(3)(A) 10 of the Act and 

paragraph (f)(2) of Rule 19b–4 

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 

extends a currently operating OTC FX 

fee waiver program for an additional 

year. These products are swaps under 

the exclusive jurisdiction of the CFTC, 

and, as such, these proposed changes do 

not affect the security-based swap 

clearing activities of CME in any way 

and therefore do 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 upon filing pursuant to Section 

19(b)(3)(A) of the Act 11 and Rule 

19(f)(2) thereunder.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, 


rljohnson on DSK3VPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 6 / Friday, January 9, 2015 / Notices 1453 

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)(6)(iii). 

5See BATS Rule 11.22(d) and (g). 

6See Securities Exchange Act Release No. 71449 

(January 30, 2014), 79 FR 6961 (February 5, 2014) 

(SR–EDGX–2013–43; SR–EDGA–2013–34). 

7See supra note 5. 

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–2014–58 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–2014–58. 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–2014–58 and should 

be submitted on or before January 30, 

2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–00127 Filed 1–8–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73990; File No. SR–EDGA– 

2014–35] 

Self-Regulatory Organizations; EDGA 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Adopt Top and Last 

Sale Data Feeds 

January 5, 2015. 

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 

24, 2014, EDGA Exchange, Inc. (the 

‘‘Exchange’’ or the ‘‘EDGA’’) 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 Exchange. The 

Exchange has designated this proposal 

as a ‘‘non-controversial’’ proposed rule 

change pursuant to section 19(b)(3)(A) 

of the Act 3 and Rule 19b–4(f)(6)(iii) 

thereunder.4 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 filed a proposed rule 

change to amend Rule 13.8 to establish 

two new market data products know as: 

(i) EDGA TOP; and (ii) EDGA Last Sale. 

The proposed market data products are 

identical to the existing Top and Last 

Sale data feeds available on the BATS 

Exchange, Inc. (‘‘BZX’’) and the BATS 

Y-Exchange, Inc. (‘‘BYX’’, collectively 

with BZX, ‘‘BATS’’).5 The Exchange 

also proposes to amend Rule 13.8(a) to 

rename the EDGA Book Feed as the 

EDGA Depth and align with system 

functionality currently available on 

BATS. 

The text of the proposed rule change 

is available at the Exchange’s Web site 

at http://www.directedge.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 these statements may be examined at 

the places specified in Item IV below. 

The self-regulatory organization 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 

Earlier this year, the Exchange and its 

affiliate, EDGX Exchange, Inc. (‘‘EDGX’’) 

received approval to effect a merger (the 

‘‘Merger’’) of the Exchange’s parent 

company, Direct Edge Holdings LLC, 

with BATS Global Markets, Inc., the 

parent of BZX and BYX (together with 

BYX, BZX, EDGA and EDGX, the ‘‘BGM 

Affiliated Exchanges’’ or ‘‘BATS 

Exchange’’).6 In the context of the 

Merger, the BGM Affiliated Exchanges 

are working to migrate EDGX and EDGA 

onto the BATS technology platform, and 

align certain system functionality, 

retaining only intended differences 

between the BGM Affiliated Exchanges. 

As a result of these efforts, the Exchange 

proposes to establish two new market 

data products know as: (i) EDGA TOP; 

and (ii) EDGA Last Sale. The proposed 

market data products are identical to the 

existing Top and Last Sale data feeds 

available on BATS.7 The Exchange also 

proposes to amend Rule 13.8(a) to 

rename the EDGA Book Feed as the 

EDGA Depth and to align with system 

functionality currently available on 

BATS. 

EDGA Top and EDGA Last Sale 

The Exchange is proposing to offer 

two new data feeds that are identical to 

data feeds currently available on BATS: 

(i) EDGA Last Sale; and (ii) EDGA Top. 

EDGA Last Sale will provide real-time, 

intraday trade information, including 

price, volume and time of executions 

based on orders entered into the 


rljohnson on DSK3VPTVN1PROD with NOTICES