Document ID: SEC-2014-1633-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: OneChicago, LLC
Posted Date: 2014-09-29T04:00Z

[Federal Register Volume 79, Number 188 (Monday, September 29, 2014)]
[Notices]
[Pages 58395-58397]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-23047]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73191; File No. SR-OC-2014-04]

Self-Regulatory Organizations; OneChicago, LLC; Notice of Filing 
of Proposed Rule Change to Update OCX's Rulebook To Remove References 
To the OCX.BETS and CBOEdirect Trading Platforms

September 23, 2014.
    Pursuant to Section 19(b)(7) of the Securities Exchange Act of 1934 
(the ``Act''), \1\ notice is hereby given that on September 4, 2014, 
OneChicago, LLC (``OneChicago,'' ``OCX,'' or the ``Exchange'') filed 
with the Securities and Exchange Commission (``SEC'' or ``Commission'') 
the proposed rule change described in Items I, II, and III 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. OneChicago has also filed 
this rule change with the Commodity Futures Trading Commission 
(``CFTC'').

[[Page 58396]]

OneChicago filed a written certification with the CFTC under Section 
5c(c) of the Commodity Exchange Act (``CEA'') on September 4, 2014.
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    \1\ 15 U.S.C. 78s(b)(7).
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I. Self-Regulatory Organization's Description of the Proposed Rule 
Change

    OCX is proposing to amend its Rulebook to remove references to the 
OCX.BETS and CBOEdirect trading platforms. Currently, trading on OCX is 
bifurcated between these two platforms. OCX.BETS provides a marketplace 
for trading blocks and Exchange of Futures for Physicals (EFPs), 
whereas CBOEdirect provides a central limit order book for traditional, 
low latency trading. Beginning on September 22, 2014, OCX will phase 
out its OCX.BETS platform, and replace it with its new trading 
platform, OCXdelta1. OCX will also replace CBOEdirect with OCXdelta1 in 
early 2015. Accordingly, OCX is removing references to these two 
platforms in its Rulebook, and replacing them with references to the 
OneChicago System, a term that is already defined in the OCX Rulebook.
    The text of the proposed rule change is attached as Exhibit 4 to 
the filing submitted by the Exchange but is not attached to the 
published notice of the filing.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, OneChicago 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
    The purpose of OneChicago's filing is to update the OCX Rulebook to 
remove references to the OCX.BETS and CBOEdirect trading platforms, 
which OCX is phasing out and replacing. Currently, the OCX Rulebook 
mentions OCX.BETS and CBOEdirect in various OCX Rules. This rule filing 
proposes to update the OCX Rulebook to refer to the OneChicago System, 
which is a defined term and broadly refers to any trading platform that 
OCX may utilize.
2. Statutory Basis
    OneChicago believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\2\ in general, and furthers the 
objectives of Section 6(b)(5) of the Act,\3\ in particular, in that it 
is designed to foster cooperation and coordination with persons engaged 
in facilitating transactions in securities, and remove impediments to 
and perfect the mechanism of a free and open market and national market 
system. OneChicago believes that updating the Rulebook to remove 
references to trading platforms it will no longer support ensures that 
market participants are aware of the method by which trading is 
conducted on the Exchange. The proposed rule change also ensures that 
the OCX Rulebook is up to date and accurate.
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    \2\ 15 U.S.C. 78f(b).
    \3\ 15 U.S.C. 78(f)(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    OneChicago does not believe that the proposed rule changes will 
impose any impact, or impose any burden, on competition not necessary 
or appropriate in furtherance of the purposes of the Act. The rule 
change simply makes clerical changes to the OCX Rulebook. The rule 
change does not impose any new burdens on any market participants. The 
Exchange believes that the proposed rule change is equitable and not 
unfairly discriminatory because all of the amended rules apply equally 
to all market participants.

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 rule change will become operative on September 22, 2014.
    At any time within 60 days of the date of effectiveness of the 
proposed rule change, the Commission, after consultation with the CFTC, 
may summarily abrogate the proposed rule change and require that the 
proposed rule change be refiled in accordance with the provisions of 
Section 19(b)(1) of the Act.\4\
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    \4\ 15 U.S.C. 78s(b)(1).
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 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-OC-2014-04 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-OC-2014-04. 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 offices 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-OC-2014-04, 
and should be submitted on or before October 20, 2014.
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    \5\ 17 CFR 200.30-3(a)(12).

[[Page 58397]]

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    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\5\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-23047 Filed 9-26-14; 8:45 am]
BILLING CODE 8011-01-P