Document ID: SEC-2010-1004-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: OneChicago LLC
Posted Date: 2010-07-07T04:00Z

[Federal Register Volume 75, Number 129 (Wednesday, July 7, 2010)]
[Notices]
[Pages 39083-39084]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-16429]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-62398; File No. SR-OC-2010-02]

Self-Regulatory Organization; Notice of Filing and Immediate 
Effectiveness of a Proposed Rule Change by OneChicago Amending Position 
Limits

June 28, 2010.

    Pursuant to Section 19(b)(7) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-7 under the Act \2\ notice is hereby given 
that on June 18, 2010, OneChicago, LLC (``OneChicago'' or ``OCX'') 
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 also has filed the proposed rule change with the Commodity 
Futures Trading Commission (``CFTC'') under Section 5c(c) of the 
Commodity Exchange Act \3\ on June 4, 2010.
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    \1\ 15 U.S.C. 78s(b)(7).
    \2\ 17 CFR 240.19b-7.
    \3\ 7 U.S.C. 7a-2(c).
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I. Self-Regulatory Organization's Description of the Proposed Rule 
Change

    OneChicago is proposing to amend the position limits for eighteen 
security futures products, as set forth in Exhibit 4 to the Submission, 
because the speculative position limits for these products were greater 
than 25% of the outstanding number of shares available for delivery. 
The requirement is found in Appendix B to Part 38 in the guidance to 
Core Principle 5 of section 5(d) of the Commodity Exchange Act (CEA). 
Accordingly, OneChicago has filed the reduction notice consistent with 
Core Principle 5.

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. OneChicago has prepared summaries, set forth in Sections 
A, B, and C below, of the most significant aspects of such statements.

[[Page 39084]]

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

1. Purpose
    The purpose of this proposed rule change is to conform the 
speculative position limits for certain security futures products to 
the requirements of the CEA. This change will achieve that result.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b)(5) of the 
Act \4\ in that it is designed to prevent fraudulent and manipulative 
acts and practices, to promote just and equitable principles of trade, 
to protect investors and the public interest, and to remove impediments 
to and perfect the mechanism for a free and open market and a national 
market system.
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    \4\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    OneChicago does not believe that the proposed rule change will have 
an impact on competition.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    Comments on the OneChicago proposed rule change have not been 
solicited and none have been received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The proposed rule change has become effective pursuant to Section 
19(b)(7) of the Act.\5\ 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.\6\
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    \5\ 15 U.S.C. 78s(b)(7).
    \6\ 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 e-mail to rule-comments@sec.gov. Please include 
File Number SR-OC-2010-02 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-OC-2010-02. This file 
number should be included on the subject line if e-mail 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 
a.m. and 3 p.m. Copies of such filing also will be available for 
inspection and copying at the principal office of the OneChicago. 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-2010-02 and should be 
submitted on or before August 6, 2010.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(73).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-16429 Filed 7-6-10; 8:45 am]
BILLING CODE 8010-01-P