Document ID: SEC-2010-1025-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: The Options Clearing Corp.
Posted Date: 2010-07-08T04:00Z

[Federal Register: July 8, 2010 (Volume 75, Number 130)]
[Notices]               
[Page 39314-39315]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr08jy10-139]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-62421; File No. SR-OCC-2010-08]

 
Self-Regulatory Organizations; The Options Clearing Corporation; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Relating to Additional Underlying Interests for Commodity Futures and 
Commodity Options Available to ELX Futures, L.P. for Clearing and 
Settlement Services

June 30, 2010.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 
1934,\1\ notice is hereby given that on June 16, 2010, the Options 
Clearing Corporation (``OCC'') filed with the Securities and Exchange 
Commission the proposed rule change as described in Items I, II, and 
III below, which Items have been prepared primarily by OCC. OCC filed 
the proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the 
Act \2\ and Rule 19b-4(f)(4) thereunder \3\ 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \3\ 17 CFR 240.19b-4(f)(4).
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I. Self-Regulatory Organization's Statement of the Terms of the 
Substance of the Proposed Rule Change

    The proposed rule change consists of adding Schedule C-1 to the 
Agreement for Clearing and Settlement Services (``Agreement'') dated 
December 5, 2008, between the Options Clearing Corporation (``OCC'') 
and ELX Futures L.P. (``ELX'').

[[Page 39315]]

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

    In its filing with the Commission, OCC 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. OCC 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

    OCC and ELX are parties to a clearing and settlement agreement 
pursuant to which OCC provides clearing services for U.S. treasury 
futures traded on ELX. The Agreement further provides, among other 
things, that ELX may select additional underlying interests for 
commodity futures and commodity options by completing and executing a 
Schedule C, which is subject to the agreement of OCC. (ELX may trade 
futures options on futures contracts traded on ELX and cleared by OCC 
without executing a Schedule C.) When completed and duly executed, a 
Schedule C is incorporated into the Agreement and becomes a part 
thereof.
    ELX has selected Eurodollar Time Deposits having a principal value 
of USD $1,000,000 with a 3-month maturity as an underlying interest for 
futures contracts (``Eurodollar Futures'') and OCC has agreed to clear 
Eurodollar Futures on behalf of ELX. OCC and ELX have now executed 
Schedule C-1 to codify that Eurodollar Futures will be incorporated and 
become a part of the Agreement between the parties. Schedule C-1 is 
attached as Exhibit 5A to OCC's filing with the Commission.\4\
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    \4\ The filing, including Schedule C-1, can be seen at http://
www.theocc.com/about/publications/bylaws.jsp.
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    OCC states that the proposed change is consistent with Section 17A 
of the Act \5\ because it makes explicit that OCC will clear pursuant 
to the Agreement the Eurodollar futures contracts proposed for trading 
by ELX. OCC also states that the proposed rule change is not 
inconsistent with the existing rules of OCC including any other rules 
proposed to be amended.
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    \5\ 15 U.S.C. 78q-1.
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B. Self-Regulatory Organization's Statement on Burden on Competition

    OCC does not believe that the proposed rule change would impose any 
burden on competition.

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

    OCC has not solicited or received written comments relating to the 
proposed rule change. OCC will notify the Commission of any written 
comments it receives.

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)(iii) of the Act \6\ and Rule 19b-4(f)(4) \7\ thereunder 
because it effects a change in an existing service of a registered 
clearing agency that does not adversely affect the safeguarding of 
securities or funds in the custody or control of the clearing agency or 
for which it is responsible and does not significantly affect the 
respective rights or obligations of the clearing agency or persons 
using the service. At any time within 60 days of the filing of the 
proposed rule change, the Commission may summarily abrogate such rule 
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.
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    \6\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \7\ 17 CFR 240.19b-4(f)(4).
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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 No. SR-OCC-2010-08 on the subject line.

Paper Comments

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

All submissions should refer to File No. SR-OCC-2010-08. 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 OCC's principal office and on OCC's Web site 
at http://www.theocc.com/about/publications/bylaws.jsp. 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 No. SR-OCC-2010-08 and should be 
submitted on or before July 29, 2010.

    For the Commission by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010-16667 Filed 7-7-10; 8:45 am]
BILLING CODE 8010-01-P