Document ID: SEC-2014-1703-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Chicago Mercantile Exchange Inc.
Posted Date: 2014-10-07T04:00Z

[Federal Register Volume 79, Number 194 (Tuesday, October 7, 2014)]
[Notices]
[Page 60563]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-23847]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73283; File No. SR-CME-2014-28]

Self-Regulatory Organizations; Chicago Mercantile Exchange Inc.; 
Notice of Designation of Longer Period for Commission Action on 
Proposed Rule Change, as Modified by Amendment No. 2, Related to 
Enhancements to Its Risk Model for Credit Default Swaps

October 1, 2014.
    On August 8, 2014, Chicago Mercantile Exchange Inc. (``CME'') filed 
with the Securities and Exchange Commission (``Commission'') the 
proposed rule change SR-CME-2014-28 pursuant to Section 19(b)(1) of the 
Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 
thereunder.\2\ The proposed rule change was published for comment in 
the Federal Register on August 18, 2014.\3\ On September 2, 2014, CME 
filed Amendment No. 2 to the proposed rule change.\4\ Notice of 
Amendment No. 2 to the proposed rule change was published for comment 
in the Federal Register on September 08, 2014.\5\ The Commission did 
not receive comments on the proposed rule change or Amendment No. 2 
thereto.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 34-72834 (Aug. 13, 
2014), 79 FR 48805 (Aug. 18, 2014) (SR-CME-2014-28).
    \4\ On August 18, 2014, CME filed Amendment No. 1 to the 
proposed rule change. CME withdrew Amendment No. 1 on August 29, 
2014.
    \5\ Securities Exchange Act Release No. 34-72959 (Sep. 2, 2014), 
79 FR 53234 (Sep. 8, 2014) (SR-CME-2014-28).
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    Section 19(b)(2) of the Act \6\ provides that within 45 days of the 
publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day from the publication of notice of filing of this proposed rule 
change is October 2, 2014. The Commission is extending this 45-day time 
period.
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    \6\ 15 U.S.C. 78s(b)(2).
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    CME is proposing significant changes to its risk model for the 
clearing of broad-based index credit default swaps (``CDS''), which 
share the same Guaranty Fund with single-name CDS in the event CME 
launches clearing of single-name CDS. The Commission finds it 
appropriate to designate a longer period within which to take action on 
the proposed rule change so that it has sufficient time to consider the 
complex issues under the proposed rule change.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\7\ designates November 16, 2014, as the date by which the 
Commission should either approve or disapprove, or institute 
proceedings to determine whether to disapprove, the proposed rule 
change (File No. SR-CME-2014-28).
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    \7\ 15 U.S.C. 78s(b)(2).

    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)(31).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2014-23847 Filed 10-6-14; 8:45 am]
BILLING CODE 8011-01-P