[Federal Register Volume 68, Number 61 (Monday, March 31, 2003)]
[Notices]
[Pages 15492-15493]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-7616]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-47563; File No. SR-OC-2003-03]


Self-Regulatory Organizations: Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by OneChicago, LLC Relating to 
Position Limits

March 24, 2003.
    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 February 13, 2003, OneChicago, LLC (``OneChicago'') filed with 
the Securities and Exchange Commission (``SEC'' or ``Commission'') the 
proposed rule change described in items I and II below, which items 
have been prepared by OneChicago. 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''), together with a 
written certification under section 5c(c) of the Commodity Exchange Act 
\3\ on February 10, 2003.
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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 proposes to amend OneChicago rules 414(a) and 902(f) 
relating to position limits to reference CFTC Regulation 41.25.\4\ The 
text for proposed rule change follows.
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    \4\ 17 CFR 41.25.
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    Proposed new language is italicized; proposed deletions are in 
[brackets].
Position Limits and Price Limits
414. Position Limits
    (a) Position limits shall be as established by the Exchange from 
time to time as permitted by Commission Regulation Sec.  41.25. Such 
position limits may be specific to a particular Contract or delivery 
month or may be established on an aggregate basis among Contracts or 
delivery months. Except as specified in paragraph (b) below, no 
Clearing Member, Exchange Member or Access Person shall control, or 
trade in, any number of Contracts that exceed any position limits so 
established by the Exchange. Except as specified in paragraph (b) 
below, no Clearing Member, Exchange Member or Access Person shall be 
permitted to enter into any transaction on the Exchange that would 
cause such Clearing Member, Exchange Member or Access Person to exceed 
any position limits.
    (b)-(g) No Change
* * * * *
902 Contract Specifications
    (a)-(e) No Change
    (f) Speculative Position Limit. For purposes of rule 414, the 
position limit applicable to positions in any Single Stock Future held 
during the last five trading days of an expiring contract month shall 
be in accordance with Commission Regulation Sec.  41.25 [13,500 
contracts (net), long or short, in such contract month. There shall be 
no other position limits for Single Stock Futures].
    (g)-(i) No Change

[[Page 15493]]

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

    OneChicago has prepared statements concerning the purpose of, and 
basis for, the proposed rule change, burdens on competition, and 
comments received from members, participants, and others. The text of 
these statements may be examined at the places specified in item IV 
below. These statements are set forth in sections A, B, and C below.

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

1. Purpose
    OneChicago proposes to amend OneChicago rules 414(a) and 902(f) 
relating to position limits to reference CFTC Regulation 41.25.\5\ The 
proposed rule change would permit OneChicago to set position limits on 
futures on a single security consistent with CFTC Regulation 41.25.\6\
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    \5\ Id.
    \6\ Id.
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2. Statutory Basis
    OneChicago believes that the proposed rule change is consistent 
with CFTC Regulation 41.25\7\ and with section 6(b)(5) of the Act \8\ 
in that it promotes competition, is designed to prevent fraudulent and 
manipulative acts and practices, to promote just and equitable 
principles of trade and to protect investors and the public interest.
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    \7\ Id.
    \8\ 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 because the proposed rule change is 
referencing a CFTC Regulation, which is applicable to all security 
futures participants equally.

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

    Comments on the proposed rule change have not been solicited nor 
have any comments been received.

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

    The proposed rule change has become effective on February 11, 2003. 
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.\9\
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    \9\ 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 conflicts with the Act. Persons making written submissions 
should file nine copies of the submission with the Secretary, 
Securities and Exchange Commission, 450 Fifth Street, NW., Washington, 
DC 20549-0609. Comments also may be submitted electronically to the 
following e-mail address: [email protected]. 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 inspection and copying in the Commission's 
Public Reference Room. Copies of these filings also will be available 
for inspection and copying at the principal office of OneChicago. 
Electronically submitted comments will be posted on the Commission's 
Internet website (http://www.sec.gov). All submissions should refer to 
File No. SR-OC-2003-03 and should be submitted by April 21, 2003.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(15).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 03-7616 Filed 3-28-03; 8:45 am]
BILLING CODE 8010-01-P