[Federal Register Volume 76, Number 148 (Tuesday, August 2, 2011)]
[Notices]
[Pages 46346-46347]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-19450]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-64973; File No. SR-OCC-2011-09]


Self-Regulatory Organizations; The Options Clearing Corporation; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Allow for the Clearing of Real Estate Index Futures Contracts

July 27, 2011.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 
1934,\1\ notice is hereby given that on July 19, 2011, The Options 
Clearing Corporation (``OCC'') filed with the Securities and Exchange 
Commission the proposed rule change as described in Items I and II 
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 Terms of Substance of 
the Proposed Rule Change

    The proposed rule change would accommodate the clearing and 
settling of certain futures on real estate indexes (``Real Estate Index 
Futures'') proposed

[[Page 46347]]

to be traded by CBOE Futures Exchange, LLC (``CFE'').

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

    The purpose of this proposed rule change is to accommodate Real 
Estate Index Futures that are currently proposed to be traded by CFE. 
Real Estate Index Futures are futures contracts on various proprietary 
indexes that are based on the aggregate residential real estate 
transaction prices in specific geographic regions over a 28-day 
calendar period. Unlike other index futures currently cleared by OCC, 
Real Estate Index Futures have a final settlement price determined as 
of a date well before the maturity date. The indexes underlying Real 
Estate Index Futures are based on real estate transaction prices in 
specific geographic regions over a 28-day calendar period, but the 
index value is not published until 63 days after the end of that 28-day 
calendar period. This publication date is also the maturity date for 
Real Estate Index Futures and the date on which the final settlement 
price is then determined. OCC is proposing to amend ``maturity date'' 
to include the day ``as of which'' the final settlement price is 
determined or, as in the case of Real Estate Index Futures, the day 
``on which'' the final settlement price is determined.
    OCC has submitted a copy of the Clearing Agreement and a new 
Schedule C-6 providing for the clearance of futures on non-securities 
indexes, such as Real Estate Index Futures, which is attached to File 
No. SR-OCC-2011-09 as Exhibit 5.
    The proposed change is consistent with the purposes and 
requirements of Section 17A of the Act \4\ because it is designed to 
permit OCC to perform clearing services for products that are subject 
to the jurisdiction of the CFTC without adversely affecting OCC's 
obligations with respect to the prompt and accurate clearance and 
settlement of securities transactions or the protection of investors 
and the public interest. The proposed rule change is not inconsistent 
with any rules of OCC.
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    \4\ 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 will have any 
impact or 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.

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 \5\ and Rule 19b-4(f)(4) \6\ 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 summarily may temporarily suspend such rule change 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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    \5\ Supra note 2.
    \6\ Supra note 3.
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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 [email protected]. Please include 
File No. SR-OCC-2011-09 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 No. SR-OCC-2011-09. 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 filings also will be available for 
inspection and copying at OCC's principal office and OCC's Web site 
(http://www.theocc.com/components/docs/legal/rules_and_bylaws/sr_occ_11_09.pdf). 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-
2011-09 and should be submitted on or before August 23, 2011.

    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)(12).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-19450 Filed 8-1-11; 8:45 am]
BILLING CODE 8011-01-P