[Federal Register Volume 76, Number 181 (Monday, September 19, 2011)]
[Notices]
[Pages 58071-58072]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-23866]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-65326; File No. SR-CME-2011-06]


Self-Regulatory Organizations; Chicago Mercantile Exchange, Inc.; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Add Additional Series and Maturities to Credit Default Index Swaps 
Available for Clearing

September 12, 2011.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on September 2, 2011, Chicago Mercantile Exchange Inc. (``CME'') filed 
with the Securities and Exchange Commission (``Commission'') the 
proposed rule change described in Items I, II and III below, which 
items have been prepared primarily by CME. CME filed the proposed rule 
change pursuant to Section 19(b)(3)(A) \3\ of the Act and Rule 19b-
4(f)(4)(i) \4\ thereunder.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(4)(i).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of Terms of Substance of 
the Proposed Rule Change

    The text of the proposed rule change is below. Italicized text 
indicates additions; bracketed text indicates deletions.

* * * * *

Chicago Mercantile Exchange Inc. Rulebook

Rule 100-80203--No Change.

* * * * *

CME Chapter 802 Rules: Appendix 1

Appendix 1

                               CDX Indices
------------------------------------------------------------------------
                                                     Termination date
           CDX index                 Series             (scheduled
                                                       termination)
------------------------------------------------------------------------
CDX North America Investment                  10  20 Jun 2013, 20 Jun
 Grade (CDX.NA.IG).                                2015, 20 Jun 2018.
CDX North America Investment                  11  20 Dec 2011, 20 Dec
 Grade (CDX.NA.IG).                                2013, 20 Dec 2015, 20
                                                   Dec 2018.
CDX North America Investment                  12  20 Jun 2012, 20 Jun
 Grade (CDX.NA.IG).                                2014, 20 Jun 2016, 20
                                                   Jun 2019.
CDX North America Investment                  13  20 Dec 2012, 20 Dec
 Grade (CDX.NA.IG).                                2014, 20 Dec 2016, 20
                                                   Dec 2019.
CDX North America Investment                  14  20 Jun 2013, 20 Jun
 Grade (CDX.NA.IG).                                2015, 20 Jun 2017, 20
                                                   Jun 2020.
CDX North America Investment                  15  20 Dec 2013, 20 Dec
 Grade (CDX.NA.IG).                                2015, 20 Dec 2017, 20
                                                   Dec 2020.
CDX North America Investment                  16  20 Jun 2014, 20 Jun
 Grade (CDX.NA.IG).                                2016, 20 Jun 2018, 20
                                                   Jun 2021.
CDX North America Investment                  17  20 Dec 2014, 20 Dec
 Grade (CDX.NA.IG).                                2016, 20 Dec 2018, 20
                                                   Dec 2021.
------------------------------------------------------------------------

* * * * *

Rule 80301-End--No change

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

    In its filing with the Commission, CME included statements 
concerning the purpose 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. CME 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

    CME offers clearing services for certain credit default swap index 
products. Currently, CME offers clearing for Markit CDX North American 
Investment Grade Index Series 12, 13, 14, 15 and 16, 5 year maturities. 
The proposed rule changes that are the subject of this filing are 
intended to expand CME's Markit Investment Grade Index product offering 
by incorporating additional series and maturities for the existing 
products. More specifically, the proposed rule changes would:
     Add the Markit CDX North American Investment Grade Index 
Series 10, with 5, 7, and 10 year maturities.
     Add the Markit CDX North American Investment Grade Index 
Series 11, with 3, 5, 7, and 10 year maturities;
     Expand the maturities of the Markit CDX North American 
Investment Grade Index Series 12-16 to include the 3, 7 and 10 year 
maturities.
     Add the Markit CDX North American Investment Grade Index 
Series 17, with 3, 5, 7 and 10 year maturities.
    The proposed rule changes that are the subject of this filing will 
become immediately effective. CME notes that it has also certified the 
proposed rule changes that are the subject of this filing to its 
primary regulator, the Commodity Futures Trading Commission (``CFTC''). 
The text of the CME proposed rule amendments is in Section I of this 
notice, with additions italicized and deletions in brackets.
    The proposed CME rule amendments merely incorporate additional 
series and maturities to CME's existing offering of broad-based Markit 
Investment Grade Index credit default swaps. As such, the proposed 
amendments simply effect changes to an existing service of a registered 
clearing agency that (1) do 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 (2) do not significantly affect the 
respective rights or obligations of the clearing agency or persons 
using its clearing agency services. Therefore, the proposed rule change 
is therefore properly filed under Section 19(b)(3)(A) and Rule 19b-
4(f)(4)(i) thereunder.

[[Page 58072]]

B. Self-Regulatory Organization's Statement on Burden on Competition

    CME 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

    CME has not solicited, and does not intend to solicit, comments 
regarding this proposed rule change. CME has not received any 
unsolicited written comments from interested parties.

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

    The foregoing rule change was filed pursuant to Section 19(b)(3)(A) 
of the Act and paragraph (f)(4)(i) of Rule 19b-4 and became effective 
on filing. At any time within sixty days of the filing of such 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.

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 may be submitted by using 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-CME-2011-06 on the subject line.
     Paper comments should be sent 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-CME-2011-06. 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 website 
viewing and printing in the Commission's Public Reference Room, 100 F 
Street, NE., Washington, DC 20549. Copies of such filing also will be 
available for inspection and copying at the principal office of CME. 
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-CME-2011-06 and 
should be submitted on or before October 11, 2011.

    For the Commission by the Division of Trading and Markets, 
pursuant to delegated authority.\5\
---------------------------------------------------------------------------

    \5\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-23866 Filed 9-16-11; 8:45 am]
BILLING CODE 8011-01-P