[Federal Register Volume 77, Number 250 (Monday, December 31, 2012)]
[Notices]
[Pages 77133-77134]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-31259]



[[Page 77133]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-68532; File No. SR-OCC-2012-25]


Self-Regulatory Organizations; The Options Clearing Corporation; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change to 
Amend Schedule of Fees, Effective January 2, 2013, to Charge Non-
Clearing Member Subscribers of Certain Non-Proprietary Data an 
Additional Monthly Fee to Accommodate Request for Such Data on a Real-
Time Basis

DATES: December 21, 2012.
    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 December 14, 2012, The Options Clearing Corporation (``OCC'') 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 OCC. OCC filed the proposal 
pursuant to Section 19(b)(3)(A)(ii) of the Act,\3\ and Rule 19b-4(f)(2) 
\4\ thereunder 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\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \4\ 17 CFR 240.19b-4(f)(2).
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I. Self-Regulatory Organization's Statement of Terms of Substance of 
the Proposed Rule Change

    OCC is amending its Schedule of Fees, effective January 2, 2013, so 
that it may charge an additional monthly fee to non-clearing member 
subscribers (``Subscribers'') of certain non-proprietary data that 
elect to receive such data on a real-time basis.

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 rule change and discussed 
any comments it received on the 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.\5\
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    \5\ The Commission has modified the text of the summaries 
prepared by OCC.
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A. Self-Regulatory Organization's Statement of Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    The purpose of this rule change is to amend OCC's Schedule of Fees 
so that OCC may charge non-clearing members a $250 per month fee if 
they elect to subscribe to a service that provides real-time series 
information data. OCC provides a variety of options-related data to 
Subscribers including data reflecting the symbol, expiration date, 
strike price, listed exchanges, and activation/inactivation date of a 
particular option (``Series Information Data''). Currently, OCC 
distributes Series Information data to Subscribers through a batch 
process at the end of each OCC business day.
    Subscribers to Series Information data have requested that such 
data be provided on a real-time basis throughout each OCC business day 
in order to better meet the needs of their customers (i.e., options 
traders).
    OCC determined that it can readily implement systems and processes 
to accommodate real-time feeds of Series Information data to 
Subscribers; however, implementation of such systems and processes will 
result in initial and ongoing costs incurred by OCC. To offset these 
costs, OCC plans to charge a $250 per month fee to Subscribers 
receiving real-time Series Information data. OCC will continue to offer 
Series Information data through the existing end-of-day batch process 
for Subscribers not interested in subscribing to the real-time service 
at the rates of $1,750.00 per month for non-distribution and $3,000.00 
per month for distribution, as currently set forth in the Schedule of 
Fees, and use such batch process as back-up to the real-time service 
should the real-time service become temporarily unavailable.
    The rule change is consistent with Section 17A of the Act because 
it promotes prompt and accurate settlement of securities transactions 
by enhancing an existing service provided to non-clearing members. In 
addition, OCC believes the monthly fee increase is minimal and non-
clearing members may elect not to receive the Series Information Data 
in real-time to avoid the fee increase. The proposed rule change is not 
inconsistent with any rules of OCC, including any other rules proposed 
to be amended.

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

    OCC does not believe the 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

    Written comments were not and are not intended to be solicited with 
respect to the rule change and none have been received.

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)(ii) \6\ of the Act and Rule 19b-4(f)(2) \7\ thereunder 
because it establishes or changes a due, fee, or other charge. OCC will 
delay the implementation of the rule change until it is deemed 
certified under CFTC Regulation Sec.  40.6. At any time within 60 days 
of the filing of the 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.\8\
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    \6\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \7\ 17 CFR 240.19b-4(f)(2).
    \8\ 15 U.S.C. 78s(b)(3)(C).
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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 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 email to [email protected]. Please include 
File No. SR-OCC-2012-25 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 Number SR-OCC-2012-25. This file 
number should be included on the subject line if email 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

[[Page 77134]]

amendments, all written statements with respect to the rule change that 
are filed with the Commission, and all written communications relating 
to the 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 
10:00 a.m. and 3:00 p.m. Copies of such filing also will be available 
for inspection and copying at the principal office of OCC and on OCC's 
Web site at http://www.theocc.com/components/docs/legal/rules_and_bylaws/sr_occ_12_25.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 Number SR-OCC-2012-25 
and should be submitted on or before January 22, 2013.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-31259 Filed 12-28-12; 8:45 am]
BILLING CODE 8011-01-P