[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