[Federal Register Volume 77, Number 213 (Friday, November 2, 2012)]
[Notices]
[Pages 66202-66204]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-26852]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-68109; File No. SR-CME-2012-40]
Self-Regulatory Organizations; Chicago Mercantile Exchange Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Add One Series of Credit Default Index Swaps Available for Clearing
DATE: October 26, 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 October 15, 2012, 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 so that the proposal was effective upon
filing with the Commission. The Commission is publishing this notice to
solicit comments on the rule change from interested parties.
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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).
\4\ 17 CFR 240.19b-4(f)(4)(i).
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I. Self-Regulatory Organization's Statement of the 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
[[Page 66203]]
CDX Indices
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Termination date
CDX Index Series (scheduled termination
date)
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CDX North American Investment 8 20 June 2014.
Grade (CDX.NA.IG). 20 June 2017.
CDX North American Investment 9 20 Dec 2012.
Grade (CDX.NA.IG). 20 Dec 2014.
20 Dec 2017.
CDX North American Investment 10 20 Jun 2013.
Grade (CDX.NA.IG). 20 Jun 2015.
20 Jun 2018.
CDX North American Investment 11 20 Dec 2011.
Grade (CDX.NA.IG). 20 Dec 2013.
20 Dec 2015.
20 Dec 2018.
CDX North American Investment 12 20 Jun 2012.
Grade (CDX.NA.IG). 20 Jun 2014.
20 Jun 2016.
20 Jun 2019.
CDX North American Investment 13 20 Dec 2012.
Grade (CDX.NA.IG). 20 Dec 2014.
20 Dec 2016.
20 Dec 2019.
CDX North American Investment 14 20 Jun 2013.
Grade (CDX.NA.IG). 20 Jun 2015.
20 Jun 2017.
20 Jun 2020.
CDX North American Investment 15 20 Dec 2013.
Grade (CDX.NA.IG). 20 Dec 2015.
20 Dec 2017.
20 Dec 2020.
CDX North American Investment 16 20 Jun 2014.
Grade (CDX.NA.IG). 20 Jun 2016.
20 Jun 2018.
20 Jun 2021.
CDX North American Investment 17 20 Jun 2015.
Grade (CDX.NA.IG). 20 Jun 2017.
20 Jun 2018.
20 Jun 2022.
CDX North American Investment 18 20 Dec 2014.
Grade (CDX.NA.IG). 20 Dec 2016.
20 Dec 2018.
20 Dec 2022.
CDX North American Investment 19 20 Dec 2015.
Grade (CDX.NA.IG). 20 Dec 2017.
20 Dec 2019.
20 Dec 2022.
CDX North America High Yield 11 20 Dec 2013.
(CDX.NA.HY).
CDX North America High Yield 12 20 Jun 2014.
(CDX.NA.HY).
CDX North America High Yield 13 20 Dec 2014.
(CDX.NA.HY).
CDX North America High Yield 14 20 Jun 2015.
(CDX.NA.HY).
CDX North America High Yield 15 20 Dec 2015.
(CDX.NA.HY).
CDX North America High Yield 16 20 Jun 2016.
(CDX.NA.HY).
CDX North America High Yield 17 20 Dec 2016.
(CDX.NA.HY).
CDX North America High Yield 18 20 Jun 2017.
(CDX.NA.HY).
CDX North America High Yield 19 20 Dec 2017.
(CDX.NA.HY).
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* * * * *
Rule 80301-End--No change
* * * * *
II. Self-Regulatory Organizations Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, CME 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. 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 the 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 of the Markit CDX North
American Investment Grade Index Series 9, 10, 11, 12, 13, 14, 15, 16,
17, 18 and 19 and also offers clearing of the Markit CDX North
[[Page 66204]]
American High Yield Index Series 11, 12, 13, 14, 15, 16, 17, 18 and 19.
The proposed rule changes would expand CME's Markit CDX North
American Investment Grade (``CDX IG'') Index product offerings by
adding Series 8 to the current product set.
The proposed rule changes are immediately effective upon filing but
will become operational on October 15, 2012. CME notes that it will
also certify 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
included above, with additions italicized and deletions in brackets.
The proposed CME rule amendments merely incorporate one additional
series to CME's existing offering of broad-based Markit CDX North
American Investment Grade 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 properly filed under Section 19(b)(3)(A) and Rule 19b-4(f)(4)(i)
thereunder.
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 proposed rule change has become effective upon filing
pursuant to Section 19(b)(3)(A) \5\ of the Act and Rule 19b-4(f)(4)(i)
\6\ thereunder because it effects a change in an existing service of a
registered clearing agency that (1) 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 (2) 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\ 15 U.S.C. 78s(b)(3)(A).
\6\ 17 CFR 240.19b-4(f)(4)(i).
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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 email to [email protected]. Please include
File Number SR-CME-2012-40 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-CME-2012-40. 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 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
10:00 a.m. and 3:00 p.m. Copies of such filing also will be available
for inspection and copying at the principal office of CME and on CME's
Web site at http://www.cmegroup.com/market-regulation/files/sec_19b-4_12-40.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-CME-2012-40
and should be submitted on or before November 23, 2012.
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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Kevin M. O'Neill,
Deputy Secretary .
[FR Doc. 2012-26852 Filed 11-1-12; 8:45 am]
BILLING CODE 8011-01-P