[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