[Federal Register Volume 79, Number 153 (Friday, August 8, 2014)]
[Notices]
[Pages 46490-46494]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-18749]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-72752; File No. SR-OCC-2014-17]
Self-Regulatory Organizations; The Options Clearing Corporation;
Notice of Filing of Proposed Rule Change To Permit OCC To Adjust the
Size of Its Clearing Fund Intra-Month and Clearing Member's Clearing
Fund Contributions Intra-Month
August 4, 2014.
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 July 24, 2014, The Options Clearing Corporation (``OCC'') filed with
the Securities and Exchange Commission (``Commission'') the proposed
rule change as described in Items I and II below, which Items have been
prepared by OCC.\3\ 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\ OCC also filed the proposals in this proposed rule change as
an advance notice under Section 806(e)(1) of Title VIII of the Dodd-
Frank Wall Street Reform and Consumer Protection Act entitled the
Payment, Clearing, and Settlement Supervision Act of 2010. See SR-
OCC-2014-804; 12 U.S.C. 5465(e)(1).
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I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change
OCC proposes to amend its Rules to permit OCC to increase the size
of its clearing fund intra-month based upon observed changes in OCC's
projected exposure and on an emergency basis. In addition, the proposed
change provide [sic] that under certain circumstances OCC will increase
a clearing member's required contribution to OCC's clearing fund intra-
month.
II. Clearing Agency's Statement of the 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 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. OCC has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of these
statements.
[[Page 46491]]
(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change
1. Purpose
OCC is proposing to modify Rule 1001, which concerns the sizing of
OCC's clearing fund and the allocation of clearing member contributions
thereto. First, by adding Interpretation and Policy .05, Rule 1001
would be revised to permit OCC to increase the size of its clearing
fund intra-month based upon observed changes in OCC's projected
exposure or on an emergency basis. Second, by adding Interpretation and
Policy .06, Rule 1001 would be revised to permit increases to a
clearing member's required contribution to the clearing fund at any
time, including between regular monthly calculations, under certain
circumstances. Rule 1001(b) and 1001(f) would also be revised to
clarify certain terminology relating to the calculation of clearing
fund contributions, and an Interpretation and Policy would be added to
Article VIII, Section 2 of the By-Laws to clarify that this section,
which addresses rule changes that increase a clearing member's required
clearing fund contributions, does not apply to actions taken under
Interpretations and Policies .05 or .06 to Rule 1001. This proposed
rule change was also filed as an Advance Notice filing (SR-OCC-2014-
804).
Background
The primary purpose of OCC's clearing fund is to provide a high
degree of assurance that market integrity will be maintained in the
event that one or more clearing members fails to meet its obligations
to OCC.\4\ The clearing fund can also be used to meet the obligations
resulting from the default of any bank or securities or commodities
clearing organization to which OCC is exposed. The clearing fund
supplements the financial safeguards afforded by OCC's membership
standards and margin requirements.
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\4\ See, Article VIII, Section 1 of OCC's By-Laws which sets
forth the purpose of the clearing fund.
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Currently, the size of the clearing fund is adjusted monthly. On
each business day OCC calculates its hypothetical exposure, at a
confidence level of at least 99%, under simulated default scenarios
that include an ``idiosyncratic default'' of a single clearing member
group \5\ and a ``minor systemic event'' involving the near-
simultaneous default of two random clearing members. OCC then treats
the greater of these two hypothetical exposures as that day's projected
peak exposure. OCC also computes the projected draws from the clearing
fund that would be necessary in connection with each business day's
projected peak exposure. To determine the overall size of the clearing
fund, on the first business day of each month, OCC averages these daily
projected clearing fund draws over the prior month and uses that
average as the required size of the clearing fund for that month.
However, notwithstanding this calculation, in no event will the size of
the clearing fund be set at less than 110% of the size of OCC's
committed credit facilities secured by the clearing fund, in order to
assure that at all times OCC will have collateral to pledge sufficient
to draw the entire amount of such facilities. OCC publishes the new
clearing fund requirement on the first business day of each month and
clearing members have five business days to meet the new
requirement.\6\
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\5\ A Clearing Member Group is a clearing member and any other
clearing member that is affiliated with such clearing member. See
Article 1, Section 1,C.(15) of OCC's By-Laws.
\6\ See OCC Rules 1002 and 1003, respectively.
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The foregoing calculations and the allocations among clearing
members are based on the prescribed formulas included in Rules 1001(a)
and 1001(b), respectively, as supplemented by Interpretation and Policy
.01 to Rule 1001. These formulas were adopted pursuant to a rule change
effective April 18, 2013.\7\ The Rules do not, however, provide for
increases to the overall size of the clearing fund between such monthly
adjustments, nor do the Rules provide for adjustments to a clearing
member's required contribution between such monthly calculations.
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\7\ Securities Exchange Act Release No. 69403 (April 18, 2013),
78 FR 24257 (April 24, 2013) (SR-OCC-2013-02).
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Proposed Change To Authorize Certain Adjustments to the Total Size of
the Clearing Fund and Individual Clearing Members' Required
Contributions
In order to mitigate the risks of an underfunding of the clearing
fund, the proposed changes to the Rules would provide OCC with the
authority to increase the total size of the clearing fund intra-month
upon a significant and sustained increase in exposure based on daily
projected clearing fund draw calculations, as described above, and on
an emergency basis for the protection of OCC or in the public interest.
The proposed changes would also provide OCC with the authority to
increase a clearing member's required clearing fund contribution under
certain circumstances reflecting a change in the clearing member's
financial condition or risk profile.
Adjustments to the Overall Size of the Clearing Fund
OCC would have the authority to increase the overall size of the
clearing fund intra-month in the event that the five-day rolling
average of the projected draws against the clearing fund are 150% or
more of the size of the clearing fund. This threshold is intended to
ensure that intra-month increases in clearing fund size are limited to
occasions in which the increase in exposure is significant and
prolonged. Based on OCC staff's analysis of historical clearing fund
data beginning in July 2011, the use of this 150% threshold would have
resulted in only four changes to the clearing fund's size during this
period, one of which related to firm-specific changes and three of
which related to increased volatility prior to and during the events
related to the downgrade of the U.S. Government's credit rating and the
ongoing debt crisis of that period. In the event that the 150%
threshold is exceeded over a five-day period, OCC's Executive Chairman
or President would have the authority to approve an increase in the
clearing fund's size. The Risk Committee of OCC's Board would be
informed of such officer's determination as soon as practicable. OCC
would also provide notification to the SEC and CFTC in the same manner
as if an emergency waiver or suspension of OCC's Rules occurred.\8\
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\8\ See OCC's By-Laws Article IX, Section 14.
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The Risk Committee would also be permitted to approve an increase
in the clearing fund's size on an emergency basis upon its
determination that such action is necessary for the protection of OCC
or in the public interest, and OCC would then provide notification to
the Board of Directors, SEC and CFTC in the same manner as if an
emergency waiver or suspension of OCC's Rules occurred.\9\ OCC believes
that these processes ensure proper management and board-level oversight
regarding decisions to increase the clearing fund size.
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\9\ In recommending that the Risk Committee approve an emergency
increase in the size of the clearing fund, OCC would follow the
process set forth in OCC's By-Laws Article IX, Section 14 in that
the Executive Chairman, Management Vice Chairman or President, in
his, her or their judgment, would determine that: (1) An emergency
exists, and (2) such an increase is necessary or advisable for the
protection of OCC or otherwise in the public interest.
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Upon an intra-month increase in the clearing fund's size, clearing
members would generally be given two business
[[Page 46492]]
days to satisfy any deficit,\10\ and the increase would generally
remain in effect until the next regular monthly calculation occurs
unless the Risk Committee determines that a further increase is
warranted or the 150% threshold is triggered more than once during the
same month. The foregoing changes to OCC's Rules would not affect the
basic clearing fund methodology as previously approved by the SEC, nor
would they affect allocation of the clearing fund among clearing
members.\11\ OCC has discussed the proposed changes with its Financial
Risk Advisory Council, a working group consisting of representatives of
clearing members and exchanges formed by OCC to review and comment on
various risk management proposals. They additionally were discussed
with the OCC Operations Roundtable, also consisting of representatives
of clearing members and exchanges, which considers operational
efficiencies and improvements. No concerns were raised by either
working group during the course of these discussions.
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\10\ Intra-month clearing fund adjustments will only occur in
limited circumstances and will be due to certain events that could
materially affect the overall liquidity of OCC. Based on feedback
OCC received from clearing members, OCC believes that providing a
clearing member with one day to absorb the increase, including
determining the most effective manner in which to collateralize the
increase, and a second day to fund the increase strikes the proper
balance between effective risk management and not causing material
disruptions to a clearing member's business.
\11\ In particular, the contributions of futures-only affiliated
clearing members and clearing members depositing the required
minimum clearing fund contribution, respectively, would not be
adjusted in connection with any increase in the clearing fund size.
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Adjustments to Individual Clearing Members' Required Contributions
The proposed rule change would also permit OCC to increase
individual clearing members' required clearing fund contributions in
three circumstances. The first circumstance exists when a clearing
member's required clearing fund contribution exceeds its net
capital.\12\ In this situation, the clearing member is placed on OCC's
``Watch Level III'' surveillance, which is used to assess a clearing
member's ability to meet a call to replenish its clearing fund
contribution and requires certain OCC executive officers to consider
protective measures with respect to such clearing member. One such
protective measure would be to add the amount of such excess to the
clearing member's required clearing fund contribution, thereby funding
such difference in advance of the regular monthly calculation.\13\ No
subsequent adjustment thereunder would be permitted under the
applicable Rule provision until the earlier of the next adjustment of
the clearing fund (either as a result of the next monthly adjustment or
as a result of an increase in the total clearing fund pursuant to the
rule changes described above) or the next required reporting of the
clearing member's net capital.
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\12\ In this context, and for clearing members that are
registered broker-dealers, net capital means net capital computed in
accordance with Securities Exchange Act Rule 15c3-1. For clearing
members that are futures commission merchants, net capital means
adjusted net capital computed in accordance with CFTC Regulation
Section 1.17 and for Canadian clearing members, net capital means
risk-adjusted capital computed in accordance with Investment
Industry Regulatory Organization of Canada Rule 17.1.
\13\ Pursuant to Interpretation and Policy .01 to Article VIII,
Section 5 of OCC's By-Laws, a clearing member's clearing fund
contribution is used to determine the clearing member's share of any
clearing fund deficiency resulting from a clearing member
insolvency.
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The second circumstance is the merger or consolidation of two or
more clearing members, in which case the variable amount of the
required clearing fund contribution for the surviving clearing member
would be adjusted so that it equals the sum of such amount for the
surviving clearing member and the total of such amounts for all other
clearing members involved in the transaction. Such adjusted amount
would be substituted for the variable amount previously calculated for
the surviving clearing member.
The third circumstance is the transfer of positions between
clearing members, in which case OCC would be able to adjust the
clearing fund contributions of the transferor clearing member and the
transferee clearing member after giving effect to the transfer, subject
to the agreement of the two clearing members. The amount of such
adjustment would affect the variable amount of each clearing member's
required clearing fund contribution and, irrespective of the amount or
size of the positions transferred, each clearing member would continue
to be required to maintain OCC's minimum clearing fund contribution.
Proposed Changes to By-Laws and Rules
OCC is proposing to add an Interpretation and Policy .05 under Rule
1001 to provide for the authority to increase the size of the clearing
fund on an intra-month basis. Subparagraph (a) of proposed
Interpretation and Policy .05 would authorize OCC's Executive Chairman
or President, or the Risk Committee, to increase the clearing fund size
as described above (i.e., based on the daily calculations or by the
Risk Committee on an emergency basis).
Proposed Interpretation and Policy .06 under Rule 1001 would
provide for the authority to increase individual clearing members'
required clearing fund contributions in certain circumstances.
Subparagraph (a) would provide for an increase when a clearing member's
required clearing fund contribution exceeds its net capital,
subparagraph (b) would provide for an increase in the event of a merger
or consolidation involving clearing members and subparagraph (c) would
provide for an increase in the event of a transfer of positions between
clearing members, in each case as described above.
Subparagraph (b) of proposed Interpretation and Policy .05 and
subparagraphs (a), (b) and (c) of proposed Interpretation and Policy
.06 would provide that if the total size of the clearing fund size or
an individual clearing member's required contribution is increased, as
applicable, the variable amount would be increased accordingly for each
clearing member, and this increase would be effective for all purposes
under OCC's By-Laws and Rules, including each clearing member's
required contribution in the event the clearing fund is fully depleted
in connection with the insolvency of a clearing member.\14\ However,
subparagraph (b) of proposed Interpretation and Policy .05 and
subparagraphs (a), (b) and (c) of proposed Interpretation and Policy
.06 would specify that the variable amount would remain subject to
nonstandard calculations for futures-only affiliated clearing members
and clearing members that have deposited the minimum required clearing
fund contribution.
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\14\ See Interpretation and Policy .01 to Article VIII, Section
5 of OCC's By-Laws.
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An example will illustrate the manner in which the total size of
the clearing fund and individual clearing members' contributions could
be adjusted pursuant to Interpretation and Policy .05 to Rule 1001. The
example assumes that OCC's total clearing fund requirement is $1
million divided among five clearing members. Member One has the minimum
requirement of $150,000, Member Two has a requirement of $212,500 and
the other three comprise the remainder in differing amounts. If OCC
determined, based on the most recent five-day rolling average of
clearing fund draws, that it should resize the fund to $1.5 million,
Member One would maintain the minimum requirement of $150,000 and the
other four members would be
[[Page 46493]]
assessed the incremental amount totaling $500,000. Member Two would be
assessed $125,000 because the firm's pro rata share of the original
clearing fund requirement excluding Member One's minimum requirement
equaled 25%, i.e., $212,500 divided by $850,000. Member Two's new
clearing fund requirement would be $337,500 until the next clearing
fund sizing calculation. The other three members would be assessed
their share of the remaining $375,000 (using a denominator of $850,000
as with Member Two) so that the total clearing fund requirement of $1.5
million is satisfied.
Subparagraph (c) of proposed Interpretation and Policy .05 and
subparagraph (d) of proposed Interpretation and Policy .06 would
provide that as soon as practicable after any increase in the total
size of the clearing fund size or an individual clearing member's
required contribution, as applicable, OCC would provide notice to the
affected clearing members, and such clearing members would be required
to satisfy their deficits within two business days of such notice in
the case of adjustments pursuant to Interpretation and Policy .05 and
one business day in the case of adjustments pursuant to Interpretation
and Policy .06. If, however, any deficit would be required to be
satisfied on the first, second, third or fourth business day of a
calendar month, it may instead be satisfied by the fifth business day
of the calendar month. These subparagraphs also set forth that a
resulting change in a clearing member's contribution to the clearing
fund due to an increase in the clearing fund's size or an individual
adjustment will be reflected on one or more reports made available by
OCC, but that OCC will not revise the clearing member's Clearing Fund
Statement.
Subparagraph (d) of proposed Interpretation and Policy .06 would
further specify that OCC may require any deficit resulting from a
merger of clearing members or the transfer of positions between
clearing members to be satisfied prior to the occurrence of the merger
or transfer. Moreover, subparagraph (e) of proposed Interpretation and
Policy .06 would clarify that the individual adjustments under
subparagraphs (a), (b), and (c) of proposed Interpretation and Policy
.06 may result in an adjustment to the total size of the clearing fund.
To enhance the readability of the new Interpretations and Policies
added to Rule 1001, the term ``fixed amount'' would be used to refer to
the portion of a clearing member's clearing fund contribution
calculated pursuant to clause (x) of Rule 1001(b), and the term
``variable amount'' would be used to refer to the portion of a clearing
member's clearing fund contribution calculated pursuant to clause (y)
of Rule 1001(b). Rule 1001(b) and 1001(f) would be amended solely for
the purpose of introducing these defined terms.
Article VIII, Section 2(b) of OCC's By-Laws provides, among other
things, that if a clearing member's clearing fund contribution is
increased as a result of an amendment of the Rules, the increase will
not be effective until the clearing member is given five business days'
notice of the amendment. OCC proposes to add Interpretation and Policy
.01 to Article VIII, Section 2 to clarify that such section shall not
apply to increases in the total size of the clearing fund pursuant to
Interpretation and Policy .05 of Rule 1001, nor to an increase in an
individual clearing member's contribution pursuant to Interpretation
and Policy .05 or .06 of Rule 1001.
While the proposed rule change may require clearing members to
increase their clearing fund contributions at any time during a month,
any such increase in the overall size of the clearing fund would
correspond to a material change in OCC's projected exposure and would
affect all clearing members proportionally in the same manner as a
monthly adjustment, and any such increase in an individual clearing
member's required contribution would correspond to a material change in
the clearing member's business or financial condition, as well as use
of OCC's resources. OCC therefore does not believe that clearing
members will have significant problems in complying with the rule
change. In addition to the prior communications with clearing members
described above, in connection with the filing of this rule change, OCC
will inform clearing members of the proposed change via an information
memorandum, in order to advise clearing members of the procedures OCC
intends to implement in support of the proposed rule change, including
notice procedures to advise clearing members of any increases in
contribution amounts.
2. Statutory Basis
OCC believes the proposed changes to OCC's Rules are consistent
with Section 17A of the Securities Exchange Act of 1934, as amended
(the ``Exchange Act''),\15\ and the rules and regulations thereunder,
including Rule 17Ad-22,\16\ because the proposed modifications would
help ensure that OCC maintain sufficient resources to withstand, at a
minimum, a default by the participant family to which it has the
largest exposure in extreme but plausible market conditions.\17\ OCC's
clearing fund safeguards and protects OCC, its clearing members and the
securities and funds in OCC's custody and control from the default of
one its clearing members. It is critical that the size OCC's clearing
fund accurately reflect OCC's risk profile, and each clearing member's
required clearing fund contribution accurately reflect its use of OCC's
resources. The proposed changes would provide greater certainty with
respect to the clearing fund's capitalization, thereby further assuring
the safeguarding of securities and funds which are in the custody or
control of OCC or for which it is responsible.\18\ The proposed changes
are not inconsistent with the existing rules of OCC, including any
other rules proposed to be amended.
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\15\ 15 U.S.C. 78q-1.
\16\ 17 CFR 240.17Ad-22.
\17\ 17 CFR 240.17Ad-22(b)(3).
\18\ 15 U.S.C. 78q-1(b)(3)(F).
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(B) Clearing Agency's Statement on Burden on Competition
OCC does not believe that the proposed changes to the Rules would
impose any burden on competition.\19\ Changes to the rules of a
clearing agency may have an impact on the participants in a clearing
agency, their customers and the markets that the clearing agency
serves. The proposed changes primarily affect clearing members and OCC
believes that the proposed modifications would not unfairly inhibit
access to OCC's services or disadvantage or favor any particular user
in relationship to another user because the changes would affect all
clearing members equally. Subject to certain exclusions already
provided for in OCC's Rules, all clearing members' contributions to the
clearing fund would be subject to increase upon an increase to the
overall size of the clearing fund and an individual clearing member's
contribution to the clearing fund would be subject to increase upon a
material change in its business or financial condition. While such
increases may impose an increased financial burden on clearing members,
any increase in the total size of the clearing fund will be calculated
in accordance with the same formula used to determine regular monthly
clearing fund contributions, which is tied to usage of OCC's services,
and any clearing member-specific increase will reflect a material
change in the clearing member's business or financial
[[Page 46494]]
condition.\20\ Accordingly, no clearing member will bear a
disproportionate share of any intra-month increase in the size of the
clearing fund.
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\19\ 15 U.S.C. 78q-1(b)(3)(I).
\20\ See Rule 1001(b).
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For the foregoing reasons, OCC believes that the proposed changes
are in the public interest, would be consistent with the requirements
of the Act applicable to clearing agencies and would not impose a
burden on competition because the changes would permit OCC to increase
the size of its clearing fund intra-month in response to an increase in
OCC's projected exposure, and to provide for adjustments of a clearing
member's required clearing fund contribution at any time under
specified circumstances reflecting a change in its financial condition
or risk profile, thereby promoting the purposes of the Act and Rule
17Ad-22 thereunder as described above.
(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants, or Others
Written comments on the proposed rule change were not and are not
intended to be solicited with respect to the proposed rule change and
none have been received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(A) By order approve or disapprove such proposed rule change, or
(B) institute proceedings to determine whether the proposed rule
change should be disapproved.
The proposal shall not take effect until all regulatory actions
required with respect to the proposal are completed.\21\
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\21\ OCC also filed the proposals in this proposed rule change
as an advance notice under Section 806(e)(1) of Title VIII of the
Dodd-Frank Wall Street Reform and Consumer Protection Act entitled
the Payment, Clearing, and Settlement Supervision Act of 2010. See
supra note 3.
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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-OCC-2014-17 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-OCC-2014-17. 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 the 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_14_17.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-2014-17 and should be submitted on or before August
29, 2014.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
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\22\ 17 CFR 200.30-3(a)(12).
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-18749 Filed 8-7-14; 8:45 am]
BILLING CODE 8011-01-P