Notice2025-02944
Self-Regulatory Organizations; the Options Clearing Corporation; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Update the Options Clearing Corporation's Schedule of Fees
Primary source
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Published
February 24, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 35 (Monday, February 24, 2025)</title>
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[Federal Register Volume 90, Number 35 (Monday, February 24, 2025)]
[Notices]
[Page 10544]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-02944]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-102437; File No. SR-OCC-2025-002]
Self-Regulatory Organizations; the Options Clearing Corporation;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
To Update the Options Clearing Corporation's Schedule of Fees
February 18, 2025.
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 February 14, 2025, the Options Clearing Corporation (``Clearing
Agency'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Item I below,
which Item has been substantially prepared by the Clearing Agency. The
Clearing Agency has designated this proposal for immediate
effectiveness pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule
19b-4(f) thereunder.\4\ 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).
\4\ 17 CFR 240.19b-4(f). 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. If the Commission takes such action, the
Commission will institute proceedings to determine whether the
proposed rule change should be approved or disapproved.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Clearing Agency proposes to revise its schedule of fees,
effective February 14, 2025, to implement an increase in clearing
fees.\5\ Specifically, OCC proposes to increase the per contract
clearing fee from $0.02 to $0.025 and to remove the flat per
transaction fee (currently $55.00 for transactions of 2,751 or more
contracts) entirely. Pursuant to OCC's Capital Management Policy, which
the Commission has approved as an OCC rule, the fee change is designed
to address OCC's anticipated cash flow needs based on interest rate
forecasts, projected operating expenses, projected volumes, and capital
needs. Proposed changes to OCC's schedule of fees are included [sic] as
Exhibit 5 to File Number SR-OCC-2025-002. Material proposed to be added
to OCC's schedule of fees as currently in effect is underlined and
material proposed to be deleted is marked in strikethrough text. All
capitalized terms not defined herein have the same meaning as set forth
in the OCC By-Laws and Rules.\6\
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\5\ OCC initially filed a proposed rule change regarding the
changes to its clearing fees on December 19, 2024, with an effective
date of January 1, 2025 (File No. SR-OCC-2024-017). On February 14,
2025, OCC withdrew File No. SR-OCC-2024-017 and resubmitted this
proposed rule change.
\6\ OCC's By-Laws and Rules can be found on OCC's public
website: <a href="https://www.theocc.com/Company-Information/Documents-and-Archives/By-Laws-and-Rules">https://www.theocc.com/Company-Information/Documents-and-Archives/By-Laws-and-Rules</a>.
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The proposed rule change, including the Clearing Agency's statement
of the purpose of, and statutory basis for, the proposed rule change,
is available on the Clearing Agency's website at <a href="https://www.theocc.com/Company-Information/Documents-and-Archives/By-Laws-and-Rules">https://www.theocc.com/Company-Information/Documents-and-Archives/By-Laws-and-Rules</a> and on the Commission's website at <a href="https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/OCC?file_number=SR-OCC-2025-002">https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/OCC?file_number=SR-OCC-2025-002</a>.
II. 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.\7\ Comments may be submitted
electronically by using the Commission's internet comment form (<a href="https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/OCC?file_number=SR-OCC-2025-002">https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/OCC?file_number=SR-OCC-2025-002</a>) or by sending an email to <a href="/cdn-cgi/l/email-protection#7103041d145c121e1c1c141f0502310214125f161e07"><span class="__cf_email__" data-cfemail="ec9e998089c18f8381818982989fac9f898fc28b839a">[email protected]</span></a>. Please include file number SR-OCC-2025-002 on the
subject line. Alternatively, paper comments may be sent to Secretary,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549-1090. All submissions should refer to file number SR- OCC-2025-
002. 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 website (<a href="https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/OCC?file_number=SR-OCC-2025-002">https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/OCC?file_number=SR-OCC-2025-002</a>). Do not include personal identifiable
information in submissions; you should submit only information that you
wish to make available publicly. We may redact in part or withhold
entirely from publication submitted material that is obscene or subject
to copyright protection. All submissions should refer to file number
SR-OCC-2025-002 and should be submitted on or before March 17, 2025.
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\7\ 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, on official business days between
the hours of 10 a.m. and 3 p.m. Copies of the filing also will be
available for inspection and copying at the principal office of SRO.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
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\8\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-02944 Filed 2-21-25; 8:45 am]
BILLING CODE 8011-01-P
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