[Federal Register Volume 82, Number 210 (Wednesday, November 1, 2017)]
[Notices]
[Pages 50707-50711]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-23735]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81955; File No. SR-OCC-2017-010]


Self-Regulatory Organizations; The Options Clearing Corporation; 
Notice of Filing of Proposed Rule Change Related to The Options 
Clearing Corporation's Default Management Policy

October 26, 2017.
    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 12, 2017, The Options Clearing Corporation (``OCC'') filed 
with the Securities and Exchange Commission (``Commission'') the 
proposed rule change as described in Items I, II, and III below, which 
Items have been prepared primarily by OCC. 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.
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I. Clearing Agency's Statement of the Terms of Substance of the 
Proposed Rule Change

    This proposed rule change by The Options Clearing Corporation 
(``OCC'') would formalize and update OCC's Default Management Policy, 
which would promote compliance with multiple requirements applicable to 
OCC under Rule 17Ad-22, including Rules 17Ad-22(e)(4)(ix) 
(Replenishment of Resources) and (e)(13) (Default Management).\3\ The 
Default Management Policy is included as confidential Exhibit 5.\4\
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    \3\ 17 CFR 240.17Ad-22(e)(4)(ix) and (e)(13).
    \4\ The Commission notes that Exhibit 5 is included in the 
filing, not in this Notice.
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    The proposed rule change does not require any changes to the text 
of OCC's By-Laws or Rules. All terms with initial capitalization that 
are not otherwise defined herein have the same meaning as set forth in 
the OCC By-Laws and Rules.\5\
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    \5\ OCC's By-Laws and Rules can be found on OCC's public Web 
site: http://optionsclearing.com/about/publications/bylaws.jsp.

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[[Page 50708]]

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.

(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change

(1) Purpose
Background
    On September 28, 2016, the Commission adopted amendments to Rule 
17Ad-22 \6\ and added new Rule 17Ab2-2 \7\ pursuant to Section 17A of 
the Securities Exchange Act of 1934, as amended, (``Act'') \8\ and the 
Payment, Clearing, and Settlement Supervision Act of 2010 (``Payment, 
Clearing and Settlement Supervision Act'') \9\ to establish enhanced 
standards for the operation and governance of those clearing agencies 
registered with the Commission that meet the definition of a ``covered 
clearing agency,'' as defined by Rule 17Ad-22(a)(5) \10\ (collectively, 
the new and amended rules are herein referred to as the ``CCA'' rules). 
OCC meets the definition of a covered clearing agency and is therefore 
subject to the requirements of the CCA rules.\11\
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    \6\ Securities Exchange Act Release No. 78961 (September 28, 
2016), 81 FR 70786 (October 13, 2016) (``CCA Adopting Release''); 
see also 17 CFR 240.17Ad-22.
    \7\ 17 CFR 240.17Ab2-2.
    \8\ 15 U.S.C. 78q-1.
    \9\ 12 U.S.C. 5461 et. seq.
    \10\ 17 CFR 240.17Ad-22(a)(5).
    \11\ Id.
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Relevance of OCC's Default Management Policy to Rules 17Ad-22(e)(4)(ix) 
and (e)(13)
    Certain of the CCA rules relate to matters that, as described 
below, are addressed by OCC's Default Management Policy (``DM 
Policy''). Specifically, Rules 17Ad-22(e)(4)(ix) and (e)(13) 
respectively require OCC to, among other things, establish, implement, 
maintain, and enforce written policies and procedures reasonably 
designed to: (i) Effectively identify, measure, and manage its credit 
exposures to participants and those arising from its payment, clearing 
and settlement processes, including by ``describing [OCC's] process to 
replenish any financial resources it may use following a default or 
other event in which use of such resources is contemplated'' \12\ and 
(ii) ensure that OCC ``has the authority and operational capacity to 
take timely action to contain losses and liquidity demands and continue 
to meet its obligations by, at a minimum, requiring [OCC's] 
participants and, when practicable, other stakeholders to participate 
in the testing and review of its default procedures, including any 
close-out procedure, at least annually and following material changes 
thereto.'' \13\ OCC believes that the DM Policy promotes compliance 
with these requirements under Rules 17Ad-22(e)(4)(ix) and (e)(13), and 
an overview of the DM Policy is provided below.
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    \12\ 17 CFR 240.17Ad-22(e)(4)(ix).
    \13\ 17 CFR 240.17Ad-22(e)(13).
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Default Management Policy
    OCC proposes to formalize its DM Policy, which would apply in the 
event of a default by a Clearing Member, settlement bank or a financial 
market utility with which OCC has a relationship (``FMU'').\14\ The 
purpose of the policy is to outline OCC's default management framework 
and describe the default management steps that OCC has authority to 
take depending upon the facts and circumstances of a default. The DM 
Policy focuses on Clearing Member default, which OCC believes is 
appropriate because Clearing Member default represents a substantial 
part of the overall default risk that is posed to OCC in connection 
with its central counterparty clearing services.\15\
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    \14\ Examples of such FMUs contemplated by the DM Policy are the 
following securities or commodities clearing organizations: The 
Depository Trust Company, National Securities Clearing Corporation, 
and the Chicago Mercantile Exchange. In an event of default by one 
of these securities or commodities clearing organizations, or by a 
settlement bank, OCC has authority under certain conditions pursuant 
to Article VIII, Section 1.(a)(vii) and 5.(b) of the By-Laws to 
manage the default using Clearing Member contributions to the 
Clearing Fund.
    \15\ For purposes of the DM Policy, references to a Clearing 
Member suspension or default contemplate the circumstances specified 
in OCC Rule 1102, which constitute events of ``default'' under 
Interpretation and Policy .01 to the Rule.
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    OCC notes that the DM Policy is part of a broader framework used by 
OCC to manage the default of a Clearing Member, settlement bank or FMU, 
including OCC's By-Laws, Rules, and other policies and procedures. The 
broader framework is designed to collectively ensure that OCC would 
appropriately manage any such default consistent with OCC's obligations 
as a covered clearing agency, including under Rule 17Ad-22.\16\
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    \16\ In this regard, the DM Policy provides that OCC publishes 
key aspects of its default management Rules and procedures on its 
Web site. The summary is available at https://www.theocc.com/risk-management/default-rules/.
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    The DM Policy describes the authority of OCC's Board of Directors 
(``Board'') or a Designated Officer \17\ to summarily suspend a 
Clearing Member pursuant to OCC Rule 1102(a) in the event the Clearing 
Member defaults. The DM Policy further provides that, pursuant to OCC 
Rule 707, OCC may suspend a Clearing Member that participates in a 
cross-margining program in the event of a default regarding its cross-
margining accounts. Upon any suspension of a Clearing Member, the DM 
Policy states that OCC would immediately notify a number of parties, 
including the suspended Clearing Member, regulatory authorities, 
participant and other exchanges (as applicable) in which the suspended 
Clearing Member is a common member, other Clearing Members,\18\ and 
OCC's Board.\19\
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    \17\ For this purpose, the term Designated Officer includes the 
Executive Chairman, Chief Administrative Officer (``CAO''), Chief 
Operating Officer (``COO''), Chief Risk Officer (``CRO'') and 
Executive Vice President--Financial Risk Management (``EVP-FRM'').
    \18\ OCC Rule 1103 requires OCC to notify all Clearing Members 
of the suspension as soon as possible.
    \19\ With respect to pending transactions of a suspended 
Clearing Member, the DM Policy provides that these will be handled 
pursuant to OCC Rule 1105, provided that OCC has no obligation to 
accept the trades effected by a suspended Clearing Member post-
suspension.
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    In the event of a Clearing Member suspension, the DM Policy 
provides that OCC's Financial Risk Management department (``FRM'') 
shall prepare an exposure summary report to be provided to OCC's 
Management Committee detailing, among other things, the open 
obligations of the suspended Clearing Member, collateral deposited by 
the Clearing Member, obligations to other FMUs and a summary of related 
entity exposure. The report summarizes the net settlement obligation of 
the suspended Clearing Member at the time of default. The DM Policy 
further provides that a recommendation as to any liquidity needs 
requiring a draw on OCC's credit facilities would be provided to OCC's 
Management Committee and subsequently be authorized, as applicable, by 
the Executive Chairman, CAO, or COO, as provided for in Article VIII, 
Section 5 of the By-Laws. These practices ensure that OCC's Management 
Committee remains properly informed and can make

[[Page 50709]]

appropriate decisions in the default management process.
    The DM Policy describes OCC's existing authority under OCC Rule 505 
to extend the time for OCC's settlement obligations (i.e., payment 
obligations owed by OCC to Clearing Members). The DM Policy notes that 
any such determination to extend the settlement time and the reasons 
thereof will be promptly reported by OCC to the Commission and the 
Commodity Futures Trading Commission (``CFTC''), however, the 
effectiveness of the extension is not be conditioned upon such 
reporting. The DM Policy notes that such an extension may be necessary 
as a result of a Clearing Member default or a failure of a Clearing 
Member's settlement bank.
    To address situations in which a Clearing Member's settlement bank 
fails or experiences an operational outage that prevents the Clearing 
Member from meeting its settlement obligations to OCC, the DM Policy 
provides that OCC requires each Clearing Member to maintain procedures 
detailing how it would meet its settlement obligations in such an 
event. The DM Policy further provides that a Designated Officer would 
determine whether to enact these alternate settlement procedures in the 
event that a Clearing Member's settlement bank is unable to perform.
    The DM Policy sets forth the sequence or ``waterfall'' of financial 
resources that OCC may use to meet its obligations in the event of a 
Clearing Member suspension to provide certainty regarding the order in 
which these resources would be applied. Specifically, the DM Policy 
describes that OCC is able to use the following financial resources: 
(i) Margin deposits of the suspended Clearing Member; (ii) deposits in 
lieu of margin of the suspended Clearing Member; \20\ (iii) Clearing 
Fund deposits of the suspended Clearing Member; (iv) Clearing Fund 
deposits of non-defaulting Clearing Members; (v) Clearing Fund 
assessments against Clearing Members; and (vi) the current or retained 
earnings of OCC, subject to the unanimous approval of certain OCC 
shareholders.\21\
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    \20\ See Rule 610(f) and (g).
    \21\ See OCC By-Law Article VIII, Section 5(d). In lieu of 
charging a loss or deficiency proportionately to the computed 
Clearing Fund contributions of non-defaulting Clearing Members, OCC 
may charge the loss or deficiency to current or retained earnings. 
This same discretion applies in connection with any loss by reason 
of the failure of a bank or securities or commodities clearing 
organization to perform an obligation to OCC.
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    In the case of a suspended Clearing Member, the DM Policy outlines 
the means by which OCC may determine close out positions and collateral 
of the suspended Clearing Member pursuant to OCC's Rules, including 
certain provisions under Chapter XI of the Rules. Based upon 
recommendations from OCC's risk staff, the EVP-FRM may take any one, or 
any combination, of the following actions pursuant to the terms of 
OCC's By-Laws and Rules: (i) Net the suspended Clearing Member's 
positions by offset; (ii) effect market transactions to close out open 
short positions, long positions, and collateral; (iii) transfer the 
positions and related collateral to a non-suspended Clearing Member; 
(iv) effect hedging transactions to reduce the risk to OCC of open 
positions; (v) conduct a private auction of the positions and 
collateral of the suspended Clearing Member; (vi) exercise unsegregated 
and segregated long options; (vii) set cash settlement values or 
perform buy-in or sell-out processes; and (viii) defer close-out, as 
may be authorized by certain officers of OCC.\22\
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    \22\ The DM Policy also provides that any determination to defer 
close-out or hedging transactions under the CAP would be reported to 
the Board and/or the Risk Committee, as required under OCC Rules 
1106.
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    In addition, the DM Policy specifies that OCC risk staff will 
develop a Close-out Action Plan (``CAP'') and present it to the EVP-FRM 
for approval. The DM Policy provides that upon approval of the CAP by 
the EVP-FRM, FRM and other designated business OCC business units and 
personnel will be responsible for its execution. The DM Policy also 
provides that OCC's legal department would advise OCC's Management 
Committee on OCC's authority to execute the proposed CAP and describe 
the responsibilities for the execution, monitoring and reporting of the 
CAP and escalation of issues to OCC's Management Committee. The CAP 
process is designed to ensure that OCC has an appropriate process in 
place to analyze its exposures, take into consideration current and 
expected market conditions, and evaluate the tools and resources 
available to deal with those exposures under the circumstances so that 
OCC can appropriately manage any default in a manner that would protect 
Clearing Members, investors, the public interest, and the markets that 
OCC serves.
    The DM Policy provides that OCC would generally liquidate all 
positions and collateral of a suspended Clearing Member, and the 
proceeds would be attributed to the account type from which they 
originated. It also specifies that as a registered clearing agency with 
the Commission and a registered derivatives clearing organization with 
the CFTC, OCC is required to comply with regulatory requirements to 
safeguard customer assets.
    In the event of a default, OCC would immediately demand any pledged 
collateral of the suspended Clearing Member from custodian(s) to ensure 
those resources are available for default management purposes. For 
example, the DM Policy provides that, among other things, cash and 
proceeds from any liquidated collateral or demand of payment on a 
letter of credit would be placed in the appropriate liquidating 
settlement account, pursuant to OCC Rule 1104. The DM Policy further 
provides that all pledged valued margin collateral will be moved by the 
Collateral Services Department into an OCC account and may be 
transferred to an auction recipient, delivered to a liquidating agent 
or delivered to a liquidating settlement account. In the case of 
deposits in lieu of margin, however, the DM Policy states that OCC 
would only demand such collateral to meet obligations arising from the 
assignment of a related contract.
    After the close-out of the suspended Clearing Member is completed, 
the DM Policy describes that the Executive Chairman, CAO, or COO would 
determine whether, consistent with Article VIII, Section 5(a) of OCC's 
By-Laws, an assessment must be made against the Clearing Fund in 
connection with the liquidation. In the event of a shortfall whereby 
the close-out of the suspended Clearing Member does not result in 
enough resources to cover its obligations, the DM Policy states that 
each Clearing Member, consistent with Article VIII, Section 6 of OCC's 
By-Laws, may be assessed an additional amount equal to the amount of 
its initial Clearing Fund deposit, as determined by the Executive 
Chairman, CAO, or COO. The DM Policy notes that any such assessment 
decision would be communicated via email in accordance with the 
procedure covering the assessment process. The DM Policy also specifies 
that a Clearing Member is liable for further assessments until the 
balance of OCC's losses are covered or the Clearing Member has 
withdrawn from membership as set forth in Article VIII, Sections 6 and 
7 of OCC's By-Laws.
    The DM Policy provides that, on at least an annual basis, OCC's 
default management working group will provide OCC's Management 
Committee with recommended areas for testing, including close-out 
procedures, and that the Management Committee is responsible for 
reviewing and ultimately

[[Page 50710]]

approving the overall test plan.\23\ In addition, the DM Policy 
specifies that the default management working group maintains the 
authority to approve individual test plans and overall plan changes, 
but that any changes to the overall plan would be reported to and 
reviewed by OCC's Management Committee. The DM Policy further provides 
that testing is recommended and performed more frequently than annually 
if a material change is made to OCC's default management procedures or 
if it is deemed necessary by OCC's default management working group. 
These provisions are designed to ensure that OCC maintains policies and 
procedures reasonably designed to satisfy the requirements of Rule 
17Ad-22(e)(13) \24\ relating to the testing and review of its default 
procedures.
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    \23\ The DM Policy also provides that Clearing Members are 
required to participate in default management testing pursuant to 
OCC Rules 218(c) and (d). See Securities Exchange Act Release No. 
80372 (April 4, 2017), 82 FR 17311 (April 10, 2017) (SR-OCC-2017-
003).
    \24\ 17 CFR 240.17Ad-22(e)(13).
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    In addition, the DM Policy outlines the execution of the testing 
plan and the review of the results of the testing plan, including the 
production of annual reports to OCC's Management Committee and Risk 
Committee regarding the results of OCC's default tests to provide 
appropriate oversight over the default testing process.
(2) Statutory Basis
    Section 17A(b)(3)(F) of the Act \25\ requires, among other things, 
that the rules of a clearing agency be designed to promote the prompt 
and accurate clearance and settlement of securities transactions, and, 
in general, protect investors and the public interest. The DM Policy 
focuses on the processes that OCC would use to take timely action to 
contain losses and liquidity demands in an event of default by a 
Clearing Member, such as closing out open positions and collateral of a 
defaulted Clearing Member, using alternate settlement bank procedures 
or relying on Clearing Fund contributions of Clearing Members under 
certain conditions. In this regard, the DM Policy is designed to ensure 
that OCC can maintain its resilience in the event of a default, thereby 
enabling OCC to continue to provide its clearance and settlement 
services to the public in such circumstances. Accordingly, OCC believes 
that the DM Policy is designed to (i) protect investors and the public 
interest, and (ii) promote the prompt and accurate clearance and 
settlement of securities transactions in a manner consistent with 
Section 17A(b)(3)(F) of the Act.\26\
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    \25\ 15 U.S.C. 78q-1(b)(3)(F).
    \26\ Id.
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    Rules 17Ad-22(e)(4)(ix) and (e)(13) respectively require a covered 
clearing agency to, among other things, establish, implement, maintain, 
and enforce written policies and procedures reasonably designed to: (i) 
Effectively identify, measure, and manage its credit exposures to 
participants and those arising from its payment, clearing and 
settlement processes, including by describing its process to replenish 
any financial resources it may use following a default or other event 
in which use of such resources is contemplated \27\ and (ii) ensure 
that it has the authority and operational capacity to take timely 
action to contain losses and liquidity demands and continue to meet its 
obligations by, at a minimum, requiring its participants and, when 
practicable, other stakeholders to participate in the testing and 
review of its default procedures, including any close-out procedure, at 
least annually and following material changes thereto.\28\ OCC believes 
that the proposed rule change is consistent with Rule 17Ad-22(e)(13) 
\29\ because the DM Policy, among other things, sets forth OCC's 
authority and operational capabilities to take timely action to contain 
losses and liquidity demands and continue to meet its obligations. For 
example, the DM Policy sets forth the procedures by which OCC would 
suspend a Clearing Member as well as the waterfall of financial 
resources that OCC would use to contain losses arising from the 
Clearing Member's default. The DM Policy also sets forth, among other 
things, the various means by which OCC may close-out the positions of a 
suspended Clearing Member and the process it uses to make such 
determinations, which OCC believes helps ensure that OCC has sufficient 
operational capacity take timely action to contain losses and liquidity 
demands and continue to meet its obligations consistent with Rule 17Ad-
22(e)(13).\30\ In addition, OCC believes that the DM Policy is 
consistent with the testing requirement in Rule 17Ad-22(e)(13) \31\ 
because the DM Policy sets forth OCC's processes for managing annual 
testing, or more frequent testing following a change to OCC's default 
management procedures.
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    \27\ 17 CFR 240.17Ad-22(e)(4)(ix).
    \28\ 17 CFR 240.17Ad-22(e)(13).
    \29\ Id.
    \30\ Id.
    \31\ Id.
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    OCC also believes that the DM Policy is consistent with Rule 17Ad-
22(e)(4)(ix) \32\ because the DM Policy describes the process by which 
OCC may initiate a Clearing Fund assessment to replenish financial 
resources that may be used following a default and attendant suspension 
of a Clearing Member. Specifically, the DM Policy provides that where 
the liquidation of a suspended Clearing Member results in a shortfall, 
certain officers of OCC may require that all Clearing Members be 
assessed an additional amount equal to the amount of their respective 
Clearing Fund deposits, consistent with OCC's By-Laws, and that a 
Clearing Member is liable for further assessments until the balance of 
OCC's losses are covered or the Clearing Member has withdrawn from 
membership as set forth in OCC's By-Laws. In addition, the DM Policy 
also provides that, pursuant to the waterfall of financial resources 
used in the event of a Clearing Member suspension, OCC could use 
current or retained earnings, consistent with OCC's By-Laws, to 
continue meeting its financial obligations.
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    \32\ 17 CFR 240.17Ad-22(e)(4)(ix).
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    The proposed rule change is not inconsistent with the existing 
rules of OCC, including any other rules proposed to be amended.

(B) Clearing Agency's Statement on Burden on Competition

    Section 17A(b)(3)(I) of the Act \33\ requires that the rules of a 
clearing agency not impose any burden on competition not necessary or 
appropriate in furtherance of the purposes of the Act. OCC does not 
believe that the proposed rule change would impact or impose any burden 
on competition. As a general matter, the DM Policy describes the 
processes OCC would follow in a default that are already set forth in 
OCC's approved By-Laws and Rules. More specifically, the proposed rule 
change sets forth in a single document the framework OCC would use to 
manage the default primarily of a Clearing Member, as well as the 
default of a settlement bank or FMU. Because any individual Clearing 
Member, settlement bank, or FMU under the DM Policy is equally subject 
to the aspects of OCC's default management framework that apply to it, 
the proposed rule change would not provide any such entity with a 
competitive advantage over any other similar entity. OCC notes that, in 
managing any potential default, OCC focuses on the risk posed to OCC by 
such default. Accordingly, to the extent, for example, that OCC were to 
close-out the open positions of one suspended

[[Page 50711]]

Clearing Member in a different manner than it were to close-out the 
open positions of another Clearing Member, such differences result from 
the risks posed to OCC by each Clearing Member's respective positions. 
Moreover, the treatment of customer versus proprietary positions in a 
default scenario are not specifically addressed in the DM Policy, which 
as noted sets forth a general framework for managing defaults, but 
rather in OCC's existing By-Laws and Rules. Further, the proposed rule 
change would not affect Clearing Members' access to OCC's services or 
impose any direct burdens on Clearing Members.
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    \33\ 15 U.S.C. 78q-1(b)(3)(I).
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    For the foregoing reasons, OCC believes that the proposed rule 
change is in the public interest, would be consistent with the 
requirements of the Act applicable to clearing agencies, and would not 
impact or impose a burden on competition.

(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 the proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule 
change should be disapproved.

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-2017-010 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-2017-010. 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 OCC and on OCC's 
Web site at http://www.theocc.com/components/docs/legal/rules_and_bylaws/sr_occ_17_010.pdf.
    All comments received will be posted without change. Persons 
submitting comments are cautioned that the Commission does not redact 
or edit personal identifying information from comment submissions. You 
should submit only information that you wish to make available 
publicly.
    All submissions should refer to File Number SR-OCC-2017-010 and 
should be submitted on or before November 22, 2017.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated Authority.\34\
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    \34\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-23735 Filed 10-31-17; 8:45 am]
BILLING CODE 8011-01-P


