Date: August 4, 2016
Re: OneChicago Ownership and Control Reports
Effective Date: November 7, 2016
OneChicago, LLC (“OneChicago” or “OCX”) is issuing this Regulatory Release (“RR”) 2016-19 to provide market participants with instructions on how to comply with OCX Rule 516 (Ownership and Control Reports) (adopted April 6, 2015). OCX Rule 516 requires that “Clearing Members report to the Exchange in a form and manner prescribed by the Exchange reportable positions and related information relating to Exchange Contracts that Clearing Members are required to report to the Commission pursuant to Commission regulations.”
This RR supersedes RR 2016-12 to reflect the decrease in reportable level to one (1) contract for Large Trader Reporting and Ownership and Control Reports
On November 18, 2013, the Commodity Futures Trading Commission (“CFTC”) published its final OCR rules. OneChicago will begin requiring submission of Form 102 information in the same format as will be required by the CFTC. For technical specifications, please refer to the CFTC Technical Guidance Document, available here. OneChicago will only accept OCR in the CFTC format.
OCR submissions by market participants must be made electronically in one of two ways. For firms participating in FIA Technology Services, Inc.’s (“FIA Tech”) OCR solution, submissions will be sent from FIA Tech to OneChicago on behalf of those firms. For firms not participating in the FIA Tech OCR solution, OneChicago will establish a secure file transfer protocol (“SFTP”) directory to which the non-participating firms must submit Form 102 information in the same format as is required by the CFTC. Each OneChicago Clearing Member must notify OneChicago whether it will participate in the FIA Tech OCR solution or whether it will submit the Form 102 information to OneChicago electronically via SFTP.
OneChicago will require electronic filing of the following forms:
• New Form 102A: This form collects information with respect to position-based special accounts. A special account is any account with a reportable position. The OneChicago exchange level reportable position for Form 102A is one (1) contract in any security futures product (overlaying either an individual equity security or narrow-based security index). Form 102A must be submitted to OneChicago by 9:00 a.m. CT on the business day following the date on which a special account becomes reportable. OneChicago will begin requiring the electronic submission of New Form 102A on November 7, 2016.
• New Form 102B: This form requires the transaction-based reporting of trading accounts that have daily trading volume that exceeds a specified level in a single trading day, regardless of whether the accounts maintain positions at the end of the day. The OneChicago exchange level reportable position for Form 102B is fifty (50) contracts in any security futures product (overlaying either an individual equity security or narrow- based security index) with the same product identifier, or any such other level as determined by the CFTC. Form 102B must be submitted to OneChicago by 9:00 a.m. CT on the business day following the date on which a volume threshold account becomes reportable. OneChicago will begin requiring the electronic submission of New Form 102B on November 7, 2016.
OneChicago will begin accepting and processing test files for OCR submission on July 6, 2016. The file naming convention for submissions and test submissions should be as follows:
May 23, 2016: Reporting firms may begin onboarding and connectivity testing to the OneChicago User Acceptance Test (“UAT”) and production environments.
July 6, 2016: Reporting firms may begin user acceptance testing for conformance in the UAT environment.
October 3, 2016: OneChicago begins accepting and processing electronic OCR submission in its production environments. Firms successfully submitting electronic OCR to OneChicago’s production environment are not required to submit legacy PDFs in the period between October 3, 2016 and November 7, 2016.
November 7, 2016: All reporting firms are required to have migrated to electronic OCR submission.
• OneChicago’s reportable levels are lower than the CFTC’s reportable levels and therefore a Form 102A may be required by OneChicago earlier than the CFTC would require.
• OneChicago will require Clearing Members and omnibus accounts to submit Form 102A and all related accounts as well as Form 102B accounts.
• All Clearing Members, including those that trade solely proprietarily for their own accounts, will be required to submit OCR electronically.
• Prior to November 7, 2016, Reporting firms may continue to submit legacy Form 102’s at the reportable level of 200 contracts
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Any questions regarding OCR can be directed to OneChicago Operations through phone at (312) 883-3411 or through e-mail at firstname.lastname@example.org.