OCC submitted this letter in further response to comments of market participants on our recent rule filing to eliminate an existing clearing fee discount. The proposal, which was filed with the SEC in March 2014, would reinstate OCC's permanent clearing fee schedule (Permanent Fee Schedule) for securities options and securities futures. The Permanent Fee Schedule became effective May 1, 2007. Subsequently, OCC has provided discounts to the Permanent Fee Schedule, known as a Discounted Fee Schedule. Elimination of the Discounted Fee Schedule is necessary and appropriate at this time to meet increased operating expenses and satisfy both existing requirements and pending regulatory changes that would require OCC to hold liquid net assets funded by equity sufficient to cover a minimum of six months' projected operating expenses.