80 FR 10551 - Self-Regulatory Organizations; ICE Clear Credit, LLC; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Revise the ICC Risk Management Framework

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 38 (February 26, 2015)

Page Range		10551-10551
FR Document		2015-03964

Federal Register, Volume 80 Issue 38 (Thursday, February 26, 2015)

[Federal Register Volume 80, Number 38 (Thursday, February 26, 2015)]
[Notices]
[Page 10551]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-03964]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74341; File No. SR-ICC-2014-24]


Self-Regulatory Organizations; ICE Clear Credit, LLC; Notice of 
Designation of Longer Period for Commission Action on Proposed Rule 
Change To Revise the ICC Risk Management Framework

February 20, 2015.
    On December 22, 2014, ICE Clear Credit LLC (``ICC'') filed with the 
Securities and Exchange Commission (``Commission''), pursuant to 
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ 
and Rule 19b-4 thereunder,\2\ a proposed rule change to make revisions 
to the ICC Risk Management Framework (SR-ICC-2014-24). The proposed 
rule change was published for comment in the Federal Register on 
January 9, 2015.\3\ To date, the Commission has not received comments 
on the proposal.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 34-73980 (Jan. 5, 2015), 
80 FR 1466 (Jan. 9, 2015) (SR-ICC-2014-24).
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    Section 19(b)(2) of the Act \4\ provides that within 45 days of the 
publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day from the publication of notice of filing of this proposed rule 
change is February 23, 2015. The Commission is extending this 45-day 
time period.
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    \4\ 15 U.S.C. 78s(b)(2).
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    ICC's proposed rule change would revise the ICC Risk Management 
Framework to, among other things, incorporate risk model changes 
related to Recovery Rate Sensitivity Requirements, anti-procyclicality, 
and ICC's Guaranty Fund allocation methodology. In order to provide the 
Commission with sufficient time to consider the proposed rule change, 
the Commission finds it is appropriate to designate a longer period 
within which to take action on the proposed rule change.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\5\ designates April 9, 2015, as the date by which the Commission 
should either approve or disapprove, or institute proceedings to 
determine whether to disapprove, the proposed rule change (File No. SR-
ICC-2014-24).
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    \5\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(31).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2015-03964 Filed 2-25-15; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 80, No. 38 / Thursday, February 26, 2015 / Notices 10551

For the Commission, by the Division of methodology. In order to provide the Market Volatility Pursuant to Rule 608
Trading and Markets, pursuant to delegated Commission with sufficient time to of Regulation NMS under the Act (the
authority.15 consider the proposed rule change, the ‘‘Limit Up-Limit Down Plan’’ or the
Jill M. Peterson, Commission finds it is appropriate to ‘‘Plan’’).3 The Exchange proposes to
Assistant Secretary. designate a longer period within which extend the pilot period until October 23,
[FR Doc. 2015–03958 Filed 2–25–15; 8:45 am] to take action on the proposed rule 2015.
BILLING CODE 8011–01–P change. The text of the proposed rule change
Accordingly, the Commission, is available on the Exchange’s Web site
pursuant to Section 19(b)(2) of the Act,5 at http://nasdaq.cchwallstreet.com, at
SECURITIES AND EXCHANGE designates April 9, 2015, as the date by the principal office of the Exchange, and
COMMISSION which the Commission should either at the Commission’s Public Reference
[Release No. 34–74341; File No. SR–ICC– approve or disapprove, or institute Room.
2014–24] proceedings to determine whether to
disapprove, the proposed rule change II. Self-Regulatory Organization’s
Self-Regulatory Organizations; ICE (File No. SR–ICC–2014–24). Statement of the Purpose of, and
Clear Credit, LLC; Notice of Statutory Basis for, the Proposed Rule
For the Commission, by the Division of
Designation of Longer Period for Trading and Markets, pursuant to delegated Change
Commission Action on Proposed Rule authority.6 In its filing with the Commission, the
Change To Revise the ICC Risk Jill M. Peterson, Exchange included statements
Management Framework Assistant Secretary. concerning the purpose of and basis for
February 20, 2015. [FR Doc. 2015–03964 Filed 2–25–15; 8:45 am] the proposed rule change and discussed
On December 22, 2014, ICE Clear BILLING CODE 8011–01–P any comments it received on the
Credit LLC (‘‘ICC’’) filed with the proposed rule change. The text of these
Securities and Exchange Commission statements may be examined at the
(‘‘Commission’’), pursuant to Section SECURITIES AND EXCHANGE places specified in Item IV below. The
19(b)(1) of the Securities Exchange Act COMMISSION Exchange has prepared summaries, set
of 1934 (‘‘Act’’) 1 and Rule 19b–4 [Release No. 34–74336; File No. SR– forth in sections A, B, and C below, of
thereunder,2 a proposed rule change to NASDAQ–2015–016] the most significant aspects of such
make revisions to the ICC Risk statements.
Management Framework (SR–ICC– Self-Regulatory Organizations; The
A. Self-Regulatory Organization’s
2014–24). The proposed rule change NASDAQ Stock Market LLC; Notice of
Statement of the Purpose of, and
was published for comment in the Filing and Immediate Effectiveness of
Statutory Basis for, the Proposed Rule
Federal Register on January 9, 2015.3 To Proposed Rule Change To Amend
Change
date, the Commission has not received Chapter V, Regulation of Trading on
comments on the proposal. NOM, To Extend the Pilot Program 1. Purpose
Section 19(b)(2) of the Act 4 provides Under Section 3(d)(iv)
In April 2013, the Commission
that within 45 days of the publication of
February 20, 2015. approved a proposal, on a one year pilot
notice of the filing of a proposed rule
Pursuant to Section 19(b)(1) of the basis, to adopt Chapter V, Section
change, or within such longer period up
Securities Exchange Act of 1934 3(d)(iv) to provide for how the Exchange
to 90 days as the Commission may
designate if it finds such longer period (‘‘Act’’),1 and Rule 19b–4 thereunder,2 will treat obvious and catastrophic
to be appropriate and publishes its notice is hereby given that, on February options errors in response to the Plan,
reasons for so finding or as to which the 19, 2015, The NASDAQ Stock Market which is applicable to all NMS stocks,
self-regulatory organization consents, LLC (‘‘Nasdaq’’ or ‘‘Exchange’’) filed as defined in Regulation NMS Rule
the Commission shall either approve the with the Securities and Exchange 600(b)(47).4 The Plan is designed to
proposed rule change, disapprove the Commission (‘‘SEC’’ or ‘‘Commission’’) prevent trades in individual NMS stocks
proposed rule change, or institute the proposed rule change as described from occurring outside of specified
proceedings to determine whether the in Items I and II below, which Items Price Bands.5 The requirements of the
proposed rule change should be have been prepared by the Exchange. Plan are coupled with Trading Pauses to
disapproved. The 45th day from the The Commission is publishing this accommodate more fundamental price
publication of notice of filing of this notice to solicit comments on the moves (as opposed to erroneous trades
proposed rule change is February 23, proposed rule change from interested or momentary gaps in liquidity).
2015. The Commission is extending this persons. The Exchange extended the operation
45-day time period. I. Self-Regulatory Organization’s of Chapter V, Section 3(d)(iv), which
ICC’s proposed rule change would Statement of the Terms of the Substance provides that trades are not subject to an
revise the ICC Risk Management of the Proposed Rule Change obvious error or catastrophic error
Framework to, among other things, review pursuant to Chapter V, Sections
The Exchange proposes to amend 6(b) or 6(f) during a Limit State or
incorporate risk model changes related
Chapter V, Regulation of Trading on
to Recovery Rate Sensitivity
NOM, to extend the pilot program under
Requirements, anti-procyclicality, and 3 Securities Exchange Act Release No. 69341
Section 3(d)(iv), which provides for how (April 8, 2013), 78 FR 21996 (April 12, 2013) (SR–
ICC’s Guaranty Fund allocation
the Exchange treats obvious and
rmajette on DSK2VPTVN1PROD with NOTICES

NASDAQ–2013–048).
15 17 CFR 200.30–3(a)(12).
catastrophic options errors in response 4 The Plan was extended until February 20, 2015.

to the Plan to Address Extraordinary The Plan was initially approved for a one-year pilot
1 15 U.S.C. 78s(b)(1). period, which began on April 8, 2013. Securities
2 17 CFR 240.19b–4.
Exchange Act Release No. 71649 (March 5, 2014),
3 Securities Exchange Act Release No. 34–73980 5 15 U.S.C. 78s(b)(2). 79 FR 13696 (March 11, 2014).
6 17 CFR 200.30–3(a)(31).
(Jan. 5, 2015), 80 FR 1466 (Jan. 9, 2015) (SR–ICC– 5 Unless otherwise specified, capitalized terms
2014–24). 1 15 U.S.C. 78s(b)(1).
used in this rule filing are based on the defined
4 15 U.S.C. 78s(b)(2). 2 17 CFR 240.19b–4. terms of the Plan.

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Document Created: 2015-12-18 13:05:21
Document Modified: 2015-12-18 13:05:21

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		80 FR 10551