80 FR 17122 - Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Clarify Certain Statements Made in SR-BOX-2015-03, a Proposed Rule Change Filed by the Exchange on January 9, 2015
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 61 (March 31, 2015)
Federal Register Volume 80, Issue 61 (March 31, 2015)
| Page Range | 17122-17124 | |
| FR Document | 2015-07257 |
[Federal Register Volume 80, Number 61 (Tuesday, March 31, 2015)] [Notices] [Pages 17122-17124] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-07257] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74576; File No. SR-BOX-2015-16] Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Clarify Certain Statements Made in SR-BOX-2015-03, a Proposed Rule Change Filed by the Exchange on January 9, 2015 March 25, 2015. Pursuant to Section 19(b)(1) under the Securities Exchange Act of 1934 (the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on March 16, 2015, BOX Options Exchange LLC (the ``Exchange'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Exchange filed the proposed rule change pursuant to Section 19(b)(3)(A)(ii) of the Act,\3\ and Rule 19b-4(f)(2) thereunder,\4\ which renders the proposal effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ 15 U.S.C. 78s(b)(3)(A)(ii). \4\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of the Substance of the Proposed Rule Change The Exchange is filing with the Securities and Exchange Commission (``Commission'') a proposed rule change to clarify certain statements made in SR-BOX-2015-03, a rule change filed by the Exchange on January 9, 2015, to implement an equity rights program (the ``VPR Filing''). There are no proposed changes to any rule text. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange 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. The Exchange has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose On January 9, 2015, the Exchange filed the VPR Filing to implement an equity rights program (the ``VPR Program'').\5\ As provided on page 4 of 49 of the VPR Filing, Subscribers in the VPR Program have the right to acquire equity in, and receive distributions from, BOX Holdings Group LLC (``Holdings''), an affiliate of the Exchange, in exchange for the achievement of certain order flow volume commitment thresholds on the Exchange over a period of five (5) years (and a nominal initial cash payment). Specifically, each Volume Performance Right (``VPR'') issued to Subscribers under the VPR Program includes an average daily transaction volume commitment (``VPR Volume Commitment'') with respect to Qualifying Contract Equivalents (as defined on page 6 of 49 of the VPR Filing) equal to 0.0055% of the Industry ADV \6\ for a total of five (5) years.\7\ The calculation of a Contract Equivalent depends on the type of account that sends the order flow to BOX, each of which has a predetermined ratio assigned to it under the Program: Public Customer (0.71), Market Maker (1.10), Broker/Dealer (1.35) and Professional Customer (1.35). This predetermined ratio is then multiplied by the quantity of options contracts executed by the Subscriber on BOX for the Subscriber's own or customer account over a certain period to determine the number of Contract Equivalents attributed to the Subscriber for that period. --------------------------------------------------------------------------- \5\ See SR-BOX-2015-03. As noted in the VPR Filing, certain aspects of the Program require changes to the company governance documents, including the acquisition of equity ownership and any right related to such ownership, are contingent upon Commission approval of a separate company governance proposed rule change, which has yet to be filed. \6\ The Industry ADV for a period is calculated by multiplying (i) two (2) times (ii) the quotient of (A) the aggregate number of cleared U.S. options transactions executed on a U.S. national exchange or facility thereof in U.S. listed securities on trading days during the period, as reported by the Options Clearing Corporation (``OCC''), divided by (B) the number of trading days during the period. A ``trading day'' is generally any day on which the BOX market is open for business, subject to certain qualifications to be defined in the Members Agreement. Certain industry transactions are excluded from the calculation of Industry ADV as described on pages 9--10 of 49 of the VPR Filing. \7\ Each VPR also includes 8.5 unvested new Class C Membership Units of Holdings. See page 5 of 49 of the VPR Filing. --------------------------------------------------------------------------- In describing how Contract Equivalents are calculated in the VPR Filing, the Exchange inadvertently used the term ``orders'' to describe the option contracts executed by the Subscriber. Specifically, on pages 5 and 20-21 of 49 of the VPR Filing, the Exchange explained that the Contract Equivalent calculation for each of the four categories of account types would be based on the quantity of orders executed, multiplied by the predetermined ratio assigned to each category. However, this description was intended to convey that, in calculating the Contract Equivalent for each of the four categories of account types under the Program, the Exchange measures the number of contracts executed, and then multiples the executed contracts by the predetermined ratio for the appropriate category. Accordingly, if a Subscriber were to send a single order of 1,000 option contracts to the Exchange, and all 1,000 option contracts are executed on BOX (assuming none are Excluded Member Contracts, as defined on pages 9-10 of the VPR Filing), then the number of Contract Equivalents for that Subscriber would be calculated by multiplying the 1,000 contracts (not the single order) by the predetermined ratio for the appropriate account type. Furthermore, in describing how the Contract Equivalent ratio was determined for each of the four account type categories under the Program, the Exchange noted, on pages 6, 16, and 20- [[Page 17123]] 21 of 49 of the VPR Filing, that the ratios are weighted in accordance with the Exchange's Fee Schedule, such that those account types that are charged higher fees by the Exchange have Contract Equivalent ratios that are weighted more heavily. While the Exchange believes the operating principles of the VPR Program are evident from the VPR Filing, we understand the description of the weight assigned to each predetermined Contract Equivalent ratio may be confusing, and seek to clarify it. Specifically, the Contract Equivalent ratios assigned to each of the four account types escalate in accordance with the fees charged to the same four account types in the Exchange's Fee Schedule. Thus, the categories for which the Exchange earns the highest fees for any executed contract (Broker/Dealer and Professional Customer) also have the highest Contract Equivalent ratio, and vice versa. Having a higher Contract Equivalent ratio requires additional contracts to be executed to achieve the number of Qualifying Contract Equivalents required to meet the Subscriber's VPR Volume Commitment. Put another way, having a lower Contract Equivalent ratio allows a Subscriber to reach their VPR Volume Commitment faster as compared to submitting contracts with a higher Contract Equivalent ratio. Accordingly, a Subscriber executing contracts for the Broker/Dealer and Professional Customer account types will take longer to reach their VPR Volume Commitment as compared to executing contracts for the Market Maker and Public Customer account types, in that more executions will be required to achieve the VPR Volume Commitment because it takes 1.35 Broker/ Dealer or Professional Customer executed contracts to equal one (1) Qualifying Contract Equivalent. In contrast, a Subscriber executing contracts for the Public Customer account type, for which the Exchange earns the lowest fees, will reach their VPR Volume Commitment faster as compared to executing contracts for the Market Maker, Professional Customer and Broker/Dealer account types, in that less contracts will need to be executed on behalf of Public Customer accounts than any other type of account in order to meet the VPR Volume Commitment because it only takes .71 Public Customer executed contracts to equal one (1) Qualifying Contract Equivalent. For example if a Subscriber is trying to reach 1000 Qualifying Contract Equivalents it would only take 710 executed Public Customer contracts (1000*0.71 = 710) or 1350 executed Broker/Dealer contracts (1000*1.35 = 1350) to reach the 1000 Qualifying Contract Equivalents. This example illustrates how a Subscriber can reach their VPR Volume Commitment faster and through fewer transactions by executing Public Customer contracts as compared to executing Broker/Dealer contracts. 2. Statutory Basis The Exchange believes that the proposal is consistent with the requirements of Section 6(b) of the Act, in general, and Section 6(b)(4) and 6(b)(5)of the Act,\8\ in particular, in that it provides for the equitable allocation of reasonable dues, fees, and other charges among BOX Participants and other persons using its facilities and does not unfairly discriminate between customers, issuers, brokers or dealers. In particular, the proposed rule change is reasonable, equitable and not unfairly discriminatory because it proposes to clarify aspects of the VPR Filing, thereby helping ensure that investors and current Subscribers to the VPR Program clearly understand how the VPR Program operates. In addition, because the first quarter of the VPR Program has not yet completed as of the time of filing this proposed rule change, no Quarterly Volume Commitment (as defined on page 30 of 49 of the VPR Filing) calculations have been made under the Program for any Subscribers. Accordingly, this proposed rule filing should provide current Subscribers will sufficient time to resolve any potential confusion that stemmed from the description of the VPR Program and, specifically, the Contract Equivalent calculation and Contract Equivalent ratios, in the VPR Filing before the first Quarterly Volume Commitment under the Program is calculated for Subscribers. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange believes that the proposed rule change will improve competition by clarifying certain aspects of the VPR Filing for all market participants. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Exchange Act \9\ and Rule 19b-4(f)(2) thereunder,\10\ because it establishes or changes a due, or fee. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78s(b)(3)(A)(ii). \10\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend the rule change if it appears to the Commission that the action is necessary or appropriate in the public interest, for the protection of investors, or would otherwise further the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or 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 CommentsUse 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-BOX-2015-16 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-BOX-2015-16. 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 [[Page 17124]] 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 the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-BOX-2015-16 and should be submitted on or before April 21, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\11\ --------------------------------------------------------------------------- \11\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2015-07257 Filed 3-30-15; 8:45 am] BILLING CODE 8011-01-P
![17122 Federal Register / Vol. 80, No. 61 / Tuesday, March 31, 2015 / Notices
An agency may not conduct or solicit comments on the proposed rule ADV 6 for a total of five (5) years.7 The
sponsor, and a person is not required to change from interested persons. calculation of a Contract Equivalent
respond to, a collection of information depends on the type of account that
I. Self-Regulatory Organization’s
unless it displays a currently valid sends the order flow to BOX, each of
Statement of the Terms of the Substance
control number. which has a predetermined ratio
of the Proposed Rule Change
The public may view the background assigned to it under the Program: Public
documentation for this information The Exchange is filing with the Customer (0.71), Market Maker (1.10),
collection at the following Web site, Securities and Exchange Commission Broker/Dealer (1.35) and Professional
www.reginfo.gov . Comments should be (‘‘Commission’’) a proposed rule change Customer (1.35). This predetermined
directed to: (i) Desk Officer for the to clarify certain statements made in ratio is then multiplied by the quantity
Securities and Exchange Commission, SR–BOX–2015–03, a rule change filed of options contracts executed by the
Office of Information and Regulatory by the Exchange on January 9, 2015, to Subscriber on BOX for the Subscriber’s
Affairs, Office of Management and implement an equity rights program (the own or customer account over a certain
Budget, Room 10102, New Executive ‘‘VPR Filing’’). There are no proposed period to determine the number of
Office Building, Washington, DC 20503, changes to any rule text. Contract Equivalents attributed to the
or by sending an email to: Shagufta_ II. Self-Regulatory Organization’s Subscriber for that period.
Ahmed@omb.eop.gov; and (ii) Pamela Statement of the Purpose of, and In describing how Contract
Dyson, Director/Chief Information Statutory Basis for, the Proposed Rule Equivalents are calculated in the VPR
Officer, Securities and Exchange Change Filing, the Exchange inadvertently used
Commission, c/o Remi Pavlik-Simon, the term ‘‘orders’’ to describe the option
In its filing with the Commission, the contracts executed by the Subscriber.
100 F Street NE., Washington, DC 20549
Exchange included statements Specifically, on pages 5 and 20–21 of 49
or send an email to: PRA_Mailbox@ concerning the purpose of and basis for
sec.gov. Comments must be submitted to of the VPR Filing, the Exchange
the proposed rule change and discussed explained that the Contract Equivalent
OMB within 30 days of this notice. any comments it received on the calculation for each of the four
Dated: March 25, 2015. proposed rule change. The text of these categories of account types would be
Brent J. Fields, statements may be examined at the based on the quantity of orders
Secretary. places specified in Item IV below. The executed, multiplied by the
[FR Doc. 2015–07251 Filed 3–30–15; 8:45 am] Exchange has prepared summaries, set predetermined ratio assigned to each
BILLING CODE 8011–01–P
forth in Sections A, B, and C below, of category. However, this description was
the most significant aspects of such intended to convey that, in calculating
statements. the Contract Equivalent for each of the
SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s four categories of account types under
COMMISSION Statement of the Purpose of, and the Program, the Exchange measures the
Statutory Basis for, the Proposed Rule number of contracts executed, and then
[Release No. 34–74576; File No. SR–BOX–
Change multiples the executed contracts by the
2015–16]
predetermined ratio for the appropriate
1. Purpose category. Accordingly, if a Subscriber
Self-Regulatory Organizations; BOX
Options Exchange LLC; Notice of On January 9, 2015, the Exchange were to send a single order of 1,000
Filing and Immediate Effectiveness of filed the VPR Filing to implement an option contracts to the Exchange, and
a Proposed Rule Change To Clarify equity rights program (the ‘‘VPR all 1,000 option contracts are executed
Certain Statements Made in SR–BOX– Program’’).5 As provided on page 4 of 49 on BOX (assuming none are Excluded
2015–03, a Proposed Rule Change of the VPR Filing, Subscribers in the Member Contracts, as defined on pages
Filed by the Exchange on January 9, VPR Program have the right to acquire 9–10 of the VPR Filing), then the
2015 equity in, and receive distributions number of Contract Equivalents for that
from, BOX Holdings Group LLC Subscriber would be calculated by
March 25, 2015. (‘‘Holdings’’), an affiliate of the multiplying the 1,000 contracts (not the
Pursuant to Section 19(b)(1) under the Exchange, in exchange for the single order) by the predetermined ratio
Securities Exchange Act of 1934 (the achievement of certain order flow for the appropriate account type.
‘‘Act’’) 1 and Rule 19b–4 thereunder,2 volume commitment thresholds on the Furthermore, in describing how the
notice is hereby given that on March 16, Exchange over a period of five (5) years Contract Equivalent ratio was
2015, BOX Options Exchange LLC (the (and a nominal initial cash payment). determined for each of the four account
‘‘Exchange’’) filed with the Securities Specifically, each Volume Performance type categories under the Program, the
and Exchange Commission (the Right (‘‘VPR’’) issued to Subscribers Exchange noted, on pages 6, 16, and 20–
‘‘Commission’’) the proposed rule under the VPR Program includes an
6 The Industry ADV for a period is calculated by
change as described in Items I, II, and average daily transaction volume multiplying (i) two (2) times (ii) the quotient of (A)
III below, which Items have been commitment (‘‘VPR Volume the aggregate number of cleared U.S. options
prepared by the Exchange. The Commitment’’) with respect to transactions executed on a U.S. national exchange
Exchange filed the proposed rule change Qualifying Contract Equivalents (as or facility thereof in U.S. listed securities on trading
pursuant to Section 19(b)(3)(A)(ii) of the days during the period, as reported by the Options
defined on page 6 of 49 of the VPR Clearing Corporation (‘‘OCC’’), divided by (B) the
asabaliauskas on DSK5VPTVN1PROD with NOTICES
Act,3 and Rule 19b–4(f)(2) thereunder,4 Filing) equal to 0.0055% of the Industry number of trading days during the period. A
which renders the proposal effective ‘‘trading day’’ is generally any day on which the
upon filing with the Commission. The 5 See SR–BOX–2015–03. As noted in the VPR BOX market is open for business, subject to certain
Commission is publishing this notice to Filing, certain aspects of the Program require qualifications to be defined in the Members
changes to the company governance documents, Agreement. Certain industry transactions are
including the acquisition of equity ownership and excluded from the calculation of Industry ADV as
1 15 U.S.C. 78s(b)(1). any right related to such ownership, are contingent described on pages 9—10 of 49 of the VPR Filing.
2 17 CFR 240.19b–4. upon Commission approval of a separate company 7 Each VPR also includes 8.5 unvested new Class
3 15 U.S.C. 78s(b)(3)(A)(ii).
governance proposed rule change, which has yet to C Membership Units of Holdings. See page 5 of 49
4 17 CFR 240.19b–4(f)(2). be filed. of the VPR Filing.
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![17124 Federal Register / Vol. 80, No. 61 / Tuesday, March 31, 2015 / Notices
printing in the Commission’s Public II. Self-Regulatory Organization’s and related liabilities, costs or charges,
Reference Room, 100 F Street NE., Statement of the Purpose of, and as well as procedures to address failed
Washington, DC 20549, on official Statutory Basis for, the Proposed Rule deliveries. The revised procedures also
business days between the hours of Change set out various documentation
10:00 a.m. and 3:00 p.m. Copies of the In its filing with the Commission, ICE requirements for the relevant parties. In
filing also will be available for Clear Europe included statements addition, changes are made to paragraph
inspection and copying at the principal concerning the purpose of and basis for 5.1 of the Delivery Procedures to
office of the Exchange. All comments the proposed rule change. The text of include the New Futures Contracts in
received will be posted without change; these statements may be examined at the list of contracts for which parties
the Commission does not edit personal the places specified in Item IV below. may nominate transferors and
identifying information from ICE Clear Europe has prepared transferees to make and take delivery.
submissions. You should submit only summaries, set forth in sections A, B, Other changes are made throughout
information that you wish to make and C below, of the most significant the Delivery Procedures to conform the
available publicly. All submissions aspects of such statements. names of certain contracts to those used
should refer to File Number SR–BOX– in the relevant exchange rules,
2015–16 and should be submitted on or A. Self-Regulatory Organization’s including for the ICE Endex Gaspool
before April 21, 2015. Statement of the Purpose of, and Natural Gas Futures Contract, ICE Endex
Statutory Basis for, the Proposed Rule NCG Natural Gas Futures Contract and
For the Commission, by the Division of
Trading and Markets, pursuant to delegated Change ICE Endex ZTP Natural Gas Futures
authority.11 1. Purpose Contract. (Related changes and
Brent J. Fields, clarifications to defined terms have also
The purpose of the rule amendments been made.) Throughout relevant Parts
Secretary. is to modify the ICE Clear Europe
[FR Doc. 2015–07257 Filed 3–30–15; 8:45 am]
of the Delivery Procedures, references to
Delivery Procedures in connection with the ‘‘HIT report’’ have been replaced
BILLING CODE 8011–01–P the launch by the ICE Endex market of with the ‘‘MPFE report’’ (which is the
certain new natural gas futures contracts current form of futures expiry report
that will be cleared by ICE Clear Europe, indicating positions that have gone to
SECURITIES AND EXCHANGE namely the ICE Endex TTF Natural Gas
COMMISSION expiry). Certain drafting clarifications to
Daily Futures Contracts, ICE Endex the term ‘‘Invoice Period’’ have been
[Release No. 34–74583; File No. SR–ICEEU– Gaspool Natural Gas Daily Futures made in the Delivery Procedures.
2015–008] Contracts, ICE Endex NCG Natural Gas Changes have also made to the
Daily Futures Contracts and ICE Endex settlement timetable for existing ICE
Self-Regulatory Organizations; ICE ZTP Natural Gas Daily Futures Futures UK Natural Gas Daily Futures in
Clear Europe Limited; Notice of Filing Contracts (the ‘‘New Futures paragraph 5.2 of Part D and the delivery
and Immediate Effectiveness of Contracts’’). These contracts are daily
Proposed Rule Change Relating to documentation requirements table in
versions of existing monthly natural gas paragraph 8.1 of Part D (including as to
Clearance of New Natural Gas Futures futures contracts traded on ICE Endex
Contracts the timetable and documentation for
and cleared by ICE Clear Europe. ICE nominations of transferors and
March 25, 2015. Clear Europe also proposes to make transferees). Parallel and conforming
Pursuant to Section 19(b)(1) of the clarifying and conforming amendments changes have been made in Parts E
Securities Exchange Act of 1934 for certain existing natural gas contracts through H for other existing natural gas
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 that are covered by the Delivery contracts. The existing Schedule of
notice is hereby given that on March 18, Procedures. ICE Clear Europe does not Forms and Reports appended to the
2015, ICE Clear Europe Limited (‘‘ICE otherwise propose to amend its clearing Delivery Procedures has been removed
Clear Europe’’) filed with the Securities rules or procedures in connection with as obsolete and unnecessary.
and Exchange Commission the New Futures Contracts.
The amendments adopt new subparts 2. Statutory Basis
(‘‘Commission’’) the proposed rule
of Parts E, F, G and H of the Delivery ICE Clear Europe believes that the
change described in Items I, II and III
Procedures, applicable to the ICE Endex changes described herein are consistent
below, which Items have been prepared
TTF Natural Gas Daily Futures with the requirements of Section 17A of
primarily by ICE Clear Europe. The
Contracts, ICE Endex Gaspool Natural the Act 3 and the regulations thereunder
Commission is publishing this notice to
Gas Daily Futures Contracts, ICE Endex applicable to it, including the standards
solicit comments on the proposed rule
NCG Natural Gas Daily Futures under Rule 17Ad–22,4 and are
change from interested persons.
Contracts and ICE Endex ZTP Natural consistent with the prompt and accurate
I. Self-Regulatory Organization’s Gas Daily Futures Contracts, clearance of and settlement of securities
Statement of the Terms of Substance of respectively. The amendments add transactions and, to the extent
the Proposed Rule Change references, as appropriate, to the New applicable, derivative agreements,
The principal purpose of the Futures Contracts in the applicable Parts contracts and transactions, the
proposed rule change is to modify the of the Delivery Procedures. The safeguarding of securities and funds in
ICE Clear Europe Delivery Procedures amendments provide, among other the custody or control of ICE Clear
matters, specifications for delivery of
asabaliauskas on DSK5VPTVN1PROD with NOTICES
with respect to the settlement of certain Europe or for which it is responsible
European natural gas futures contracts natural gas under a New Futures and the protection of investors and the
that are currently traded or will be Contract, including relevant definitions public interest, within the meaning of
traded on the ICE Endex market and and a detailed delivery timetable for the Section 17A(b)(3)(F) of the Act.5 The
cleared by ICE Clear Europe. contracts. The amendments also address New Futures Contracts have similar
invoicing and payment for delivery. The
11 17 CFR 200.30–3(a)(12). amendments provide for calculation by 3 15 U.S.C. 78q–1.
1 15 U.S.C. 78s(b)(1). ICE Clear Europe of buyer’s and seller’s 4 17 CFR 240.17Ad–22.
2 17 CFR 240.19b–4. security to cover delivery obligations 5 15 U.S.C. 78q–1(b)(3)(F).
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Document Created: 2015-12-18 11:48:08
Document Modified: 2015-12-18 11:48:08
| 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 17122 |
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