80 FR 22593 - Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change Relating to CDS Procedures for CDX North America Index CDS Contracts

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 77 (April 22, 2015)

[Federal Register Volume 80, Number 77 (Wednesday, April 22, 2015)]
[Notices]
[Pages 22593-22594]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-09270]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74741; File No. SR-ICEEU-2015-005]


Self-Regulatory Organizations; ICE Clear Europe Limited; Notice 
of Designation of Longer Period for Commission Action on Proposed Rule 
Change Relating to CDS Procedures for CDX North America Index CDS 
Contracts

April 16, 2015.
    On February 12, 2015, ICE Clear Europe Limited (``ICEEU'') 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 revise 
ICEEU's CDS Procedures, CDS Risk Model Description and CDS End-of-Day 
Price Discovery Policy to provide the basis for ICEEU to clear CDX 
North America Index CDS Contracts (``CDX.NA Contracts''). The proposed 
rule change

[[Page 22594]]

was published for comment in the Federal Register on March 2, 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. 34-74362 (Feb. 24, 
2015), 80 FR 11246 (Mar. 2, 2015).
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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 April 16, 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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    ICEEU's proposed rule change would revise ICEEU's CDS Procedures, 
CDS Risk Model Description and CDS End-of-Day Price Discovery Policy to 
enable ICEEU to clear CDX.NA Contracts, as well as make changes to 
ICEEU's CDS Procedures relating to iTraxx Contracts and single name CDS 
Contracts. 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 May 31, 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-
ICEEU-2015-005).
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    \5\ 15 U.S.C. 78s(b)(2).

Brent J. Fields,
Secretary.
[FR Doc. 2015-09270 Filed 4-21-15; 8:45 am]
 BILLING CODE 8011-01-P