80 FR 31632 - Self-Regulatory Organizations; ICE Clear Europe Limited; Order Approving Proposed Rule Change Relating to CDS Procedures for CDX North America Index CDS Contracts
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 106 (June 3, 2015)
Federal Register Volume 80, Issue 106 (June 3, 2015)
| Page Range | 31632-31634 | |
| FR Document | 2015-13451 |
[Federal Register Volume 80, Number 106 (Wednesday, June 3, 2015)] [Notices] [Pages 31632-31634] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-13451] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75065; File No. SR-ICEEU-2015-005] Self-Regulatory Organizations; ICE Clear Europe Limited; Order Approving Proposed Rule Change Relating to CDS Procedures for CDX North America Index CDS Contracts May 28, 2015. I. Introduction On February 12, 2015, ICE Clear Europe Limited (``ICE Clear Europe'') filed with the Securities and Exchange Commission (``Commission'') a proposed rule change 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 ICE Clear Europe's CDS Procedures, CDS Risk Model Description and CDS End-of-Day Price Discovery Policy to provide the basis for ICE Clear Europe to clear CDX North America Index CDS Contracts (``CDX.NA Contracts''). The proposed rule change also includes revisions to the CDS Procedures that relate to iTraxx Contracts and single name CDS Contracts. The proposed rule change was published for comment in the Federal Register on March 2, 2015.\3\ On April 16, 2015, the Commission extended the time period in which to either approve, disapprove, or institute proceedings to determine whether to disapprove the proposed rule change to May 31, 2015.\4\ The Commission did not receive comment letters regarding the proposed change. For the reasons discussed below, the Commission is granting approval of the proposed rule change. --------------------------------------------------------------------------- \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) (File No. SR-ICEEU-2015-005). \4\ Securities Exchange Act Release No. 34-74741 (Apr. 16, 2015), 80 FR 22593 (Apr. 22, 2015) (File No. SR-ICEEU-2015-005). --------------------------------------------------------------------------- II. Description of the Proposed Rule Change ICE Clear Europe has submitted proposed amendments to its CDS Procedures to (i) revise the CDS Procedures to add a new section containing contract terms applicable to the CDX.NA Contracts that ICE Clear Europe proposes to accept for clearing; (ii) make conforming changes throughout the CDS Procedures to reference the CDX.NA Contracts; and (iii) make certain other clarifications, corrections and updates to the CDS Procedures (including for iTraxx Contracts and Single Name Contracts), as discussed in more detail herein. ICE Clear Europe has also proposed to make certain modifications to its CDS Risk Model Description and CDS End-of-Day Price Discovery Policy (the ``CDS Pricing Policy'') to accommodate clearing of CDX.NA Contracts, as described herein. ICE Clear Europe has proposed to amend Paragraphs 1, 4, 6, 9, 10 and 11 of the CDS Procedures, described below. All capitalized terms not defined herein are defined in the ICE Clear Europe Clearing Rules (the ``Rules''). In paragraph 1 of the CDS Procedures, references will be added to the defined terms ``iTraxx Contract'' and ``CDX.NA Contract,'' as such terms are set out in revised paragraphs 9 and 10 of the CDS Procedures, respectively. The definition of ``Original Annex Date'' will be modified to apply to CDX.NA Contracts in substantially the same manner it applies to iTraxx Contracts. In addition, the definition of ``Protocol Excluded Reference Entity'' in former paragraph 10.3 will be changed to ``Protocol Excluded Corporate Reference Entity'' and moved to paragraph 1, to reflect that such term is only used in the context of corporate reference entities. Accordingly, the definition will be revised to mean an Eligible Single Name Reference Entity that is a Standard European Corporate (as specified in the List of Eligible Single Name Reference Entities) and is an Excluded Reference Entity (as defined in the 2014 CDD Protocol). (Conforming changes will be made to references to that definition throughout the CDS Procedures.) In addition, a correction will be made to the cross-reference in definition of ``New Trade'' to properly refer to the definition set out in the applicable Contract Terms for the relevant contract. In addition, amendments will be made to use the defined terms ``Component Transaction'' and ``Clearing'' throughout the Procedures in lieu of the undefined terms. Finally, various conforming references to the new or revised defined terms will be made throughout the CDS Procedures, various provisions of the CDS Procedures will be renumbered, and certain cross-references to prior paragraph 1.71 will be corrected. Various clarifications will be made in Paragraph 9 of the CDS Procedures, which sets out the contract terms for iTraxx Contracts. Specifically, paragraph 9.1 will be modified to clarify that it specifies the additional Contract Terms applicable to all iTraxx Contracts cleared by the Clearing House. Paragraph 9.2(c)(i), which applies to iTraxx Contracts which are governed by the Standard iTraxx 2014 CDS Supplement, will be modified to make certain additional clarifications relating to initial payments and spun-out trades. Paragraph 9.2(c)(i)(B) will be added to reflect current clearing house (and market) practice that initial payments under cleared iTraxx Contracts (other than those for which a bilateral transaction is already recorded in Deriv/SERV) are made on the business day following the trade date (or, if later, the business day following the date of acceptance for clearing). New paragraph 9.2(c)(i)(D), which will address the reference obligation for a spun-out trade following a restructuring credit event, is substantially the same as the corresponding language in paragraph 9.3(c)(i)(D) for contracts subject to the Standard iTraxx Legacy CDS Supplement and was inadvertently omitted from prior amendments. A cross-reference in paragraph 9.2(c)(i)(E) will be updated. New paragraph 9.2(c)(i)(F) will provide that paragraph 5.7 of the Standard iTraxx 2014 CDS Supplement, which contains restrictions on delivery of Credit Event Notices and Successor Notices, does not apply to iTraxx Contracts (as the appropriate restrictions in the context of a cleared transaction are already addressed in the Rules and CDS Procedures, including Rule 1505). As set forth in paragraph 9.2(c)(ii), changes will also be made to the terms of the iTraxx 2014 Confirmation with respect to iTraxx Contracts that are governed by the Standard iTraxx 2014 CDS Supplement. These amendments will include a clarification that references to the 2014 Credit Derivatives Definitions in the standard supplement and confirmation will be interpreted for cleared contracts as though they have the meaning ascribed to that term in the Rules and Procedures. In addition, a provision that there are no ``Omitted Reference Entities'' for purposes of the standard confirmation will be removed as that term is not used in the standard supplement and confirmation and is therefore unnecessary. Similar clarifications will be made in paragraph 9.3, which relates to iTraxx Contracts which are governed by the [[Page 31633]] Standard iTraxx Legacy CDS Supplement. Specifically, new paragraph 9.3(c)(i)(B) will contain the same clarification discussed above with respect to the initial payment date for a contract. Paragraph 9.3(c)(i)(D) will contain a correction that the treatment therein of reference obligations for spun-out trades applies for reference entities subject to both Sections A and B of the Standard iTraxx Legacy CDS Supplement (that is, both protocol-excluded and non-excluded entities). Subparagraph (F) will provide that restrictions under the standard supplement as to delivery of Credit Event Notices and Succession Event Notices do not apply, as the issue is otherwise addressed under the Rules and CDS Procedures, as discussed above. In paragraph 9.3(c)(ii)(E), a reference to there being no ``Omitted Reference Entities'' will also be removed for the reasons noted above. New paragraph 10 of the CDS Procedures will be added to set out the contract terms for CDX.NA Contracts. Paragraph 10.1 will provide that different sub-provisions of paragraph 10 will apply to CDX.NA Contracts depending on whether the Original Annex Date for the relevant index series falls before or after the Protocol Effective Date. New paragraph 10.2 will apply to CDX.NA Contracts with an Original Annex Date on or after the Protocol Effective Date (i.e., for transactions in the September 2014 or later versions of the index). New definitions will be added to subparagraph (a), including definitions for ``CDX.NA Contract'', ``CDX.NA Publisher'', ``CDX.NA Terms Supplement'', ``Eligible CDX.NA Index'', ``List of Eligible CDX.NA Indices'', and ``Relevant CDX.NA Terms Supplement'', which largely track the analogous definitions in paragraph 9 with respect to iTraxx Europe Contracts. Paragraph 10.2(b) will incorporate defined terms from the Relevant CDX.NA Terms Supplement and also will contain an inconsistency provision which provides that paragraph 10.2 governs over the CDX.NA 2014 CDS Supplement and CDX.NA 2014 Confirmation. Paragraph 10.2(c) will contain certain amendments to the Standard CDX.NA 2014 CDS Supplement and CDX.NA 2014 Confirmation, which are generally consistent with the amendments to the iTraxx 2014 Terms Supplement and iTraxx 2014 Confirmation in paragraph 9.2(c) and are generally designed to accommodate the requirements of clearing and make the standard contract terms consistent with the Rules and Procedures. In addition, paragraph 10.2(c)(i)(E) will address the application of the defined term ``Index Party'' in the standard supplement in the context of a cleared transaction, and paragraphs 10.2(c)(ii)(E)-(F) will be added to refer to certain transaction terms specified in the List of Eligible CDX.NA Indices for the relevant index and tenor. Paragraph 10.2(c)(i)(G) will clarify that as with iTraxx Contracts, de minimis cash settlement under the standard supplement does not apply. Paragraph 10.2(c) will also indicate the transaction terms that must be specified in the submission of a trade for clearing. New paragraph 10.3 will apply to CDX.NA Contracts with an Original Annex Date before the Protocol Effective Date (i.e., for transactions in older versions of the index). Paragraph 10.3 will contain definitions and provisions generally similar to those in paragraph 10.2, and make comparable amendments to the Standard CDX.NA Legacy CDS Supplement and the CDX.NA Legacy Confirmation. New paragraph 10.4 will contain procedures for updating the CDX.NA index version following a Credit Event or Succession Event. These provisions will be generally consistent with the comparable provisions for iTraxx contracts in paragraph 9.8. New paragraph 10.4(b) will add a similar procedure for implementing a new version of the CDX.NA standard terms supplement, if and when published, where contracts referencing the old and new versions of the supplement are determined by the Clearing House to be fungible. Existing paragraph 10, which contains contract terms for Single Name Contracts, will be renumbered as paragraph 11 and cross references will be updated accordingly. In addition, various clarifying amendments will be made to this paragraph. The definitions of ``STEC Contract'' and ``Non-STEC Single Name Contract'' will be amended to clarify that the relevant Reference Entity type will be specified in the List of Eligible Single Name Reference Entities. The definition of ``Single Name Contract Reference Obligations'' will be amended to clarify that the applicable reference obligation will be specified in the List of Eligible Single Name Reference Entities and may differ between 2003- type CDS Contracts and 2014-type CDS Contracts. For 2014-type CDS Contracts, the reference obligation may be designated as the Senior Level Standard Reference Obligation that is specified from time to time on the SRO List published under the 2014 ISDA Definitions. Paragraph 11.6(a)(i)(C) will be amended by adding a subsection (2) that will make a clarification as to the initial payment date for Single Name Contracts that corresponds to the change in payment date discussed above for iTraxx Contracts. A change will be made in paragraph 11.6(a)(ii) to conform to the changes made to the definition of Single Name Contract Reference Obligation discussed above. In general, under ICE Clear Europe's proposal, the existing risk methodology that applies to index CDS will also apply to the CDX.NA Contracts. However, ICE Clear Europe proposes to make certain amendments to its CDS Risk Model Description and CDS Pricing Policy to address CDX.NA Contracts. In the CDS Risk Model Description, the index decomposition offset methodology, which is used to determine portfolio margin benefits from correlated long and short positions, is proposed to be modified to address multi-region risk factors. Under the revised methodology, portfolio margin benefits are provided first for risk factors within the same region. After the same-region risk analysis is completed, any cross-region benefits for index risk factors are determined. Cross- region benefits apply only to index risk factors. The revised description thus addresses scenarios in which margin offsets may be provided between appropriately correlated positions in iTraxx Contracts and positions in CDX.NA Contracts. The revisions also provide that where risk factor profits and losses are calculated in different currencies, they will be converted into the same base currency (Euro) for purposes of calculation of portfolio margin benefits. ICE Clear Europe also proposes to amend its CDS Pricing Policy to cover the CDX.NA Contracts. The amendments include submission requirements with respect to CDX.NA Contracts and changes to reflect that certain determinations with respect to firm trades for CDX.NA Contracts are made as of the North American end-of-day. III. Discussion and Commission Findings Section 19(b)(2)(C) of the Act \5\ directs the Commission to approve a proposed rule change of a self-regulatory organization if the Commission finds that such proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to such self-regulatory organization. Section [[Page 31634]] 17A(b)(3)(F) of the Act \6\ requires, among other things, that the rules of a clearing agency are designed to promote the prompt and accurate clearance and settlement of securities transactions and, to the extent applicable, derivative agreements, contracts, and transactions and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78s(b)(2)(C). \6\ 15 U.S.C. 78q-1(b)(3)(F). --------------------------------------------------------------------------- The Commission finds that the proposed rule change is consistent with Section 17A of the Act \7\ and the rules thereunder applicable to ICE Clear Europe. The proposed rule change will provide for clearing of the CDX.NA Contracts, which are similar to the index CDS Contracts currently cleared by ICE Clear Europe, in accordance with existing rules and procedures. Specifically, the Commission believes that ICE Clear Europe's proposal to clear the CDX.NA Contracts pursuant to its risk management framework, operational procedures, end-of-day pricing policies, settlement procedures and default management policies (as modified by the proposed rule change) is designed to promote the prompt and accurate clearance and settlement of securities transactions, derivative agreements, contracts, and transactions, and in general, to protect investors and the public interest, consistent with Section 17A(b)(3)(F) of the Act.\8\ The Commission further believes that the clearing of CDX.NA Contracts in accordance with ICE Clear Europe's existing CDS risk policies (including margin and guaranty fund), as modified by the proposed rule change, is reasonably designed to meet the requirements of Rules 17Ad-22(b)(1)-(3) \9\ related to the measurement and management of credit exposures, margin requirements, and the maintenance of sufficient financial resources required for a registered clearing agency acting as a central counterparty for security-based swaps. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78q-1. \8\ 15 U.S.C. 78q-1(b)(3)(F). \9\ 17 CFR 240.17Ad-22(b)(1)-(3). --------------------------------------------------------------------------- Additionally, the Commission believes that the proposed rule change, as it relates to various clarifying and conforming changes with respect to iTraxx Contracts and single name CDS Contracts, is designed to promote the prompt and accurate clearance and settlement of securities transactions and in general, to protect investors and the public interest, consistent with Section 17A(b)(3)(F) of the Act.\10\ --------------------------------------------------------------------------- \10\ 15 U.S.C. 78q-1(b)(3)(F). --------------------------------------------------------------------------- The Commission therefore finds that the proposed rule change is designed to promote the prompt and accurate clearance and settlement of securities transactions and, to the extent applicable, derivative agreements, contracts, and transactions and, in general, to protect investors and the public interest in accordance with Section 17A(b)(3)(F) of the Act.\11\ --------------------------------------------------------------------------- \11\ 15 U.S.C. 78q-1(b)(3)(F). --------------------------------------------------------------------------- IV. Conclusion On the basis of the foregoing, the Commission finds that the proposal is consistent with the requirements of the Act and in particular with the requirements of Section 17A of the Act \12\ and the rules and regulations thereunder. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78q-1. --------------------------------------------------------------------------- It is therefore ordered, pursuant to Section 19(b)(2) of the Act,\13\ that the proposed rule change (File No. SR-ICEEU-2015-005) be, and hereby is, approved.\14\ --------------------------------------------------------------------------- \13\ 15 U.S.C. 78s(b)(2). \14\ In approving the proposed rule change, the Commission considered the proposal's impact on efficiency, competition and capital formation. 15 U.S.C. 78c(f). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\ --------------------------------------------------------------------------- \15\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2015-13451 Filed 6-2-15; 8:45 am] BILLING CODE 8011-01-P
![31632 Federal Register / Vol. 80, No. 106 / Wednesday, June 3, 2015 / Notices
For the Commission, by the Division of Procedures to (i) revise the CDS certain cross-references to prior
Trading and Markets, pursuant to delegated Procedures to add a new section paragraph 1.71 will be corrected.
authority.21 containing contract terms applicable to Various clarifications will be made in
Brent J. Fields, the CDX.NA Contracts that ICE Clear Paragraph 9 of the CDS Procedures,
Secretary. Europe proposes to accept for clearing; which sets out the contract terms for
[FR Doc. 2015–13616 Filed 6–2–15; 8:45 am] (ii) make conforming changes iTraxx Contracts. Specifically,
BILLING CODE 8011–01–P throughout the CDS Procedures to paragraph 9.1 will be modified to clarify
reference the CDX.NA Contracts; and that it specifies the additional Contract
(iii) make certain other clarifications, Terms applicable to all iTraxx Contracts
SECURITIES AND EXCHANGE corrections and updates to the CDS cleared by the Clearing House.
COMMISSION Procedures (including for iTraxx Paragraph 9.2(c)(i), which applies to
Contracts and Single Name Contracts), iTraxx Contracts which are governed by
[Release No. 34–75065; File No. SR–ICEEU–
as discussed in more detail herein. ICE the Standard iTraxx 2014 CDS
2015–005]
Clear Europe has also proposed to make Supplement, will be modified to make
Self-Regulatory Organizations; ICE certain modifications to its CDS Risk certain additional clarifications relating
Clear Europe Limited; Order Approving Model Description and CDS End-of-Day to initial payments and spun-out trades.
Proposed Rule Change Relating to Price Discovery Policy (the ‘‘CDS Paragraph 9.2(c)(i)(B) will be added to
CDS Procedures for CDX North Pricing Policy’’) to accommodate reflect current clearing house (and
America Index CDS Contracts clearing of CDX.NA Contracts, as market) practice that initial payments
described herein. under cleared iTraxx Contracts (other
May 28, 2015. ICE Clear Europe has proposed to than those for which a bilateral
amend Paragraphs 1, 4, 6, 9, 10 and 11 transaction is already recorded in Deriv/
I. Introduction
of the CDS Procedures, described below. SERV) are made on the business day
On February 12, 2015, ICE Clear following the trade date (or, if later, the
All capitalized terms not defined herein
Europe Limited (‘‘ICE Clear Europe’’) business day following the date of
are defined in the ICE Clear Europe
filed with the Securities and Exchange acceptance for clearing). New paragraph
Clearing Rules (the ‘‘Rules’’).
Commission (‘‘Commission’’) a 9.2(c)(i)(D), which will address the
proposed rule change pursuant to In paragraph 1 of the CDS Procedures,
reference obligation for a spun-out trade
Section 19(b)(1) of the Securities references will be added to the defined
following a restructuring credit event, is
Exchange Act of 1934 (‘‘Act’’),1 and terms ‘‘iTraxx Contract’’ and ‘‘CDX.NA
substantially the same as the
Rule 19b–4 thereunder,2 a proposed rule Contract,’’ as such terms are set out in
corresponding language in paragraph
change to revise ICE Clear Europe’s CDS revised paragraphs 9 and 10 of the CDS
9.3(c)(i)(D) for contracts subject to the
Procedures, CDS Risk Model Procedures, respectively. The definition
Standard iTraxx Legacy CDS
Description and CDS End-of-Day Price of ‘‘Original Annex Date’’ will be
Supplement and was inadvertently
Discovery Policy to provide the basis for modified to apply to CDX.NA Contracts omitted from prior amendments. A
ICE Clear Europe to clear CDX North in substantially the same manner it cross-reference in paragraph 9.2(c)(i)(E)
America Index CDS Contracts applies to iTraxx Contracts. In addition, will be updated. New paragraph
(‘‘CDX.NA Contracts’’). The proposed the definition of ‘‘Protocol Excluded 9.2(c)(i)(F) will provide that paragraph
rule change also includes revisions to Reference Entity’’ in former paragraph 5.7 of the Standard iTraxx 2014 CDS
the CDS Procedures that relate to iTraxx 10.3 will be changed to ‘‘Protocol Supplement, which contains restrictions
Contracts and single name CDS Excluded Corporate Reference Entity’’ on delivery of Credit Event Notices and
Contracts. The proposed rule change and moved to paragraph 1, to reflect that Successor Notices, does not apply to
was published for comment in the such term is only used in the context of iTraxx Contracts (as the appropriate
Federal Register on March 2, 2015.3 On corporate reference entities. restrictions in the context of a cleared
April 16, 2015, the Commission Accordingly, the definition will be transaction are already addressed in the
extended the time period in which to revised to mean an Eligible Single Name Rules and CDS Procedures, including
either approve, disapprove, or institute Reference Entity that is a Standard Rule 1505).
proceedings to determine whether to European Corporate (as specified in the As set forth in paragraph 9.2(c)(ii),
disapprove the proposed rule change to List of Eligible Single Name Reference changes will also be made to the terms
May 31, 2015.4 The Commission did not Entities) and is an Excluded Reference of the iTraxx 2014 Confirmation with
receive comment letters regarding the Entity (as defined in the 2014 CDD respect to iTraxx Contracts that are
proposed change. For the reasons Protocol). (Conforming changes will be governed by the Standard iTraxx 2014
discussed below, the Commission is made to references to that definition CDS Supplement. These amendments
granting approval of the proposed rule throughout the CDS Procedures.) In will include a clarification that
change. addition, a correction will be made to references to the 2014 Credit Derivatives
the cross-reference in definition of Definitions in the standard supplement
II. Description of the Proposed Rule ‘‘New Trade’’ to properly refer to the and confirmation will be interpreted for
Change definition set out in the applicable cleared contracts as though they have
ICE Clear Europe has submitted Contract Terms for the relevant contract. the meaning ascribed to that term in the
proposed amendments to its CDS In addition, amendments will be Rules and Procedures. In addition, a
made to use the defined terms provision that there are no ‘‘Omitted
21 117 CFR 200.30–3(a)(12). ‘‘Component Transaction’’ and Reference Entities’’ for purposes of the
tkelley on DSK3SPTVN1PROD with NOTICES
1 15 U.S.C. 78s(b)(1). ‘‘Clearing’’ throughout the Procedures in standard confirmation will be removed
2 17 CFR 240.19b–4. lieu of the undefined terms. Finally, as that term is not used in the standard
3 Securities Exchange Act Release No. 34–74362
various conforming references to the supplement and confirmation and is
(Feb. 24, 2015), 80 FR 11246 (Mar. 2, 2015) (File new or revised defined terms will be
No. SR–ICEEU–2015–005).
therefore unnecessary.
4 Securities Exchange Act Release No. 34–74741 made throughout the CDS Procedures, Similar clarifications will be made in
(Apr. 16, 2015), 80 FR 22593 (Apr. 22, 2015) (File various provisions of the CDS paragraph 9.3, which relates to iTraxx
No. SR–ICEEU–2015–005). Procedures will be renumbered, and Contracts which are governed by the
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![31634 Federal Register / Vol. 80, No. 106 / Wednesday, June 3, 2015 / Notices
17A(b)(3)(F) of the Act 6 requires, among clearance and settlement of securities the discussion as long as time permits
other things, that the rules of a clearing transactions and, to the extent and at the discretion of the chairman.
agency are designed to promote the applicable, derivative agreements, Dated: May 11, 2015.
prompt and accurate clearance and contracts, and transactions and, in Marcee Craighill,
settlement of securities transactions general, to protect investors and the Director & Curator, Fine Arts Committee,
and, to the extent applicable, derivative public interest in accordance with Department of State.
agreements, contracts, and transactions Section 17A(b)(3)(F) of the Act.11 [FR Doc. 2015–13470 Filed 6–2–15; 8:45 am]
and, in general, to protect investors and
the public interest. IV. Conclusion BILLING CODE 4710–05–P
The Commission finds that the On the basis of the foregoing, the
proposed rule change is consistent with Commission finds that the proposal is
Section 17A of the Act 7 and the rules consistent with the requirements of the DEPARTMENT OF TRANSPORTATION
thereunder applicable to ICE Clear Act and in particular with the
Federal Aviation Administration
Europe. The proposed rule change will requirements of Section 17A of the
provide for clearing of the CDX.NA Act 12 and the rules and regulations Notice of Request To Release Airport
Contracts, which are similar to the thereunder. Property
index CDS Contracts currently cleared It is therefore ordered, pursuant to
by ICE Clear Europe, in accordance with Section 19(b)(2) of the Act,13 that the AGENCY: Federal Aviation
existing rules and procedures. proposed rule change (File No. SR– Administration (FAA), DOT.
Specifically, the Commission believes ICEEU–2015–005) be, and hereby is, ACTION: Notice of intent to rule on
that ICE Clear Europe’s proposal to clear approved.14 request to release airport property at the
the CDX.NA Contracts pursuant to its For the Commission, by the Division of Liberal Mid-America Regional Airport
risk management framework, Trading and Markets, pursuant to delegated (LBL), Liberal, Kansas.
operational procedures, end-of-day authority.15
pricing policies, settlement procedures SUMMARY: The FAA proposes to rule and
Brent J. Fields, invites public comment on the release of
and default management policies (as Secretary.
modified by the proposed rule change) land at the Liberal Mid-America
is designed to promote the prompt and
[FR Doc. 2015–13451 Filed 6–2–15; 8:45 am] Regional Airport (LBL), Liberal, Kansas,
accurate clearance and settlement of BILLING CODE 8011–01–P under the provisions of 49 U.S.C.
securities transactions, derivative 47107(h)(2).
agreements, contracts, and transactions, DATES: Comments must be received on
and in general, to protect investors and DEPARTMENT OF STATE or before July 6, 2015.
the public interest, consistent with [Public Notice: 9161] ADDRESSES: Comments on this
Section 17A(b)(3)(F) of the Act.8 The application may be mailed or delivered
Commission further believes that the Fine Arts Committee Notice of Meeting to the FAA at the following address:
clearing of CDX.NA Contracts in Lynn D. Martin, Airports Compliance
The Fine Arts Committee of the
accordance with ICE Clear Europe’s Specialist, Federal Aviation
Department of State will meet on June
existing CDS risk policies (including Administration, Airports Division,
2, 2015 at 9:00 a.m. in the Henry Clay
margin and guaranty fund), as modified ACE–610C, 901 Locust Room 364,
Room of the Harry S. Truman Building,
by the proposed rule change, is Kansas City, MO 64106.
2201 C Street NW., Washington, DC.
reasonably designed to meet the In addition, one copy of any
The meeting will last until
requirements of Rules 17Ad–22(b)(1)– comments submitted to the FAA must
approximately 3:00 p.m. and is open to
(3) 9 related to the measurement and be mailed or delivered to: Debra S.
the public.
management of credit exposures, margin Giskie, Airport Manager, Liberal Mid-
The agenda for the committee meeting
requirements, and the maintenance of America Regional Airport & Airport
will include a summary of the work of
sufficient financial resources required Industrial Park, City of Liberal, P.O. Box
the Fine Arts Office since its last
for a registered clearing agency acting as 2199, Liberal, KS 67901, (620) 626-2207.
meeting on November 14, 2014 and the
a central counterparty for security-based announcement of gifts and loans of FOR FURTHER INFORMATION CONTACT:
swaps. furnishings as well as financial Lynn D. Martin, Airports Compliance
Additionally, the Commission Specialist, Federal Aviation
contributions from January 1, 2014
believes that the proposed rule change, Administration, Airports Division,
through December 31, 2014.
as it relates to various clarifying and ACE–610C, 901 Locust Room 364,
Public access to the Department of
conforming changes with respect to Kansas City, MO 64106, (816) 329–2644,
State is strictly controlled and space is
iTraxx Contracts and single name CDS lynn.martin@faa.gov. The request to
limited. Members of the public wishing
Contracts, is designed to promote the release property may be reviewed, by
to take part in the meeting should
prompt and accurate clearance and appointment, in person at this same
telephone the Fine Arts Office at (202)
settlement of securities transactions and location.
647–1990 or send an email to
in general, to protect investors and the
WallaceJA@State.gov by May 26th to SUPPLEMENTARY INFORMATION: The FAA
public interest, consistent with Section
make arrangements to enter the invites public comment on the request
17A(b)(3)(F) of the Act.10
building. The public may take part in to release approximately 11.38 acres of
The Commission therefore finds that
airport property at the Liberal Mid-
the proposed rule change is designed to
tkelley on DSK3SPTVN1PROD with NOTICES
11 15 U.S.C. 78q–1(b)(3)(F). America Regional Airport (LBL) under
promote the prompt and accurate 12 15 U.S.C. 78q–1. the provisions of 49 U.S.C. 47107(h)(2).
13 15 U.S.C. 78s(b)(2).
6 15 U.S.C. 78q–1(b)(3)(F).
On March 13, 2015, the City of Liberal
14 In approving the proposed rule change, the
7 15 U.S.C. 78q–1. City Manager requested from the FAA
Commission considered the proposal’s impact on
8 15 U.S.C. 78q–1(b)(3)(F).
efficiency, competition and capital formation. 15 that approximately 11.38 acres of
9 17 CFR 240.17Ad–22(b)(1)–(3). U.S.C. 78c(f). property be released for sale to the City
10 15 U.S.C. 78q–1(b)(3)(F). 15 17 CFR 200.30–3(a)(12). of Liberal. On May 26, 2015, the FAA
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Document Created: 2015-12-15 15:08:39
Document Modified: 2015-12-15 15:08:39
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 80 FR 31632 |
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