80 FR 38491 - Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Delivery Procedures

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 128 (July 6, 2015)

Page Range		38491-38493
FR Document		2015-16417

Federal Register, Volume 80 Issue 128 (Monday, July 6, 2015)

[Federal Register Volume 80, Number 128 (Monday, July 6, 2015)]
[Notices]
[Pages 38491-38493]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2015-16417]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75329; File No. SR-ICEEU-2015-012]

Self-Regulatory Organizations; ICE Clear Europe Limited; Notice
of Filing and Immediate Effectiveness of Proposed Rule Change Relating
to the Delivery Procedures

June 29, 2015.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder \2\ notice is hereby given that
on June 16, 2015, ICE Clear Europe Limited (``ICE Clear Europe'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I, II, and III below, which
Items have been prepared primarily by ICE Clear Europe. ICE Clear
Europe filed the proposal pursuant to Section 19(b)(3)(A) of the
Act,\3\ and Rules 19b-4(f)(4)(i) and (ii) \4\ thereunder, so that the
proposal was effective upon filing with the Commission. The Commission
is publishing this notice to solicit comments on the proposed rule
change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(4)(i) and (ii).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

ICE Clear Europe proposes amendments to its Delivery Procedures
with respect to the settlement of certain European emissions allowance
and cocoa futures contracts that are currently traded on ICE Futures
Europe and cleared by ICE Clear Europe. The proposed rule change also
makes certain clarifications and updates to the Complaint Resolution
Procedures.

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

In its filing with the Commission, ICE Clear Europe included
statements concerning the purpose of and basis for the proposed rule
change. The text of these statements may be examined at the places
specified in Item IV below. ICE Clear Europe has prepared summaries,
set forth in sections A, B, and C below, of the most significant
aspects of such statements.

[[Page 38492]]

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
The purpose of the proposed rule change is to modify the ICE Clear
Europe Delivery Procedures for certain emissions allowance and cocoa
futures contracts traded on ICE Futures Europe and cleared by ICE Clear
Europe, namely the ICE Futures EUA Futures Contract, ICE Futures EUA
Daily Futures Contract, ICE Futures EUAA Auction Contract, ICE Futures
EUAA Futures Contract, ICE Futures EUAA Auction Contract, ICE Futures
CER Futures Contract, ICE Futures CER Futures Daily Contract and ICE
Futures ERU Futures Contract (collectively, the ``Emissions
Contracts''), and Financials & Softs Cocoa Futures Contracts (the
``Cocoa Contracts''). ICE Clear Europe also proposes to make certain
clarifications and updates to its Complaint Resolution Procedures. ICE
Clear Europe does not otherwise propose to amend its clearing rules or
procedures.
The amendments to the Delivery Procedures relating to the Emissions
Contracts adjust the deadlines for certain actions in connection with
delivery under those contracts, including the timing of submission of
Transfer Requests by the relevant Seller or the Clearing House, the
timing of receipt of emissions allowances by the Clearing House and the
Buyer, and the timing of submission of certain confirmation forms. The
timing changes are intended to move certain aspects of the settlement
process earlier in the day, in order to facilitate orderly settlement.
The amendments also remove certain superfluous language prior to the
beginning of Part A of the Delivery Procedures.
The amendments to the Delivery Procedures for the Cocoa Contracts
clarify the reports made available to Buyers and Sellers in the event
there are no conversions of delivery units to be made under relevant
exchange rules. Specifically, Sellers will have access to an account
sale report and delivery details via Guardian or any successor system.
Buyers will have access to an invoice report and delivery details.
A correction is also made in the Delivery Procedures to a reference
to a report provided in connection with the delivery of Swiss
Government Bond Futures Contracts.
The amendments to the Complaint Resolution Procedures eliminate an
unnecessary reference to different categories of Clearing Members and
update contact details for making a complaint.
2. Statutory Basis
ICE Clear Europe believes that the proposed rule change is
consistent with the requirements of Section 17A of the Act \5\ and the
regulations thereunder applicable to it, and is consistent with the
prompt and accurate clearance and settlement of securities transactions
and, to the extent applicable, derivative agreements, contracts and
transactions, the safeguarding of securities and funds in the custody
or control of ICE Clear Europe or for which it is responsible and the
protection of investors and the public interest, within the meaning of
Section 17A(b)(3)(F) of the Act.\6\ The changes to the Delivery
Procedures for the Emissions Contracts and Cocoa Contracts are intended
to clarify the timing of certain requirements and update certain notice
and report procedures. As such, ICE Clear Europe believes that the
proposed rule change will generally enhance the operation of its
physical settlement processes for these contracts. ICE Clear Europe is
not otherwise changing its financial resources, risk management,
systems and operational arrangements that support clearing of these
contracts (and address physical delivery under these contracts). The
changes to the Complaint Resolution Procedure consist of non-
substantive clarifications. The proposed rule change is thus consistent
with the prompt and accurate clearance and settlement of derivative
agreements, contracts and transactions, and with the requirements of
Section 17A of the Act.\7\
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\5\ 15 U.S.C. 78q-1.
\6\ 15 U.S.C. 78q-1(b)(3)(F).
\7\ 15 U.S.C. 78q-1.
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B. Self-Regulatory Organization's Statement on Burden on Competition

ICE Clear Europe does not believe the proposed rule change would
have any impact, or impose any burden, on competition not necessary or
appropriate in furtherance of the Act. ICE Clear Europe is adopting the
amendments to the Delivery Procedures to clarify certain timing
requirements in connection with physical delivery under Emissions
Contracts, and to clarify certain other documentation requirements for
Emissions Contracts and Cocoa Contracts. ICE Clear Europe does not
believe that these operational changes will impose any significant
additional costs on Clearing Members or other market participants or
otherwise adversely affect Clearing Members or market participants. In
particular, the changes are not expected to affect access to clearing
in these products for Clearing Members or their customers. The changes
will apply to all Clearing Members clearing transactions in the
products, and accordingly are not expected to affect competition among
Clearing Members or the market for clearing services generally.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others

Written comments relating to the proposed amendments have not been
solicited or received. ICE Clear Europe will notify the Commission of
any written comments received by ICE Clear Europe.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

The foregoing proposed rule change has become effective upon filing
pursuant to Section 19(b)(3)(A) \8\ of the Act and Rule 19b-4(f)(4)(i)
and (ii) \9\ thereunder. The Delivery Procedure Amendments effect a
change in an existing service of a registered clearing agency that
primarily affects the clearing operations of the clearing agency with
respect to products that are not securities, including futures that are
not security futures, swaps that are not security-based swaps or mixed
swaps, and forwards that are not security forwards, and does not
significantly affect any securities clearing operations of the clearing
agency or any rights or obligations of the clearing agency with respect
to securities clearing or persons using such securities-clearing
service. The Complaint Resolutions Procedures amendments do not
adversely affect the safeguarding of funds or securities in the custody
or control of ICE Clear Europe or for which it is responsible, and
further do not significantly affect the rights and obligations of ICE
Clear Europe or persons using its clearing service. At any time within
60 days of the filing of the proposed rule change, the Commission
summarily may temporarily suspend such rule change if it appears to the
Commission that such action is necessary or appropriate in the public
interest, for the protection of investors, or otherwise in furtherance
of the purposes of the Act.
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\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(4)(i) and (ii).
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IV. Solicitation of Comments

Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule

[[Page 38493]]

change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml) or
Send an email to rule-comments@sec.gov. Please include
File Number SR-ICEEU-2015-012 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-ICEEU-2015-012. 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
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 such filings will also be available
for inspection and copying at the principal office of ICE Clear Europe
and on ICE Clear Europe's Web site at https://www.theice.com/notices/clear-europe/regulation. 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-ICEEU-2015-012 and should be submitted on or before July 27, 2015.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-16417 Filed 7-2-15; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 80, No. 128 / Monday, July 6, 2015 / Notices 38491

B. Self-Regulatory Organization’s Electronic Comments SECURITIES AND EXCHANGE
Statement on Burden on Competition COMMISSION
• Use the Commission’s Internet
The Exchange does not believe that comment form (http://www.sec.gov/
[Release No. 34–75329; File No. SR–ICEEU–
the proposed rule change will impose rules/sro.shtml); or
2015–012]
any burden on competition that is not • Send an email to rule-comments@
necessary or appropriate in furtherance sec.gov. Please include File Number SR– Self-Regulatory Organizations; ICE
of the purposes of the Act, because the CBOE–2015–059 on the subject line. Clear Europe Limited; Notice of Filing
proposes rule change applies to all and Immediate Effectiveness of
Trading Permit Holders. The Exchange Paper Comments
Proposed Rule Change Relating to the
believes this proposal will not cause an
• Send paper comments in triplicate Delivery Procedures
unnecessary burden on intermarket
to Secretary, Securities and Exchange
competition because the proposed June 29, 2015.
Commission, 100 F Street NE.,
changes will actually enhance the Pursuant to Section 19(b)(1) of the
competiveness of the Exchange relative Washington, DC 20549–1090.
Securities Exchange Act of 1934
to other exchanges which offer All submissions should refer to File (‘‘Act’’) 1 and Rule 19b–4 thereunder 2
comparable fees and rebates for QCC Number SR–CBOE–2015–059. This file notice is hereby given that on June 16,
transactions.10 To the extent that the number should be included on the 2015, ICE Clear Europe Limited (‘‘ICE
proposed changes make CBOE a more subject line if email is used. To help the Clear Europe’’) filed with the Securities
attractive marketplace for market Commission process and review your and Exchange Commission
participants at other exchanges, such comments more efficiently, please use (‘‘Commission’’) the proposed rule
market participants are welcome to only one method. The Commission will change as described in Items I, II, and
become CBOE market participants. post all comments on the Commission’s III below, which Items have been
C. Self-Regulatory Organization’s Internet Web site (http://www.sec.gov/ prepared primarily by ICE Clear Europe.
Statement on Comments on the rules/sro.shtml). Copies of the ICE Clear Europe filed the proposal
Proposed Rule Change Received From submission, all subsequent pursuant to Section 19(b)(3)(A) of the
Members, Participants, or Others amendments, all written statements Act,3 and Rules 19b–4(f)(4)(i) and (ii) 4
with respect to the proposed rule thereunder, so that the proposal was
The Exchange neither solicited nor change that are filed with the effective upon filing with the
received comments on the proposed Commission, and all written Commission. The Commission is
rule change. communications relating to the publishing this notice to solicit
proposed rule change between the comments on the proposed rule change
III. Date of Effectiveness of the from interested persons.
Proposed Rule Change and Timing for Commission and any person, other than
Commission Action those that may be withheld from the I. Self-Regulatory Organization’s
public in accordance with the Statement of the Terms of Substance of
The foregoing rule change has become provisions of 5 U.S.C. 552, will be the Proposed Rule Change
effective pursuant to Section 19(b)(3)(A) available for Web site viewing and
of the Act 11 and paragraph (f) of Rule printing in the Commission’s Public ICE Clear Europe proposes
19b–4 12 thereunder. At any time within Reference Room, 100 F Street NE., amendments to its Delivery Procedures
60 days of the filing of the proposed rule Washington, DC 20549, on official with respect to the settlement of certain
change, the Commission summarily may business days between the hours of European emissions allowance and
temporarily suspend such rule change if 10:00 a.m. and 3:00 p.m. Copies of such cocoa futures contracts that are
it appears to the Commission that such filing will also be available for currently traded on ICE Futures Europe
action is necessary or appropriate in the inspection and copying at the principal and cleared by ICE Clear Europe. The
public interest, for the protection of office of the Exchange. All comments proposed rule change also makes certain
investors, or otherwise in furtherance of received will be posted without change; clarifications and updates to the
the purposes of the Act. If the the Commission does not edit personal Complaint Resolution Procedures.
Commission takes such action, the identifying information from II. Self-Regulatory Organization’s
Commission will institute proceedings submissions. You should submit only Statement of the Purpose of, and
to determine whether the proposed rule information that you wish to make Statutory Basis for, the Proposed Rule
change should be approved or available publicly. All submissions Change
disapproved. should refer to File Number SR–CBOE–
2015–059 and should be submitted on In its filing with the Commission, ICE
IV. Solicitation of Comments
or before July27, 2015. Clear Europe included statements
Interested persons are invited to concerning the purpose of and basis for
For the Commission, by the Division of the proposed rule change. The text of
submit written data, views, and Trading and Markets, pursuant to delegated
arguments concerning the foregoing, these statements may be examined at
authority.13 the places specified in Item IV below.
including whether the proposed rule
Robert W. Errett, ICE Clear Europe has prepared
change is consistent with the Act.
Comments may be submitted by any of Deputy Secretary. summaries, set forth in sections A, B,
Lhorne on DSK7TPTVN1PROD with NOTICES

the following methods: [FR Doc. 2015–16411 Filed 7–2–15; 8:45 am] and C below, of the most significant
BILLING CODE 8011–01–P aspects of such statements.
10 See e.g. , ISE Schedule of Fees, Section IV(A),
1 15 U.S.C. 78s(b)(1).
QCC and Solicitation Rebate and PHLX Pricing
Schedule, Section II, Multiply Listed Options Fees. 2 17 CFR 240.19b–4.
11 15 U.S.C. 78s(b)(3)(A). 3 15 U.S.C. 78s(b)(3)(A).
12 17 CFR 240.19b–4(f). 13 17 CFR 200.30–3(a)(12). 4 17 CFR 240.19b–4(f)(4)(i) and (ii).

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38492 Federal Register / Vol. 80, No. 128 / Monday, July 6, 2015 / Notices

A. Self-Regulatory Organization’s update contact details for making a to clearing in these products for
Statement of the Purpose of, and complaint. Clearing Members or their customers.
Statutory Basis for, the Proposed Rule The changes will apply to all Clearing
2. Statutory Basis
Change Members clearing transactions in the
ICE Clear Europe believes that the products, and accordingly are not
1. Purpose proposed rule change is consistent with expected to affect competition among
The purpose of the proposed rule the requirements of Section 17A of the Clearing Members or the market for
change is to modify the ICE Clear Act 5 and the regulations thereunder clearing services generally.
Europe Delivery Procedures for certain applicable to it, and is consistent with
emissions allowance and cocoa futures the prompt and accurate clearance and C. Self-Regulatory Organization’s
contracts traded on ICE Futures Europe settlement of securities transactions Statement on Comments on the
and cleared by ICE Clear Europe, and, to the extent applicable, derivative Proposed Rule Change Received From
namely the ICE Futures EUA Futures agreements, contracts and transactions, Members, Participants or Others
Contract, ICE Futures EUA Daily the safeguarding of securities and funds Written comments relating to the
Futures Contract, ICE Futures EUAA in the custody or control of ICE Clear proposed amendments have not been
Auction Contract, ICE Futures EUAA Europe or for which it is responsible solicited or received. ICE Clear Europe
Futures Contract, ICE Futures EUAA and the protection of investors and the will notify the Commission of any
Auction Contract, ICE Futures CER public interest, within the meaning of written comments received by ICE Clear
Futures Contract, ICE Futures CER Section 17A(b)(3)(F) of the Act.6 The Europe.
Futures Daily Contract and ICE Futures changes to the Delivery Procedures for
ERU Futures Contract (collectively, the the Emissions Contracts and Cocoa III. Date of Effectiveness of the
‘‘Emissions Contracts’’), and Financials Contracts are intended to clarify the Proposed Rule Change and Timing for
& Softs Cocoa Futures Contracts (the timing of certain requirements and Commission Action
‘‘Cocoa Contracts’’). ICE Clear Europe update certain notice and report The foregoing proposed rule change
also proposes to make certain procedures. As such, ICE Clear Europe has become effective upon filing
clarifications and updates to its believes that the proposed rule change pursuant to Section 19(b)(3)(A) 8 of the
Complaint Resolution Procedures. ICE will generally enhance the operation of Act and Rule 19b–4(f)(4)(i) and (ii) 9
Clear Europe does not otherwise its physical settlement processes for thereunder. The Delivery Procedure
propose to amend its clearing rules or these contracts. ICE Clear Europe is not Amendments effect a change in an
procedures. otherwise changing its financial existing service of a registered clearing
The amendments to the Delivery resources, risk management, systems agency that primarily affects the
Procedures relating to the Emissions and operational arrangements that clearing operations of the clearing
Contracts adjust the deadlines for support clearing of these contracts (and agency with respect to products that are
certain actions in connection with address physical delivery under these not securities, including futures that are
delivery under those contracts, contracts). The changes to the not security futures, swaps that are not
including the timing of submission of Complaint Resolution Procedure consist security-based swaps or mixed swaps,
Transfer Requests by the relevant Seller of non-substantive clarifications. The and forwards that are not security
or the Clearing House, the timing of proposed rule change is thus consistent forwards, and does not significantly
receipt of emissions allowances by the with the prompt and accurate clearance affect any securities clearing operations
Clearing House and the Buyer, and the and settlement of derivative agreements, of the clearing agency or any rights or
timing of submission of certain contracts and transactions, and with the obligations of the clearing agency with
confirmation forms. The timing changes requirements of Section 17A of the Act.7 respect to securities clearing or persons
are intended to move certain aspects of using such securities-clearing service.
the settlement process earlier in the day, B. Self-Regulatory Organization’s The Complaint Resolutions Procedures
in order to facilitate orderly settlement. Statement on Burden on Competition amendments do not adversely affect the
The amendments also remove certain ICE Clear Europe does not believe the safeguarding of funds or securities in
superfluous language prior to the proposed rule change would have any the custody or control of ICE Clear
beginning of Part A of the Delivery impact, or impose any burden, on Europe or for which it is responsible,
Procedures. competition not necessary or and further do not significantly affect
The amendments to the Delivery appropriate in furtherance of the Act. the rights and obligations of ICE Clear
Procedures for the Cocoa Contracts ICE Clear Europe is adopting the Europe or persons using its clearing
clarify the reports made available to amendments to the Delivery Procedures service. At any time within 60 days of
Buyers and Sellers in the event there are to clarify certain timing requirements in the filing of the proposed rule change,
no conversions of delivery units to be connection with physical delivery the Commission summarily may
made under relevant exchange rules. under Emissions Contracts, and to temporarily suspend such rule change if
Specifically, Sellers will have access to clarify certain other documentation it appears to the Commission that such
an account sale report and delivery requirements for Emissions Contracts action is necessary or appropriate in the
details via Guardian or any successor and Cocoa Contracts. ICE Clear Europe public interest, for the protection of
system. Buyers will have access to an does not believe that these operational investors, or otherwise in furtherance of
invoice report and delivery details. changes will impose any significant the purposes of the Act.
A correction is also made in the additional costs on Clearing Members or
Delivery Procedures to a reference to a other market participants or otherwise IV. Solicitation of Comments
Lhorne on DSK7TPTVN1PROD with NOTICES

report provided in connection with the adversely affect Clearing Members or Interested persons are invited to
delivery of Swiss Government Bond market participants. In particular, the submit written data, views, and
Futures Contracts. changes are not expected to affect access arguments concerning the foregoing,
The amendments to the Complaint including whether the proposed rule
Resolution Procedures eliminate an 5 15 U.S.C. 78q–1.
unnecessary reference to different 6 15 U.S.C. 78q–1(b)(3)(F). 8 15 U.S.C. 78s(b)(3)(A).
categories of Clearing Members and 7 15 U.S.C. 78q–1. 9 17 CFR 240.19b–4(f)(4)(i) and (ii).

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Federal Register / Vol. 80, No. 128 / Monday, July 6, 2015 / Notices 38493

change is consistent with the Act. SECURITIES AND EXCHANGE result in the re-pricing of an order to, or
Comments may be submitted by any of COMMISSION ranking and/or display of an order at, a
the following methods: price other than an order’s limit price in
[Release No. 34–75325; File No. SR–BYX–
order to comply with applicable
Electronic Comments 2015–29]
securities laws and/or Exchange rules.
• Use the Commission’s Internet Self-Regulatory Organizations; BATS Specifically, the Exchange currently
comment form (http://www.sec.gov/ Y-Exchange, Inc.; Notice of Filing and offers price sliding to ensure
rules/sro.shtml) or Immediate Effectiveness of a Proposed compliance with Regulation NMS and
• Send an email to rule-comments@ Rule Change to Rule 11.9 of BATS Y- Regulation SHO. Price sliding currently
sec.gov. Please include File Number SR– Exchange, Inc., To Modify its Price offered by the Exchange re-prices and
ICEEU–2015–012 on the subject line. Adjust Functionality displays an order upon entry and in
Paper Comments certain cases again re-prices and re-
June 29, 2015. displays an order at a more aggressive
• Send paper comments in triplicate Pursuant to Section 19(b)(1) of the price one time if and when permissible
to Secretary, Securities and Exchange Securities Exchange Act of 1934 (the (‘‘single display-price sliding’’), and
Commission, 100 F Street NE., ‘‘Act’’),1 and Rule 19b–4 thereunder,2 optionally continually re-prices an order
Washington, DC 20549–1090. notice is hereby given that on June 16, (‘‘multiple display-price sliding’’) based
All submissions should refer to File 2015, BATS Y-Exchange, Inc. (the on changes in the national best bid
Number SR–ICEEU–2015–012. This file ‘‘Exchange’’ or ‘‘BYX’’) filed with the (‘‘NBB’’) or national best offer (‘‘NBO’’,
number should be included on the Securities and Exchange Commission and together with the NBB, the
subject line if email is used. To help the (‘‘Commission’’) the proposed rule ‘‘NBBO’’). The Exchange proposes to
Commission process and review your change as described in Items I, II, and modify one form of price sliding offered
comments more efficiently, please use III below, which Items have been by the Exchange, the Price Adjust
only one method. The Commission will prepared by the Exchange. The process, as described below, in order to
post all comments on the Commission’s Commission is publishing this notice to align more closely with the Exchange’s
Internet Web site (http://www.sec.gov/ solicit comments on the proposed rule other form of price sliding, the display-
rules/sro.shtml). Copies of the change from interested persons. price sliding process.
submission, all subsequent I. Self-Regulatory Organization’s The Exchange’s display-price sliding
amendments, all written statements Statement of the Terms of Substance of functionality is designed to avoid
with respect to the proposed rule the Proposed Rule Change locking or crossing other markets’
change that are filed with the Protected Quotations, but does not price
Commission, and all written The Exchange filed a proposal to
slide to avoid executions on the
communications relating to the amend Rule 11.9 to modify the
Exchange’s order book (‘‘BATS Book’’).
proposed rule change between the Exchange’s Price Adjust functionality,
Specifically, when the Exchange
Commission and any person, other than as described below.
The text of the proposed rule change receives an incoming order designated
those that may be withheld from the with a display-price sliding instruction
is available at the Exchange’s Web site
public in accordance with the that could execute against resting
at www.batstrading.com, at the
provisions of 5 U.S.C. 552, will be displayed liquidity on the BATS Book,
principal office of the Exchange, and at
available for Web site viewing and it will execute against such liquidity.
the Commission’s Public Reference
printing in the Commission’s Public However, when an execution against
Room.
Reference Room, 100 F Street NE., resting displayed liquidity does not
Washington, DC 20549, on official II. Self-Regulatory Organization’s occur because an incoming order is
business days between the hours of Statement of the Purpose of, and designated as an order that will not
10:00 a.m. and 3:00 p.m. Copies of such Statutory Basis for, the Proposed Rule remove liquidity (i.e., a BATS Post Only
filings will also be available for Change Order), then the Exchange will cancel
inspection and copying at the principal In its filing with the Commission, the the incoming order. In contrast to
office of ICE Clear Europe and on ICE Exchange included statements display-price sliding, which is based
Clear Europe’s Web site at https:// concerning the purpose of and basis for solely on Protected Quotations 3 at
www.theice.com/notices/clear-europe/ the proposed rule change and discussed external markets other than the
regulation. All comments received will any comments it received on the Exchange, Price Adjust is currently
be posted without change; the proposed rule change. The text of these based on Protected Quotations at
Commission does not edit personal statements may be examined at the external markets and at the Exchange.
identifying information from places specified in Item IV below. The Under the Price Adjust process, if the
submissions. You should submit only Exchange has prepared summaries, set Exchange has a Protected Quotation that
information that you wish to make forth in Sections A, B, and C below, of an incoming order to the Exchange locks
available publicly. All submissions the most significant parts of such or crosses then such order executes
should refer to File Number SR–ICEEU– statements. against the resting order, or, if the
2015–012 and should be submitted on incoming order is a BATS Post Only
or before July 27, 2015. A. Self-Regulatory Organization’s Order or Partial Post Only at Limit
Statement of the Purpose of, and Order, such order would be executed in
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
Statutory Basis for, the Proposed Rule
Change
Lhorne on DSK7TPTVN1PROD with NOTICES

authority.10 3 As defined in BYX Rule 1.5(t), a ‘‘Protected

Quotation’’ is ‘‘a quotation that is a Protected Bid
Robert W. Errett, 1. Purpose or Protected Offer.’’ In turn, the term ‘‘Protected
Deputy Secretary. The Exchange currently offers various Bid’’ or ‘‘Protected Offer’’ means ‘‘a bid or offer in
[FR Doc. 2015–16417 Filed 7–2–15; 8:45 am] a stock that is (i) displayed by an automated trading
forms of sliding, which, in all cases, center; (ii) disseminated pursuant to an effective
BILLING CODE 8011–01–P
national market system plan; and (iii) an automated
1 15 U.S.C. 78s(b)(1). quotation that is the best bid or best offer of a
10 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4. national securities exchange or association.’’

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Document Created: 2015-12-15 13:17:38
Document Modified: 2015-12-15 13:17:38

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 38491