80_FR_38619 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

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 Range38491-38493
FR Document2015-16417

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.
---------------------------------------------------------------------------

    \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.
---------------------------------------------------------------------------

    \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,
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                                             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
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                                             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
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation80 FR 38491 

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