80 FR 54627 - Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Provide for the Clearance of Additional Western European Sovereign Single Names
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 175 (September 10, 2015)
Federal Register Volume 80, Issue 175 (September 10, 2015)
| Page Range | 54627-54628 | |
| FR Document | 2015-22748 |
[Federal Register Volume 80, Number 175 (Thursday, September 10, 2015)] [Notices] [Pages 54627-54628] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-22748] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75836; File No. SR-ICC-2015-013] Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Provide for the Clearance of Additional Western European Sovereign Single Names September 3, 2015. On July 6, 2015, ICE Clear Credit LLC (``ICC'') filed with the Securities and Exchange Commission (``Commission''), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to provide the basis for ICC to clear additional credit default swap contracts (SR- ICC-2015-013). The proposed rule change was published for comment in the Federal [[Page 54628]] Register on July 21, 2015.\3\ To date, the Commission has not received comments on the proposal. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ Securities Exchange Act Release No. 34-75456 (July 15, 2015), 80 FR 43146 (July 21, 2015) (SR-ICC-2015-013). --------------------------------------------------------------------------- Section 19(b)(2) of the Act \4\ provides that within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day from the publication of notice of filing of this proposed rule change is September 4, 2015. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78s(b)(2). --------------------------------------------------------------------------- The Commission is extending the 45-day time period for Commission action on the proposed rule change. ICC's proposed rule change would provide the basis for ICC to include the Federal Republic of Germany, the French Republic and the United Kingdom of Great Britain and Northern Ireland in the list of specific Eligible Standard Western European Sovereign (``SWES'') Reference Entities to be cleared by ICC. Because the proposed rule change is dependent on the approval and implementation of the proposed rule change in SR-ICC-2015-009, which is currently under Commission review, the Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,\5\ designates October 19, 2015, as the date by which the Commission should either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SR-ICC-2015-013). --------------------------------------------------------------------------- \5\ 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\6\ --------------------------------------------------------------------------- \6\ 17 CFR 200.30-3(a)(31). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-22748 Filed 9-9-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 175 / Thursday, September 10, 2015 / Notices 54627
against a Primary Improvement Order or Participants because all Participants amendments, all written statements
Improvement Order in the PIP or COPIP, will be affected to the same extent. with respect to the proposed rule
if that Order interacted with an change that are filed with the
C. Self-Regulatory Organization’s
Unrelated Order on the BOX Book the Commission, and all written
Statement on Comments on the
Market Maker could now be charged communications relating to the
Proposed Rule Change Received From
anywhere from $0.00 to $0.51. proposed rule change between the
Members, Participants, or Others
Therefore, the Participant must Commission and any person, other than
recognize that it could be charged the No written comments were either those that may be withheld from the
highest applicable fee on the Exchange’s solicited or received. public in accordance with the
schedule, which may, instead, be III. Date of Effectiveness of the provisions of 5 U.S.C. 552, will be
lowered or changed depending upon Proposed Rule Change and Timing for available for Web site viewing and
how the PIP or COPIP Order interacts. Commission Action printing in the Commission’s Public
This way, a Participant will never be Reference Room, 100 F Street NE.,
charged a higher fee than they expected The foregoing rule change has become Washington, DC 20549 on official
when submitting a PIP or COPIP Order. effective pursuant to Section business days between the hours of
Further, a majority of PIP and COPIP 19(b)(3)(A)(ii) of the Exchange Act 10 10:00 a.m. and 3:00 p.m. Copies of such
Orders execute as intended in the PIP and Rule 19b–4(f)(2) thereunder,11 filing also will be available for
and COPIP mechanisms, so the because it establishes or changes a due, inspection and copying at the principal
Exchange believes that any increase in or fee. office of the Exchange. All comments
fees will be nominal at most. At any time within 60 days of the received will be posted without change;
Finally, the Exchange notes that it filing of the proposed rule change, the the Commission does not edit personal
operates in a highly competitive market Commission summarily may identifying information from
in which market participants can temporarily suspend the rule change if submissions. You should submit only
readily favor competing exchanges. In it appears to the Commission that the information that you wish to make
such an environment, the Exchange action is necessary or appropriate in the available publicly. All submissions
must continually review, and consider public interest, for the protection of should refer to File Number SR–BOX–
adjusting, its fees and credits to remain investors, or would otherwise further 2015–30, and should be submitted on or
competitive with other exchanges. For the purposes of the Act. If the before October 1, 2015.
the reasons described above, the Commission takes such action, the
Commission shall institute proceedings For the Commission, by the Division of
Exchange believes that the proposed Trading and Markets, pursuant to delegated
rule change reflects this competitive to determine whether the proposed rule
authority.12
environment. should be approved or disapproved.
B. Self-Regulatory Organization’s IV. Solicitation of Comments Robert W. Errett,
Statement on Burden on Competition Interested persons are invited to Deputy Secretary.
submit written data, views, and [FR Doc. 2015–22743 Filed 9–9–15; 8:45 am]
The Exchange does not believe that arguments concerning the foregoing, BILLING CODE 8011–01–P
the proposed rule change will impose including whether the proposed rule
any burden on competition not change is consistent with the Act.
necessary or appropriate in furtherance Comments may be submitted by any of SECURITIES AND EXCHANGE
of the purposes of the Act. The the following methods: COMMISSION
Exchange also does not believe that this
change would disincentivize a market Electronic Comments
[Release No. 34–75836; File No. SR–ICC–
participant from sending in a PIP or • Use the Commission’s Internet 2015–013]
COPIP Order, as the proposed rule comment form (http://www.sec.gov/
change is meant to provide clarity to the rules/sro.shtml); or Self-Regulatory Organizations; ICE
BOX Fee Schedule so that Participants • Send an email to rule-comments@ Clear Credit LLC; Notice of
understand the fees they can be charged sec.gov. Please include File Number SR– Designation of Longer Period for
in this scenario. Under the proposed BOX–2015–30 on the subject line. Commission Action on Proposed Rule
change PIP and COPIP Orders that Change To Provide for the Clearance
execute against an Unrelated Order on Paper Comments of Additional Western European
the BOX Book will be subject to fees • Send paper comments in triplicate Sovereign Single Names
already in place on the Exchange. to Secretary, Securities and Exchange
Further, almost all these transactions Commission, 100 F Street NE., September 3, 2015.
the PIP or COPIP Order will be from the Washington, DC 20549–1090. On July 6, 2015, ICE Clear Credit LLC
account of the Public Customer and All submissions should refer to File (‘‘ICC’’) filed with the Securities and
there will be no change to the fees Number SR–BOX–2015–30. This file Exchange Commission (‘‘Commission’’),
assessed on these Participants. In rare number should be included on the pursuant to Section 19(b)(1) of the
cases, Market Makers, Broker Dealers subject line if email is used. To help the Securities Exchange Act of 1934
and Professional Customers could be Commission process and review your (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a
assessed a higher fee but the Exchange comments more efficiently, please use proposed rule change to provide the
believes any fees assessed would be
mstockstill on DSK4VPTVN1PROD with NOTICES
only one method. The Commission will basis for ICC to clear additional credit
nominal. post all comments on the Commission’s default swap contracts (SR–ICC–2015–
Finally, the Exchange does not Internet Web site (http://www.sec.gov/ 013). The proposed rule change was
believes that treating PIP and COPIP rules/sro.shtml). Copies of the published for comment in the Federal
Orders that execute against an Unrelated submission, all subsequent
Order on the BOX Book as Non-Auction 12 17 CFR 200.30–3(a)(12).
transactions will impose a burden on 10 15 U.S.C. 78s(b)(3)(A)(ii). 1 15 U.S.C. 78s(b)(1).
competition among various Exchange 11 17 CFR 240.19b–4(f)(2). 2 17 CFR 240.19b–4.
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![54628 Federal Register / Vol. 80, No. 175 / Thursday, September 10, 2015 / Notices
Register on July 21, 2015.3 To date, the SECURITIES AND EXCHANGE fee related to ‘‘New Products’’ listed by
Commission has not received comments COMMISSION an exchange and cleared through OCC.
on the proposal. New products are currently subject to a
[Release No. 34–75825; File No. SR–OCC–
Section 19(b)(2) of the Act 4 provides 2015–014]
fee waiver, or ‘‘fee holiday,’’ in which
OCC does not charge a clearing fee from
that within 45 days of the publication of
Self-Regulatory Organizations; The the first day of the listing of the new
notice of the filing of a proposed rule
Options Clearing Corporation; Notice product through the end of the
change, or within such longer period up following calendar month. After that
to 90 days as the Commission may of Filing of a Proposed Rule Change
To Amend The Options Clearing time, the clearing fee reverts to the
designate if it finds such longer period applicable clearing fee set forth in the
Corporation’s Schedule of Fees To
to be appropriate and publishes its Schedule of Fees.3
Allow a Clearing Fee Waiver for
reasons for so finding or as to which the Exchange New Products OCC is proposing to revise its
self-regulatory organization consents, Schedule of Fees to allow the exchange
the Commission shall either approve the September 3, 2015. new product fee waiver period to be
proposed rule change, disapprove the Pursuant to Section 19(b)(1) of the longer in duration than the current
proposed rule change, or institute Securities Exchange Act of 1934 exchange new product fee waiver period
proceedings to determine whether the (‘‘Act’’) 1 and Rule 19b–4 thereunder 2 in the event that OCC and an exchange
proposed rule change should be notice is hereby given that on August would agree to a longer fee waiver. The
disapproved. The 45th day from the 31, 2015, The Options Clearing length of any proposed extended
publication of notice of filing of this Corporation (‘‘OCC’’) filed with the exchange new product fee waiver would
proposed rule change is September 4, Securities and Exchange Commission be subject to agreement between OCC
2015. (‘‘Commission’’) the proposed rule and the requesting exchange and shall
change as described in Items I, II and III not exceed 12 months. Each exchange
The Commission is extending the 45- below, which Items have been prepared clearing new products through OCC
day time period for Commission action by OCC. The Commission is publishing would be able to extend the clearing fee
on the proposed rule change. ICC’s this notice to solicit comments on the waiver for its new products beyond the
proposed rule change would provide the proposed rule change from interested period in the current Schedule of Fees
basis for ICC to include the Federal persons. for up to 12 months, subject to OCC’s
Republic of Germany, the French agreement. Further, consistent with the
I. Clearing Agency’s Statement of the
Republic and the United Kingdom of Terms of Substance of the Proposed terms of the Restated Participant
Great Britain and Northern Ireland in Rule Change Exchange Agreement for options
the list of specific Eligible Standard exchanges and OCC’s Clearing and
Western European Sovereign (‘‘SWES’’) The purpose of this proposed rule Settlement Services Agreements with
Reference Entities to be cleared by ICC. change is to amend OCC’s Schedule of futures exchanges, OCC may not
Fees, effective September 1, 2015, to discriminate among exchanges with
Because the proposed rule change is
allow a clearing fee waiver for exchange respect to the nature or quality of the
dependent on the approval and new products that is longer than the
implementation of the proposed rule services it provides to the exchanges for
current clearing fee waiver for exchange which it provides clearance and
change in SR–ICC–2015–009, which is new products.
currently under Commission review, the settlement services. Accordingly, the
Commission finds it appropriate to II. Clearing Agency’s Statement of the service terms provided to one exchange,
Purpose of, and Statutory Basis for, the such as an extended clearing fee waiver
designate a longer period within which
Proposed Rule Change for new products, would also need to be
to take action on the proposed rule
made available to all other exchanges.
change. In its filing with the Commission, In addition, the current clearing fee
Accordingly, the Commission, OCC included statements concerning
waiver period for exchange new
the purpose of and basis for the
pursuant to Section 19(b)(2) of the Act,5 products would not be shortened by this
proposed rule change and discussed any
designates October 19, 2015, as the date proposed rule change. OCC believes that
comments it received on the proposed
by which the Commission should either the proposed flexibility in the waiver
rule change. The text of these statements
approve or disapprove, or institute period for exchange new products will
may be examined at the places specified
proceedings to determine whether to enhance innovation for the introduced
in Item IV below. OCC has prepared
disapprove, the proposed rule change new products.
summaries, set forth in sections (A), (B),
(File No. SR–ICC–2015–013). and (C) below, of the most significant 2. Statutory Basis
For the Commission, by the Division of aspects of these statements. OCC believes the proposed rule
Trading and Markets, pursuant to delegated change is consistent with Section
(A) Clearing Agency’s Statement of the
authority.6 17A(b)(3)(D) 4 of the Act, because the
Purpose of, and Statutory Basis for, the
Robert W. Errett, Proposed Rule Change proposed change would equitably
Deputy Secretary. allocate reasonable clearing fees among
1. Purpose all of its clearing members pursuant to
[FR Doc. 2015–22748 Filed 9–9–15; 8:45 am]
BILLING CODE 8011–01–P
The purpose of this proposed rule the proposed Schedule of Fees. As
change is to amend OCC’s Schedule of described above, the proposed extended
mstockstill on DSK4VPTVN1PROD with NOTICES
Fees to allow for a longer clearing fee clearing fee waiver would apply equally
waiver period, for up to twelve (12)
3 Securities Exchange Act Release No. 34–75456 months, for clearing members trading 3 For example, the current Schedule of Fees
(July 15, 2015), 80 FR 43146 (July 21, 2015) (SR– exchange new products. OCC’s provides that trades with contracts of 1–500 are
charged $0.05 per trade, trades with contracts of
ICC–2015–013). Schedule of Fees sets forth the clearing 501–1000 are charged $0.04 per trade and trades
4 15 U.S.C. 78s(b)(2).
with contracts of 1001–2000 are charged $0.03 per
5 15 U.S.C. 78s(b)(2). 1 15 U.S.C. 78s(b)(1). trade.
6 17 CFR 200.30–3(a)(31). 2 17 CFR 240.19b–4. 4 15 U.S.C. 78q–1(b)(3)(D).
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Document Created: 2015-12-15 10:03:51
Document Modified: 2015-12-15 10:03:51
| 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 54627 |
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