80_FR_65475 80 FR 65269 - Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Clearing Services for European Natural Gas Spot Contracts

80 FR 65269 - Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Clearing Services for European Natural Gas Spot Contracts

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 206 (October 26, 2015)

Page Range65269-65271
FR Document2015-27067

Federal Register, Volume 80 Issue 206 (Monday, October 26, 2015)
[Federal Register Volume 80, Number 206 (Monday, October 26, 2015)]
[Notices]
[Pages 65269-65271]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-27067]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76196; File No. SR-ICEEU-2015-017]


Self-Regulatory Organizations; ICE Clear Europe Limited; Notice 
of Filing and Immediate Effectiveness of a Proposed Rule Change 
Relating to Clearing Services for European Natural Gas Spot Contracts

October 20, 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 October 9, 2015, ICE Clear Europe Limited (``ICE Clear Europe'') 
filed with the Securities and Exchange Commission (``Commission'') the 
proposed rule change described in Items I, II and III below, which 
Items have been primarily prepared by ICE Clear Europe. ICE Clear 
Europe filed the proposal pursuant to section 19(b)(3)(A) of the 
Act,\3\ and Rule 19b-4(f)(4)(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)(ii).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The principal purpose of the rule change is to amend certain 
provisions of the ICE Clear Europe rules and procedures that address 
clearing services for European natural gas spot contracts.

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.

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

1. Purpose
    ICE Clear Europe has agreed to act as the clearing organization for 
certain natural gas spot contracts (the ``Natural Gas Spot Contracts'') 
traded on the ICE Endex Gas B.V. (``ICE Endex Continental'') and ICE 
Endex Gas Spot Ltd. (``ICE Endex UK'') markets and has previously 
adopted amendments to its Rules and Procedures with respect to the 
clearing of such contracts.\5\ ICE Clear Europe is proposing to adopt 
certain additional amendments to its Rules and Procedures with respect 
to the clearing of the Natural Gas Spot Contracts to clarify certain 
delivery procedures and related arrangements, including with respect to 
the interaction with relevant gas delivery facilities and systems. 
These amendments reflect input from Clearing Members and other market 
participants with respect to the Natural Gas Spot Contracts. ICE Clear

[[Page 65270]]

Europe also proposes to adopt certain other conforming and clarifying 
changes, as discussed herein. ICE Clear Europe submits revisions to 
Parts 1, 7 and 22 of its Rules and Parts D, E, J and N of the Delivery 
Procedures.
---------------------------------------------------------------------------

    \5\ Exchange Act Release No. 34-75170 (June 15, 2015) (File No. 
SR-ICEEU-2015-011), 80 FR 35418 (June 19, 2015) (the ``Initial Spot 
Contract Filing'').
---------------------------------------------------------------------------

    In the Rules, the revisions to definitions in parts 1 and 22 
correct cross-references to certain definitions in the ICE Endex 
Continental market rules. In Rule 106(a), a clarification is made that 
disclosures of information may be made by ICE Clear Europe pursuant to 
obligations imposed on a Market under relevant gas delivery system 
rules. In Rule 703, which relates to settlement of physically settled 
futures contracts, Rule 703(h) is modified to clarify ICE Clear 
Europe's ability to require cash settlement (as may be provided in the 
relevant Delivery Procedures) where grounds for declaring an Event of 
Default or Force Majeure Event have occurred with respect to a Clearing 
Member, but without actually declaring an Event of Default. This 
approach reflects practices for gas and other relevant markets.
    In part D of the Delivery Procedures, which relates to delivery of 
ICE Futures UK Natural Gas Daily Futures Contracts, clarifications have 
been made to the timing of certain requirements, including the deadline 
for submission of certain documentation.
    In part E of the Delivery Procedures, various definitions relating 
to different types of ICE Endex UK natural gas spot contracts have been 
added or clarified. In addition, delivery responsibilities of 
transferors and transferees, and related delivery procedures, for the 
different types of ICE Endex UK spot contracts have been further 
specified. The amendments in particular address modifications the 
transferor or transferee (as applicable) may make to the amount of gas 
to be delivered to or offtaken from the relevant system, and provide 
that ICE Clear Europe is not responsible for such modifications. The 
amendments also correct an incorrect reference to ICE Clear Europe as 
making certain trade nominations with respect to gas delivery.
    In part J of the Delivery Procedures, which relates to delivery of 
ICE Endex Continental gas spot contract, the amendments provide that 
ICE Endex Continental will submit trade nominations on behalf of ICE 
Clear Europe and Clearing Members, as applicable, with respect to gas 
deliveries. The amendments also clarify the applicable responsibilities 
of the nominated transferor and transferee with respect to delivery.
    In part N of the Delivery Procedures (relating to U.S. Emissions 
contracts), relevant terminology has been changed from ``Position Day'' 
and ``Notice Day'' to ``Notice Day'' and ``Delivery Instruction Day'' 
to conform to relevant exchange rules.
2. Statutory Basis
    ICE Clear Europe believes that the proposed rule change is 
consistent with the requirements of section 17A of the Act \6\ and the 
regulations thereunder applicable to it, including the standards under 
Rule 17Ad-22,\7\ and in particular are consistent with the prompt and 
accurate clearance and settlement of securities transactions and 
derivative agreements, contracts and transactions cleared by ICE Clear 
Europe, the safeguarding of securities and funds in the custody or 
control of ICE Clear Europe and the protection of investors and the 
public interest, within the meaning of section 17A(b)(3)(F) of the 
Act.\8\ Specifically, the amendments will further specify certain 
arrangements related to delivery of Natural Gas Spot Contracts cleared 
by ICE Clear Europe, as well as make certain other clarifying and 
conforming changes. As discussed in the Initial Spot Contract Filing, 
the Natural Gas Spot Contracts are spot contracts in natural gas 
commodities that underlie natural gas futures and options contracts 
traded on the ICE Endex markets and cleared by ICE Clear Europe, and 
present a similar risk profile to other ICE Endex contracts currently 
cleared by ICE Clear Europe. As a result, in ICE Clear Europe's view, 
its existing financial safeguards and resources, risk management, 
systems and operational arrangements are sufficient to support clearing 
of such products (and address physical delivery under such products). 
The proposed amendments are intended to make additional clarifying 
changes to support clearing of the Natural Gas Soot [sic] Contracts, 
consistent with these resources, systems and arrangements. The 
amendments in particular address certain aspects of the delivery under 
such contracts, and clarify certain default management arrangements 
applicable to such contracts, as discussed above. The other changes set 
forth in the proposed rules herein are similarly of a clarifying and 
conforming nature. As such, in ICE Clear Europe's view, the amendments 
are consistent with the prompt and accurate clearance and settlement of 
securities and derivative agreements, contracts and transactions, 
within the meaning of the Act.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78q-1.
    \7\ 17 CFR 240.17Ad-22.
    \8\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    ICE Clear Europe does not believe the proposed rule and procedure 
changes would have any impact, or impose any burden, on competition not 
necessary or appropriate in furtherance of the purpose of the Act. As 
discussed in the Initial Spot Contract Filing, ICE Clear Europe does 
not believe that clearing of the Natural Gas Spot Contracts, or the 
changes to the clearing arrangements made in the proposed amendments to 
the Rules and Procedures, would adversely affect access to clearing for 
clearing members or their customers or other market participants, or 
materially and adversely affect the cost of clearing for market 
participants. Similarly, ICE Clear Europe does not believe the proposed 
change would otherwise adversely affect competition among clearing 
members or 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 changes to the rules 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 rule change has become effective upon filing pursuant 
to section 19(b)(3)(A) \9\ of the Act and Rule 19b-4(f)(4)(ii) \10\ 
thereunder because it effects 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. 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

[[Page 65271]]

necessary or appropriate in the public interest, for the protection of 
investors, or otherwise in furtherance of the purposes of the Act.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(4)(ii).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
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 [email protected]. Please include 
File Number SR-ICEEU-2015-017 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-2015-017. 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/clear-europe/regulation#rule-filings.
    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-2015-017 
and should be submitted on or before November 16, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-27067 Filed 10-23-15; 8:45 am]
 BILLING CODE 8011-01-P



                                                                                 Federal Register / Vol. 80, No. 206 / Monday, October 26, 2015 / Notices                                                      65269

                                                    regulations thereunder applicable to a                  V. Accelerated Approval of Proposed                   below, which Items have been primarily
                                                    national securities exchange.                           Rule Change as Modified by                            prepared by ICE Clear Europe. ICE Clear
                                                                                                            Amendment No. 1                                       Europe filed the proposal pursuant to
                                                    IV. Solicitation of Comments on                                                                               section 19(b)(3)(A) of the Act,3 and Rule
                                                    Amendment No. 1                                            The Commission finds good cause to
                                                                                                            approve the proposed rule change, as                  19b–4(f)(4)(ii) 4 thereunder, so that the
                                                      Interested persons are invited to                     modified by Amendment No. 1, prior to                 proposal was effective upon filing with
                                                    submit written data, views, and                         the thirtieth day after the date of                   the Commission. The Commission is
                                                    arguments concerning whether                            publication of notice in the Federal                  publishing this notice to solicit
                                                                                                            Register. Amendment No. 1                             comments on the proposed rule change
                                                    Amendment No. 1 is consistent with the
                                                                                                            supplements the proposed rule change                  from interested persons.
                                                    Act. Comments may be submitted by
                                                    any of the following methods:                           by, among other things, clarifying the                I. Self-Regulatory Organization’s
                                                                                                            scope of the Fund’s permitted                         Statement of the Terms of Substance of
                                                    Electronic Comments                                     investments and adding additional                     the Proposed Rule Change
                                                                                                            information about the availability of
                                                      • Use the Commission’s Internet                       prices for the Shares and underlying                     The principal purpose of the rule
                                                    comment form (http://www.sec.gov/                       assets. This new information aided the                change is to amend certain provisions of
                                                    rules/sro.shtml); or                                    Commission in evaluating the                          the ICE Clear Europe rules and
                                                      • Send an email to rule-comments@                     likelihood of effective arbitrage in the              procedures that address clearing
                                                    sec.gov. Please include File Number SR–                 Shares. Accordingly, the Commission                   services for European natural gas spot
                                                                                                            finds good cause, pursuant to section                 contracts.
                                                    NYSEArca–2015–77 on the subject line.
                                                                                                            19(b)(2) of the Act,21 to approve the                 II. Self-Regulatory Organization’s
                                                    Paper Comments                                          proposed rule change, as modified by                  Statement of the Purpose of, and
                                                      • Send paper comments in triplicate                   Amendment No. 1, on an accelerated                    Statutory Basis for, the Proposed Rule
                                                                                                            basis.                                                Change
                                                    to Secretary, Securities and Exchange
                                                    Commission, 100 F Street NE.,                           VI. Conclusion                                           In its filing with the Commission, ICE
                                                    Washington, DC 20549–1090.                                It is therefore ordered, pursuant to                Clear Europe included statements
                                                                                                            section 19(b)(2) of the Act,22 that the               concerning the purpose of and basis for
                                                    All submissions should refer to File                                                                          the proposed rule change. The text of
                                                    Number SR–NYSEArca–2015–77. This                        proposed rule change (SR–NYSEArca–
                                                                                                            2015–77), as modified by Amendment                    these statements may be examined at
                                                    file number should be included on the                                                                         the places specified in Item IV below.
                                                                                                            No. 1, be, and it hereby is, approved on
                                                    subject line if email is used. To help the                                                                    ICE Clear Europe has prepared
                                                                                                            an accelerated basis.
                                                    Commission process and review your                                                                            summaries, set forth in sections A, B
                                                    comments more efficiently, please use                     For the Commission, by the Division of
                                                                                                            Trading and Markets, pursuant to delegated
                                                                                                                                                                  and C below, of the most significant
                                                    only one method. The Commission will                                                                          aspects of such statements.
                                                                                                            authority.23
                                                    post all comments on the Commission’s
                                                                                                            Brent J. Fields,                                      A. Self-Regulatory Organization’s
                                                    Internet Web site (http://www.sec.gov/
                                                                                                            Secretary.                                            Statement of the Purpose of, and
                                                    rules/sro.shtml). Copies of the
                                                                                                            [FR Doc. 2015–27073 Filed 10–23–15; 8:45 am]          Statutory Basis for, the Proposed Rule
                                                    submission, all subsequent
                                                                                                            BILLING CODE 8011–01–P                                Change
                                                    amendments, all written statements
                                                    with respect to the proposed rule                                                                             1. Purpose
                                                    change that are filed with the                          SECURITIES AND EXCHANGE                                  ICE Clear Europe has agreed to act as
                                                    Commission, and all written                             COMMISSION                                            the clearing organization for certain
                                                    communications relating to the                                                                                natural gas spot contracts (the ‘‘Natural
                                                    proposed rule change between the                        [Release No. 34–76196; File No. SR–ICEEU–             Gas Spot Contracts’’) traded on the ICE
                                                    Commission and any person, other than                   2015–017]
                                                                                                                                                                  Endex Gas B.V. (‘‘ICE Endex
                                                    those that may be withheld from the                     Self-Regulatory Organizations; ICE                    Continental’’) and ICE Endex Gas Spot
                                                    public in accordance with the                           Clear Europe Limited; Notice of Filing                Ltd. (‘‘ICE Endex UK’’) markets and has
                                                    provisions of 5 U.S.C. 552, will be                     and Immediate Effectiveness of a                      previously adopted amendments to its
                                                    available for Web site viewing and                      Proposed Rule Change Relating to                      Rules and Procedures with respect to
                                                    printing in the Commission’s Public                     Clearing Services for European Natural                the clearing of such contracts.5 ICE
                                                    Reference Room, 100 F Street NE.,                       Gas Spot Contracts                                    Clear Europe is proposing to adopt
                                                    Washington, DC 20549, on official                                                                             certain additional amendments to its
                                                    business days between the hours of                      October 20, 2015.                                     Rules and Procedures with respect to
                                                    10:00 a.m. and 3:00 p.m. Copies of the                     Pursuant to section 19(b)(1) of the                the clearing of the Natural Gas Spot
                                                    filing also will be available for                       Securities Exchange Act of 1934                       Contracts to clarify certain delivery
                                                    inspection and copying at the principal                 (‘‘Act’’),1 and Rule 19b–4 thereunder,2               procedures and related arrangements,
                                                    office of the Exchange. All comments                    notice is hereby given that on October                including with respect to the interaction
                                                    received will be posted without change;                 9, 2015, ICE Clear Europe Limited (‘‘ICE              with relevant gas delivery facilities and
                                                    the Commission does not edit personal                   Clear Europe’’) filed with the Securities             systems. These amendments reflect
asabaliauskas on DSK5VPTVN1PROD with NOTICES




                                                    identifying information from                            and Exchange Commission                               input from Clearing Members and other
                                                    submissions. You should submit only                     (‘‘Commission’’) the proposed rule                    market participants with respect to the
                                                    information that you wish to make                       change described in Items I, II and III               Natural Gas Spot Contracts. ICE Clear
                                                    available publicly. All submissions                       21 15 U.S.C. 78s(b)(2).                               3 15 U.S.C. 78s(b)(3)(A).
                                                    should refer to File Number SR–                           22 15 U.S.C. 78s(b)(2).                               4 17 CFR 240.19b–4(f)(4)(ii).
                                                    NYSEArca–2015–77 and should be                            23 17 CFR 200.30–3(a)(12).                             5 Exchange Act Release No. 34–75170 (June 15,
                                                    submitted on or before November 16,                       1 15 U.S.C. 78s(b)(1).
                                                                                                                                                                  2015) (File No. SR–ICEEU–2015–011), 80 FR 35418
                                                    2015.                                                     2 17 CFR 240.19b–4.                                 (June 19, 2015) (the ‘‘Initial Spot Contract Filing’’).



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                                                    65270                        Federal Register / Vol. 80, No. 206 / Monday, October 26, 2015 / Notices

                                                    Europe also proposes to adopt certain                   relevant terminology has been changed                 transactions, within the meaning of the
                                                    other conforming and clarifying                         from ‘‘Position Day’’ and ‘‘Notice Day’’              Act.
                                                    changes, as discussed herein. ICE Clear                 to ‘‘Notice Day’’ and ‘‘Delivery                      B. Self-Regulatory Organization’s
                                                    Europe submits revisions to Parts 1, 7                  Instruction Day’’ to conform to relevant              Statement on Burden on Competition
                                                    and 22 of its Rules and Parts D, E, J and               exchange rules.
                                                    N of the Delivery Procedures.                                                                                   ICE Clear Europe does not believe the
                                                       In the Rules, the revisions to                       2. Statutory Basis                                    proposed rule and procedure changes
                                                    definitions in parts 1 and 22 correct                                                                         would have any impact, or impose any
                                                                                                               ICE Clear Europe believes that the                 burden, on competition not necessary or
                                                    cross-references to certain definitions in
                                                    the ICE Endex Continental market rules.                 proposed rule change is consistent with               appropriate in furtherance of the
                                                    In Rule 106(a), a clarification is made                 the requirements of section 17A of the                purpose of the Act. As discussed in the
                                                    that disclosures of information may be                  Act 6 and the regulations thereunder                  Initial Spot Contract Filing, ICE Clear
                                                    made by ICE Clear Europe pursuant to                    applicable to it, including the standards             Europe does not believe that clearing of
                                                    obligations imposed on a Market under                   under Rule 17Ad–22,7 and in particular                the Natural Gas Spot Contracts, or the
                                                    relevant gas delivery system rules. In                  are consistent with the prompt and                    changes to the clearing arrangements
                                                    Rule 703, which relates to settlement of                accurate clearance and settlement of                  made in the proposed amendments to
                                                    physically settled futures contracts,                   securities transactions and derivative                the Rules and Procedures, would
                                                    Rule 703(h) is modified to clarify ICE                  agreements, contracts and transactions                adversely affect access to clearing for
                                                    Clear Europe’s ability to require cash                  cleared by ICE Clear Europe, the                      clearing members or their customers or
                                                    settlement (as may be provided in the                   safeguarding of securities and funds in               other market participants, or materially
                                                    relevant Delivery Procedures) where                     the custody or control of ICE Clear                   and adversely affect the cost of clearing
                                                    grounds for declaring an Event of                       Europe and the protection of investors                for market participants. Similarly, ICE
                                                    Default or Force Majeure Event have                     and the public interest, within the                   Clear Europe does not believe the
                                                    occurred with respect to a Clearing                     meaning of section 17A(b)(3)(F) of the                proposed change would otherwise
                                                    Member, but without actually declaring                  Act.8 Specifically, the amendments will               adversely affect competition among
                                                    an Event of Default. This approach                      further specify certain arrangements                  clearing members or for clearing
                                                    reflects practices for gas and other                    related to delivery of Natural Gas Spot               services generally.
                                                    relevant markets.                                       Contracts cleared by ICE Clear Europe,
                                                       In part D of the Delivery Procedures,                                                                      C. Self-Regulatory Organization’s
                                                                                                            as well as make certain other clarifying              Statement on Comments on the
                                                    which relates to delivery of ICE Futures                and conforming changes. As discussed
                                                    UK Natural Gas Daily Futures Contracts,                                                                       Proposed Rule Change Received From
                                                                                                            in the Initial Spot Contract Filing, the              Members, Participants or Others
                                                    clarifications have been made to the                    Natural Gas Spot Contracts are spot
                                                    timing of certain requirements,                         contracts in natural gas commodities                    Written comments relating to the
                                                    including the deadline for submission of                that underlie natural gas futures and                 proposed changes to the rules have not
                                                    certain documentation.                                  options contracts traded on the ICE                   been solicited or received. ICE Clear
                                                       In part E of the Delivery Procedures,                                                                      Europe will notify the Commission of
                                                                                                            Endex markets and cleared by ICE Clear
                                                    various definitions relating to different                                                                     any written comments received by ICE
                                                                                                            Europe, and present a similar risk
                                                    types of ICE Endex UK natural gas spot                                                                        Clear Europe.
                                                                                                            profile to other ICE Endex contracts
                                                    contracts have been added or clarified.
                                                    In addition, delivery responsibilities of               currently cleared by ICE Clear Europe.                III. Date of Effectiveness of the
                                                    transferors and transferees, and related                As a result, in ICE Clear Europe’s view,              Proposed Rule Change and Timing for
                                                    delivery procedures, for the different                  its existing financial safeguards and                 Commission Action
                                                    types of ICE Endex UK spot contracts                    resources, risk management, systems                      The foregoing rule change has become
                                                    have been further specified. The                        and operational arrangements are                      effective upon filing pursuant to section
                                                    amendments in particular address                        sufficient to support clearing of such                19(b)(3)(A) 9 of the Act and Rule 19b–
                                                    modifications the transferor or                         products (and address physical delivery               4(f)(4)(ii) 10 thereunder because it effects
                                                    transferee (as applicable) may make to                  under such products). The proposed                    a change in an existing service of a
                                                    the amount of gas to be delivered to or                 amendments are intended to make                       registered clearing agency that primarily
                                                    offtaken from the relevant system, and                  additional clarifying changes to support              affects the clearing operations of the
                                                    provide that ICE Clear Europe is not                    clearing of the Natural Gas Soot [sic]                clearing agency with respect to products
                                                    responsible for such modifications. The                 Contracts, consistent with these                      that are not securities, including futures
                                                    amendments also correct an incorrect                    resources, systems and arrangements.                  that are not security futures, swaps that
                                                    reference to ICE Clear Europe as making                 The amendments in particular address                  are not security-based swaps or mixed
                                                    certain trade nominations with respect                  certain aspects of the delivery under                 swaps, and forwards that are not
                                                    to gas delivery.                                        such contracts, and clarify certain                   security forwards, and does not
                                                       In part J of the Delivery Procedures,                default management arrangements                       significantly affect any securities
                                                    which relates to delivery of ICE Endex                  applicable to such contracts, as                      clearing operations of the clearing
                                                    Continental gas spot contract, the                      discussed above. The other changes set                agency or any rights or obligations of the
                                                    amendments provide that ICE Endex                       forth in the proposed rules herein are                clearing agency with respect to
                                                    Continental will submit trade                           similarly of a clarifying and conforming              securities clearing or persons using such
                                                    nominations on behalf of ICE Clear                      nature. As such, in ICE Clear Europe’s
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                                                                                                                                                                  securities-clearing service. At any time
                                                    Europe and Clearing Members, as                         view, the amendments are consistent                   within 60 days of the filing of the
                                                    applicable, with respect to gas                         with the prompt and accurate clearance                proposed rule change, the Commission
                                                    deliveries. The amendments also clarify                 and settlement of securities and                      summarily may temporarily suspend
                                                    the applicable responsibilities of the                  derivative agreements, contracts and                  such rule change if it appears to the
                                                    nominated transferor and transferee                                                                           Commission that such action is
                                                    with respect to delivery.                                 6 15 U.S.C. 78q–1.
                                                       In part N of the Delivery Procedures                   7 17 CFR 240.17Ad–22.                                 9 15   U.S.C. 78s(b)(3)(A).
                                                    (relating to U.S. Emissions contracts),                   8 15 U.S.C. 78q–1(b)(3)(F).                           10 17   CFR 240.19b–4(f)(4)(ii).



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                                                                                 Federal Register / Vol. 80, No. 206 / Monday, October 26, 2015 / Notices                                              65271

                                                    necessary or appropriate in the public                  should be submitted on or before                      ‘‘Commission’’) the proposed rule
                                                    interest, for the protection of investors,              November 16, 2015.                                    change as described in Items I, II, and
                                                    or otherwise in furtherance of the                        For the Commission, by the Division of              III, below, which Items have been
                                                    purposes of the Act.                                    Trading and Markets, pursuant to delegated            prepared by the Exchange. The
                                                    IV. Solicitation of Comments                            authority.11                                          Commission is publishing this notice to
                                                                                                            Brent J. Fields,                                      solicit comments on the proposed rule
                                                      Interested persons are invited to                     Secretary.                                            change from interested persons.
                                                    submit written data, views, and
                                                                                                            [FR Doc. 2015–27067 Filed 10–23–15; 8:45 am]
                                                    arguments concerning the foregoing,                                                                           I. Self-Regulatory Organization’s
                                                                                                            BILLING CODE 8011–01–P
                                                    including whether the proposed rule                                                                           Statement of the Terms of Substance of
                                                    change is consistent with the Act.                                                                            the Proposed Rule Change
                                                    Comments may be submitted by any of                     SECURITIES AND EXCHANGE
                                                    the following methods:                                                                                           The Exchange proposes to implement
                                                                                                            COMMISSION                                            an order exposure alert to be
                                                    Electronic Comments                                                                                           disseminated by the Exchange when a
                                                                                                            Sunshine Act Meeting
                                                      • Use the Commission’s Internet                                                                             marketable order is placed on the book
                                                    comment form (http://www.sec.gov/                       FEDERAL REGISTER CITATION OF PREVIOUS                 at a price that locks or crosses the
                                                    rules/sro.shtml) or                                     ANNOUNCEMENT: [80 FR 64038, October                   national best bid or offer (‘‘NBBO’’)
                                                      • Send an email to rule-comments@                     22, 2015].                                            when the Exchange is not part of the
                                                    sec.gov. Please include File Number SR–                 STATUS: Oral Argument.                                NBBO.
                                                    ICEEU–2015–017 on the subject line.                     PLACE: 100 F Street NE., Washington,                     The text of the proposed rule change
                                                    Paper Comments                                          DC.                                                   is available on the Exchange’s Web site
                                                                                                            DATE AND TIME OF PREVIOUSLY ANNOUNCED                 at http://
                                                       • Send paper comments in triplicate                  MEETING: October 26, 2015.                            nasdaqomxbx.cchwallstreet.com/, at the
                                                    to Secretary, Securities and Exchange
                                                                                                            CHANGE IN THE MEETING:    Room Change.                principal office of the Exchange, and at
                                                    Commission, 100 F Street NE.,                             The Oral Argument scheduled for                     the Commission’s Public Reference
                                                    Washington, DC 20549–1090.                              Monday, October 26, 2015 at 1:00 p.m.                 Room.
                                                    All submissions should refer to File                    will be held in the Closed Commission
                                                    Number SR–ICEEU–2015–017. This file                     Hearing (Room 10800).                                 II. Self-Regulatory Organization’s
                                                    number should be included on the                          At times, changes in Commission                     Statement of the Purpose of, and
                                                    subject line if email is used. To help the              priorities require alterations in the                 Statutory Basis for, the Proposed Rule
                                                    Commission process and review your                      scheduling of meeting items. For further              Change
                                                    comments more efficiently, please use                   information and to ascertain what, if
                                                    only one method. The Commission will                    any, matters have been added, deleted                   In its filing with the Commission, the
                                                    post all comments on the Commission’s                   or postponed, please contact:                         Exchange included statements
                                                    Internet Web site (http://www.sec.gov/                    The Office of the Secretary at (202)                concerning the purpose of and basis for
                                                    rules/sro.shtml). Copies of the                         551–5400.                                             the proposed rule change and discussed
                                                    submission, all subsequent                                Dated: October 22, 2015.
                                                                                                                                                                  any comments it received on the
                                                    amendments, all written statements                                                                            proposed rule change. The text of these
                                                                                                            Brent J. Fields,
                                                    with respect to the proposed rule                                                                             statements may be examined at the
                                                                                                            Secretary.
                                                    change that are filed with the                                                                                places specified in Item IV below. The
                                                                                                            [FR Doc. 2015–27357 Filed 10–22–15; 4:15 pm]
                                                    Commission, and all written                                                                                   Exchange has prepared summaries, set
                                                    communications relating to the                          BILLING CODE 8011–01–P
                                                                                                                                                                  forth in sections A, B, and C below, of
                                                    proposed rule change between the                                                                              the most significant aspects of such
                                                    Commission and any person, other than                                                                         statements.
                                                                                                            SECURITIES AND EXCHANGE
                                                    those that may be withheld from the
                                                                                                            COMMISSION                                            A. Self-Regulatory Organization’s
                                                    public in accordance with the
                                                    provisions of 5 U.S.C. 552, will be                     [Release No. 34–76199; File No. SR–BX–                Statement of the Purpose of, and
                                                    available for Web site viewing and                      2015–057]                                             Statutory Basis for, the Proposed Rule
                                                    printing in the Commission’s Public                                                                           Change
                                                    Reference Room, 100 F Street NE.,                       Self-Regulatory Organizations;
                                                                                                            NASDAQ OMX BX, Inc.; Notice of Filing                 1. Purpose
                                                    Washington, DC 20549, on official
                                                    business days between the hours of                      and Immediate Effectiveness of
                                                                                                                                                                    The Exchange is proposing to amend
                                                    10:00 a.m. and 3:00 p.m. Copies of such                 Proposed Rule Change To Implement
                                                                                                                                                                  rulebook Chapter VI, Section 11 to
                                                    filings will also be available for                      An Order Exposure Alert To Be
                                                                                                            Disseminated by the Exchange                          implement an order exposure alert in
                                                    inspection and copying at the principal                                                                       order to provide marketable orders an
                                                    office of ICE Clear Europe and on ICE                   October 20, 2015.                                     additional opportunity for execution on
                                                    Clear Europe’s Web site at https://                        Pursuant to Section 19(b)(1) of the                the Exchange when the Exchange is not
                                                    www.theice.com/clear-europe/                            Securities Exchange Act of 1934                       part of the NBBO contra to the order and
                                                    regulation#rule-filings.
asabaliauskas on DSK5VPTVN1PROD with NOTICES




                                                                                                            (‘‘Act’’),1 and Rule 19b–4 thereunder,2               the order locks or crosses the away best
                                                       All comments received will be posted                 notice is hereby given that on October                bid or offer (‘‘ABBO’’).3
                                                    without change; the Commission does                     6, 2015, NASDAQ OMX BX, Inc. (‘‘BX’’
                                                    not edit personal identifying                           or ‘‘Exchange’’) filed with the Securities
                                                    information from submissions. You                       and Exchange Commission (‘‘SEC’’ or
                                                    should submit only information that                                                                             3 Similar functionality currently exists on
                                                    you wish to make available publicly. All                  11 17 CFR 200.30–3(a)(12).                          NASDAQ OMX PHLX. See Securities Exchange Act
                                                    submissions should refer to File                          1 15 U.S.C. 78s(b)(1).                              Release No. 68517 (December 21, 2012), 77 FR
                                                    Number SR–ICEEU–2015–017 and                              2 17 CFR 240.19b–4.                                 77134 (December 31, 2012) (SR–Phlx–2012–136).



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Document Created: 2018-02-27 08:56:10
Document Modified: 2018-02-27 08:56:10
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 65269 

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