80 FR 80414 - Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to ICC End-of-Day Price Discovery Policy
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 247 (December 24, 2015)
Federal Register Volume 80, Issue 247 (December 24, 2015)
| Page Range | 80414-80416 | |
| FR Document | 2015-32390 |
[Federal Register Volume 80, Number 247 (Thursday, December 24, 2015)] [Notices] [Pages 80414-80416] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-32390] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76696; File No. SR-ICEEU-2015-020] Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to ICC End-of-Day Price Discovery Policy December 18, 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 December 3, 2015, ICE Clear Europe Limited (``ICE Clear Europe'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule changes as described in Items I, II, and III below, which Items have been prepared primarily by ICE Clear Europe. ICE Clear Europe filed the proposed rule changes pursuant to Section 19(b)(3)(A) of the Act,\3\ and Rule 19b-4(f)(4)(i) \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 changes 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). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The principal purpose of the proposed rule changes is to revise the ICE Clear Europe End-of-Day Price Discovery Policy (the ``Price Discovery Policy'') to accommodate industry changes regarding the reduction of the frequency for which Single Name (``SN'') Credit Default Swap (``CDS'') contracts roll to the new on-the-run-contract. 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 changes. 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 proposes revising its Price Discovery Policy to accommodate industry change regarding the reduction of the frequency for which SN CDS contracts roll to the new on-the-run-contract. The changes affect the labeling convention for cleared SN CDS contracts for price reporting purposes, but will not alter the terms of the contracts or the range of tenors of SN CDS contracts currently cleared by ICE Clear Europe. ICE Clear Europe believes such revisions will facilitate the prompt and accurate clearance and settlement of securities transactions and derivative agreements, contracts, and transactions cleared by ICE Clear Europe. The proposed revisions are described in detail as follows. As part of ICE Clear Europe's end-of-day price discovery process, ICE Clear Europe Clearing Members are required to submit end-of-day prices for specific instruments related to their open interest at ICE Clear Europe, in accordance with Rule 503(g) and the ICE Clear Europe Procedures. These end-of-day price submissions are used by ICE Clear Europe in its calculation of settlement prices. ICE Clear Europe refers to a group of SN instruments with the same risk sub-factor and coupon as a ``curve.'' Each point, or tenor, along the curve is labeled with a tenor name. Currently for SN instruments, the market convention is to describe tenors based on the period remaining until the scheduled termination date of the contract. Under this convention, the nearest-to-expiring contract is referred to as the 0M tenor, the next nearest to expiring is referred to as the three month (3M) tenor, and so on (with scheduled termination dates spaced at 3 month intervals), up to ten years (10Y). ICE Clear Europe supports the clearing of all 41 SN tenors from 0M to 10Y. As such, ICE Clear Europe also calculates settlement prices for the 41 SN tenors on the curve. However, ICE Clear Europe defines a subset of the 41 tenors as ``benchmark-tenors'', which are tenors for which Clearing Members provide submissions in the end-of-day price discovery process. The nine benchmark tenors are 0M, 6M, 1Y, 2Y, 3Y, 4Y, 5Y, 7Y, and 10Y, which correspond to so-called ``on-the-run'' contracts. Currently, as a matter of CDS market practice, the on-the-run contract for a particular tenor is the contract expiring [[Page 80415]] on the next following quarterly International Money Market (``IMM'') dates (i.e., March 20, June 20, September 20, and December 20) for the relevant year. For example, the SN CDS contract expiring December 20, 2020 will be considered the five-year on-the-run contract until December 20, 2015, from which time the contract expiring March 20, 2021 will be viewed as the 5Y on-the-run contract, until the next quarterly roll date, etc. Accordingly, market participants seeking to maintain exposure at a particular CDS tenor will typically ``roll'' SN CDS contracts into the new on-the-run contract (i.e., terminate positions in the old on-the-run contract and establish positions in the new on- the-run contract) on a quarterly basis on the IMM dates. To account for this practice, at each quarterly roll date, ICE Clear Europe re-labels the 41 SN tenors to reflect the rolling and expiration of contracts. The CDS industry has proposed reducing the frequency at which SN CDS contracts roll to the new on-the-run contract. Specifically, the CDS industry has proposed moving from quarterly roll dates to semi- annual roll dates for SN CDS contracts. Under the revised approach, market participants are expected to roll SN CDS contracts only on the March 20 and September 20 IMM dates, and the on-the-run contracts will be determined based on the next following June 20 and December 20 expiration dates. As a result, a particular contract tenor will generally remain the on-the-run contract for six months, rather than three. ICE Clear Europe proposes changes to its Price Discovery Policy to accommodate the change in roll frequency for on-the-run contracts. Under the revised policy, ICE Clear Europe will re-label scheduled termination dates with benchmark tenor names every six months, on the March 20 and September 20 IMM dates for CDS contracts (i.e., the on- the-run roll dates). The re-labeling is based on the remaining time to maturity that will apply to a given scheduled termination date on the next quarterly IMM date (i.e. the next December 20 or June 20 standard maturity date). Upon the semi-annual re-labeling, the nearest to maturity contract is referred to as the 0M tenor, and the tenor label for each longer-date contract is based on that contract's time to maturity relative to the scheduled termination date labeled as the 0M tenor. The new nine benchmark tenors will be the 0/3M, 6M, 1Y, 2Y, 3Y, 4Y, 5Y, 7Y and 10Y, which correspond to the on-the-run contracts for those tenors. Eight of the nine benchmark tenors remain constant and refer to individual scheduled termination dates that are fixed for the six-month periods between semi-annual re-labeling, specifically the 6M, 1Y, 2Y, 3Y, 4Y, 5Y, 7Y, and 10Y. However, the 0M tenor matures three months after a semi-annual labeling, and ICE Clear Europe defines the first (shortest-dated) benchmark tenor as the 0M tenor from a semi-annual re- labeling until the maturity of that tenor, and defines the first benchmark tenor as the 3M tenor from the maturity of the 0M tenor through the next semi-annual re-labeling. The label 0/3M tenor refers to this re-mapping of the first benchmark tenor to different IMM dates on a quarterly basis. Throughout the policy, references to the 0M SN tenor have been updated to 0/3M to reflect this change. Consistent with the approach being taken throughout the CDS market, the changes to accommodate the change in SN roll frequency will take effect with the December 20, 2015 roll. 2. Statutory Basis Section 17A(b)(3)(F) of the Act \5\ requires, among other things, that the rules of a clearing agency be designed to promote the prompt and accurate clearance and settlement of securities transactions, and to the extent applicable, derivative agreements, contracts and transactions and to comply with the provisions of the Act and the rules and regulations thereunder. ICE Clear Europe believes that the proposed rule changes are consistent with the requirements of the Act and the rules and regulations thereunder applicable to ICE Clear Europe, including Section 17(A)(b)(3)(F).\6\ ICE Clear Europe's end of day price discovery process allows ICE Clear Europe to determine reliable, market-driven prices for the CDS instruments it clears, which are in turn necessary to facilitate accurate daily settlement in such instruments. The proposed revisions to the Price Discovery Policy will accommodate industry changes regarding the reduction of the frequency for which SN CDS contracts roll to the new on-the-run contract, and in particular will enable ICE Clear Europe to continue to perform its end of day price discovery process in an effective manner in light of such industry changes. As such, the proposed changes are designed to promote the prompt and accurate clearance and settlement of securities transactions, derivatives agreements, contracts, and transactions within the meaning of Section 17A(b)(3)(F) \7\ of the Act. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78q-1(b)(3)(F). \6\ Id. \7\ Id. --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition ICE Clear Europe does not believe the proposed rule changes would have any impact, or impose any burden, on competition not necessary or appropriate in furtherance of the purposes of the Act. The proposed changes are designed to accommodate industry changes regarding the reduction of the frequency for which SN CDS contracts roll to the new on-the-run-contract, and will apply uniformly across all market participants. ICE Clear Europe is not changing the products or tenors of SN CDS offered, and does not believe that the amendments will adversely affect access to clearing or the cost of clearing for Clearing Members or other market participants. Therefore, ICE Clear Europe does not believe the proposed rule changes impose any burden on competition that is inappropriate in furtherance of the purposes of the Act. 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 changes have become effective upon filing pursuant to Section 19(b)(3)(A) \8\ of the Act and Rule 19b-4(f)(4)(i) \9\ thereunder. The amendments principally effect a change in an existing service of a registered clearing agency that does not adversely affect the safeguarding of securities or funds in the custody or control of the clearing agency or for which it is responsible, and does not significantly affect the respective rights or obligations of the clearing agency or persons using the service. At any time within 60 days of the filing of the proposed rule changes, the Commission summarily may temporarily suspend such rule changes if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise [[Page 80416]] 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). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule changes are consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse 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-2015-020 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-2015-020. 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-2015-020 and should be submitted on or before January 14, 2016. --------------------------------------------------------------------------- \10\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\10\ Robert W. Errett, Deputy Secretary. [FR Doc. 2015-32390 Filed 12-23-15; 8:45 am] BILLING CODE 8011-01-P
![80414 Federal Register / Vol. 80, No. 247 / Thursday, December 24, 2015 / Notices
Paper Comments SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
COMMISSION Statement of the Purpose of, and
• Send paper comments in triplicate Statutory Basis for, the Proposed Rule
to Secretary, Securities and Exchange Change
[Release No. 34–76696; File No. SR–ICEEU–
Commission, 100 F Street NE.,
2015–020] 1. Purpose
Washington, DC 20549–1090.
ICE Clear Europe proposes revising its
All submissions should refer to File Self-Regulatory Organizations; ICE
Price Discovery Policy to accommodate
Number SR–BX–2015–079. This file Clear Europe Limited; Notice of Filing
industry change regarding the reduction
number should be included on the and Immediate Effectiveness of a
of the frequency for which SN CDS
subject line if email is used. To help the Proposed Rule Change Relating to ICC
contracts roll to the new on-the-run-
Commission process and review your End-of-Day Price Discovery Policy contract. The changes affect the labeling
comments more efficiently, please use December 18, 2015. convention for cleared SN CDS
only one method. The Commission will contracts for price reporting purposes,
post all comments on the Commission’s Pursuant to Section 19(b)(1) of the but will not alter the terms of the
Internet Web site (http://www.sec.gov/ Securities Exchange Act of 1934 contracts or the range of tenors of SN
rules/sro.shtml). Copies of the (‘‘Act’’),1 and Rule 19b–4 thereunder,2 CDS contracts currently cleared by ICE
submission, all subsequent notice is hereby given that on December Clear Europe.
amendments, all written statements 3, 2015, ICE Clear Europe Limited (‘‘ICE ICE Clear Europe believes such
with respect to the proposed rule Clear Europe’’) filed with the Securities revisions will facilitate the prompt and
change that are filed with the and Exchange Commission accurate clearance and settlement of
(‘‘Commission’’) the proposed rule securities transactions and derivative
Commission, and all written
changes as described in Items I, II, and agreements, contracts, and transactions
communications relating to the
III below, which Items have been cleared by ICE Clear Europe. The
proposed rule change between the
prepared primarily by ICE Clear Europe. proposed revisions are described in
Commission and any person, other than ICE Clear Europe filed the proposed rule detail as follows.
those that may be withheld from the changes pursuant to Section 19(b)(3)(A) As part of ICE Clear Europe’s end-of-
public in accordance with the of the Act,3 and Rule 19b–4(f)(4)(i) 4 day price discovery process, ICE Clear
provisions of 5 U.S.C. 552, will be thereunder, so that the proposal was Europe Clearing Members are required
available for Web site viewing and effective upon filing with the to submit end-of-day prices for specific
printing in the Commission’s Public Commission. The Commission is instruments related to their open
Reference Room, 100 F Street NE., publishing this notice to solicit interest at ICE Clear Europe, in
Washington, DC 20549, on official comments on the proposed rule changes accordance with Rule 503(g) and the ICE
business days between the hours of from interested persons. Clear Europe Procedures. These end-of-
10:00 a.m. and 3:00 p.m. Copies of the day price submissions are used by ICE
filing also will be available for I. Self-Regulatory Organization’s Clear Europe in its calculation of
inspection and copying at the principal Statement of the Terms of Substance of settlement prices.
office of the Exchange. All comments the Proposed Rule Change ICE Clear Europe refers to a group of
received will be posted without change; SN instruments with the same risk sub-
The principal purpose of the factor and coupon as a ‘‘curve.’’ Each
the Commission does not edit personal proposed rule changes is to revise the
identifying information from point, or tenor, along the curve is
ICE Clear Europe End-of-Day Price labeled with a tenor name. Currently for
submissions. You should submit only Discovery Policy (the ‘‘Price Discovery SN instruments, the market convention
information that you wish to make Policy’’) to accommodate industry is to describe tenors based on the period
available publicly. All submissions changes regarding the reduction of the remaining until the scheduled
should refer to File Number SR–BX– frequency for which Single Name termination date of the contract. Under
2015–079 and should be submitted on (‘‘SN’’) Credit Default Swap (‘‘CDS’’) this convention, the nearest-to-expiring
or before January 14, 2016. contracts roll to the new on-the-run- contract is referred to as the 0M tenor,
For the Commission, by the Division of contract. the next nearest to expiring is referred
Trading and Markets, pursuant to delegated II. Self-Regulatory Organization’s to as the three month (3M) tenor, and so
authority.47 Statement of the Purpose of, and on (with scheduled termination dates
Robert W. Errett, Statutory Basis for, the Proposed Rule spaced at 3 month intervals), up to ten
Deputy Secretary. Change years (10Y). ICE Clear Europe supports
[FR Doc. 2015–32389 Filed 12–23–15; 8:45 am]
the clearing of all 41 SN tenors from 0M
In its filing with the Commission, ICE to 10Y. As such, ICE Clear Europe also
BILLING CODE 8011–01–P
Clear Europe included statements calculates settlement prices for the 41
concerning the purpose of and basis for SN tenors on the curve. However, ICE
the proposed rule changes. The text of Clear Europe defines a subset of the 41
these statements may be examined at tenors as ‘‘benchmark-tenors’’, which
the places specified in Item IV below. are tenors for which Clearing Members
ICE Clear Europe has prepared provide submissions in the end-of-day
mstockstill on DSK4VPTVN1PROD with NOTICES
summaries, set forth in sections A, B, price discovery process. The nine
and C below, of the most significant benchmark tenors are 0M, 6M, 1Y, 2Y,
aspects of such statements. 3Y, 4Y, 5Y, 7Y, and 10Y, which
correspond to so-called ‘‘on-the-run’’
1 15 U.S.C. 78s(b)(1). contracts.
2 17 CFR 240.19b–4. Currently, as a matter of CDS market
3 15 U.S.C. 78s(b)(3)(A). practice, the on-the-run contract for a
47 17 CFR 200.30–3(a)(12). 4 17 CFR 240.19b–4(f)(4)(i). particular tenor is the contract expiring
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![80416 Federal Register / Vol. 80, No. 247 / Thursday, December 24, 2015 / Notices
in furtherance of the purposes of the should be submitted on or before proposed rule change. The text of these
Act. January 14, 2016. statements may be examined at the
For the Commission, by the Division of places specified in Item IV below. The
IV. Solicitation of Comments Exchange has prepared summaries, set
Trading and Markets, pursuant to delegated
Interested persons are invited to authority.10 forth in sections A, B, and C below, of
submit written data, views, and Robert W. Errett, the most significant aspects of such
arguments concerning the foregoing, Deputy Secretary. statements.
including whether the proposed rule [FR Doc. 2015–32390 Filed 12–23–15; 8:45 am] A. Self-Regulatory Organization’s
changes are consistent with the Act. BILLING CODE 8011–01–P Statement of the Purpose of, and
Comments may be submitted by any of Statutory Basis for, the Proposed Rule
the following methods: Change
SECURITIES AND EXCHANGE
Electronic Comments 1. Purpose
COMMISSION
• Use the Commission’s Internet [Release No. 34–76697; File No. SR–Phlx– The purpose of the proposed rule
comment form (http://www.sec.gov/ 2015–106] change is to update the Exchange’s rules
rules/sro.shtml) or by ensuring the rules accurately reflect
Self-Regulatory Organizations; how trading halts occur on the
• Send an email to rule-comments@
NASDAQ OMX PHLX LLC; Notice of Exchange’s fully electronic trading
sec.gov. Please include File Number SR–
Filing and Immediate Effectiveness of system, the Phlx XL II system
ICEEU–2015–020 on the subject line.
Proposed Rule Change Regarding (‘‘System’’).4 Rule 1047 is now outdated
Paper Comments Trading Halts in certain ways and lacks specificity in
certain ways. Primarily, as explained
• Send paper comments in triplicate December 18, 2015. below, the rule does not accurately
to Secretary, Securities and Exchange Pursuant to Section 19(b)(1) of the reflect under what circumstances the
Commission, 100 F Street NE., Securities Exchange Act of 1934 halt will automatically be imposed by
Washington, DC 20549–1090. (‘‘Act’’),1 and Rule 19b–4 thereunder,2 the System versus manually declared by
notice is hereby given that on December an official. The Exchange proposes to
All submissions should refer to File 9, 2015, NASDAQ OMX PHLX LLC
Number SR–ICEEU–2015–020. This file delete obsolete rule language and amend
(‘‘Phlx’’ or ‘‘Exchange’’) filed with the outdated references in order to remove
number should be included on the Securities and Exchange Commission
subject line if email is used. To help the confusion that may result from having
(‘‘SEC’’ or ‘‘Commission’’) the proposed outdated rules in the Exchange’s
Commission process and review your rule change as described in Items I, II,
comments more efficiently, please use rulebook and ensure that the rulebook
and III below, which Items have been accurately reflects member obligations.
only one method. The Commission will prepared by the Exchange. The
post all comments on the Commission’s Furthermore, the Exchange is
Commission is publishing this notice to reorganizing the rule to flow in a more
Internet Web site (http://www.sec.gov/ solicit comments on the proposed rule
rules/sro.shtml). Copies of the logical fashion. In addition, the
change from interested persons. Exchange proposes to harmonize certain
submission, all subsequent
amendments, all written statements I. Self-Regulatory Organization’s language in Rule 1047 with comparable
with respect to the proposed rule Statement of the Terms of Substance of rules of its affiliates, as described in
change that are filed with the the Proposed Rule Change further detail below.5
Commission, and all written First, the Exchange proposes to delete
The Exchange proposes to delete
communications relating to the the existing text of paragraph (a) under
obsolete rule language and amend
proposed rule change between the Rule 1047 which governs opening and
outdated references relating to Exchange
Commission and any person, other than closing trading rotations. Paragraph (a)
Rule 1047, Trading Rotations, Halts and
those that may be withheld from the is obsolete because the Exchange no
Suspensions.3
public in accordance with the longer relies on manual trading
The text of the proposed rule change
provisions of 5 U.S.C. 552, will be rotations to open and close trading on
is available on the Exchange’s Web site
available for Web site viewing and the Exchange.6 A trading rotation, as
at http://
printing in the Commission’s Public described in current Rule 1047.01, is a
nasdaqomxphlx.cchwallstreet.com/, at
Reference Room, 100 F Street NE., series of very brief time periods during
the principal office of the Exchange, and
Washington, DC 20549, on official each of which bids, offers and
at the Commission’s Public Reference
business days between the hours of transactions in only a single, specified
Room.
10:00 a.m. and 3:00 p.m. Copies of such
filings will also be available for II. Self-Regulatory Organization’s 4 In May 2009, the Exchange enhanced the system
Statement of the Purpose of, and and adopted corresponding rules referring to the
inspection and copying at the principal system as ‘‘Phlx XL II.’’ See Securities Exchange Act
office of ICE Clear Europe and on ICE Statutory Basis for, the Proposed Rule Release No. 59995 (May 28, 2009), 74 FR 26750
Clear Europe’s Web site at https:// Change (June 3, 2009) (SR–Phlx–2009–32). The Exchange is
www.theice.com/clear-europe/ proposing to define the term ‘‘System’’ in proposed
In its filing with the Commission, the subparagraph (b)(iii); previously, only the term
regulation#rule-filings. Exchange included statements ‘‘Trading System’’ was used and defined in current
All comments received will be posted concerning the purpose of and basis for subparagraph (a)(iv).
mstockstill on DSK4VPTVN1PROD with NOTICES
without change; the Commission does the proposed rule change and discussed 5 See Nasdaq Options Market (‘‘NOM’’) Chapter
any comments it received on the V, Section 3 and BX Options Chapter V, Section 3.
not edit personal identifying 6 The exception is in the event an automated
information from submissions. You opening cannot occur or a closing rotation is
10 17 CFR 200.30–3(a)(12).
should submit only information that 1 15
deemed necessary, in which case the procedures in
U.S.C. 78s(b)(1). the Commentaries to Rule 1047 would be employed
you wish to make available publicly. All 2 17 CFR 240.19b–4.
pursuant to the authority in current Rule 1047(c),
submissions should refer to File 3 The Exchange proposes to re-title the rule which is proposed to become Rule 1047(b), Manual
Number SR–ICEEU–2015–020 and ‘‘Trading Halts.’’ Rotations.
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Document Created: 2015-12-24 02:25:48
Document Modified: 2015-12-24 02:25:48
| 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 80414 |
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