81_FR_88526 81 FR 88291 - Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing of Proposed Rule Change To Provide for the Clearance of Additional Credit Default Swap Contracts

81 FR 88291 - Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing of Proposed Rule Change To Provide for the Clearance of Additional Credit Default Swap Contracts

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 235 (December 7, 2016)

Page Range88291-88292
FR Document2016-29285

Federal Register, Volume 81 Issue 235 (Wednesday, December 7, 2016)
[Federal Register Volume 81, Number 235 (Wednesday, December 7, 2016)]
[Notices]
[Pages 88291-88292]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-29285]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79439; File No. SR-ICC-2016-014]


Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of 
Filing of Proposed Rule Change To Provide for the Clearance of 
Additional Credit Default Swap Contracts

December 1, 2016.
    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 November 18, 2016, ICE Clear Credit LLC (``ICC'') filed with the 
Securities and Exchange Commission (``Commission'') the proposed rule 
change as described in Items I, II, and III below, which Items have 
been prepared primarily by ICC. 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.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The principal purpose of the proposed rule change is to revise the 
ICC Rulebook (the ``Rules'') to provide for the clearance of Standard 
Australian Corporate Single Name CDS contracts (collectively, ``STAC 
Contracts'') and Standard Australian Financial Corporate Single Name 
CDS contracts (collectively, ``STAFC 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, ICC included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. ICC has prepared summaries, set forth in sections (A), 
(B), and (C) below, of the most significant aspects of these 
statements.

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

    The purpose of the proposed rule change is to adopt rules that will 
provide the basis for ICC to clear additional credit default swap 
contracts. Specifically, ICC proposes amending Chapter 26 of the ICC 
Rules to add Subchapters 26M and 26N to provide for the clearance of 
STAC and STAFC Contracts, respectively. ICC believes the addition of 
these contracts will benefit the market for credit default swaps by 
providing market participants the benefits of clearing, including 
reduction in counterparty risk and safeguarding of margin assets 
pursuant to clearing house rules. Clearing of the additional STAC and 
STAFC Contracts will not require any changes to ICC's Risk Management 
Framework or other policies and procedures constituting rules within 
the meaning of the Securities Exchange Act of 1934 (``Act'').
    STAC Contracts have similar terms to the Standard European 
Corporate Single Name CDS contracts (``STEC Contracts'') currently 
cleared by ICC and governed by Subchapter 26G of the ICC Rules. 
Accordingly, the proposed rules found in Subchapter 26M largely mirror 
the ICC Rules for STEC Contracts in Subchapter 26G, with certain 
modifications that reflect differences in terms and market conventions 
between those contracts and STAC Contracts. STAC Contracts will be 
denominated in United States Dollars.
    ICC Rule 26M-102 (Definitions) sets forth the definitions used for 
the STAC Contracts. The definitions are substantially the same as the 
definitions found in Subchapter 26G of the ICC Rules, other than 
certain conforming changes. ICC Rules 26M-203 (Restriction on 
Activity), 26M-206 (Notices Required of Participants with respect to 
STAC Contracts), 26M-303 (STAC Contract Adjustments), 26M-309 
(Acceptance of STAC Contracts by ICE Clear Credit), 26M-315 (Terms of 
the Cleared STAC Contract), 26M-316 (Relevant Physical Settlement 
Matrix Updates), 26M-502 (Specified Actions), and 26M-616 (Contract 
Modification) reflect or incorporate the basic contract specifications 
for STAC Contracts and are substantially the same as under Subchapter 
26G of the ICC Rules.
    STAFC Contracts have similar terms to the Standard European 
Financial Corporate Single Name CDS contracts (``STEFC Contracts'') 
currently cleared by ICC and governed by Subchapter 26H of the ICC 
Rules. Accordingly, the proposed rules found in Subchapter 26N largely 
mirror the ICC Rules for STEFC Contracts in Subchapter 26H, with 
certain modifications that reflect differences in terms and market 
conventions between those contracts and STAFC Contracts. STAFC 
Contracts will be denominated in United States Dollars.
    ICC Rule 26N-102 (Definitions) sets forth the definitions used for 
the STAFC Contracts. The definitions are substantially the same as the 
definitions found in Subchapter 26H of the ICC Rules, other than 
certain conforming changes. ICC Rules 26N-203 (Restriction on 
Activity), 26N-206 (Notices Required of Participants with respect to 
STAFC Contracts), 26N-303 (STAFC Contract Adjustments), 26N-309 
(Acceptance of STAFC Contracts by ICE Clear Credit), 26N-315 (Terms of 
the Cleared STAFC Contract), 26N-316 (Relevant Physical Settlement 
Matrix Updates), 26N-502 (Specified Actions), and 26N-616 (Contract 
Modification) reflect or incorporate the basic contract specifications 
for STAFC Contracts and are substantially the same as under Subchapter 
26H of the ICC Rules.
    Section 17A(b)(3)(F) of the Act \3\ 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. The STAC and STAFC Contracts proposed for 
clearing are similar to the STEC and STEFC Contracts currently cleared 
by ICC, and will be cleared pursuant to ICC's existing clearing 
arrangements and related financial safeguards, protections and risk 
management procedures. Clearing of the STAC and STAFC Contracts will 
allow market participants an increased ability to manage risk and 
ensure the safeguarding of margin assets

[[Page 88292]]

pursuant to clearing house rules. ICC believes that acceptance of the 
STAC and STAFC Contracts, on the terms and conditions set out in the 
Rules, is consistent with the prompt and accurate clearance of and 
settlement of securities transactions and derivative agreements, 
contracts and transactions cleared by ICC, the safeguarding of 
securities and funds in the custody or control of ICC, and the 
protection of investors and the public interest, within the meaning of 
Section 17A(b)(3)(F) of the Act.\4\
---------------------------------------------------------------------------

    \3\ 15 U.S.C. 78q-1(b)(3)(F).
    \4\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    Clearing of the STAC and STAFC Contracts will also satisfy the 
requirements of Rule 17Ad-22.\5\ In particular, in terms of financial 
resources, ICC will apply its existing initial margin methodology to 
the additional contracts. ICC believes that this model will provide 
sufficient initial margin requirements to cover its credit exposure to 
its clearing members from clearing such contracts, consistent with the 
requirements of Rule 17Ad-22(b)(2).\6\ In addition, ICC believes its 
Guaranty Fund, under its existing methodology, will, together with the 
required initial margin, provide sufficient financial resources to 
support the clearing of the additional contracts consistent with the 
requirements of Rule 17Ad-22(b)(3).\7\ ICC also believes that its 
existing operational and managerial resources will be sufficient for 
clearing of the additional contracts, consistent with the requirements 
of Rule 17Ad-22(d)(4),\8\ as the new contracts are substantially the 
same from an operational perspective as existing contracts. Similarly, 
ICC will use its existing settlement procedures and account structures 
for the new contracts, consistent with the requirements of Rule 17Ad-
22(d)(5), (12) and (15) \9\ as to the finality and accuracy of its 
daily settlement process and avoidance of the risk to ICC of settlement 
failures. ICC determined to accept the STAC and STAFC Contracts for 
clearing in accordance with its governance process, which included 
review of the contracts and related risk management considerations by 
the ICC Risk Committee and approval by its Board. These governance 
arrangements are consistent with the requirements of Rule 17Ad-
22(d)(8).\10\ Finally, ICC will apply its existing default management 
policies and procedures for the STAC and STAFC Contracts. ICC believes 
that these procedures allow for it to take timely action to contain 
losses and liquidity pressures and to continue meeting its obligations 
in the event of clearing member insolvencies or defaults in respect of 
the additional single names, in accordance with Rule 17Ad-
22(d)(11).\11\
---------------------------------------------------------------------------

    \5\ 17 CFR 240.17Ad-22.
    \6\ 17 CFR 240.17Ad-22(b)(2).
    \7\ 17 CFR 240.17Ad-22(b)(3).
    \8\ 17 CFR 240.17Ad-22(d)(4).
    \9\ 17 CFR 240.17Ad-22(d)(5), (12) and (15).
    \10\ 17 CFR 240.17Ad-22(d)(8).
    \11\ 17 CFR 240.17Ad-22(d)(11).
---------------------------------------------------------------------------

(B) Self-Regulatory Organization's Statement on Burden on Competition

    The STAC and STAFC Contracts will be available to all ICC 
participants for clearing. The clearing of these STAC and STAFC 
Contracts by ICC does not preclude the offering of the STAC and STAFC 
Contracts for clearing by other market participants. Accordingly, ICC 
does not believe that clearance of the STAC and STAFC Contracts will 
impose any burden on competition not necessary or appropriate 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 rule change have not been 
solicited or received. ICC will notify the Commission of any written 
comments received by ICC.

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

    Within 45 days of the date of publication of this notice in the 
Federal Register or within such longer period up to 90 days (i) as the 
Commission may designate if it finds such longer period to be 
appropriate and publishes its reasons for so finding or (ii) as to 
which the self-regulatory organization consents, the Commission will:
    (A) By order approve or disapprove the proposed rule change or
    (B) institute proceedings to determine whether the proposed rule 
change should be disapproved.

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-ICC-2016-014 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-ICC-2016-014. 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 Credit 
and on ICE Clear Credit's Web site at https://www.theice.com/clear-credit/regulation.
    All comments received will be posted without change; the Commission 
does not edit personal identifying information from submissions. You 
should submit only information that you wish to make available 
publicly. All submissions should refer to File Number SR-ICC-2016-014 
and should be submitted on or before December 28, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
---------------------------------------------------------------------------

    \12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Brent J. Fields,
Secretary.
[FR Doc. 2016-29285 Filed 12-6-16; 8:45 am]
 BILLING CODE 8011-01-P



                                                                             Federal Register / Vol. 81, No. 235 / Wednesday, December 7, 2016 / Notices                                            88291

                                                      The limited and temporary exemption                   II. Self-Regulatory Organization’s                    Clear Credit), 26M–315 (Terms of the
                                                    extended by this Order is subject to                    Statement of the Purpose of, and                      Cleared STAC Contract), 26M–316
                                                    modification or revocation if at any time               Statutory Basis for, the Proposed Rule                (Relevant Physical Settlement Matrix
                                                    the Commission determines that such                     Change                                                Updates), 26M–502 (Specified Actions),
                                                    action is necessary or appropriate in                     In its filing with the Commission, ICC              and 26M–616 (Contract Modification)
                                                    furtherance of the purposes of the Act.                 included statements concerning the                    reflect or incorporate the basic contract
                                                    Responsibility for compliance with any                  purpose of and basis for the proposed                 specifications for STAC Contracts and
                                                    applicable provisions of the Federal                    rule change and discussed any                         are substantially the same as under
                                                    securities laws must rest with the                                                                            Subchapter 26G of the ICC Rules.
                                                                                                            comments it received on the proposed
                                                                                                                                                                     STAFC Contracts have similar terms
                                                    persons relying on the exemption that                   rule change. The text of these statements
                                                                                                                                                                  to the Standard European Financial
                                                    are the subject of this Order.                          may be examined at the places specified               Corporate Single Name CDS contracts
                                                      For the Commission, by the Division of
                                                                                                            in Item IV below. ICC has prepared                    (‘‘STEFC Contracts’’) currently cleared
                                                    Trading and Markets, pursuant to delegated              summaries, set forth in sections (A), (B),            by ICC and governed by Subchapter 26H
                                                    authority.8                                             and (C) below, of the most significant                of the ICC Rules. Accordingly, the
                                                                                                            aspects of these statements.                          proposed rules found in Subchapter
                                                    Brent J. Fields,
                                                    Secretary.                                               (A) Self-Regulatory Organization’s                   26N largely mirror the ICC Rules for
                                                    [FR Doc. 2016–29293 Filed 12–6–16; 8:45 am]             Statement of the Purpose of, and                      STEFC Contracts in Subchapter 26H,
                                                                                                            Statutory Basis for, the Proposed Rule                with certain modifications that reflect
                                                    BILLING CODE 8011–01–P
                                                                                                            Change                                                differences in terms and market
                                                                                                                                                                  conventions between those contracts
                                                                                                              The purpose of the proposed rule
                                                                                                                                                                  and STAFC Contracts. STAFC Contracts
                                                    SECURITIES AND EXCHANGE                                 change is to adopt rules that will
                                                                                                                                                                  will be denominated in United States
                                                    COMMISSION                                              provide the basis for ICC to clear
                                                                                                                                                                  Dollars.
                                                                                                            additional credit default swap contracts.                ICC Rule 26N–102 (Definitions) sets
                                                    [Release No. 34–79439; File No. SR–ICC–                 Specifically, ICC proposes amending                   forth the definitions used for the STAFC
                                                    2016–014]                                               Chapter 26 of the ICC Rules to add                    Contracts. The definitions are
                                                                                                            Subchapters 26M and 26N to provide                    substantially the same as the definitions
                                                    Self-Regulatory Organizations; ICE                      for the clearance of STAC and STAFC                   found in Subchapter 26H of the ICC
                                                    Clear Credit LLC; Notice of Filing of                   Contracts, respectively. ICC believes the             Rules, other than certain conforming
                                                    Proposed Rule Change To Provide for                     addition of these contracts will benefit              changes. ICC Rules 26N–203
                                                    the Clearance of Additional Credit                      the market for credit default swaps by                (Restriction on Activity), 26N–206
                                                    Default Swap Contracts                                  providing market participants the                     (Notices Required of Participants with
                                                                                                            benefits of clearing, including reduction             respect to STAFC Contracts), 26N–303
                                                    December 1, 2016.                                       in counterparty risk and safeguarding of              (STAFC Contract Adjustments), 26N–
                                                       Pursuant to Section 19(b)(1) of the                  margin assets pursuant to clearing house              309 (Acceptance of STAFC Contracts by
                                                                                                            rules. Clearing of the additional STAC                ICE Clear Credit), 26N–315 (Terms of
                                                    Securities Exchange Act of 1934
                                                                                                            and STAFC Contracts will not require                  the Cleared STAFC Contract), 26N–316
                                                    (‘‘Act’’) 1 and Rule 19b–4 thereunder 2
                                                                                                            any changes to ICC’s Risk Management                  (Relevant Physical Settlement Matrix
                                                    notice is hereby given that on November                 Framework or other policies and
                                                    18, 2016, ICE Clear Credit LLC (‘‘ICC’’)                                                                      Updates), 26N–502 (Specified Actions),
                                                                                                            procedures constituting rules within the              and 26N–616 (Contract Modification)
                                                    filed with the Securities and Exchange                  meaning of the Securities Exchange Act                reflect or incorporate the basic contract
                                                    Commission (‘‘Commission’’) the                         of 1934 (‘‘Act’’).                                    specifications for STAFC Contracts and
                                                    proposed rule change as described in                      STAC Contracts have similar terms to                are substantially the same as under
                                                    Items I, II, and III below, which Items                 the Standard European Corporate Single                Subchapter 26H of the ICC Rules.
                                                    have been prepared primarily by ICC.                    Name CDS contracts (‘‘STEC Contracts’’)                  Section 17A(b)(3)(F) of the Act 3
                                                    The Commission is publishing this                       currently cleared by ICC and governed                 requires, among other things, that the
                                                    notice to solicit comments on the                       by Subchapter 26G of the ICC Rules.                   rules of a clearing agency be designed to
                                                    proposed rule change from interested                    Accordingly, the proposed rules found                 promote the prompt and accurate
                                                    persons.                                                in Subchapter 26M largely mirror the                  clearance and settlement of securities
                                                                                                            ICC Rules for STEC Contracts in                       transactions and, to the extent
                                                    I. Self-Regulatory Organization’s                       Subchapter 26G, with certain                          applicable, derivative agreements,
                                                    Statement of the Terms of Substance of                  modifications that reflect differences in             contracts, and transactions and to
                                                    the Proposed Rule Change                                terms and market conventions between                  comply with the provisions of the Act
                                                      The principal purpose of the                          those contracts and STAC Contracts.                   and the rules and regulations
                                                    proposed rule change is to revise the                   STAC Contracts will be denominated in                 thereunder. The STAC and STAFC
                                                                                                            United States Dollars.                                Contracts proposed for clearing are
                                                    ICC Rulebook (the ‘‘Rules’’) to provide
                                                                                                              ICC Rule 26M–102 (Definitions) sets                 similar to the STEC and STEFC
                                                    for the clearance of Standard Australian
                                                                                                            forth the definitions used for the STAC               Contracts currently cleared by ICC, and
                                                    Corporate Single Name CDS contracts                     Contracts. The definitions are                        will be cleared pursuant to ICC’s
                                                    (collectively, ‘‘STAC Contracts’’) and                  substantially the same as the definitions             existing clearing arrangements and
asabaliauskas on DSK3SPTVN1PROD with NOTICES




                                                    Standard Australian Financial Corporate                 found in Subchapter 26G of the ICC                    related financial safeguards, protections
                                                    Single Name CDS contracts                               Rules, other than certain conforming                  and risk management procedures.
                                                    (collectively, ‘‘STAFC Contracts’’).                    changes. ICC Rules 26M–203                            Clearing of the STAC and STAFC
                                                                                                            (Restriction on Activity), 26M–206                    Contracts will allow market participants
                                                                                                            (Notices Required of Participants with                an increased ability to manage risk and
                                                      8 17 CFR 200.30–3(a)(83).                             respect to STAC Contracts), 26M–303                   ensure the safeguarding of margin assets
                                                      1 15 U.S.C. 78s(b)(1).                                (STAC Contract Adjustments), 26M–309
                                                      2 17 CFR 240.19b–4.                                   (Acceptance of STAC Contracts by ICE                    3 15   U.S.C. 78q–1(b)(3)(F).



                                               VerDate Sep<11>2014   17:54 Dec 06, 2016   Jkt 241001   PO 00000   Frm 00095   Fmt 4703   Sfmt 4703   E:\FR\FM\07DEN1.SGM     07DEN1


                                                    88292                    Federal Register / Vol. 81, No. 235 / Wednesday, December 7, 2016 / Notices

                                                    pursuant to clearing house rules. ICC                   these procedures allow for it to take                 Paper Comments
                                                    believes that acceptance of the STAC                    timely action to contain losses and
                                                    and STAFC Contracts, on the terms and                   liquidity pressures and to continue                     Send paper comments in triplicate to
                                                    conditions set out in the Rules, is                     meeting its obligations in the event of               Secretary, Securities and Exchange
                                                    consistent with the prompt and accurate                 clearing member insolvencies or                       Commission, 100 F Street NE.,
                                                    clearance of and settlement of securities               defaults in respect of the additional                 Washington, DC 20549–1090.
                                                    transactions and derivative agreements,                 single names, in accordance with Rule                 All submissions should refer to File
                                                    contracts and transactions cleared by                   17Ad–22(d)(11).11
                                                                                                                                                                  Number SR–ICC–2016–014. This file
                                                    ICC, the safeguarding of securities and
                                                                                                            (B) Self-Regulatory Organization’s                    number should be included on the
                                                    funds in the custody or control of ICC,
                                                                                                            Statement on Burden on Competition                    subject line if email is used. To help the
                                                    and the protection of investors and the
                                                    public interest, within the meaning of                    The STAC and STAFC Contracts will                   Commission process and review your
                                                    Section 17A(b)(3)(F) of the Act.4                       be available to all ICC participants for              comments more efficiently, please use
                                                       Clearing of the STAC and STAFC                       clearing. The clearing of these STAC                  only one method. The Commission will
                                                    Contracts will also satisfy the                         and STAFC Contracts by ICC does not                   post all comments on the Commission’s
                                                    requirements of Rule 17Ad–22.5 In                       preclude the offering of the STAC and                 Internet Web site (http://www.sec.gov/
                                                    particular, in terms of financial                       STAFC Contracts for clearing by other                 rules/sro.shtml). Copies of the
                                                    resources, ICC will apply its existing                  market participants. Accordingly, ICC                 submission, all subsequent
                                                    initial margin methodology to the                       does not believe that clearance of the                amendments, all written statements
                                                    additional contracts. ICC believes that                 STAC and STAFC Contracts will impose                  with respect to the proposed rule
                                                    this model will provide sufficient initial              any burden on competition not                         change that are filed with the
                                                    margin requirements to cover its credit                 necessary or appropriate in furtherance               Commission, and all written
                                                    exposure to its clearing members from                   of the purposes of the Act.                           communications relating to the
                                                    clearing such contracts, consistent with                (C) Self-Regulatory Organization’s                    proposed rule change between the
                                                    the requirements of Rule 17Ad–                          Statement on Comments on the                          Commission and any person, other than
                                                    22(b)(2).6 In addition, ICC believes its                Proposed Rule Change Received From                    those that may be withheld from the
                                                    Guaranty Fund, under its existing                       Members, Participants or Others                       public in accordance with the
                                                    methodology, will, together with the                                                                          provisions of 5 U.S.C. 552, will be
                                                                                                              Written comments relating to the
                                                    required initial margin, provide                                                                              available for Web site viewing and
                                                                                                            proposed rule change have not been
                                                    sufficient financial resources to support                                                                     printing in the Commission’s Public
                                                                                                            solicited or received. ICC will notify the
                                                    the clearing of the additional contracts                                                                      Reference Room, 100 F Street NE.,
                                                                                                            Commission of any written comments
                                                    consistent with the requirements of Rule
                                                                                                            received by ICC.                                      Washington, DC 20549, on official
                                                    17Ad–22(b)(3).7 ICC also believes that
                                                                                                            III. Date of Effectiveness of the                     business days between the hours of
                                                    its existing operational and managerial
                                                    resources will be sufficient for clearing               Proposed Rule Change and Timing for                   10:00 a.m. and 3:00 p.m. Copies of such
                                                    of the additional contracts, consistent                 Commission Action                                     filings will also be available for
                                                    with the requirements of Rule 17Ad–                                                                           inspection and copying at the principal
                                                                                                               Within 45 days of the date of                      office of ICE Clear Credit and on ICE
                                                    22(d)(4),8 as the new contracts are                     publication of this notice in the Federal
                                                    substantially the same from an                                                                                Clear Credit’s Web site at https://
                                                                                                            Register or within such longer period
                                                    operational perspective as existing                                                                           www.theice.com/clear-credit/regulation.
                                                                                                            up to 90 days (i) as the Commission may
                                                    contracts. Similarly, ICC will use its                  designate if it finds such longer period                 All comments received will be posted
                                                    existing settlement procedures and                      to be appropriate and publishes its                   without change; the Commission does
                                                    account structures for the new contracts,               reasons for so finding or (ii) as to which            not edit personal identifying
                                                    consistent with the requirements of Rule                the self-regulatory organization                      information from submissions. You
                                                    17Ad–22(d)(5), (12) and (15) 9 as to the                consents, the Commission will:                        should submit only information that
                                                    finality and accuracy of its daily                         (A) By order approve or disapprove                 you wish to make available publicly. All
                                                    settlement process and avoidance of the                 the proposed rule change or                           submissions should refer to File
                                                    risk to ICC of settlement failures. ICC                    (B) institute proceedings to determine             Number SR–ICC–2016–014 and should
                                                    determined to accept the STAC and                       whether the proposed rule change                      be submitted on or before December 28,
                                                    STAFC Contracts for clearing in                         should be disapproved.                                2016.
                                                    accordance with its governance process,
                                                                                                            IV. Solicitation of Comments                            For the Commission, by the Division of
                                                    which included review of the contracts
                                                    and related risk management                               Interested persons are invited to                   Trading and Markets, pursuant to delegated
                                                    considerations by the ICC Risk                          submit written data, views, and                       authority.12
                                                    Committee and approval by its Board.                    arguments concerning the foregoing,                   Brent J. Fields,
                                                    These governance arrangements are                       including whether the proposed rule                   Secretary.
                                                    consistent with the requirements of Rule                change is consistent with the Act.
                                                                                                                                                                  [FR Doc. 2016–29285 Filed 12–6–16; 8:45 am]
                                                    17Ad–22(d)(8).10 Finally, ICC will apply                Comments may be submitted by any of
                                                                                                                                                                  BILLING CODE 8011–01–P
                                                    its existing default management policies                the following methods:
                                                    and procedures for the STAC and                         Electronic Comments
asabaliauskas on DSK3SPTVN1PROD with NOTICES




                                                    STAFC Contracts. ICC believes that
                                                                                                              • Use the Commission’s Internet
                                                      4 15 U.S.C. 78q–1(b)(3)(F).
                                                                                                            comment form (http://www.sec.gov/
                                                      5 17 CFR 240.17Ad–22.                                 rules/sro.shtml); or
                                                      6 17 CFR 240.17Ad–22(b)(2).                             • Send an email to rule-comments@
                                                      7 17 CFR 240.17Ad–22(b)(3).                           sec.gov. Please include File Number SR–
                                                      8 17 CFR 240.17Ad–22(d)(4).                           ICC–2016–014 on the subject line.
                                                      9 17 CFR 240.17Ad–22(d)(5), (12) and (15).
                                                      10 17 CFR 240.17Ad–22(d)(8).                            11 17   CFR 240.17Ad–22(d)(11).                       12 17   CFR 200.30–3(a)(12).



                                               VerDate Sep<11>2014   17:54 Dec 06, 2016   Jkt 241001   PO 00000   Frm 00096   Fmt 4703   Sfmt 9990   E:\FR\FM\07DEN1.SGM     07DEN1



Document Created: 2016-12-07 05:31:30
Document Modified: 2016-12-07 05:31:30
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 Citation81 FR 88291 

2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR