82 FR 18488 - Self-Regulatory Organizations; LCH SA; Notice of Filing of Proposed Rule Change Relating to Recovery Risk Margin

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 74 (April 19, 2017)

Page Range		18488-18490
FR Document		2017-07872
Federal Register, Volume 82 Issue 74 (Wednesday, April 19, 2017)
[Federal Register Volume 82, Number 74 (Wednesday, April 19, 2017)]
[Notices]
[Pages 18488-18490]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-07872]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80450; File No. SR-LCH SA-2017-003]


Self-Regulatory Organizations; LCH SA; Notice of Filing of 
Proposed Rule Change Relating to Recovery Risk Margin

April 13, 2017.
    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 April 4, 2017, Banque Centrale de Compensation, which conducts 
business under the name LCH SA (``LCH SA''), filed with the Securities 
and Exchange Commission (``Commission'') the proposed rule change 
described in Items I, II, and III below, which Items have been prepared 
primarily by LCH SA. The Commission is publishing this notice to 
solicit comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Clearing Agency's Statement of the Terms of Substance of the 
Proposed Rule Change

    LCH SA is proposing to revise its margin methodology with respect 
to credit default swaps (``CDS'') in the Reference Guide: CDS Margin 
Framework. The proposed rule change will (i) eliminate the recovery 
rate risk charge as a component of the margin methodology as it applies 
to index CDS (ii) correct a hyperlink and add a cross reference and 
hyperlink to the general inputs considered by LCH SA in constructing 
the CDS pricing for European and US dollar denominated contracts.

II. Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change

    In its filing with the Commission, LCH SA 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. LCH SA has prepared summaries, set forth in sections A, 
B, and C below, of the most significant aspects of these statements.

[[Page 18489]]

A. Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change

1. Purpose
    The purpose of the proposed rule change is to revise LCH SA's 
margin methodology to eliminate the recovery rate risk charge as a 
component of its margin methodology for index CDS.
    Currently, LCH SA applies a recovery rate risk charge to both 
single-name CDS and index CDS in a Clearing Member's portfolio. LCH SA 
considers recovery rate a risk factor affecting the market value of a 
CDS contract, in addition to the credit spread as the primary risk 
factor, and imposes a recovery rate risk charge as an add-on component 
of margin to address the adverse effect of the recovery rate change on 
the profits and losses of a Clearing Member's portfolio in the event of 
the recovery rate moving in the most adverse direction for each CDS 
instrument in the portfolio. However, while the recovery rate for a 
single-name CDS instrument may vary from day to day, the concept of 
``recovery rate'' does not exist for index CDS. In fact, market 
convention is to assume a pre-defined recovery rate for pricing an 
index CDS, such as a CDS on iTraxx indices. Therefore, the credit 
spread of an index CDS already reflects both the probabilities of 
default and recovery rate. Since the recovery rate risk charge is 
designed to capture the worst adverse effect of the recovery rate 
moving in the most adverse direction, applying the recovery rate risk 
charge to the index CDS contracts cleared by LCH SA would be trying to 
capture a stress loss incurred in a Clearing Member's portfolio should 
the pre-defined recovery rate for these index CDS change, which is not 
consistent with market convention in normal market conditions. 
Therefore, LCH SA believes that recovery rate risk is a superfluous 
concept for index CDS and is proposing to limit the application of the 
recovery rate risk charge to single-name CDS.
    Text is added to the beginning of Section 6 of ``Reference Guide: 
CDS Margin Framework'' to explain the reason for including the Recovery 
Rate Risk charge as a component of the margin, in addition to the 
spread risk considered in the VaR calculation. An additional paragraph 
is added and conforming changes are made to limit the application of 
the Recovery Rate Risk charge to single-name CDS.
    In addition, LCH is also proposing to correct a hyperlink and add a 
cross reference and hyperlink to the general inputs considered by LCH 
SA in constructing the CDS pricing for European and US dollar 
denominated contracts in Section 2.2 of ``Reference Guide: CDS Margin 
Framework''. The purpose of these changes is to enhance readability and 
clarity of the Reference Guide: CDS Margin Framework.
2. Statutory Basis
    Section 17A(b)(3)(F) of the Act requires, among other things, that 
the rules of a clearing agency be designed to assure safeguarding of 
securities and funds which are in the custody or control of the 
clearing agency or for which it is responsible.\3\ LCH SA believes that 
limiting the application of the Recovery Rate Risk charge to single-
name CDS would sufficiently capture the stress loss that would result 
in the event that recovery rates change in the most adverse direction 
for each instrument in a Clearing Member's portfolio. Since the 
recovery rate is set at pre-defined levels with respect to index CDS, 
the proposed rule change would better align LCH SA's margin methodology 
with the way recovery rate movements affect the CDS market value in 
reality. LCH SA expects deviations from the market convention with 
respect to the pre-defined recovery rates for index CDS only in extreme 
market conditions, which would be captured by LCH SA's stress scenarios 
used to size the Default Fund. Therefore, LCH SA believes that the 
proposed rule change is consistent with the requirement of safeguarding 
securities and funds in Section 17(A)(b)(3)(F) [sic] of the Act and the 
requirements of maintaining margin and limiting a clearing agency's 
exposures to potential losses from participants' defaults under normal 
market conditions in Rule 17Ad-22(b)(1) and (2).\4\
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    \3\ 15 U.S.C. 78q-1(b)(3)(F).
    \4\ 17 CFR 240.17Ad-22(b)(1) and (2).
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    Moreover, LCH SA also believes that the proposed rule change is 
consistent with the requirements in Rule 17Ad-22(e)(6).\5\ Rule 17Ad-
22(e)(6) requires a covered clearing agency that provides central 
counterparty services to cover its credit exposures to its participants 
by establishing a risk-based margin system that, among other things, 
calculates margin sufficient to cover its potential future exposure to 
participants in the interval between the last margin collection and the 
close out of positions following a participant default and uses an 
appropriate method for measuring credit exposure that accounts for 
relevant product risk factors and portfolio effects across products.\6\ 
The margin framework takes into account appropriate risk factors that 
would affect the market value of a CDS contract, including credit 
spread and recovery rate risk, and calculates margin to include, among 
other things, spread margin and recovery rate risk charge to ensure 
sufficient coverage of its potential future exposure to participants in 
the interval between the last margin collection and the close out of 
positions following a participant default. As stated above, the 
proposed rule change to limit the application of the recovery rate risk 
charge to single-name CDS would better align LCH SA's margin 
methodology with the way recovery rate movements affect the CDS market 
value in reality and would improve LCH SA's margin methodology for 
measuring credit exposure that accounts for relevant product risk 
factors. Therefore, LCH SA believes that the proposed rule change is 
consistent with Rule 17Ad-22(e)(6)(iii) and (v).\7\
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    \5\ 17 CFR 240.17Ad-22(e)(6).
    \6\ 17 CFR 240.17Ad-22(e)(6)(iii) and (v).
    \7\ 17 CFR 240.17Ad-22(e)(6)(iii) and (v).
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    Finally, Rule 17Ad-22(e)(1) provides that a covered clearing agency 
shall establish, implement, maintain and enforce written policies and 
procedures reasonably designed to provide for a well-founded, clear, 
transparent, and enforceable legal basis for each aspect of its 
activities in all relevant jurisdiction.\8\ LCH SA believes that the 
proposed modifications made to Section 2.2 of ``Reference Guide: CDS 
Margin Framework'' will correct an error and provide additional cross-
reference regarding the general inputs considered by LCH SA in 
constructing CDS pricing for European and US dollar denominated 
contracts, and therefore, will improve the clarity of the Reference 
Guide and enable the Reference Guide to provide a clear margin 
framework, consistent with Rule 17Ad-22(e)(1).
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    \8\ 17 CFR 240.17Ad-22(e)(1).
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B. Clearing Agency's Statement on Burden on Competition

    Section 17A(b)(3)(I) of the Act requires that the rules of a 
clearing agency not impose any burden on competition not necessary or 
appropriate in furtherance of the purposes of the Act.\9\ LCH SA does 
not believe the proposed rule change will impose any burden on 
competition that is not necessary or appropriate in furtherance of the 
purposes of the Act. While the proposed rule change may result in 
various margin changes among the participants, the revisions to the 
margin methodology will uniformly apply across all participants. In 
addition, as stated above, the proposed rule change is consistent with 
the applicable requirements of the Act and

[[Page 18490]]

is appropriate in order to better align LCH SA's margin methodology to 
the way recovery rate movements affect the CDS market value in reality. 
Therefore, LCH SA does not believe that the proposed rule change 
imposes any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act.
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    \9\ 15 U.S.C. 78q-1(b)(3)(I).
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C. Clearing Agency'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. LCH SA will notify the Commission of any written 
comments received by LCH SA.

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 such 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-LCH SA-2017-003 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-LCH SA-2017-003. 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 LCH SA and on LCH 
SA's Web site at http://www.lch.com/asset-classes/cdsclear. 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-LCH SA-2017-003 and should 
be submitted on or before May 10, 2017.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2017-07872 Filed 4-18-17; 8:45 am]
BILLING CODE 8011-01-P
18488 Federal Register / Vol. 82, No. 74 / Wednesday, April 19, 2017 / Notices

staff notes that, in its application, Energy Act of 1954, as amended, 42 SECURITIES AND EXCHANGE
WCNOC stated that: U.S.C. 2201(b), 2201(i), and 2234; and COMMISSION
The remaining 6.0% ownership interest in 10 CFR 50.80, IT IS HEREBY ORDERED
WCGS held by [KEPCO] is unaffected by the that the application regarding the [Release No. 34–80450; File No. SR–LCH
Merger. proposed indirect license transfer is SA–2017–003]
The proposed merger will result in approved.
one entity, Great Plains, indirectly IT IS FURTHER ORDERED that, after Self-Regulatory Organizations; LCH
owning a combined interest in WCGS of receipt of all required regulatory SA; Notice of Filing of Proposed Rule
94 percent, as opposed to two entities, approvals of the proposed indirect Change Relating to Recovery Risk
Great Plains and Westar, each indirectly license transfer, WCNOC shall inform Margin
owning a 47 percent interest in WCGS. the Director of the Office of Nuclear April 13, 2017.
This does not affect the fact that, in Reactor Regulation in writing of such
either case, KEPCO indirectly owns a 6 receipt, and of the date of closing of the Pursuant to Section 19(b)(1) of the
percent interest in WCGS. Whether, as transfer, no later than 5 business days Securities Exchange Act of 1934
provided by KEPCO, the proposed prior to the date of the closing of the (‘‘Act’’) 1 and Rule 19b–4 thereunder 2
merger will decrease KEPCO’s influence indirect license transfer. Should the notice is hereby given that on April 4,
over the financial and strategic planning 2017, Banque Centrale de
proposed indirect license transfer not be
for WCGS is not relevant to the NRC’s Compensation, which conducts
completed within 1 year of this Order’s
review of the proposed indirect license business under the name LCH SA (‘‘LCH
date of issuance, this Order shall
transfer application under AEA Section SA’’), filed with the Securities and
184 and 10 CFR 50.80. The NRC’s become null and void, provided,
however, upon written application and Exchange Commission (‘‘Commission’’)
authority with respect to license transfer the proposed rule change described in
applications is limited to evaluating for good cause shown, such date may be
extended by order. Items I, II, and III below, which Items
financial qualification,
have been prepared primarily by LCH
decommissioning funding assurance, This Order is effective upon issuance.
SA. The Commission is publishing this
management and technical support For further details with respect to this notice to solicit comments on the
organization, operating organization, Order, see the application dated July 22,
foreign ownership, control, or proposed rule change from interested
2016 (ADAMS Accession No. persons.
domination, and nuclear insurance and
ML16208A250), and the NRC Safety
indemnity issues as they relate to the I. Clearing Agency’s Statement of the
Evaluation dated April 7, 2017 (ADAMS
public health and safety and the Terms of Substance of the Proposed
Accession No. ML17037D120), which
common defense and security. The Rule Change
relevant NRC regulatory requirements are available for public inspection at the
do not apply to strategic business or Commission’s Public Document Room LCH SA is proposing to revise its
other corporate decisions and (PDR), located at One White Flint North, margin methodology with respect to
considerations. Accordingly, the NRC Public File Area O1 F21, 11555 credit default swaps (‘‘CDS’’) in the
staff concludes that the concerns Rockville Pike (first floor), Rockville, Reference Guide: CDS Margin
identified by KEPCO do not impact its Maryland. Publicly available documents Framework. The proposed rule change
conclusion regarding the proposed created or received at the NRC are will (i) eliminate the recovery rate risk
indirect license transfer application. accessible electronically through charge as a component of the margin
Under 10 CFR 50.80, no license, or ADAMS in the NRC Library at http:// methodology as it applies to index CDS
any right thereunder, shall be www.nrc.gov/reading-rm/adams.html. (ii) correct a hyperlink and add a cross
transferred, either directly or indirectly, Persons who do not have access to reference and hyperlink to the general
through transfer of control of the ADAMS, or who encounter problems in inputs considered by LCH SA in
license, unless the NRC gives its consent accessing the documents located in constructing the CDS pricing for
in writing. Upon review of the ADAMS, should contact the NRC PDR European and US dollar denominated
information in the application, and reference staff by telephone at 1–800–
other information before the contracts.
397–4209 or 301–415–4737, or by email
Commission, the NRC staff has to pdr.resource@nrc.gov. II. Clearing Agency’s Statement of the
determined that WCNOC is qualified to Purpose of, and Statutory Basis for, the
hold the license following the proposed Dated at Rockville, Maryland this 7th day
of April 2017.
Proposed Rule Change
merger of Great Plains and Westar with
Westar becoming a wholly-owned For the Nuclear Regulatory Commission, In its filing with the Commission,
subsidiary of Great Plains. The NRC Mary Jane Ross-Lee, LCH SA included statements concerning
staff has also determined that the Acting Director, Division of Operating Reactor the purpose of and basis for the
proposed indirect license transfer is Licensing, Office of Nuclear Reactor proposed rule change and discussed any
otherwise consistent with applicable Regulation. comments it received on the proposed
provisions of law, regulations, and [FR Doc. 2017–07894 Filed 4–18–17; 8:45 am] rule change. The text of these statements
orders issued by the Commission BILLING CODE 7590–01–P may be examined at the places specified
pursuant thereto. in Item IV below. LCH SA has prepared
jstallworth on DSK7TPTVN1PROD with NOTICES

The findings set forth above are summaries, set forth in sections A, B,
supported by an NRC safety evaluation and C below, of the most significant
dated April 7, 2017, and available under aspects of these statements.
ADAMS Accession No. ML17037D120.
III.
Accordingly, pursuant to Sections 1 15 U.S.C. 78s(b)(1).
161b, 161i, and 184 of the Atomic 2 17 CFR 240.19b–4.

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18490 Federal Register / Vol. 82, No. 74 / Wednesday, April 19, 2017 / Notices

is appropriate in order to better align rules/sro.shtml). Copies of the due, fee, or other charge imposed by the
LCH SA’s margin methodology to the submission, all subsequent Exchange under Section 19(b)(3)(A)(ii)
way recovery rate movements affect the amendments, all written statements of the Act 3 and Rule 19b–4(f)(2)
CDS market value in reality. Therefore, with respect to the proposed rule thereunder,4 which renders the
LCH SA does not believe that the change that are filed with the proposed rule change effective upon
proposed rule change imposes any Commission, and all written filing with the Commission. The
burden on competition that is not communications relating to the Commission is publishing this notice to
necessary or appropriate in furtherance proposed rule change between the solicit comments on the proposed rule
of the purposes of the Act. Commission and any person, other than change from interested persons.
those that may be withheld from the
C. Clearing Agency’s Statement on public in accordance with the I. Self-Regulatory Organization’s
Comments on the Proposed Rule provisions of 5 U.S.C. 552, will be Statement of the Terms of Substance of
Change Received From Members, available for Web site viewing and the Proposed Rule Change
Participants or Others printing in the Commission’s Public The Exchange filed a proposal to
Written comments relating to the Reference Room, 100 F Street NE., amend the fee schedule applicable to
proposed rule change have not been Washington, DC 20549, on official Members 5 and non-members of the
solicited or received. LCH SA will business days between the hours of Exchange pursuant to BYX Rules 15.1(a)
notify the Commission of any written 10:00 a.m. and 3:00 p.m. Copies of such and (c).
comments received by LCH SA. filings will also be available for The text of the proposed rule change
inspection and copying at the principal is available at the Exchange’s Web site
III. Date of Effectiveness of the
office of LCH SA and on LCH SA’s Web at www.bats.com, at the principal office
Proposed Rule Change and Timing for site at http://www.lch.com/asset-
Commission Action of the Exchange, and at the
classes/cdsclear. All comments received Commission’s Public Reference Room.
Within 45 days of the date of will be posted without change; the
publication of this notice in the Federal Commission does not edit personal II. Self-Regulatory Organization’s
Register or within such longer period identifying information from Statement of the Purpose of, and
up to 90 days (i) as the Commission may submissions. You should submit only Statutory Basis for, the Proposed Rule
designate if it finds such longer period information that you wish to make Change
to be appropriate and publishes its available publicly. All submissions
In its filing with the Commission, the
reasons for so finding or (ii) as to which should refer to File Number SR–LCH
Exchange included statements
the self-regulatory organization SA–2017–003 and should be submitted
concerning the purpose of and basis for
consents, the Commission will: on or before May 10, 2017.
(A) by order approve or disapprove the proposed rule change and discussed
For the Commission, by the Division of any comments it received on the
such proposed rule change, or Trading and Markets, pursuant to delegated
(B) institute proceedings to determine proposed rule change. The text of these
authority.10
whether the proposed rule change statements may be examined at the
Brent J. Fields, places specified in Item IV below. The
should be disapproved. Secretary. Exchange has prepared summaries, set
IV. Solicitation of Comments [FR Doc. 2017–07872 Filed 4–18–17; 8:45 am] forth in Sections A, B, and C below, of
Interested persons are invited to BILLING CODE 8011–01–P the most significant parts of such
submit written data, views, and statements.
arguments concerning the foregoing, A. Self-Regulatory Organization’s
SECURITIES AND EXCHANGE
including whether the proposed rule Statement of the Purpose of, and the
COMMISSION
change is consistent with the Act. Statutory Basis for, the Proposed Rule
Comments may be submitted by any of [Release No. 34–80447; File No. SR– Change
the following methods: BatsBYX–2017–06]
1. Purpose
Electronic Comments Self-Regulatory Organizations; Bats
BYX Exchange, Inc.; Notice of Filing The Exchange proposes to amend its
• Use the Commission’s Internet
and Immediate Effectiveness of a fee schedule to: (i) Adopt fee code PL;
comment form (http://www.sec.gov/
Proposed Rule Change Related to Fees and (ii) modify its description of fee
rules/sro.shtml); or
code PX. The Exchange recently
• Send an email to rule-comments@ April 13, 2017. implemented a new midpoint routing
sec.gov. Please include File Number SR– Pursuant to Section 19(b)(1) of the strategy known as RMPL,6 under which
LCH SA–2017–003 on the subject line. Securities Exchange Act of 1934 (the a MidPoint Peg Order 7 first checks the
Paper Comments ‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on March 31,
• Send paper comments in triplicate 3 15 U.S.C. 78s(b)(3)(A)(ii).
2017, Bats BYX Exchange, Inc. (the 4 17 CFR 240.19b–4(f)(2).
to Secretary, Securities and Exchange ‘‘Exchange’’ or ‘‘BYX’’) filed with the 5 The term ‘‘Member’’ is defined as ‘‘any
Commission, 100 F Street NE., Securities and Exchange Commission registered broker or dealer that has been admitted
Washington, DC 20549–1090. (‘‘Commission’’) the proposed rule to membership in the Exchange.’’ See Exchange
All submissions should refer to File Rule 1.5(n).
change as described in Items I, II and III 6 See Securities Exchange Act Release No. 79603
Number SR–LCH SA–2017–003. This
jstallworth on DSK7TPTVN1PROD with NOTICES

below, which Items have been prepared (December 19, 2016), 81 FR 94440 (December 23,
file number should be included on the by the Exchange. The Exchange has 2016) (SR–BatsBYX–2016–41) (‘‘RMPL Filing’’).
subject line if email is used. To help the designated the proposed rule change as 7 In sum, a MidPoint Peg Order is a non-displayed

Commission process and review your one establishing or changing a member Market Order or Limit Order with an instruction to
comments more efficiently, please use execute at the midpoint of the NBBO, or,
alternatively, pegged to the less aggressive of the
only one method. The Commission will 10 17 CFR 200.30–3(a)(12). midpoint of the NBBO or one minimum price
post all comments on the Commission’s 1 15 U.S.C. 78s(b)(1). variation inside the same side of the NBBO as the
Internet Web site (http://www.sec.gov/ 2 17 CFR 240.19b–4. order. See Exchange Rule 11.9(c)(9).

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Document Created: 2018-11-14 09:43:27
Document Modified: 2018-11-14 09:43:27
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		82 FR 18488