82_FR_32168 82 FR 32037 - Self-Regulatory Organizations; ICE Clear Europe Limited; Order Approving Proposed Rule Change Relating to Clearing House Contributions to CDS Default Resources

82 FR 32037 - Self-Regulatory Organizations; ICE Clear Europe Limited; Order Approving Proposed Rule Change Relating to Clearing House Contributions to CDS Default Resources

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 131 (July 11, 2017)

Page Range32037-32038
FR Document2017-14427

Federal Register, Volume 82 Issue 131 (Tuesday, July 11, 2017)
[Federal Register Volume 82, Number 131 (Tuesday, July 11, 2017)]
[Notices]
[Pages 32037-32038]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-14427]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81076; File No. SR-ICEEU-2017-005]


Self-Regulatory Organizations; ICE Clear Europe Limited; Order 
Approving Proposed Rule Change Relating to Clearing House Contributions 
to CDS Default Resources

July 5, 2017.

I. Introduction

    On May 4, 2017, ICE Clear Europe Limited (``ICE Clear Europe'') 
filed with the Securities and Exchange Commission (``Commission''), 
pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change (SR-
ICEEU-2017-005) to modify its Finance Procedures with respect to ICE 
Clear Europe's contributions to funds available in the event of a 
clearing member's default. The proposed rule change was published for 
comment in the Federal Register on May 23, 2017.\3\ The Commission 
received no comment letters regarding the proposed change. For the 
reasons discussed below, the Commission is approving the proposed rule 
change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 34-80706 (May 17, 2017), 
82 FR 23692 (May 23, 2017) (SR-ICEEU-2017-005) (the ``Notice'').
---------------------------------------------------------------------------

II. Description of the Proposed Rule Change

    ICE Clear Europe maintains financial resources to cover potential 
losses resulting from a CDS Clearing Member default by collecting 
margin from CDS Clearing Members, maintaining the CDS Guaranty Fund 
which is made up of CDS Member Contributions, and allocating its own 
contribution. In the event that ICE Clear Europe experiences losses 
from the default of a CDS Clearing Member, it first looks to the margin 
and CDS Guaranty Fund contributions provided by that defaulting CDS 
Clearing Member. Next, ICE Clear Europe applies part of its own 
contribution--the Clearing House CDS Initial Contribution. Third, ICE 
Clear Europe applies the CDS Guaranty Fund contributions of non-
defaulting CDS Clearing Members together with the remainder of its own 
contribution (the Clearing House CDS GF Contribution).
    ICE Clear Europe has proposed revisions to its Finance Procedures 
to permit ICE Clear Europe to redesignate all or a part of the Clearing 
House CDS GF Contribution as the Clearing House CDS Initial 
Contribution. If such redesignation were to occur, the Clearing House 
CDS GF Contributions would no longer be used pari passu with non-
defaulting CDS Clearing Members' contributions to the CDS Guaranty 
Fund. Instead, the redesignated amounts would be used before non-
defaulting CDS Clearing Members' contributions. Accordingly, ICE Clear 
Europe has proposed amending paragraph 15.2(a) of the Finance 
Procedures, which establishes the amount of the Clearing House CDS 
Initial Contribution, to provide that ``[t]he amount of the Clearing 
House CDS Initial Contribution may be further increased by [ICE Clear 
Europe] redesignating all or part of any of the Clearing House CDS GF 
Contributions as Clearing House CDS Initial Contributions.'' Section 
15.2(a) will also provide that any redesignation will be notified by 
circular. ICE Clear Europe has also proposed additional, conforming 
changes to paragraphs 15.2(b) to refer to amounts so redesignated as 
Clearing House CDS Initial Contribution; 15.2(c) to take into account 
amounts that are redesignated when establishing the Clearing House CDS 
GF Contributions; 15.2(d) to include redesignated amounts in the 
Clearing House CDS GF Contribution when calculating any replenishment 
to the Clearing House CDS GF

[[Page 32038]]

Contribution; and 15.2(g) to clarify that redesignation for purposes of 
top-up as a result of exchange rate fluctuations is not required, and 
that redesignation for purposes of withdrawal as a result of exchange 
rate fluctuations is not permitted.
    ICE Clear Europe believes that redesignation will reduce the 
likelihood that non-defaulting CDS Clearing Members' contributions will 
be used in a default scenario, and has represented that it ``does not 
propose to change the aggregate amount of, or basis for calculating, 
the Clearing House CDS GF Contribution and Clearing House CDS Initial 
Contribution.'' \4\ ICE Clear Europe has represented that its Board, in 
consultation with its CDS Risk Committee, will make any redesignation 
decision.\5\ With respect to flexibility on the redesignation amount, 
ICE Clear Europe noted that there are ``ongoing industry discussions 
concerning the appropriate level and seniority of clearing house 
contributions to default resources'' and that market participants have 
``evolving views'' on the subject.\6\
---------------------------------------------------------------------------

    \4\ Notice, 82 FR at 23693. ICE Clear Europe noted that ``The 
respective amounts [] are determined in accordance with paragraph 
15.2 of the Finance Procedures, and are notified to Clearing Members 
by Circular.'' Id.
    \5\ Id.
    \6\ Id.
---------------------------------------------------------------------------

III. Discussion and Commission Findings

    Section 19(b)(2)(C) of the Act directs the Commission to approve a 
proposed rule change of a self-regulatory organization if it finds that 
such proposed rule change is consistent with the requirements of the 
Act and the rules and regulations thereunder applicable to such 
organization.\7\ Section 17A(b)(3)(F) of the Act requires,\8\ among 
other things, that the rules of a registered clearing agency be 
designed to assure the safeguarding of securities and funds which are 
in the custody or control of the clearing agency or for which it is 
responsible and the protection of investors and the public interest. 
Rule 17Ad-22(b)(3) requires that a clearing agency that performs 
central counterparty services for security-based swaps shall establish, 
implement, maintain, and enforce written policies and procedures 
reasonably designed to maintain sufficient financial resources to 
withstand, at a minimum, a default by the two participant families to 
which it has the largest exposures in extreme but plausible market 
conditions, in its capacity as a central counterparty for security-
based swaps.\9\ Rule 17Ad-22(e)(4) requires that a covered clearing 
agency involved in activities with a more complex risk profile shall 
establish, implement, maintain and enforce written policies and 
procedures reasonably designed to effectively identify, measure, 
monitor, and manage its credit exposures to participants and those 
arising from its payment, clearing, and settlement processes, including 
by, in relevant part, (i) maintaining sufficient financial resources to 
cover its credit exposure to each participant fully with a high degree 
of confidence, (ii) maintaining additional financial resources at the 
minimum to enable it to cover a wide range of foreseeable stress 
scenarios that include, but are not limited to, the default of the two 
participant families that would potentially cause the largest aggregate 
credit exposure for the covered clearing agency in extreme but 
plausible market conditions, (iv) including prefunded financial 
resources, exclusive of assessments for additional guaranty fund 
contributions or other resources that are not prefunded, when 
calculating the financial resources available, and (v) maintaining the 
financial resources required under Rule 17Ad-22(e)(4)(ii) in combined 
or separately maintained clearing or guaranty funds, as applicable.\10\ 
Rule 17Ad-22(e)(2) requires that a covered clearing agency shall 
establish, implement, maintain and enforce written policies and 
procedures reasonably designed to provide for governance arrangements 
that are clear and transparent and support the public interest 
requirements in Section 17A of the Act applicable to clearing agencies, 
and the objectives of owners and participants.\11\
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(2)(C).
    \8\ 15 U.S.C. 78q-1(b)(3)(F).
    \9\ 17 CFR 240.17Ad-22(b)(3).
    \10\ 17 CFR 240.17Ad-22(e)(4)(i), (ii), (iv) and (v).
    \11\ 17 CFR 240.17Ad-22(e)(2)(i) and (iii).
---------------------------------------------------------------------------

    The Commission finds that the proposed rule change is consistent 
with Section 17A of the Act and Rule 17Ad-22 thereunder. Because ICE 
Clear Europe has not proposed changing the amount of financial 
resources it contributes to cover default losses, but rather, to give 
itself the authority to apply some or all of those amounts in a default 
scenario sooner than it otherwise would, the proposed rule change is 
consistent with Section 17A(b)(3)(F) \12\ and Rules 17Ad-22(b)(3) and 
(e)(4).\13\ ICE Clear Europe's flexibility in deciding whether and, if 
so, how much, of the Clearing House CDS GF Contribution to designate is 
consistent with the public interest in light of ongoing industry 
discussions, consistent with Section 17A(b)(3)(F) of the Act.\14\ 
Finally, ICE Clear Europe's proposal to vest resdeisgnation authority 
with its Board, in consultation with its CDS Risk Committee and 
publication by circular, is consistent with the requirement in Rule 
17Ad-22(e)(2) concerning governance arrangements that are clear and 
transparent and support the public interest requirements of Section 17A 
of the Act applicable to clearing agencies and the objectives of 
participants. \15\
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78q-1(b)(3)(F).
    \13\ 17 CFR 240.17Ad-22(b)(3) and (e)(4).
    \14\ 15 U.S.C. 78q-1(b)(3)(F).
    \15\ 17 CFR 240.17Ad-22(e)(2)(i) and (iii).
---------------------------------------------------------------------------

IV. Conclusion

    It is therefore ordered pursuant to Section 19(b)(2) of the Act 
that the proposed rule change (SR-ICEEU-2017-005) be, and hereby is, 
approved.\16\
---------------------------------------------------------------------------

    \16\ In approving the proposed rule change, the Commission 
considered the proposal's impact on efficiency, competition, and 
capital formation. 15 U.S.C. 78c(f).

    For the Commission by the Division of Trading and Markets, 
pursuant to delegated authority.\17\
Eduardo A. Aleman,
Assistant Secretary.
---------------------------------------------------------------------------

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

[FR Doc. 2017-14427 Filed 7-10-17; 8:45 am]
 BILLING CODE 8011-01-P



                                                                                  Federal Register / Vol. 82, No. 131 / Tuesday, July 11, 2017 / Notices                                             32037

                                                  F&O contracts that are financial and                     available for Web site viewing and                      For the reasons discussed below, the
                                                  softs contracts. As a result, the proposed               printing in the Commission’s Public                     Commission is approving the proposed
                                                  changes will not affect the Clearing                     Reference Room, 100 F Street NE.,                       rule change.
                                                  House’s CDS clearing operations or CDS                   Washington, DC 20549, on official
                                                                                                                                                                   II. Description of the Proposed Rule
                                                  Clearing Members acting in their                         business days between the hours of
                                                                                                                                                                   Change
                                                  capacity as such. In addition, the                       10:00 a.m. and 3:00 p.m. Copies of such
                                                  proposed amendments will not affect                      filings will also be available for                         ICE Clear Europe maintains financial
                                                  ICE Clear Europe’s financial resources                   inspection and copying at the principal                 resources to cover potential losses
                                                  or risk management applicable to the                     office of ICE Clear Europe and on ICE                   resulting from a CDS Clearing Member
                                                  CDS clearing business. Accordingly, ICE                  Clear Europe’s Web site at https://                     default by collecting margin from CDS
                                                  Clear Europe does not believe that the                   www.theice.com/clear-europe/                            Clearing Members, maintaining the CDS
                                                  proposed amendments will have a                          regulation#rule-filings.                                Guaranty Fund which is made up of
                                                  significant effect on its securities                        All comments received will be posted                 CDS Member Contributions, and
                                                  clearing activity as a registered                        without change; the Commission does                     allocating its own contribution. In the
                                                  securities clearing agency or the rights                 not edit personal identifying                           event that ICE Clear Europe experiences
                                                  or obligations of clearing members with                  information from submissions. You                       losses from the default of a CDS
                                                  respect thereto. At any time within 60                   should submit only information that                     Clearing Member, it first looks to the
                                                  days of the filing of the proposed rule                  you wish to make available publicly. All                margin and CDS Guaranty Fund
                                                  change, the Commission summarily may                     submissions should refer to File                        contributions provided by that
                                                  temporarily suspend such rule change,                    Number SR–ICEEU–2017–009 and                            defaulting CDS Clearing Member. Next,
                                                  if it appears to the Commission that                     should be submitted on or before                        ICE Clear Europe applies part of its own
                                                  such action is necessary or appropriate                  August 1, 2017.                                         contribution—the Clearing House CDS
                                                  in the public interest, for the protection                                                                       Initial Contribution. Third, ICE Clear
                                                                                                             For the Commission, by the Division of                Europe applies the CDS Guaranty Fund
                                                  of investors, or otherwise in furtherance                Trading and Markets, pursuant to delegated
                                                  of the purposes of the Act.                                                                                      contributions of non-defaulting CDS
                                                                                                           authority.11
                                                                                                                                                                   Clearing Members together with the
                                                  IV. Solicitation of Comments                             Eduardo A. Aleman,                                      remainder of its own contribution (the
                                                    Interested persons are invited to                      Assistant Secretary.                                    Clearing House CDS GF Contribution).
                                                  submit written data, views, and                          [FR Doc. 2017–14426 Filed 7–10–17; 8:45 am]                ICE Clear Europe has proposed
                                                  arguments concerning the foregoing,                      BILLING CODE 8011–01–P                                  revisions to its Finance Procedures to
                                                  including whether the proposed rule                                                                              permit ICE Clear Europe to redesignate
                                                  change is consistent with the Act.                                                                               all or a part of the Clearing House CDS
                                                  Comments may be submitted by any of                      SECURITIES AND EXCHANGE                                 GF Contribution as the Clearing House
                                                  the following methods:                                   COMMISSION                                              CDS Initial Contribution. If such
                                                                                                           [Release No. 34–81076; File No. SR–ICEEU–               redesignation were to occur, the
                                                  Electronic Comments                                                                                              Clearing House CDS GF Contributions
                                                                                                           2017–005]
                                                    • Use the Commission’s Internet                                                                                would no longer be used pari passu
                                                  comment form (http://www.sec.gov/                        Self-Regulatory Organizations; ICE                      with non-defaulting CDS Clearing
                                                  rules/sro.shtml) or                                      Clear Europe Limited; Order Approving                   Members’ contributions to the CDS
                                                    • Send an email to rule-comments@                      Proposed Rule Change Relating to                        Guaranty Fund. Instead, the
                                                  sec.gov. Please include File Number SR–                  Clearing House Contributions to CDS                     redesignated amounts would be used
                                                  ICEEU–2017–009 on the subject line.                      Default Resources                                       before non-defaulting CDS Clearing
                                                  Paper Comments                                                                                                   Members’ contributions. Accordingly,
                                                                                                           July 5, 2017.                                           ICE Clear Europe has proposed
                                                    • Send paper comments in triplicate                                                                            amending paragraph 15.2(a) of the
                                                                                                           I. Introduction
                                                  to Secretary, Securities and Exchange                                                                            Finance Procedures, which establishes
                                                  Commission, 100 F Street NE.,                               On May 4, 2017, ICE Clear Europe                     the amount of the Clearing House CDS
                                                  Washington, DC 20549–1090.                               Limited (‘‘ICE Clear Europe’’) filed with               Initial Contribution, to provide that
                                                  All submissions should refer to File                     the Securities and Exchange                             ‘‘[t]he amount of the Clearing House
                                                  Number SR–ICEEU–2017–009. This file                      Commission (‘‘Commission’’), pursuant                   CDS Initial Contribution may be further
                                                  number should be included on the                         to Section 19(b)(1) of the Securities                   increased by [ICE Clear Europe]
                                                  subject line if email is used. To help the               Exchange Act of 1934 (‘‘Act’’) 1 and Rule               redesignating all or part of any of the
                                                  Commission process and review your                       19b–4 thereunder,2 a proposed rule                      Clearing House CDS GF Contributions
                                                  comments more efficiently, please use                    change (SR–ICEEU–2017–005) to                           as Clearing House CDS Initial
                                                  only one method. The Commission will                     modify its Finance Procedures with                      Contributions.’’ Section 15.2(a) will also
                                                  post all comments on the Commission’s                    respect to ICE Clear Europe’s                           provide that any redesignation will be
                                                  Internet Web site (http://www.sec.gov/                   contributions to funds available in the                 notified by circular. ICE Clear Europe
                                                  rules/sro.shtml). Copies of the                          event of a clearing member’s default.                   has also proposed additional,
                                                  submission, all subsequent                               The proposed rule change was                            conforming changes to paragraphs
                                                  amendments, all written statements                       published for comment in the Federal                    15.2(b) to refer to amounts so
                                                  with respect to the proposed rule                        Register on May 23, 2017.3 The                          redesignated as Clearing House CDS
                                                  change that are filed with the                           Commission received no comment                          Initial Contribution; 15.2(c) to take into
mstockstill on DSK30JT082PROD with NOTICES




                                                  Commission, and all written                              letters regarding the proposed change.                  account amounts that are redesignated
                                                  communications relating to the                                                                                   when establishing the Clearing House
                                                                                                                11 17
                                                                                                                   CFR 200.30–3(a)(12).
                                                  proposed rule change between the                              1 15
                                                                                                                                                                   CDS GF Contributions; 15.2(d) to
                                                                                                                  U.S.C. 78s(b)(1).
                                                  Commission and any person, other than                      2 17 CFR 240.19b–4.
                                                                                                                                                                   include redesignated amounts in the
                                                  those that may be withheld from the                        3 Securities Exchange Act Release No. 34–80706        Clearing House CDS GF Contribution
                                                  public in accordance with the                            (May 17, 2017), 82 FR 23692 (May 23, 2017) (SR–         when calculating any replenishment to
                                                  provisions of 5 U.S.C. 552, will be                      ICEEU–2017–005) (the ‘‘Notice’’).                       the Clearing House CDS GF


                                             VerDate Sep<11>2014   18:01 Jul 10, 2017   Jkt 241001   PO 00000     Frm 00105   Fmt 4703   Sfmt 4703   E:\FR\FM\11JYN1.SGM   11JYN1


                                                  32038                           Federal Register / Vol. 82, No. 131 / Tuesday, July 11, 2017 / Notices

                                                  Contribution; and 15.2(g) to clarify that                security-based swaps.9 Rule 17Ad–                          consistent with the public interest in
                                                  redesignation for purposes of top-up as                  22(e)(4) requires that a covered clearing                  light of ongoing industry discussions,
                                                  a result of exchange rate fluctuations is                agency involved in activities with a                       consistent with Section 17A(b)(3)(F) of
                                                  not required, and that redesignation for                 more complex risk profile shall                            the Act.14 Finally, ICE Clear Europe’s
                                                  purposes of withdrawal as a result of                    establish, implement, maintain and                         proposal to vest resdeisgnation
                                                  exchange rate fluctuations is not                        enforce written policies and procedures                    authority with its Board, in consultation
                                                  permitted.                                               reasonably designed to effectively                         with its CDS Risk Committee and
                                                     ICE Clear Europe believes that                        identify, measure, monitor, and manage                     publication by circular, is consistent
                                                  redesignation will reduce the likelihood                 its credit exposures to participants and                   with the requirement in Rule 17Ad–
                                                  that non-defaulting CDS Clearing                         those arising from its payment, clearing,                  22(e)(2) concerning governance
                                                  Members’ contributions will be used in                   and settlement processes, including by,                    arrangements that are clear and
                                                  a default scenario, and has represented                  in relevant part, (i) maintaining                          transparent and support the public
                                                  that it ‘‘does not propose to change the                 sufficient financial resources to cover its                interest requirements of Section 17A of
                                                  aggregate amount of, or basis for                        credit exposure to each participant fully                  the Act applicable to clearing agencies
                                                  calculating, the Clearing House CDS GF                   with a high degree of confidence, (ii)                     and the objectives of participants. 15
                                                  Contribution and Clearing House CDS                      maintaining additional financial
                                                  Initial Contribution.’’ 4 ICE Clear Europe               resources at the minimum to enable it                      IV. Conclusion
                                                  has represented that its Board, in                       to cover a wide range of foreseeable                         It is therefore ordered pursuant to
                                                  consultation with its CDS Risk                           stress scenarios that include, but are not                 Section 19(b)(2) of the Act that the
                                                  Committee, will make any redesignation                   limited to, the default of the two                         proposed rule change (SR–ICEEU–2017–
                                                  decision.5 With respect to flexibility on                participant families that would                            005) be, and hereby is, approved.16
                                                  the redesignation amount, ICE Clear                      potentially cause the largest aggregate
                                                                                                                                                                        For the Commission by the Division of
                                                  Europe noted that there are ‘‘ongoing                    credit exposure for the covered clearing                   Trading and Markets, pursuant to delegated
                                                  industry discussions concerning the                      agency in extreme but plausible market                     authority.17
                                                  appropriate level and seniority of                       conditions, (iv) including prefunded                       Eduardo A. Aleman,
                                                  clearing house contributions to default                  financial resources, exclusive of
                                                                                                                                                                      Assistant Secretary.
                                                  resources’’ and that market participants                 assessments for additional guaranty
                                                  have ‘‘evolving views’’ on the subject.6                                                                            [FR Doc. 2017–14427 Filed 7–10–17; 8:45 am]
                                                                                                           fund contributions or other resources
                                                                                                           that are not prefunded, when                               BILLING CODE 8011–01–P
                                                  III. Discussion and Commission
                                                  Findings                                                 calculating the financial resources
                                                                                                           available, and (v) maintaining the
                                                     Section 19(b)(2)(C) of the Act directs                financial resources required under Rule                    SECURITIES AND EXCHANGE
                                                  the Commission to approve a proposed                     17Ad–22(e)(4)(ii) in combined or                           COMMISSION
                                                  rule change of a self-regulatory                         separately maintained clearing or
                                                  organization if it finds that such                                                                                  Sunshine Act Meeting
                                                                                                           guaranty funds, as applicable.10 Rule
                                                  proposed rule change is consistent with                  17Ad–22(e)(2) requires that a covered                         Notice is hereby given, pursuant to
                                                  the requirements of the Act and the                      clearing agency shall establish,                           the provisions of the Government in the
                                                  rules and regulations thereunder                         implement, maintain and enforce                            Sunshine Act, Public Law 94–409, that
                                                  applicable to such organization.7                        written policies and procedures                            the Securities and Exchange
                                                  Section 17A(b)(3)(F) of the Act                          reasonably designed to provide for                         Commission will hold a closed meeting
                                                  requires,8 among other things, that the                  governance arrangements that are clear                     on Thursday, July 13, 2017 at 2 p.m.
                                                  rules of a registered clearing agency be                 and transparent and support the public                        Commissioners, Counsel to the
                                                  designed to assure the safeguarding of                   interest requirements in Section 17A of                    Commissioners, the Secretary to the
                                                  securities and funds which are in the                    the Act applicable to clearing agencies,                   Commission, and recording secretaries
                                                  custody or control of the clearing agency                and the objectives of owners and                           will attend the closed meeting. Certain
                                                  or for which it is responsible and the                   participants.11                                            staff members who have an interest in
                                                  protection of investors and the public                      The Commission finds that the                           the matters also may be present.
                                                  interest. Rule 17Ad–22(b)(3) requires                    proposed rule change is consistent with                       The General Counsel of the
                                                  that a clearing agency that performs                     Section 17A of the Act and Rule 17Ad–                      Commission, or his designee, has
                                                  central counterparty services for                        22 thereunder. Because ICE Clear                           certified that, in his opinion, one or
                                                  security-based swaps shall establish,                    Europe has not proposed changing the                       more of the exemptions set forth in 5
                                                  implement, maintain, and enforce                         amount of financial resources it                           U.S.C. 552b(c)(3), (5), (7), 9(B) and (10)
                                                  written policies and procedures                          contributes to cover default losses, but                   and 17 CFR 200.402(a)(3), (a)(5), (a)(7),
                                                  reasonably designed to maintain                          rather, to give itself the authority to                    (a)(9)(ii) and (a)(10), permit
                                                  sufficient financial resources to                        apply some or all of those amounts in                      consideration of the scheduled matters
                                                  withstand, at a minimum, a default by                    a default scenario sooner than it                          at the closed meeting.
                                                  the two participant families to which it                 otherwise would, the proposed rule                            Chairman Clayton, as duty officer,
                                                  has the largest exposures in extreme but                 change is consistent with Section                          voted to consider the items listed for the
                                                  plausible market conditions, in its                      17A(b)(3)(F) 12 and Rules 17Ad–22(b)(3)                    closed meeting in closed session.
                                                  capacity as a central counterparty for                   and (e)(4).13 ICE Clear Europe’s                              The subject matters of the closed
                                                                                                           flexibility in deciding whether and, if                    meeting will be:
mstockstill on DSK30JT082PROD with NOTICES




                                                    4 Notice, 82 FR at 23693. ICE Clear Europe noted
                                                                                                           so, how much, of the Clearing House
                                                  that ‘‘The respective amounts [] are determined in
                                                  accordance with paragraph 15.2 of the Finance            CDS GF Contribution to designate is                          14 15  U.S.C. 78q–1(b)(3)(F).
                                                  Procedures, and are notified to Clearing Members                                                                      15 17  CFR 240.17Ad–22(e)(2)(i) and (iii).
                                                  by Circular.’’ Id.                                            9 17 CFR 240.17Ad–22(b)(3).                              16 In approving the proposed rule change, the
                                                    5 Id.                                                       10 17 CFR 240.17Ad–22(e)(4)(i), (ii), (iv) and (v).   Commission considered the proposal’s impact on
                                                    6 Id.                                                       11 17 CFR 240.17Ad–22(e)(2)(i) and (iii).
                                                                                                                                                                      efficiency, competition, and capital formation. 15
                                                    7 15 U.S.C. 78s(b)(2)(C).                                   12 15 U.S.C. 78q–1(b)(3)(F).                          U.S.C. 78c(f).
                                                    8 15 U.S.C. 78q–1(b)(3)(F).                                 13 17 CFR 240.17Ad–22(b)(3) and (e)(4).                  17 17 CFR 200.30–3(a)(12).




                                             VerDate Sep<11>2014   18:01 Jul 10, 2017   Jkt 241001   PO 00000     Frm 00106    Fmt 4703   Sfmt 4703   E:\FR\FM\11JYN1.SGM       11JYN1



Document Created: 2018-11-14 10:21:18
Document Modified: 2018-11-14 10:21:18
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 Citation82 FR 32037 

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