82 FR 54423 - Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing of Proposed Rule Change, Security Based Swap Submission, or Advance Notice Relating to Amendments to the ICE Clear Europe Collateral and Haircut Policy
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 221 (November 17, 2017)
Federal Register Volume 82, Issue 221 (November 17, 2017)
| Page Range | 54423-54425 | |
| FR Document | 2017-24935 |
[Federal Register Volume 82, Number 221 (Friday, November 17, 2017)] [Notices] [Pages 54423-54425] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-24935] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82063; File No. SR-ICEEU-2017-011] Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing of Proposed Rule Change, Security Based Swap Submission, or Advance Notice Relating to Amendments to the ICE Clear Europe Collateral and Haircut Policy November 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 November 2, 2017, ICE Clear Europe Limited (``ICE Clear Europe'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule changes described in Items I, II, and III below, which Items have been primarily prepared by ICE Clear Europe. 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. Clearing Agency's Statement of the Terms of Substance of the Proposed Rule Change The principal purpose of the changes is to modify the ICE Clear Europe [[Page 54424]] Collateral and Haircut Policy to incorporate certain changes to the calculation of absolute collateral limits for bonds provided as Permitted Cover by Clearing Members. The changes also make certain clarifications and updates and add certain general provisions addressing overall risk appetite and risk limits. II. Clearing Agency's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, ICE Clear Europe included statements concerning the purpose of and basis for the proposed rule change 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. ICE Clear Europe has prepared summaries, set forth in sections (A), (B), and (C) below, of the most significant aspects of such statements. (A) Clearing Agency's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change (a) Purpose ICE Clear Europe proposes revising its Collateral and Haircut Policy (the ``Collateral and Haircut Policy'') to incorporate certain changes to the calculation of absolute collateral limits for bonds provided as Permitted Cover by Clearing Members and certain other revisions as described below. The amendments do not involve any changes to the ICE Clear Europe Clearing Rules or Procedures. The Collateral and Haircut Policy establishes a maximum amount of bonds from an individual issuer that ICE Clear Europe will accept from a Member Group (an ``Absolute Limit''). The Absolute Limit is designed to take into account the trading liquidity of the bond, and accordingly the ability of ICE Clear Europe to liquidate the collateral when required. Currently, the underlying data used in the calculation of the Absolute Limit is based on the bi-annual International Capital Market Associate repo survey of market participants (the ``ICMA Data''), as a proxy for secondary market trading activity. Under the revised Collateral and Haircut Policy, the Absolute Limit will be determined using actual secondary market trading volume data provided by ICE Data Services (the ``IDS Data''). The IDS Data is compiled from a wide range of market data sources for transactions in government and corporate bonds. In certain circumstances where official trading volume data is published from a primary source, such as a governmental or central bank, such data will be used in lieu of the IDS Data. (For example, for bonds issued by Canada and Japan, ICE Clear Europe will utilize data provided by the Bank of Canada and the Japan Securities Dealers Association, respectively, instead of IDS Data.) In either case, the Absolute Limit for each bond issuer and collateral type will be 10% of the average daily volume over the past three months, rounded to the nearest million. ICE Clear Europe believes that the revised approach will provide a more direct and accurate estimation of liquidity than under the current approach, which will facilitate calculation of conservative and appropriate absolute concentration limits. The revisions also provide that in order to capture price volatility information on a conservative basis, the haircut calculation methodology, which incorporates a historical VaR model, among other factors, will use a two-sided VaR estimation based on the largest absolute returns. The Collateral and Haircut Policy has also been amended to more clearly take into account the existence of ICE Clear Europe's approximately U.S. $1 billion in committed repo facilities. As under the existing policy, in certain circumstances the Clearing House may permit a Clearing Member to maintain a collateral bond position in excess of normal absolute limits, in reliance on the Clearing House's ability to obtain cash for any excess securities using the committed repo facility. The amendments clarify that the repo facilities are available at any time there is an intra-day liquidity need, and are not limited to use in case of Clearing Member default. The amendments also note certain particular scenarios in which the clearing risk department may, consistent with the current policy, consider other qualitative and quantitative factors in setting prudent haircuts. These include the need to clean the bond price input data to remove spurious effects caused by changes in the different underlying bonds used to build bond price time-series. In this regard, the time series of bond price data in some instances may be spliced together from bonds with the same maturities but certain differences in other terms. These differences may cause the bonds to trade at different price levels, which could introduce spurious price spikes into the time series. To avoid an effect on the calculated haircut levels, ICE Clear Europe removes such spurious price spikes from the time series. The policy also notes that the clearing house may also need to consider the impact of unexpected currency de-pegging events on the calculation of cross-currency FX haircuts (such as the Swiss franc de-pegging from the Euro in January 2015, which caused unexpected sharp movements in the underlying exchange rate), as such events may not be fully captured by the quantitative approach in the Collateral and Haircut Policy. In addition, the Collateral and Haircut Policy has been revised to add certain general provisions, consistent with the approach taken in other ICE Clear Europe policies, addressing overall risk appetite and risk limits in the context of the purposes of the Collateral and Haircut Policy. Certain references in the policy to internal ICE Clear Europe personnel, departments and committees have been updated. The amendments also provide further detail as to the process for annual independent validation and governance oversight of relevant models used to support the Collateral and Haircut Policy. The policy owner, with the support of risk department personnel, will be responsible for the continuous review and reporting of the risk profile of the policy. The policy will be reviewed at least annually by the CDS and F&O Risk Committees and approved by the Board. Any material changes to the policy must be discussed with the Executive Risk Committee, reviewed by the CDS and F&O Risk Committees and the Board Risk Committee and approved by the Board. A ``red-amber-green'' escalation process has also been implemented to handle identified risks or situations as they arise. (b) Statutory Basis ICE Clear Europe believes that the changes described herein are consistent with the requirements of Section 17A of the Act \3\ and the regulations thereunder applicable to it, including the standards under Rule 17Ad-22,\4\ and in particular are consistent with the prompt and accurate clearance of and settlement of securities transactions and, to the extent applicable, derivative agreements, contracts and transactions, the safeguarding of securities and funds in the custody or control of ICE Clear Europe or for which it is responsible and the protection of investors and the public interest, within the meaning of Section 17A(b)(3)(F) of the Act.\5\ The amendments are intended, among other matters, to adopt a more robust and direct method for obtaining relevant bond trading volume data that is used [[Page 54425]] to determine concentration limits and to clarify certain other matters relating to calculation of haircuts and limits. The amendments also enhance the governance process around the Collateral and Haircut Policy. In ICE Clear Europe's view, the amendments will help ICE Clear Europe more clearly determine the liquidity of relevant bonds, which in turn will facilitate establishment of accurate concentration limits. As a result, ICE Clear Europe believes the amendments are consistent with the requirements of Section 17A(b)(3)(F) \6\ of the Act. In addition, for the foregoing reasons, the amendments will facilitate setting and enforcing appropriately conservative haircuts and concentration limits, and provide for a review of the sufficiency of such haircuts and limits not less than annually, within the meaning of Rule 17Ad-22(e)(5).\7\ --------------------------------------------------------------------------- \3\ 15 U.S.C. 78q-1. \4\ 17 CFR 240.17Ad-22. \5\ 15 U.S.C. 78q-1(b)(3)(F). \6\ 15 U.S.C. 78q-1(b)(3)(F). \7\ 17 CFR 240.17Ad-22(e)(5). --------------------------------------------------------------------------- (B) Clearing Agency's Statement on Burden on Competition ICE Clear Europe does not believe the proposed changes to the rules would have any impact, or impose any burden, on competition not necessary or appropriate in furtherance of the purpose of the Act. ICE Clear Europe is adopting the amendments to the Collateral and Haircut Policy in order to enhance the calculations of concentration limits and haircuts and make certain other governance and related enhancements to the Collateral and Haircut Policy. The amendments will apply to all Clearing Members and products. ICE Clear Europe does not believe the amendments would materially affect the cost of clearing, adversely affect access to clearing in these products for Clearing Members or their customers, or otherwise adversely affect competition in clearing services. Although the amendments may change the haircuts or concentration limits for particular bonds, which may affect the costs and benefits of using those bonds as collateral, ICE Clear Europe believe that such changes are appropriate in light of the risk management enhancements provided by the revised policy. As a result, ICE Clear Europe believes that any impact or burden on competition from such amendments would be appropriate in furtherance of the purpose of the Act. (C) Clearing Agency's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others Written comments relating to the proposed changes to the rules have not been solicited or received. ICE Clear Europe will notify the Commission of any written comments received by ICE Clear Europe. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action 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 CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml) or Send an email to [email protected]. Please include File Number SR-ICEEU-2017-011 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-ICEEU-2017-011. 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 the filing also will be available for inspection and copying at the principal office of ICE Clear Europe and on ICE Clear Europe's Web site at https://www.theice.com/notices/Notices.shtml?regulatoryFilings. All comments received will be posted without change. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-ICEEU-2017-011 and should be submitted on or before December 8, 2017. --------------------------------------------------------------------------- \8\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\8\ Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-24935 Filed 11-16-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 221 / Friday, November 17, 2017 / Notices 54423
summarized below. The Commission HOUR BURDEN FOR REPORTS ON enhance the quality, utility, and clarity
plans to submit this existing collection FORM N–CSR—Continued of the information collected; and (d)
of information to the Office of ways to minimize the burden of the
Management and Budget (‘‘OMB’’) for Total annual hour burden for collection of information on
all funds ............................... 4 174,085
extension and approval. respondents, including through the use
Form N–CSR (17 CFR 249.331 and of automated collection techniques or
274.128) is a combined reporting form In total, the Commission estimates it other forms of information technology.
used by registered management will take 174,085 burden hours per year Consideration will be given to
investment companies (‘‘funds’’) to file for all funds to prepare and file reports comments and suggestions submitted in
certified shareholder reports under the on Form N–CSR. Based on the writing within 60 days of this
Investment Company Act of 1940 (15 Commission’s estimate of 174,085 publication.
U.S.C. 80a–1 et seq.) (‘‘Investment burden hours and an estimated wage Please direct your written comments
Company Act’’) and the Securities rate of approximately $324 per hour,5 to Pamela Dyson, Chief Information
Exchange Act of 1934 (15 U.S.C. 78a et the total internal annual cost to Officer, Securities and Exchange
registrants of the hour burden for Commission, c/o Remi Pavlik-Simon,
seq.) (‘‘Exchange Act’’). Specifically,
complying with Form N–CSR 100 F Street NE., Washington, DC
Form N–CSR is to be used for reports
requirements is approximately $56 20549; or send an email to: PRA_
under section 30(b)(2) of the Investment
million.6 Mailbox@sec.gov.
Company Act (15 U.S.C. 80a–29(b)(2)) Estimates of average burden hours
and section 13(a) or 15(d) of the Please direct your written comments
and costs are made solely for purposes to Pamela Dyson, Director/Chief
Exchange Act (15 U.S.C. 78m(a) and of the Paperwork Reduction Act, and are
78o(d)), filed pursuant to rule 30b2–1(a) Information Officer, Securities and
not derived from a comprehensive or Exchange Commission, C/O Remi
under the Investment Company Act (17 even representative survey or study of
CFR 270.30b2–1(a)). Reports on Form Pavlik-Simon, 100 F Street NE.,
the costs of Commission rules and Washington, DC 20549; or send an email
N–CSR are to be filed with the forms. Compliance with the information
Securities and Exchange Commission to: PRA_Mailbox@sec.gov.
collection requirements of Form N–CSR
(‘‘Commission’’) no later than 10 days is mandatory. Responses to the Dated: November 14, 2017.
after the transmission to stockholders of collection of information will not be Eduardo A. Aleman,
any report that is required to be kept confidential. An agency may not Assistant Secretary.
transmitted to stockholders under rule conduct or sponsor, and a person is not [FR Doc. 2017–24945 Filed 11–16–17; 8:45 am]
30e–1 under the Investment Company required to respond to a collection of BILLING CODE 8011–01–P
Act (17 CFR 270.30e–1). The information unless it displays a
information filed with the Commission currently valid OMB control number.
permits the verification of compliance Written comments are invited on: (a) SECURITIES AND EXCHANGE
with securities law requirements and Whether the collection of information is COMMISSION
assures the public availability and necessary for the proper performance of [Release No. 34–82063; File No. SR–ICEEU–
dissemination of the information. the functions of the Commission, 2017–011]
The current total annual burden hour including whether the information has
inventory for Form N–CSR is 172,899 practical utility; (b) the accuracy of the Self-Regulatory Organizations; ICE
hours.1 The hour burden estimates for Commission’s estimate of the burden of Clear Europe Limited; Notice of Filing
preparing and filing reports on Form N– the collection of information; (c) ways to of Proposed Rule Change, Security
CSR are based on the Commission’s Based Swap Submission, or Advance
experience with the contents of the 2 This estimate is based on the following Notice Relating to Amendments to the
form. The number of burden hours may calculation: 11,856 management investment ICE Clear Europe Collateral and
vary depending on, among other things, companies = (1,594 exchange-traded funds—eight Haircut Policy
the complexity of the filing and whether organized as unit investment trusts + 750 closed-
end funds + 481 money market funds + 9,039 other November 13, 2017.
preparation of the reports is performed mutual funds).
by internal staff or outside counsel. 3 This estimate is based on the following
Pursuant to Section 19(b)(1) of the
The Commission’s new estimate of calculation: 750 hours = (750 closed-end funds × 1 Securities Exchange Act of 1934
burden hours that will be imposed by hour per closed-end fund). (‘‘Act’’),1 and Rule 19b–4 thereunder,2
Form N–CSR is as follows:
4 This estimate is based on the following
notice is hereby given that on November
calculation: 174,085 hours = 750 hours + (11,856 2, 2017, ICE Clear Europe Limited (‘‘ICE
funds × 14.62 burden hours per fund per year).
HOUR BURDEN FOR REPORTS ON 5 The Commission’s estimate concerning the wage
Clear Europe’’) filed with the Securities
FORM N–CSR rate is based on salary information for the securities and Exchange Commission
industry compiled by the Securities Industry and (‘‘Commission’’) the proposed rule
Number of funds ......................... 2 11,856
Financial Markets Association. The estimated wage changes described in Items I, II, and III
figure is based on published rates for compliance below, which Items have been primarily
Number of filings per fund per attorneys and senior programmers, modified to
year ......................................... 2 account for an 1,800-hour work year and inflation; prepared by ICE Clear Europe. The
Hour burden per fund per filing .. 7.31 multiplied by 5.35 to account for bonuses, firm size, Commission is publishing this notice to
Hour burden per fund per year employee benefits, and overhead; and adjusted to solicit comments on the proposed rule
(7.31 hours per filing × 2 fil- account for the effects of inflation, yielding effective change from interested persons.
ings per year) .......................... 14.62 hourly rates of $340 and $308, respectively. See
Securities Industry and Financial Markets I. Clearing Agency’s Statement of the
sradovich on DSK3GMQ082PROD with NOTICES
Additional aggregate annual bur-
3 750
Association, Report on Management & Professional Terms of Substance of the Proposed
den for closed-end funds ........ Earnings in the Securities Industry 2013. We
estimate that compliance attorneys and senior Rule Change
programmers would divide their time equally, The principal purpose of the changes
1 This estimate is based on the following yielding an estimated hourly wage rate of $324.
calculations: 172,899 hours = (11,856 management ($340 per hour for compliance attorneys + $308 per is to modify the ICE Clear Europe
investment companies × 14.52 hour burden per hour for senior programmers) ÷ 2 = $324 per hour.
fund per year) + 750 additional hours for closed- 6 174,085 hours × $324 per hour = $56,403,540 1 15 U.S.C. 78s(b)(1).
end funds. per year. 2 17 CFR 240.19b–4.
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to determine concentration limits and to (C) Clearing Agency’s Statement on Commission and any person, other than
clarify certain other matters relating to Comments on the Proposed Rule those that may be withheld from the
calculation of haircuts and limits. The Change Received From Members, public in accordance with the
amendments also enhance the Participants or Others provisions of 5 U.S.C. 552, will be
governance process around the Written comments relating to the available for Web site viewing and
Collateral and Haircut Policy. In ICE proposed changes to the rules have not printing in the Commission’s Public
Clear Europe’s view, the amendments been solicited or received. ICE Clear Reference Room, 100 F Street NE.,
will help ICE Clear Europe more clearly Europe will notify the Commission of Washington, DC 20549, on official
determine the liquidity of relevant any written comments received by ICE business days between the hours of
bonds, which in turn will facilitate Clear Europe. 10:00 a.m. and 3:00 p.m. Copies of the
establishment of accurate concentration filing also will be available for
III. Date of Effectiveness of the inspection and copying at the principal
limits. As a result, ICE Clear Europe
Proposed Rule Change and Timing for office of ICE Clear Europe and on ICE
believes the amendments are consistent Commission Action Clear Europe’s Web site at https://www.
with the requirements of Section
Within 45 days of the date of theice.com/notices/Notices.shtml
17A(b)(3)(F) 6 of the Act. In addition, for ?regulatoryFilings.
the foregoing reasons, the amendments publication of this notice in the Federal
will facilitate setting and enforcing Register or within such longer period All comments received will be posted
up to 90 days (i) as the Commission may without change. Persons submitting
appropriately conservative haircuts and
designate if it finds such longer period comments are cautioned that we do not
concentration limits, and provide for a
to be appropriate and publishes its redact or edit personal identifying
review of the sufficiency of such
reasons for so finding or (ii) as to which information from comment submissions.
haircuts and limits not less than You should submit only information
the self-regulatory organization
annually, within the meaning of Rule that you wish to make available
consents, the Commission will:
17Ad–22(e)(5).7 (A) By order approve or disapprove publicly. All submissions should refer
(B) Clearing Agency’s Statement on the proposed rule change or to File Number SR–ICEEU–2017–011
Burden on Competition (B) institute proceedings to determine and should be submitted on or before
whether the proposed rule change December 8, 2017.
ICE Clear Europe does not believe the should be disapproved. For the Commission, by the Division of
proposed changes to the rules would Trading and Markets, pursuant to delegated
IV. Solicitation of Comments
have any impact, or impose any burden, authority.8
on competition not necessary or Interested persons are invited to Eduardo A. Aleman,
appropriate in furtherance of the submit written data, views, and Assistant Secretary.
purpose of the Act. ICE Clear Europe is arguments concerning the foregoing, [FR Doc. 2017–24935 Filed 11–16–17; 8:45 am]
adopting the amendments to the including whether the proposed rule
BILLING CODE 8011–01–P
Collateral and Haircut Policy in order to change is consistent with the Act.
enhance the calculations of Comments may be submitted by any of
concentration limits and haircuts and the following methods: SECURITIES AND EXCHANGE
make certain other governance and Electronic Comments COMMISSION
related enhancements to the Collateral • Use the Commission’s Internet
and Haircut Policy. The amendments comment form (http://www.sec.gov/ [Release No. 34–82058; File No. SR–IEX–
will apply to all Clearing Members and rules/sro.shtml) or 2017–39]
products. ICE Clear Europe does not • Send an email to rule-comments@
believe the amendments would Self-Regulatory Organizations:
sec.gov. Please include File Number SR– Investors Exchange LLC; Notice of
materially affect the cost of clearing, ICEEU–2017–011 on the subject line.
adversely affect access to clearing in Filing and Immediate Effectiveness of
Paper Comments Proposed Rule Change To Adopt Rules
these products for Clearing Members or
Pertaining to Certain Listing
their customers, or otherwise adversely • Send paper comments in triplicate
Regulatory Reporting and Operational
affect competition in clearing services. to Secretary, Securities and Exchange
Requirements
Although the amendments may change Commission, 100 F Street NE.,
the haircuts or concentration limits for Washington, DC 20549–1090. November 13, 2017.
particular bonds, which may affect the All submissions should refer to File Pursuant to Section 19(b)(1) 1 of the
costs and benefits of using those bonds Number SR–ICEEU–2017–011. This file Securities Exchange Act of 1934 (the
as collateral, ICE Clear Europe believe number should be included on the ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
that such changes are appropriate in subject line if email is used. To help the notice is hereby given that on October
light of the risk management Commission process and review your 31, 2017, the Investors Exchange LLC
enhancements provided by the revised comments more efficiently, please use (‘‘IEX’’ or the ‘‘Exchange’’) filed with the
policy. As a result, ICE Clear Europe only one method. The Commission will Securities and Exchange Commission
believes that any impact or burden on post all comments on the Commission’s (the ‘‘Commission’’) the proposed rule
competition from such amendments Internet Web site (http://www.sec.gov/ change as described in Items I and II
rules/sro.shtml). Copies of the
sradovich on DSK3GMQ082PROD with NOTICES
would be appropriate in furtherance of below, which Items have been prepared
the purpose of the Act. submission, all subsequent by the self-regulatory organization. The
amendments, all written statements Commission is publishing this notice to
with respect to the proposed rule
change that are filed with the 8 17 CFR 200.30–3(a)(12).
Commission, and all written 1 15 U.S.C. 78s(b)(1).
6 15 U.S.C. 78q–1(b)(3)(F). communications relating to the 2 15 U.S.C. 78a.
7 17 CFR 240.17Ad–22(e)(5). proposed rule change between the 3 17 CFR 240.19b–4.
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Document Created: 2017-11-17 05:14:33
Document Modified: 2017-11-17 05:14:33
| 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 54423 |
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