83 FR 26731 - Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Amendments to the ICE Clear Europe Delivery Procedures
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 111 (June 8, 2018)
Federal Register Volume 83, Issue 111 (June 8, 2018)
| Page Range | 26731-26732 | |
| FR Document | 2018-12323 |
[Federal Register Volume 83, Number 111 (Friday, June 8, 2018)] [Notices] [Pages 26731-26732] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-12323] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83372; File No. SR-ICEEU-2018-008] Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Amendments to the ICE Clear Europe Delivery Procedures June 4, 2018. 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 May 29, 2018, ICE Clear Europe Limited (``ICE Clear Europe'' or the ``Clearing House'') 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 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, Security-Based Swap Submission, or Advance Notice The principal purpose of the proposed amendments is for ICE Clear Europe to amend its Delivery Procedures (the ``Delivery Procedures'') \3\ with respect to the delivery terms relating to the ICE Futures Europe (``IFEU'') Robusta Coffee Futures Contract. --------------------------------------------------------------------------- \3\ Capitalized terms used but not defined herein have the meanings specified in the ICE Clear Europe Delivery Procedures. --------------------------------------------------------------------------- II. Clearing Agency's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change, Security-Based Swap Submission or Advance Notice 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, Security-Based Swap Submission or Advance Notice (a) Purpose ICE Clear Europe is amending its Delivery Procedures to make certain modifications and clarifications to the delivery terms relating to the IFEU Robusta Coffee Futures Contract. The amendments also remove outdated references, correct typographical errors, insert references to current ICE systems and align naming conventions used throughout the Delivery Procedures. The changes are intended to be consistent with changes made to the IFEU contract specifications for the Robusta Coffee Futures Contract. In particular, the amendments to the Delivery Procedures will shorten the delivery period from the delivery notice to the final settlement day from 14 calendar days to 4 calendar days to reflect suggestions from market participants that the current period was unnecessarily long. A shorter period also more closely aligns with other similar futures contracts, including the ICE Futures US Coffee Futures Contract. As a result of this change, the amendments also remove the existing ``Early Take Up'' concept as this is no longer necessary given the shorter settlement period. The changes also remove the Delivery Documentation Summary section, because this simply repeats what is set out in the Delivery Procedures above and is therefore, unnecessary. (b) Statutory Basis Section 17A(b)(3)(F) of the Act \4\ requires, among other things, that the rules of a clearing agency be designed to promote the prompt and accurate clearance and settlement of securities transactions and, to the extent applicable, derivative agreements, contracts, and transactions, the safeguarding of securities and funds in the custody or control of the clearing agency or for which it is responsible, and the protection of investors and the public interest. The proposed amendments shorten the delivery period for the Robusta Coffee Futures Contracts, and make certain related [[Page 26732]] improvements to the delivery process, consistent with market feedback, recent changes to relevant IFEU rules and other similar futures contracts, such as the ICE Futures US Coffee Futures Contract. The changes thus facilitate prompt and accurate clearance and settlement of the Robusta Coffee Futures Contracts. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78q-1(b)(3)(F). --------------------------------------------------------------------------- In addition, Rule 17Ad-22(e)(10) \5\ requires that each covered clearing agency establish, implement, maintain and enforce written policies and procedures reasonably designed to establish and maintain written standards that state its obligations with respect to the delivery of physical instruments. As discussed above, ICE Clear Europe is updating its Delivery Procedures to reflect the shortened delivery period, to remove the ``Early Take Up'' concept which is no longer necessary in light of that shorter period, and to make certain other clarifications and updates, consistent with the delivery terms set out in the IFEU contract specifications. --------------------------------------------------------------------------- \5\ 17 CFR 240.17Ad-22(e)(10). --------------------------------------------------------------------------- (B) Clearing Agency's Statement on Burden on Competition ICE Clear Europe does not believe the proposed rule changes would have any impact, or impose any burden, on competition not necessary or appropriate in furtherance of the purposes of the Act. The changes are being proposed in order to update the Delivery Procedures for the IFEU Robusta Coffee Futures Contract specifications, as discussed above. ICE Clear Europe does not believe the amendments would adversely affect Clearing Members, materially affect the cost of clearing, adversely affect access to clearing in Robusta Coffee Futures Contract for Clearing Members or their customers, or otherwise adversely affect competition in clearing services. Accordingly, ICE Clear Europe does not believe that the amendments would impose any impact or burden on competition that is not 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 amendments have not been solicited or received by ICE Clear Europe. ICE Clear Europe will notify the Commission of any comments received with respect to the proposed amendments. III. Date of Effectiveness of the Proposed Rule Change, Security-Based Swap Submission and Advance Notice and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \6\ and paragraph (f) of Rule 19b-4 \7\ thereunder. At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78s(b)(3)(A). \7\ 17 CFR 240.19b-4(f). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change, security-based swap submission or advance notice 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 rule-comments@sec.gov. Please include File Number SR-ICEEU-2018-008 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-2018-008. 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 website (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change, security-based swap submission or advance notice that are filed with the Commission, and all written communications relating to the proposed rule change, security-based swap submission or advance notice 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 website 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 website at https://www.theice.com/publicdocs/regulatory_filings/19b-4_2018_008_ICEU.pdf. 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-2018-008 and should be submitted on or before June 29, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\8\ --------------------------------------------------------------------------- \8\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-12323 Filed 6-7-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 111 / Friday, June 8, 2018 / Notices 26731
action is: (i) Necessary or appropriate in Number SR–GEMX–2018–17 and proposed rule change. The text of these
the public interest; (ii) for the protection should be submitted on or before June statements may be examined at the
of investors; or (iii) otherwise in 29, 2018. places specified in Item IV below. ICE
furtherance of the purposes of the Act. For the Commission, by the Division of Clear Europe has prepared summaries,
If the Commission takes such action, the Trading and Markets, pursuant to delegated set forth in sections (A), (B), and (C)
Commission shall institute proceedings authority.20 below, of the most significant aspects of
to determine whether the proposed rule Eduardo A. Aleman, such statements.
should be approved or disapproved. Assistant Secretary. (A) Clearing Agency’s Statement of the
IV. Solicitation of Comments [FR Doc. 2018–12317 Filed 6–7–18; 8:45 am] Purpose of, and Statutory Basis for, the
Interested persons are invited to BILLING CODE 8011–01–P Proposed Rule Change, Security-Based
submit written data, views, and Swap Submission or Advance Notice
arguments concerning the foregoing, (a) Purpose
including whether the proposed rule SECURITIES AND EXCHANGE
change is consistent with the Act. COMMISSION ICE Clear Europe is amending its
Comments may be submitted by any of [Release No. 34–83372; File No. SR–ICEEU– Delivery Procedures to make certain
the following methods: 2018–008] modifications and clarifications to the
delivery terms relating to the IFEU
Electronic Comments Self-Regulatory Organizations; ICE Robusta Coffee Futures Contract. The
• Use the Commission’s internet Clear Europe Limited; Notice of Filing amendments also remove outdated
comment form (http://www.sec.gov/ and Immediate Effectiveness of a references, correct typographical errors,
rules/sro.shtml); or Proposed Rule Change Relating to insert references to current ICE systems
• Send an email to rule-comments@ Amendments to the ICE Clear Europe and align naming conventions used
sec.gov. Please include File Number SR– Delivery Procedures throughout the Delivery Procedures.
GEMX–2018–17 on the subject line. The changes are intended to be
June 4, 2018. consistent with changes made to the
Paper Comments Pursuant to Section 19(b)(1) of the IFEU contract specifications for the
• Send paper comments in triplicate Securities Exchange Act of 1934 Robusta Coffee Futures Contract. In
to Secretary, Securities and Exchange (‘‘Act’’),1 and Rule 19b–4 thereunder,2 particular, the amendments to the
Commission, 100 F Street NE, notice is hereby given that on May 29, Delivery Procedures will shorten the
Washington, DC 20549–1090. 2018, ICE Clear Europe Limited (‘‘ICE delivery period from the delivery notice
All submissions should refer to File Clear Europe’’ or the ‘‘Clearing House’’) to the final settlement day from 14
Number SR–GEMX–2018–17. This file filed with the Securities and Exchange calendar days to 4 calendar days to
number should be included on the Commission (‘‘Commission’’) the reflect suggestions from market
subject line if email is used. To help the proposed rule change described in Items participants that the current period was
Commission process and review your I, II and III below, which Items have unnecessarily long. A shorter period
comments more efficiently, please use been prepared by ICE Clear Europe. The also more closely aligns with other
only one method. The Commission will Commission is publishing this notice to similar futures contracts, including the
post all comments on the Commission’s solicit comments on the proposed rule ICE Futures US Coffee Futures Contract.
internet website (http://www.sec.gov/ change from interested persons. As a result of this change, the
rules/sro.shtml). Copies of the amendments also remove the existing
I. Clearing Agency’s Statement of the
submission, all subsequent ‘‘Early Take Up’’ concept as this is no
Terms of Substance of the Proposed
amendments, all written statements longer necessary given the shorter
Rule Change, Security-Based Swap
with respect to the proposed rule settlement period.
Submission, or Advance Notice
change that are filed with the The changes also remove the Delivery
Commission, and all written The principal purpose of the Documentation Summary section,
communications relating to the proposed amendments is for ICE Clear because this simply repeats what is set
proposed rule change between the Europe to amend its Delivery out in the Delivery Procedures above
Commission and any person, other than Procedures (the ‘‘Delivery and is therefore, unnecessary.
those that may be withheld from the Procedures’’) 3 with respect to the
public in accordance with the delivery terms relating to the ICE (b) Statutory Basis
provisions of 5 U.S.C. 552, will be Futures Europe (‘‘IFEU’’) Robusta Coffee Section 17A(b)(3)(F) of the Act 4
available for website viewing and Futures Contract. requires, among other things, that the
printing in the Commission’s Public II. Clearing Agency’s Statement of the rules of a clearing agency be designed to
Reference Room, 100 F Street NE, Purpose of, and Statutory Basis for, the promote the prompt and accurate
Washington, DC 20549, on official Proposed Rule Change, Security-Based clearance and settlement of securities
business days between the hours of Swap Submission or Advance Notice transactions and, to the extent
10:00 a.m. and 3:00 p.m. Copies of the applicable, derivative agreements,
filing also will be available for In its filing with the Commission, ICE contracts, and transactions, the
inspection and copying at the principal Clear Europe included statements safeguarding of securities and funds in
office of the Exchange. All comments concerning the purpose of and basis for the custody or control of the clearing
received will be posted without change. the proposed rule change and discussed agency or for which it is responsible,
amozie on DSK3GDR082PROD with NOTICES1
Persons submitting comments are any comments it received on the and the protection of investors and the
cautioned that we do not redact or edit public interest. The proposed
20 17 CFR 200.30–3(a)(12).
personal identifying information from 1 15
amendments shorten the delivery period
U.S.C. 78s(b)(1).
comment submissions. You should 2 17 CFR 240.19b–4. for the Robusta Coffee Futures
submit only information that you wish 3 Capitalized terms used but not defined herein Contracts, and make certain related
to make available publicly. All have the meanings specified in the ICE Clear
submissions should refer to File Europe Delivery Procedures. 4 15 U.S.C. 78q–1(b)(3)(F).
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![26732 Federal Register / Vol. 83, No. 111 / Friday, June 8, 2018 / Notices
improvements to the delivery process, III. Date of Effectiveness of the Washington, DC 20549, on official
consistent with market feedback, recent Proposed Rule Change, Security-Based business days between the hours of
changes to relevant IFEU rules and other Swap Submission and Advance Notice 10:00 a.m. and 3:00 p.m. Copies of the
similar futures contracts, such as the and Timing for Commission Action filing also will be available for
ICE Futures US Coffee Futures Contract. The foregoing rule change has become inspection and copying at the principal
The changes thus facilitate prompt and effective pursuant to Section 19(b)(3)(A) office of ICE Clear Europe and on ICE
accurate clearance and settlement of the of the Act 6 and paragraph (f) of Rule Clear Europe’s website at https://
Robusta Coffee Futures Contracts. 19b–4 7 thereunder. At any time within www.theice.com/publicdocs/regulatory_
60 days of the filing of the proposed rule filings/19b-4_2018_008_ICEU.pdf. All
In addition, Rule 17Ad–22(e)(10) 5
change, the Commission summarily may comments received will be posted
requires that each covered clearing
temporarily suspend such rule change if without change. Persons submitting
agency establish, implement, maintain comments are cautioned that we do not
and enforce written policies and it appears to the Commission that such
action is necessary or appropriate in the redact or edit personal identifying
procedures reasonably designed to information from comment submissions.
establish and maintain written public interest, for the protection of
investors, or otherwise in furtherance of You should submit only information
standards that state its obligations with that you wish to make available
the purposes of the Act.
respect to the delivery of physical publicly. All submissions should refer
instruments. As discussed above, ICE IV. Solicitation of Comments to File Number SR–ICEEU–2018–008
Clear Europe is updating its Delivery Interested persons are invited to and should be submitted on or before
Procedures to reflect the shortened submit written data, views, and June 29, 2018.
delivery period, to remove the ‘‘Early arguments concerning the foregoing, For the Commission, by the Division of
Take Up’’ concept which is no longer including whether the proposed rule Trading and Markets, pursuant to delegated
necessary in light of that shorter period, change, security-based swap submission authority.8
and to make certain other clarifications or advance notice is consistent with the Eduardo A. Aleman,
and updates, consistent with the Act. Comments may be submitted by Assistant Secretary.
delivery terms set out in the IFEU any of the following methods:
[FR Doc. 2018–12323 Filed 6–7–18; 8:45 am]
contract specifications.
Electronic Comments BILLING CODE 8011–01–P
(B) Clearing Agency’s Statement on • Use the Commission’s internet
Burden on Competition comment form (http://www.sec.gov/
rules/sro.shtml) or SOCIAL SECURITY ADMINISTRATION
ICE Clear Europe does not believe the • Send an email to rule-comments@
proposed rule changes would have any [Docket No. SSA–2018–0025]
sec.gov. Please include File Number SR–
impact, or impose any burden, on ICEEU–2018–008 on the subject line.
competition not necessary or Agency Information Collection
appropriate in furtherance of the Paper Comments Activities: Proposed Request and
Comment Request
purposes of the Act. The changes are • Send paper comments in triplicate
being proposed in order to update the to Secretary, Securities and Exchange The Social Security Administration
Delivery Procedures for the IFEU Commission, 100 F Street NE, (SSA) publishes a list of information
Robusta Coffee Futures Contract Washington, DC 20549–1090. collection packages requiring clearance
specifications, as discussed above. ICE All submissions should refer to File by the Office of Management and
Clear Europe does not believe the Number SR–ICEEU–2018–008. This file Budget (OMB) in compliance with
amendments would adversely affect number should be included on the Public Law 104–13, the Paperwork
Clearing Members, materially affect the subject line if email is used. To help the Reduction Act of 1995, effective October
cost of clearing, adversely affect access Commission process and review your 1, 1995. This notice includes revisions,
to clearing in Robusta Coffee Futures comments more efficiently, please use and extensions, of OMB-approved
Contract for Clearing Members or their only one method. The Commission will information collections.
customers, or otherwise adversely affect post all comments on the Commission’s SSA is soliciting comments on the
competition in clearing services. internet website (http://www.sec.gov/ accuracy of the agency’s burden
Accordingly, ICE Clear Europe does not rules/sro.shtml). Copies of the estimate; the need for the information;
believe that the amendments would submission, all subsequent its practical utility; ways to enhance its
impose any impact or burden on amendments, all written statements quality, utility, and clarity; and ways to
competition that is not appropriate in with respect to the proposed rule minimize burden on respondents,
furtherance of the purpose of the Act. change, security-based swap submission including the use of automated
or advance notice that are filed with the collection techniques or other forms of
(C) Clearing Agency’s Statement on Commission, and all written information technology. Mail, email, or
Comments on the Proposed Rule communications relating to the fax your comments and
Change Received From Members, proposed rule change, security-based recommendations on the information
Participants or Others swap submission or advance notice collection(s) to the OMB Desk Officer
between the Commission and any and SSA Reports Clearance Officer at
Written comments relating to the person, other than those that may be the following addresses or fax numbers.
proposed amendments have not been withheld from the public in accordance
amozie on DSK3GDR082PROD with NOTICES1
solicited or received by ICE Clear (OMB)
with the provisions of 5 U.S.C. 552, will
Europe. ICE Clear Europe will notify the be available for website viewing and Office of Management and Budget, Attn:
Commission of any comments received printing in the Commission’s Public Desk Officer for SSA, Fax: 202–395–
with respect to the proposed Reference Room, 100 F Street NE, 6974, Email address: OIRA_
amendments. Submission@omb.eop.gov
6 15 U.S.C. 78s(b)(3)(A).
5 17 CFR 240.17Ad–22(e)(10). 7 17 CFR 240.19b–4(f). 8 17 CFR 200.30–3(a)(12).
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Document Created: 2018-06-08 01:22:15
Document Modified: 2018-06-08 01:22:15
| 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 | 83 FR 26731 |
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