83 FR 28884 - Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Physical Port Fees for EDGX
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 120 (June 21, 2018)
Federal Register Volume 83, Issue 120 (June 21, 2018)
| Page Range | 28884-28886 | |
| FR Document | 2018-13299 |
[Federal Register Volume 83, Number 120 (Thursday, June 21, 2018)] [Notices] [Pages 28884-28886] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-13299] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83450; File No. SR-CboeEDGX-2018-016] Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Physical Port Fees for EDGX June 15, 2018. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on June 1, 2018, Cboe EDGX Exchange, Inc. (the ``Exchange'' or ``EDGX'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I, II and III below, which Items have been prepared by the Exchange. The Exchange has designated the proposed rule change as one establishing or changing a member due, fee, or other charge imposed by the Exchange under Section 19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2) thereunder,\4\ which renders the proposed rule change effective upon filing with the Commission. 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. \3\ 15 U.S.C. 78s(b)(3)(A)(ii). \4\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange filed a proposal to amend its fees and rebates applicable to Members \5\ and non-Members of the Exchange pursuant to EDGX Rule 15.1(a) and (c) to modify its fees for physical ports. --------------------------------------------------------------------------- \5\ The term ``Member'' is defined as ``any registered broker or dealer that has been admitted to membership in the Exchange.'' See Exchange Rule 1.5(n). --------------------------------------------------------------------------- The text of the proposed rule change is available at the Exchange's website at www.markets.cboe.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange 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. The Exchange has prepared summaries, set forth in Sections A, B, and C below, of the most significant parts of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to implement proposed changes to its fee schedule relating to physical connectivity fees, effective June 1, 2018. By way of background, a physical port is utilized by a Member or non-Member to connect to the Exchange at the data centers where the Exchange's servers are located. The Exchange currently maintains a presence in two third-party data centers: (i) The primary data center where the Exchange's business is primarily conducted on a daily basis, and (ii) a secondary data center, which is predominantly maintained for business continuity purposes. The Exchange currently assesses the following physical connectivity fees for Members and non-Members on a monthly basis: $2,000 per physical port for a 1 gigabyte circuit and $7,000 per physical port for a 10 gigabyte circuit. The Exchange proposes to increase the fees per physical ports from (i) $2,000 to $2,500 per month, per port for a 1 gigabyte circuit and (ii) $7,000 to $7,500 per month, per port for a 10 gigabyte circuit. The Exchange notes the proposed fees enable it to continue to maintain and improve its market technology and services and also notes that the proposed fee changes are in line with the amounts assessed by other exchanges for similar connections.\6\ --------------------------------------------------------------------------- \6\ See e.g., NYSE Arca Equities Fees and Charges, NYSE Arca Marketplace: Other Fees and Charges, Connectivity Fees. See also, Nasdaq Phlx LLC Pricing Schedule, Section XI, Direct Connectivity to Phlx. --------------------------------------------------------------------------- The Exchange also proposes to adopt separate physical port fees for connection to its secondary data center, which is predominantly maintained for business continuity purposes (``Disaster Recovery Systems''). Particularly, the Disaster Recovery Systems can be accessed via physical ports in Chicago. Members and Non-Members may maintain physical ports in order to be able to connect to the Disaster Recovery Systems in case of a disaster. Currently, physical ports that are used to connect to the Disaster Recovery Systems are assessed the same fees as physical ports used to connect to the Exchange's trading system. The Exchange proposes to establish separate pricing for physical ports that are used to connect to the Disaster Recovery Systems (``Disaster Recovery Physical Ports''). Specifically, the Exchange proposes to assess a monthly fee of $2,000 per 1 gigabyte Disaster Recovery Physical Port and a monthly fee of $6,000 per 10 gigabyte Disaster Recovery Physical Port. This amount will continue to enable the Exchange to maintain the Disaster Recovery Physical Ports in case they become necessary. The Exchange notes that the Disaster Recovery Physical Ports may also be used to access the Disaster Recovery Systems for the following affiliate exchanges Cboe BZX Exchange, Inc., Cboe BYX Exchange, Inc., Cboe EDGA Exchange, Inc., Cboe C2 Exchange, Inc., Cboe Exchange, Inc. and Cboe Futures Exchange, LLC as well. The Exchange proposes to provide that market participants will only be assessed a single fee for any Disaster Recovery Physical Port that also accesses the Disaster Recover Systems for these exchanges.\7\ --------------------------------------------------------------------------- \7\ For example, if a market participant uses a 1 gigabyte Disaster Recovery Physical Port to connect to the Disaster Recovery Systems for both BYX and EDGX, the market participant would only be assessed one monthly fee of $2,000. --------------------------------------------------------------------------- [[Page 28885]] 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the objectives of Section 6 of the Act,\8\ in general, and furthers the objectives of Section 6(b)(4),\9\ in particular, as it is designed to provide for the equitable allocation of reasonable dues, fees and other charges among its Members and other persons using its facilities. The Exchange also notes that it operates in a highly- competitive market in which market participants can readily direct order flow to competing venues if they deem fee levels at a particular venue to be excessive. The proposed rule change reflects a competitive pricing structure designed to incent market participants to direct their order flow to the Exchange. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f. \9\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- The Exchange believes that the proposed changes are equitable and non-discriminatory in that it applies uniformly to all Members. Members and non-Members will continue to choose whether they want more than one physical port and/or Disaster Recovery Physical Port and choose the method of connectivity based on their specific needs. All Members that voluntarily select various service options will be charged the same amount for the same services. The Exchange believes that the proposal represents an equitable allocation of reasonable dues, fees, and other charges as its fees for physical connectivity are reasonably constrained by competitive alternatives. If a particular exchange charges excessive fees for connectivity, affected Members and non-Members may opt to terminate their connectivity arrangements with that exchange, and adopt a possible range of alternative strategies, including routing to the applicable exchange through another participant or market center or taking that exchange's data indirectly. Accordingly, if the Exchange charges excessive fees, it would stand to lose not only connectivity revenues but also revenues associated with the execution of orders routed to it, and, to the extent applicable, market data revenues. The Exchange believes that this competitive dynamic imposes powerful restraints on the ability of any exchange to charge unreasonable fees for connectivity. Furthermore, the proposed rule change is also an equitable allocation of reasonable dues, fees, and other charges as the Exchange believes that the proposed increased physical port fees will enable it to cover its infrastructure costs associated with establishing physical ports to connect to the Exchange's systems. The additional revenue from the increased fees will also enable the Exchange to continue to maintain and improve its market technology and services. Similarly, the Exchange believes the proposed fees for the Disaster Recovery Physical Ports will allow the Exchange to maintain the Disaster Recovery Physical Ports in case they become necessary. Lastly, the Exchange believes the fees remain competitive with those charged by other venues and therefore continue to be reasonable and equitably allocated to Members.\10\ --------------------------------------------------------------------------- \10\ See e.g., NYSE Arca Equities Fees and Charges, NYSE Arca Marketplace: Other Fees and Charges, Connectivity Fees. See also, Nasdaq Phlx LLC Pricing Schedule, Section XI, Direct Connectivity to Phlx. --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. As discussed above, the Exchange believes that fees for connectivity are constrained by the robust competition for order flow among exchanges and non-exchange markets. The Exchange does not believe that the proposed changes represent a significant departure from previous pricing offered by the Exchange or pricing offered by the Exchange's competitors. Additionally, Members may opt to disfavor the Exchange's pricing if they believe that alternatives offer them better value. Further, excessive fees for connectivity would serve to impair an exchange's ability to compete for order flow rather than burdening competition. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any unsolicited written comments from Members or other interested parties. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \11\ and paragraph (f) of Rule 19b-4 thereunder.\12\ 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. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(3)(A). \12\ 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 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-CboeEDGX-2018-016 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-CboeEDGX-2018-016. 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 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 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 this filing will also be available for inspection and copying at the principal office of the Exchange. 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-CboeEDGX-2018-016 and [[Page 28886]] should be submitted on or before July 12, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\13\ --------------------------------------------------------------------------- \13\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-13299 Filed 6-20-18; 8:45 am] BILLING CODE 8011-01-P
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Commission, and all written thereunder,4 which renders the monthly basis: $2,000 per physical port
communications relating to the proposed rule change effective upon for a 1 gigabyte circuit and $7,000 per
proposed rule change between the filing with the Commission. The physical port for a 10 gigabyte circuit.
Commission and any person, other than Commission is publishing this notice to The Exchange proposes to increase the
those that may be withheld from the solicit comments on the proposed rule fees per physical ports from (i) $2,000
public in accordance with the change from interested persons. to $2,500 per month, per port for a 1
provisions of 5 U.S.C. 552, will be gigabyte circuit and (ii) $7,000 to $7,500
available for website viewing and I. Self-Regulatory Organization’s
per month, per port for a 10 gigabyte
printing in the Commission’s Public Statement of the Terms of Substance of
circuit. The Exchange notes the
Reference Room, 100 F Street NE, the Proposed Rule Change
proposed fees enable it to continue to
Washington, DC 20549 on official The Exchange filed a proposal to maintain and improve its market
business days between the hours of amend its fees and rebates applicable to technology and services and also notes
10:00 a.m. and 3:00 p.m. Copies of the Members 5 and non-Members of the that the proposed fee changes are in line
filing also will be available for Exchange pursuant to EDGX Rule with the amounts assessed by other
inspection and copying at the principal 15.1(a) and (c) to modify its fees for exchanges for similar connections.6
offices of the Exchange. All comments physical ports. The Exchange also proposes to adopt
received will be posted without change. The text of the proposed rule change separate physical port fees for
Persons submitting comments are is available at the Exchange’s website at connection to its secondary data center,
cautioned that we do not redact or edit www.markets.cboe.com, at the principal which is predominantly maintained for
personal identifying information from office of the Exchange, and at the business continuity purposes (‘‘Disaster
comment submissions. You should Commission’s Public Reference Room. Recovery Systems’’). Particularly, the
submit only information that you wish Disaster Recovery Systems can be
II. Self-Regulatory Organization’s
to make available publicly. All accessed via physical ports in Chicago.
Statement of the Purpose of, and
submissions should refer to File Members and Non-Members may
Statutory Basis for, the Proposed Rule
Number SR–NYSE–2018–28, and maintain physical ports in order to be
Change
should be submitted on or before July able to connect to the Disaster Recovery
12, 2018. In its filing with the Commission, the Systems in case of a disaster. Currently,
For the Commission, by the Division of
Exchange included statements physical ports that are used to connect
Trading and Markets, pursuant to delegated concerning the purpose of and basis for to the Disaster Recovery Systems are
authority.56 the proposed rule change and discussed assessed the same fees as physical ports
Eduardo A. Aleman, any comments it received on the used to connect to the Exchange’s
Assistant Secretary. proposed rule change. The text of these trading system. The Exchange proposes
[FR Doc. 2018–13303 Filed 6–20–18; 8:45 am]
statements may be examined at the to establish separate pricing for physical
places specified in Item IV below. The ports that are used to connect to the
BILLING CODE 8011–01–P
Exchange has prepared summaries, set Disaster Recovery Systems (‘‘Disaster
forth in Sections A, B, and C below, of Recovery Physical Ports’’). Specifically,
SECURITIES AND EXCHANGE the most significant parts of such the Exchange proposes to assess a
COMMISSION statements. monthly fee of $2,000 per 1 gigabyte
[Release No. 34–83450; File No. SR– A. Self-Regulatory Organization’s Disaster Recovery Physical Port and a
CboeEDGX–2018–016] Statement of the Purpose of, and the monthly fee of $6,000 per 10 gigabyte
Statutory Basis for, the Proposed Rule Disaster Recovery Physical Port. This
Self-Regulatory Organizations; Cboe Change amount will continue to enable the
EDGX Exchange, Inc.; Notice of Filing Exchange to maintain the Disaster
and Immediate Effectiveness of a 1. Purpose Recovery Physical Ports in case they
Proposed Rule Change Related to The Exchange proposes to implement become necessary. The Exchange notes
Physical Port Fees for EDGX proposed changes to its fee schedule that the Disaster Recovery Physical
relating to physical connectivity fees, Ports may also be used to access the
June 15, 2018. effective June 1, 2018. By way of Disaster Recovery Systems for the
Pursuant to Section 19(b)(1) of the background, a physical port is utilized following affiliate exchanges Cboe BZX
Securities Exchange Act of 1934 (the by a Member or non-Member to connect Exchange, Inc., Cboe BYX Exchange,
‘‘Act’’),1 and Rule 19b–4 thereunder,2 to the Exchange at the data centers Inc., Cboe EDGA Exchange, Inc., Cboe
notice is hereby given that on June 1, where the Exchange’s servers are C2 Exchange, Inc., Cboe Exchange, Inc.
2018, Cboe EDGX Exchange, Inc. (the located. The Exchange currently and Cboe Futures Exchange, LLC as
‘‘Exchange’’ or ‘‘EDGX’’) filed with the maintains a presence in two third-party well. The Exchange proposes to provide
Securities and Exchange Commission data centers: (i) The primary data center that market participants will only be
(‘‘Commission’’) the proposed rule where the Exchange’s business is assessed a single fee for any Disaster
change as described in Items I, II and III primarily conducted on a daily basis, Recovery Physical Port that also
below, which Items have been prepared and (ii) a secondary data center, which accesses the Disaster Recover Systems
by the Exchange. The Exchange has is predominantly maintained for for these exchanges.7
designated the proposed rule change as business continuity purposes. The
one establishing or changing a member Exchange currently assesses the 6 See e.g., NYSE Arca Equities Fees and Charges,
due, fee, or other charge imposed by the
amozie on DSK3GDR082PROD with NOTICES1
following physical connectivity fees for NYSE Arca Marketplace: Other Fees and Charges,
Exchange under Section 19(b)(3)(A)(ii) Members and non-Members on a
Connectivity Fees. See also, Nasdaq Phlx LLC
of the Act 3 and Rule 19b–4(f)(2) Pricing Schedule, Section XI, Direct Connectivity to
Phlx.
4 17 CFR 240.19b–4(f)(2). 7 For example, if a market participant uses a 1
56 17 CFR 200.30–3(a)(12). 5 The term ‘‘Member’’ is defined as ‘‘any gigabyte Disaster Recovery Physical Port to connect
1 15 U.S.C. 78s(b)(1). registered broker or dealer that has been admitted to the Disaster Recovery Systems for both BYX and
2 17 CFR 240.19b–4.
to membership in the Exchange.’’ See Exchange EDGX, the market participant would only be
3 15 U.S.C. 78s(b)(3)(A)(ii). Rule 1.5(n). assessed one monthly fee of $2,000.
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should be submitted on or before July approve or disapprove the proposed changes in the market value on the
12, 2018. rule changes.9 To date, the Commission investments, a loss resulting from an
For the Commission, by the Division of has not received any comments on the event which impacts the critical
Trading and Markets, pursuant to delegated proposed rule changes. For the reasons services provided by LCH SA (e.g.,
authority.13 discussed below, the Commission is failure in the provision of service by a
Eduardo A. Aleman, approving the proposed rule changes. third party), loss of critical contracts
Assistant Secretary. II. Description of the Proposed Rule with exchanges, or the operational or
[FR Doc. 2018–13299 Filed 6–20–18; 8:45 am] Changes 10 financial failure of a financial market
infrastructure such as an allied clearing
BILLING CODE 8011–01–P As a ‘‘covered clearing agency,’’ 11 house or trade repository.14
LCH SA is required to, among other The default management process is
things, ‘‘establish, implement, maintain used to re-establish a matched book and
SECURITIES AND EXCHANGE and enforce written policies and
COMMISSION return to business as usual and therefore
procedures reasonably designed to . . . LCH SA considers it to be a recovery
[Release No. 34–83451; File Nos. SR–LCH maintain a sound risk management tool.15 When pre-funded resources, such
SA–2017–012 and SR–LCH SA–2017–013] framework for comprehensively as defaulter’s margin, defaulter’s default
managing legal, credit, liquidity, fund contributions, LCH SA’s capital,
Self-Regulatory Organizations; LCH operational, general business, and non-defaulters’ default fund
SA; Order Approving Proposed Rule investment, custody, and other risks contributions, are no longer available to
Changes Related to LCH SA’s that arise in or are borne by the covered meet obligations due to member and
Recovery and Wind Down Plans clearing agency, which . . . includes non-member losses, the RP lists various
plans for the recovery and orderly wind- measures and tools that LCH SA can use
June 15, 2018.
down of the covered clearing agency to return to business as usual.16 The RP
I. Introduction necessitated by credit losses, liquidity is organized to discuss each tool
shortfalls, losses from general business according to the nature of the loss the
On November 30, 2017, Banque
risk, or any other losses.’’ 12 The tool is designed to address (e.g., clearing
Centrale de Compensation, which
Commission has previously clarified member default losses, liquidity
conducts business under the name LCH
that it believes that such recovery and shortfalls, operational, business, and
SA (‘‘LCH SA’’), filed with the
wind-down plans are ‘‘rules’’ within the investment risks). The RP also discusses
Securities and Exchange Commission
meaning of Exchange Act Section 19(b)
(‘‘Commission’’), pursuant to Section the sequence in which these tools
and Rule 19b–4 because such plans
19(b)(1) of the Securities Exchange Act would be used and the relative strength
would constitute changes to a stated
of 1934 (‘‘Act’’) 1 and Rule 19b–4 of each.17
policy, practice or interpretation of a
thereunder,2 a proposed rule change When pre-funded resources have been
covered clearing agency.13 Accordingly,
(LCH SA–2017–012) to adopt a recovery exhausted after a clearing member
a covered clearing agency, such as LCH
plan (the ‘‘RP’’). The proposed rule default, LCH SA can call a default fund
SA, must file its RP and WDP with the
change was published for comment in assessment up to a cap, request
Commission.
the Federal Register on December 19, voluntary payments from all non-
2017.3 On December 7, 2017, LCH SA A. The RP (LCH SA–2017–012) defaulting members, and effectuate
filed with the Commission a proposed LCH SA’s RP seeks to maintain the service closure.18 In the event such tools
rule change (LCH SA–2017–013) to continuity of critical services in times of are unavailable, certain other business-
adopt a wind down plan (‘‘WDP’’).4 The extreme stress and to facilitate the as-usual tools, such as default fund
proposed rule change was published for recovery of LCH SA from such stress. In additional margin, may enable LCH SA
comment in the Federal Register on particular, the RP describes (i) the to collect additional resources.
December 19, 2017.5 On January 23, scenarios and triggers for initiating In the event of a liquidity shortfall,
2018, pursuant to Section 19(b)(2) of the recovery measures; (ii) various recovery LCH SA may use its central bank credit
Act,6 the Commission designated a tools used in such recovery; and (iii) the line to deposit securities received on
longer period for Commission action on governance framework for managing the behalf of defaulting clearing members
both proposed rule changes.7 On March RP. Each of those aspects of the RP are and obtain liquidity.19 Other potential
19, 2018 the Commission instituted discussed in more detail below. tools to manage a liquidity stress
proceedings under Section 19(b)(2)(B) of The scenarios that could necessitate situation include limits with respect to
the Act 8 to determine whether to the implementation of the RP include illiquid collateral, the application of
the default of one or more clearing increased haircuts on certain types of
13 17 CFR 200.30–3(a)(12). members, liquidity shortfalls as a result collateral to incentivize the use of more
1 15 U.S.C. 78s(b)(1).
of the default of an investment liquid collateral, and specific liquidity
2 17 CFR 240.19b–4.
counterparty of LCH SA or any other margins.20 LCH SA also could defer
3 Securities Exchange Act Release No. 34–82316
investment losses resulting from funding for the settlement platform for
(Dec. 13, 2017), 82 FR 60246 (Dec. 19, 2017) (SR–
LCH–SA–2017–012) (‘‘Notice 012’’). a limited period of time, but views this
4 Capitalized terms used in this order but not 9 Securities Exchange Act Release No. 34–82901 as a tool of last resort.21
defined herein have the same meanings specified in (March 19, 2018), 83 FR 12833 (March 23, 2018) For most investment, business, and
LCH SA’s rules. (SR–LCH SA–2017–012; SR–LCH SA–2017–013). operational losses, LCH SA can allocate
5 Securities Exchange Act Release No. 34–82317 10 The descriptions of the proposed rule changes
amozie on DSK3GDR082PROD with NOTICES1
(Dec. 13, 2017), 82 FR 60238 (Dec. 19, 2017) (SR– are substantially excerpted from Notice 012 and 14 See Notice 012, 82 FR at 60247.
LCH SA–2017–013) (‘‘Notice 013’’). Notice 013. 15 Id.
6 15 U.S.C. 78s(b)(2). 11 The term ‘‘covered clearing agency’’ is defined
16 Id. at 60249.
7 Securities Exchange Act Release No. 34–82570 in SEC Rule 17Ad–22(a)(5), 17 CFR 240.17Ad–
17 Id. at 60249–60250.
(Jan. 23, 2018), 83 FR 4088 (Jan. 29, 2018) (SR– 22(a)(5).
18 Id. at 60249.
LCH–SA–2017–012) and Securities Exchange Act 12 17 CFR 240.17Ad–22(e)(3)(ii).
19 Id.
Release No. 34–82571 (Jan. 23, 2018), 83 FR 4081 13 Standards for Covered Clearing Agencies,
(Jan. 29, 2018) (SR–LCH SA–2017–013). Securities Exchange Act Release No. 34–78961 20 Id.
8 15 U.S.C. 78s(b)(2)(B). (Sep. 28, 2016), 81 FR 70786, 70809 (Oct. 13, 2016). 21 Id.
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Document Created: 2018-06-21 01:23:00
Document Modified: 2018-06-21 01:23:00
| 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 28884 |
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