83 FR 30802 - Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing of Proposed Rule Change Relating to Amending the ICC Clearing Rules Regarding Mark-to-Market Margin
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 126 (June 29, 2018)
Federal Register Volume 83, Issue 126 (June 29, 2018)
| Page Range | 30802-30804 | |
| FR Document | 2018-13985 |
[Federal Register Volume 83, Number 126 (Friday, June 29, 2018)] [Notices] [Pages 30802-30804] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-13985] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83513; File No. SR-ICC-2018-006] Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing of Proposed Rule Change Relating to Amending the ICC Clearing Rules Regarding Mark-to-Market Margin June 25, 2018. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 \1\ and Rule 19b-4 \2\ thereunder, notice is hereby given that on June 13, 2018, ICE Clear Credit LLC (``ICC'') filed with the Securities and Exchange Commission the proposed rule change as described in Items I, II and III below, which Items have been prepared by ICC. 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 changes is to make changes to the ICC Clearing Rules (the ``ICC Rules'') to more clearly characterize Mark-to-Market Margin payments as settled-to-market rather than collateralized-to-market. 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, ICC included statements concerning the purpose of and basis for the proposed rule change, security-based swap submission, or advance notice and discussed any comments it received on the proposed rule change, security-based swap submission, or advance notice. The text of these statements may be examined at the places specified in Item IV below. ICC has prepared summaries, set forth in sections (A), (B), and (C) below, of the most significant aspects of these 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 ICC proposes revisions to Chapters 4, 8, and 20 of the ICC Rules to more clearly characterize Mark-to-Market Margin payments as settlement payments (``settled-to-market'') rather [[Page 30803]] than collateral (``collateralized-to-market''). Under the settled-to- market model, the transfer of Mark-to-Market Margin constitutes a settlement of the contract's outstanding exposure, with the receiving party taking outright title to the Mark-to-Market Margin and the transferring party retaining no rights to such margin. Under the collateralized-to-market model, the transfer of Mark-to-Market Margin constitutes a pledge of collateral, such that the transferring party has a right to reclaim the collateral and the receiving party has an obligation to return the collateral.\3\ --------------------------------------------------------------------------- \3\ Use of a settled-to-market model, rather than a collateralized-to-market model, is consistent with requirements applicable to a derivatives clearing organization, as interpreted by Commodity Futures Trading Commission (``CFTC'') staff. CFTC Interpretive Letter No. 17-51 (Oct. 12, 2017) (``CFTC Letter''). Use of a settled-to-market model also may result in more favorable capital treatment for positions in cleared derivatives for market participants that are subject to regulations of U.S. banking supervisors implementing the Basel III capital framework. See Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Regulatory Capital Treatment of Certain Centrally-cleared Derivative Contracts Under Regulatory Capital Rules (Aug. 14, 2017). --------------------------------------------------------------------------- ICC previously revised the Rules in 2015 to clarify that Mark-to- Market Margin constituted a settlement payment. Such revisions did not result in a change in the manner in which Mark-to-Market Margin was calculated, paid or collected, and were intended to provide further clarity regarding the finality of ICC's settlement cycle.\4\ ICC is proposing additional clarifying changes to the Rules. As with the prior changes, the proposed amendments do not change the manner in which Mark-to-Market Margin is calculated, or other current ICC operational practices. Rather, such changes consist of additional revisions to terminology to further clarify the legal characterization that payments of Mark-to-Market Margin represent settlement rather than collateral payments. These clarifying changes result from further legal analysis with respect to ICC's characterization of Mark-to-Market Margin payments as settlement rather than as posting of collateral, as requested by its Clearing Participants (``CPs''). The proposed revisions are described in detail as follows. --------------------------------------------------------------------------- \4\ SR-ICC-2015-008. --------------------------------------------------------------------------- ICC proposes revising Rule 401 to reference Mark-to-Market Margin Balance, a new term that is defined in Rule 404 and refers to the aggregate amount of Mark-to-Market Margin paid or received. The term is used in several calculations, avoids the need to repeat the definition, and allows ICC to more clearly and fully describe specifics pertaining to its Mark-to-Market Margin calculation in a single section without combining it with other concepts. ICC proposes adding language to Rule 401(a), which governs House Margin, to state that ICC calculates a net amount of Mark-to-Market Margin by subtracting a CP's Mark-to-Market Margin Balance from a CP's Mark-to-Market Margin Requirement. ICC proposes corresponding changes referencing Mark-to-Market Margin Balance in Rule 401(b)(ii), which covers Client-Related Mark-to-Market Margin. Such changes are not intended to modify the current calculation of Mark-to-Market Margin, or other operational practices, but, instead, replace certain specifics relating to ICC's Mark-to-Market Margin calculation with the defined term. The amendments do not change the manner in which Initial Margin is calculated, posted and held. Further, ICC proposes to specify that a CP's Mark-to-Market Margin Balance is adjusted by an amount called the price alignment amount in revised Rule 401(g). Specifically, ICC proposes to state that it will pay or charge a CP price alignment amounts on any Mark-to-Market Margin and interest on any cash Initial Margin at a rate that may be negative. A price alignment amount is economically equivalent to the ``interest'' that ICC pays or charges a CP for any net Mark-to-Market Margin transferred between the parties under current Rule 401(g). However, since the term interest may be more typically associated with collateral, ICC proposes to refer to such an amount as price alignment to avoid confusion over the proper characterization of Mark-to-Market Margin as settlement payments.\5\ Such change will not affect operations, since ICC will continue to pay or charge a CP an amount, which serves the same purpose and is calculated identically, for any net Mark-to-Market Margin transferred between the parties. ICC also proposes separate clarifying language to note that the rate at which it pays or charges such an amount may be negative, to more clearly address the possibility of negative market rate environments. --------------------------------------------------------------------------- \5\ See CFTC Letter, supra, for a discussion of the use of price alignment amount instead of price alignment interest. --------------------------------------------------------------------------- ICC proposes to specifically reference the applicable category of margin to avoid confusion over the proper characterization of Mark-to- Market Margin under the ICC Rules. ICC proposes to update Rule 401(h) to refer to substitutions of Initial Margin, and Rule 401(l) to refer to settlement finality in relation to Mark-to-Market Margin. The proposed changes to Rule 402, which governs ICC's rights with respect to the use of margin, exclude Mark-to-Market Margin from subsections (a) and (b), remove details relating to Mark-to-Market Margin from subsection (b), and specify subsection (c)'s applicability to Initial Margin. ICC proposes adding language to Rule 402(e) to more clearly state that Mark-to-Market Margin payments constitute a settlement. Further, ICC proposes adding new subsection (c) to Rule 404 to define Mark-to-Market Margin Balance as a sum equal to the Mark-to-Market Margin value transferred by the CP to ICC minus the Mark-to-Market Margin value transferred by ICC to the CP. To avoid uncertainty, ICC also proposes to specifically reference the applicable category of margin in Rule 406(c). Namely, ICC proposes to clarify that the requirements set forth in Rule 406(c) regarding Client-Related Positions apply to Initial Margin. ICC proposes clarifications and conforming changes to Chapters 8 and 20 of the ICC Rules. ICC proposes clarifying language in Rule 801(a)(i) to refer to the transfer of Mark-to-Market Margin to avoid confusion over the proper characterization of Mark-to-Market Margin as settlement payments, since ICC considers the loss after the application of Initial Margin and taking into account settlement of Mark-to-Market Margin to be uncollateralized loss. Under the proposed updates, Rule 808 includes a conforming reference to Mark-to-Market Margin Balance. The proposed changes to Rule 810(e) replace terminology that is commonly used in conjunction with collateral to avoid confusion over the proper characterization of Mark-to-Market Margin as settlement payments. ICC proposes to clarify in Rule 20-605(c)(i)(B), which specifies the resources to be used to cover losses with respect to Client-Related Positions, that ICC will use the defaulting CP's Client- Related Mark-to-Market Margin, to the extent not previously applied to pay Mark-to-Market Margin to other CPs. (b) Statutory Basis Section 17A(b)(3)(F) of the Act \6\ 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; to assure the safeguarding of securities and funds which are in the custody or control of the clearing agency or for which it is [[Page 30804]] responsible; and to comply with the provisions of the Act and the rules and regulations thereunder. ICC believes that the proposed rule changes are consistent with the requirements of the Act and the rules and regulations thereunder applicable to ICC, in particular, to Section 17A(b)(3)(F),\7\ because ICC believes that the proposed rule changes will promote the prompt and accurate clearance and settlement of securities transactions, derivatives agreements, contracts, and transactions, and contribute to the safeguarding of securities and funds associated with security-based swap transactions in ICC's custody or control, or for which ICC is responsible. The proposed changes to the ICC Rules are consistent with the current calculation of Mark-to- Market Margin and related operational practices and are intended to more clearly reflect the legal characterization of Mark-to-Market Margin payments as settlement rather than collateral payments. The proposed changes are designed to add certainty to ICC's Rules by incorporating clarifying language and changes to avoid a potential mischaracterization of Mark-to-Market Margin payments. The proposed revisions will provide market participants with certainty surrounding ICC's treatment of Mark-to-Market Margin, which will facilitate compliance with market participants' own capital requirements and therefore further the public interest. As such, the proposed changes provide additional clarity and transparency in the ICC Rules and are designed to promote the prompt and accurate clearance and settlement of securities transactions, derivatives agreements, contracts, and transactions within the meaning of Section 17A(b)(3)(F) \8\ of the Act. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78q-1(b)(3)(F). \7\ Id. \8\ Id. --------------------------------------------------------------------------- (B) Clearing Agency's Statement on Burden on Competition ICC does not believe the proposed rule changes would have any impact, or impose any burden, on competition. The changes, which further clarify that payments of Mark-to-Market Margin represent settlement rather than collateral payments, result in no operational changes and apply uniformly across all market participants. Therefore, ICC does not believe the proposed rule changes impose any burden on competition that is inappropriate in furtherance of the purposes of the Act. (C) Clearing Agency's Statement on Comments on the Proposed Rule Change, Security-Based Swap Submission, or Advance Notice Received From Members, Participants or Others Written comments relating to the proposed rule change have not been solicited or received. ICC will notify the Commission of any written comments received by ICC. III. Date of Effectiveness of the Proposed Rule Change, Security-Based Swap Submission, or Advance Notice and Timing for Commission Action Within 45 days of the date of publication of this notice in the Federal Register or within such longer period up to 90 days (i) as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: (A) By order approve or disapprove such proposed rule change, or (B) institute proceedings to determine whether the proposed rule change should be disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change, 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 [email protected]. Please include File Number SR-ICC-2018-006 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-ICC-2018-006. 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 such filings will also be available for inspection and copying at the principal office of ICE Clear Credit and on ICE Clear Credit's website at https://www.theice.com/clear-credit/regulation. 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-ICC-2018-006 and should be submitted on or before July 20, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\9\ --------------------------------------------------------------------------- \9\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-13985 Filed 6-28-18; 8:45 am] BILLING CODE 8011-01-P
![30802 Federal Register / Vol. 83, No. 126 / Friday, June 29, 2018 / Notices
A proposed rule change filed Paper Comments SECURITIES AND EXCHANGE
pursuant to Rule 19b–4(f)(6) under the COMMISSION
Act 9 normally does not become • Send paper comments in triplicate
to Secretary, Securities and Exchange [Release No. 34–83513; File No. SR–ICC–
operative for 30 days after the date of its 2018–006]
filing. However, Rule 19b–4(f)(6)(iii) 10 Commission, 100 F Street NE,
permits the Commission to designate a Washington, DC 20549–1090. Self-Regulatory Organizations; ICE
shorter time if such action is consistent All submissions should refer to File Clear Credit LLC; Notice of Filing of
with the protection of investors and the Number SR–MRX–2018–21. This file Proposed Rule Change Relating to
public interest. The Exchange has number should be included on the Amending the ICC Clearing Rules
requested that the Commission waive subject line if email is used. To help the Regarding Mark-to-Market Margin
the 30-day operative delay so that the Commission process and review your June 25, 2018.
proposed rule change may become comments more efficiently, please use Pursuant to Section 19(b)(1) of the
operative upon filing. The proposed rule only one method. The Commission will Securities Exchange Act of 1934 1 and
change merely relocates the co-location post all comments on the Commission’s Rule 19b–4 2 thereunder, notice is
and direct connectivity rules in the internet website (http://www.sec.gov/ hereby given that on June 13, 2018, ICE
Exchange’s Schedule of Fees and rules/sro.shtml). Copies of the Clear Credit LLC (‘‘ICC’’) filed with the
updates rule cross-references. submission, all subsequent Securities and Exchange Commission
Accordingly, the Commission believes the proposed rule change as described
amendments, all written statements
that waiver of the 30-day operative in Items I, II and III below, which Items
with respect to the proposed rule
delay is consistent with the protection have been prepared by ICC. The
change that are filed with the
of investors and the public interest and Commission is publishing this notice to
Commission, and all written
hereby waives the operative delay and solicit comments on the proposed rule
communications relating to the
designates the proposed rule change change from interested persons.
proposed rule change between the
operative upon filing.11
Commission and any person, other than I. Clearing Agency’s Statement of the
At any time within 60 days of the those that may be withheld from the Terms of Substance of the Proposed
filing of the proposed rule change, the public in accordance with the Rule Change, Security-Based Swap
Commission summarily may provisions of 5 U.S.C. 552, will be Submission, or Advance Notice
temporarily suspend such rule change if available for website viewing and
it appears to the Commission that such The principal purpose of the
printing in the Commission’s Public proposed changes is to make changes to
action is necessary or appropriate in the Reference Room, 100 F Street NE, the ICC Clearing Rules (the ‘‘ICC Rules’’)
public interest, for the protection of Washington, DC 20549 on official to more clearly characterize Mark-to-
investors, or otherwise in furtherance of business days between the hours of Market Margin payments as settled-to-
the purposes of the Act. If the market rather than collateralized-to-
10:00 a.m. and 3:00 p.m. Copies of the
Commission takes such action, the market.
filing also will be available for
Commission shall institute proceedings
inspection and copying at the principal II. Clearing Agency’s Statement of the
to determine whether the proposed rule
change should be approved or office of the Exchange. All comments Purpose of, and Statutory Basis for, the
disapproved. received will be posted without change. Proposed Rule Change, Security-Based
Persons submitting comments are Swap Submission, or Advance Notice
IV. Solicitation of Comments cautioned that we do not redact or edit
In its filing with the Commission, ICC
personal identifying information from included statements concerning the
Interested persons are invited to
comment submissions. You should purpose of and basis for the proposed
submit written data, views, and
submit only information that you wish rule change, security-based swap
arguments concerning the foregoing,
to make available publicly. All submission, or advance notice and
including whether the proposed rule
submissions should refer to File discussed any comments it received on
change is consistent with the Act.
Comments may be submitted by any of Number SR–MRX–2018–21, and should the proposed rule change, security-
the following methods: be submitted on or before July 20, 2018. based swap submission, or advance
For the Commission, by the Division of notice. The text of these statements may
Electronic Comments Trading and Markets, pursuant to delegated be examined at the places specified in
authority.12 Item IV below. ICC has prepared
• Use the Commission’s internet summaries, set forth in sections (A), (B),
comment form (http://www.sec.gov/ Eduardo A. Aleman,
and (C) below, of the most significant
rules/sro.shtml); or Assistant Secretary.
aspects of these statements.
• Send an email to rule-comments@ [FR Doc. 2018–13982 Filed 6–28–18; 8:45 am]
sec.gov. Please include File Number SR– BILLING CODE 8011–01–P
(A) Clearing Agency’s Statement of the
MRX–2018–21 on the subject line. Purpose of, and Statutory Basis for, the
Proposed Rule Change, Security-Based
Swap Submission, or Advance Notice
description and text of the proposed rule change,
at least five business days prior to the date of filing (a) Purpose
of the proposed rule change, or such shorter time
sradovich on DSK3GMQ082PROD with NOTICES
as designated by the Commission. The Exchange ICC proposes revisions to Chapters 4,
has satisfied this requirement. 8, and 20 of the ICC Rules to more
9 17 CFR 240.19b–4(f)(6).
clearly characterize Mark-to-Market
10 17 CFR 240.19b–4(f)(6)(iii).
Margin payments as settlement
11 For purposes only of waiving the 30-day
operative delay, the Commission also has
payments (‘‘settled-to-market’’) rather
considered the proposed rule’s impact on
1 15 U.S.C. 78s(b)(1).
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f). 12 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4.
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![30804 Federal Register / Vol. 83, No. 126 / Friday, June 29, 2018 / Notices
responsible; and to comply with the (C) Clearing Agency’s Statement on change, security-based swap
provisions of the Act and the rules and Comments on the Proposed Rule submission, or advance notice that are
regulations thereunder. ICC believes Change, Security-Based Swap filed with the Commission, and all
that the proposed rule changes are Submission, or Advance Notice written communications relating to the
consistent with the requirements of the Received From Members, Participants or proposed rule change, security-based
Act and the rules and regulations Others swap submission, or advance notice
thereunder applicable to ICC, in between the Commission and any
Written comments relating to the
particular, to Section 17A(b)(3)(F),7 person, other than those that may be
proposed rule change have not been
because ICC believes that the proposed withheld from the public in accordance
solicited or received. ICC will notify the
with the provisions of 5 U.S.C. 552, will
rule changes will promote the prompt Commission of any written comments
be available for website viewing and
and accurate clearance and settlement of received by ICC.
printing in the Commission’s Public
securities transactions, derivatives Reference Room, 100 F Street NE,
III. Date of Effectiveness of the
agreements, contracts, and transactions, Proposed Rule Change, Security-Based Washington, DC 20549, on official
and contribute to the safeguarding of Swap Submission, or Advance Notice business days between the hours of
securities and funds associated with and Timing for Commission Action 10:00 a.m. and 3:00 p.m. Copies of such
security-based swap transactions in filings will also be available for
ICC’s custody or control, or for which Within 45 days of the date of
inspection and copying at the principal
ICC is responsible. The proposed publication of this notice in the Federal
office of ICE Clear Credit and on ICE
changes to the ICC Rules are consistent Register or within such longer period
Clear Credit’s website at https://
with the current calculation of Mark-to- up to 90 days (i) as the Commission may
www.theice.com/clear-credit/regulation.
Market Margin and related operational designate if it finds such longer period
All comments received will be posted
to be appropriate and publishes its
practices and are intended to more without change. Persons submitting
reasons for so finding or (ii) as to which
clearly reflect the legal characterization comments are cautioned that we do not
the self-regulatory organization
of Mark-to-Market Margin payments as redact or edit personal identifying
consents, the Commission will: information from comment submissions.
settlement rather than collateral (A) By order approve or disapprove
payments. The proposed changes are You should submit only information
such proposed rule change, or that you wish to make available
designed to add certainty to ICC’s Rules (B) institute proceedings to determine
by incorporating clarifying language and publicly. All submissions should refer
whether the proposed rule change to File Number SR–ICC–2018–006 and
changes to avoid a potential should be disapproved.
mischaracterization of Mark-to-Market should be submitted on or before July
Margin payments. The proposed IV. Solicitation of Comments 20, 2018.
revisions will provide market Interested persons are invited to For the Commission, by the Division of
participants with certainty surrounding submit written data, views, and Trading and Markets, pursuant to delegated
ICC’s treatment of Mark-to-Market authority.9
arguments concerning the foregoing,
Margin, which will facilitate including whether the proposed rule Eduardo A. Aleman,
compliance with market participants’ change, security-based swap Assistant Secretary.
own capital requirements and therefore submission, or advance notice is [FR Doc. 2018–13985 Filed 6–28–18; 8:45 am]
further the public interest. As such, the consistent with the Act. Comments may BILLING CODE 8011–01–P
proposed changes provide additional be submitted by any of the following
clarity and transparency in the ICC methods:
Rules and are designed to promote the SECURITIES AND EXCHANGE
Electronic Comments COMMISSION
prompt and accurate clearance and
settlement of securities transactions, • Use the Commission’s internet [Release No. 34–83514; File No. SR–GEMX–
derivatives agreements, contracts, and comment form (http://www.sec.gov/ 2018–22)
transactions within the meaning of rules/sro.shtml); or
Section 17A(b)(3)(F) 8 of the Act. • Send an email to rule-comments@ Self-Regulatory Organizations; Nasdaq
sec.gov. Please include File Number SR– GEMX, LLC; Notice of Filing and
(B) Clearing Agency’s Statement on ICC–2018–006 on the subject line. Immediate Effectiveness of Proposed
Burden on Competition Rule Change To Relocate the
Paper Comments Exchange’s Rules Pertaining to Co-
ICC does not believe the proposed Send paper comments in triplicate to Location and Direct Connectivity
rule changes would have any impact, or Secretary, Securities and Exchange
impose any burden, on competition. June 25, 2018.
Commission, 100 F Street NE,
The changes, which further clarify that Pursuant to Section 19(b)(1) of the
Washington, DC 20549–1090.
payments of Mark-to-Market Margin Securities Exchange Act of 1934
All submissions should refer to File (‘‘Act’’),1 and Rule 19b–4 thereunder,2
represent settlement rather than Number SR–ICC–2018–006. This file notice is hereby given that on June 13,
collateral payments, result in no number should be included on the 2018, Nasdaq GEMX, LLC (‘‘GEMX’’ or
operational changes and apply subject line if email is used. To help the ‘‘Exchange’’) filed with the Securities
uniformly across all market participants. Commission process and review your and Exchange Commission
Therefore, ICC does not believe the comments more efficiently, please use
sradovich on DSK3GMQ082PROD with NOTICES
(‘‘Commission’’) the proposed rule
proposed rule changes impose any only one method. The Commission will change as described in Items I and II
burden on competition that is post all comments on the Commission’s below, which Items have been prepared
inappropriate in furtherance of the internet website (http://www.sec.gov/ by the Exchange. The Commission is
purposes of the Act. rules/sro.shtml). Copies of the
submission, all subsequent 9 17 CFR 200.30–3(a)(12).
7 Id. amendments, all written statements 1 15 U.S.C. 78s(b)(1).
8 Id. with respect to the proposed rule 2 17 CFR 240.19b–4.
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Document Created: 2018-06-29 01:13:14
Document Modified: 2018-06-29 01:13:14
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| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 83 FR 30802 |
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