83_FR_54362 83 FR 54154 - 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

83 FR 54154 - 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 208 (October 26, 2018)

Page Range54154-54155
FR Document2018-23388

Federal Register, Volume 83 Issue 208 (Friday, October 26, 2018)
[Federal Register Volume 83, Number 208 (Friday, October 26, 2018)]
[Notices]
[Pages 54154-54155]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-23388]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84463; File No. SR-ICEEU-2018-016 ]


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

October 22, 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 October 10, 2018, ICE Clear Europe Limited (``ICE Clear Europe'' or 
the ``Clearing House'') filed with the Securities and Exchange 
Commission (``Commission'') the proposed rule changes described in 
Items I, II and III below, which Items have been prepared primarily by 
ICE Clear Europe. ICE Clear Europe filed the proposed rule changes 
pursuant to Section 19(b)(3)(A) of the Act,\3\ and Rule 19b-4(f)(4)(ii) 
thereunder,\4\ so that the proposal was immediately 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).
    \4\ 17 CFR 240.19b-4(f)(4)(ii).
---------------------------------------------------------------------------

I. Clearing Agency's Statement of the Terms of Substance of the 
Proposed Rule Change

    The principal purpose of the proposed amendments is for ICE Clear 
Europe to amend its Delivery Procedures (the ``Delivery Procedures'') 
\5\ with respect to the delivery terms relating to the ICE Futures 
Europe (``ICE Futures Europe'' or ``IFEU'') Permian West Texas 
Intermediate Crude Oil Futures Contract.
---------------------------------------------------------------------------

    \5\ 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

    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 is amending its Delivery Procedures to add a new 
Part CC addressing delivery under a new Permian West Texas Intermediate 
Crude Oil Futures Contract (the ``Permian WTI Contract'') that will be 
traded on ICE Futures Europe and cleared by ICE Clear Europe, and to 
make certain related changes. ICE Clear Europe does not otherwise 
propose to amend its Clearing Rules (the ``Rules'') \6\ or Procedures 
in connection with these changes.
---------------------------------------------------------------------------

    \6\ Capitalized terms used but not defined herein have the 
meanings specified in the Rules.
---------------------------------------------------------------------------

    New Part CC of the Delivery Procedures provides specifications and 
procedures for deliveries under the Permian WTI Contract, which will 
take place at the Magellan Crude Oil Pipeline Company, L.P. 
(``Magellan'') East Houston terminal (``MEH''). Consistent with the 
exchange contract terms, the buyer and seller must be approved shippers 
with delivery documentation with Magellan. Delivery may be effected 
through orders for inter-facility transfer, in-line (or in-system) 
transfer or in-tank transfer of title, in accordance with relevant 
Magellan documentation and tariffs, as set out in Part CC and the 
relevant exchange contract terms. The amendments also establish 
standards for delivery quality, as well as relevant procedures for 
exchange of futures for physical transactions under exchange rules.
    Part CC addresses certain the responsibility of the Clearing House 
and relevant parties for delivery under the Permian WTI Contracts, 
supplementing the existing provisions of the Rules. Specifically, 
neither the Clearing House nor ICE Futures Europe are responsible for 
the performance of Magellan or any person operating MEH nor do they 
make any representation regarding the authenticity, validity or 
accuracy of any delivery tender notice, confirmation of transfer or any 
other notice, document, file, record or instrument used or delivered 
pursuant to the Rules and Procedures.
    The amendments address delivery margin and relevant contract 
security with respect to Permian WTI Contracts. The amendments specify 
certain details of the delivery process. Delivery of ICE Permian WTI 
Contracts will be based on open contract positions at the close of 
trading on the last trading day for which physical delivery is 
specified. A delivery schedule must be agreed between Magellan and the 
Buyer and Seller. The procedures include a detailed timeframe for 
relevant notices of intent to deliver or receive, nominations of 
parties to delivery or receive, delivery confirmations, invoicing, 
release of delivery margin following completion of delivery and other 
matters.
    The amendments also contemplate the use of alternative delivery 
procedures for Permian WTI Contracts, under which the buyer and seller 
under a contract may agree to arrange delivery and payment for a 
specific tender outside of the exchange rules and in lieu of the 
standard delivery arrangements and procedures. The amendments set out 
notice and other requirements for such alternative delivery procedures.
    ICE Clear Europe is also adding a new section 16.7 requiring 
Clearing Members, Buyers, Seller, Transferors and Transferees that make 
or take delivery pursuant to a Contract to comply with requirements 
relating to filing, notification, reporting, registration, 
certification or authorization under Applicable Laws or from the 
Delivery Facility.
(b) Statutory Basis
    Section 17A(b)(3)(F) of the Act \7\ 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,

[[Page 54155]]

and the protection of investors and the public interest. The proposed 
amendments are designed to facilitate the clearing of a new physically 
settled oil futures contract, the Permian WTI Contract, that is being 
launched for trading by the ICE Futures Europe exchange. The amendments 
set out the obligations and roles of Clearing Members, the Clearing 
House and Magellan, the facility used for physical delivery under the 
Permian WTI Contracts. ICE Clear Europe believes that its financial 
resources, risk management, systems and operational arrangements are 
sufficient to support clearing of such products (and to address 
physical delivery under such contracts) and to manage the risks 
associated with such contracts. As a result, in ICE Clear Europe's 
view, the amendments will be consistent with the prompt and accurate 
clearance and settlement of the Permian WTI Contracts, and the 
protection of investors and the public interest consistent with the 
requirements of Section 17A(b)(3)(F) of the Act.\8\ (In ICE Clear 
Europe's view, the amendments will not affect the safeguarding of funds 
or securities in the custody or control of the clearing agency or for 
which it is responsible, within the meaning of Section 
17A(b)(3)(F).\9\)
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78q-1(b)(3)(F).
    \8\ 15 U.S.C. 78q-1(b)(3)(F).
    \9\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    In addition, Rule 17Ad-22(e)(10) \10\ requires that each covered 
clearing agency establish and maintain transparent written standards 
that state its obligations with respect to the delivery of physical 
instruments, and establish and maintain operational practices that 
identify, monitor and manage the risks associated with such physical 
deliveries. As discussed above, the amendments to the Delivery 
Procedures to allow for the delivery and settlement of ICE Permian WTI 
Contracts, taken together with the Rules and ICE Futures Europe 
exchange contract terms, set out the obligations of the Clearing House 
and other parties with respect to delivery under the Permian WTI 
Contract. The amendments also adopt procedures for such deliveries, 
which will facilitate identifying, monitoring and managing risks 
associated with delivery.
---------------------------------------------------------------------------

    \10\ 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 in connection 
with the listing of the ICE Permian WTI Contract for trading on the ICE 
Futures Europe market. ICE Clear Europe believes that such contracts 
will provide additional opportunities for interested market 
participants to engage in trading activity in the Permian WTI market. 
ICE Clear Europe does not believe the amendments would adversely affect 
competition among Clearing Members, materially affect the cost of 
clearing, adversely affect access to clearing in ICE Permian WTI 
Contracts 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 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 \12\ 
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.
---------------------------------------------------------------------------

    \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, security-based swap submission or advance notice is consistent 
with the Act. Comments may be submitted by any of the following 
methods:

Electronic Comments

     Use 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-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-ICEEU-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, 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 Europe and on ICE Clear Europe's website at https://www.theice.com/clear-europe/regulation#rule-filings. 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-2018-016 and should be submitted 
on or before November 16, 2018.
---------------------------------------------------------------------------

    \13\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-23388 Filed 10-25-18; 8:45 am]
 BILLING CODE 8011-01-P



                                               54154                             Federal Register / Vol. 83, No. 208 / Friday, October 26, 2018 / Notices

                                               disapproving the proposed rule change                   Procedures’’) 5 with respect to the                   relevant parties for delivery under the
                                               so that it has sufficient time to consider              delivery terms relating to the ICE                    Permian WTI Contracts, supplementing
                                               this proposed rule change, as modified                  Futures Europe (‘‘ICE Futures Europe’’                the existing provisions of the Rules.
                                               by Amendment No. 1. Accordingly, the                    or ‘‘IFEU’’) Permian West Texas                       Specifically, neither the Clearing House
                                               Commission, pursuant to Section                         Intermediate Crude Oil Futures                        nor ICE Futures Europe are responsible
                                               19(b)(2) of the Act,10 designates                       Contract.                                             for the performance of Magellan or any
                                               December 29, 2018 as the date by which                                                                        person operating MEH nor do they make
                                                                                                       II. Clearing Agency’s Statement of the                any representation regarding the
                                               the Commission shall either approve or
                                                                                                       Purpose of, and Statutory Basis for, the              authenticity, validity or accuracy of any
                                               disapprove the proposed rule change
                                                                                                       Proposed Rule Change                                  delivery tender notice, confirmation of
                                               (File No. SR–NYSEArca–2018–25), as
                                               modified by Amendment No. 1.                               In its filing with the Commission, ICE             transfer or any other notice, document,
                                                                                                       Clear Europe included statements                      file, record or instrument used or
                                                 For the Commission, by the Division of
                                               Trading and Markets, pursuant to delegated              concerning the purpose of and basis for               delivered pursuant to the Rules and
                                               authority.11                                            the proposed rule change and discussed                Procedures.
                                               Eduardo A. Aleman,                                      any comments it received on the                          The amendments address delivery
                                                                                                       proposed rule change. The text of these               margin and relevant contract security
                                               Assistant Secretary.
                                                                                                       statements may be examined at the                     with respect to Permian WTI Contracts.
                                               [FR Doc. 2018–23387 Filed 10–25–18; 8:45 am]
                                                                                                       places specified in Item IV below. ICE                The amendments specify certain details
                                               BILLING CODE 8011–01–P                                                                                        of the delivery process. Delivery of ICE
                                                                                                       Clear Europe has prepared summaries,
                                                                                                       set forth in sections (A), (B), and (C)               Permian WTI Contracts will be based on
                                                                                                       below, of the most significant aspects of             open contract positions at the close of
                                               SECURITIES AND EXCHANGE                                                                                       trading on the last trading day for which
                                                                                                       such statements.
                                               COMMISSION                                                                                                    physical delivery is specified. A
                                                                                                       (A) Clearing Agency’s Statement of the                delivery schedule must be agreed
                                               [Release No. 34–84463; File No. SR–ICEEU–               Purpose of, and Statutory Basis for, the              between Magellan and the Buyer and
                                               2018–016 ]                                              Proposed Rule Change                                  Seller. The procedures include a
                                               Self-Regulatory Organizations; ICE                      (a) Purpose                                           detailed timeframe for relevant notices
                                               Clear Europe Limited; Notice of Filing                                                                        of intent to deliver or receive,
                                                                                                          ICE Clear Europe is amending its
                                               and Immediate Effectiveness of a                                                                              nominations of parties to delivery or
                                                                                                       Delivery Procedures to add a new Part
                                               Proposed Rule Change Relating to                                                                              receive, delivery confirmations,
                                                                                                       CC addressing delivery under a new
                                               Amendments to the ICE Clear Europe                                                                            invoicing, release of delivery margin
                                                                                                       Permian West Texas Intermediate Crude
                                               Delivery Procedures                                                                                           following completion of delivery and
                                                                                                       Oil Futures Contract (the ‘‘Permian WTI
                                                                                                                                                             other matters.
                                                                                                       Contract’’) that will be traded on ICE                   The amendments also contemplate
                                               October 22, 2018.
                                                                                                       Futures Europe and cleared by ICE Clear               the use of alternative delivery
                                                  Pursuant to Section 19(b)(1) of the                  Europe, and to make certain related
                                               Securities Exchange Act of 1934                                                                               procedures for Permian WTI Contracts,
                                                                                                       changes. ICE Clear Europe does not                    under which the buyer and seller under
                                               (‘‘Act’’),1 and Rule 19b–4 thereunder,2                 otherwise propose to amend its Clearing
                                               notice is hereby given that on October                                                                        a contract may agree to arrange delivery
                                                                                                       Rules (the ‘‘Rules’’) 6 or Procedures in              and payment for a specific tender
                                               10, 2018, ICE Clear Europe Limited                      connection with these changes.
                                               (‘‘ICE Clear Europe’’ or the ‘‘Clearing                                                                       outside of the exchange rules and in lieu
                                                                                                          New Part CC of the Delivery
                                               House’’) filed with the Securities and                                                                        of the standard delivery arrangements
                                                                                                       Procedures provides specifications and
                                               Exchange Commission (‘‘Commission’’)                                                                          and procedures. The amendments set
                                                                                                       procedures for deliveries under the
                                               the proposed rule changes described in                                                                        out notice and other requirements for
                                                                                                       Permian WTI Contract, which will take
                                               Items I, II and III below, which Items                                                                        such alternative delivery procedures.
                                                                                                       place at the Magellan Crude Oil Pipeline                 ICE Clear Europe is also adding a new
                                               have been prepared primarily by ICE                     Company, L.P. (‘‘Magellan’’) East
                                               Clear Europe. ICE Clear Europe filed the                                                                      section 16.7 requiring Clearing
                                                                                                       Houston terminal (‘‘MEH’’). Consistent                Members, Buyers, Seller, Transferors
                                               proposed rule changes pursuant to                       with the exchange contract terms, the
                                               Section 19(b)(3)(A) of the Act,3 and Rule                                                                     and Transferees that make or take
                                                                                                       buyer and seller must be approved                     delivery pursuant to a Contract to
                                               19b–4(f)(4)(ii) thereunder,4 so that the                shippers with delivery documentation
                                               proposal was immediately effective                                                                            comply with requirements relating to
                                                                                                       with Magellan. Delivery may be effected               filing, notification, reporting,
                                               upon filing with the Commission. The                    through orders for inter-facility transfer,
                                               Commission is publishing this notice to                                                                       registration, certification or
                                                                                                       in-line (or in-system) transfer or in-tank            authorization under Applicable Laws or
                                               solicit comments on the proposed rule                   transfer of title, in accordance with
                                               change from interested persons.                                                                               from the Delivery Facility.
                                                                                                       relevant Magellan documentation and
                                               I. Clearing Agency’s Statement of the                   tariffs, as set out in Part CC and the                (b) Statutory Basis
                                               Terms of Substance of the Proposed                      relevant exchange contract terms. The                    Section 17A(b)(3)(F) of the Act 7
                                               Rule Change                                             amendments also establish standards for               requires, among other things, that the
                                                                                                       delivery quality, as well as relevant                 rules of a clearing agency be designed to
                                                 The principal purpose of the                          procedures for exchange of futures for
                                               proposed amendments is for ICE Clear                                                                          promote the prompt and accurate
                                                                                                       physical transactions under exchange                  clearance and settlement of securities
                                               Europe to amend its Delivery                            rules.                                                transactions and, to the extent
khammond on DSK30JT082PROD with NOTICES




                                               Procedures (the ‘‘Delivery                                 Part CC addresses certain the                      applicable, derivative agreements,
                                                                                                       responsibility of the Clearing House and              contracts, and transactions, the
                                                 10 Id.
                                                 11 17 CFR 200.30–3(a)(57).                                                                                  safeguarding of securities and funds in
                                                                                                         5 Capitalized terms used but not defined herein
                                                 1 15 U.S.C. 78s(b)(1).                                have the meanings specified in the ICE Clear
                                                                                                                                                             the custody or control of the clearing
                                                 2 17 CFR 240.19b–4.
                                                                                                       Europe Delivery Procedures.                           agency or for which it is responsible,
                                                 3 15 U.S.C. 78s(b)(3)(A).                               6 Capitalized terms used but not defined herein
                                                 4 17 CFR 240.19b–4(f)(4)(ii).                         have the meanings specified in the Rules.               7 15   U.S.C. 78q–1(b)(3)(F).



                                          VerDate Sep<11>2014   18:32 Oct 25, 2018   Jkt 247001   PO 00000   Frm 00075   Fmt 4703   Sfmt 4703   E:\FR\FM\26OCN1.SGM    26OCN1


                                                                             Federal Register / Vol. 83, No. 208 / Friday, October 26, 2018 / Notices                                                 54155

                                               and the protection of investors and the                 purposes of the Act. The changes are                    Electronic Comments
                                               public interest. The proposed                           being proposed in order to update the                     • Use the Commission’s internet
                                               amendments are designed to facilitate                   Delivery Procedures in connection with                  comment form (http://www.sec.gov/
                                               the clearing of a new physically settled                the listing of the ICE Permian WTI                      rules/sro.shtml) or
                                               oil futures contract, the Permian WTI                   Contract for trading on the ICE Futures                   • Send an email to rule-comments@
                                               Contract, that is being launched for                    Europe market. ICE Clear Europe                         sec.gov. Please include File Number SR–
                                               trading by the ICE Futures Europe                       believes that such contracts will provide               ICEEU–2018–016 on the subject line.
                                               exchange. The amendments set out the                    additional opportunities for interested
                                               obligations and roles of Clearing                                                                               Paper Comments
                                                                                                       market participants to engage in trading
                                               Members, the Clearing House and
                                                                                                       activity in the Permian WTI market. ICE                    • Send paper comments in triplicate
                                               Magellan, the facility used for physical                                                                        to Secretary, Securities and Exchange
                                                                                                       Clear Europe does not believe the
                                               delivery under the Permian WTI                                                                                  Commission, 100 F Street NE,
                                               Contracts. ICE Clear Europe believes                    amendments would adversely affect
                                                                                                                                                               Washington, DC 20549–1090.
                                               that its financial resources, risk                      competition among Clearing Members,
                                                                                                       materially affect the cost of clearing,                 All submissions should refer to File
                                               management, systems and operational                                                                             Number SR–ICEEU–2018–016. This file
                                               arrangements are sufficient to support                  adversely affect access to clearing in ICE
                                                                                                                                                               number should be included on the
                                               clearing of such products (and to                       Permian WTI Contracts for Clearing
                                                                                                                                                               subject line if email is used. To help the
                                               address physical delivery under such                    Members or their customers, or                          Commission process and review your
                                               contracts) and to manage the risks                      otherwise adversely affect competition                  comments more efficiently, please use
                                               associated with such contracts. As a                    in clearing services. Accordingly, ICE                  only one method. The Commission will
                                               result, in ICE Clear Europe’s view, the                 Clear Europe does not believe that the                  post all comments on the Commission’s
                                               amendments will be consistent with the                  amendments would impose any impact                      internet website (http://www.sec.gov/
                                               prompt and accurate clearance and                       or burden on competition that is not                    rules/sro.shtml). Copies of the
                                               settlement of the Permian WTI                           appropriate in furtherance of the                       submission, all subsequent
                                               Contracts, and the protection of                        purpose of the Act.                                     amendments, all written statements
                                               investors and the public interest                                                                               with respect to the proposed rule
                                               consistent with the requirements of                     (C) Clearing Agency’s Statement on
                                                                                                                                                               change, security-based swap submission
                                               Section 17A(b)(3)(F) of the Act.8 (In ICE               Comments on the Proposed Rule                           or advance notice that are filed with the
                                               Clear Europe’s view, the amendments                     Change Received From Members,                           Commission, and all written
                                               will not affect the safeguarding of funds               Participants or Others                                  communications relating to the
                                               or securities in the custody or control of                                                                      proposed rule change, security-based
                                               the clearing agency or for which it is                    Written comments relating to the
                                                                                                                                                               swap submission or advance notice
                                               responsible, within the meaning of                      proposed amendments have not been
                                                                                                                                                               between the Commission and any
                                               Section 17A(b)(3)(F).9)                                 solicited or received by ICE Clear
                                                                                                                                                               person, other than those that may be
                                                  In addition, Rule 17Ad–22(e)(10) 10                  Europe. ICE Clear Europe will notify the                withheld from the public in accordance
                                               requires that each covered clearing                     Commission of any comments received                     with the provisions of 5 U.S.C. 552, will
                                               agency establish and maintain                           with respect to the proposed                            be available for website viewing and
                                               transparent written standards that state                amendments.                                             printing in the Commission’s Public
                                               its obligations with respect to the                                                                             Reference Room, 100 F Street NE,
                                                                                                       III. Date of Effectiveness of the
                                               delivery of physical instruments, and                                                                           Washington, DC 20549, on official
                                               establish and maintain operational                      Proposed Rule Change and Timing for
                                                                                                       Commission Action                                       business days between the hours of
                                               practices that identify, monitor and                                                                            10:00 a.m. and 3:00 p.m. Copies of such
                                               manage the risks associated with such                      The foregoing rule change has become                 filings will also be available for
                                               physical deliveries. As discussed above,                effective pursuant to Section 19(b)(3)(A)               inspection and copying at the principal
                                               the amendments to the Delivery                          of the Act 11 and paragraph (f) of Rule                 office of ICE Clear Europe and on ICE
                                               Procedures to allow for the delivery and                19b–4 12 thereunder. At any time within                 Clear Europe’s website at https://
                                               settlement of ICE Permian WTI                                                                                   www.theice.com/clear-europe/
                                                                                                       60 days of the filing of the proposed rule
                                               Contracts, taken together with the Rules                                                                        regulation#rule-filings. All comments
                                                                                                       change, the Commission summarily may
                                               and ICE Futures Europe exchange                                                                                 received will be posted without change.
                                               contract terms, set out the obligations of              temporarily suspend such rule change if
                                                                                                       it appears to the Commission that such                  Persons submitting comments are
                                               the Clearing House and other parties                                                                            cautioned that we do not redact or edit
                                               with respect to delivery under the                      action is necessary or appropriate in the
                                                                                                       public interest, for the protection of                  personal identifying information from
                                               Permian WTI Contract. The                                                                                       comment submissions. You should
                                               amendments also adopt procedures for                    investors, or otherwise in furtherance of
                                                                                                                                                               submit only information that you wish
                                               such deliveries, which will facilitate                  the purposes of the Act.
                                                                                                                                                               to make available publicly. All
                                               identifying, monitoring and managing                    IV. Solicitation of Comments                            submissions should refer to File
                                               risks associated with delivery.                                                                                 Number SR–ICEEU–2018–016 and
                                               (B) Clearing Agency’s Statement on                        Interested persons are invited to                     should be submitted on or before
                                               Burden on Competition                                   submit written data, views, and                         November 16, 2018.
                                                                                                       arguments concerning the foregoing,                       For the Commission, by the Division of
                                                 ICE Clear Europe does not believe the                 including whether the proposed rule                     Trading and Markets, pursuant to delegated
khammond on DSK30JT082PROD with NOTICES




                                               proposed rule changes would have any                    change, security-based swap submission                  authority.13
                                               impact, or impose any burden, on
                                                                                                       or advance notice is consistent with the                Eduardo A. Aleman,
                                               competition not necessary or
                                                                                                       Act. Comments may be submitted by                       Assistant Secretary.
                                               appropriate in furtherance of the
                                                                                                       any of the following methods:                           [FR Doc. 2018–23388 Filed 10–25–18; 8:45 am]
                                                 8 15 U.S.C. 78q–1(b)(3)(F).                                                                                   BILLING CODE 8011–01–P
                                                 9 15 U.S.C. 78q–1(b)(3)(F).                             11 15 U.S.C. 78s(b)(3)(A).
                                                 10 17 CFR 240.17Ad–22(e)(10).                           12 17 CFR 240.19b–4(f).                                 13 17   CFR 200.30–3(a)(12).



                                          VerDate Sep<11>2014   18:32 Oct 25, 2018   Jkt 247001   PO 00000   Frm 00076   Fmt 4703     Sfmt 4703   E:\FR\FM\26OCN1.SGM    26OCN1



Document Created: 2018-10-26 02:27:30
Document Modified: 2018-10-26 02:27:30
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation83 FR 54154 

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