Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Clearance of New Energy Futures Contracts, 68494-68496 [2014-27064]

Download as PDF 68494 Federal Register / Vol. 79, No. 221 / Monday, November 17, 2014 / Notices orders.25 Further, the Exchange proposes to eliminate the current functionality for a series subject to a Contingent Open where, if there is at least one price level at which at least one contract of a limit order can be executed, the System will cancel all orders that are priced equal to or more aggressively than the midpoint of the most aggressively priced bid and the most aggressively priced offer.26 According to BATS, for many Users, cancelling orders that were entered for participation in the Opening Process negates the advantages of allowing orders to be entered prior to the beginning of regular way trading and the Opening Process.27 Finally, the Exchange proposes certain clarifying changes to its Opening Process rules. For example, the Exchange proposes to add language to Rule 21.7(a)(3) stating that the Opening Process will be performed after the establishment of an Opening Price that is a Valid Price 28 and that matches will occur until there is no remaining volume or there is an imbalance of orders.29 The Exchange believes that both of these concepts are implicit in the rule.30 III. Discussion and Commission Findings After careful review, the Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange.31 In particular, the Commission finds that the proposed rule change is consistent with Section 6(b)(5) of the Act,32 which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market 25 See Notice, supra note 3, at 58846. id. The Exchange notes that although not cancelling these orders might result in executions at a price that is not the same as the Opening Price that occurs as the orders are handled in time sequence (either on BATS Options or upon routing to another options exchange), these executions would be part of regular way trading and are distinct from the opening execution that occurs as a result of the Opening Process. See id. 27 See id. 28 See BATS Rule 21.7(a)(2) (defining ‘‘Valid Price’’). 29 See Notice, supra note 3, at 58846. 30 See id. 31 In approving this proposal, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 32 15 U.S.C. 78f(b)(5). asabaliauskas on DSK5VPTVN1PROD with NOTICES 26 See VerDate Sep<11>2014 17:14 Nov 14, 2014 Jkt 235001 system, and, in general, to protect investors and the public interest. The proposed rule change is designed to modify the Exchange’s Opening Process for options listed on the Exchange to ensure that BATS Options opens trading in options contracts in a fair and orderly manner. As noted above, the Exchange believes that handling orders in time priority (as opposed to price-time priority) will create a more orderly opening and makes more sense because the price of the order is not particularly important to the Opening Process, provided the order is priced at or more aggressively than the Opening Price. Under such circumstances, the Exchange believes that there is no reason to reward a more aggressive order with priority in the Opening Process. In addition, the Exchange also believes that entering orders in time sequence based on the time of receipt instead of canceling certain orders will create a more orderly opening because Users will be able to enter orders and quotes prior to the opening of trading and be assured that such orders will either participate in the Opening Process or be handled as if they were entered immediately following the Opening Process. The Exchange believes that these changes will provide market makers and Users greater control and flexibility with respect to entering orders and quotes because they will no longer have to reenter orders that may have been canceled because they were not executed in the opening process. The Commission believes that the proposed rule change is designed to facilitate the opening of options trading on BATS Options in a fair and orderly manner. Further, the Commission believes that the proposal could benefit investors by providing Users with certainty that orders that are entered prior to the Opening Process will not be cancelled based on market conditions outside of a User’s control. The Commission further notes that all order protections, including Trade-Through protection and the BATS Market Order collar, will apply to orders entered pursuant to proposed BATS Rules 21.7(a)(3) and 21.7(a)(4).33 IV. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act,34 that the proposed rule change (SR–BATS–2014– 040), as modified by Amendment No.1, is approved. 33 See 34 15 PO 00000 Notice, supra note 3 at 58846. U.S.C. 78s(b)(2). Frm 00090 Fmt 4703 Sfmt 4703 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.35 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–27065 Filed 11–14–14; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–73570; File No. SR–ICEEU– 2014–21] Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Clearance of New Energy Futures Contracts November 10, 2014. 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 28, 2014, ICE Clear Europe Limited (‘‘ICE Clear Europe’’) 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 primarily by ICE Clear Europe. ICE Clear Europe filed the proposal pursuant to Section 19(b)(3)(A) of the Act,3 and Rule 19b–4(f)(4)(ii) 4 thereunder, so that the proposal was effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The principal purpose of the change is to modify certain aspects of the ICE Clear Europe Delivery Procedures in connection with the launch by the ICE Endex market of the ICE Endex Belgian ZTP Natural Gas Futures Contracts (the ‘‘Belgian Natural Gas Contracts’’), which will be cleared by ICE Clear Europe. II. Self-Regulatory Organization’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 35 17 CFR 200.30–3(a)(12). 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). 1 15 E:\FR\FM\17NON1.SGM 17NON1 Federal Register / Vol. 79, No. 221 / Monday, November 17, 2014 / Notices asabaliauskas on DSK5VPTVN1PROD with NOTICES 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 these statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change The purpose of the rule amendments is to modify certain aspects of the ICE Clear Europe Delivery Procedures in connection with the launch by the ICE Endex market of the Belgian Natural Gas Contracts, which will be cleared by ICE Clear Europe. ICE Clear Europe does not otherwise propose to amend its clearing rules or procedures in connection with the Belgian Natural Gas Contracts. The amendments adopt a new Part H of the Delivery Procedures, which will be applicable to the Belgian Natural Gas Contracts in the case of physical delivery. The amendments provide, among other matters, specifications for delivery of natural gas under a Belgian Natural Gas Contract through the relevant Belgian transmission system, including relevant definitions and a detailed delivery timetable for the contracts. The amendments also address invoicing and payment for delivery and certain limitations on the liability of the Clearing House for performance or nonperformance by the operator of the transmission system and provider of certain relating trading services. The amendments provide for calculation by the clearing house of buyer’s and seller’s security to cover delivery obligations and related liabilities, costs or charges, as well as procedures to address failed deliveries. The revised procedures also outline various documentation requirements for the relevant parties. In addition, the Parts of the Delivery Procedures after new Part H have been renumbered and cross-references have been updated or corrected. Certain other typographical corrections have also been made in Parts D, E, F and G of the Delivery Procedures. ICE Clear Europe believes that the changes described herein are consistent with the requirements of Section 17A of the Act 5 and the regulations thereunder applicable to it, including the standards under Rule 17Ad–22,6 and are consistent with the prompt and accurate clearance of and settlement of securities transactions and, to the extent applicable, derivative agreements, contracts and transactions, the 5 15 6 17 U.S.C. 78q–1. CFR 240.17Ad–22. VerDate Sep<11>2014 17:14 Nov 14, 2014 safeguarding of securities and funds in the custody or control of ICE Clear Europe or for which it is responsible and the protection of investors and the public interest, within the meaning of Section 17A(b)(3)(F) of the Act.7 The Belgian Natural Gas Contracts have similar characteristics to other ICE Endex and ICE Futures Europe energy contracts currently cleared by ICE Clear Europe, and ICE Clear Europe believes that its existing financial resources, risk management, systems and operational arrangements are sufficient to support clearing of such products (and address physical delivery under such contracts). Specifically, ICE Clear Europe believes that it will be able to manage the risks associated with acceptance of the Belgian Natural Gas Contracts for clearing and physical delivery in such contracts. The Belgian Natural Gas Contracts present a similar risk profile to other ICE Endex contracts currently cleared by ICE Clear Europe, and ICE Clear Europe believes that its existing risk management and margin framework is sufficient for purposes of risk management of the Belgian Natural Gas Contracts and related deliveries. Similarly, ICE Clear Europe has established appropriate standards for determining the eligibility of contracts submitted to the clearinghouse for clearing, and ICE Clear Europe believes that its existing systems are appropriately scalable to handle the Belgian Natural Gas Contracts, which are generally similar from an operational perspective to the other ICE Endex natural gas contracts currently cleared by ICE Clear Europe. For the reasons noted above, ICE Clear Europe believes that the proposed rule change is consistent with the requirements of Section 17A of the Act 8 and regulations thereunder applicable to it. B. Self-Regulatory Organization’s Statement on Burden on Competition ICE Clear Europe does not believe the proposed changes to the rules would have any impact, or impose any burden, on competition not necessary or appropriate in furtherance of the Act. ICE Clear Europe is adopting the amendments to the Delivery Procedures in connection with the listing of new contracts for trading on the ICE Endex market. ICE Clear Europe believes that such contracts will provide additional opportunities for interested market participants to engage in trading activity relating to the Belgian natural gas market. ICE Clear Europe does not 7 15 8 15 Jkt 235001 PO 00000 U.S.C. 78q–1(b)(3)(F). U.S.C. 78q–1. Frm 00091 Fmt 4703 Sfmt 4703 68495 believe the adoption of related Delivery Procedures amendments would adversely affect access to clearing for clearing members or their customers, or otherwise adversely affect competition in clearing services. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others Written comments relating to the proposed changes to the rules have not been solicited or received. ICE Clear Europe will notify the Commission of any written comments received by ICE Clear Europe. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective upon filing pursuant to Section 19(b)(3)(A) 9 of the Act and Rule 19b– 4(f)(4)(ii) 10 thereunder because it effects a change in an existing service of a registered clearing agency that primarily affects the clearing operations of the clearing agency with respect to products that are not securities, including futures that are not security futures, swaps that are not security-based swaps or mixed swaps, and forwards that are not security forwards, and does not significantly affect any securities clearing operations of the clearing agency or any rights or obligations of the clearing agency with respect to securities clearing or persons using such securities-clearing service. 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. 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 Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File Number SR– ICEEU–2014–21 on the subject line. 9 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(4)(ii). 10 17 E:\FR\FM\17NON1.SGM 17NON1 68496 Federal Register / Vol. 79, No. 221 / Monday, November 17, 2014 / Notices 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–2014–21. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (https://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission’s Public Reference Room, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filings will also be available for inspection and copying at the principal office of ICE Clear Europe and on ICE Clear Europe’s Web site at https:// www.theice.com/clear-europe/ regulation#rule-filings. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–ICEEU–2014–21 and should be submitted on or before December 8, 2014. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–27064 Filed 11–14–14; 8:45 am] This is a Notice of the Presidential declaration of a major disaster for Public Assistance Only for the State of Arizona (FEMA–4203–DR), dated 11/05/2014. SMALL BUSINESS ADMINISTRATION Incident: Severe storms and flooding. Incident Period: 09/07/2014 through 09/09/2014. Effective Date: 11/05/2014. Physical Loan Application Deadline Date: 01/05/2015. Economic Injury (EIDL) Loan Application Deadline Date: 08/05/2015. AGENCY: SUMMARY: Submit completed loan applications to: U.S. Small Business Administration, Processing And Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. ADDRESSES: FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street SW., Suite 6050, Washington, DC 20416. Notice is hereby given that as a result of the President’s major disaster declaration on 11/05/2014, Private Non-Profit organizations that provide essential services of governmental nature may file disaster loan applications at the address listed above or other locally announced locations. The following areas have been determined to be adversely affected by the disaster: SUPPLEMENTARY INFORMATION: asabaliauskas on DSK5VPTVN1PROD with NOTICES [Disaster Declaration #14182 and #14183] For Physical Damage: Non-Profit Organizations With Credit Available Elsewhere ... Non-Profit Organizations Without Credit Available Elsewhere ..................................... For Economic Injury: Non-Profit Organizations Without Credit Available Elsewhere ..................................... 17:14 Nov 14, 2014 Jkt 235001 Frm 00092 Fmt 4703 Sfmt 4703 A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street SW., Suite 6050, Washington, DC 20416. FOR FURTHER INFORMATION CONTACT: SUPPLEMENTARY INFORMATION: Percent [FR Doc. 2014–27169 Filed 11–14–14; 8:45 am] PO 00000 Submit completed loan applications to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. ADDRESSES: 2.625 James E. Rivera, Associate Administrator for Disaster Assistance. VerDate Sep<11>2014 This is a Notice of the Presidential declaration of a major disaster for Public Assistance Only for the State of Nevada (FEMA—4202—DR), dated 11/05/2014. Incident: Severe Storms and Flooding. Incident Period: 09/07/2014 through 09/09/2014. Effective Date: 11/05/2014. Physical Loan Application Deadline Date: 01/05/2015. Economic Injury (EIDL) Loan Application Deadline Date: 08/05/2015. SUMMARY: The Interest Rates are: The number assigned to this disaster for physical damage is 14182B and for economic injury is 14183B. BILLING CODE 8025–01–P Notice. 2.625 Percent U.S. Small Business Administration. ACTION: Notice. CFR 200.30–3(a)(12). ACTION: Primary Counties: MOAPA BAND of PAIUTES RESERVATION. The Interest Rates are: Arizona Disaster #AZ–00040 11 17 U.S. Small Business Administration. 2.625 Primary Counties: La Paz, Maricopa. (Catalog of Federal Domestic Assistance Numbers 59002 and 59008). AGENCY: Nevada Disaster #NV–00032 Notice is hereby given that as a result of the President’s major disaster declaration on 11/05/2014, Private Non-Profit organizations that provide essential services of governmental nature may file disaster loan applications at the address listed above or other locally announced locations. The following areas have been determined to be adversely affected by the disaster: BILLING CODE 8011–01–P SMALL BUSINESS ADMINISTRATION [Disaster Declaration #14180 and #14181] For Physical Damage: Non-Profit Organizations With Credit Available Elsewhere ... Non-Profit Organizations Without Credit Available Elsewhere ..................................... For Economic Injury: Non-Profit Organizations Without Credit Available Elsewhere ..................................... 2.625 2.625 2.625 The number assigned to this disaster for physical damage is 14180B and for economic injury is 14181B. E:\FR\FM\17NON1.SGM 17NON1

Agencies

[Federal Register Volume 79, Number 221 (Monday, November 17, 2014)]
[Notices]
[Pages 68494-68496]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-27064]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73570; File No. SR-ICEEU-2014-21]


Self-Regulatory Organizations; ICE Clear Europe Limited; Notice 
of Filing and Immediate Effectiveness of Proposed Rule Change Relating 
to the Clearance of New Energy Futures Contracts

November 10, 2014.
    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 28, 2014, ICE Clear Europe Limited (``ICE Clear 
Europe'') 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 primarily by ICE Clear 
Europe. ICE Clear Europe filed the proposal pursuant to Section 
19(b)(3)(A) of the Act,\3\ and Rule 19b-4(f)(4)(ii) \4\ thereunder, so 
that the proposal was 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. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The principal purpose of the change is to modify certain aspects of 
the ICE Clear Europe Delivery Procedures in connection with the launch 
by the ICE Endex market of the ICE Endex Belgian ZTP Natural Gas 
Futures Contracts (the ``Belgian Natural Gas Contracts''), which will 
be cleared by ICE Clear Europe.

II. Self-Regulatory Organization'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

[[Page 68495]]

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 these statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    The purpose of the rule amendments is to modify certain aspects of 
the ICE Clear Europe Delivery Procedures in connection with the launch 
by the ICE Endex market of the Belgian Natural Gas Contracts, which 
will be cleared by ICE Clear Europe. ICE Clear Europe does not 
otherwise propose to amend its clearing rules or procedures in 
connection with the Belgian Natural Gas Contracts.
    The amendments adopt a new Part H of the Delivery Procedures, which 
will be applicable to the Belgian Natural Gas Contracts in the case of 
physical delivery. The amendments provide, among other matters, 
specifications for delivery of natural gas under a Belgian Natural Gas 
Contract through the relevant Belgian transmission system, including 
relevant definitions and a detailed delivery timetable for the 
contracts. The amendments also address invoicing and payment for 
delivery and certain limitations on the liability of the Clearing House 
for performance or non-performance by the operator of the transmission 
system and provider of certain relating trading services. The 
amendments provide for calculation by the clearing house of buyer's and 
seller's security to cover delivery obligations and related 
liabilities, costs or charges, as well as procedures to address failed 
deliveries. The revised procedures also outline various documentation 
requirements for the relevant parties.
    In addition, the Parts of the Delivery Procedures after new Part H 
have been renumbered and cross-references have been updated or 
corrected. Certain other typographical corrections have also been made 
in Parts D, E, F and G of the Delivery Procedures.
    ICE Clear Europe believes that the changes described herein are 
consistent with the requirements of Section 17A of the Act \5\ and the 
regulations thereunder applicable to it, including the standards under 
Rule 17Ad-22,\6\ and are consistent with the prompt and accurate 
clearance of and settlement of securities transactions and, to the 
extent applicable, derivative agreements, contracts and transactions, 
the safeguarding of securities and funds in the custody or control of 
ICE Clear Europe or for which it is responsible and the protection of 
investors and the public interest, within the meaning of Section 
17A(b)(3)(F) of the Act.\7\ The Belgian Natural Gas Contracts have 
similar characteristics to other ICE Endex and ICE Futures Europe 
energy contracts currently cleared by ICE Clear Europe, and ICE Clear 
Europe believes that its existing financial resources, risk management, 
systems and operational arrangements are sufficient to support clearing 
of such products (and address physical delivery under such contracts).
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78q-1.
    \6\ 17 CFR 240.17Ad-22.
    \7\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    Specifically, ICE Clear Europe believes that it will be able to 
manage the risks associated with acceptance of the Belgian Natural Gas 
Contracts for clearing and physical delivery in such contracts. The 
Belgian Natural Gas Contracts present a similar risk profile to other 
ICE Endex contracts currently cleared by ICE Clear Europe, and ICE 
Clear Europe believes that its existing risk management and margin 
framework is sufficient for purposes of risk management of the Belgian 
Natural Gas Contracts and related deliveries.
    Similarly, ICE Clear Europe has established appropriate standards 
for determining the eligibility of contracts submitted to the 
clearinghouse for clearing, and ICE Clear Europe believes that its 
existing systems are appropriately scalable to handle the Belgian 
Natural Gas Contracts, which are generally similar from an operational 
perspective to the other ICE Endex natural gas contracts currently 
cleared by ICE Clear Europe.
    For the reasons noted above, ICE Clear Europe believes that the 
proposed rule change is consistent with the requirements of Section 17A 
of the Act \8\ and regulations thereunder applicable to it.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78q-1.
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    ICE Clear Europe does not believe the proposed changes to the rules 
would have any impact, or impose any burden, on competition not 
necessary or appropriate in furtherance of the Act. ICE Clear Europe is 
adopting the amendments to the Delivery Procedures in connection with 
the listing of new contracts for trading on the ICE Endex market. ICE 
Clear Europe believes that such contracts will provide additional 
opportunities for interested market participants to engage in trading 
activity relating to the Belgian natural gas market. ICE Clear Europe 
does not believe the adoption of related Delivery Procedures amendments 
would adversely affect access to clearing for clearing members or their 
customers, or otherwise adversely affect competition in clearing 
services.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants or Others

    Written comments relating to the proposed changes to the rules have 
not been solicited or received. ICE Clear Europe will notify the 
Commission of any written comments received by ICE Clear Europe.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change has become effective upon filing pursuant 
to Section 19(b)(3)(A) \9\ of the Act and Rule 19b-4(f)(4)(ii) \10\ 
thereunder because it effects a change in an existing service of a 
registered clearing agency that primarily affects the clearing 
operations of the clearing agency with respect to products that are not 
securities, including futures that are not security futures, swaps that 
are not security-based swaps or mixed swaps, and forwards that are not 
security forwards, and does not significantly affect any securities 
clearing operations of the clearing agency or any rights or obligations 
of the clearing agency with respect to securities clearing or persons 
using such securities-clearing service. 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.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(4)(ii).
---------------------------------------------------------------------------

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 Comments

     Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number SR-ICEEU-2014-21 on the subject line.

[[Page 68496]]

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-2014-21. This file 
number should be included on the subject line if email is used. To help 
the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for Web site viewing and 
printing in the Commission's Public Reference Room, 100 F Street NE., 
Washington, DC 20549, on official business days between the hours of 
10:00 a.m. and 3:00 p.m. Copies of such filings will also be available 
for inspection and copying at the principal office of ICE Clear Europe 
and on ICE Clear Europe's Web site at https://www.theice.com/clear-europe/regulation#rule-filings.
    All comments received will be posted without change; the Commission 
does not edit personal identifying information from submissions. You 
should submit only information that you wish to make available 
publicly. All submissions should refer to File Number SR-ICEEU-2014-21 
and should be submitted on or before December 8, 2014.
    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-27064 Filed 11-14-14; 8:45 am]
BILLING CODE 8011-01-P
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