Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing of Proposed Rule To Provide That One Hundred Percent (100%) of the Initial Margin Requirement for Client-related Positions Cleared in a Clearing Participant's Customer Account Origin May Be Satisfied by a Clearing Participant Utilizing US Treasuries, 13678-13680 [2012-5472]

Download as PDF 13678 Federal Register / Vol. 77, No. 45 / Wednesday, March 7, 2012 / Notices rules of the Exchange. The Exchange also believes that this filing furthers the objectives of Section 6(b)(5) of the Act 15 in that it is designed to facilitate transactions in securities, to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and in general, to protect investors and the public interest. Additionally, the Exchange notes that the provisions of the BOX LLC Agreement, previously approved by the Commission, provide a framework for addressing the Acquisition. Accordingly, the Exchange believes the Acquisition does not present any novel issues that have not been anticipated and addressed by the BOX LLC Agreement. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has neither solicited nor received comments on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not significantly affect the protection of investors or the public interest, does not impose any significant burden on competition, and, by its terms, does not become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act 16 and Rule 19b4(f)(6) thereunder.17 srobinson on DSK4SPTVN1PROD with NOTICES 15 15 U.S.C. 78f(b)(5). U.S.C. 78s(b)(3)(A). 17 17 CFR 240.19b–4(f)(6). In addition, Rule 19b4(f)(6)(iii) requires the Exchange to give the Commission written notice of the Exchange’s intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. 16 15 VerDate Mar<15>2010 18:40 Mar 06, 2012 Jkt 226001 The Exchange has requested that the Commission waive the 30-day operative delay. The Commission believes that waiver of the operative delay is consistent with the protection of investors and the public interest because the Acquisition does not present any novel issues that have not been anticipated and addressed by the BOX LLC Agreement. Therefore, the Commission designates the proposal operative upon filing.18 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: 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 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. 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 publicly available. All submissions should refer to File Number SR–BX– 2012–014, and should be submitted on or before March 28, 2012. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.19 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–5473 Filed 3–6–12; 8:45 am] BILLING CODE 8011–01–P Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an email to rulecomments@sec.gov. Please include File Number SR–BX–2012–014 on the subject line. Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–BX–2012–014. 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 18 For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). PO 00000 Frm 00150 Fmt 4703 Sfmt 4703 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–66500; File No. SR–ICC– 2012–01] Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing of Proposed Rule To Provide That One Hundred Percent (100%) of the Initial Margin Requirement for Client-related Positions Cleared in a Clearing Participant’s Customer Account Origin May Be Satisfied by a Clearing Participant Utilizing US Treasuries March 1, 2012. 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 February 17, 2012, ICE Clear Credit LLC (‘‘ICC’’) 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 ICC. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. 19 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 E:\FR\FM\07MRN1.SGM 07MRN1 Federal Register / Vol. 77, No. 45 / Wednesday, March 7, 2012 / Notices I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change ICC proposes rule amendments that will allow clearing participants to satisfy the initial margin-related liquidity requirements for client-related positions cleared in a clearing participant’s customer account origin by posting US Treasuries. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, ICC 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. ICC has prepared summaries, set forth in sections (A), (B), and (C) below, of the most significant aspects of these statements.3 (A) Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change srobinson on DSK4SPTVN1PROD with NOTICES The proposed rule changes provide that one hundred percent (100%) of the initial margin requirement for clientrelated positions cleared in a clearing participant’s customer account origin may be satisfied by the clearing participant utilizing US Treasuries.4 The ICC rules currently provide that for all accounts at least forty-five percent (45%) of initial margin must be posted in US dollar cash. The next twenty percent (20%) must be posted in US dollar cash or US Treasuries. The remaining thirty-five percent (35%) must be posted in US dollar cash or US Treasuries or G7 cash. The proposed rules provide that at least sixty-five percent (65%) of the initial margin requirement for clientrelated positions cleared in a clearing participant’s customer account origin must be posted in US dollar denominated assets (US dollar cash and/or US Treasuries) and the remaining thirty-five percent (35%) must be posted in US dollar cash or US Treasuries or G7 cash. Again, the 3 The Commission has modified the text of the summaries prepared by ICC. 4 ICC applies haircuts to US Treasuries to mitigate liquidity risk. The current haircuts are: 1.25% for US Treasuries maturing in less than one year, 2.5% for US Treasuries maturing in one to five years, 5.0% for US Treasuries maturing in five to ten years, and 10.0% for US Treasuries maturing in more than ten years (available at: https:// www.theice.com/publicdocs/clear_credit/ ICE_Clear_Credit_Collateral_Management.pdf). VerDate Mar<15>2010 18:40 Mar 06, 2012 Jkt 226001 proposed changes will apply only to the initial margin liquidity requirements associated with the initial margin requirement for client-related positions cleared in a clearing participant’s customer account origin. The proposed changes will not apply to the ICC liquidity requirements for house initial margin and the guaranty fund. The proposed rule changes are intended to facilitate client-related clearing. Customers of ICC’s clearing participants have indicated that the current US dollar cash liquidity requirement is too restrictive and serves as a barrier to clearing. The proposed rule changes are consistent with the recently promulgated CFTC regulation 39.11(e)(1) that provides that the CFTC’s ‘‘cash’’ liquidity requirement includes US Treasury obligations. ICC routinely monitors its potential liquidity needs and reevaluates its liquidity requirements to ensure that it has sufficient intraday liquidity to manage cash payments in the event of a member default.5 (B) Self-Regulatory Organization’s Statement on Burden on Competition ICC does not believe the proposed rule change would have any impact, or impose any burden, on competition. (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 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 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 the 5 Currently at least 45% of house initial margin and the guaranty fund requirements must be posted in US dollar cash and the ICC contribution to the guaranty fund is in US dollar cash. Additionally, ICC requires all members to meet and maintain their minimum guaranty fund requirement deposit of $20 million in US dollar cash regardless of the amount of each member’s total guaranty fund requirement. In addition, in the event of immediate liquidity needs in the event of a member’s default, ICC may borrow (through IntercontinentalExchange, Inc.) up to an aggregate principal amount of $100 million against IntercontinentalExchange, Inc.’s senior unsecured revolving credit facility. PO 00000 Frm 00151 Fmt 4703 Sfmt 4703 13679 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 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–ICC–2012–01 on the subject line. Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–ICC–2012–01. 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 Section, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filings will also be available for inspection and copying at the principal office of ICC and on ICC’s Web site at https:// www.theice.com/publicdocs/ regulatory_filings/ ICEClearCredit_021712.pdf. 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–ICC–2012–01 and should E:\FR\FM\07MRN1.SGM 07MRN1 13680 Federal Register / Vol. 77, No. 45 / Wednesday, March 7, 2012 / Notices be submitted on or before March 28, 2012. For the Commission by the Division of Trading and Markets, pursuant to delegated authority.6 Kevin O’Neill, Deputy Secretary. [FR Doc. 2012–5472 Filed 3–6–12; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–66499; File No. SR– NASDAQ–2012–002] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change To Adopt an Alternative to the $4 Initial Listing Bid Price Requirement for the Nasdaq Capital Market of Either $2 or $3, if Certain Other Listing Requirements Are Met March 1, 2012. srobinson on DSK4SPTVN1PROD with NOTICES On January 3, 2012, The NASDAQ Stock Market LLC (‘‘Exchange’’ or ‘‘Nasdaq’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’)1 and Rule 19b–4 thereunder,2 a proposal to adopt an alternative to the $4 minimum bid price initial listing requirement for the Nasdaq Capital Market of either $2 or $3, if certain other listing requirements are met. The proposed rule change was published for comment in the Federal Register on January 20, 2012.3 The Commission received one comment on the proposal.4 Section 19(b)(2) of the Act 5 provides that, within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day for this filing is March 5, 2012. 6 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 See Securities Exchange Act Release No. 66159 (January 13, 2012), 77 FR 3021. 4 See Letter from David A. Donohoe, Jr., Donohoe Advisory Associates LLC, to Elizabeth M. Murphy, Secretary, Commission, dated February 10, 2012. 5 15 U.S.C. 78s(b)(2). 1 15 VerDate Mar<15>2010 18:40 Mar 06, 2012 Jkt 226001 The Commission is extending the 45day time period for Commission action on the proposed rule change. The Commission finds that it is appropriate to designate a longer period to take action on the proposed rule change so that it has sufficient time to consider the Exchange’s proposal and the comment received. The Exchange’s proposal would, among other things, allow a company’s primary equity securities to be initially listed on the Nasdaq Capital Market if those securities have a minimum bid price of $2 or $3 per share and certain other listing requirements are met. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,6 designates April 19, 2012, as the date by which the Commission should either approve or disapprove or institute proceedings to determine whether to disapprove the proposed rule change. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.7 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–5471 Filed 3–6–12; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend the CBOE Stock Exchange (‘‘CBSX’’) Fees Schedule. The text of the proposed rule change is available on the Exchange’s Web site (https://www.cboe.com/ AboutCBOE/ CBOELegalRegulatoryHome.aspx), at the Exchange’s Office of the Secretary, and at the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose [Release No. 34–66498; File No. SR–CBOE– 2012–020] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the CBOE Stock Exchange Fees Schedule March 1, 2012. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on February 22, 2012, the Chicago Board Options Exchange, Incorporated (the ‘‘Exchange’’ or ‘‘CBOE’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. 6 15 U.S.C. 78s(b)(2). CFR 200.30–3(a)(31). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. The Exchange proposes to amend CBSX Maker and Taker fees for competitive and business purposes. First, CBSX proposes to increase the Maker fee for transactions in securities priced $1 or greater by $0.0001 per share, to $0.0018. CBSX also proposes to increase the Maker fee for transactions in securities priced $1 or greater executed by a market participant that adds two million or more shares of liquidity that day by $0.0001 per share, to $0.0016. The Exchange also proposes to amend Maker and Taker fees for transactions in securities priced less than $1. The Exchange proposes to assess no Maker fee for such transactions in order to attract liquidity. The Exchange also proposes to increase the Taker fee for transactions in securities priced less than $1 to 0.30% of the dollar value of the transaction in order to normalize the Taker fee to equivalent offerings by other exchanges.3 The proposed changes are to take effect March 1, 2012. 7 17 PO 00000 Frm 00152 Fmt 4703 3 See Chicago Stock Exchange, Inc. Fee Schedule, Section E(1). Sfmt 4703 E:\FR\FM\07MRN1.SGM 07MRN1

Agencies

[Federal Register Volume 77, Number 45 (Wednesday, March 7, 2012)]
[Notices]
[Pages 13678-13680]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-5472]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-66500; File No. SR-ICC-2012-01]


 Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of 
Filing of Proposed Rule To Provide That One Hundred Percent (100%) of 
the Initial Margin Requirement for Client-related Positions Cleared in 
a Clearing Participant's Customer Account Origin May Be Satisfied by a 
Clearing Participant Utilizing US Treasuries

March 1, 2012.
    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 February 17, 2012, ICE Clear Credit LLC (``ICC'') 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 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.

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

[[Page 13679]]

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    ICC proposes rule amendments that will allow clearing participants 
to satisfy the initial margin-related liquidity requirements for 
client-related positions cleared in a clearing participant's customer 
account origin by posting US Treasuries.

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

    In its filing with the Commission, ICC 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. ICC has prepared summaries, set forth in sections (A), 
(B), and (C) below, of the most significant aspects of these 
statements.\3\
---------------------------------------------------------------------------

    \3\ The Commission has modified the text of the summaries 
prepared by ICC.
---------------------------------------------------------------------------

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

    The proposed rule changes provide that one hundred percent (100%) 
of the initial margin requirement for client-related positions cleared 
in a clearing participant's customer account origin may be satisfied by 
the clearing participant utilizing US Treasuries.\4\
---------------------------------------------------------------------------

    \4\ ICC applies haircuts to US Treasuries to mitigate liquidity 
risk. The current haircuts are: 1.25% for US Treasuries maturing in 
less than one year, 2.5% for US Treasuries maturing in one to five 
years, 5.0% for US Treasuries maturing in five to ten years, and 
10.0% for US Treasuries maturing in more than ten years (available 
at: https://www.theice.com/publicdocs/clear_credit/ICE_Clear_Credit_Collateral_Management.pdf).
---------------------------------------------------------------------------

    The ICC rules currently provide that for all accounts at least 
forty-five percent (45%) of initial margin must be posted in US dollar 
cash. The next twenty percent (20%) must be posted in US dollar cash or 
US Treasuries. The remaining thirty-five percent (35%) must be posted 
in US dollar cash or US Treasuries or G7 cash.
    The proposed rules provide that at least sixty-five percent (65%) 
of the initial margin requirement for client-related positions cleared 
in a clearing participant's customer account origin must be posted in 
US dollar denominated assets (US dollar cash and/or US Treasuries) and 
the remaining thirty-five percent (35%) must be posted in US dollar 
cash or US Treasuries or G7 cash. Again, the proposed changes will 
apply only to the initial margin liquidity requirements associated with 
the initial margin requirement for client-related positions cleared in 
a clearing participant's customer account origin. The proposed changes 
will not apply to the ICC liquidity requirements for house initial 
margin and the guaranty fund.
    The proposed rule changes are intended to facilitate client-related 
clearing. Customers of ICC's clearing participants have indicated that 
the current US dollar cash liquidity requirement is too restrictive and 
serves as a barrier to clearing. The proposed rule changes are 
consistent with the recently promulgated CFTC regulation 39.11(e)(1) 
that provides that the CFTC's ``cash'' liquidity requirement includes 
US Treasury obligations. ICC routinely monitors its potential liquidity 
needs and reevaluates its liquidity requirements to ensure that it has 
sufficient intraday liquidity to manage cash payments in the event of a 
member default.\5\
---------------------------------------------------------------------------

    \5\ Currently at least 45% of house initial margin and the 
guaranty fund requirements must be posted in US dollar cash and the 
ICC contribution to the guaranty fund is in US dollar cash. 
Additionally, ICC requires all members to meet and maintain their 
minimum guaranty fund requirement deposit of $20 million in US 
dollar cash regardless of the amount of each member's total guaranty 
fund requirement. In addition, in the event of immediate liquidity 
needs in the event of a member's default, ICC may borrow (through 
IntercontinentalExchange, Inc.) up to an aggregate principal amount 
of $100 million against IntercontinentalExchange, Inc.'s senior 
unsecured revolving credit facility.
---------------------------------------------------------------------------

(B) Self-Regulatory Organization's Statement on Burden on Competition

    ICC does not believe the proposed rule change would have any 
impact, or impose any burden, on competition.

(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 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 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 the 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 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-ICC-2012-01 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-ICC-2012-01. 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 Section, 100 F Street 
NE., Washington, DC 20549, on official business days between the hours 
of 10 a.m. and 3 p.m. Copies of such filings will also be available for 
inspection and copying at the principal office of ICC and on ICC's Web 
site at https://www.theice.com/publicdocs/regulatory_filings/ICEClearCredit_021712.pdf.
    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-ICC-2012-01 
and should

[[Page 13680]]

be submitted on or before March 28, 2012.

    For the Commission by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
---------------------------------------------------------------------------

    \6\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin O'Neill,
Deputy Secretary.
[FR Doc. 2012-5472 Filed 3-6-12; 8:45 am]
BILLING CODE 8011-01-P
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