Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing of Proposed Rule Change To Provide for a T+1 Settlement of the Initial Payment Related to the CDS Contracts Cleared by ICE Clear Europe Limited, 16105-16106 [2012-6496]
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emcdonald on DSK29S0YB1PROD with NOTICES
Federal Register / Vol. 77, No. 53 / Monday, March 19, 2012 / Notices
value is justified by analyses), and
be able to maintain containment
pressure below the primary
containment design pressure.
1.2.2 The HCVS shall be accessible
to plant operators and be capable of
remote operation and control, or
manual operation, during sustained
operations.
1.2.3 The HCVS shall include a
means to prevent inadvertent
actuation.
1.2.4 The HCVS shall include a
means to monitor the status of the
vent system (e.g., valve position
indication) from the control room or
other location(s). The monitoring
system shall be designed for
sustained operation during a
prolonged SBO.
1.2.5 The HCVS shall include a
means to monitor the effluent
discharge for radioactivity that may
be released from operation of the
HCVS. The monitoring system shall
provide indication in the control
room or other location(s), and shall
be designed for sustained operation
during a prolonged SBO.
1.2.6 The HCVS shall include design
features to minimize unintended
cross flow of vented fluids within a
unit and between units on the site.
1.2.7 The HCVS shall include
features and provision for the
operation, testing, inspection and
maintenance adequate to ensure
that reliable function and capability
are maintained.
1.2.8 The HCVS shall be designed
for pressures that are consistent
with maximum containment design
pressures as well as dynamic
loading resulting from system
actuation.
1.2.9 The HCVS shall discharge the
effluent to a release point above
main plant structures.
2. Hardened Containment Venting
System Quality Standards
The following quality standards are
necessary to fulfill the requirements for
a reliable HCVS:
2.1 The HCVS vent path up to and
including the second containment
isolation barrier shall be designed
consistent with the design basis of
the plant. These items include
piping, piping supports,
containment isolation valves,
containment isolation valve
actuators and containment isolation
valve position indication
components.
2.2 All other HCVS components shall
be designed for reliable and rugged
performance that is capable of
ensuring HCVS functionality
following a seismic event. These
VerDate Mar<15>2010
13:40 Mar 16, 2012
Jkt 226001
items include electrical power
supply, valve actuator pneumatic
supply and instrumentation (local
and remote) components.
3. Hardened Containment Venting
System Programmatic Requirements
3.1 The Licensee shall develop,
implement, and maintain
procedures necessary for the safe
operation of the HCVS. Procedures
shall be established for system
operations when normal and
backup power is available, and
during SBO conditions.
3.2 The Licensee shall train
appropriate personnel in the use of
the HCVS. The training curricula
shall include system operations
when normal and backup power is
available, and during SBO
conditions.
[FR Doc. 2012–6545 Filed 3–16–12; 8:45 am]
BILLING CODE 7590–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–66581; File No. SR–ICEEU–
2012–04]
Self-Regulatory Organizations; ICE
Clear Europe Limited; Notice of Filing
of Proposed Rule Change To Provide
for a T+1 Settlement of the Initial
Payment Related to the CDS Contracts
Cleared by ICE Clear Europe Limited
March 13, 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 March 6,
2012, ICE Clear Europe Limited (‘‘ICE
Clear Europe’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
primarily by ICE Clear Europe. 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
ICE Clear Europe proposes rule
amendments that are intended to
modify the terms of each of the various
CDS Contracts cleared by ICE Clear
Europe (iTraxx Contracts, Standard
European Corporate and Sovereign
Contracts) to make the Initial Payment 3
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Initial Payment means, in relation to a CDS
Contract, the payment, if any, specified as the
‘‘Initial Payment Amount’’ (or, in relation to certain
2 17
PO 00000
Frm 00112
Fmt 4703
Sfmt 4703
16105
date the first business day immediately
following the trade date, provided that
with respect to CDS Contracts that are
accepted for clearing after the trade
date, the Initial Payment date will be the
date that is the first business day
following the date when the CDS
Contract is accepted for clearing.
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
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.4
(A) Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
As noted above, the proposed rule
changes amend the timing of Initial
Payments on a cleared CDS Contract.
The Initial Payment under a CDS
Contract is established at the time the
contract is executed and may be payable
from either the protection buyer to the
protection seller or vice versa. Under
the current ICE Clear Europe Rules (by
way of the incorporated ISDA Credit
Derivatives Definitions), and consistent
with practice in the market for
uncleared credit default swaps, the
Initial Payment is required to be made
on the third business day following the
trade date (the execution date). ICE
Clear Europe proposes to amend the
definition of Initial Payment in its
Clearing Rules to provide instead that
the Initial Payment is to be made on the
first business day following the trade
date (or, if the transaction is accepted
for clearing after the trade date, the
initial payment is to be made on the first
business day following the date of
acceptance for clearing). ICE Clear
Europe believes that this change from
T+3 settlement to T+1 settlement will
reduce settlement risk for the
CDS Contracts relating to indices, as the
‘‘Additional Amount’’) under the Contract Terms
for such CDS Contract and, in relation to a Bilateral
CDS Transaction, the payment, usually described
therein as the ‘‘Initial Payment Amount’’ or
‘‘Additional Amount,’’ payable by one party thereto
to the other on the third business day after the trade
date of such Bilateral CDS Transaction. See ICE
Clear Europe Clearing Rules, Section 1, Rule 101.
4 The Commission has modified the text of the
summaries prepared by ICE Clear Europe.
E:\FR\FM\19MRN1.SGM
19MRN1
16106
Federal Register / Vol. 77, No. 53 / Monday, March 19, 2012 / Notices
clearinghouse and clearing members
and improve margin efficiency (as
margin requirements will no longer
need to take into account the additional
risk from a T+3 as opposed to a T+1
settlement rule). ICE Clear Europe’s CDS
Risk Committee approved the proposed
rule changes.
The other proposed changes in the
ICE Clear Europe Rules reflect updates
to cross-references and defined terms
and similar drafting clarifications, and
do not affect the substance of the ICE
Clear Europe Rules or cleared products.
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
ICE Clear Europe does not believe the
proposed rule and procedural changes
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. 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
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
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–ICEEU–2012–04. 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 ICE
Clear Europe and on ICE Clear Europe’s
Web site at https://www.theice.com/
publicdocs/regulatory_filings/
ICE_Clear_Europe_T+1_Settlement.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–ICEEU–2012–04 and
should be submitted on or before April
9, 2012.
emcdonald on DSK29S0YB1PROD with NOTICES
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:
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.5
Kevin O’Neill,
Deputy Secretary.
Electronic Comments
BILLING CODE 8011–01–P
• 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–ICEEU–2012–04 on the
subject line.
VerDate Mar<15>2010
13:40 Mar 16, 2012
Jkt 226001
[FR Doc. 2012–6496 Filed 3–16–12; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–66582; File No. SR–ISE–
2012–16]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing of Proposed Rule
Change To Amend ISE Rule 722
(Complex Orders) To Provide Its
Members With a Choice in Executing
Broker-Dealers for the Stock Leg(s) of
Stock-Option Orders
March 13, 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
29, 2012, the International Securities
Exchange, LLC (the ‘‘Exchange’’ or the
‘‘ISE’’) filed with the Securities and
Exchange Commission (‘‘Commission’’)
the proposed rule change as described
in Items I and II below, which items
have been prepared by the selfregulatory organization. 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 the Substance
of the Proposed Rule Change
The Exchange proposes to amend
Rule 722 (Complex Orders) to allow
Members to execute the stock legs of
stock-option orders through a brokerdealer of their choosing.
The text of the proposed rule change
is available on the Exchange’s Internet
Web site at https://www.ise.com, at the
principal office of the Exchange, and at
the Commission’s Public Reference
Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization 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 self-regulatory organization has
prepared summaries, set forth in
sections A, B and C below, of the most
significant aspects of such statements.
1 15
5 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00113
Fmt 4703
2 17
Sfmt 4703
E:\FR\FM\19MRN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
19MRN1
]]>Agencies
[Federal Register Volume 77, Number 53 (Monday, March 19, 2012)]
[Notices]
[Pages 16105-16106]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-6496]
=======================================================================
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-66581; File No. SR-ICEEU-2012-04]
Self-Regulatory Organizations; ICE Clear Europe Limited; Notice
of Filing of Proposed Rule Change To Provide for a T+1 Settlement of
the Initial Payment Related to the CDS Contracts Cleared by ICE Clear
Europe Limited
March 13, 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 March 6, 2012, ICE Clear Europe Limited (``ICE Clear Europe'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared primarily by ICE Clear Europe. The Commission is
publishing this notice to solicit comments on the proposed rule change
from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
ICE Clear Europe proposes rule amendments that are intended to
modify the terms of each of the various CDS Contracts cleared by ICE
Clear Europe (iTraxx Contracts, Standard European Corporate and
Sovereign Contracts) to make the Initial Payment \3\ date the first
business day immediately following the trade date, provided that with
respect to CDS Contracts that are accepted for clearing after the trade
date, the Initial Payment date will be the date that is the first
business day following the date when the CDS Contract is accepted for
clearing.
---------------------------------------------------------------------------
\3\ Initial Payment means, in relation to a CDS Contract, the
payment, if any, specified as the ``Initial Payment Amount'' (or, in
relation to certain CDS Contracts relating to indices, as the
``Additional Amount'') under the Contract Terms for such CDS
Contract and, in relation to a Bilateral CDS Transaction, the
payment, usually described therein as the ``Initial Payment Amount''
or ``Additional Amount,'' payable by one party thereto to the other
on the third business day after the trade date of such Bilateral CDS
Transaction. See ICE Clear Europe Clearing Rules, Section 1, Rule
101.
---------------------------------------------------------------------------
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 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.\4\
---------------------------------------------------------------------------
\4\ The Commission has modified the text of the summaries
prepared by ICE Clear Europe.
---------------------------------------------------------------------------
(A) Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
As noted above, the proposed rule changes amend the timing of
Initial Payments on a cleared CDS Contract. The Initial Payment under a
CDS Contract is established at the time the contract is executed and
may be payable from either the protection buyer to the protection
seller or vice versa. Under the current ICE Clear Europe Rules (by way
of the incorporated ISDA Credit Derivatives Definitions), and
consistent with practice in the market for uncleared credit default
swaps, the Initial Payment is required to be made on the third business
day following the trade date (the execution date). ICE Clear Europe
proposes to amend the definition of Initial Payment in its Clearing
Rules to provide instead that the Initial Payment is to be made on the
first business day following the trade date (or, if the transaction is
accepted for clearing after the trade date, the initial payment is to
be made on the first business day following the date of acceptance for
clearing). ICE Clear Europe believes that this change from T+3
settlement to T+1 settlement will reduce settlement risk for the
[[Page 16106]]
clearinghouse and clearing members and improve margin efficiency (as
margin requirements will no longer need to take into account the
additional risk from a T+3 as opposed to a T+1 settlement rule). ICE
Clear Europe's CDS Risk Committee approved the proposed rule changes.
The other proposed changes in the ICE Clear Europe Rules reflect
updates to cross-references and defined terms and similar drafting
clarifications, and do not affect the substance of the ICE Clear Europe
Rules or cleared products.
(B) Self-Regulatory Organization's Statement on Burden on Competition
ICE Clear Europe does not believe the proposed rule and procedural
changes 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. 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
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-ICEEU-2012-04 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-ICEEU-2012-04. 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 ICE Clear Europe and
on ICE Clear Europe's Web site at https://www.theice.com/publicdocs/
regulatory--filings/ICE--Clear--Europe--T+1--Settlement.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-ICEEU-2012-04
and should be submitted on or before April 9, 2012.
---------------------------------------------------------------------------
\5\ 17 CFR 200.30-3(a)(12).
For the Commission by the Division of Trading and Markets,
pursuant to delegated authority.\5\
Kevin O'Neill,
Deputy Secretary.
[FR Doc. 2012-6496 Filed 3-16-12; 8:45 am]
BILLING CODE 8011-01-P
