Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing of Proposed Rule Change To Amend the ICE Clear Europe CDS Procedures, Finance Procedures, and Rules With Respect to the Calculation and Payment of Interest on Mark-To-Market Margin on CDS Transactions, 17537-17539 [2012-7204]
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<![CDATA[
tkelley on DSK3SPTVN1PROD with NOTICES
Federal Register / Vol. 77, No. 58 / Monday, March 26, 2012 / Notices
percentage basis than at traditional
futures clearinghouses.
Modification #1 reduces the level of
default resources held in the mutualized
ICC guaranty fund and increases the
level of resources held in initial margin
(collateral).
The ICC guaranty fund is relatively
much larger, as compared to traditional
futures clearinghouses, in part because
the guaranty fund model is currently
designed to cover the uncollateralized
losses that would result from the three
single names that would cause the
greatest losses when entering a state of
default. Modification #1 incorporates
into the initial margin risk model the
single name that causes the greatest loss
when entering a state of default (i.e., the
single name that results in the greatest
amount of loss when stress-tested). This
change effectively collateralizes the loss
that would occur from the single name
that causes the greatest loss entering a
state of default. Consequently, the
amount of uncollateralized loss that
would result from the three single
names causing the greatest losses when
entering a state of default is reduced,
thereby reducing the amount of required
guaranty fund contributions.
This change to the guaranty fund and
initial margin risk model will, as noted
above, result in a reduction of the
guaranty fund requirements and an
increase in the initial margin
requirements. However, it is important
to note that the decrease in the guaranty
fund and the increase in initial margin
requirements are not symmetrical.
Instead, based upon current portfolios,
for every $1 decrease to the guaranty
fund there will be a corresponding
increase to the initial margin
requirements of approximately $5.
Modification #2 modifies the initial
margin risk model by removing the
conditional Recovery Rate stressscenarios and adding a new Recovery
Rate sensitivity component that is
computed by considering changes in the
Recovery Rate assumptions and their
impact on the Net Asset Value of the
Credit Default Swap portfolio. This
modification will make it easier for
market participants to measure their
risk.
ICC believes that the proposed rule
change is consistent with the
requirements of Section 17A of the Act
and the rules and regulations
thereunder applicable to it. ICC believes
that by reducing the level of default
resources held in the guaranty fund and
increasing the level of default resources
held as initial margin and by modifying
the initial margin risk model as
described above, it is able to safeguard
VerDate Mar<15>2010
19:32 Mar 23, 2012
Jkt 226001
securities and funds in its custody or
control or for which it is responsible.
(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 rulecomments@sec.gov. Please include File
Number SR–ICC–2012–03 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–2012–03. 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
PO 00000
Frm 00136
Fmt 4703
Sfmt 4703
17537
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_030812.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–2012–03 and should
be submitted on or before April 16,
2012.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.5
Kevin O’Neill,
Deputy Secretary.
[FR Doc. 2012–7206 Filed 3–23–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–66629; File No. SR–ICEEU–
2012–05]
Self-Regulatory Organizations; ICE
Clear Europe Limited; Notice of Filing
of Proposed Rule Change To Amend
the ICE Clear Europe CDS Procedures,
Finance Procedures, and Rules With
Respect to the Calculation and
Payment of Interest on Mark-To-Market
Margin on CDS Transactions
March 20, 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 12,
2012, ICE Clear Europe Limited (‘‘ICE
Clear Europe’’) filed with the Securities
5 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\26MRN1.SGM
26MRN1
17538
Federal Register / Vol. 77, No. 58 / Monday, March 26, 2012 / Notices
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 and
CDS procedural amendments that are
intended to modify the terms of the
calculation and payment of interest on
mark-to-market margin for CDS
transactions. The amendments would
provide further detail for calculation of
interest on mark-to-market margin for
CDS at the position level, but would not
change the overall calculation of that
interest. The amendments would also
move payment of such interest from a
monthly to a daily basis.
tkelley on DSK3SPTVN1PROD with NOTICES
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.3
(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 consist of operational changes
to the Rules, CDS Procedures and
Finance Procedures ICE Clear Europe
has consulted with its CDS Risk
Committee, which supports the
proposed amendment.
ICE Clear Europe submits proposed
amendments to its CDS Procedures,
Finance Procedures and Rules in
relation to the calculation and payment
of interest on the mark-to-market margin
for CDS transactions on a daily basis.
The amendments also clarify, consistent
with ICE Clear Europe’s current
practice, mark-to-market margin and
variation margin may be required to be
provided by the clearing member to the
clearing house or vice versa.
3 The Commission has modified the text of the
summaries prepared by ICE Clear Europe.
VerDate Mar<15>2010
19:32 Mar 23, 2012
Jkt 226001
ICE Clear Europe proposes to update
Parts 1 and 3 of its CDS Procedures to
state more clearly the daily calculation
of interest on mark-to-market margin for
CDS transactions and to provide further
detail about such calculations. The new
definitions of ‘‘Daily Aggregate MTM
Interest Amount,’’ ‘‘Mark-to-Market
Interest’’ and ‘‘Mark-to-Market Margin
Balance’’ and the provisions of Part 3 of
the CDS Procedures reflect these
changes. ‘‘Daily Aggregate MTM Interest
Amount’’ means for any Clearing
Member for a currency on any day the
sum of the Mark-to-Market Margin
Balances in such currency for that day
in respect of that Clearing Member. The
Daily Aggregate MTM Interest Amount
will be determined separately in respect
of the Clearing Member’s Proprietary
Account and any relevant customer
account. Where the Daily Aggregate
MTM Interest Amount is positive, it will
be owed by ICE Clear Europe to the
relevant Clearing Member; where it is
negative, the relevant Clearing Member
will owe the absolute value of the Daily
Aggregate MTM Interest Amount to ICE
Clear Europe. ‘‘Mark-to-Market Interest’’
will mean interest calculated daily in
accordance with the market convention
for the relevant currency by applying
the applicable overnight rate. ‘‘Mark-toMarket Margin Balance’’ will mean the
sum of all Mark-to-Market Margin
delivered up to, but excluding that day,
by the relevant Clearing Member in
respect of such CDS Contract to ICE
Clear Europe less all Mark-to-Market
Margin delivered up to, but excluding
that day, by ICE Clear Europe in respect
of such CDS Contract to such Clearing
Member, as determined at the close of
business on such day. Pursuant to the
amendments to Section 3.1 of the CDS
Procedures and 6.11(h)(iv) of the
Finance Procedures, interest on Markto-Market Margin will be payable on a
daily, rather than a monthly basis,
although the interest calculation is
substantially unchanged.
ICE Clear Europe believes that the
proposed rule change is consistent with
the requirements of Section 17A of the
Act 4 and the rules and regulations
thereunder applicable to ICE Clear
Europe because it amends rules and
procedures which allow ICE Clear
Europe to effectively manage risk. As
such, it assures the safeguarding of
securities and funds, which are in the
custody or control of ICE Clear Europe
or for which it is responsible.
4 15
PO 00000
U.S.C. 78q–1.
Frm 00137
Fmt 4703
Sfmt 4703
(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 rulecomments@sec.gov. Please include File
Number SR–ICEEU–2012–05 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–2012–05. 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/
E:\FR\FM\26MRN1.SGM
26MRN1
Federal Register / Vol. 77, No. 58 / Monday, March 26, 2012 / Notices
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_PAI_and_MTMM_
Proposed_Changes.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–2012–05 and
should be submitted on or before April
16, 2012.
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.5
Kevin O’Neill,
Deputy Secretary.
[FR Doc. 2012–7204 Filed 3–23–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
of the most significant parts of such
statements.
[Release No. 34–66627; File No. SR–
NYSEARCA–2012–18]
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing of Proposed
Rule Change To List and Trade Shares
of the APMEX Physical—1 oz. Gold
Redeemable Trust Pursuant to NYSE
Arca Equities Rule 8.201
March 20, 2012.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on March 5,
2012, NYSE Arca, Inc. (the ‘‘Exchange’’
or ‘‘NYSE Arca’’) 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 self-regulatory 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 list and
trade shares of the APMEX Physical—1
oz. Gold Redeemable Trust (the ‘‘Trust’’)
pursuant to NYSE Arca Equities Rule
8.201. The text of the proposed rule
change is available at the Exchange, the
Commission’s Public Reference Room,
and www.nyse.com.
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 those 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,
1 15
U.S.C.78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
tkelley on DSK3SPTVN1PROD with NOTICES
5 17
CFR 200.30–3(a)(12).
VerDate Mar<15>2010
19:32 Mar 23, 2012
Jkt 226001
17539
PO 00000
Frm 00138
Fmt 4703
Sfmt 4703
1. Purpose
The Exchange proposes to list and
trade Units (‘‘Units’’) of the Trust under
NYSE Arca Equities Rule 8.201.4 Under
NYSE Arca Equities Rule 8.201, the
Exchange may propose to list and/or
trade pursuant to unlisted trading
privileges (‘‘UTP’’) ‘‘Commodity-Based
Trust Shares.’’5 The Commission has
previously approved listing on the
Exchange under NYSE Arca Equities
Rule 8.201 shares of the ETFS Gold
Trust 6, as well as the Sprott Physical
Gold Trust.7 In addition, the
Commission has approved listing on the
Exchange of streetTRACKS Gold Trust
and iShares COMEX Gold Trust.8 Prior
to their listing on the Exchange, the
Commission approved listing of the
streetTRACKS Gold Trust on the New
York Stock Exchange (‘‘NYSE’’) and
listing of iShares COMEX Gold Trust on
the American Stock Exchange LLC.9
4 See the Registration Statement for the Trust on
Form F–1, filed with the Commission on December
23, 2011 (No. 333–178745) (as amended, the
‘‘Registration Statement’’). The descriptions of the
Trust, the Units and the gold market contained
herein are based, in part, on the Registration
Statement.
5 Commodity-Based Trust Shares are securities
issued by a trust that represent investors’ discrete
identifiable and undivided beneficial ownership
interest in the commodities deposited into the
Trust.
6 Securities Exchange Act Release No. 59895 (May
8, 2009), 74 FR 22993 (May 15, 2009) (SR–
NYSEArca–2009–40).
7 Securities Exchange Act Release No. 61496
(February 4, 2010), 75 FR 6758 (February 10, 2010)
(SR–NYSEArca–2009–113).
8 See Securities Exchange Act Release Nos. 56224
(August 8, 2007), 72 FR 45850 (August 15, 2007)
(SR–NYSEArca-2007–76) (approving listing on the
Exchange of the streetTRACKS Gold Trust); 56041
(July 11, 2007), 72 FR 39114 (July 17, 2007) (SR–
NYSEArca-2007–43) (order approving listing on the
Exchange of iShares COMEX Gold Trust).
9 See Securities Exchange Act Release Nos. 50603
(October 28, 2004), 69 FR 64614 (November 5, 2004)
(SR–NYSE–2004–22) (order approving listing of
streetTRACKS Gold Trust on NYSE); 51058
(January 19, 2005), 70 FR 3749 (January 26, 2005)
(SR–Amex–2004–38) (order approving listing of
iShares COMEX Gold Trust on the American Stock
Exchange LLC).
E:\FR\FM\26MRN1.SGM
26MRN1
]]>Agencies
[Federal Register Volume 77, Number 58 (Monday, March 26, 2012)]
[Notices]
[Pages 17537-17539]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-7204]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-66629; File No. SR-ICEEU-2012-05]
Self-Regulatory Organizations; ICE Clear Europe Limited; Notice
of Filing of Proposed Rule Change To Amend the ICE Clear Europe CDS
Procedures, Finance Procedures, and Rules With Respect to the
Calculation and Payment of Interest on Mark-To-Market Margin on CDS
Transactions
March 20, 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 12, 2012, ICE Clear Europe Limited (``ICE Clear Europe'')
filed with the Securities
[[Page 17538]]
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 and CDS procedural amendments that
are intended to modify the terms of the calculation and payment of
interest on mark-to-market margin for CDS transactions. The amendments
would provide further detail for calculation of interest on mark-to-
market margin for CDS at the position level, but would not change the
overall calculation of that interest. The amendments would also move
payment of such interest from a monthly to a daily basis.
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.\3\
---------------------------------------------------------------------------
\3\ 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 consist of operational
changes to the Rules, CDS Procedures and Finance Procedures ICE Clear
Europe has consulted with its CDS Risk Committee, which supports the
proposed amendment.
ICE Clear Europe submits proposed amendments to its CDS Procedures,
Finance Procedures and Rules in relation to the calculation and payment
of interest on the mark-to-market margin for CDS transactions on a
daily basis. The amendments also clarify, consistent with ICE Clear
Europe's current practice, mark-to-market margin and variation margin
may be required to be provided by the clearing member to the clearing
house or vice versa.
ICE Clear Europe proposes to update Parts 1 and 3 of its CDS
Procedures to state more clearly the daily calculation of interest on
mark-to-market margin for CDS transactions and to provide further
detail about such calculations. The new definitions of ``Daily
Aggregate MTM Interest Amount,'' ``Mark-to-Market Interest'' and
``Mark-to-Market Margin Balance'' and the provisions of Part 3 of the
CDS Procedures reflect these changes. ``Daily Aggregate MTM Interest
Amount'' means for any Clearing Member for a currency on any day the
sum of the Mark-to-Market Margin Balances in such currency for that day
in respect of that Clearing Member. The Daily Aggregate MTM Interest
Amount will be determined separately in respect of the Clearing
Member's Proprietary Account and any relevant customer account. Where
the Daily Aggregate MTM Interest Amount is positive, it will be owed by
ICE Clear Europe to the relevant Clearing Member; where it is negative,
the relevant Clearing Member will owe the absolute value of the Daily
Aggregate MTM Interest Amount to ICE Clear Europe. ``Mark-to-Market
Interest'' will mean interest calculated daily in accordance with the
market convention for the relevant currency by applying the applicable
overnight rate. ``Mark-to-Market Margin Balance'' will mean the sum of
all Mark-to-Market Margin delivered up to, but excluding that day, by
the relevant Clearing Member in respect of such CDS Contract to ICE
Clear Europe less all Mark-to-Market Margin delivered up to, but
excluding that day, by ICE Clear Europe in respect of such CDS Contract
to such Clearing Member, as determined at the close of business on such
day. Pursuant to the amendments to Section 3.1 of the CDS Procedures
and 6.11(h)(iv) of the Finance Procedures, interest on Mark-to-Market
Margin will be payable on a daily, rather than a monthly basis,
although the interest calculation is substantially unchanged.
ICE Clear Europe believes that the proposed rule change is
consistent with the requirements of Section 17A of the Act \4\ and the
rules and regulations thereunder applicable to ICE Clear Europe because
it amends rules and procedures which allow ICE Clear Europe to
effectively manage risk. As such, it assures the safeguarding of
securities and funds, which are in the custody or control of ICE Clear
Europe or for which it is responsible.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78q-1.
---------------------------------------------------------------------------
(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-2012-05 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-2012-05. 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/
[[Page 17539]]
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_PAI_and_MTMM_Proposed_Changes.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-2012-05
and should be submitted on or before April 16, 2012.
For the Commission by the Division of Trading and Markets,
pursuant to delegated authority.\5\
---------------------------------------------------------------------------
\5\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Kevin O'Neill,
Deputy Secretary.
[FR Doc. 2012-7204 Filed 3-23-12; 8:45 am]
BILLING CODE 8011-01-P
