Shipping Coordinating Committee Notice of Renewal of Charter, 12411 [2013-04144]
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Federal Register / Vol. 78, No. 36 / Friday, February 22, 2013 / Notices
sroberts on DSK5SPTVN1PROD with NOTICES
Series 8 with a 5-year maturity,
maturing on December 20, 2012.
ICC also updated its Policies and
Procedures to provide for the clearance
of iTraxx Contracts, specifically the ICC
Treasury Operations Policies &
Procedures, ICC Risk Management
Framework and ICC End-of-Day
(‘‘EOD’’) Price Discovery Policies and
Procedures. Consistent with the changes
to Schedule 401 of the ICC Rules, the
ICC Treasury Operations Policies &
Procedures have been updated to
include Initial Margin and Guaranty
Fund liquidity requirements for NonClient and Client-Related positions for
both US Dollar and Euro denominated
products. In order to accommodate the
return of funds during London banking
hours, the ICC Treasury Operations
Policies & Procedures have been
updated to require requests for Euro
withdrawals to be submitted by 9:00
a.m. Eastern.
The ICC Risk Management Framework
has been updated to account for Euro
denominated portfolios. Specifically,
updates have been made to the Guaranty
Fund, Initial Margin and Mark-toMarket Methodologies to address:
Wrong Way Risk, Foreign Exchange
Risk, Liquidity Risk, Time Zone Risk,
and Operational Risk. Additionally, the
Portfolio Approach was updated to
include appropriate portfolio benefits
between North American CDS Indices
and iTraxx Contracts. ICE Clear Credit
will continue to review risk parameters
with Clearing Participants through
existing governance procedures and will
notify Clearing Participants of any
changes.6
The ICC EOD Price Discovery Policies
and Procedures has been updated to
provide that ICC will use ICE Clear
Europe’s EOD prices for iTraxx
Contracts and rely on the ICE Clear
Europe Firm Trade process to ensure the
accuracy of price submissions. ICC will
extend the risk time-horizon for iTraxx
Contracts to account for the half day
difference, on average, between the EOD
price discovery process timings. The
extended risk horizon accounts for the
fact that European markets close earlier
and new financial information may be
reflected only in the North American
instrument prices and not reflected in
the iTraxx Contracts, in general.
III. Discussion
Section 19(b)(2)(C) of the Act directs
the Commission to approve a proposed
6 Telephone conversation February 15, 2013
among Michelle Weiler, Assistant General Counsel,
ICE Clear Credit; Marta Chaffee, Assistant Director,
SEC; Gena Lai, Senior Special Counsel, SEC;
Jennifer Ogasawara, Financial Economist, SEC; and
Justin Byrne, Attorney-Advisor, SEC.
VerDate Mar<15>2010
16:18 Feb 21, 2013
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rule change of a self-regulatory
organization if it finds that such
proposed rule change is consistent with
the requirements of the Act and the
rules and regulations thereunder
applicable to such organization.7
Section 17A(b)(3)(F) of the Act requires,
among other things, that the rules of a
clearing agency be designed to promote
the prompt and accurate clearance and
settlement of securities transactions
and, to the extent applicable, derivative
agreements, contracts, and transactions,
as well as to assure the safeguarding of
securities and funds in the custody or
control of the clearing agency or for
which the clearing agency is
responsible.8
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 registered
clearing agency. The Commission
carefully considered ICC’s ability to
clear the iTraxx Contracts in a manner
that assures the safeguarding of
securities and funds which are in the
custody and control of ICC or for which
ICC is responsible. In addition, the
Commission notes that the Commodity
Futures Trading Commission has
determined that iTraxx Contracts are to
be subject to mandatory clearing under
Section 2(h) of the Commodity
Exchange Act.9 ICC’s clearance of
iTraxx Contracts therefore will promote
the prompt and accurate clearance and
settlement of securities transactions
and, to the extent applicable, derivative
agreements, contracts, and transactions.
IV. Conclusion
On the basis of the foregoing, the
Commission finds that the proposal is
consistent with the requirements of the
Act and in particular with the
requirements of Section 17A of the
Act 10 and the rules and regulations
thereunder.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,11 that the
proposed rule change (File No. SR–ICC–
2012–23) be, and hereby is, approved.12
7 15
U.S.C. 78s(b)(2)(C).
U.S.C. 78q–1(b)(3)(F).
9 7 U.S.C. 2(h); see also Clearing Requirement
Determination Under Section 2(h) of the CEA, Final
Rule, 77 FR 74283 (Dec. 13, 2012) at 74291, 74336–
74337.
10 15 U.S.C. 78q–1.
11 15 U.S.C. 78s(b)(2).
12 In approving this proposed rule change the
Commission has considered the proposed rule’s
impact of efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
8 15
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12411
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.13
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–04097 Filed 2–21–13; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF STATE
[Public Notice 8195]
Shipping Coordinating Committee
Notice of Renewal of Charter
The Department of State has
renewed the Charter for the Shipping
Coordinating Committee (SHC) without
significant substantive change. Through
this Committee, the Department of State
will continue to obtain the views and
advice of interested government
agencies and bureaus and public
members in the maritime and related
fields, on issues related to maritime
security, safety of life at sea, and
protection of the marine environment
considered by the International
Maritime Organization (IMO), and other
matters relating to international
maritime shipping. The Under Secretary
for Management has determined the
Committee is necessary and in the
public interest.
The Committee follows the
procedures prescribed by the Federal
Advisory Committee Act (FACA).
Meetings will be open to the public
unless a determination is made in
accordance with section 10(d) of the
FACA and 5 U.S.C. 552b(c) that a
meeting or portion of the meeting
should be closed to the public. Notice
of each meeting will be published in the
Federal Register at least 15 days prior
to the meeting, unless there are
extraordinary circumstances that require
shorter notice.
For further information, please
contact: Lieutenant Commander Brian
W. Robinson, Executive Secretary,
Shipping Coordinating Committee, U.S.
Department of State, Office of Oceans
Affairs, at RobinsonBW@state.gov or by
telephone at 202–647–3946. A copy of
the Committee charter may also be
obtained by accessing the FACA
database maintained by the General
Services Administration: https://
fido.gov/facadatabase.
SUMMARY:
Dated: January 22, 2013.
Brian W. Robinson,
Executive Secretary, Shipping Coordinating
Committee, Department of State.
[FR Doc. 2013–04144 Filed 2–21–13; 8:45 am]
BILLING CODE 4710–09–P
13 17
E:\FR\FM\22FEN1.SGM
CFR 200.30–3(a)(12).
22FEN1
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[Federal Register Volume 78, Number 36 (Friday, February 22, 2013)]
[Notices]
[Page 12411]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-04144]
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DEPARTMENT OF STATE
[Public Notice 8195]
Shipping Coordinating Committee Notice of Renewal of Charter
SUMMARY: The Department of State has renewed the Charter for the
Shipping Coordinating Committee (SHC) without significant substantive
change. Through this Committee, the Department of State will continue
to obtain the views and advice of interested government agencies and
bureaus and public members in the maritime and related fields, on
issues related to maritime security, safety of life at sea, and
protection of the marine environment considered by the International
Maritime Organization (IMO), and other matters relating to
international maritime shipping. The Under Secretary for Management has
determined the Committee is necessary and in the public interest.
The Committee follows the procedures prescribed by the Federal
Advisory Committee Act (FACA). Meetings will be open to the public
unless a determination is made in accordance with section 10(d) of the
FACA and 5 U.S.C. 552b(c) that a meeting or portion of the meeting
should be closed to the public. Notice of each meeting will be
published in the Federal Register at least 15 days prior to the
meeting, unless there are extraordinary circumstances that require
shorter notice.
For further information, please contact: Lieutenant Commander Brian
W. Robinson, Executive Secretary, Shipping Coordinating Committee, U.S.
Department of State, Office of Oceans Affairs, at RobinsonBW@state.gov
or by telephone at 202-647-3946. A copy of the Committee charter may
also be obtained by accessing the FACA database maintained by the
General Services Administration: https://fido.gov/facadatabase.
Dated: January 22, 2013.
Brian W. Robinson,
Executive Secretary, Shipping Coordinating Committee, Department of
State.
[FR Doc. 2013-04144 Filed 2-21-13; 8:45 am]
BILLING CODE 4710-09-P
