Self-Regulatory Organizations; ICE Clear Credit LLC; Order Approving Proposed Rule Change, as Modified by Amendments No. 1 and 2 Thereto, To Update Chapter 26 and Remove Schedule 502 of the ICE Clear Credit Rules, 19790-19791 [2013-07583]
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19790
Federal Register / Vol. 78, No. 63 / Tuesday, April 2, 2013 / Notices
fee, or other charge imposed by NYSE
Arca.
At any time within 60 days of the
filing of such 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. If the
Commission takes such action, the
Commission shall institute proceedings
under Section 19(b)(2)(B) 17 of the Act to
determine whether the proposed rule
change should be approved or
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:
srobinson on DSK4SPTVN1PROD with NOTICES
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–NYSEArca–2013–25 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–NYSEArca–2013–25. 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
17 15
U.S.C. 78s(b)(2)(B).
VerDate Mar<15>2010
19:35 Apr 01, 2013
Jkt 229001
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
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
available publicly. All submissions
should refer to File Number SR–
NYSEArca–2013–25 and should be
submitted on or before April 23, 2013.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–07619 Filed 4–1–13; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–69243; File No. SR–ICC–
2013–01]
Self-Regulatory Organizations; ICE
Clear Credit LLC; Order Approving
Proposed Rule Change, as Modified by
Amendments No. 1 and 2 Thereto, To
Update Chapter 26 and Remove
Schedule 502 of the ICE Clear Credit
Rules
March 27, 2013.
I. Introduction
On January 31, 2013, ICE Clear Credit
LLC (‘‘ICC’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change SR–ICC–2013–01 pursuant to
Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder.2 The proposed rule
change was published for comment in
the Federal Register on February 21,
2013.3 On March 7, 2013, ICC filed
Amendment No. 1 to the proposed rule
change.4 On March 14, 2013, ICC filed
Amendment No. 2 to the proposed rule
change.5 The Commission did not
18 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 Securities Exchange Act Release No. 68928 (Feb.
14, 2013), 78 FR 12125 (Feb. 21, 2013).
4 In Amendment No. 1, ICC amended the filing to
remove European index CDS and European singlename CDS from Schedule 502 of the ICC Rulebook
(‘‘ICC Rules’’), which were added to the ICC Rules
subsequent to ICC filing this proposed rule change.
The amendment also included conforming changes
to the chapters of the ICC Rules referencing iTraxx
Europe index CDS and European single-name CDS
to reflect the removal of Schedule 502.
5 In Amendment No. 2, ICC amended the filing to
remove certain index series listings scheduled to
1 15
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Frm 00154
Fmt 4703
Sfmt 4703
receive comments regarding the
proposal. For the reasons discussed
below, the Commission is granting
approval of the proposed rule change.
II. Description
The purpose of the proposed rule
change is to update Chapter 26 (Cleared
CDS Products) of the ICC Rules and
remove Schedule 502 (List of PreApproved Products) from the ICC Rules.
The proposed rule change also includes
a conforming edit within Chapter 5
(Risk Committee) of the ICC Rules. This
update will provide direct reference
within the ICC Rules to the cleared
products list always available on the
ICC Web site (‘‘Approved Products
List’’) and add additional standards for
certain ICC cleared products. ICC agrees
that rule submissions for updates to
ICC’s cleared product offering will be
required under certain circumstances
(e.g., certain financial single names,
additional single-name constituents of
the Emerging Markets Index, and High
Yield single names).
ICC proposes to amend Chapter 26 of
its rules to update the definitions of
Eligible CDX.NA Untranched Index
(Rule 26A–102), Eligible SNAC
Reference Entities (Rule 26B–102),
Eligible SNAC Reference Obligations
(Rule 26B–102), Eligible CDX.EM
Untranched Index (Rule 26C–102),
Eligible SES Reference Entities (Rule
26D–102), Eligible SES Reference
Obligations (Rule 26D–102), Eligible
iTraxx Europe Untranched Index (Rule
26F–102), Eligible SDEC Reference
Entities (Rule 26G–102) and Eligible
SDEC Reference Obligations (Rule 26G–
102) to include the requirement that the
products must be determined by ICC to
be eligible.
ICC proposes to amend Chapter 26 of
its rules to update the definitions of List
of Eligible CDX.NA Untranched Indexes
(Rule 26A–102), List of Eligible SNAC
Reference Entities (Rule 26B–102), List
of Eligible CDX.EM Untranched Indexes
(Rule 26C–102), List of Eligible SES
Reference Entities (Rule 26D–102), List
of Eligible iTraxx Europe Untranched
Indexes (Rule 26F–102) and List of
Eligible SDEC Reference Entities (Rule
26G–102) to include the reference that
the Approved Products List will be
maintained, updated and published on
the ICC Web site.
ICC proposes to amend Chapter 26 of
its rules to add the definition of Eligible
SNAC Sector in Rule 26B–102 of the
occur on March 20, 2013, and March 27, 2013,
which were added to Schedule 502 subsequent to
ICC filing this proposed rule change. ICC also
amended Chapter 26G of the ICC Rules to change
the abbreviation for ‘‘Standard European Corporate’’
from ‘‘SNEC’’ to ‘‘SDEC’’.
E:\FR\FM\02APN1.SGM
02APN1
srobinson on DSK4SPTVN1PROD with NOTICES
Federal Register / Vol. 78, No. 63 / Tuesday, April 2, 2013 / Notices
ICC Rules. The listed Eligible SNAC
Sectors are: Basic Materials, Consumer
Goods, Consumer Services, Energy,
Financials, Healthcare, Industrials,
Technology, Telecommunications
Services, and Utilities. The requirement
to list the Eligible SNAC Sector on the
List of Eligible SNAC Reference Entities
is also added to the definition of List of
Eligible SNAC Reference Entities in
Rule 26B–102.
ICC proposes to amend Chapter 26 of
its rules to add the definition of Eligible
SDEC Sector in Rule 26G–102 of the ICC
Rules. The listed Eligible SDEC Sectors
are: Basic Materials, Consumer Goods,
Consumer Services, Energy, Financials,
Healthcare, Industrials, Technology,
Telecommunications Services, and
Utilities. The requirement to list the
Eligible SDEC Sector on the List of
Eligible SDEC Reference Entities is also
added to the definition of List of Eligible
SDEC Reference Entities in Rule 26G–
102.
ICC proposes to amend Chapter 26 of
its rules to include within the definition
of List of Eligible SES Reference Entities
in Rule 26D–102 the requirement to list
the Sector, Government, in the List of
Eligible SES Reference Entities.
ICC proposes to remove Schedule 502
from the ICC Rules as Schedule 502
provides information available in the
Approved Products List on the ICC Web
site. The Approved Products List
provides the information currently
available in Schedule 502 as well as all
additional product information listed in
the definitions of List of Eligible
CDX.NA Untranched Indexes (Rule
26A–102), List of Eligible SNAC
Reference Entities (Rule 26B–102), List
of Eligible CDX.EM Untranched Indexes
(Rule 26C–102), List of Eligible SES
Reference Entities (Rule 26D–102), List
of Eligible iTraxx Europe Untranched
Indexes (Rule 26F–102) and List of
Eligible SDEC Reference Entities (Rule
26G–102).
ICC proposes to make one conforming
amendment to Chapter 5 of its rules,
specifically Rule 502(a), to change a
reference to Schedule 502 of the ICC
Rules to reference the Approved
Products List on the ICC Web site.
The proposed changes to the ICC
Rules will provide direct reference
within the ICC Rules to the cleared
products list available on the ICC Web
site and add additional standards for
certain ICC cleared products. The
proposed rule changes do not require
any changes to the ICC risk management
framework including the ICC margin
methodology, guaranty fund
methodology, pricing parameters and
pricing model.
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19:35 Apr 01, 2013
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III. Discussion
Act 6
Section 19(b)(2)(C) of the
directs
the Commission to approve a proposed
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. Section
17A(b)(3)(F) of the Act 7 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.
The Commission finds that the
proposed rule change is consistent with
the requirements of Section 17A of the
Act 8 and the rules and regulations
thereunder applicable to ICC. The
proposed rule change would provide
direct reference within the ICC Rules to
the Approved Products List available on
the ICC Web site and add additional
standards for certain ICC cleared
products to assure that Clearing
Participants are informed of the ICC
approved products, thereby promoting
the prompt and accurate clearance and
settlement of swaps and security-based
swaps 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 9
and the rules and regulations
thereunder.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,10 that the
proposed rule change (File No. SR–ICC–
2013–01), as modified by Amendments
No. 1 and 2, be, and hereby is,
approved.11
For the Commission, by the Division
of Trading and Markets, pursuant to
delegated authority.12
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–07583 Filed 4–1–13; 8:45 am]
BILLING CODE 8011–01–P
6 15
U.S.C. 78s(b)(2)(C).
U.S.C. 78q–1(b)(3)(F).
8 15 U.S.C. 78q–1.
9 Id.
10 15 U.S.C. 78s(b)(2).
11 In approving the proposed rule change, the
Commission considered the proposal’s impact on
efficiency, competition and capital formation. 15
U.S.C. 78c(f).
12 17 CFR 200.30–3(a)(12).
7 15
PO 00000
Frm 00155
Fmt 4703
Sfmt 4703
19791
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–69231; File No. SR–
NASDAQ–2013–051]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to
Routing Fees
March 25, 2013.
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 19,
2013, The NASDAQ Stock Market LLC
(‘‘NASDAQ’’ or ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (‘‘SEC’’ or ‘‘Commission’’)
the proposed rule change as described
in Items I, II, and III, below, which Items
have been prepared by NASDAQ. 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
NASDAQ proposes to amend Chapter
XV, entitled ‘‘Options Pricing,’’ at
Section 2 governing pricing for
NASDAQ members using the NASDAQ
Options Market (‘‘NOM’’), NASDAQ’s
facility for executing and routing
standardized equity and index options.
Specifically, NOM proposes to amend
its Routing Fees.
While these amendments are effective
upon filing, the Exchange has
designated the proposed amendments to
be operative on April 1, 2013.
The text of the proposed rule change
is available on the Exchange’s Web site
at https://
www.nasdaq.cchwallstreet.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
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. 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.
1 15
2 17
E:\FR\FM\02APN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
02APN1
]]>Agencies
[Federal Register Volume 78, Number 63 (Tuesday, April 2, 2013)]
[Notices]
[Pages 19790-19791]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-07583]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-69243; File No. SR-ICC-2013-01]
Self-Regulatory Organizations; ICE Clear Credit LLC; Order
Approving Proposed Rule Change, as Modified by Amendments No. 1 and 2
Thereto, To Update Chapter 26 and Remove Schedule 502 of the ICE Clear
Credit Rules
March 27, 2013.
I. Introduction
On January 31, 2013, ICE Clear Credit LLC (``ICC'') filed with the
Securities and Exchange Commission (``Commission'') the proposed rule
change SR-ICC-2013-01 pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder.\2\ The
proposed rule change was published for comment in the Federal Register
on February 21, 2013.\3\ On March 7, 2013, ICC filed Amendment No. 1 to
the proposed rule change.\4\ On March 14, 2013, ICC filed Amendment No.
2 to the proposed rule change.\5\ The Commission did not receive
comments regarding the proposal. For the reasons discussed below, the
Commission is granting approval of the proposed rule change.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Securities Exchange Act Release No. 68928 (Feb. 14, 2013),
78 FR 12125 (Feb. 21, 2013).
\4\ In Amendment No. 1, ICC amended the filing to remove
European index CDS and European single-name CDS from Schedule 502 of
the ICC Rulebook (``ICC Rules''), which were added to the ICC Rules
subsequent to ICC filing this proposed rule change. The amendment
also included conforming changes to the chapters of the ICC Rules
referencing iTraxx Europe index CDS and European single-name CDS to
reflect the removal of Schedule 502.
\5\ In Amendment No. 2, ICC amended the filing to remove certain
index series listings scheduled to occur on March 20, 2013, and
March 27, 2013, which were added to Schedule 502 subsequent to ICC
filing this proposed rule change. ICC also amended Chapter 26G of
the ICC Rules to change the abbreviation for ``Standard European
Corporate'' from ``SNEC'' to ``SDEC''.
---------------------------------------------------------------------------
II. Description
The purpose of the proposed rule change is to update Chapter 26
(Cleared CDS Products) of the ICC Rules and remove Schedule 502 (List
of Pre-Approved Products) from the ICC Rules. The proposed rule change
also includes a conforming edit within Chapter 5 (Risk Committee) of
the ICC Rules. This update will provide direct reference within the ICC
Rules to the cleared products list always available on the ICC Web site
(``Approved Products List'') and add additional standards for certain
ICC cleared products. ICC agrees that rule submissions for updates to
ICC's cleared product offering will be required under certain
circumstances (e.g., certain financial single names, additional single-
name constituents of the Emerging Markets Index, and High Yield single
names).
ICC proposes to amend Chapter 26 of its rules to update the
definitions of Eligible CDX.NA Untranched Index (Rule 26A-102),
Eligible SNAC Reference Entities (Rule 26B-102), Eligible SNAC
Reference Obligations (Rule 26B-102), Eligible CDX.EM Untranched Index
(Rule 26C-102), Eligible SES Reference Entities (Rule 26D-102),
Eligible SES Reference Obligations (Rule 26D-102), Eligible iTraxx
Europe Untranched Index (Rule 26F-102), Eligible SDEC Reference
Entities (Rule 26G-102) and Eligible SDEC Reference Obligations (Rule
26G-102) to include the requirement that the products must be
determined by ICC to be eligible.
ICC proposes to amend Chapter 26 of its rules to update the
definitions of List of Eligible CDX.NA Untranched Indexes (Rule 26A-
102), List of Eligible SNAC Reference Entities (Rule 26B-102), List of
Eligible CDX.EM Untranched Indexes (Rule 26C-102), List of Eligible SES
Reference Entities (Rule 26D-102), List of Eligible iTraxx Europe
Untranched Indexes (Rule 26F-102) and List of Eligible SDEC Reference
Entities (Rule 26G-102) to include the reference that the Approved
Products List will be maintained, updated and published on the ICC Web
site.
ICC proposes to amend Chapter 26 of its rules to add the definition
of Eligible SNAC Sector in Rule 26B-102 of the
[[Page 19791]]
ICC Rules. The listed Eligible SNAC Sectors are: Basic Materials,
Consumer Goods, Consumer Services, Energy, Financials, Healthcare,
Industrials, Technology, Telecommunications Services, and Utilities.
The requirement to list the Eligible SNAC Sector on the List of
Eligible SNAC Reference Entities is also added to the definition of
List of Eligible SNAC Reference Entities in Rule 26B-102.
ICC proposes to amend Chapter 26 of its rules to add the definition
of Eligible SDEC Sector in Rule 26G-102 of the ICC Rules. The listed
Eligible SDEC Sectors are: Basic Materials, Consumer Goods, Consumer
Services, Energy, Financials, Healthcare, Industrials, Technology,
Telecommunications Services, and Utilities. The requirement to list the
Eligible SDEC Sector on the List of Eligible SDEC Reference Entities is
also added to the definition of List of Eligible SDEC Reference
Entities in Rule 26G-102.
ICC proposes to amend Chapter 26 of its rules to include within the
definition of List of Eligible SES Reference Entities in Rule 26D-102
the requirement to list the Sector, Government, in the List of Eligible
SES Reference Entities.
ICC proposes to remove Schedule 502 from the ICC Rules as Schedule
502 provides information available in the Approved Products List on the
ICC Web site. The Approved Products List provides the information
currently available in Schedule 502 as well as all additional product
information listed in the definitions of List of Eligible CDX.NA
Untranched Indexes (Rule 26A-102), List of Eligible SNAC Reference
Entities (Rule 26B-102), List of Eligible CDX.EM Untranched Indexes
(Rule 26C-102), List of Eligible SES Reference Entities (Rule 26D-102),
List of Eligible iTraxx Europe Untranched Indexes (Rule 26F-102) and
List of Eligible SDEC Reference Entities (Rule 26G-102).
ICC proposes to make one conforming amendment to Chapter 5 of its
rules, specifically Rule 502(a), to change a reference to Schedule 502
of the ICC Rules to reference the Approved Products List on the ICC Web
site.
The proposed changes to the ICC Rules will provide direct reference
within the ICC Rules to the cleared products list available on the ICC
Web site and add additional standards for certain ICC cleared products.
The proposed rule changes do not require any changes to the ICC risk
management framework including the ICC margin methodology, guaranty
fund methodology, pricing parameters and pricing model.
III. Discussion
Section 19(b)(2)(C) of the Act \6\ directs the Commission to
approve a proposed 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. Section 17A(b)(3)(F) of the Act \7\
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.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(2)(C).
\7\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------
The Commission finds that the proposed rule change is consistent
with the requirements of Section 17A of the Act \8\ and the rules and
regulations thereunder applicable to ICC. The proposed rule change
would provide direct reference within the ICC Rules to the Approved
Products List available on the ICC Web site and add additional
standards for certain ICC cleared products to assure that Clearing
Participants are informed of the ICC approved products, thereby
promoting the prompt and accurate clearance and settlement of swaps and
security-based swaps transactions.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78q-1.
---------------------------------------------------------------------------
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 \9\ and the
rules and regulations thereunder.
---------------------------------------------------------------------------
\9\ Id.
---------------------------------------------------------------------------
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\10\ that the proposed rule change (File No. SR-ICC-2013-01), as
modified by Amendments No. 1 and 2, be, and hereby is, approved.\11\
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(2).
\11\ In approving the proposed rule change, the Commission
considered the proposal's impact on efficiency, competition and
capital formation. 15 U.S.C. 78c(f).
---------------------------------------------------------------------------
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-07583 Filed 4-1-13; 8:45 am]
BILLING CODE 8011-01-P
