Self-Regulatory Organizations; ICE Clear Credit LLC; Order Approving Proposed Rule Change To Provide for the Clearance of Standard Emerging European and Middle Eastern Sovereign Single Names, 69167-69168 [2013-27474]

Download as PDF Federal Register / Vol. 78, No. 222 / Monday, November 18, 2013 / Notices Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–Phlx–2013–109. 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 (http://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 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filing also will be available for inspection and copying at the principal offices 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–Phlx– 2013–109, and should be submitted on or before December 9, 2013. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.25 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2013–27475 Filed 11–15–13; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION mstockstill on DSK4VPTVN1PROD with NOTICES [Release No. 34–70849; File No. SR–ICC– 2013–07] Self-Regulatory Organizations; ICE Clear Credit LLC; Order Approving Proposed Rule Change To Provide for the Clearance of Standard Emerging European and Middle Eastern Sovereign Single Names November 12, 2013. I. Introduction On September 17, 2013, ICE Clear Credit LLC (‘‘ICC’’) filed with the 25 17 CFR 200.30–3(a)(12). VerDate Mar<15>2010 17:33 Nov 15, 2013 Jkt 232001 Securities and Exchange Commission (‘‘Commission’’) the proposed rule change SR–ICC–2013–07 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 October 1, 2013.3 The Commission did not receive any comments on the proposed rule change. This order approves the proposed rule change. II. Description of the Proposed Rule Change ICC proposes to adopt rules that will provide the basis for ICC to clear additional credit default swap contracts. Specifically, ICC is proposing to amend Section 26D of its Rules to provide for the clearance of additional Standard Emerging Sovereign Single Name constituents of the CDX Emerging Markets Index (‘‘SES Contracts’’). Currently, ICC clears four Standard Latin America Sovereign Single Name constituents of the CDX Emerging Markets Index. The proposed changes to the ICC Rules would provide for the clearance of Standard Emerging European and Middle Eastern Sovereign Single Name constituents of the CDX Emerging Markets Index, specifically the Republic of Turkey and the Russian Federation (the ‘‘SEEME Contracts’’). ICC believes the addition of the SEEME Contracts will allow market participants an increased ability to manage risk. SEEME Contracts have similar terms to the Standard Latin America Sovereign Single Name constituents of the CDX Emerging Markets Index currently cleared by ICC and governed by Section 26D of the ICC rules. Accordingly, the proposed changes to Section 26D of the ICC rules include the addition of ‘‘Standard Emerging European and Middle Eastern Sovereign’’ as a Transaction Type for SES Contracts and the addition of the European Region as the CDS Region for SEEME Contracts. Rule 26D–102 would be modified to indicate the specific Eligible SES Reference Entities to be cleared by ICC, namely the Federative Republic of Brazil, the United Mexican States, the Bolivian Republic of Venezuela, the Argentine Republic, the Republic of Turkey and the Russian Federation. Rules 26D–303 (SES Contract Adjustments) and 26D–315 (Terms of 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 Exchange Act Release No. 34–70496 (Sep. 25, 2013), 78 FR 60357 (Oct. 1, 2013) (SR–ICC–2013– 07). the Cleared SES Contract) would be modified to incorporate SEEME Contracts as a Transaction Type for SES Contracts. Rule 26D–309 would be modified to state specifically that ICC will not accept a trade for clearance and settlement if at the time of submission or acceptance of the trade or at the time of novation the CDS Participant submitting the trade is domiciled in the country of the Eligible SES Reference Entity for such SES Contract. Rule 26D– 315(b) also would be modified to indicate that for purposes of the CDS Committee Rules, for SEEME Contracts the CDS Region is the European Region. ICC believes that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to ICC, in particular, Section 17(A)(b)(3)(F) of the Act,4 because ICC believes that the clearance of SEEME Contracts will facilitate the prompt and accurate settlement of securities, specifically security-based swaps, and contribute to the safeguarding of securities and funds associated with security-based swap transactions in ICC’s custody or control, or for which ICC is responsible. III. Discussion and Commission Findings Section 19(b)(2)(C) of the Act 5 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 6 requires, among other things, that the rules of a clearing agency are designed to promote the prompt and accurate clearance and settlement of securities transactions and to assure the safeguarding of securities and funds which are in the custody or control of the clearing agency or for which it is responsible. After careful review, the Commission finds that the proposed rule change is consistent with these requirements because the clearance of SEEME Contracts pursuant to ICC’s proposal will promote the prompt and accurate clearance and settlement of securities transactions, and ICC’s proposal, in combination with its existing rules, policies, and procedures for clearing SES Contracts, is designed to assure the safeguarding of securities and funds which are in the custody or control of ICC or for which it is responsible. 2 17 PO 00000 Frm 00128 Fmt 4703 Sfmt 4703 69167 4 15 U.S.C. 78q–1(b)(3)(F). U.S.C. 78s(b)(2)(C). 6 15 U.S.C. 78q–1(b)(3)(F). 5 15 E:\FR\FM\18NON1.SGM 18NON1 69168 Federal Register / Vol. 78, No. 222 / Monday, November 18, 2013 / Notices 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 7 and the rules and regulations thereunder. It is therefore ordered, pursuant to Section 19(b)(2) of the Act,8 that the proposed rule change (SR–ICC–2013– 07) be, and hereby is, approved.9 For the Commission by the Division of Trading and Markets, pursuant to delegated authority.10 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2013–27474 Filed 11–15–13; 8:45 am] described below. Trade Risk Pro was designed to allow NSCC Members to monitor intraday trading activity of their organizations and/or their correspondent firms through review of post-trade data.4 While several firms participated in a pilot of Trade Risk Pro, no Members are currently enrolled in Trade Risk Pro and NSCC believes it is not currently cost-effective to maintain the service. As a result, NSCC is revising its Rules by deleting the current Rule 54 (Trade Risk Pro) and Procedure XVII (Trade Risk Pro). The effective date of the proposed rule change will be announced via an NSCC Important Notice. III. Discussion BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–70848; File No. SR–NSCC– 2013–10] Self-Regulatory Organizations; National Securities Clearing Corporation; Order Approving Proposed Rule Change To Decommission Its Trade Risk Pro Service November 12, 2013. I. Introduction On September 16, 2013, the National Securities Clearing Corporation (‘‘NSCC’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change SR–NSCC– 2013–10 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 October 3, 2013.3 The Commission did not receive comments on the proposed rule change. This order approves the proposed rule change. II. Description The proposed rule change consists of amendments to the Rules and Procedures (‘‘Rules’’) of NSCC to decommission the DTCC Trade Risk Pro service (‘‘Trade Risk Pro’’), as more fully U.S.C. 78q–1. U.S.C. 78s(b)(2). 9 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). 10 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 Securities Exchange Act Release No. 34–70544 (Sept. 27, 2013), 78 FR 61424 (Oct. 3, 2013) (SR– NSCC–2013–10). Section 19(b)(2)(C) of the Act 5 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 rules and regulations thereunder applicable to such organization. Section 17A(b)(3)(F) of the Act 6 requires that rules of a clearing agency to be designed to, among other things, ‘‘promote the prompt and accurate clearance and settlement of securities transactions and . . . to assure the safeguarding of securities and funds which are in the custody or control of the clearing agency or for which it is responsible.’’ 7 The Commission finds that NSCC’s proposed rule change is consistent with these requirements by discontinuing an underutilized service, which will enable NSCC to allocate its resources among other core clearing agency functions. 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 8 and the rules and regulations thereunder. It is therefore ordered, pursuant to Section 19(b)(2) of the Act, that the proposed rule change (SR–NSCC–2013– 10) be, and it hereby is, approved. 7 15 mstockstill on DSK4VPTVN1PROD with NOTICES 8 15 VerDate Mar<15>2010 17:33 Nov 15, 2013 Jkt 232001 4 See Securities Exchange Act Release No. 66068 (Dec. 29, 2011), 77 FR 528 (Jan. 5, 2012) (File No. SR–DTC–2011–10). 5 15 U.S.C. 78s(b)(2)(C). 6 12 U.S.C. 78q–1(b)(3)(F). 7 15 U.S.C. 78q–1(b)(3)(F). 8 In approving this proposed rule change, 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 00129 Fmt 4703 Sfmt 4703 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2013–27473 Filed 11–15–13; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–70845; File No. SR–CBOE– 2013–104] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Fees for the Customized Option Pricing Service November 12, 2013. 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 October 29, 2013, 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, II, and III 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. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change Chicago Board Options Exchange, Incorporated (the ‘‘Exchange’’ or ‘‘CBOE’’) proposes to amend the fee schedule for the Customized Option Pricing Service (‘‘COPS’’) to add a fee for historical COPS data. The text of the proposed rule change is available on the Exchange’s Web site (http:// 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 9 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 E:\FR\FM\18NON1.SGM 18NON1

Agencies

[Federal Register Volume 78, Number 222 (Monday, November 18, 2013)]
[Notices]
[Pages 69167-69168]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-27474]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-70849; File No. SR-ICC-2013-07]


Self-Regulatory Organizations; ICE Clear Credit LLC; Order 
Approving Proposed Rule Change To Provide for the Clearance of Standard 
Emerging European and Middle Eastern Sovereign Single Names

November 12, 2013.

I. Introduction

    On September 17, 2013, ICE Clear Credit LLC (``ICC'') filed with 
the Securities and Exchange Commission (``Commission'') the proposed 
rule change SR-ICC-2013-07 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 October 1, 2013.\3\ The Commission did not 
receive any comments on the proposed rule change. This order approves 
the proposed rule change.


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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Exchange Act Release No. 34-70496 (Sep. 25, 2013), 78 FR 
60357 (Oct. 1, 2013) (SR-ICC-2013-07).
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II. Description of the Proposed Rule Change

    ICC proposes to adopt rules that will provide the basis for ICC to 
clear additional credit default swap contracts. Specifically, ICC is 
proposing to amend Section 26D of its Rules to provide for the 
clearance of additional Standard Emerging Sovereign Single Name 
constituents of the CDX Emerging Markets Index (``SES Contracts''). 
Currently, ICC clears four Standard Latin America Sovereign Single Name 
constituents of the CDX Emerging Markets Index. The proposed changes to 
the ICC Rules would provide for the clearance of Standard Emerging 
European and Middle Eastern Sovereign Single Name constituents of the 
CDX Emerging Markets Index, specifically the Republic of Turkey and the 
Russian Federation (the ``SEEME Contracts''). ICC believes the addition 
of the SEEME Contracts will allow market participants an increased 
ability to manage risk.
    SEEME Contracts have similar terms to the Standard Latin America 
Sovereign Single Name constituents of the CDX Emerging Markets Index 
currently cleared by ICC and governed by Section 26D of the ICC rules. 
Accordingly, the proposed changes to Section 26D of the ICC rules 
include the addition of ``Standard Emerging European and Middle Eastern 
Sovereign'' as a Transaction Type for SES Contracts and the addition of 
the European Region as the CDS Region for SEEME Contracts.
    Rule 26D-102 would be modified to indicate the specific Eligible 
SES Reference Entities to be cleared by ICC, namely the Federative 
Republic of Brazil, the United Mexican States, the Bolivian Republic of 
Venezuela, the Argentine Republic, the Republic of Turkey and the 
Russian Federation. Rules 26D-303 (SES Contract Adjustments) and 26D-
315 (Terms of the Cleared SES Contract) would be modified to 
incorporate SEEME Contracts as a Transaction Type for SES Contracts. 
Rule 26D-309 would be modified to state specifically that ICC will not 
accept a trade for clearance and settlement if at the time of 
submission or acceptance of the trade or at the time of novation the 
CDS Participant submitting the trade is domiciled in the country of the 
Eligible SES Reference Entity for such SES Contract. Rule 26D-315(b) 
also would be modified to indicate that for purposes of the CDS 
Committee Rules, for SEEME Contracts the CDS Region is the European 
Region.
    ICC believes that the proposed rule change is consistent with the 
requirements of the Act and the rules and regulations thereunder 
applicable to ICC, in particular, Section 17(A)(b)(3)(F) of the Act,\4\ 
because ICC believes that the clearance of SEEME Contracts will 
facilitate the prompt and accurate settlement of securities, 
specifically security-based swaps, and contribute to the safeguarding 
of securities and funds associated with security-based swap 
transactions in ICC's custody or control, or for which ICC is 
responsible.
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    \4\ 15 U.S.C. 78q-1(b)(3)(F).
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III. Discussion and Commission Findings

    Section 19(b)(2)(C) of the Act \5\ 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 \6\ 
requires, among other things, that the rules of a clearing agency are 
designed to promote the prompt and accurate clearance and settlement of 
securities transactions and to assure the safeguarding of securities 
and funds which are in the custody or control of the clearing agency or 
for which it is responsible. After careful review, the Commission finds 
that the proposed rule change is consistent with these requirements 
because the clearance of SEEME Contracts pursuant to ICC's proposal 
will promote the prompt and accurate clearance and settlement of 
securities transactions, and ICC's proposal, in combination with its 
existing rules, policies, and procedures for clearing SES Contracts, is 
designed to assure the safeguarding of securities and funds which are 
in the custody or control of ICC or for which it is responsible.
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    \5\ 15 U.S.C. 78s(b)(2)(C).
    \6\ 15 U.S.C. 78q-1(b)(3)(F).

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[[Page 69168]]

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 \7\ and the 
rules and regulations thereunder.
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    \7\ 15 U.S.C. 78q-1.
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    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\8\ that the proposed rule change (SR-ICC-2013-07) be, and hereby 
is, approved.\9\
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    \8\ 15 U.S.C. 78s(b)(2).
    \9\ 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.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-27474 Filed 11-15-13; 8:45 am]
BILLING CODE 8011-01-P