Self-Regulatory Organizations; ICE Clear Credit, LLC; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Revise the ICC Risk Management Framework, 10551 [2015-03964]

Download as PDF Federal Register / Vol. 80, No. 38 / Thursday, February 26, 2015 / Notices For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.15 Jill M. Peterson, Assistant Secretary. [FR Doc. 2015–03958 Filed 2–25–15; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–74341; File No. SR–ICC– 2014–24] methodology. In order to provide the Commission with sufficient time to consider the proposed rule change, the Commission finds it is appropriate to designate a longer period within which to take action on the proposed rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,5 designates April 9, 2015, as the date by which the Commission should either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SR–ICC–2014–24). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.6 Jill M. Peterson, Assistant Secretary. February 20, 2015. rmajette on DSK2VPTVN1PROD with NOTICES Self-Regulatory Organizations; ICE Clear Credit, LLC; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Revise the ICC Risk Management Framework [FR Doc. 2015–03964 Filed 2–25–15; 8:45 am] On December 22, 2014, ICE Clear Credit LLC (‘‘ICC’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to make revisions to the ICC Risk Management Framework (SR–ICC– 2014–24). The proposed rule change was published for comment in the Federal Register on January 9, 2015.3 To date, the Commission has not received comments on the proposal. Section 19(b)(2) of the Act 4 provides that within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day from the publication of notice of filing of this proposed rule change is February 23, 2015. The Commission is extending this 45-day time period. ICC’s proposed rule change would revise the ICC Risk Management Framework to, among other things, incorporate risk model changes related to Recovery Rate Sensitivity Requirements, anti-procyclicality, and ICC’s Guaranty Fund allocation BILLING CODE 8011–01–P 15 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. 34–73980 (Jan. 5, 2015), 80 FR 1466 (Jan. 9, 2015) (SR–ICC– 2014–24). 4 15 U.S.C. 78s(b)(2). 1 15 VerDate Sep<11>2014 15:27 Feb 25, 2015 Jkt 235001 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–74336; File No. SR– NASDAQ–2015–016] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Chapter V, Regulation of Trading on NOM, To Extend the Pilot Program Under Section 3(d)(iv) February 20, 2015. 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 February 19, 2015, 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 and II 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 the Substance of the Proposed Rule Change The Exchange proposes to amend Chapter V, Regulation of Trading on NOM, to extend the pilot program under Section 3(d)(iv), which provides for how the Exchange treats obvious and catastrophic options errors in response to the Plan to Address Extraordinary 5 15 U.S.C. 78s(b)(2). CFR 200.30–3(a)(31). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 6 17 PO 00000 Frm 00097 Fmt 4703 Sfmt 4703 10551 Market Volatility Pursuant to Rule 608 of Regulation NMS under the Act (the ‘‘Limit Up-Limit Down Plan’’ or the ‘‘Plan’’).3 The Exchange proposes to extend the pilot period until October 23, 2015. The text of the proposed rule change is available on the Exchange’s Web site at https://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 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 Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose In April 2013, the Commission approved a proposal, on a one year pilot basis, to adopt Chapter V, Section 3(d)(iv) to provide for how the Exchange will treat obvious and catastrophic options errors in response to the Plan, which is applicable to all NMS stocks, as defined in Regulation NMS Rule 600(b)(47).4 The Plan is designed to prevent trades in individual NMS stocks from occurring outside of specified Price Bands.5 The requirements of the Plan are coupled with Trading Pauses to accommodate more fundamental price moves (as opposed to erroneous trades or momentary gaps in liquidity). The Exchange extended the operation of Chapter V, Section 3(d)(iv), which provides that trades are not subject to an obvious error or catastrophic error review pursuant to Chapter V, Sections 6(b) or 6(f) during a Limit State or 3 Securities Exchange Act Release No. 69341 (April 8, 2013), 78 FR 21996 (April 12, 2013) (SR– NASDAQ–2013–048). 4 The Plan was extended until February 20, 2015. The Plan was initially approved for a one-year pilot period, which began on April 8, 2013. Securities Exchange Act Release No. 71649 (March 5, 2014), 79 FR 13696 (March 11, 2014). 5 Unless otherwise specified, capitalized terms used in this rule filing are based on the defined terms of the Plan. E:\FR\FM\26FEN1.SGM 26FEN1

Agencies

[Federal Register Volume 80, Number 38 (Thursday, February 26, 2015)]
[Notices]
[Page 10551]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-03964]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74341; File No. SR-ICC-2014-24]


Self-Regulatory Organizations; ICE Clear Credit, LLC; Notice of 
Designation of Longer Period for Commission Action on Proposed Rule 
Change To Revise the ICC Risk Management Framework

February 20, 2015.
    On December 22, 2014, ICE Clear Credit LLC (``ICC'') filed with the 
Securities and Exchange Commission (``Commission''), pursuant to 
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ 
and Rule 19b-4 thereunder,\2\ a proposed rule change to make revisions 
to the ICC Risk Management Framework (SR-ICC-2014-24). The proposed 
rule change was published for comment in the Federal Register on 
January 9, 2015.\3\ To date, the Commission has not received comments 
on the proposal.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 34-73980 (Jan. 5, 2015), 
80 FR 1466 (Jan. 9, 2015) (SR-ICC-2014-24).
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    Section 19(b)(2) of the Act \4\ provides that within 45 days of the 
publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day from the publication of notice of filing of this proposed rule 
change is February 23, 2015. The Commission is extending this 45-day 
time period.
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    \4\ 15 U.S.C. 78s(b)(2).
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    ICC's proposed rule change would revise the ICC Risk Management 
Framework to, among other things, incorporate risk model changes 
related to Recovery Rate Sensitivity Requirements, anti-procyclicality, 
and ICC's Guaranty Fund allocation methodology. In order to provide the 
Commission with sufficient time to consider the proposed rule change, 
the Commission finds it is appropriate to designate a longer period 
within which to take action on the proposed rule change.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\5\ designates April 9, 2015, as the date by which the Commission 
should either approve or disapprove, or institute proceedings to 
determine whether to disapprove, the proposed rule change (File No. SR-
ICC-2014-24).
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    \5\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(31).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2015-03964 Filed 2-25-15; 8:45 am]
BILLING CODE 8011-01-P
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