Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Implement Collateral Fee Changes, 9089-9090 [2017-02183]
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Federal Register / Vol. 82, No. 21 / Thursday, February 2, 2017 / Notices
never made a public offering of its
securities and does not propose to make
a public offering or engage in business
of any kind.
Filing Date: The application was filed
on January 13, 2017.
Applicant’s Address: 6455 Irvine
Center Drive, Irvine, California 92618.
GAI Aurora Opportunities Fund, LLC
[File No. 811–22516]
Summary: Applicant, a closed-end
investment company, seeks an order
declaring that it has ceased to be an
investment company. The applicant has
transferred its assets to GAI Corbin
Multi-Strategy Fund, LLC and, on
September 30, 2016, made a final
distribution to its shareholders based on
net asset value. Expenses of $188,478
incurred in connection with the
reorganization were paid by applicant
and the acquiring fund.
Filing Date: The application was filed
on January 23, 2017.
Applicant’s Address: 401 South Tryon
Street, Charlotte, North Carolina 28202.
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–02180 Filed 2–1–17; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–79889; File No. SR–ICC–
2017–001]
Self-Regulatory Organizations; ICE
Clear Credit LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Implement Collateral
Fee Changes
mstockstill on DSK3G9T082PROD with NOTICES
January 27, 2017.
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 January
23, 2017, ICE Clear Credit LLC (‘‘ICC’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared primarily by ICC.
ICC filed the proposed rule change
pursuant to Section 19(b)(3)(A) of the
Act,3 and Rule 19b–4(f)(2) 4 thereunder,
so that the proposal was effective upon
filing with the Commission. The
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(2).
2 17
16:31 Feb 01, 2017
I. Clearing Agency’s Statement of the
Terms of Substance of the Proposed
Rule Change, Security-Based Swap
Submission, or Advance Notice
The principal purpose of the
proposed changes is to implement
changes to the fee that ICC charges for
U.S. Treasury securities collateral
deposits.
II. Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change, Security-Based
Swap Submission, or Advance Notice
In its filing with the Commission, ICC
included statements concerning the
purpose of and basis for the proposed
rule change, security-based swap
submission, or advance notice and
discussed any comments it received on
the proposed rule change, securitybased swap submission, or advance
notice. The text of these statements may
be examined at the places specified in
Item IV below. ICC has prepared
summaries, set forth in sections (A), (B),
and (C) below, of the most significant
aspects of these statements.
A. Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change, Security-Based
Swap Submission, or Advance Notice
The proposed revisions are intended
to implement changes to the fee that ICC
charges for U.S. Treasury securities
collateral deposits. The proposed
changes are described in detail as
follows.
Currently, with respect to collateral
deposited by Clearing Participants with
ICC for the purpose of satisfying margin
and Guaranty Fund requirements, ICC
imposes a 5 basis point fee on U.S.
Treasury securities collateral deposits.5
The fee is calculated and charged
monthly, and applies to both house and
client accounts.6
Effective February 1, 2017, ICC will be
changing the fee charged for U.S.
Treasury securities collateral deposits
from 5 basis points to 7.5 basis points.
This fee will continue to be calculated
and charged monthly, and will continue
to apply to both house and client
accounts. ICC believes this change will
lead to an increase in the posting of cash
collateral by Clearing Participants and
their clients, as opposed to U.S.
Treasury securities.
5 See Securities Exchange Act Release 71511
(February 7, 2014), 79 FR 8760 (February 13, 2014)
(SR–ICC–2014–01).
6 See ICC Circular 2013/032, as modified by ICC
Circular 2014/004.
1 15
VerDate Sep<11>2014
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
Jkt 241001
PO 00000
Frm 00035
Fmt 4703
Sfmt 4703
9089
ICC believes the proposed rule
changes are consistent with the
requirements of the Act including
Section 17A of the Act.7 More
specifically, the proposed rule changes
establish or change a member due, fee
or other charge imposed by ICC under
Section 19(b)(3)(A)(ii) 8 of the Act and
Rule 19b–4(f)(2) 9 thereunder. ICC
believes the proposed rule changes are
consistent with the requirements of the
Act and the rules and regulations
thereunder applicable to ICC, in
particular, to Section 17(A)(b)(3)(D),10
because the proposed collateral fee
change applies equally to all market
participants and such fees are in-line
with similar fees charged by market
participants. Therefore the proposed
changes provide for the equitable
allocation of reasonable dues, fees and
other charges among participants. As
such, the proposed changes are
appropriately filed pursuant to Section
19(b)(3)(A) 11 of the Act and paragraph
(f)(2) of Rule 19b–4 thereunder.12
Further, ICC believes such changes
are consistent with Section
17A(b)(3)(F),13 because ICC believes that
the collateral fee change will promote
the prompt and accurate clearance and
settlement of securities transactions,
derivatives agreements, contracts, and
transactions. The proposed collateral fee
change is intended to increase cash
collateral held at the clearing house,
which would minimize liquidity risk
and reduce the likelihood that assets
securing participant obligations would
be unavailable when ICC needs to draw
on them, thus safeguarding ICC’s ability
to meet its settlement obligations.
B. Clearing Agency’s Statement on
Burden on Competition
ICC does not believe the proposed
rule change would have any impact, or
impose any burden, on competition.
The proposed collateral fee change
applies consistently across all market
participants and implementation of the
proposed collateral fee change does not
preclude the implementation of similar
fee changes by other market
participants. Therefore, ICC does not
believe the collateral fee change
imposes any burden on competition that
is inappropriate in furtherance of the
purposes of the Act.
7 15
U.S.C. 78q–1.
U.S.C. 78s(b)(3)(A)(ii).
9 17 CFR 240.19b–4(f)(2).
10 15 U.S.C. 78q–1(b)(3)(D).
11 15 U.S.C. 78s(b)(3)(A).
12 17 CFR 240.19b–4(f)(2).
13 15 U.S.C. 78q–1(b)(3)(F).
8 15
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9090
Federal Register / Vol. 82, No. 21 / Thursday, February 2, 2017 / Notices
C. Clearing Agency’s Statement on
Comments on the Proposed Rule
Change, Security-Based Swap
Submission, or Advance Notice
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
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act and paragraph (f) of Rule
19b–4 thereunder. At any time within
60 days of the filing of the 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.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change, security-based swap
submission, or advance notice 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–
ICC–2017–001 on the subject line.
mstockstill on DSK3G9T082PROD with NOTICES
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE.,
Washington, DC 20549.
All submissions should refer to File
Number SR–ICC–2017–001. 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, security-based swap
submission, or advance notice that are
filed with the Commission, and all
VerDate Sep<11>2014
16:31 Feb 01, 2017
Jkt 241001
written communications relating to the
proposed rule change, security-based
swap submission, or advance notice
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
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 ICE Clear Credit and on ICE
Clear Credit’s Web site at https://
www.theice.com/clear-credit/regulation.
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–2017–001 and should
be submitted on or before February 23,
2017.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–02183 Filed 2–1–17; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–79887; File No. SR–ISE–
2017–02]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing of Proposed Rule
Change To Amend the Opening
Process
January 27, 2017.
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 January
13, 2017, the International Securities
Exchange, LLC (‘‘ISE’’ or ‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘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.
14 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
PO 00000
Frm 00036
Fmt 4703
Sfmt 4703
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend the
opening process.
The text of the proposed rule change
is available on the Exchange’s Web site
at www.ise.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
The purpose of this rule change is to
amend the ISE opening process in
connection with a technology migration
to a Nasdaq, Inc. (‘‘Nasdaq’’) supported
architecture. INET is the proprietary
core technology utilized across Nasdaq’s
global markets and utilized on The
NASDAQ Options Market LLC
(‘‘NOM’’), NASDAQ PHLX LLC (‘‘Phlx’’)
and NASDAQ BX, Inc. (‘‘BX’’)
(collectively ‘‘Nasdaq Exchanges’’). The
migration of ISE to the Nasdaq INET
architecture would result in higher
performance, scalability, and more
robust architecture. With this system
migration, the Exchange intends to
adopt the Phlx opening process.
The Exchange intends to begin
implementation of the proposed rule
change in Q2 2017. The migration will
be on a symbol by symbol basis, and the
Exchange will issue an alert to Members
to provide notification of the symbols
that will migrate and the relevant dates.
Generally
With the re-platform, the Exchange
will now be built on the Nasdaq INET
architecture, which allows certain
trading system functionality to be
performed in parallel. The Exchange
believes that this architecture change
will improve the Member experience by
reducing overall latency compared to
the current ISE system because of the
E:\FR\FM\02FEN1.SGM
02FEN1
Agencies
[Federal Register Volume 82, Number 21 (Thursday, February 2, 2017)]
[Notices]
[Pages 9089-9090]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-02183]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-79889; File No. SR-ICC-2017-001]
Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Implement
Collateral Fee Changes
January 27, 2017.
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 January 23, 2017, ICE Clear Credit LLC (``ICC'') filed with the
Securities and Exchange Commission (``Commission'') the proposed rule
change as described in Items I, II, and III below, which Items have
been prepared primarily by ICC. ICC filed the proposed rule change
pursuant to Section 19(b)(3)(A) of the Act,\3\ and Rule 19b-4(f)(2) \4\
thereunder, so that the proposal was effective upon filing with the
Commission. 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.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change, Security-Based Swap Submission, or Advance Notice
The principal purpose of the proposed changes is to implement
changes to the fee that ICC charges for U.S. Treasury securities
collateral deposits.
II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change, Security-Based Swap Submission, or
Advance Notice
In its filing with the Commission, ICC included statements
concerning the purpose of and basis for the proposed rule change,
security-based swap submission, or advance notice and discussed any
comments it received on the proposed rule change, security-based swap
submission, or advance notice. The text of these statements may be
examined at the places specified in Item IV below. ICC has prepared
summaries, set forth in sections (A), (B), and (C) below, of the most
significant aspects of these statements.
A. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change, Security-Based Swap Submission, or
Advance Notice
The proposed revisions are intended to implement changes to the fee
that ICC charges for U.S. Treasury securities collateral deposits. The
proposed changes are described in detail as follows.
Currently, with respect to collateral deposited by Clearing
Participants with ICC for the purpose of satisfying margin and Guaranty
Fund requirements, ICC imposes a 5 basis point fee on U.S. Treasury
securities collateral deposits.\5\ The fee is calculated and charged
monthly, and applies to both house and client accounts.\6\
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release 71511 (February 7,
2014), 79 FR 8760 (February 13, 2014) (SR-ICC-2014-01).
\6\ See ICC Circular 2013/032, as modified by ICC Circular 2014/
004.
---------------------------------------------------------------------------
Effective February 1, 2017, ICC will be changing the fee charged
for U.S. Treasury securities collateral deposits from 5 basis points to
7.5 basis points. This fee will continue to be calculated and charged
monthly, and will continue to apply to both house and client accounts.
ICC believes this change will lead to an increase in the posting of
cash collateral by Clearing Participants and their clients, as opposed
to U.S. Treasury securities.
ICC believes the proposed rule changes are consistent with the
requirements of the Act including Section 17A of the Act.\7\ More
specifically, the proposed rule changes establish or change a member
due, fee or other charge imposed by ICC under Section 19(b)(3)(A)(ii)
\8\ of the Act and Rule 19b-4(f)(2) \9\ thereunder. ICC believes the
proposed rule changes are consistent with the requirements of the Act
and the rules and regulations thereunder applicable to ICC, in
particular, to Section 17(A)(b)(3)(D),\10\ because the proposed
collateral fee change applies equally to all market participants and
such fees are in-line with similar fees charged by market participants.
Therefore the proposed changes provide for the equitable allocation of
reasonable dues, fees and other charges among participants. As such,
the proposed changes are appropriately filed pursuant to Section
19(b)(3)(A) \11\ of the Act and paragraph (f)(2) of Rule 19b-4
thereunder.\12\
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78q-1.
\8\ 15 U.S.C. 78s(b)(3)(A)(ii).
\9\ 17 CFR 240.19b-4(f)(2).
\10\ 15 U.S.C. 78q-1(b)(3)(D).
\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
Further, ICC believes such changes are consistent with Section
17A(b)(3)(F),\13\ because ICC believes that the collateral fee change
will promote the prompt and accurate clearance and settlement of
securities transactions, derivatives agreements, contracts, and
transactions. The proposed collateral fee change is intended to
increase cash collateral held at the clearing house, which would
minimize liquidity risk and reduce the likelihood that assets securing
participant obligations would be unavailable when ICC needs to draw on
them, thus safeguarding ICC's ability to meet its settlement
obligations.
---------------------------------------------------------------------------
\13\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------
B. Clearing Agency's Statement on Burden on Competition
ICC does not believe the proposed rule change would have any
impact, or impose any burden, on competition. The proposed collateral
fee change applies consistently across all market participants and
implementation of the proposed collateral fee change does not preclude
the implementation of similar fee changes by other market participants.
Therefore, ICC does not believe the collateral fee change imposes any
burden on competition that is inappropriate in furtherance of the
purposes of the Act.
[[Page 9090]]
C. Clearing Agency's Statement on Comments on the Proposed Rule Change,
Security-Based Swap Submission, or Advance Notice 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
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act and paragraph (f) of Rule 19b-4 thereunder. At
any time within 60 days of the filing of the 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.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change, security-based swap submission, or advance notice 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-ICC-2017-001 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE., Washington, DC 20549.
All submissions should refer to File Number SR-ICC-2017-001. 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, security-
based swap submission, or advance notice that are filed with the
Commission, and all written communications relating to the proposed
rule change, security-based swap submission, or advance notice 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 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 ICE Clear Credit and on ICE Clear Credit's
Web site at https://www.theice.com/clear-credit/regulation. 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-2017-001 and should be
submitted on or before February 23, 2017.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
---------------------------------------------------------------------------
\14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-02183 Filed 2-1-17; 8:45 am]
BILLING CODE 8011-01-P