Product Change-Priority Mail Express and Priority Mail Negotiated Service Agreement, 11570 [2018-05223]

Download as PDF 11570 Federal Register / Vol. 83, No. 51 / Thursday, March 15, 2018 / Notices FOR FURTHER INFORMATION CONTACT: SECURITIES AND EXCHANGE COMMISSION Elizabeth A. Reed, 202–268–3179. The United States Postal Service® hereby gives notice that, pursuant to 39 U.S.C. 3642 and 3632(b)(3), on March 9, 2018, it filed with the Postal Regulatory Commission a USPS Request to Add Priority Mail Contract 424 to Competitive Product List. Documents are available at www.prc.gov, Docket Nos. MC2018–130, CP2018–180. [Release No. 34–82853; File No. SR–ICC– 2018–001] Elizabeth A. Reed, Attorney, Corporate and Postal Business Law. March 12, 2018. SUPPLEMENTARY INFORMATION: [FR Doc. 2018–05224 Filed 3–14–18; 8:45 am] BILLING CODE 7710–12–P POSTAL SERVICE Product Change—Priority Mail Express and Priority Mail Negotiated Service Agreement AGENCY: ACTION: Postal Service TM. Notice. The Postal Service gives notice of filing a request with the Postal Regulatory Commission to add a domestic shipping services contract to the list of Negotiated Service Agreements in the Mail Classification Schedule’s Competitive Products List. SUMMARY: Date of required notice: March 15, 2018. DATES: FOR FURTHER INFORMATION CONTACT: Elizabeth A. Reed, 202–268–3179. The United States Postal Service ® hereby gives notice that, pursuant to 39 U.S.C. 3642 and 3632(b)(3), on March 9, 2018, it filed with the Postal Regulatory Commission a USPS Request to Add Priority Mail Express & Priority Mail Contract 62 to Competitive Product List. Documents are available at www.prc.gov, Docket Nos. MC2018–129, CP2018–179. SUPPLEMENTARY INFORMATION: Elizabeth A. Reed, Attorney, Corporate and Postal Business Law. [FR Doc. 2018–05223 Filed 3–14–18; 8:45 am] sradovich on DSK3GMQ082PROD with NOTICES BILLING CODE 7710–12–P Self-Regulatory Organizations; ICE Clear Credit LLC; Order Approving Proposed Rule Change Relating to the ICC Rules, ICC Risk Management Model Description Document, ICC Risk Management Framework, ICC Stress Testing Framework, and ICC Liquidity Risk Management Framework I. Introduction On January 16, 2018, 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 (SR–ICC–2018–001) to revise: (i) ICC’s Clearing Rules to support the clearing of a new transaction type; and (ii) the ICC Risk Management Model Description Document, the ICC Risk Management Framework, the ICC Stress Testing Framework, and the ICC Liquidity Risk Management Framework to incorporate certain modifications to its risk management methodology.3 The proposed rule change was published for comment in the Federal Register on January 26, 2018.4 The Commission did not receive comments on the proposed rule change. For the reasons discussed below, the Commission is approving the proposed rule change. II. Description of the Proposed Rule Change ICC proposed revisions to its Rules, Risk Management Model Description Document, Risk Management Framework, Stress Testing Framework, and Liquidity Risk Management Framework in order to provide for the clearing of a new transaction type, the Standard European Senior NonPreferred Financial Corporate, and to provide for revised risk management practices. A. Changes to ICC Rules ICC proposed amending Rule 26H– 102, which sets forth the List of Eligible Standard European Financial Corporate (‘‘STEFC’’) Reference Entities, to 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 Capitalized terms used in this order, but not defined herein, have the same meaning as in the ICC Clearing Rules. 4 Securities Exchange Act Release No. 34–82542 (January 19, 2018), 83 FR 3821 (January 26, 2018) (SR–ICC–2018–001) (‘‘Notice’’). 2 17 VerDate Sep<11>2014 17:34 Mar 14, 2018 Jkt 244001 PO 00000 Frm 00083 Fmt 4703 Sfmt 4703 include the Standard European Senior Non-Preferred Financial Corporate transaction type as an Eligible STEFC Reference Entity to be cleared by ICC.5 ICC also proposed amending Rule 26H–102 to state that for a STEFC Reference Entity where the transaction type is the Standard European Senior Non-Preferred Financial Corporate, the STEFC Contracts Reference Obligation shall be determined in accordance with the Additional Provisions for Senior Non-Preferred Reference Obligations as published by the International Swaps and Derivatives Association. In addition, ICC proposed to incorporate certain conforming changes to Rule 26H–303 and Rule 26H–315 to add references to the new transaction type.6 B. Changes to ICC Risk Management Methodology As currently constructed, ICC’s risk management methodology takes into consideration the potential losses associated with idiosyncratic credit events, which ICC refers to as ‘‘LossGiven Default’’ or ‘‘LGD.’’ ICC deems each Single Name (‘‘SN’’) reference entity a Risk Factor, and each combination of definition, doc-clause, tier, and currency for a given SN Risk Factor as a SN Risk Sub-Factor. ICC currently measures losses associated with credit events through a stressbased approach incorporating three recovery rate scenarios: A minimum recovery rate, an expected recovery rate, and maximum recovery rate. ICC combines exposures for Outright and index-derived Risk Sub-Factors at each recovery rate scenario.7 ICC currently uses the results from the recovery rate scenarios as an input into the Profit/Loss-Given-Default (‘‘P/LGD’’) calculations at both the Risk Sub-Factor and Risk Factor levels. For each Risk Sub-Factor, ICC calculates the P/LGD as the worst credit event outcome, and for each Risk Factor, ICC calculates the P/ LGD as the sum of the worst credit outcomes per Risk Sub-Factor. These final P/LGD results are used as part of the determination of risk requirements.8 ICC proposed changes to its LGD framework at the Risk Factor level with respect to the LGD calculation. Specifically, ICC proposed a change to its approach by incorporating more consistency in the calculation of the P/ LGD by using the same recovery rate scenarios applied to the different Risk Sub-Factors which are part of the considered Risk Factor. For each Risk 5 Notice, 82 FR at 3821. 6 Id. 7 Id. 8 Id. E:\FR\FM\15MRN1.SGM 15MRN1

Agencies

[Federal Register Volume 83, Number 51 (Thursday, March 15, 2018)]
[Notices]
[Page 11570]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-05223]


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POSTAL SERVICE


Product Change--Priority Mail Express and Priority Mail 
Negotiated Service Agreement

AGENCY: Postal Service TM.

ACTION: Notice.

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SUMMARY: The Postal Service gives notice of filing a request with the 
Postal Regulatory Commission to add a domestic shipping services 
contract to the list of Negotiated Service Agreements in the Mail 
Classification Schedule's Competitive Products List.

DATES: Date of required notice: March 15, 2018.

FOR FURTHER INFORMATION CONTACT: Elizabeth A. Reed, 202-268-3179.

SUPPLEMENTARY INFORMATION: The United States Postal Service [supreg] 
hereby gives notice that, pursuant to 39 U.S.C. 3642 and 3632(b)(3), on 
March 9, 2018, it filed with the Postal Regulatory Commission a USPS 
Request to Add Priority Mail Express & Priority Mail Contract 62 to 
Competitive Product List. Documents are available at www.prc.gov, 
Docket Nos. MC2018-129, CP2018-179.

Elizabeth A. Reed,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2018-05223 Filed 3-14-18; 8:45 am]
 BILLING CODE 7710-12-P
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