Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing and Immediate Effectiveness of Proposed Rule Change, as Modified by Partial Amendments No. 1 and No. 2, To Adopt Revised Clearing Fees, 48970-48972 [2019-20017]

Download as PDF 48970 Federal Register / Vol. 84, No. 180 / Tuesday, September 17, 2019 / Notices proposed data product is constrained by competition among exchanges that offer similar data products to their customers. As discussed, there are currently a number of alternative products available to market participants and investors. At least three other U.S. options exchanges offer a market data product that is substantially similar to the Open-Close Data, which the Exchange must consider in its pricing discipline in order to compete for the market data.13 In this competitive environment, potential purchasers are free to choose which, if any, competing product to purchase to satisfy their need for market information. As a result, the Exchange believes this proposed rule change permits fair competition among national securities exchanges. The Exchange also does not believe the proposed fees would cause any unnecessary or inappropriate burden on intermarket competition as other exchanges are free to introduce their own alternative and comparable data product and lower their prices to better compete with the Exchange’s offering. The Exchange does not believe the proposed rule change would cause any unnecessary or inappropriate burden on intramarket competition. Particularly, the proposed product and fees apply uniformly to any purchaser, in that it does not differentiate between subscribers that purchase Open-Close Data. The proposed fees are set at a modest level that would allow any interested TPH or non-TPH to purchase such data based on their business needs. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has neither solicited nor received written comments on the proposed rule change. jbell on DSK3GLQ082PROD with NOTICES 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 14 and paragraph (f) of Rule 19b–4 15 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 13 See e.g., Cboe Options Fees Schedule, Livevol Fees, Open-Close Data. See also Nasdaq ISE Options 7 Pricing Schedule, Section 10.A and Nasdaq PHLX Options 7 Pricing Schedule, Section 10, PHLX Options Trade Outline (‘‘PHOTO’’). 14 15 U.S.C. 78s(b)(3)(A). 15 17 CFR 240.19b–4(f). VerDate Sep<11>2014 17:05 Sep 16, 2019 Jkt 247001 investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission will institute proceedings 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: 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– C2–2019–019 on the subject line. Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549–1090. All submissions should refer to File Number SR–C2–2019–019. 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 website (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 website 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 the Exchange. All comments received will be posted without change. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–C2–2019–019 and should PO 00000 Frm 00066 Fmt 4703 Sfmt 4703 be submitted on or before October 8, 2019. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.16 Jill M. Peterson, Assistant Secretary. [FR Doc. 2019–20013 Filed 9–16–19; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–86937; File No. SR–ICEEU– 2019–018] Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing and Immediate Effectiveness of Proposed Rule Change, as Modified by Partial Amendments No. 1 and No. 2, To Adopt Revised Clearing Fees September 11, 2019. 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 August 30, 2019, ICE Clear Europe Limited (‘‘ICE Clear Europe’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change described in Items I, II and III below, which Items have been primarily prepared by ICE Clear Europe. ICE Clear Europe 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 proposed rule change was effective upon filing with the Commission. On September 10, 2019, ICE Clear Europe filed Partial Amendment No. 1 and Partial Amendment No. 2 to the proposed rule change.5 The Commission is publishing this notice to solicit comments on the proposed rule change, as modified by Partial Amendment No. 1 and Partial Amendment No. 2 (hereafter referred to as ‘‘the proposed rule change’’), from interested persons. 16 17 CFR 200.30–3(a)(12). 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). 5 ICE Clear Europe filed Partial Amendment No. 1 to provide certain additional clarifications and related background documentation on the proposed rule change, and ICE Clear Europe filed Partial Amendment No. 2 to append a redlined version of the proposed fees schedule for the IFEU Products as Exhibit 5 to the proposed rule change. Partial Amendment No. 1 and Partial Amendment No. 2 did not make any changes to the substance of the filing or the text of the proposed rule change. 1 15 E:\FR\FM\17SEN1.SGM 17SEN1 Federal Register / Vol. 84, No. 180 / Tuesday, September 17, 2019 / Notices I. Clearing Agency’s Statement of the Terms of Substance of the Proposed Rule Change The principal purpose of the proposed rule change is to revise clearing fees applicable to certain ICE Futures Europe Limited (‘‘IFEU’’) equities and UK energy products (‘‘IFEU Products’’). The revisions do not involve any changes to the ICE Clear Europe Clearing Rules or Procedures.6 II. Clearing Agency’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, ICE Clear Europe 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. ICE Clear Europe has prepared summaries, set forth in sections (A), (B), and (C) below, of the most significant aspects of such statements. jbell on DSK3GLQ082PROD with NOTICES (A) Clearing Agency’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change (a) Purpose The purpose of the proposed rule change is for ICE Clear Europe to modify certain clearing fees relating to certain IFEU Products 7 as set out below: • IFEU Equities. Æ FTSE 100 Options: The clearing fee will increase from GBP 0.20 to GBP 0.21 per lot, the exercise/assignment fee is also increasing from GBP 0.20 to GBP 0.30, and the fee cap on the exercise and assignment fee (published and unpublished) is increasing from GBP 1,500 to GBP 2,200. Æ FTSE 100 Options (block only): The clearing fee will increase from GBP 0.25 to GBP 0.26 per lot and the delayed published clearing fee will increase from GBP 0.29 to GBP 0.30 per lot. The clearing fee cap for published transactions will increase from GBP 1,350 to GBP 1,980 and the clearing fee cap for unpublished transactions will increase from GBP 1,620 to GBP 2,700. The exercise/assignment fee is also increasing from GBP 0.20 to GBP 0.30 and the fee cap on the exercise and assignment fee (published and unpublished) is increasing from GBP 1,500 to GBP 2,200. Æ FTSE 250 Futures and Options (block only): The clearing fee will increase from GBP 0.12 to GBP 0.18 per 6 Capitalized terms used but not defined herein have the meanings specified in the ICE Clear Europe Clearing Rules. 7 ICE Futures Europe is also changing certain exchange fees with respect to the IFEU Products at the same time. VerDate Sep<11>2014 17:05 Sep 16, 2019 Jkt 247001 lot and the delayed published clearing fee will increase from GBP 0.13 to GBP 0.27 per lot. Æ FTSE 250 Futures and Options: The clearing fee will increase from GBP 0.09 to GBP 0.14 per lot and an exercise/ assignment fee of GBP 0.20 per lot is introduced. • IFEU UK Electricity Futures: The clearing fee will increase from GBP 0.00157 to GBP 0.0035 per lot. • IFEU UK Electricity Futures (exchange for physical/exchange for swap/block): The clearing fee will increase from GBP 0.00202 to GBP 0.0045 per lot. Attached [sic] as Exhibit 5 are the circulars listing the new fees relating to the IFEU Products and a redlined version of the proposed fees schedule for the IFEU Products. The relevant fee schedules relating to the IFEU Products will be updated and are available at: https://www.theice.com/fees. The new fees are expected to come into effect on October 1, 2019, for the IFEU Equities Futures and Options products, and on September 2, 2019, for the IFEU UK Electricity Futures products. (b) Statutory Basis ICE Clear Europe has determined that the proposed fee changes set forth above are reasonable and appropriate. In particular, ICE Clear Europe believes that the fees have been set at an appropriate level given the costs and expenses to ICE Clear Europe in offering clearing of such IFEU Products, taking into account the investments ICE Clear Europe has made in clearing the markets for these products. The fees will apply to all F&O Clearing Members. ICE Clear Europe believes that imposing such charges thus provides for the equitable allocation of reasonable dues, fees, and other charges among its Clearing Members, within the meaning of Section 17A(b)(3)(D) of the Act.8 ICE Clear Europe therefore believes that the proposed rule change is consistent with the requirements of Section 17A of the Act 9 and regulations thereunder applicable to it. (B) Self-Regulatory Organization’s Statement on Burden on Competition ICE Clear Europe does not believe the proposed rule changes would have any impact, or impose any burden, on competition not necessary or appropriate in furtherance of the 8 15 U.S.C. 78q–1(b)(3)(D). Under this provision, ‘‘[a] clearing agency shall not be registered unless the Commission determines that—(D) The rules of the clearing agency provide for the equitable allocation of reasonable dues, fees, and other charges among its participants.’’ 9 15 U.S.C. 78q–1. PO 00000 Frm 00067 Fmt 4703 Sfmt 4703 48971 purpose of the Act. Although the changes may result in certain additional costs to Clearing Members, ICE Clear Europe believes that the revised fees have been set at an appropriate level given the costs and expenses to ICE Clear Europe in offering clearing of the IFEU Products. ICE Clear Europe does not believe that the amendments would adversely affect the ability of such Clearing Members or other market participants generally to engage in cleared transactions or to access clearing. Since the revised fees will apply to all F&O Clearing Members, ICE Clear Europe further believes that the fees will not otherwise adversely affect competition among Clearing Members, adversely affect the market for clearing services or limit market participants’ choices for obtaining clearing services. (C) Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others Written comments relating to the proposed changes to the rules have not been solicited or received. ICE Clear Europe will notify the Commission of any written comments received by ICE Clear Europe. III. Date of Effectiveness of the Proposed Rule Change The foregoing rule change has become effective upon filing pursuant to Section 19(b)(3)(A) 10 of the Act and Rule 19b– 4(f)(2) 11 thereunder because it establishes a fee or other charge imposed by ICE Clear Europe on its Clearing Members. Specifically, the proposed rule changes will establish fees to be paid by Clearing Members to ICE Clear Europe in connection with the clearing of certain IFEU Products. 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 is consistent with the Act. Comments may be submitted by any of the following methods: 10 15 11 17 E:\FR\FM\17SEN1.SGM U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(2). 17SEN1 48972 Federal Register / Vol. 84, No. 180 / Tuesday, September 17, 2019 / Notices 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– ICEEU–2019–018 on the subject line. Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549–1090. jbell on DSK3GLQ082PROD with NOTICES All submissions should refer to File Number SR–ICEEU–2019–018. 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 website (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 website 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 such filings will also be available for inspection and copying at the principal office of ICE Clear Europe and on ICE Clear Europe’s website at https:// www.theice.com/clear-europe/ regulation. All comments received will be posted without change. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–ICEEU– 2019–018 and should be submitted on or before October 8, 2019. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.12 Jill M. Peterson, Assistant Secretary. [FR Doc. 2019–20017 Filed 9–16–19; 8:45 am] SECURITIES AND EXCHANGE COMMISSION the most significant aspects of such statements. [Release No. 34–86929; File No. SR– CboeEDGX–2019–055] A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating To Adopt Fees for a New Data Product on Its Equity Options Platform (‘‘EDGX Options’’) To Be Known as Open-Close Data September 11, 2019. 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 August 30, 2019, Cboe EDGX Exchange, Inc. (the ‘‘Exchange’’ or ‘‘EDGX’’) 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 Cboe EDGX Exchange, Inc. (the ‘‘Exchange’’ or ‘‘EDGX’’) is filing with the Securities and Exchange Commission (‘‘Commission’’) a proposed rule change to adopt fees for a new data product on its equity options platform (‘‘EDGX Options’’) to be known as Open-Close Data. The text of the proposed rule change is provided in Exhibit 5. The text of the proposed rule change is also available on the Exchange’s website (https://markets.cboe.com/us/ options/regulation/rule_filings/edgx/), 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 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 BILLING CODE 8011–01–P 1 15 12 17 CFR 200.30–3(a)(12). VerDate Sep<11>2014 17:05 Sep 16, 2019 2 17 Jkt 247001 PO 00000 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00068 Fmt 4703 Sfmt 4703 1. Purpose The Exchange proposes to adopt fees for a new data product on EDGX Options to be known as Open-Close Data, which will be available for purchase to EDGX Options Members and Non-Members.3 Cboe LiveVol, LLC (‘‘LiveVol’’), a wholly owned subsidiary of the Exchange’s parent company, Cboe Global Markets, Inc., will make the Open-Close Data available for purchase to Members and Non-Members on the LiveVol DataShop website (datashop.cboe.com). The Exchange proposes to amend its Fee Schedule to adopt fees for the product. The Exchange recently introduced the Open-Close Data product. Open-Close Data is a data product that summarizes volume (contracts traded on EDGX Options) by origin (customer and firm orders), original order size and the opening or closing position of the order. The volume data is also summarized by day and series (symbol, expiration date, strike price, call or put). The OpenClose Data will be available for purchase to both EDGX Members and NonMembers on a subscription and ad-hoc basis. The Exchange notes that its affiliate, Cboe Exchange, Inc. (‘‘Cboe Options’’), as well as other exchanges, offer a similar data product.4 The Exchange proposes to provide in its Fee Schedule that Members and nonMembers may purchase Open-Close Data on a subscription basis (end of day file) or by ad hoc request for a specified month (historical file). The Exchange proposes to assess a monthly fee of $500 for subscribing to a daily update which will consist of Open/Close data covering all Exchange-listed securities. Members and non-Members purchasing Open/ Close data on a subscription basis will receive access to a daily data file. The Exchange proposes to assess a fee of $400 per request per month for an adhoc request of historical Open/Close data covering all Exchange-listed securities. An ad-hoc request can be for 3 See Securities Exchange Act Release No. 86806 (August 29, 2019) (Notice of Filing and Immediate Effectivness of a Proposed Rule Change to Introduce a New Data Product on Its Equity Options Platform (‘‘EDGX Options’’) to Be Known As Open-Close Data) (SR–CboeEDGX–2019–054). 4 See Securities Exchange Act Release No. 55062 (January 8, 2007), 72 FR 2048 (January 17, 2007) (approving SR–CBOE–2006–88); See also Securities Exchange Act Release No. 56254 (August 15, 2007), 72 FR 47104 (August 22, 2007) (SR–ISE–2007–70). E:\FR\FM\17SEN1.SGM 17SEN1

Agencies

[Federal Register Volume 84, Number 180 (Tuesday, September 17, 2019)]
[Notices]
[Pages 48970-48972]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-20017]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-86937; File No. SR-ICEEU-2019-018]


Self-Regulatory Organizations; ICE Clear Europe Limited; Notice 
of Filing and Immediate Effectiveness of Proposed Rule Change, as 
Modified by Partial Amendments No. 1 and No. 2, To Adopt Revised 
Clearing Fees

September 11, 2019.
    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 August 30, 2019, ICE Clear Europe Limited (``ICE Clear Europe'') 
filed with the Securities and Exchange Commission (``Commission'') the 
proposed rule change described in Items I, II and III below, which 
Items have been primarily prepared by ICE Clear Europe. ICE Clear 
Europe 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 
proposed rule change was effective upon filing with the Commission. On 
September 10, 2019, ICE Clear Europe filed Partial Amendment No. 1 and 
Partial Amendment No. 2 to the proposed rule change.\5\ The Commission 
is publishing this notice to solicit comments on the proposed rule 
change, as modified by Partial Amendment No. 1 and Partial Amendment 
No. 2 (hereafter referred to as ``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).
    \5\ ICE Clear Europe filed Partial Amendment No. 1 to provide 
certain additional clarifications and related background 
documentation on the proposed rule change, and ICE Clear Europe 
filed Partial Amendment No. 2 to append a redlined version of the 
proposed fees schedule for the IFEU Products as Exhibit 5 to the 
proposed rule change. Partial Amendment No. 1 and Partial Amendment 
No. 2 did not make any changes to the substance of the filing or the 
text of the proposed rule change.

---------------------------------------------------------------------------

[[Page 48971]]

I. Clearing Agency's Statement of the Terms of Substance of the 
Proposed Rule Change

    The principal purpose of the proposed rule change is to revise 
clearing fees applicable to certain ICE Futures Europe Limited 
(``IFEU'') equities and UK energy products (``IFEU Products''). The 
revisions do not involve any changes to the ICE Clear Europe Clearing 
Rules or Procedures.\6\
---------------------------------------------------------------------------

    \6\ Capitalized terms used but not defined herein have the 
meanings specified in the ICE Clear Europe Clearing Rules.
---------------------------------------------------------------------------

II. Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change

    In its filing with the Commission, ICE Clear Europe 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. ICE Clear Europe has prepared summaries, 
set forth in sections (A), (B), and (C) below, of the most significant 
aspects of such statements.

(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change

(a) Purpose
    The purpose of the proposed rule change is for ICE Clear Europe to 
modify certain clearing fees relating to certain IFEU Products \7\ as 
set out below:
---------------------------------------------------------------------------

    \7\ ICE Futures Europe is also changing certain exchange fees 
with respect to the IFEU Products at the same time.
---------------------------------------------------------------------------

     IFEU Equities.
    [cir] FTSE 100 Options: The clearing fee will increase from GBP 
0.20 to GBP 0.21 per lot, the exercise/assignment fee is also 
increasing from GBP 0.20 to GBP 0.30, and the fee cap on the exercise 
and assignment fee (published and unpublished) is increasing from GBP 
1,500 to GBP 2,200.
    [cir] FTSE 100 Options (block only): The clearing fee will increase 
from GBP 0.25 to GBP 0.26 per lot and the delayed published clearing 
fee will increase from GBP 0.29 to GBP 0.30 per lot. The clearing fee 
cap for published transactions will increase from GBP 1,350 to GBP 
1,980 and the clearing fee cap for unpublished transactions will 
increase from GBP 1,620 to GBP 2,700. The exercise/assignment fee is 
also increasing from GBP 0.20 to GBP 0.30 and the fee cap on the 
exercise and assignment fee (published and unpublished) is increasing 
from GBP 1,500 to GBP 2,200.
    [cir] FTSE 250 Futures and Options (block only): The clearing fee 
will increase from GBP 0.12 to GBP 0.18 per lot and the delayed 
published clearing fee will increase from GBP 0.13 to GBP 0.27 per lot.
    [cir] FTSE 250 Futures and Options: The clearing fee will increase 
from GBP 0.09 to GBP 0.14 per lot and an exercise/assignment fee of GBP 
0.20 per lot is introduced.
     IFEU UK Electricity Futures: The clearing fee will 
increase from GBP 0.00157 to GBP 0.0035 per lot.
     IFEU UK Electricity Futures (exchange for physical/
exchange for swap/block): The clearing fee will increase from GBP 
0.00202 to GBP 0.0045 per lot.
    Attached [sic] as Exhibit 5 are the circulars listing the new fees 
relating to the IFEU Products and a redlined version of the proposed 
fees schedule for the IFEU Products. The relevant fee schedules 
relating to the IFEU Products will be updated and are available at: 
https://www.theice.com/fees. The new fees are expected to come into 
effect on October 1, 2019, for the IFEU Equities Futures and Options 
products, and on September 2, 2019, for the IFEU UK Electricity Futures 
products.
(b) Statutory Basis
    ICE Clear Europe has determined that the proposed fee changes set 
forth above are reasonable and appropriate. In particular, ICE Clear 
Europe believes that the fees have been set at an appropriate level 
given the costs and expenses to ICE Clear Europe in offering clearing 
of such IFEU Products, taking into account the investments ICE Clear 
Europe has made in clearing the markets for these products. The fees 
will apply to all F&O Clearing Members. ICE Clear Europe believes that 
imposing such charges thus provides for the equitable allocation of 
reasonable dues, fees, and other charges among its Clearing Members, 
within the meaning of Section 17A(b)(3)(D) of the Act.\8\ ICE Clear 
Europe therefore believes that the proposed rule change is consistent 
with the requirements of Section 17A of the Act \9\ and regulations 
thereunder applicable to it.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78q-1(b)(3)(D). Under this provision, ``[a] 
clearing agency shall not be registered unless the Commission 
determines that--(D) The rules of the clearing agency provide for 
the equitable allocation of reasonable dues, fees, and other charges 
among its participants.''
    \9\ 15 U.S.C. 78q-1.
---------------------------------------------------------------------------

(B) Self-Regulatory Organization's Statement on Burden on Competition

    ICE Clear Europe does not believe the proposed rule changes would 
have any impact, or impose any burden, on competition not necessary or 
appropriate in furtherance of the purpose of the Act. Although the 
changes may result in certain additional costs to Clearing Members, ICE 
Clear Europe believes that the revised fees have been set at an 
appropriate level given the costs and expenses to ICE Clear Europe in 
offering clearing of the IFEU Products. ICE Clear Europe does not 
believe that the amendments would adversely affect the ability of such 
Clearing Members or other market participants generally to engage in 
cleared transactions or to access clearing. Since the revised fees will 
apply to all F&O Clearing Members, ICE Clear Europe further believes 
that the fees will not otherwise adversely affect competition among 
Clearing Members, adversely affect the market for clearing services or 
limit market participants' choices for obtaining clearing services.

(C) Self-Regulatory Organization's Statement on Comments on the 
Proposed Rule Change Received From Members, Participants or Others

    Written comments relating to the proposed changes to the rules have 
not been solicited or received. ICE Clear Europe will notify the 
Commission of any written comments received by ICE Clear Europe.

III. Date of Effectiveness of the Proposed Rule Change

    The foregoing rule change has become effective upon filing pursuant 
to Section 19(b)(3)(A) \10\ of the Act and Rule 19b-4(f)(2) \11\ 
thereunder because it establishes a fee or other charge imposed by ICE 
Clear Europe on its Clearing Members. Specifically, the proposed rule 
changes will establish fees to be paid by Clearing Members to ICE Clear 
Europe in connection with the clearing of certain IFEU Products. 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.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(3)(A).
    \11\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

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:

[[Page 48972]]

Electronic Comments

     Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml) or
     Send an email to [email protected]. Please include 
File Number SR-ICEEU-2019-018 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.

All submissions should refer to File Number SR-ICEEU-2019-018. 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 website (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 website 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 such filings will also be available for inspection 
and copying at the principal office of ICE Clear Europe and on ICE 
Clear Europe's website at https://www.theice.com/clear-europe/regulation. All comments received will be posted without change. 
Persons submitting comments are cautioned that we do not redact or edit 
personal identifying information from comment submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-ICEEU-2019-018 and should be 
submitted on or before October 8, 2019.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
---------------------------------------------------------------------------

    \12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-20017 Filed 9-16-19; 8:45 am]
 BILLING CODE 8011-01-P
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