Product Change-Priority Mail Negotiated Service Agreement, 67488 [2019-26479]
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67488
Federal Register / Vol. 84, No. 237 / Tuesday, December 10, 2019 / Notices
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–87655; File No. SR–LCH
SA–2019–007]
Date of required notice:
December 10, 2019.
DATES:
FOR FURTHER INFORMATION CONTACT:
Sean Robinson, 202–268–8405.
The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on December 4,
2019, it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail Contract 569 to
Competitive Product List. Documents
are available at www.prc.gov, Docket
Nos. MC2020–46, CP2020–44.
SUPPLEMENTARY INFORMATION:
Sean Robinson,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2019–26480 Filed 12–9–19; 8:45 am]
BILLING CODE 7710–12–P
POSTAL SERVICE
Product Change—Priority Mail
Negotiated Service Agreement
AGENCY:
ACTION:
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:
December 10, 2019.
DATES:
FOR FURTHER INFORMATION CONTACT:
Sean Robinson, 202–268–8405.
The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on December 4,
2019, it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail Contract 568 to
Competitive Product List. Documents
are available at www.prc.gov, Docket
Nos. MC2020–45, CP2020–43.
SUPPLEMENTARY INFORMATION:
Sean Robinson,
Attorney, Corporate and Postal Business Law.
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BILLING CODE 7710–12–P
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17:08 Dec 09, 2019
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December 4, 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 December
3, 2019, Banque Centrale de
Compensation, which conducts
business under the name LCH SA (‘‘LCH
SA’’), filed with the Securities and
Exchange Commission (‘‘Commission’’)
the proposed rule change (‘‘Proposed
Rule Change’’) described in Items I, II,
and III below, which Items have been
primarily prepared by LCH SA. The
Commission is publishing this notice to
solicit comments on the Proposed Rule
Change from interested persons.
I. Clearing Agency’s Statement of the
Terms of Substance of the Proposed
Rule Change
Postal ServiceTM.
[FR Doc. 2019–26479 Filed 12–9–19; 8:45 am]
Self-Regulatory Organizations; LCH
SA; Notice of Filing of Proposed Rule
Change Relating to Amendments to
LCH SA’s Liquidity Risk Modelling
Framework
LCH SA is proposing to amend its
Liquidity Risk Modelling Framework
(the ‘‘Framework’’), which describes the
Liquidity Stress Testing framework by
which the Collateral and Liquidity Risk
Management department (‘‘CaLRM’’) of
LCH Group Holdings Limited (‘‘LCH
Group’’) assures that LCH SA has
enough cash available to meet any
financial obligations, both expected and
unexpected, that may arise over the
liquidation period for each of the
clearing services that LCH SA offers.3
The Commission first approved the
Framework by Order dated July 18,
2018.4
II. Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change
In its filing with the Commission,
LCH SA included statements concerning
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 LCH SA, a subsidiary of LCH Group, manages
its liquidity risk pursuant to, among other policies
and procedures, the Group Liquidity Risk Policy
and the Group Liquidity Plan applicable to each
entity within LCH Group.
In addition to its CDSClear service, LCH SA
provides clearing services in connection with cash
equities and derivatives listed for trading on
Euronext (EquityClear), commodity derivatives
listed for trading on Euronext (CommodityClear),
and tri-party Repo transactions (RepoClear).
4 Securities Exchange Act Release No. 34–83691
(July 24, 2018), 83 FR 36635 (July 30, 2018); File
No. SR–LCH SA–2018–003) (the ‘‘Release’’).
2 17
PO 00000
Frm 00066
Fmt 4703
Sfmt 4703
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. LCH
SA 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
1. Purpose
The Framework is one of several welldeveloped policies and procedures that
LCH SA maintains to manage its
liquidity risk, i.e., the risk that LCH SA
will not have enough cash available, in
extreme but plausible circumstances, to
settle margin payments or delivery
obligations when they become due, in
particular upon the default of a clearing
member. Such policies and procedures
include, among others: (i) The Group
Liquidity Risk Policy; (ii) the Group
Liquidity Plan; (iii) the Group Financial
Resource Adequacy Plan; (iv) the Group
Collateral Risk Policy; (v) the Group
Investment Risk Policy; and (vi) the
LCH SA Collateral Control Framework.
The Framework complements these
policies and procedures and develops
further the Group Liquidity Risk Policy.
In brief, the Framework: (i) Identifies
LCH SA’s sources of liquidity and
corresponding liquidity risks; (ii)
identifies LCH SA’s liquidity
requirements with respect to its
members and its interoperable central
counterparty (‘‘CCP’’); 5 (iii) describes
the metrics and limits that LCH SA
monitors; and (iv) describes the
scenarios under which these metrics are
computed.6
(i) Physically-Settled Options
LCH SA is proposing to amend the
Framework in order to address more
accurately its liquidity requirements in
the event of the assignment and exercise
of physically-settled options involving a
defaulting clearing member during the
liquidation period of such clearing
member. Specifically, the amended
Framework will address LCH SA’s
liquidity requirements in the event
options that are in the money are
5 LCH SA has an interoperability agreement with
Cassa di Compensazione e Garanzia (‘‘CC&G’’), an
Italian CCP, pursuant to which LCH SA’s clearing
members and CC&G’s clearing members are able to
benefit from common clearing services without
having to join the other CCP. Each CCP is a clearing
member of the other one with a particular status
when accessing the clearing system of the other
counterparty.
6 The Release describes the operation of the
Framework in greater detail.
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[Federal Register Volume 84, Number 237 (Tuesday, December 10, 2019)]
[Notices]
[Page 67488]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-26479]
-----------------------------------------------------------------------
POSTAL SERVICE
Product Change--Priority Mail Negotiated Service Agreement
AGENCY: Postal ServiceTM.
ACTION: Notice.
-----------------------------------------------------------------------
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: December 10, 2019.
FOR FURTHER INFORMATION CONTACT: Sean Robinson, 202-268-8405.
SUPPLEMENTARY INFORMATION: The United States Postal Service[supreg]
hereby gives notice that, pursuant to 39 U.S.C. 3642 and 3632(b)(3), on
December 4, 2019, it filed with the Postal Regulatory Commission a USPS
Request to Add Priority Mail Contract 568 to Competitive Product List.
Documents are available at www.prc.gov, Docket Nos. MC2020-45, CP2020-
43.
Sean Robinson,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2019-26479 Filed 12-9-19; 8:45 am]
BILLING CODE 7710-12-P
