Self-Regulatory Organizations; LCH SA; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Amendments of the CDSClear Fee Grid, 1185-1189 [2020-00118]
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Federal Register / Vol. 85, No. 6 / Thursday, January 9, 2020 / Notices
to safety for the chromium-coated
zirconium alloy fuel cladding concepts,
as well as to provide guidance for NRC
staff reviewing vendor applications.
Chromium-coated zirconium alloy fuel
cladding concepts are being pursued by
several U.S. fuel vendors as part of the
U.S. Department of Energy’s accident
tolerant fuel program.
DATES: This guidance is effective on
February 10, 2020.
ADDRESSES: Please refer to Docket ID
NRC–2019–0208 when contacting the
NRC about the availability of
information regarding this document.
You may obtain publicly-available
information related to this document
using any of the following methods:
• Federal Rulemaking Website: Go to
https://www.regulations.gov and search
for Docket ID NRC–2019–0208. Address
questions about NRC docket IDs in
Regulations.gov to Jennifer Borges;
telephone: 301–287–9127; email:
Jennifer.Borges@nrc.gov. For technical
questions, contact the individual(s)
listed in the FOR FURTHER INFORMATION
CONTACT section of this document.
• NRC’s Agencywide Documents
Access and Management System
(ADAMS): You may obtain publiclyavailable documents online in the
ADAMS Public Documents collection at
https://www.nrc.gov/reading-rm/
adams.html. To begin the search, select
‘‘Begin Web-based ADAMS Search.’’ For
problems with ADAMS, please contact
the NRC’s Public Document Room (PDR)
reference staff at 1–800–397–4209, 301–
415–4737, or by email to pdr.resource@
nrc.gov. The ISG, ‘‘Supplemental
Guidance Regarding the ChromiumCoated Zirconium Alloy Fuel Cladding
Accident Tolerant Fuel Concept,’’ is
available in ADAMS under Accession
No. ML19343A121.
• NRC’s PDR: You may examine and
purchase copies of public documents at
the NRC’s PDR, Room O1–F21, One
White Flint North, 11555 Rockville
Pike, Rockville, Maryland 20852.
FOR FURTHER INFORMATION CONTACT:
Tekia Govan, Office of Nuclear Reactor
Regulation, telephone: 301–415–6197
email: Tekia.Govan@nrc.gov and
Michael Orenak, Office of Nuclear
Reactor, telephone: 301–415–3229,
email: Michael.Orenak@nrc.gov. Both
are staff of the U.S. Nuclear Regulatory
Commission, Washington, DC 20555–
0001.
SUPPLEMENTARY INFORMATION:
I. Background
On October 24, 2019, (84 FR 57058)
the NRC requested public comments on
draft ATF ISG–2019–01 (ADAMS
Accession No. ML19276G621). The NRC
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received comments from the Nuclear
Energy Institute by letter dated
November 25, 2019 (ADAMS Accession
No. ML19344C125). No other comments
were submitted. The NRC staff
considered those comments in
developing the final ATF–ISG 2019–01.
Detailed responses to the comments can
be found in Appendix E of the final
ATF–ISG 2019–01.
This ISG is intended to provide
guidance for NRC staff reviewing
applications involving fuel products
with chromium-coated zirconium alloy
cladding. For coated claddings of this
type, a phenomena identification and
ranking table (PIRT) was generated for
the NRC by Pacific Northwest National
Laboratory; the guidance provided in
this ISG extensively references the PIRT
report, ‘‘Degradation and Failure
Phenomena of Accident Tolerant Fuel
Concepts: Chromium Coated Zirconium
Alloy Cladding,’’ issued June 2019. The
suggested cladding properties specified
acceptable fuel design limits and new
failure mechanisms sections from the
PIRT are replicated in Appendices B
and C. These appendices supersede
Sections 5.1 and 5.2 of the PIRT report.
This ISG is not intended as standalone review guidance, but instead
supplements NUREG–0800, ‘‘Standard
Review Plan,’’ Section 4.2, ‘‘Fuel
System Design,’’ and discusses the
potential impact of coated claddings on
reviews performed under Standard
Review Plan (SRP), Section 4.3,
‘‘Nuclear Design,’’ Section 4.4,
‘‘Thermal and Hydraulic Design,’’ and
Chapter 15, ‘‘Transient and Accident
Analysis.’’ In addition to the guidance
provided in this ISG, reviewers of
coated cladding applications should
familiarize themselves with the PIRT
report and with the relevant sections of
the SRP.
The PIRT report and this ISG focus
primarily on metallic chromium
coatings applied to a zirconium alloy
base metal, with some additional
discussion that is applicable to
chromium-based ceramic coatings.
Reviewers of submittals on ceramic
chromium-coated zirconium alloy
claddings should carefully read the
PIRT to determine the applicability to
the review.
This ISG does not apply to reviews of
fuel products other than metallic or
ceramic chromium-based coatings on a
zirconium alloy substrate.
II. Backfit Discussion
This ISG intends to provide guidance
for the NRC staff reviewing applications
involving fuel products with chromiumcoated zirconium alloy cladding.
Issuance of this ISG does not constitute
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1185
a backfit as defined in section
50.109(a)(1) of title 10 of the Code of
Federal Regulations (10 CFR) and is not
otherwise inconsistent with the issue
finality provisions in 10 CFR part 52. As
discussed in the ‘‘Backfitting’’ section of
the final ATF–ISG–2020–01, the ISG
positions do not constitute backfitting,
inasmuch as the ISG is guidance
directed to the NRC staff with respect to
its regulatory responsibilities.
Applicants and potential applicants are
not, with certain exceptions, the subject
of either the Backfit Rule or any issue
finality provisions under 10 CFR part
52. The NRC staff has no intention to
impose the ISG positions on existing
nuclear power plant licensees either
now or in the future (absent a voluntary
request for a change from the licensee).
III. Congressional Review Act
This ISG is a rule as defined in the
Congressional Review Act (5 U.S.C.
801–808). However, the Office of
Management and Budget has not found
it to be a major rule as defined in the
Congressional Review Act.
Dated at Rockville, Maryland, this 3rd day
of January 2020.
For the Nuclear Regulatory Commission.
Tekia V. Govan,
Project Manager, Oversight and Support
Branch, Division of Reactor Oversight, Office
of Nuclear Reactor Regulation.
[FR Doc. 2020–00124 Filed 1–8–20; 8:45 am]
BILLING CODE 7590–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–87886; File No. SR–LCH
SA–2019–012]
Self-Regulatory Organizations; LCH
SA; Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to the Amendments
of the CDSClear Fee Grid
January 3, 2020.
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
27, 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 described in
Items I, II and III below, which Items
have been prepared primarily by LCH
SA. LCH SA filed the proposal pursuant
1 15
2 17
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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.
I. Clearing Agency’s Statement of the
Terms of Substance of the Proposed
Rule Change, Security-Based Swap
Submission, or Advance Notice
The proposed rule change is to review
and modify the current fee grid applied
by LCH SA CDSClear.
The text of the proposed rule change
has been annexed [sic] as Exhibit 5.
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
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, Security-Based
Swap Submission, or Advance Notice
1. Purpose
The purpose of the proposed fee
changes is for LCH SA CDSClear to (1)
modify the annual fixed fee amount that
covers all Index and Single Name CDS
self-clearing activity for a General
Clearing Member and its affiliates under
the Unlimited Tariff, and (2) revise the
CDSClear fee grid set up for the Options
clearing service for both General and
Select Members.
LCH SA is currently applying the
below fee grid for CDSClear members:
CURRENT SELF-CLEARING TARIFF FOR CORPORATES AND FINANCIALS INDEX AND SINGLE NAME CDS
Self-clearing/variable fees
Membership
Annual fixed fee
EUR indices
EUR single
names
USD indices
USD single
names
General Member—Unlimited
Tariff.
Ö1,700,000 ..................................
No Variable Fee
General Member—Introductory Tariff.
Ö200,000 if the total annual
gross notional cleared is under
Ö15 billion.
Ö3.5 Per million
gross notional
cleared.
Ö10 Per million
gross notional
cleared.
$4.5 Per million
gross notional
cleared.
$13 Per million
gross notional
cleared.
Ö400,000 if the total annual
gross notional cleared is over
Ö15 billion.
Ö250,000 if the total annual
gross notional cleared is under
Ö25 billion.
Ö450,000 if the total annual
gross notional cleared is over
Ö25 billion.
Ö3.5 Per million
gross notional
cleared.
Ö4 Per million
gross notional
cleared.
...........................
Ö10 Per million
gross notional
cleared.
Ö10 Per million
gross notional
cleared.
...........................
$4.5 Per million
gross notional
cleared.
$5 Per million
gross notional
cleared.
...........................
$13 Per million
gross notional
cleared.
$13 Per million
gross notional
cleared.
...........................
Select Member ..
Covers all self-clearing Corporate
and Financials CDS Index and
Single Name activity for a
Clearing Member and its affiliates.
Cap on total annual self-clearing
fees (fixed + variable) of EUR
1,700,000 after which all further trades cleared in the calendar year are subject to a fee
holiday.
CURRENT OPTIONS TARIFF INCLUDING FEE REBATE: GENERAL MEMBER
General Member
Introductory Tariff ..................................................
Cover only one legal entity (no affiliate coverage).
Clearing Fees ................................................
$15
Ö15
Ö150k
Ö600k
Floor on clearing fees‘‘ ...........................
Cap on Clearing fees .............................
Unlimited Tariff ......................................................
million of option notional on U.S. Indices.
million of option notional on European Indices.
calendar year (no pro-rating).
calendar year (no pro-rating).
Cover all affiliates of a given Clearing Member Group.
Cover all clearing fees for Credit Option House activity for both iTraxx and CDX.NA underlying index families.
Excludes any potential future EEP usage fees.
Ö375k
Ö50k
Fixed fee (annual) ..........................................
Discounted Rates * ........................................
Ö75k
Ö125k
Ö30k
Onboarding Fees (both Introductory & Unlimited)
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Per
Per
Per
Per
Per calendar year (no pro-rating).
After discount rate of 86.67% applied to the Fixed fee amount if Index Swaptions notional
cleared per Clearing Member group strictly above Ö12 billion.
After discount rate of 80.00% applied to the Fixed fee amount if Index Swaptions notional
cleared per Clearing Member group strictly above Ö6 billion but equal or below Ö12 billion.
After discount rate of 67.00% applied to the Fixed fee amount if Index Swaptions notional
cleared per Clearing Member group strictly above Ö0 but equal or below Ö6 billion.
One-off fee per Legal Entity under the Introductory tariff or per Clearing Member Group under
Unlimited tariff waived until 20–Dec–19.
* Cumulative conditions for the Fee rebate:
(i) Application to the Unlimited Tariff only;
(ii) application to all Clearing Members registering to the Index Swaptions clearing service (registration letter or application file signature date); and
(iii) Valid for 2019 only; and
3 15
U.S.C. 78s(b)(3)(A).
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CURRENT OPTIONS TARIFF INCLUDING FEE REBATE: GENERAL MEMBER—Continued
(iv) Index Swaptions notional cleared for the determination of the discount rate to be observed from the regulatory effective date of the rebate.
CURRENT OPTIONS TARIFF INCLUDING FEE REBATE: SELECT MEMBER AND CLIENT
Select Member
Introductory Tariff ..................................................
Cover only one legal entity (no affiliate coverage).
Clearing Fees ................................................
$18
Ö18
Ö600k
Cap on Clearing fees .............................
Unlimited Tariff ......................................................
Per million of option notional on U.S. Indices
Per million of option notional on European Indices.
Per calendar year (no pro-rating).
Covers all affiliates of a given Clearing Member Group.
Covers all clearing fees for Credit Option House activity for both iTraxx and CDX.NA underlying index families.
Excludes any potential future EEP usage fees.
Ö400k
Ö50k
Fixed fee (annual) ..........................................
Discounted Rates * ........................................
Ö75k
Ö125k
Ö30k
Onboarding Fees (both Introductory & Unlimited)
Per calendar year (no pro-rating).
After discount rate of 87.50% applied to the Fixed fee amount if Index Swaptions notional
cleared per Clearing Member group strictly above Ö12 billion.
After discount rate of 81.25% applied to the Fixed fee amount if Index Swaptions notional
cleared per Clearing Member group strictly above Ö6 billion but equal or below Ö12 billion.
After discount rate of 68.75% applied to the Fixed fee amount if Index Swaptions notional
cleared per Clearing Member group per year strictly above Ö0 but equal or below Ö6 billion.
One-off fee per Legal Entity under the Introductory tariff or per Clearing Member Group under
Unlimited tariff waived until 20–Dec–19.
* Cumulative conditions for the Fee rebate:
(v) Application to the Unlimited Tariff only;
(vi) application to all Clearing Members registering to the Index Swaptions clearing service (registration letter or application file signature date); and
(vii) Valid for 2019 only; and
(viii) Index Swaptions notional cleared for the determination of the discount rate to be observed from the regulatory effective date of the rebate.
Client
Clearing Fees ........................................................
$20
Ö20
As specified in the new fee grid
attached [sic] under Exhibit 5, LCH SA
is proposing to amend the CDSClear fee
grid from January 1st, 2020.
The proposed fee changes are driven
by the will:
—For the Index and Single Names
Unlimited Tariff: To reflect a
transition to a more matured phase of
development of the CDSClear service,
and
—for the Options fee grid: to adjust the
discount bands and rates following a
beginning of uptake of the options
service, and to ensure coherence in
the maximum amount of fees payable
between the Introductory and the
Unlimited Tariffs.
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(1) Change the Index and Single Names
Unlimited Tariff for General Members
From Ö1,700,000 per Year to Ö1,300,000
per Year for 2020
CDSClear currently offers an
Unlimited Tariff for General Members 5
that covers all self-clearing Corporate
and Financials CDS Index and Single
Names activity for a Clearing Member
group and its affiliates for an annual
5 All capitalized terms not defined herein have
the same definition as the CDSClearing Rule Book,
Supplement or Procedures, as applicable.
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Per million of option notional on U.S. Indices.
Per million of option notional on European Indices.
fixed fee of Ö1,700,000 (no variable
fees).
The proposed change consists in
decreasing the annual fixed fee amount
to Ö1,300,000 per year. This fixed fee
will still cover all clearing fees for
Corporate and Financials Index and
Single Names CDS House activity for all
affiliates of a given Clearing Member
group.
(2) Change the Options Unlimited Tariff
for Both General and Select Members
As specified in the new LCH
CDSClear options fee grid attached [sic]
below in Appendix, the annual fixed fee
covering all clearing fees for Credit
Index Options House activity for all
affiliates of a given Clearing Member
group remains set in 2020 to Ö375,000
for General Members and Ö400,000 for
Select Members, but it is proposed to
change the discount based notional
bands and rates as follows:
General Member Discount Bands and
Rates
— Change the bounds on the annual
options notional cleared for the
lowest band from strictly above Ö0bn
but equal to or below Ö6bn into
strictly above Ö6bn but equal to or
below Ö13.5bn, and the corresponding
discount rate from 66.67% (equivalent
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to an annual fixed fee of Ö125,000) to
60% (equivalent to an annual fixed
fee of Ö150,000);
— Change the bounds on the annual
options notional cleared for the
middle band from strictly above Ö6bn
but equal to or below Ö12bn into
strictly above Ö13.5bn, but keep the
corresponding discount rate at 80%
(equivalent to an annual fixed fee of
Ö75,000); and
— Remove the highest band from the fee
grid.
Select Member Discount Bands and
Rates
— Change the bounds on the annual
options notional cleared for the
lowest band from strictly above Ö0bn
but equal to or below Ö6bn into
strictly above Ö6bn but equal to or
below Ö13.5bn, and the corresponding
discount rate from 68.75% (equivalent
to an annual fixed fee of Ö125,000) to
62.5% (equivalent to an annual fixed
fee of Ö150,000);
— Change the bounds on the annual
options notional cleared for the
middle band from strictly above Ö6bn
but equal to or below Ö12bn into
strictly above Ö13.5bn, but keep the
corresponding discount rate at
81.25% (equivalent to an annual fixed
fee of Ö75,000); and
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and therefore requires a lower
investment to develop new
functionalities/services than in the past.
(3) Change the Options Introductory
Regarding the proposed changes to
Tariff for Both General and Select
the Options clearing service fee grid,
Members
after consultation with its Clearing
The Options Introductory Tariff for
Members, LCH SA has determined that
both General and Select Members covers both its General and Select Members
only the legal entity that is registering
still needed to be incentivized to further
to the service and is based on variable
grow their usage of the Options clearing
fees with an annual floor (for General
service, and thus to maintain a volumeMembers only) and cap on the total
based discount fee scheme for its
Options Unlimited Tariff in which the
variable fees paid. The only change
proposed to this Introductory Tariff is to cost of clearing options decreases as
more volumes are cleared. In order to
align the annual cap with the fixed fee
make the link between Unlimited Tariff
in the Unlimited Tariff as follows:
and Introductory Tariff coherent
— For General Members, decrease the
between the Index & Single Names fee
annual cap on variable fees from
grid on one hand and the Option fee
Ö600,000 to Ö375,000
grid on the other hand, LCH SA has also
— For Select Members, decrease the
set the cap for its Options Introductory
annual cap on variable fees from
Tariff at the same level than the fixed
Ö600,000 to Ö400,000.
fee of the Option Unlimited Tariff, and
(4) Additional Changes to the Options
thus decreased it from Ö600k to
Fee Grid for Both General and Select
respectively Ö375k for General Members
Members
and Ö400k for Select Members.
The following conditions will be
Additionally, both General and Select
applicable for both General and Select
Clearing Members will not have the
Members:
ability to switch from one type of Tariff
— In-year switches between Introductory to the other (Unlimited to Introductory
or vice-versa) in-year.
and Unlimited Tariff are not
Finally, the one-off Onboarding Fee to
permitted, and
the Options clearing service will remain
— The one-off onboarding fee will
set to Ö30,000 but the waiving period
remain set to Ö30,000 but waived
will be extended until 30 April 2020.
until 30 April 2020.
For all the reasons stated above, LCH
2. Statutory Basis
SA believes that the proposed fee rates
Section 17A(b)(3)(D) of the Act
are reasonable and have been set up at
requires that the rules of a clearing
an appropriate level so that LCH SA can
agency provide for the equitable
provide the CDSClear services.
allocation of reasonable dues, fees, and
B. Clearing Agency’s Statement on
other charges.6
Burden on Competition
LCH SA believes that its clearing fee
Section 17A(b)(3)(I) of the Act
change proposal is consistent with the
requirements of Section 17A of the Act 7 requires that the rules of a clearing
agency not impose any burden on
and the regulations thereunder
competition not necessary or
applicable to it, and in particular
appropriate in furtherance of the
provides for the equitable allocation of
reasonable fees, dues, and other charges purposes of the Act.8
LCH SA does not believe that the
among clearing members and market
proposed rule change would impose any
participants by ensuring that clearing
members and clients pay reasonable fees burden on competition that are not
necessary or appropriate in furtherance
and dues for the services provided by
of the purposes of the Act because LCH
LCH SA, within the meaning of Section
SA is offering the possibility for
17A(b)(3)(D) of the Act.
CDSClear members and clients to get a
With respect to the change of the
more attractive access to the clearing
Index and CDS Unlimited Tariff for
services. It does not affect the ability of
General Members, LCH SA has
such Clearing Members or other market
determined in consultation with its
participants generally to engage in
clearing members that the reduction in
cleared transactions or to access clearing
the annual fixed fee for General
services especially to the clearing of
Members covering their Index and
Index Swaptions that remains not
Single Name CDS self-clearing activity
mandatory.
is reasonable and appropriate as the
Additionally, the proposed volume
CDSClear business is now reaching a
based discount scheme for the Options
more mature stage in its development
Unlimited Tariff will be available to all
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— Remove the highest band from the fee
grid.
6 15
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U.S.C. 78q–1(b)(3)(D).
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CDSClear Clearing Member Groups.
Similarly, the proposed Index and
Single Names Unlimited Tariff will be
available to all General Members of the
CDSClear service. This annual fixed fee
reduction does not impact any
competition between General and Select
Members as the choice of membership
tier made by a Clearing Member is
mainly driven by the material
differences in the obligations of a
General Member versus those of a Select
Member (in terms of price contribution
and auction bidding notably) which are
reflected in the Tariffs available for each
tier.
Further, as explained above, LCH SA
believes that the fee rates have been set
up at an appropriate level given the
costs and expenses to LCH SA in
offering the relevant clearing services.
C. Clearing Agency’s Statement on
Comments on the Proposed Rule
Change Received From Members,
Participants or Others
Written comments relating to the
proposed rule change have not been
solicited or received but a consultation
has been conducted with and feedback
sought from CDSClear members. No
comment or question has been received
following this consultation. LCH SA
will notify the Commission of any
written comments received by LCH SA.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change
has become effective upon filing
pursuant to Section 19(b)(3)(A) 9 of the
Act and Rule 19b–4(f)(2)10 thereunder
because it establishes a fee or other
charge imposed by LCH SA on its
Clearing Members. At any time within
60 days of the filing of the proposed rule
change, the Commission summarily may
temporarily suspend such proposed 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:
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Federal Register / Vol. 85, No. 6 / Thursday, January 9, 2020 / Notices
• 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–
LCH SA–2019–012 on the subject line.
Paper Comments
lotter on DSKBCFDHB2PROD with NOTICES
• 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–LCH SA–2019–012. 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 LCH SA and on LCH SA’s
website at https://www.lch.com/
resources/rules-and-regulations/
proposed-rule-changes-0. 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–LCH SA–2019–012 and
should be submitted on or before
January 30, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–00118 Filed 1–8–20; 8:45 am]
BILLING CODE 8011–01–P
11 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
20:20 Jan 08, 2020
Jkt 250001
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–87885; SR–NYSEArca–
2019–78]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Withdrawal of a
Proposed Rule Change, as Modified by
Amendment No. 1, To List and Trade
Shares of the Innovator PTAM Core
Bond Fund ETF Under NYSE Arca Rule
8.600–E
January 3, 2020.
On October 30, 2019, NYSE Arca, Inc.
(‘‘Exchange’’) 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
list and trade shares of the Innovator
PTAM Core Bond ETF, and on
November 8, 2019, the Exchange filed
Amendment No. 1 to the proposed rule
change, which amended and replaced
the proposed rule change in its entirety.
The proposed rule change was
published for comment in the Federal
Register on November 19, 2019.3 The
Commission did not receive any
comment letters on the proposed rule
change.
On December 18, 2019, the Exchange
withdrew the proposed rule change
(SR–NYSEArca–2019–78), as modified
by Amendment No. 1.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.4
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–00117 Filed 1–8–20; 8:45 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
Reporting and Recordkeeping
Requirements Under OMB Review
1189
that the agency has made such a
submission. This notice also allows an
additional 30 days for public comments.
DATES: Submit comments on or before
February 10, 2020.
ADDRESSES: Comments should refer to
the information collection by name and/
or OMB Control Number and should be
sent to: Agency Clearance Officer, Curtis
Rich, Small Business Administration,
409 3rd Street SW, 5th Floor,
Washington, DC 20416; and SBA Desk
Officer, Office of Information and
Regulatory Affairs, Office of
Management and Budget, New
Executive Office Building, Washington,
DC 20503.
FOR FURTHER INFORMATION CONTACT:
Curtis Rich, Agency Clearance Officer,
(202) 205–7030 curtis.rich@sba.gov.
Copies: A copy of the Form OMB 83–
1, supporting statement, and other
documents submitted to OMB for
review may be obtained from the
Agency Clearance Officer.
SUPPLEMENTARY INFORMATION: Small
Business Administration (SBA)
regulations require that we determine
that a participating Certified
Development Company’s Non-Bank
Lender Institutions or Microlender’s
management, ownership, etc. is of
‘‘good character’’. To do so requires the
information requested on the Form
1081. This form also provides data used
to determine the qualifications and
capabilities of the lenders key
personnel.
Solicitation of Public Comments
Title: Statement of Personal History.
Description of Respondents: Small
Business Lending Companies.
Form Number: 1081.
Estimated Annual Responses: 151.
Estimated Annual Hour Burden: 108.
Curtis Rich,
Management Analyst.
[FR Doc. 2020–00175 Filed 1–8–20; 8:45 am]
BILLING CODE 8025–01–P
Small Business Administration.
ACTION: 30-Day notice.
AGENCY:
The Small Business
Administration (SBA) is publishing this
notice to comply with requirements of
the Paperwork Reduction Act (PRA)
requires agencies to submit proposed
reporting and recordkeeping
requirements to OMB for review and
approval, and to publish a notice in the
Federal Register notifying the public
SUMMARY:
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 87514
(November 13, 2019), 84 FR 63929.
4 17 CFR 200.30–3(a)(12).
2 17
PO 00000
Frm 00053
Fmt 4703
Sfmt 4703
SUSQUEHANNA RIVER BASIN
COMMISSION
Public Hearing
Susquehanna River Basin
Commission.
ACTION: Notice.
AGENCY:
The Susquehanna River Basin
Commission will hold a public hearing
on February 6, 2020, in Harrisburg,
Pennsylvania. At this public hearing,
the Commission will hear testimony on
the projects listed in the Supplementary
Information section of this notice. The
SUMMARY:
E:\FR\FM\09JAN1.SGM
09JAN1
]]>Agencies
[Federal Register Volume 85, Number 6 (Thursday, January 9, 2020)]
[Notices]
[Pages 1185-1189]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-00118]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-87886; File No. SR-LCH SA-2019-012]
Self-Regulatory Organizations; LCH SA; Notice of Filing and
Immediate Effectiveness of Proposed Rule Change Relating to the
Amendments of the CDSClear Fee Grid
January 3, 2020.
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 27, 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
described in Items I, II and III below, which Items have been prepared
primarily by LCH SA. LCH SA filed the proposal pursuant
[[Page 1186]]
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 proposed rule change is to review and modify the current fee
grid applied by LCH SA CDSClear.
The text of the proposed rule change has been annexed [sic] as
Exhibit 5.
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 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, Security-Based Swap Submission, or
Advance Notice
1. Purpose
The purpose of the proposed fee changes is for LCH SA CDSClear to
(1) modify the annual fixed fee amount that covers all Index and Single
Name CDS self-clearing activity for a General Clearing Member and its
affiliates under the Unlimited Tariff, and (2) revise the CDSClear fee
grid set up for the Options clearing service for both General and
Select Members.
LCH SA is currently applying the below fee grid for CDSClear
members:
Current Self-Clearing Tariff for Corporates and Financials Index and Single Name CDS
--------------------------------------------------------------------------------------------------------------------------------------------------------
Self-clearing/variable fees
Membership Annual fixed fee --------------------------------------------------------------------------------
EUR indices EUR single names USD indices USD single names
--------------------------------------------------------------------------------------------------------------------------------------------------------
General Member--Unlimited Tariff [euro]1,700,000... No Variable Fee Covers all self-
clearing
Corporate and
Financials CDS
Index and Single
Name activity for
a Clearing Member
and its
affiliates.
---------------------------------------------------------------------------------------------------
General Member--Introductory [euro]200,000 if [euro]3.5 Per [euro]10 Per $4.5 Per million $13 Per million Cap on total
Tariff. the total annual million gross million gross gross notional gross notional annual self-
gross notional notional cleared. notional cleared. cleared. cleared. clearing fees
cleared is under (fixed +
[euro]15 billion. variable) of EUR
1,700,000 after
which all further
trades cleared in
the calendar year
are subject to a
fee holiday.
[euro]400,000 if [euro]3.5 Per [euro]10 Per $4.5 Per million $13 Per million ..................
the total annual million gross million gross gross notional gross notional
gross notional notional cleared. notional cleared. cleared. cleared.
cleared is over
[euro]15 billion.
Select Member................... [euro]250,000 if [euro]4 Per [euro]10 Per $5 Per million $13 Per million ..................
the total annual million gross million gross gross notional gross notional
gross notional notional cleared. notional cleared. cleared. cleared.
cleared is under
[euro]25 billion.
[euro]450,000 if .................. .................. .................. .................. ..................
the total annual
gross notional
cleared is over
[euro]25 billion.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Current Options Tariff Including Fee Rebate: General Member
------------------------------------------------------------------------
------------------------------------------------------------------------
General Member
------------------------------------------------------------------------
Introductory Tariff............ Cover only one legal entity (no
affiliate coverage).
----------------------------------------
Clearing Fees.............. $15 Per million of option
notional on U.S.
Indices.
[euro]15 Per million of option
notional on European
Indices.
Floor on clearing [euro]150k Per calendar year (no
fees``. pro-rating).
Cap on Clearing fees... [euro]600k Per calendar year (no
pro-rating).
----------------------------------------
Unlimited Tariff............... Cover all affiliates of a given
Clearing Member Group.
Cover all clearing fees for Credit
Option House activity for both iTraxx
and CDX.NA underlying index families.
Excludes any potential future EEP usage
fees.
----------------------------------------
Fixed fee (annual)......... [euro]375k Per calendar year (no
pro-rating).
Discounted Rates *......... [euro]50k After discount rate of
86.67% applied to the
Fixed fee amount if
Index Swaptions
notional cleared per
Clearing Member group
strictly above
[euro]12 billion.
[euro]75k After discount rate of
80.00% applied to the
Fixed fee amount if
Index Swaptions
notional cleared per
Clearing Member group
strictly above [euro]6
billion but equal or
below [euro]12
billion.
[euro]125k After discount rate of
67.00% applied to the
Fixed fee amount if
Index Swaptions
notional cleared per
Clearing Member group
strictly above [euro]0
but equal or below
[euro]6 billion.
Onboarding Fees (both [euro]30k One-off fee per Legal
Introductory & Unlimited). Entity under the
Introductory tariff or
per Clearing Member
Group under Unlimited
tariff waived until 20-
Dec-19.
------------------------------------------------------------------------
* Cumulative conditions for the Fee rebate:
------------------------------------------------------------------------
(i) Application to the Unlimited Tariff only;.......................
(ii) application to all Clearing Members registering to the Index
Swaptions clearing service (registration letter or application file
signature date); and.
(iii) Valid for 2019 only; and......................................
[[Page 1187]]
(iv) Index Swaptions notional cleared for the determination of the
discount rate to be observed from the regulatory effective date of
the rebate..
------------------------------------------------------------------------
Current Options Tariff Including Fee Rebate: Select Member and Client
------------------------------------------------------------------------
------------------------------------------------------------------------
Select Member
------------------------------------------------------------------------
Introductory Tariff............ Cover only one legal entity (no
affiliate coverage).
----------------------------------------
Clearing Fees.............. $18 Per million of option
notional on U.S.
Indices
[euro]18 Per million of option
notional on European
Indices.
Cap on Clearing fees... [euro]600k Per calendar year (no
pro-rating).
----------------------------------------
Unlimited Tariff............... Covers all affiliates of a given
Clearing Member Group.
Covers all clearing fees for Credit
Option House activity for both iTraxx
and CDX.NA underlying index families.
Excludes any potential future EEP usage
fees.
----------------------------------------
Fixed fee (annual)......... [euro]400k Per calendar year (no
pro-rating).
Discounted Rates *......... [euro]50k After discount rate of
87.50% applied to the
Fixed fee amount if
Index Swaptions
notional cleared per
Clearing Member group
strictly above
[euro]12 billion.
[euro]75k After discount rate of
81.25% applied to the
Fixed fee amount if
Index Swaptions
notional cleared per
Clearing Member group
strictly above [euro]6
billion but equal or
below [euro]12
billion.
[euro]125k After discount rate of
68.75% applied to the
Fixed fee amount if
Index Swaptions
notional cleared per
Clearing Member group
per year strictly
above [euro]0 but
equal or below [euro]6
billion.
Onboarding Fees (both [euro]30k One-off fee per Legal
Introductory & Unlimited). Entity under the
Introductory tariff or
per Clearing Member
Group under Unlimited
tariff waived until 20-
Dec-19.
------------------------------------------------------------------------
* Cumulative conditions for the Fee rebate:
------------------------------------------------------------------------
(v) Application to the Unlimited Tariff only;.......................
(vi) application to all Clearing Members registering to the Index
Swaptions clearing service (registration letter or application file
signature date); and.
(vii) Valid for 2019 only; and......................................
(viii) Index Swaptions notional cleared for the determination of the
discount rate to be observed from the regulatory effective date of
the rebate..
------------------------------------------------------------------------
Client
------------------------------------------------------------------------
Clearing Fees.................. $20 Per million of option
notional on U.S.
Indices.
[euro]20 Per million of option
notional on European
Indices.
------------------------------------------------------------------------
As specified in the new fee grid attached [sic] under Exhibit 5,
LCH SA is proposing to amend the CDSClear fee grid from January 1st,
2020.
The proposed fee changes are driven by the will:
--For the Index and Single Names Unlimited Tariff: To reflect a
transition to a more matured phase of development of the CDSClear
service, and
--for the Options fee grid: to adjust the discount bands and rates
following a beginning of uptake of the options service, and to ensure
coherence in the maximum amount of fees payable between the
Introductory and the Unlimited Tariffs.
(1) Change the Index and Single Names Unlimited Tariff for General
Members From [euro]1,700,000 per Year to [euro]1,300,000 per Year for
2020
CDSClear currently offers an Unlimited Tariff for General Members
\5\ that covers all self-clearing Corporate and Financials CDS Index
and Single Names activity for a Clearing Member group and its
affiliates for an annual fixed fee of [euro]1,700,000 (no variable
fees).
---------------------------------------------------------------------------
\5\ All capitalized terms not defined herein have the same
definition as the CDSClearing Rule Book, Supplement or Procedures,
as applicable.
---------------------------------------------------------------------------
The proposed change consists in decreasing the annual fixed fee
amount to [euro]1,300,000 per year. This fixed fee will still cover all
clearing fees for Corporate and Financials Index and Single Names CDS
House activity for all affiliates of a given Clearing Member group.
(2) Change the Options Unlimited Tariff for Both General and Select
Members
As specified in the new LCH CDSClear options fee grid attached
[sic] below in Appendix, the annual fixed fee covering all clearing
fees for Credit Index Options House activity for all affiliates of a
given Clearing Member group remains set in 2020 to [euro]375,000 for
General Members and [euro]400,000 for Select Members, but it is
proposed to change the discount based notional bands and rates as
follows:
General Member Discount Bands and Rates
-- Change the bounds on the annual options notional cleared for the
lowest band from strictly above [euro]0bn but equal to or below
[euro]6bn into strictly above [euro]6bn but equal to or below
[euro]13.5bn, and the corresponding discount rate from 66.67%
(equivalent to an annual fixed fee of [euro]125,000) to 60% (equivalent
to an annual fixed fee of [euro]150,000);
-- Change the bounds on the annual options notional cleared for the
middle band from strictly above [euro]6bn but equal to or below
[euro]12bn into strictly above [euro]13.5bn, but keep the corresponding
discount rate at 80% (equivalent to an annual fixed fee of
[euro]75,000); and
-- Remove the highest band from the fee grid.
Select Member Discount Bands and Rates
-- Change the bounds on the annual options notional cleared for the
lowest band from strictly above [euro]0bn but equal to or below
[euro]6bn into strictly above [euro]6bn but equal to or below
[euro]13.5bn, and the corresponding discount rate from 68.75%
(equivalent to an annual fixed fee of [euro]125,000) to 62.5%
(equivalent to an annual fixed fee of [euro]150,000);
-- Change the bounds on the annual options notional cleared for the
middle band from strictly above [euro]6bn but equal to or below
[euro]12bn into strictly above [euro]13.5bn, but keep the corresponding
discount rate at 81.25% (equivalent to an annual fixed fee of
[euro]75,000); and
[[Page 1188]]
-- Remove the highest band from the fee grid.
(3) Change the Options Introductory Tariff for Both General and Select
Members
The Options Introductory Tariff for both General and Select Members
covers only the legal entity that is registering to the service and is
based on variable fees with an annual floor (for General Members only)
and cap on the total variable fees paid. The only change proposed to
this Introductory Tariff is to align the annual cap with the fixed fee
in the Unlimited Tariff as follows:
-- For General Members, decrease the annual cap on variable fees from
[euro]600,000 to [euro]375,000
-- For Select Members, decrease the annual cap on variable fees from
[euro]600,000 to [euro]400,000.
(4) Additional Changes to the Options Fee Grid for Both General and
Select Members
The following conditions will be applicable for both General and
Select Members:
-- In-year switches between Introductory and Unlimited Tariff are not
permitted, and
-- The one-off onboarding fee will remain set to [euro]30,000 but
waived until 30 April 2020.
2. Statutory Basis
Section 17A(b)(3)(D) of the Act requires that the rules of a
clearing agency provide for the equitable allocation of reasonable
dues, fees, and other charges.\6\
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78q-1(b)(3)(D).
---------------------------------------------------------------------------
LCH SA believes that its clearing fee change proposal is consistent
with the requirements of Section 17A of the Act \7\ and the regulations
thereunder applicable to it, and in particular provides for the
equitable allocation of reasonable fees, dues, and other charges among
clearing members and market participants by ensuring that clearing
members and clients pay reasonable fees and dues for the services
provided by LCH SA, within the meaning of Section 17A(b)(3)(D) of the
Act.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78q-1.
---------------------------------------------------------------------------
With respect to the change of the Index and CDS Unlimited Tariff
for General Members, LCH SA has determined in consultation with its
clearing members that the reduction in the annual fixed fee for General
Members covering their Index and Single Name CDS self-clearing activity
is reasonable and appropriate as the CDSClear business is now reaching
a more mature stage in its development and therefore requires a lower
investment to develop new functionalities/services than in the past.
Regarding the proposed changes to the Options clearing service fee
grid, after consultation with its Clearing Members, LCH SA has
determined that both its General and Select Members still needed to be
incentivized to further grow their usage of the Options clearing
service, and thus to maintain a volume-based discount fee scheme for
its Options Unlimited Tariff in which the cost of clearing options
decreases as more volumes are cleared. In order to make the link
between Unlimited Tariff and Introductory Tariff coherent between the
Index & Single Names fee grid on one hand and the Option fee grid on
the other hand, LCH SA has also set the cap for its Options
Introductory Tariff at the same level than the fixed fee of the Option
Unlimited Tariff, and thus decreased it from [euro]600k to respectively
[euro]375k for General Members and [euro]400k for Select Members.
Additionally, both General and Select Clearing Members will not have
the ability to switch from one type of Tariff to the other (Unlimited
to Introductory or vice-versa) in-year.
Finally, the one-off Onboarding Fee to the Options clearing service
will remain set to [euro]30,000 but the waiving period will be extended
until 30 April 2020.
For all the reasons stated above, LCH SA believes that the proposed
fee rates are reasonable and have been set up at an appropriate level
so that LCH SA can provide the CDSClear services.
B. Clearing Agency's Statement on Burden on Competition
Section 17A(b)(3)(I) of the Act requires that the rules of a
clearing agency not impose any burden on competition not necessary or
appropriate in furtherance of the purposes of the Act.\8\
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78q-1(b)(3)(I).
---------------------------------------------------------------------------
LCH SA does not believe that the proposed rule change would impose
any burden on competition that are not necessary or appropriate in
furtherance of the purposes of the Act because LCH SA is offering the
possibility for CDSClear members and clients to get a more attractive
access to the clearing services. It does not affect the ability of such
Clearing Members or other market participants generally to engage in
cleared transactions or to access clearing services especially to the
clearing of Index Swaptions that remains not mandatory.
Additionally, the proposed volume based discount scheme for the
Options Unlimited Tariff will be available to all CDSClear Clearing
Member Groups. Similarly, the proposed Index and Single Names Unlimited
Tariff will be available to all General Members of the CDSClear
service. This annual fixed fee reduction does not impact any
competition between General and Select Members as the choice of
membership tier made by a Clearing Member is mainly driven by the
material differences in the obligations of a General Member versus
those of a Select Member (in terms of price contribution and auction
bidding notably) which are reflected in the Tariffs available for each
tier.
Further, as explained above, LCH SA believes that the fee rates
have been set up at an appropriate level given the costs and expenses
to LCH SA in offering the relevant clearing services.
C. Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants or Others
Written comments relating to the proposed rule change have not been
solicited or received but a consultation has been conducted with and
feedback sought from CDSClear members. No comment or question has been
received following this consultation. LCH SA will notify the Commission
of any written comments received by LCH SA.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change has become effective upon filing
pursuant to Section 19(b)(3)(A) \9\ of the Act and Rule 19b-4(f)(2)\10\
thereunder because it establishes a fee or other charge imposed by LCH
SA on its Clearing Members. At any time within 60 days of the filing of
the proposed rule change, the Commission summarily may temporarily
suspend such proposed 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.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 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 1189]]
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-LCH SA-2019-012 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-LCH SA-2019-012.
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 LCH SA
and on LCH SA's website at https://www.lch.com/resources/rules-and-regulations/proposed-rule-changes-0. 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-LCH
SA-2019-012 and should be submitted on or before January 30, 2020.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-00118 Filed 1-8-20; 8:45 am]
BILLING CODE 8011-01-P
