Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing of Partial Amendment No. 1 To Proposed Rule Change Relating to Amendments to the ICE Clear Europe CDS Procedures and CDS Default Management Policy, 2472-2473 [2021-00350]

Download as PDF 2472 Federal Register / Vol. 86, No. 7 / Tuesday, January 12, 2021 / Notices 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 LCH SA and on LCH SA’s website at: https://www.lch.com/ resources/rulebooks/proposed-rulechanges. 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–2020–007 and should be submitted on or before February 2, 2021. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2021–00348 Filed 1–11–21; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–90861; File No. SR–ICEEU– 2020–018] Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing of Partial Amendment No. 1 To Proposed Rule Change Relating to Amendments to the ICE Clear Europe CDS Procedures and CDS Default Management Policy khammond on DSKJM1Z7X2PROD with NOTICES January 6, 2021. On December 14, 2020, ICE Clear Europe Limited (‘‘ICE Clear Europe’’ or the ‘‘Clearing House’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act 9 17 CFR 200.30–3(a)(12). VerDate Sep<11>2014 17:09 Jan 11, 2021 Jkt 253001 of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 a proposed rule change to modify its CDS Procedures and CDS Default Management Policy related to its CDS Default Committee. The proposed rule change was published for comment in the Federal Register on January 4, 2021.3 On December 31, 2020, ICE Clear Europe filed Partial Amendment No. 1 to the proposed rule change. Pursuant to Section 19(b)(1) of the Act 4 and Rule 19b–4 thereunder,5 the Commission is publishing notice of this Partial Amendment No. 1 to the proposed rule change as described in Item I below, which has been prepared primarily by ICE Clear Europe. The Commission is publishing this notice to solicit comment on Partial Amendment No. 1 from interested persons. I. Clearing Agency’s Statement of the Terms of Partial Amendment No. 1 to the Proposed Rule Change ICE Clear Europe submits this partial amendment (‘‘Partial Amendment No. 1’’) to its previously submitted proposed rule changes (the ‘‘Initial Filing’’) to modify its CDS Procedures (the ‘‘CDS Procedures’’ or the ‘‘Procedures’’) 6 to update the requirements for a Clearing Member to be approved to be a CDS Committee-Eligible Clearing Member for purposes of the CDS Default Committee, as well as certain other updates and clarifications, and to modify its CDS Default Management Policy (the ‘‘CDS Default Management Policy’’ or ‘‘Policy’’) to make corresponding updates to the requirements for a Clearing Member to be eligible to serve on the CDS Default Committee, as well as to provide more detail with respect to review and testing of its default procedures, remove appendices and make certain other updates and clarifications to be consistent with other ICE Clear Europe policies. Partial Amendment No. 1 is intended to amend Item 3(a) of the Initial Filing to add an explanation as to the circumstances pursuant to which ICE Clear Europe may permit a CDS Committee-Eligible Clearing Member to postpone participation in the CDS Default Committee for a Relevant CDS Default 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing of Proposed Rule Change Relating to Amendments to the ICE Clear Europe CDS Procedures and CDS Default Management Policy, Securities Exchange Act Release No. 90806 (December 28, 2020), 86 FR 169 (January 4, 2021) (SR–ICEEU–2020–018). 4 15 U.S.C. 78s(b)(1) 5 17 CFR 240.19b–4. 6 Capitalized terms used but not defined herein have the meanings specified in the ICE Clear Europe Clearing Rules and the CDS Procedures. 2 17 PO 00000 Frm 00093 Fmt 4703 Sfmt 4703 Committee Period for which it is otherwise due to take part. The text of the proposed rule changes in the Initial Filing is unchanged. As described in the Initial Filing, amendments to paragraph 5.3 of the CDS Procedures would add that if a CDS Committee-Eligible Clearing Member considers that it is unable to take part in the CDS Default Committee for the Relevant CDS Default Committee Period for which it is due to take part, it may request to postpone its participation for that period. ICE Clear Europe could, at its discretion, approve such request. In this Partial Amendment No. 1, ICE Clear Europe is providing the explanation in the paragraph below to supplement the description of the amendment to paragraph 5.3 of the CDS Procedures that was provided in the Initial Filing. In general, paragraph 5.3 is intended to give ICE Clear Europe a degree of flexibility in responding to a request for postponement from a Clearing Member, in light of the difficulty in outlining in advance all potential scenarios where it may be appropriate. In ICE Clear Europe’s view, based on its experience and discussions with Clearing Members about service on the committee, an acceptable excuse would most likely relate to temporary resource constraints at the Clearing Member. For example, if the committee member were already serving on the default committee of another clearing house during the relevant period or if a committee member otherwise had limited staffing resources to commit to the committee during that period, this may be considered satisfactory. ICE Clear Europe would expect to discuss the particular situation with the Clearing Member in question and would respond to any request for postponement to let the Clearing Member know whether its rationale was satisfactory. ICE Clear Europe believes this type of flexible approach is ultimately more favorable to both the Clearing House and Clearing Members than having a more rigid rule. The purpose of the rule change as set out in Item 3(a) of the Initial Filing is otherwise unchanged. II. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within 45 days of the date of publication of this notice in the Federal Register or within such longer period up to 90 days (i) as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: E:\FR\FM\12JAN1.SGM 12JAN1 Federal Register / Vol. 86, No. 7 / Tuesday, January 12, 2021 / Notices (A) By order approve or disapprove the proposed rule change or (B) institute proceedings to determine whether the proposed rule change should be disapproved. III. 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: khammond on DSKJM1Z7X2PROD with 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–2020–018 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–2020–018. 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 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 VerDate Sep<11>2014 19:25 Jan 11, 2021 Jkt 253001 to File Number SR–ICEEU–2020–018 and should be submitted on or before February 2, 2021. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.7 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2021–00350 Filed 1–11–21; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–90863; File No. SR– CboeBZX–2021–004] Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Fee Schedule Relating to LMM Financial Incentives January 6, 2021. 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 January 4, 2021, Cboe BZX Exchange, Inc. (the ‘‘Exchange’’ or ‘‘BZX’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been prepared 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 the Substance of the Proposed Rule Change Cboe BZX Exchange, Inc. (the ‘‘Exchange’’ or ‘‘BZX’’) is filing with the Securities and Exchange Commission (‘‘Commission’’) a proposed rule change to amend the fee schedule. 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/ equities/regulation/rule_filings/bzx/), 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 7 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 PO 00000 Frm 00094 Fmt 4703 Sfmt 4703 2473 concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend the fee schedule applicable to its equities trading platform (‘‘BZX Equities’’) to update the Standard Rates and Enhanced Rates provided under the Lead Market Maker (‘‘LMM’’) Liquidity Provision Rates, effective January 4, 2021. The Exchange believes the proposed changes will better incentivize LMMs to meet the Standard and Enhanced Minimum Performance Standards where their average aggregate daily auction volume is 1,000,000 shares or less. The Exchange first notes that its listing business operates in a highlycompetitive market in which market participants, which includes issuers of securities, LMMs, and other liquidity providers, can readily transfer their listings, opt not to participate, or direct order flow to competing venues if they deem fee levels, liquidity provision incentive programs, or any other factor at a particular venue to be insufficient or excessive. The proposed rule changes reflect a competitive pricing structure designed to incentivize market participants to participate as LMMs in the Exchange’s LMM Program, which the Exchange believes will enhance market quality in all securities listed on the Exchange and encourage issuers to list new products and transfer existing products to the Exchange. The Exchange currently offers daily incentives for LMMs in Exchange Traded Products (‘‘ETPs’’) listed on the Exchange for which the LMM meets certain Minimum Performance Standards.3 Such daily incentives are 3 As defined in Rule 11.8(e)(1)(E), the term ‘‘Minimum Performance Standards’’ means a set of standards applicable to an LMM that may be determined from time to time by the Exchange. Such standards will vary between LMM Securities depending on the price, liquidity, and volatility of the LMM Security in which the LMM is registered. The performance measurements will include: (A) Percent of time at the NBBO; (B) percent of executions better than the NBBO; (C) average displayed size; and (D) average quoted spread. For additional detail, see Original LMM Filing. E:\FR\FM\12JAN1.SGM 12JAN1

Agencies

[Federal Register Volume 86, Number 7 (Tuesday, January 12, 2021)]
[Notices]
[Pages 2472-2473]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-00350]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-90861; File No. SR-ICEEU-2020-018]


Self-Regulatory Organizations; ICE Clear Europe Limited; Notice 
of Filing of Partial Amendment No. 1 To Proposed Rule Change Relating 
to Amendments to the ICE Clear Europe CDS Procedures and CDS Default 
Management Policy

January 6, 2021.
    On December 14, 2020, ICE Clear Europe Limited (``ICE Clear 
Europe'' or the ``Clearing House'') 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 modify its CDS Procedures and 
CDS Default Management Policy related to its CDS Default Committee. The 
proposed rule change was published for comment in the Federal Register 
on January 4, 2021.\3\ On December 31, 2020, ICE Clear Europe filed 
Partial Amendment No. 1 to the proposed rule change. Pursuant to 
Section 19(b)(1) of the Act \4\ and Rule 19b-4 thereunder,\5\ the 
Commission is publishing notice of this Partial Amendment No. 1 to the 
proposed rule change as described in Item I below, which has been 
prepared primarily by ICE Clear Europe. The Commission is publishing 
this notice to solicit comment on Partial Amendment No. 1 from 
interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Self-Regulatory Organizations; ICE Clear Europe Limited; 
Notice of Filing of Proposed Rule Change Relating to Amendments to 
the ICE Clear Europe CDS Procedures and CDS Default Management 
Policy, Securities Exchange Act Release No. 90806 (December 28, 
2020), 86 FR 169 (January 4, 2021) (SR-ICEEU-2020-018).
    \4\ 15 U.S.C. 78s(b)(1)
    \5\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Clearing Agency's Statement of the Terms of Partial Amendment No. 1 
to the Proposed Rule Change

    ICE Clear Europe submits this partial amendment (``Partial 
Amendment No. 1'') to its previously submitted proposed rule changes 
(the ``Initial Filing'') to modify its CDS Procedures (the ``CDS 
Procedures'' or the ``Procedures'') \6\ to update the requirements for 
a Clearing Member to be approved to be a CDS Committee-Eligible 
Clearing Member for purposes of the CDS Default Committee, as well as 
certain other updates and clarifications, and to modify its CDS Default 
Management Policy (the ``CDS Default Management Policy'' or ``Policy'') 
to make corresponding updates to the requirements for a Clearing Member 
to be eligible to serve on the CDS Default Committee, as well as to 
provide more detail with respect to review and testing of its default 
procedures, remove appendices and make certain other updates and 
clarifications to be consistent with other ICE Clear Europe policies. 
Partial Amendment No. 1 is intended to amend Item 3(a) of the Initial 
Filing to add an explanation as to the circumstances pursuant to which 
ICE Clear Europe may permit a CDS Committee-Eligible Clearing Member to 
postpone participation in the CDS Default Committee for a Relevant CDS 
Default Committee Period for which it is otherwise due to take part. 
The text of the proposed rule changes in the Initial Filing is 
unchanged.
---------------------------------------------------------------------------

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

    As described in the Initial Filing, amendments to paragraph 5.3 of 
the CDS Procedures would add that if a CDS Committee-Eligible Clearing 
Member considers that it is unable to take part in the CDS Default 
Committee for the Relevant CDS Default Committee Period for which it is 
due to take part, it may request to postpone its participation for that 
period. ICE Clear Europe could, at its discretion, approve such 
request. In this Partial Amendment No. 1, ICE Clear Europe is providing 
the explanation in the paragraph below to supplement the description of 
the amendment to paragraph 5.3 of the CDS Procedures that was provided 
in the Initial Filing.
    In general, paragraph 5.3 is intended to give ICE Clear Europe a 
degree of flexibility in responding to a request for postponement from 
a Clearing Member, in light of the difficulty in outlining in advance 
all potential scenarios where it may be appropriate. In ICE Clear 
Europe's view, based on its experience and discussions with Clearing 
Members about service on the committee, an acceptable excuse would most 
likely relate to temporary resource constraints at the Clearing Member. 
For example, if the committee member were already serving on the 
default committee of another clearing house during the relevant period 
or if a committee member otherwise had limited staffing resources to 
commit to the committee during that period, this may be considered 
satisfactory. ICE Clear Europe would expect to discuss the particular 
situation with the Clearing Member in question and would respond to any 
request for postponement to let the Clearing Member know whether its 
rationale was satisfactory. ICE Clear Europe believes this type of 
flexible approach is ultimately more favorable to both the Clearing 
House and Clearing Members than having a more rigid rule.
    The purpose of the rule change as set out in Item 3(a) of the 
Initial Filing is otherwise unchanged.

II. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Within 45 days of the date of publication of this notice in the 
Federal Register or within such longer period up to 90 days (i) as the 
Commission may designate if it finds such longer period to be 
appropriate and publishes its reasons for so finding or (ii) as to 
which the self-regulatory organization consents, the Commission will:

[[Page 2473]]

    (A) By order approve or disapprove the proposed rule change or
    (B) institute proceedings to determine whether the proposed rule 
change should be disapproved.

III. 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 [email protected]. Please include 
File Number SR-ICEEU-2020-018 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-2020-018. 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 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-2020-018 and should be 
submitted on or before February 2, 2021.
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-00350 Filed 1-11-21; 8:45 am]
BILLING CODE 8011-01-P
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