Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To List and Trade Shares of Grayscale Bitcoin Trust (BTC) Under NYSE Arca Rule 8.201-E, 72291 [2021-27543]
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Federal Register / Vol. 86, No. 242 / Tuesday, December 21, 2021 / Notices
This Notice will be published in the
Federal Register.
Erica A. Barker,
Secretary.
[FR Doc. 2021–27616 Filed 12–20–21; 8:45 am]
BILLING CODE 7710–FW–P
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
J. Matthew DeLesDernier,
Assistant Secretary.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–93788; File No. SR–
NYSEArca–2021–90]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Designation of a
Longer Period for Commission Action
on a Proposed Rule Change To List
and Trade Shares of Grayscale Bitcoin
Trust (BTC) Under NYSE Arca Rule
8.201–E
December 15, 2021.
jspears on DSK121TN23PROD with NOTICES1
On October 19, 2021, NYSE Arca, Inc.
(‘‘NYSE Arca’’) 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 Grayscale
Bitcoin Trust (BTC) under NYSE Arca
Rule 8.201–E (Commodity-Based Trust
Shares). The proposed rule change was
published for comment in the Federal
Register on November 8, 2021.3
Section 19(b)(2) of the Act 4 provides
that within 45 days of the publication of
notice of the filing of a proposed rule
change, 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 shall either
approve the proposed rule change,
disapprove the proposed rule change, or
institute proceedings to determine
whether the proposed rule change
should be disapproved. The 45th day
after publication of the notice for this
proposed rule change is December 23,
2021. The Commission is extending this
45-day time period.
The Commission finds that it is
appropriate to designate a longer period
within which to take action on the
proposed rule change so that it has
sufficient time to consider the proposed
rule change and the comments received.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 93504
(Nov. 2, 2021), 86 FR 61804. Comments received on
the proposed rule change are available at: https://
www.sec.gov/comments/sr-nysearca-2021-90/
srnysearca202190.htm.
4 15 U.S.C. 78s(b)(2).
2 17
VerDate Sep<11>2014
18:02 Dec 20, 2021
Jkt 256001
Accordingly, pursuant to Section
19(b)(2) of the Act,5 the Commission
designates February 6, 2022, as the date
by which the Commission shall either
approve or disapprove, or institute
proceedings to determine whether to
disapprove, the proposed rule change
(File No. SR–NYSEArca–2021–90).
[FR Doc. 2021–27543 Filed 12–20–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–93795; File No. SR–ICC–
2021–022]
Self-Regulatory Organizations; ICE
Clear Credit LLC; Order Approving
Proposed Rule Change Relating to the
ICC End-of-Day Price Discovery
Policies and Procedures
December 15, 2021.
I. Introduction
On October 13, 2021, ICE Clear Credit
LLC (‘‘ICC’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (the ‘‘Act’’),1 and Rule 19b–4
thereunder,2 a proposed rule change to
revise ICC’s End-of-Day Price Discovery
Policies and Procedures (the ‘‘Pricing
Policy’’). The Pricing Policy formalizes
ICC’s end-of-day (‘‘EOD’’) price
discovery process that provides prices
for cleared credit default swap (‘‘CDS’’)
contracts based on submissions from
ICC’s Clearing Participants.3 The
proposed rule change was published for
comment in the Federal Register on
November 2, 2021.4 The Commission
did not receive comments regarding the
proposed rule change. For the reasons
discussed below, the Commission is
approving the proposed rule change.
II. Description of the Proposed Rule
Change
As part of ICC’s current EOD price
discovery process to obtain reliable,
5 Id.
6 17
CFR 200.30–3(a)(31).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 Capitalized terms used but not defined herein
have the meanings specified in the Pricing Policy.
4 Self-Regulatory Organizations; ICE Clear Credit
LLC; Notice of Filing of Proposed Rule Change
Relating to the ICC End-of-Day Price Discovery
Policies and Procedures, Exchange Act Release No.
93432 (Oct. 27, 2021); 86 FR 60493 (Nov. 2, 2021)
(SR–ICC–2021–022) (‘‘Notice’’).
1 15
PO 00000
Frm 00089
Fmt 4703
Sfmt 4703
72291
market-driven prices of cleared CDS
instruments, ICC Clearing Participants
(‘‘CPs’’) are required to submit daily
EOD prices for cleared single name CDS
instruments, index CDS instruments,
and options on index CDS instruments
related to their open positions at ICC in
accordance with the Pricing Policy. ICC
uses the resulting EOD prices for risk
management purposes. ICC is proposing
to revise the Pricing Policy with respect
to CPs’ EOD price submissions for index
CDS instruments (‘‘index
submissions’’).5
The Pricing Policy currently allows
CPs to provide index submissions in
either spread convention or price
convention. The proposed rule change
would remove the ability for CPs to
provide index submissions in spread
convention and would require CPs to
provide all index submissions in price
convention, which ICC explains would
standardize its instrument submission
requirements and allow ICC to avoid
converting between spread and price.6
ICC represents that it intends to
implement the proposed rule change in
a phased approach following
Commission approval and the
completion of any other required
governance or internal processes.7 The
proposed specific amendments are
summarized as follows.
ICC proposes to amend Subsection
2.2.3 of the Pricing Policy, which sets
out the submission format requirements
for index instruments. Currently, index
submissions may be provided in spread
convention or price convention
depending on the instrument, as
illustrated in Table 8. Under the
proposed changes, index submissions
would be provided only in price
convention, which has two acceptable
types, price or upfront. The proposed
changes remove Table 8 and language
regarding the submission of recovery
rates, which relate to submissions
provided in spread terms. ICC proposes
minor changes to renumber the tables in
the Pricing Policy accordingly, and to
spell out an abbreviated term ‘‘RR’’ as
‘‘recovery rate’’ in this subsection.
ICC proposes to amend Subsection
2.2.4 related to the standardization of
submissions. Currently, the cross-andlock algorithm used by ICC to determine
EOD prices and potential trades requires
inputs in bid-offer format and executes
in price terms or spread terms
depending on the convention for the
considered instrument. Currently, ICC
standardizes CP submissions into bid5 The description herein is substantially
excerpted from the Notice.
6 See Notice at 60494.
7 Id.
E:\FR\FM\21DEN1.SGM
21DEN1
]]>Agencies
[Federal Register Volume 86, Number 242 (Tuesday, December 21, 2021)]
[Notices]
[Page 72291]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-27543]
=======================================================================
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-93788; File No. SR-NYSEArca-2021-90]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of
Designation of a Longer Period for Commission Action on a Proposed Rule
Change To List and Trade Shares of Grayscale Bitcoin Trust (BTC) Under
NYSE Arca Rule 8.201-E
December 15, 2021.
On October 19, 2021, NYSE Arca, Inc. (``NYSE Arca'') 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 Grayscale Bitcoin Trust (BTC) under NYSE Arca Rule 8.201-E
(Commodity-Based Trust Shares). The proposed rule change was published
for comment in the Federal Register on November 8, 2021.\3\
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 93504 (Nov. 2,
2021), 86 FR 61804. Comments received on the proposed rule change
are available at: https://www.sec.gov/comments/sr-nysearca-2021-90/srnysearca202190.htm.
---------------------------------------------------------------------------
Section 19(b)(2) of the Act \4\ provides that within 45 days of the
publication of notice of the filing of a proposed rule change, 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 shall either approve
the proposed rule change, disapprove the proposed rule change, or
institute proceedings to determine whether the proposed rule change
should be disapproved. The 45th day after publication of the notice for
this proposed rule change is December 23, 2021. The Commission is
extending this 45-day time period.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------
The Commission finds that it is appropriate to designate a longer
period within which to take action on the proposed rule change so that
it has sufficient time to consider the proposed rule change and the
comments received. Accordingly, pursuant to Section 19(b)(2) of the
Act,\5\ the Commission designates February 6, 2022, as the date by
which the Commission shall either approve or disapprove, or institute
proceedings to determine whether to disapprove, the proposed rule
change (File No. SR-NYSEArca-2021-90).
---------------------------------------------------------------------------
\5\ Id.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\6\
---------------------------------------------------------------------------
\6\ 17 CFR 200.30-3(a)(31).
---------------------------------------------------------------------------
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-27543 Filed 12-20-21; 8:45 am]
BILLING CODE 8011-01-P
