Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Amendments to the Clearing Fees for ICE Futures Europe FTSE 100 Index Futures and Options, FTSE 100 Dividend Index Futures and the Clearing Fee Caps for FTSE 100 Index Options, 6630-6633 [2022-02313]
Download as PDF
<![CDATA[
6630
Federal Register / Vol. 87, No. 24 / Friday, February 4, 2022 / Notices
4737, between 8:00 a.m. and 4:00 p.m.
(ET), Monday through Friday, except
Federal holidays.
• NRC’s Clearance Officer: A copy of
the collection of information and related
instructions may be obtained without
charge by contacting the NRC’s
Clearance Officer, David C. Cullison,
Office of the Chief Information Officer,
U.S. Nuclear Regulatory Commission,
Washington, DC 20555–0001; telephone:
301–415–2084; email:
Infocollects.Resource@nrc.gov.
lotter on DSK11XQN23PROD with NOTICES1
B. Submitting Comments
The NRC encourages electronic
comment submission through the
Federal rulemaking website (https://
www.regulations.gov). Please include
Docket ID NRC–2021–0188 in your
comment submission.
The NRC cautions you not to include
identifying or contact information in
comment submissions that you do not
want to be publicly disclosed in your
comment submission. All comment
submissions are posted at https://
www.regulations.gov/ and entered into
ADAMS. Comment submissions are not
routinely edited to remove identifying
or contact information.
If you are requesting or aggregating
comments from other persons for
submission to the OMB, then you
should inform those persons not to
include identifying or contact
information that they do not want to be
publicly disclosed in their comment
submission. Your request should state
that comment submissions are not
routinely edited to remove such
information before making the comment
submissions available to the public or
entering the comment into ADAMS.
II. Background
In accordance with the Paperwork
Reduction Act of 1995 (44 U.S.C.
chapter 35), the NRC is requesting
public comment on its intention to
request the OMB’s approval for the
information collection summarized
below.
1. The title of the information
collection: Part 150 of title 10 of the
Code of Federal Regulations (10 CFR),
‘‘Exemptions and Continued Regulatory
Authority in Agreement States and in
Offshore Waters Under Section 274.’’
2. OMB approval number: 3150–0032.
3. Type of submission: Extension.
4. The form number, if applicable:
Not applicable.
5. How often the collection is required
or requested: One-time or as needed.
6. Who will be required or asked to
respond: Agreement States who have
signed Section 274(b) Agreements with
the NRC.
VerDate Sep<11>2014
18:50 Feb 03, 2022
Jkt 256001
7. The estimated number of annual
responses: 8.
8. The estimated number of annual
respondents: 8.
9. The estimated number of hours
needed annually to comply with the
information collection requirement or
request: 190.
10. Abstract: The NRC regulations in
10 CFR part 150, provide certain
exemptions to persons in Agreement
States from the licensing requirements
contained in Chapters 6, 7, and 8 of the
Atomic Energy Act of 1954, as amended,
and certain regulations of the
Commission. The regulations in 10 CFR
part 150 also define the Commission’s
continued regulatory authority over
Agreement State activities which
include byproduct, source, and special
nuclear material reporting requirements
related to reciprocity and enforcement.
10 CFR part 150 requires telephonic
notification to the NRC when an
Agreement State licensee identifies
attempted theft or diversion of special
nuclear material, byproduct material,
and tritium. This notification must be
followed by a written report either 15 or
60 days after the initial report,
depending on the materials involved. If
additional information is available after
submission of the written report, an
additional report is submitted. These
reports are used to inform the
Commission, staff, and other Federal
agencies when special nuclear material,
byproduct material, or tritium is lost or
stolen.
III. Specific Requests for Comments
The NRC is seeking comments that
address the following questions:
1. Is the proposed collection of
information necessary for the NRC to
properly perform its functions? Does the
information have practical utility?
2. Is the estimate of the burden of the
information collection accurate?
3. Is there a way to enhance the
quality, utility, and clarity of the
information to be collected?
4. How can the burden of the
information collection on respondents
be minimized, including the use of
automated collection techniques or
other forms of information technology?
Dated: February 1, 2022.
For the Nuclear Regulatory Commission.
David C. Cullison,
NRC Clearance Officer, Office of the Chief
Information Officer.
[FR Doc. 2022–02370 Filed 2–3–22; 8:45 am]
Frm 00148
Fmt 4703
Request for Information (RFI) on
Strengthening Community Health
Through Technology; Correction
White House Office of Science
and Technology Policy (OSTP).
ACTION: Notice; correction.
AGENCY:
OSTP published a document
in the Federal Register of January 5,
2022, requesting input on how digital
health technologies are used, or could
be used in the future, to transform
community health, individual wellness,
and health equity. The document
closing date was stated as February 28,
2022. We are extending the closing date
to March 31, 2022 to allow more time
for input.
FOR FURTHER INFORMATION CONTACT:
Jacqueline Ward at connectedhealth@
ostp.eop.gov or by voicemail at 202–
456–3030.
SUPPLEMENTARY INFORMATION:
SUMMARY:
Correction
In the Federal Register of January 5,
2022, in FR Doc. 2021–28193, on page
492, in the second column, correct the
DATES caption to read:
DATES: Interested persons and organizations
are invited to submit comments on or before
5:00 p.m. ET on March 31, 2022.
Dated: January 31, 2022.
Stacy Murphy,
Operations Manager.
[FR Doc. 2022–02289 Filed 2–3–22; 8:45 am]
BILLING CODE 3270–F1–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–94101; File No. SR–ICEEU–
2022–001]
Self-Regulatory Organizations; ICE
Clear Europe Limited; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change Relating to
Amendments to the Clearing Fees for
ICE Futures Europe FTSE 100 Index
Futures and Options, FTSE 100
Dividend Index Futures and the
Clearing Fee Caps for FTSE 100 Index
Options
January 31, 2022.
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 January
19, 2022, ICE Clear Europe Limited
1 15
2 17
BILLING CODE 7590–01–P
PO 00000
OFFICE OF SCIENCE AND
TECHNOLOGY POLICY
Sfmt 4703
E:\FR\FM\04FEN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
04FEN1
6631
Federal Register / Vol. 87, No. 24 / Friday, February 4, 2022 / Notices
(‘‘ICE Clear Europe’’ or the ‘‘Clearing
House’’) filed with the Securities and
Exchange Commission (‘‘Commission’’)
the proposed rule changes described in
Items I, II and III below, which Items
have been prepared primarily by ICE
Clear Europe. ICE Clear Europe filed the
proposed rule change pursuant to
Section 19(b)(3)(A) of the Act 3 and Rule
19b–4(f)(2) thereunder,4 such that the
proposed rule change was immediately
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
The principal purpose of the
proposed amendments is for ICE Clear
Europe to amend the clearing fees for
ICE Futures Europe FTSE 100 Index
Futures and Options, FTSE 100
Dividend Index Futures and the clearing
fee caps for FTSE 100 Index Options.
The proposed amendments do not
involve any changes to the ICE Clear
Europe Clearing Rules or Procedures.5
II. Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change
In its filing with the Commission, ICE
Clear Europe included statements
concerning the purpose of and basis for
the proposed rule change 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. ICE
Clear Europe has prepared summaries,
set forth in sections (A), (B), and (C)
below, of the most significant aspects of
such statements.
(A) Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change
(a) Purpose
The purpose of the proposed rule
changes is for ICE Clear Europe to
amend the clearing fees for FTSE 100
Index Futures and Options and the
FTSE 100 Dividend Index Futures (the
‘‘Contracts’’) and to amend the clearing
fee caps that are currently applied to
FTSE 100 Index Options block trades.
Following review, and in consultation
with ICE Futures Europe (the exchange
on which the Contracts are traded), ICE
Clear Europe proposes to increase the
clearing fees for the FTSE 100 Index
derivatives to support the additional
development of the Contracts, noting
that the last time the fees were reviewed
was in January 2019 for the FTSE 100
Index Futures and the FTSE 100
Dividend Index Futures, and in October
2019 for the FTSE 100 Index Options.
The decision to amend fees has been
made in conjunction with ICE Futures
Europe, and accordingly the fee tables
below and in Exhibit 5 also include for
information purposes the proposed
exchange fee changes. The proposed
new fees are intended to come into
effect on 1 February 2022, subject to
regulatory approval, and ICE Clear
Europe intends to publish a Circular to
inform market participants of the
changes to the fee schedule in advance
of such proposed effective date. The
proposed revisions to the fees are
described in further detail below.
FTSE 100 Futures and Options
Proposed Transaction Fees
The Clearing House is proposing the
increases noted below to the FTSE 100
Index Futures and Option clearing
transaction fees associated with Screen,
Block/Basis and Block with Delayed
Publication. In addition, the Clearing
House proposes to increase the fee caps
that are currently applied to FTSE 100
Index Options block trades. Below is a
table showing the current clearing fees
and a table showing the proposed
amended clearing fees.
Contract Levies for FTSE 100 Index
Futures and Options:
Current Fees:
Fee
(£)
Contract levies
Exchange
Outrights/Basis .............................................................................................................................
Block ............................................................................................................................................
Block with Delayed Publication ...................................................................................................
Cash Settlement fee (Futures) 6 ..................................................................................................
Exercise/Assignment fee (Options) .............................................................................................
Block fee cap (Options) ...............................................................................................................
Block fee cap with Delayed Publication (Options) ......................................................................
Exercise/Assignment fee cap (Options) ......................................................................................
Clearing
0.09
0.04
0.05
0.00
0.00
220
300
0.00
0.21
0.26
0.30
0.30
0.30
1,980
2,700
2,200
Total
0.30
0.30
0.35
0.30
0.30
2,200
3,000
2,200
Proposed Fees:
Fee
(£)
Contract levies
lotter on DSK11XQN23PROD with NOTICES1
Exchange
Outrights/Basis .............................................................................................................................
Block ............................................................................................................................................
Block with Delayed Publication ...................................................................................................
Cash Settlement fee (Futures) 7 ..................................................................................................
Exercise/Assignment fee (Options) .............................................................................................
Block fee cap (Options) ...............................................................................................................
Block fee cap with Delayed Publication (Options) ......................................................................
Exercise/Assignment fee cap (Options) ......................................................................................
3 15
4 17
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
VerDate Sep<11>2014
18:50 Feb 03, 2022
5 Capitalized terms used but not defined herein
have the meanings specified in the ICE Clear
Europe Clearing Rules.
Jkt 256001
PO 00000
Frm 00149
Fmt 4703
Sfmt 4703
0.11
0.06
0.07
0.00
0.00
320
400
0.00
Clearing
0.24
0.29
0.33
0.35
0.35
2,080
2,800
2,400
Total
0.35
0.35
0.40
0.35
0.35
2,400
3,200
2,400
6 Including FTSE 100 Index Futures Trade at
Index Close (FTSE TIC).
7 Including FTSE 100 Index Futures Trade at
Index Close (FTSE TIC).
E:\FR\FM\04FEN1.SGM
04FEN1
6632
Federal Register / Vol. 87, No. 24 / Friday, February 4, 2022 / Notices
FTSE 100 Dividend Futures Proposed
Transaction Fees
The Clearing House is proposing the
increases noted below to the FTSE 100
Dividend Futures clearing transaction
fees associated with Screen, Block/Basis
and Block with Delayed Publication and
with cash settlement. Below is a table
showing the current clearing fees and a
table showing the proposed amended
clearing fees.
Contract Levies for FTSE 100
Dividend Index Futures:
Current Fees:
Fee
(£)
Contract levies
Exchange
Outrights/Basis .............................................................................................................................
Block ............................................................................................................................................
Block with Delayed Publication ...................................................................................................
Cash Settlement fee ....................................................................................................................
Clearing
0.09
0.04
0.05
0.00
Total
0.21
0.26
0.35
0.30
0.30
0.30
0.40
0.30
Proposed Fees:
Fee
(£)
Contract levies
Exchange
lotter on DSK11XQN23PROD with NOTICES1
Outrights/Basis .............................................................................................................................
Block ............................................................................................................................................
Block with Delayed Publication ...................................................................................................
Cash Settlement fee ....................................................................................................................
(b) Statutory Basis
ICE Clear Europe believes that the
proposed rule changes are consistent
with the requirements of the Act,
including Section 17A of the Act 8 and
regulations thereunder applicable to it.
In particular, Section 17A(b)(3)(D) of the
Act 9 requires that ‘‘[t]he rules of the
clearing agency provide for the
equitable allocation of reasonable dues,
fees and other charges among its
participants’’. ICE Clear Europe believes
that its clearing fees, as proposed to be
amended, would be reasonable and
appropriate for the relevant Contracts.
ICE Clear Europe’s fees are imposed at
the product level on a per transaction
basis (as are the applicable Exchange
fees). As a result, the fees, as proposed
to be modified, would apply to all
market participants who trade and clear
the Contracts. ICE Clear Europe has
determined that the increased fees
would be commensurate with the size of
the contract and would provide an
appropriate balance between the costs of
clearing for market participants and the
expenses incurred by ICE Clear Europe
in offering clearing of the relevant
contracts, taking into account the
investments ICE Clear Europe has made
in clearing such products. Exhibit 3
includes a quantitative analysis of the
impact of the proposed fee changes. As
such, in ICE Clear Europe’s view, the
amendments are consistent with the
equitable allocation of reasonable dues,
fees and other charges among its
Clearing Members and other market
participants, within the meaning of
Section 17A(b)(3)(D) of the Act.10
The proposed amendments are also
consistent with the requirements of
Section 17A(b)(3)(F) of the Act 11 which
requires, among other things, that ‘‘[t]he
rules of a clearing agency [. . .] are not
designed to permit unfair
discrimination in the admission of
participants or among participants in
the use of the clearing agency’’. As
noted above, the fees, as proposed to be
amended, would apply on a per
transaction and would apply to all
Clearing Members. As a result, the
amendments would not result in any
unfair discrimination among Clearing
Members in their use of the Clearing
House, within the meaning of Section
17A(b)(3)(F) of the Act.12
(B) Clearing Agency’s Statement on
Burden on Competition
ICE Clear Europe does not believe the
proposed rule changes would have any
impact, or impose any burden, on
competition not necessary or
appropriate in furtherance of the
purpose of the Act. Although ICE Clear
Europe is increasing certain clearing
fees, as set forth herein, it believes such
changes are appropriate to reflect the
costs and expenses incurred by the
Clearing House in clearing the relevant
Contracts. Further, as discussed above,
0.11
0.06
0.07
0.00
VerDate Sep<11>2014
18:50 Feb 03, 2022
PO 00000
Frm 00150
Fmt 4703
Sfmt 4703
0.35
0.35
0.40
0.35
Written comments relating to the
proposed amendments have not been
solicited or received by ICE Clear
Europe. ICE Clear Europe will notify the
Commission of any comments received
with respect to the proposed rule
change.
11 15
Jkt 256001
0.24
0.29
0.33
0.35
(C) Clearing Agency’s Statement on
Comments on the Proposed Rule
Change Received From Members,
Participants or Others
U.S.C. 78q–1(b)(3)(D).
U.S.C. 78q–1(b)(3)(F).
12 15 U.S.C. 78q–1(b)(3)(F).
U.S.C. 78q–1.
9 15 U.S.C. 78q–1(b)(3)(D).
Total
because fees are imposed on a per
transaction basis at the product level,
the changes to the fees are applied
equally to all Clearing Members who
trade and/or clear the Contracts. ICE
Clear Europe does not believe that the
amendments would adversely affect the
ability of such Clearing Members or
other market participants generally to
access clearing services for the
Contracts. Further, since the revised fees
will apply to all Clearing Members that
clear the products, ICE Clear Europe
believes that the amendments would not
otherwise affect competition among
Clearing Members, adversely affect the
market for clearing services or limit
market participants’ choices for
obtaining clearing services. As a result,
ICE Clear Europe does not believe the
amendments would have any impact or
impose any burden on competition that
is not necessary or appropriate in
furtherance of the purposes of the Act.
10 15
8 15
Clearing
E:\FR\FM\04FEN1.SGM
04FEN1
6633
Federal Register / Vol. 87, No. 24 / Friday, February 4, 2022 / Notices
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 13 and paragraph (f)(2) of Rule
19b–4 14 thereunder. At any time within
60 days of the filing of the proposed rule
change, the Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
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:
lotter on DSK11XQN23PROD with NOTICES1
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–2022–001 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–2022–001. 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, security-based
swap submission or advance notice
between the Commission and any
person, other than those that may be
withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will
be available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such
filings will also be available for
inspection and copying at the principal
office of ICE Clear Europe and on ICE
Clear Europe’s website at https://
www.theice.com/clear-europe/
regulation.
All comments received will be posted
without change. Persons submitting
comments are cautioned that we do not
redact or edit personal identifying
information from comment submissions.
You should submit only information
that you wish to make available
publicly. All submissions should refer
to File Number SR–ICEEU–2022–001
and should be submitted on or before
February 25, 2022.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–02313 Filed 2–3–22; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–94096; File No. SR–Phlx–
2022–04]
Self-Regulatory Organizations; Nasdaq
PHLX LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change to Proposed Rule Change
To Update the Obvious Error Rule
January 31, 2022.
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 January
26, 2022, Nasdaq PHLX LLC (‘‘Phlx’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission (‘‘SEC’’ or
‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III, below, which Items have been
prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Options 3, Section 20 (Nullification and
Adjustment of Options Transactions
including Obvious Errors).
The text of the proposed rule change
is available on the Exchange’s website at
https://listingcenter.nasdaq.com/
rulebook/phlx/rules, at the principal
CFR 200.30–3(a)(12).
15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
U.S.C. 78s(b)(3)(A).
14 17 CFR 240.19b–4(f)(2).
VerDate Sep<11>2014
18:50 Feb 03, 2022
1
Jkt 256001
PO 00000
Frm 00151
Fmt 4703
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
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
15 17
13 15
office of the Exchange, and at the
Commission’s Public Reference Room.
Sfmt 4703
The purpose of this proposed rule
change is to amend Options 3, Section
20 (Nullification and Adjustment of
Options Transactions including Obvious
Errors) to improve the operation of the
Rule. Following discussions with other
exchanges and a cross-section of
industry participants and in
coordination with the Listed Options
Market Structure Working Group
(‘‘LOMSWG’’) (collectively, the
‘‘Industry Working Group’’), the
Exchange proposes: (1) To amend
section (b)(3) of the Rule to permit the
Exchange to determine the Theoretical
Price of a Customer option transaction
in a wide market so long as a narrow
market exists at any point during the 10second period after an opening or reopening; and (2) to amend section
(c)(4)(B) of the Rule to adjust, rather
than nullify, Customer transactions in
Obvious Error situations, provided the
adjustment does not violate the limit
price. The foregoing changes are based
on the recently amended rules of NYSE
Arca, Inc. (‘‘Arca’’).3 The Exchange
further proposes to make a nonsubstantive, corrective change. Each
change is discussed in detail below.
Proposed Change to Section (b)(3)
Options 3, Section 20 has been part of
various harmonization efforts by the
Industry Working Group.4 These efforts
3 See Arca Rule 6.87–O. See also Securities
Exchange Act Release No. 93818 (December 17,
2021), 86 FR 73009 (December 23, 2021) (SR–
NYSEArca–2021–91) (Order Approving a Proposed
Rule Change to Amend Rule 6.87–O).
4 See, e.g., Securities Exchange Act Release Nos.
74919 (May 8, 2015), 80 FR 27766 (May 14, 2015)
Continued
E:\FR\FM\04FEN1.SGM
04FEN1
]]>Agencies
[Federal Register Volume 87, Number 24 (Friday, February 4, 2022)]
[Notices]
[Pages 6630-6633]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-02313]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-94101; File No. SR-ICEEU-2022-001]
Self-Regulatory Organizations; ICE Clear Europe Limited; Notice
of Filing and Immediate Effectiveness of Proposed Rule Change Relating
to Amendments to the Clearing Fees for ICE Futures Europe FTSE 100
Index Futures and Options, FTSE 100 Dividend Index Futures and the
Clearing Fee Caps for FTSE 100 Index Options
January 31, 2022.
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 January 19, 2022, ICE Clear Europe Limited
[[Page 6631]]
(``ICE Clear Europe'' or the ``Clearing House'') filed with the
Securities and Exchange Commission (``Commission'') the proposed rule
changes described in Items I, II and III below, which Items have been
prepared primarily by ICE Clear Europe. ICE Clear Europe filed the
proposed rule change pursuant to Section 19(b)(3)(A) of the Act \3\ and
Rule 19b-4(f)(2) thereunder,\4\ such that the proposed rule change was
immediately 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
The principal purpose of the proposed amendments is for ICE Clear
Europe to amend the clearing fees for ICE Futures Europe FTSE 100 Index
Futures and Options, FTSE 100 Dividend Index Futures and the clearing
fee caps for FTSE 100 Index Options. The proposed amendments do not
involve any changes to the ICE Clear Europe Clearing Rules or
Procedures.\5\
---------------------------------------------------------------------------
\5\ Capitalized terms used but not defined herein have the
meanings specified in the ICE Clear Europe Clearing Rules.
---------------------------------------------------------------------------
II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change
In its filing with the Commission, ICE Clear Europe included
statements concerning the purpose of and basis for the proposed rule
change 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. ICE Clear Europe has prepared summaries,
set forth in sections (A), (B), and (C) below, of the most significant
aspects of such statements.
(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change
(a) Purpose
The purpose of the proposed rule changes is for ICE Clear Europe to
amend the clearing fees for FTSE 100 Index Futures and Options and the
FTSE 100 Dividend Index Futures (the ``Contracts'') and to amend the
clearing fee caps that are currently applied to FTSE 100 Index Options
block trades.
Following review, and in consultation with ICE Futures Europe (the
exchange on which the Contracts are traded), ICE Clear Europe proposes
to increase the clearing fees for the FTSE 100 Index derivatives to
support the additional development of the Contracts, noting that the
last time the fees were reviewed was in January 2019 for the FTSE 100
Index Futures and the FTSE 100 Dividend Index Futures, and in October
2019 for the FTSE 100 Index Options. The decision to amend fees has
been made in conjunction with ICE Futures Europe, and accordingly the
fee tables below and in Exhibit 5 also include for information purposes
the proposed exchange fee changes. The proposed new fees are intended
to come into effect on 1 February 2022, subject to regulatory approval,
and ICE Clear Europe intends to publish a Circular to inform market
participants of the changes to the fee schedule in advance of such
proposed effective date. The proposed revisions to the fees are
described in further detail below.
FTSE 100 Futures and Options Proposed Transaction Fees
The Clearing House is proposing the increases noted below to the
FTSE 100 Index Futures and Option clearing transaction fees associated
with Screen, Block/Basis and Block with Delayed Publication. In
addition, the Clearing House proposes to increase the fee caps that are
currently applied to FTSE 100 Index Options block trades. Below is a
table showing the current clearing fees and a table showing the
proposed amended clearing fees.
Contract Levies for FTSE 100 Index Futures and Options:
Current Fees:
---------------------------------------------------------------------------
\6\ Including FTSE 100 Index Futures Trade at Index Close (FTSE
TIC).
\7\ Including FTSE 100 Index Futures Trade at Index Close (FTSE
TIC).
----------------------------------------------------------------------------------------------------------------
Fee ([pound])
Contract levies -----------------------------------------------
Exchange Clearing Total
----------------------------------------------------------------------------------------------------------------
Outrights/Basis................................................. 0.09 0.21 0.30
Block........................................................... 0.04 0.26 0.30
Block with Delayed Publication.................................. 0.05 0.30 0.35
Cash Settlement fee (Futures) \6\............................... 0.00 0.30 0.30
Exercise/Assignment fee (Options)............................... 0.00 0.30 0.30
Block fee cap (Options)......................................... 220 1,980 2,200
Block fee cap with Delayed Publication (Options)................ 300 2,700 3,000
Exercise/Assignment fee cap (Options)........................... 0.00 2,200 2,200
----------------------------------------------------------------------------------------------------------------
Proposed Fees:
----------------------------------------------------------------------------------------------------------------
Fee ([pound])
Contract levies -----------------------------------------------
Exchange Clearing Total
----------------------------------------------------------------------------------------------------------------
Outrights/Basis................................................. 0.11 0.24 0.35
Block........................................................... 0.06 0.29 0.35
Block with Delayed Publication.................................. 0.07 0.33 0.40
Cash Settlement fee (Futures) \7\............................... 0.00 0.35 0.35
Exercise/Assignment fee (Options)............................... 0.00 0.35 0.35
Block fee cap (Options)......................................... 320 2,080 2,400
Block fee cap with Delayed Publication (Options)................ 400 2,800 3,200
Exercise/Assignment fee cap (Options)........................... 0.00 2,400 2,400
----------------------------------------------------------------------------------------------------------------
[[Page 6632]]
FTSE 100 Dividend Futures Proposed Transaction Fees
The Clearing House is proposing the increases noted below to the
FTSE 100 Dividend Futures clearing transaction fees associated with
Screen, Block/Basis and Block with Delayed Publication and with cash
settlement. Below is a table showing the current clearing fees and a
table showing the proposed amended clearing fees.
Contract Levies for FTSE 100 Dividend Index Futures:
Current Fees:
----------------------------------------------------------------------------------------------------------------
Fee ([pound])
Contract levies -----------------------------------------------
Exchange Clearing Total
----------------------------------------------------------------------------------------------------------------
Outrights/Basis................................................. 0.09 0.21 0.30
Block........................................................... 0.04 0.26 0.30
Block with Delayed Publication.................................. 0.05 0.35 0.40
Cash Settlement fee............................................. 0.00 0.30 0.30
----------------------------------------------------------------------------------------------------------------
Proposed Fees:
----------------------------------------------------------------------------------------------------------------
Fee ([pound])
Contract levies -----------------------------------------------
Exchange Clearing Total
----------------------------------------------------------------------------------------------------------------
Outrights/Basis................................................. 0.11 0.24 0.35
Block........................................................... 0.06 0.29 0.35
Block with Delayed Publication.................................. 0.07 0.33 0.40
Cash Settlement fee............................................. 0.00 0.35 0.35
----------------------------------------------------------------------------------------------------------------
(b) Statutory Basis
ICE Clear Europe believes that the proposed rule changes are
consistent with the requirements of the Act, including Section 17A of
the Act \8\ and regulations thereunder applicable to it. In particular,
Section 17A(b)(3)(D) of the Act \9\ requires that ``[t]he rules of the
clearing agency provide for the equitable allocation of reasonable
dues, fees and other charges among its participants''. ICE Clear Europe
believes that its clearing fees, as proposed to be amended, would be
reasonable and appropriate for the relevant Contracts. ICE Clear
Europe's fees are imposed at the product level on a per transaction
basis (as are the applicable Exchange fees). As a result, the fees, as
proposed to be modified, would apply to all market participants who
trade and clear the Contracts. ICE Clear Europe has determined that the
increased fees would be commensurate with the size of the contract and
would provide an appropriate balance between the costs of clearing for
market participants and the expenses incurred by ICE Clear Europe in
offering clearing of the relevant contracts, taking into account the
investments ICE Clear Europe has made in clearing such products.
Exhibit 3 includes a quantitative analysis of the impact of the
proposed fee changes. As such, in ICE Clear Europe's view, the
amendments are consistent with the equitable allocation of reasonable
dues, fees and other charges among its Clearing Members and other
market participants, within the meaning of Section 17A(b)(3)(D) of the
Act.\10\
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78q-1.
\9\ 15 U.S.C. 78q-1(b)(3)(D).
\10\ 15 U.S.C. 78q-1(b)(3)(D).
---------------------------------------------------------------------------
The proposed amendments are also consistent with the requirements
of Section 17A(b)(3)(F) of the Act \11\ which requires, among other
things, that ``[t]he rules of a clearing agency [. . .] are not
designed to permit unfair discrimination in the admission of
participants or among participants in the use of the clearing agency''.
As noted above, the fees, as proposed to be amended, would apply on a
per transaction and would apply to all Clearing Members. As a result,
the amendments would not result in any unfair discrimination among
Clearing Members in their use of the Clearing House, within the meaning
of Section 17A(b)(3)(F) of the Act.\12\
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78q-1(b)(3)(F).
\12\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------
(B) Clearing Agency's Statement on Burden on Competition
ICE Clear Europe does not believe the proposed rule changes would
have any impact, or impose any burden, on competition not necessary or
appropriate in furtherance of the purpose of the Act. Although ICE
Clear Europe is increasing certain clearing fees, as set forth herein,
it believes such changes are appropriate to reflect the costs and
expenses incurred by the Clearing House in clearing the relevant
Contracts. Further, as discussed above, because fees are imposed on a
per transaction basis at the product level, the changes to the fees are
applied equally to all Clearing Members who trade and/or clear the
Contracts. ICE Clear Europe does not believe that the amendments would
adversely affect the ability of such Clearing Members or other market
participants generally to access clearing services for the Contracts.
Further, since the revised fees will apply to all Clearing Members that
clear the products, ICE Clear Europe believes that the amendments would
not otherwise affect competition among Clearing Members, adversely
affect the market for clearing services or limit market participants'
choices for obtaining clearing services. As a result, ICE Clear Europe
does not believe the amendments would have any impact or impose any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants or Others
Written comments relating to the proposed amendments have not been
solicited or received by ICE Clear Europe. ICE Clear Europe will notify
the Commission of any comments received with respect to the proposed
rule change.
[[Page 6633]]
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \13\ and paragraph (f)(2) of Rule 19b-4 \14\
thereunder. At any time within 60 days of the filing of the proposed
rule change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
---------------------------------------------------------------------------
\13\ 15 U.S.C. 78s(b)(3)(A).
\14\ 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:
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-2022-001 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-2022-001. 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, security-based swap submission or advance notice between
the Commission and any person, other than those that may be withheld
from the public in accordance with the provisions of 5 U.S.C. 552, will
be available for website viewing and printing in the Commission's
Public Reference Room, 100 F Street NE, Washington, DC 20549, on
official business days between the hours of 10:00 a.m. and 3:00 p.m.
Copies of such filings will also be available for inspection and
copying at the principal office of ICE Clear Europe and on ICE Clear
Europe's website at https://www.theice.com/clear-europe/regulation.
All comments received will be posted without change. Persons
submitting comments are cautioned that we do not redact or edit
personal identifying information from comment submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-ICEEU-2022-001 and should be
submitted on or before February 25, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
---------------------------------------------------------------------------
\15\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-02313 Filed 2-3-22; 8:45 am]
BILLING CODE 8011-01-P
