Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing and Immediate Effectiveness of Proposed Rule Change, as Modified by Amendment No. 1, Relating to Amendments to the ICE Clear Europe Delivery Procedures, 17374-17376 [2022-06384]

Download as PDF 17374 Federal Register / Vol. 87, No. 59 / Monday, March 28, 2022 / Notices consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission’s internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File Number SR–CBOE–2021–071 on the subject line. jspears on DSK121TN23PROD with NOTICES1 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–CBOE–2021–071. 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 (http://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 the Exchange. 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–CBOE–2021–071 and should be submitted by April 18, 2022. Rebuttal comments should be submitted by May 2, 2022. V. Accelerated Approval of Proposed Rule Change, as Modified by Amendment No. 2 The Commission finds good cause for approving the proposed rule change, as amended by Amendment No. 2, prior to the 30th day after the date of publication of notice in the Federal Register. Amendment No. 2 provided VerDate Sep<11>2014 17:30 Mar 25, 2022 Jkt 256001 technical and conforming changes to the rule text to reflect CBOE rules recently adopted by the Exchange.99 Amendment No. 2 also provided additional detail on several aspects of the proposal, including the impact of the recently adopted modified holiday trading schedule 100 on Curb and notifications relating to catastrophic error reviews. The Exchange also further discussed why it may be appropriate to resume trading during GTH and Curb after a trading halt and clarified the application of CBOE Rule 5.22 during Curb. As described above, the Commission believes that Amendment No. 2 does not change the substance of the proposed rule change, but merely adds detail and clarification to several items of the proposal and makes necessary conforming changes to reflect the recently approved modified holiday trading schedule, as well as makes necessary updates to its proposed rules.101 Accordingly, the Commission finds good cause for approving the proposed rule change, as amended, on an accelerated basis, pursuant to Section 19(b)(2) of the Act.102 VI. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act,103 that the proposed rule change, as modified by Amendment No. 2 (SR–CBOE–2021– 071) be, and hereby is, approved on an accelerated basis. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.104 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2022–06383 Filed 3–25–22; 8:45 am] BILLING CODE 8011–01–P 99 See Securities Exchange Act Release Nos. 94253 (February 15, 2022), 87 FR 9729 (February 22, 2022) (SR–CBOE–2021–068) (Order Granting Approval of a Proposed Rule Change to Adopt a Modified Trading Schedule for Holidays) (‘‘Modified Holiday Trading Schedule Order’’); 93799 (December 16, 2021), 86 FR 72654 (December 22, 2021) (SR–CBOE–2021–074) (Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Make Juneteenth National Independence Day a Holiday of the Exchange); and 93646 (November 22, 2021), 86 FR 67777 (November 29, 2021) (SR–CBOE–2021–067) (Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Add a Held Order Instruction). The Exchange also corrected a marking error in the text of CBOE Rule 5.71(b)(2). 100 See Modified Holiday Trading Schedule Order, supra note 99. 101 See supra note 99. 102 15 U.S.C. 78s(b)(2). 103 Id. 104 17 CFR 200.30–3(a)(12). PO 00000 Frm 00113 Fmt 4703 Sfmt 4703 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–94485; File No. SR–ICEEU– 2022–007] Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing and Immediate Effectiveness of Proposed Rule Change, as Modified by Amendment No. 1, Relating to Amendments to the ICE Clear Europe Delivery Procedures March 22, 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 March 8, 2022, ICE Clear Europe Limited (‘‘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)(4)(ii) thereunder,4 such that the proposed rule change was immediately effective upon filing with the Commission. On March 16, 2022, ICE Clear Europe filed Amendment No. 1 to the proposed rule change to make certain clarifications about the purpose of and statutory basis for the proposed rule changes.5 The Commission is publishing this notice to solicit comments on the proposed rule change, as modified by Amendment No. 1 (hereafter 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 its Delivery Procedures (‘‘Delivery Procedures’’ or ‘‘Procedures’’) to amend Part CC thereof (‘‘Part CC’’) to revise certain timingrelated delivery specifications applicable to Midland West Texas Intermediate American Gulf Coast Crude Oil Futures (‘‘Midland WTI Contracts’’).6 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A). 4 17 CFR 240.19b–4(f)(4)(ii). 5 In Amendment No. 1, ICEEU expanded the description of the expected effect of the proposed changes as well as the basis for the proposed changes under the relevant law; however, the substance of the proposal is unchanged. 6 Capitalized terms used but not defined herein have the meanings specified in the Delivery Procedures or, if not defined therein, the ICE Clear Europe Clearing Rules. 2 17 E:\FR\FM\28MRN1.SGM 28MRN1 Federal Register / Vol. 87, No. 59 / Monday, March 28, 2022 / Notices 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 jspears on DSK121TN23PROD with NOTICES1 (a) Purpose ICE Clear Europe is proposing to amend Part CC of the Delivery Procedures to revise certain delivery specifications applicable to Midland WTI Contracts. Specifically, with respect to Exchange for Physicals (EFPs), the amendments would extend the deadline for EFPs to be reported to any time after the close of trading until 13:00 CT/19:00 LPT on the next Business Day following the Last Trading Day instead of (09:00 CT/15:00 LPT). This change would expand the availability of the reporting deadline to all EFPs, and not just those that are executed on the Last Trading Day. The Clearing House has determined that this adjustment reflects the Clearing House’s current practice. Conforming timing updates would also be made to the Delivery Timetable. The amendments would also adjust the deadline for Delivery Confirmation Forms to 14:00 CT/20:00 LPT on the Business Day following the Last Trading Day (rather than 10:00 CT/16:00 LPT). (b) Statutory Basis ICE Clear Europe believes that the proposed amendments to the Delivery Procedures are consistent with the requirements of Section 17A of the Act 7 and the regulations thereunder applicable to it. In particular, Section 17A(b)(3)(F) of the Act 8 requires, among other things, that the rules of a clearing agency be designed to promote the prompt and accurate clearance and settlement of securities transactions and, to the extent applicable, derivative agreements, contracts, and transactions, the safeguarding of securities and funds in the custody or control of the clearing agency or for which it is responsible, and the protection of investors and the public interest. The proposed changes to the Delivery Procedures are designed to amend certain deadlines under the delivery procedures, for Midland WTI Contracts, to give Clearing Members more time to facilitate settlement and thereby permit more up-to-date information to be available at the time of reporting EFPs. The amendments would not otherwise affect the manner in which Midland WTI Contracts are cleared and settled. As a result, in ICE Clear Europe’s view, the amendments would be consistent with the prompt and accurate clearance and settlement of the contracts, and the protection of investors and the public interest consistent with the requirements of Section 17A(b)(3)(F) of the Act.9 (In ICE Clear Europe’s view, the amendments would not affect the safeguarding of funds or securities in the custody or control of the clearing agency or for which it is responsible, within the meaning of Section 17A(b)(3)(F).10) In addition, Rule 17Ad–22(e)(10) 11 provides that ‘‘[e]ach covered clearing agency shall establish, implement, maintain and enforce written policies and procedures reasonable designed to, as applicable [. . .] establish and maintain transparent written standards that state its obligations with respect to the delivery of physical instruments, and establish and maintain operational practices that identify, monitor and manage the risks associated with such physical deliveries.’’ As discussed above, the amendments would amend certain deadlines under the Delivery Procedures applicable to the settlement of Midland WTI Contracts. Clearance of the Midland WTI Contracts would not otherwise be affected. The amendments thus appropriately clarify the role and responsibilities of the Clearing House and Clearing Members with respect to physical delivery. As a result, ICE Clear Europe believes the amendments are consistent with the requirements of Rule 17Ad–22(e)(10).12 (B) Clearing Agency’s Statement on Burden on Competition ICE Clear Europe does not believe the proposed amendments would have any impact, or impose any burden, on competition not necessary or appropriate in furtherance of the purposes of the Act. The proposed amendments to the Delivery Procedures are intended to extend certain deadlines under the Delivery Procedures applicable to the delivery of Midland 9 15 U.S.C. 78q–1(b)(3)(F). U.S.C. 78q–1(b)(3)(F). 11 17 CFR 240.17Ad–22(e)(10). 12 17 CFR 240.17Ad–22(e)(10). WTI Contracts. ICE Clear Europe does not believe the amendments would adversely affect competition among Clearing Members, materially affect the cost of clearing, adversely affect access to clearing in the new contracts for Clearing Members or their customers, or otherwise adversely affect competition in clearing services. Accordingly, ICE Clear Europe does not believe that the amendments would impose any impact or burden on competition that is not appropriate in furtherance of the purpose 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. III. Date of Effectiveness of the Proposed Rule 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) 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: Electronic Comments • Use the Commission’s internet comment form (http://www.sec.gov/ rules/sro.shtml) or • Send an email to rule-comments@ sec.gov. Please include File Number SR– ICEEU–2022–007 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. 10 15 7 15 8 15 U.S.C. 78q–1. U.S.C. 78q–1(b)(3)(F). VerDate Sep<11>2014 17:30 Mar 25, 2022 Jkt 256001 PO 00000 Frm 00114 Fmt 4703 Sfmt 4703 17375 13 15 14 17 E:\FR\FM\28MRN1.SGM U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f). 28MRN1 17376 Federal Register / Vol. 87, No. 59 / Monday, March 28, 2022 / Notices All submissions should refer to File Number SR–ICEEU–2022–007. 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 (http://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 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–2022–007 and should be submitted on or before April 18, 2022. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.15 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2022–06384 Filed 3–25–22; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION jspears on DSK121TN23PROD with NOTICES1 [Release No. 34–94490; File No. SR– NYSEArca–2022–13] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change To Amend Rule 7.31– E(h)(3) (‘‘Act’’) 2 and Rule 19b–4 thereunder,3 notice is hereby given that, on March 9, 2022, NYSE Arca, Inc. (‘‘NYSE Arca’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. 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 Rule 7.31–E(h)(3) with respect to Discretionary Pegged Orders. The proposed change is available on the Exchange’s website at www.nyse.com, at the principal office of the Exchange, 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 self-regulatory organization 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 those 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 parts of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend Rule 7.31–E(h)(3) to modify certain factors relevant to the quote instability calculation for Discretionary Pegged Orders. Specifically, the Exchange proposes to amend Rule 7.31– E(h)(3)(D)(i)(D)(1)(a), which sets forth the quote stability coefficients. Under Rule 7.31–E(h)(3)(D)(i)(D)(3), the Exchange may modify the quote stability coefficients at any time, subject to a filing of a proposed rule change. The Exchange proposes such changes in this rule filing. Discretionary Pegged Orders March 22, 2022. 19(b)(1) 1 Pursuant to Section of the Securities Exchange Act of 1934 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). Rule 7.31–E(h)(3) provides for Discretionary Pegged Orders, which are 15 17 2 15 1 15 3 17 VerDate Sep<11>2014 17:30 Mar 25, 2022 Jkt 256001 PO 00000 U.S.C. 78a. CFR 240.19b–4. Frm 00115 Fmt 4703 Sfmt 4703 Pegged Orders 4 that may exercise price discretion from their working price to a discretionary price in order to trade with contra-side orders on the NYSE Arca Book, except during periods of quote instability as defined in Rule 7.31–E(h)(3)(D). Rule 7.31–E(h)(3)(D) provides that the Exchange uses a quote instability calculation to assess a security’s ‘‘quote instability factor,’’ or the probability of an imminent change to the current PBB to a lower price or PBO to a higher price.5 When quoting activity in a security meets predefined criteria and the quote instability factor calculated is greater than the Exchange’s defined ‘‘quote instability threshold,’’ the Exchange treats the quote as unstable (‘‘quote instability’’ or a ‘‘crumbling quote’’). Rule 7.31–E(h)(3)(D)(i) provides that the Exchange determines a quote to be unstable when, among other factors, the quote instability factor result from the quote stability calculation is greater than the quote instability threshold. To perform the quote stability calculation and determine the quote instability factor, the Exchange employs a fixed formula utilizing the quote stability coefficients and quote stability variables set forth in Rule 7.31– E(h)(3)(D)(i)(D)(1)(a) and Rule 7.31– E(h)(3)(D)(i)(D)(1)(b), respectively. Proposed Rule Change The Exchange proposes to update the quote stability coefficients used in the quote instability calculation, which have not been modified since Rule 7.31– E(h)(3) was adopted.6 The proposed changes are intended to update the quote stability coefficients so that they are based on current market data and better calibrated to function on an exchange without an intentional delay mechanism and with deeper liquidity 4 A Pegged Order is a Limit Order that does not route with a working price that is pegged to a dynamic reference price. If the designated reference price is higher (lower) than the limit price of a Pegged Order to buy (sell), the working price will be the limit price of the order. See Rule 7.31–E(h). 5 NYSE Arca Rule 1.1 defines PBB as the highest Protected Bid and PBO as the lowest Protected Offer. Rule 1.1 also provides that ‘‘PBBO’’ means the Best Protected Bid and the Best Protected Offer. 6 The Exchange adopted Rule 7.31–E(h)(3) governing Discretionary Pegged Orders in 2016 but has not yet announced the implementation of the order type. See Securities Exchange Act Release No. 78181 (June 28, 2016), 81 FR 43297 (July 1, 2016) (SR–NYSEArca–2016–44) (Notice of Filing of Amendment No. 1, and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, to Add a New Discretionary Pegged Order). Accordingly, the current quote stability coefficients have not been in operation on the Exchange. E:\FR\FM\28MRN1.SGM 28MRN1

Agencies

[Federal Register Volume 87, Number 59 (Monday, March 28, 2022)]
[Notices]
[Pages 17374-17376]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-06384]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-94485; File No. SR-ICEEU-2022-007]


Self-Regulatory Organizations; ICE Clear Europe Limited; Notice 
of Filing and Immediate Effectiveness of Proposed Rule Change, as 
Modified by Amendment No. 1, Relating to Amendments to the ICE Clear 
Europe Delivery Procedures

March 22, 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 March 8, 2022, ICE Clear Europe Limited (``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)(4)(ii) 
thereunder,\4\ such that the proposed rule change was immediately 
effective upon filing with the Commission. On March 16, 2022, ICE Clear 
Europe filed Amendment No. 1 to the proposed rule change to make 
certain clarifications about the purpose of and statutory basis for the 
proposed rule changes.\5\ The Commission is publishing this notice to 
solicit comments on the proposed rule change, as modified by Amendment 
No. 1 (hereafter 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)(4)(ii).
    \5\ In Amendment No. 1, ICEEU expanded the description of the 
expected effect of the proposed changes as well as the basis for the 
proposed changes under the relevant law; however, the substance of 
the proposal is unchanged.
---------------------------------------------------------------------------

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 its Delivery Procedures (``Delivery Procedures'' or 
``Procedures'') to amend Part CC thereof (``Part CC'') to revise 
certain timing-related delivery specifications applicable to Midland 
West Texas Intermediate American Gulf Coast Crude Oil Futures 
(``Midland WTI Contracts'').\6\
---------------------------------------------------------------------------

    \6\ Capitalized terms used but not defined herein have the 
meanings specified in the Delivery Procedures or, if not defined 
therein, the ICE Clear Europe Clearing Rules.

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[[Page 17375]]

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
    ICE Clear Europe is proposing to amend Part CC of the Delivery 
Procedures to revise certain delivery specifications applicable to 
Midland WTI Contracts. Specifically, with respect to Exchange for 
Physicals (EFPs), the amendments would extend the deadline for EFPs to 
be reported to any time after the close of trading until 13:00 CT/19:00 
LPT on the next Business Day following the Last Trading Day instead of 
(09:00 CT/15:00 LPT). This change would expand the availability of the 
reporting deadline to all EFPs, and not just those that are executed on 
the Last Trading Day. The Clearing House has determined that this 
adjustment reflects the Clearing House's current practice. Conforming 
timing updates would also be made to the Delivery Timetable.
    The amendments would also adjust the deadline for Delivery 
Confirmation Forms to 14:00 CT/20:00 LPT on the Business Day following 
the Last Trading Day (rather than 10:00 CT/16:00 LPT).
(b) Statutory Basis
    ICE Clear Europe believes that the proposed amendments to the 
Delivery Procedures are consistent with the requirements of Section 17A 
of the Act \7\ and the regulations thereunder applicable to it. In 
particular, Section 17A(b)(3)(F) of the Act \8\ requires, among other 
things, that the rules of a clearing agency be designed to promote the 
prompt and accurate clearance and settlement of securities transactions 
and, to the extent applicable, derivative agreements, contracts, and 
transactions, the safeguarding of securities and funds in the custody 
or control of the clearing agency or for which it is responsible, and 
the protection of investors and the public interest. The proposed 
changes to the Delivery Procedures are designed to amend certain 
deadlines under the delivery procedures, for Midland WTI Contracts, to 
give Clearing Members more time to facilitate settlement and thereby 
permit more up-to-date information to be available at the time of 
reporting EFPs. The amendments would not otherwise affect the manner in 
which Midland WTI Contracts are cleared and settled. As a result, in 
ICE Clear Europe's view, the amendments would be consistent with the 
prompt and accurate clearance and settlement of the contracts, and the 
protection of investors and the public interest consistent with the 
requirements of Section 17A(b)(3)(F) of the Act.\9\ (In ICE Clear 
Europe's view, the amendments would not affect the safeguarding of 
funds or securities in the custody or control of the clearing agency or 
for which it is responsible, within the meaning of Section 
17A(b)(3)(F).\10\)
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78q-1.
    \8\ 15 U.S.C. 78q-1(b)(3)(F).
    \9\ 15 U.S.C. 78q-1(b)(3)(F).
    \10\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    In addition, Rule 17Ad-22(e)(10) \11\ provides that ``[e]ach 
covered clearing agency shall establish, implement, maintain and 
enforce written policies and procedures reasonable designed to, as 
applicable [. . .] establish and maintain transparent written standards 
that state its obligations with respect to the delivery of physical 
instruments, and establish and maintain operational practices that 
identify, monitor and manage the risks associated with such physical 
deliveries.'' As discussed above, the amendments would amend certain 
deadlines under the Delivery Procedures applicable to the settlement of 
Midland WTI Contracts. Clearance of the Midland WTI Contracts would not 
otherwise be affected. The amendments thus appropriately clarify the 
role and responsibilities of the Clearing House and Clearing Members 
with respect to physical delivery. As a result, ICE Clear Europe 
believes the amendments are consistent with the requirements of Rule 
17Ad-22(e)(10).\12\
---------------------------------------------------------------------------

    \11\ 17 CFR 240.17Ad-22(e)(10).
    \12\ 17 CFR 240.17Ad-22(e)(10).
---------------------------------------------------------------------------

(B) Clearing Agency's Statement on Burden on Competition

    ICE Clear Europe does not believe the proposed amendments would 
have any impact, or impose any burden, on competition not necessary or 
appropriate in furtherance of the purposes of the Act. The proposed 
amendments to the Delivery Procedures are intended to extend certain 
deadlines under the Delivery Procedures applicable to the delivery of 
Midland WTI Contracts. ICE Clear Europe does not believe the amendments 
would adversely affect competition among Clearing Members, materially 
affect the cost of clearing, adversely affect access to clearing in the 
new contracts for Clearing Members or their customers, or otherwise 
adversely affect competition in clearing services. Accordingly, ICE 
Clear Europe does not believe that the amendments would impose any 
impact or burden on competition that is not appropriate in furtherance 
of the purpose 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.

III. Date of Effectiveness of the Proposed Rule 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) 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).
---------------------------------------------------------------------------

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 (http://www.sec.gov/rules/sro.shtml) or
     Send an email to [email protected]. Please include 
File Number SR-ICEEU-2022-007 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.


[[Page 17376]]


All submissions should refer to File Number SR-ICEEU-2022-007. 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 (http://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 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-2022-007 and should be 
submitted on or before April 18, 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. 2022-06384 Filed 3-25-22; 8:45 am]
BILLING CODE 8011-01-P