Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Amendments FTSE 100 Index Contracts and SARON Futures Contracts, 42114-42116 [2023-13791]
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42114
Federal Register / Vol. 88, No. 124 / Thursday, June 29, 2023 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–97789; File No. SR–ICEEU–
2023–016]
Self-Regulatory Organizations; ICE
Clear Europe Limited; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change Relating to
Amendments FTSE 100 Index
Contracts and SARON Futures
Contracts
June 22, 2023.
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 June 9,
2023, ICE Clear Europe Limited 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 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.
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.
I. Clearing Agency’s Statement of the
Terms of Substance of the Proposed
Rule Change
ICE Clear Europe Limited (‘‘ICE Clear
Europe’’ or the ‘‘Clearing House’’)
proposes to amend certain clearing
transaction fees for FTSE 100 index
contracts and SARON futures contracts
(the ‘‘Contracts’’).5
(A) Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change
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
(a) Purpose
ICE Clear Europe is proposing to
increase certain clearing fees for
specified ICE Futures Europe (‘‘IFEU’’)
contracts, specifically the ICE Futures
Europe FTSE 100 Futures and Options
Contracts, FTSE 100 Dividend Index
Futures Contracts (collectively the
‘‘Equity Index Contracts’’) and ThreeMonth SARON® Index Futures
Contracts (the ‘‘SARON Futures.’’) The
proposed fee changes are set forth in the
following tables:
Existing
clearing fee
(£/contract)
Proposed new
clearing fee
(£/contract)
CONTRACT—FTSE 100 Futures and Options Contract
Outrights/Basis .........................................................................................................................................................
Block ........................................................................................................................................................................
Block with Delayed Publication ...............................................................................................................................
Cash Settlement fee (Futures) ................................................................................................................................
Exercise/Assignment fee (Options) .........................................................................................................................
Block fee cap (Options) ...........................................................................................................................................
Block fee cap with Delayed Publication (Options) ..................................................................................................
Exercise/Assignment fee cap (Options) ..................................................................................................................
FTSE 100 Trade at Index Close Published ............................................................................................................
FTSE 100 Trade at Index Close Delayed Published ..............................................................................................
0.24
0.29
0.33
0.35
0.35
2,080
2,800
2,400
0.28
0.35
0.27
0.33
0.35
0.40
0.40
2,350
3,100
2,700
0.31
0.38
0.24
0.29
0.33
0.35
0.27
0.33
0.35
0.40
0.40
0.40
0.56
0.50
0.48
0.48
0.68
0.60
CONTRACT—FTSE 100 Dividend Index Futures Contract
Outrights/Basis .........................................................................................................................................................
Block ........................................................................................................................................................................
Block with Delayed Publication ...............................................................................................................................
Cash Settlement fee ................................................................................................................................................
CONTRACT—SARON Index Futures
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Outrights/Basis .........................................................................................................................................................
Block ........................................................................................................................................................................
Block with Delayed Publication ...............................................................................................................................
Cash Settlement fee ................................................................................................................................................
The proposed fee changes are
intended to become operative on July 1,
2023, subject to regulatory approval.
The proposed increases in clearing
fees for the Equity Index Contracts are
intended to provide additional revenue
to support the ongoing investments by
ICE Clear Europe in developing clearing
for derivative products on FTSE
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)(2).
terms used but not defined herein
have the meanings specified in the IFEU Equity
2 17
VerDate Sep<11>2014
17:21 Jun 28, 2023
indexes, including the Equity Index
Contracts. The amendments are also
intended to bring fees into line with the
fees of similar equity index contracts
traded on other European exchanges,
which have increased in 2023.
The proposed increases in fees for
SARON Futures are intended to provide
additional revenue to support ongoing
5 Capitalized
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clearing of the SARON Futures,
including to support marketing and
business development efforts relating to
Swiss franc denominated interest rate
derivatives in light of the continued
evolution of European markets as a
result of ongoing regulatory changes
under EU law and other factors.
Index Contracts and SARON Futures or, if not
defined therein, the ICE Clear Europe Clearing
Rules.
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Federal Register / Vol. 88, No. 124 / Thursday, June 29, 2023 / Notices
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The amendments to the fees for both
Equity Index Contracts and SARON
Futures will also generally provide
additional revenue to support Clearing
House investments that enhance the
services provided to market
participants, including through new
clearing technology to augment the
existing clearing platform, reduce
systems risk, and add additional
regulatory reporting related to MIFID
and other regulations. Fee increases also
reflect the current inflationary
macroeconomic environment.
(b) Statutory Basis
ICE Clear Europe believes that the
proposed fee amendments for the Equity
Index Contracts and SARON Futures are
consistent with the requirements of
Section 17A of the Act 6 and the
regulations thereunder applicable to it.
In particular, Section 17A(b)(3)(D) of the
Act 7 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 Contracts. ICE Clear
Europe’s fees are imposed at the product
level on a per transaction basis (as are
the applicable exchange fees), and
would be generally applicable to market
participants trading in the contracts. ICE
Clear Europe has determined that the
increased clearing fees are appropriate
to support continued investments in
clearing operations. Specifically, the
increased fees for the Equity Index
Contracts would support ongoing
development of clearing of derivatives
on FTSE indices, and will be consistent
with fees for other contract for similar
equity index futures contracts traded on
other exchanges. The increased fees for
the SARON Futures would facilitate
ongoing market and business
development with respect to that
contract. ICE Clear Europe has further
determined that the increased fees
would be commensurate with the size
and nature of the contracts 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 and will continue to
make in clearing such products. 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.8
The proposed amendments are also
consistent with the requirements of
Section 17A(b)(3)(F) of the Act 9 which
requires, among other things, that the
‘‘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 proposed fee changes
for the Contracts would apply on a per
transaction basis and would apply to
Clearing Members and market
participants generally. 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.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. Although ICE 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 and to support continued
investment in its operations and
infrastructure to support clearing
activities for these and other contracts.
Further, as discussed above, because
fees are imposed on a per transaction
basis at the product level, the revised
fees would be applied equally to all
Clearing Members and other market
participants who transact in the
Contracts. ICE 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 market participants
generally, ICE 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.
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.
U.S.C. 78q–1(b)(3)(D).
U.S.C. 78q–1(b)(3)(F).
10 15 U.S.C. 78q–1(b)(3)(F).
(C) Clearing Agency’s Statement on
Comments on the Proposed Rule
Change Received From Members,
Participants or Others
Written comments relating to the
proposed amendment have not been
solicited or received by ICE Clear
Europe. ICE Clear Europe will notify the
Commission of any written comments
received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change, Security-Based
Swap Submission and Advance Notice
and Timing for Commission Action
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 11 and paragraph (f) of Rule
19b–4 12 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 (https://www.sec.gov/
rules/sro.shtml) or
• Send an email to rule-comments@
sec.gov. Please include file number SR–
ICEEU–2023–016 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–2023–016. 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
8 15
6 15
U.S.C. 78q–1.
7 15 U.S.C. 78q–1(b)(3)(D).
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42115
11 15
12 17
E:\FR\FM\29JNN1.SGM
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f).
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Federal Register / Vol. 88, No. 124 / Thursday, June 29, 2023 / Notices
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.
Do not include personal identifiable
information in submissions; you should
submit only information that you wish
to make available publicly. We may
redact in part or withhold entirely from
publication submitted material that is
obscene or subject to copyright
protection. All submissions should refer
to File Number SR–ICEEU–2023–016
and should be submitted on or before
July 20, 2023.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. 2023–13791 Filed 6–28–23; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–598, OMB Control No.
3235–0655]
lotter on DSK11XQN23PROD with NOTICES1
Proposed Collection; Comment
Request; Extension: Regulation 14N
and Schedule 14N
Upon Written Request Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget this
request for extension of the previously
approved collection of information
discussed below.
Schedule 14N (17 CFR 240.14n–101)
requires the filing of certain information
with the Commission by shareholders
who submit a nominee or nominees for
director pursuant to applicable state
13 17
law, or a company’s governing
documents. Schedule 14N provides
notice to the company of the
shareholder’s or shareholder group’s
intent to have the company include the
shareholder’s or shareholder group’s
nominee or nominees for director in the
company’s proxy materials. This
information is intended to assist
shareholders in making an informed
voting decision with regards to any
nominee or nominees put forth by a
nominating shareholder or group, by
allowing shareholders to gauge the
nominating shareholder’s interest in the
company, longevity of ownership, and
intent with regard to continued
ownership in the company. We estimate
that Schedule 14N takes approximately
40 hours per response and will be filed
by approximately 10 issuers annually.
In addition, we estimate that 75% of the
40 hours per response (30 hours per
response) is prepared by the issuer for
an annual reporting burden of 300 hours
(30 hours per response × 10 responses).
An agency may conduct or sponsor,
and a person is not required to respond
to, a collection of information unless it
displays a currently valid control
number.
The public may view background
documentation for this information
collection at the following website:
www.reginfo.gov. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function. Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice by July 31, 2023 to (i)
www.reginfo.gov/public/do/PRAMain
and (ii) David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o John
Pezzullo, 100 F Street NE, Washington,
DC 20549, or by sending an email to:
PRA_Mailbox@sec.gov.
Dated: June 23, 2023.
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. 2023–13785 Filed 6–28–23; 8:45 am]
BILLING CODE 8011–01–P
CFR 200.30–3(a)(12).
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SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–112, OMB Control No.
3235–0101]
Proposed Collection; Comment
Request; Extension: Form 144—Notice
of Proposed Sale of Securities
Pursuant to Rule 144 Under the
Securities Act of 1933
Upon Written Request Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget this
request for extension of the previously
approved collections of information
discussed below.
Form 144 (17 CFR 239.144) is used to
report the sale of securities during any
three-month period that exceeds 5,000
shares or other units and has an
aggregate sales price that does not
exceed $50,000. Under Sections
2(a)(11), 4(a)(1), 4(a)(2), 4(a)(4) and 19(a)
of the Securities Act of 1933 (15 U.S.C.
77b(a)(11), 77d(a)(1), 77d(a)(2), 77d(a)(4)
and 77s(a)) and Rule 144 (17 CFR
230.144) there under, the Commission is
authorized to solicit the information
required to be supplied by Form 144.
The objectives of the rule could not be
met, if the information collection was
not required. The information collected
must be filed with the Commission and
is publicly available. Form 144 takes
approximately one burden hour per
response and is filed by 33,725
respondents for a total of 33,725 total
burden hours.
An agency may conduct or sponsor,
and a person is not required to respond
to, a collection of information unless it
displays a currently valid control
number.
The public may view background
documentation for this information
collection at the following website:
www.reginfo.gov. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function. Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice by July 31, 2023 to (i)
www.reginfo.gov/public/do/PRAMain
and (ii) David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o John
E:\FR\FM\29JNN1.SGM
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]]>Agencies
[Federal Register Volume 88, Number 124 (Thursday, June 29, 2023)]
[Notices]
[Pages 42114-42116]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-13791]
[[Page 42114]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-97789; File No. SR-ICEEU-2023-016]
Self-Regulatory Organizations; ICE Clear Europe Limited; Notice
of Filing and Immediate Effectiveness of Proposed Rule Change Relating
to Amendments FTSE 100 Index Contracts and SARON Futures Contracts
June 22, 2023.
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 June 9, 2023, ICE Clear Europe Limited 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
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
ICE Clear Europe Limited (``ICE Clear Europe'' or the ``Clearing
House'') proposes to amend certain clearing transaction fees for FTSE
100 index contracts and SARON futures contracts (the ``Contracts'').\5\
---------------------------------------------------------------------------
\5\ Capitalized terms used but not defined herein have the
meanings specified in the IFEU Equity Index Contracts and SARON
Futures or, if not defined therein, 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
ICE Clear Europe is proposing to increase certain clearing fees for
specified ICE Futures Europe (``IFEU'') contracts, specifically the ICE
Futures Europe FTSE 100 Futures and Options Contracts, FTSE 100
Dividend Index Futures Contracts (collectively the ``Equity Index
Contracts'') and Three-Month SARON[supreg] Index Futures Contracts (the
``SARON Futures.'') The proposed fee changes are set forth in the
following tables:
------------------------------------------------------------------------
Existing Proposed new
clearing fee clearing fee
([pound]/ ([pound]/
contract) contract)
------------------------------------------------------------------------
CONTRACT--FTSE 100 Futures and Options Contract
------------------------------------------------------------------------
Outrights/Basis......................... 0.24 0.27
Block................................... 0.29 0.33
Block with Delayed Publication.......... 0.33 0.35
Cash Settlement fee (Futures)........... 0.35 0.40
Exercise/Assignment fee (Options)....... 0.35 0.40
Block fee cap (Options)................. 2,080 2,350
Block fee cap with Delayed Publication 2,800 3,100
(Options)..............................
Exercise/Assignment fee cap (Options)... 2,400 2,700
FTSE 100 Trade at Index Close Published. 0.28 0.31
FTSE 100 Trade at Index Close Delayed 0.35 0.38
Published..............................
------------------------------------------------------------------------
CONTRACT--FTSE 100 Dividend Index Futures Contract
------------------------------------------------------------------------
Outrights/Basis......................... 0.24 0.27
Block................................... 0.29 0.33
Block with Delayed Publication.......... 0.33 0.35
Cash Settlement fee..................... 0.35 0.40
------------------------------------------------------------------------
CONTRACT--SARON Index Futures
------------------------------------------------------------------------
Outrights/Basis......................... 0.40 0.48
Block................................... 0.40 0.48
Block with Delayed Publication.......... 0.56 0.68
Cash Settlement fee..................... 0.50 0.60
------------------------------------------------------------------------
The proposed fee changes are intended to become operative on July
1, 2023, subject to regulatory approval.
The proposed increases in clearing fees for the Equity Index
Contracts are intended to provide additional revenue to support the
ongoing investments by ICE Clear Europe in developing clearing for
derivative products on FTSE indexes, including the Equity Index
Contracts. The amendments are also intended to bring fees into line
with the fees of similar equity index contracts traded on other
European exchanges, which have increased in 2023.
The proposed increases in fees for SARON Futures are intended to
provide additional revenue to support ongoing clearing of the SARON
Futures, including to support marketing and business development
efforts relating to Swiss franc denominated interest rate derivatives
in light of the continued evolution of European markets as a result of
ongoing regulatory changes under EU law and other factors.
[[Page 42115]]
The amendments to the fees for both Equity Index Contracts and
SARON Futures will also generally provide additional revenue to support
Clearing House investments that enhance the services provided to market
participants, including through new clearing technology to augment the
existing clearing platform, reduce systems risk, and add additional
regulatory reporting related to MIFID and other regulations. Fee
increases also reflect the current inflationary macroeconomic
environment.
(b) Statutory Basis
ICE Clear Europe believes that the proposed fee amendments for the
Equity Index Contracts and SARON Futures are consistent with the
requirements of Section 17A of the Act \6\ and the regulations
thereunder applicable to it. In particular, Section 17A(b)(3)(D) of the
Act \7\ 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 Contracts. ICE Clear Europe's fees are imposed at the product
level on a per transaction basis (as are the applicable exchange fees),
and would be generally applicable to market participants trading in the
contracts. ICE Clear Europe has determined that the increased clearing
fees are appropriate to support continued investments in clearing
operations. Specifically, the increased fees for the Equity Index
Contracts would support ongoing development of clearing of derivatives
on FTSE indices, and will be consistent with fees for other contract
for similar equity index futures contracts traded on other exchanges.
The increased fees for the SARON Futures would facilitate ongoing
market and business development with respect to that contract. ICE
Clear Europe has further determined that the increased fees would be
commensurate with the size and nature of the contracts 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 and will continue to make in clearing such
products. 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.\8\
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78q-1.
\7\ 15 U.S.C. 78q-1(b)(3)(D).
\8\ 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 \9\ which requires, among other
things, that the ``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 proposed fee changes for the Contracts would apply on a per
transaction basis and would apply to Clearing Members and market
participants generally. 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.\10\
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78q-1(b)(3)(F).
\10\ 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 amendments would
have any impact, or impose any burden, on competition not necessary or
appropriate in furtherance of the purposes of the Act. Although ICE 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 and to support continued investment in its
operations and infrastructure to support clearing activities for these
and other contracts. Further, as discussed above, because fees are
imposed on a per transaction basis at the product level, the revised
fees would be applied equally to all Clearing Members and other market
participants who transact in the Contracts. ICE 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 market participants generally, ICE 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. 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 amendment have not been
solicited or received by ICE Clear Europe. ICE Clear Europe will notify
the Commission of any written comments received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change, Security-Based
Swap Submission and Advance Notice and Timing for Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \11\ and paragraph (f) of Rule 19b-4 \12\
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.
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\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f).
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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-2023-016 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-2023-016. 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
[[Page 42116]]
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.
Do not include personal identifiable information in submissions;
you should submit only information that you wish to make available
publicly. We may redact in part or withhold entirely from publication
submitted material that is obscene or subject to copyright protection.
All submissions should refer to File Number SR-ICEEU-2023-016 and
should be submitted on or before July 20, 2023.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(12).
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J. Lynn Taylor,
Assistant Secretary.
[FR Doc. 2023-13791 Filed 6-28-23; 8:45 am]
BILLING CODE 8011-01-P
