Product Change-First-Class Package Service & Parcel Select Service Negotiated Service Agreement, 46819 [2023-15348]
Download as PDF
<![CDATA[
Federal Register / Vol. 88, No. 138 / Thursday, July 20, 2023 / Notices
www.prc.gov, Docket Nos. MC2023–185,
CP2023–189.
Sean Robinson,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2023–15366 Filed 7–19–23; 8:45 am]
BILLING CODE 7710–12–P
POSTAL SERVICE
Product Change—First-Class Package
Service & Parcel Select Service
Negotiated Service Agreement
Postal ServiceTM.
Notice.
AGENCY:
ACTION:
II. Description of the Proposed Rule
Change
The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
DATES: Date of required notice: July 20,
2023.
FOR FURTHER INFORMATION CONTACT:
Sean C. Robinson, 202–268–8405.
SUPPLEMENTARY INFORMATION: The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on June 23, 2023,
it filed with the Postal Regulatory
Commission a USPS Request to Add
First-Class Package Service & Parcel
Select Service Contract 4 to Competitive
Product List. Documents are available at
www.prc.gov, Docket Nos. MC2023–176,
CP2022–180.
SUMMARY:
Sean C. Robinson,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2023–15348 Filed 7–19–23; 8:45 am]
BILLING CODE 7710–12–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–97908; File No. SR–ICC–
2023–005]
Self-Regulatory Organizations; ICE
Clear Credit LLC; Order Approving
Proposed Rule Change Relating to the
Clearance of Additional Credit Default
Swap Contracts
lotter on DSK11XQN23PROD with NOTICES1
III. Discussion and Commission
Findings
Section 19(b)(2)(C) of the Act requires
the Commission to approve a proposed
CFR 240.19b–4.
Organizations; ICE Clear Credit
LLC; Notice of Proposed Rule Change Relating to
the Clearance of Additional Credit Default Swap
Contracts; Exchange Act Release No. 97293 (Apr.
12, 2023), 88 FR 23711 (Apr. 18, 2023) (File No.
SR–ICC–2023–005) (‘‘Notice’’).
4 Self-Regulatory Organizations; ICE Clear Credit
LLC; Notice of Designation of Longer Period for
Commission Action on Proposed Rule Relating to
the Clearance of Additional Credit Default Swap
Contracts; Exchange Act Release No. 97482 (May
11, 2023), 88 FR 31554 (May 17, 2023) (File No. SR–
ICC–2023–005).
3 Self-Regulatory
I. Introduction
On March 30, 2023, ICE Clear Credit
LLC (‘‘ICC’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(2) of the Securities Exchange Act
of 1934 (the ‘‘Act’’) 1 and Rule 19b–4
U.S.C. 78s(b)(1).
VerDate Sep<11>2014
ICC is registered with the Commission
as a clearing agency for the purpose of
clearing CDS contracts. Chapter 26 of
ICC’s Rulebook covers the CDS contracts
that ICC clears, with each subchapter of
Chapter 26 defining the characteristics
and additional Rules applicable to the
various specific categories of CDS
contracts that ICC clears. Among other
CDS contracts, ICC currently clears
Standard Emerging Market Sovereign
Single Name CDS (‘‘SES’’) contracts.
The purpose of the proposed rule
change is to amend ICC’s rules to permit
ICC to clear an additional SES contract,
specifically, SES contracts on the
Dominican Republic. To carry out this
change, the proposed rule change would
amend Subchapter 26D of Chapter 26. In
Rule 26D–102 (Definitions), ‘‘Eligible
SES Reference Entities,’’ the proposed
rule change would add the Dominican
Republic to the list of specific Eligible
SES Reference Entities to be cleared by
ICC.
As discussed below, this additional
SES contract has terms consistent with
the other SES contracts that ICC is
already clearing. As such, to clear this
additional contract, ICC will be able to
rely on its existing Risk Management
Framework and other policies and
procedures without making any
changes.
2 17
July 14, 2023.
1 15
thereunder,2 a proposed rule change to
clear an additional credit default swap
(‘‘CDS’’) contract. The proposed rule
change was published for comment in
the Federal Register on April 18, 2023.3
On May 11, 2023, the Commission
designated a longer period for
Commission action on the proposed rule
change until July 17, 2023.4 The
Commission did not receive comments
regarding the proposed rule change. For
the reasons discussed below, the
Commission is approving the proposed
rule change.
17:19 Jul 19, 2023
Jkt 259001
PO 00000
Frm 00089
Fmt 4703
Sfmt 4703
46819
rule change of a self-regulatory
organization if it finds that the proposed
rule change is consistent with the
requirements of the Act and the rules
and regulations thereunder applicable to
the organization.5 For the reasons given
below, the Commission finds that the
proposed rule change is consistent with
Section 17A(b)(3)(F) of the Act 6 and
Rule 17Ad–22(e)(1) thereunder.7
A. Consistency With Section
17A(b)(3)(F) of the Act
Section 17A(b)(3)(F) of the Act
requires, among other things, that the
rules of ICC be designed to promote the
prompt and accurate clearance and
settlement of securities transactions
and, to the extent applicable, derivative
agreements, contracts, and
transactions.8
The Commission finds that the
proposed rule change is consistent with
Section 17A(b)(3)(F) of the Act.9 The
Commission has reviewed the terms and
conditions of the additional SES
contract proposed for clearing and has
determined that those terms and
conditions are substantially similar to
the terms and conditions of the other
contracts listed in Subchapter 26D of
the ICC Rules, all of which ICC
currently clears, with the key difference
being the underlying reference
obligations. For the additional SES
contract, the underlying reference
obligations will be issuances by the
Dominican Republic.
After reviewing the Notice and ICC’s
Rules, policies, and procedures, the
Commission also finds that ICC would
be able to clear the additional SES
contract pursuant to its existing clearing
arrangements and related financial
safeguards, protections, and risk
management procedures. Commission
staff also conducted a review of data on
volume, open interest, and the number
of ICC Clearing Participants (‘‘CPs’’) that
currently trade in the SES contracts, as
well as certain model parameters for the
additional contracts. Based on this
review, as well as its own experience
and expertise, the Commission finds
that ICC’s Rules, policies, and
procedures are reasonably designed to
price and measure the potential risk
presented by the additional SES
contract, collect financial resources in
proportion to such risk, and liquidate
the additional contracts in the event of
a CP default. This should help ensure
ICC’s ability to maintain the financial
5 15
U.S.C. 78s(b)(2)(C).
U.S.C. 78q–1(b)(3)(F).
7 17 CFR 240Ad–22(e)(1).
8 15 U.S.C. 78q–1(b)(3)(F).
9 15 U.S.C. 78q–1(b)(3)(F).
6 15
E:\FR\FM\20JYN1.SGM
20JYN1
]]>Agencies
[Federal Register Volume 88, Number 138 (Thursday, July 20, 2023)]
[Notices]
[Page 46819]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-15348]
-----------------------------------------------------------------------
POSTAL SERVICE
Product Change--First-Class Package Service & Parcel Select
Service Negotiated Service Agreement
AGENCY: Postal ServiceTM.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The Postal Service gives notice of filing a request with the
Postal Regulatory Commission to add a domestic shipping services
contract to the list of Negotiated Service Agreements in the Mail
Classification Schedule's Competitive Products List.
DATES: Date of required notice: July 20, 2023.
FOR FURTHER INFORMATION CONTACT: Sean C. Robinson, 202-268-8405.
SUPPLEMENTARY INFORMATION: The United States Postal Service[supreg]
hereby gives notice that, pursuant to 39 U.S.C. 3642 and 3632(b)(3), on
June 23, 2023, it filed with the Postal Regulatory Commission a USPS
Request to Add First-Class Package Service & Parcel Select Service
Contract 4 to Competitive Product List. Documents are available at
www.prc.gov, Docket Nos. MC2023-176, CP2022-180.
Sean C. Robinson,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2023-15348 Filed 7-19-23; 8:45 am]
BILLING CODE 7710-12-P
