Product Change-Priority Mail Express, Priority Mail, and USPS Ground Advantage® Negotiated Service Agreement, 63149 [2023-19833]
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Federal Register / Vol. 88, No. 177 / Thursday, September 14, 2023 / Notices
Commission did not receive comments
regarding the proposed rule change. For
the reasons discussed below, the
Commission is approving the proposed
rule change.
POSTAL SERVICE
Product Change—Priority Mail
Express, Priority Mail, and USPS
Ground Advantage® Negotiated
Service Agreement
II. Description of the Proposed Rule
Change
Postal ServiceTM.
ACTION: Notice.
AGENCY:
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:
September 14, 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 September 7,
2023, it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail Express, Priority Mail &
USPS Ground Advantage® Contract 7 to
Competitive Product List. Documents
are available at www.prc.gov, Docket
Nos. MC2023–264, CP2023–267.
SUMMARY:
Sean C. Robinson,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2023–19833 Filed 9–13–23; 8:45 am]
BILLING CODE 7710–12–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–98337; File No. SR–ICEEU–
2023–020]
Self-Regulatory Organizations; ICE
Clear Europe Limited; Order Approving
Proposed Rule Change Relating to
Amendments to Recovery Plan
lotter on DSK11XQN23PROD with NOTICES1
September 8, 2023.
I. Introduction
On July 10, 2023, ICE Clear Europe
Limited (‘‘ICE Clear Europe’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to section 19(b)(1) of the Securities
Exchange Act of 1934 (the ‘‘Act’’),1 and
Rule 19b–4,2 a proposed rule change to
amend its Recovery Plan (the ‘‘Plan’’).
The proposed rule change was
published for comment in the Federal
Register on July 26, 2023.3 The
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Self-Regulatory Organizations; ICE Clear Europe
Limited; Notice of Filing of Proposed Rule Change
Relating to Amendments to Recovery Plan,
Exchange Act Release No. 97955 (July 20, 2023); 88
2 17
VerDate Sep<11>2014
17:47 Sep 13, 2023
Jkt 259001
A. Background
ICE Clear Europe is registered with
the Commission as a clearing agency for
the purpose of clearing security-based
swaps. In its role as a clearing agency
for security-based swaps, ICE Clear
Europe maintains the Plan.4 The Plan
provides the relevant information, the
steps to take, and the options available
to restore ICE Clear Europe to normal
operation and recover in the event of
severe financial stress and losses. The
Plan describes, among other things, the
following information: (i) ICE Clear
Europe’s critical services, service
providers, and interdependencies; (ii)
scenarios in which ICE Clear Europe
may need to use the Plan, triggers for
invoking the Plan in those scenarios,
and early indicators of those scenarios;
(iii) options for recovering from severe
financial stress and losses; and (iv)
decision-making, governance, and
communications processes relevant to
ICE Clear Europe’s recovery.
The proposed rule change would
make various updates and amendments
to the Plan. ICE Clear Europe is making
these changes to implement the results
of internal and external reviews of the
Plan. These changes are described
below according to the section of the
Plan in which they appear.
A. Section 1, Executive Summary
Section 1 summarizes the Plan.
Among other things, Section 1 gives an
overview of (i) ICE Clear Europe’s
options for recovery as well as (ii) how
it governs, tests, and reviews the Plan.
Options for Recovery
ICE Clear Europe’s options for
recovery include tools that it could use
to recover losses, such as powers of
assessment,5 reduced gains
FR 48273 (July 26, 2023) (SR–ICEEU–2023–020)
(‘‘Notice’’).
4 Capitalized terms not otherwise defined herein
have the meanings assigned to them in the Plan or
the ICE Clear Europe Clearing Rules.
5 Following the default of a Clearing Member, and
if certain other conditions are satisfied, ICE Clear
Europe Rule 909 allows ICE Clear Europe to assess
Clearing Members for additional amounts as needed
to resolve any shortfall resulting from the default.
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63149
distribution,6 and partial tear-ups.7
Currently, the Plan also lists as a
recovery option ICE Clear Europe’s
Capital Replenishment Framework. The
proposed rule change would keep the
reference to capital replenishment, but
would rename it as the Capital
Replenishment Plan, instead of
Framework. ICE Clear Europe is making
this particular change because it
changed the name of the Capital
Replenishment Framework to the
Capital Replenishment Plan.8
Section 1 of the Plan also describes
the coverage of ICE Clear Europe’s
recovery options. Section 1 explains
why ICE Clear Europe would be able to
fully cover default losses, liquidity
shortfalls, and investment losses, should
it need to do so. With respect to default
losses in particular, the Plan currently
explains that with the use of partial tearups, ICE Clear Europe can eliminate
variation margin obligations by, in
effect, cancelling any remaining
positions, and therefore default losses
can be fully covered. The proposed rule
change would keep this explanation, but
it would delete the statement,
‘‘Therefore default losses can be fully
covered.’’ ICE Clear Europe is deleting
this statement because it believes the
statement is redundant considering the
overall explanation that ICE Clear
Europe would be able to fully cover
default losses.9
Similar to the description of partial
tear-ups, Section 1 of the Plan also
describes the coverage of ICE Clear
Europe’s powers of assessment. The
Plan currently explains that under
powers of assessment for its Futures and
Options clearing service, ICE Clear
Europe would have sufficient capital to
cover all Clearing Members defaulting
simultaneously under extreme but
plausible market scenarios, meaning the
maximum exposures from all Clearing
Members with same directional
positions defaulting simultaneously.
Moreover, for its Credit Default Swap
clearing service, the Plan currently
describes the scenario in which ICE
Clear Europe would exhaust its
6 Following the default of a Clearing Member, and
if certain other conditions are satisfied, ICE Clear
Europe Rule 914 allows ICE Clear Europe to reduce
variation margin payments, as needed to retain cash
and resolve any shortfall resulting from the default.
7 Following the default of a Clearing Member, and
if certain other conditions are satisfied, ICE Clear
Europe Rule 915 allows ICE Clear Europe to
terminate open contracts that offset the defaulting
Clearing Member’s open contracts.
8 See Self-Regulatory Organizations; ICE Clear
Europe Limited; Order Approving Proposed Rule
Change Relating to the Capital Replenishment Plan,
Exchange Act Release No. 97018 (Mar. 2, 2023); 88
FR 14412 (Mar. 8, 2023) (SR–ICEEU–2022–027).
9 Notice, 88 FR at 48273.
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[Federal Register Volume 88, Number 177 (Thursday, September 14, 2023)]
[Notices]
[Page 63149]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-19833]
[[Page 63149]]
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POSTAL SERVICE
Product Change--Priority Mail Express, Priority Mail, and USPS
Ground Advantage[supreg] 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: September 14, 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
September 7, 2023, it filed with the Postal Regulatory Commission a
USPS Request to Add Priority Mail Express, Priority Mail & USPS Ground
Advantage[supreg] Contract 7 to Competitive Product List. Documents are
available at www.prc.gov, Docket Nos. MC2023-264, CP2023-267.
Sean C. Robinson,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2023-19833 Filed 9-13-23; 8:45 am]
BILLING CODE 7710-12-P
