Product Change-Priority Mail and USPS Ground Advantage® Negotiated Service Agreement, 1951-1952 [2024-00380]
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Federal Register / Vol. 89, No. 8 / Thursday, January 11, 2024 / Notices
Filing Online system at https://
www.prc.gov. Those who cannot submit
comments electronically should contact
the person identified in the FOR FURTHER
INFORMATION CONTACT section by
telephone for advice on filing
alternatives.
FOR FURTHER INFORMATION CONTACT:
David A. Trissell, General Counsel, at
202–789–6820.
SUPPLEMENTARY INFORMATION:
Table of Contents
ddrumheller on DSK120RN23PROD with NOTICES1
I. Introduction
II. Docketed Proceeding(s)
I. Introduction
The Commission gives notice that the
Postal Service filed request(s) for the
Commission to consider matters related
to negotiated service agreement(s). The
request(s) may propose the addition or
removal of a negotiated service
agreement from the Market Dominant or
the Competitive product list, or the
modification of an existing product
currently appearing on the Market
Dominant or the Competitive product
list.
Section II identifies the docket
number(s) associated with each Postal
Service request, the title of each Postal
Service request, the request’s acceptance
date, and the authority cited by the
Postal Service for each request. For each
request, the Commission appoints an
officer of the Commission to represent
the interests of the general public in the
proceeding, pursuant to 39 U.S.C. 505
(Public Representative). Section II also
establishes comment deadline(s)
pertaining to each request.
The public portions of the Postal
Service’s request(s) can be accessed via
the Commission’s website (https://
www.prc.gov). Non-public portions of
the Postal Service’s request(s), if any,
can be accessed through compliance
with the requirements of 39 CFR
3011.301.1
The Commission invites comments on
whether the Postal Service’s request(s)
in the captioned docket(s) are consistent
with the policies of title 39. For
request(s) that the Postal Service states
concern Market Dominant product(s),
applicable statutory and regulatory
requirements include 39 U.S.C. 3622, 39
U.S.C. 3642, 39 CFR part 3030, and 39
CFR part 3040, subpart B. For request(s)
that the Postal Service states concern
Competitive product(s), applicable
statutory and regulatory requirements
include 39 U.S.C. 3632, 39 U.S.C. 3633,
1 See
Docket No. RM2018–3, Order Adopting
Final Rules Relating to Non-Public Information,
June 27, 2018, Attachment A at 19–22 (Order No.
4679).
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17:31 Jan 10, 2024
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39 U.S.C. 3642, 39 CFR part 3035, and
39 CFR part 3040, subpart B. Comment
deadline(s) for each request appear in
section II.
II. Docketed Proceeding(s)
1. Docket No(s).: MC2024–160 and
CP2024–166; Filing Title: USPS Request
to Add Priority Mail & USPS Ground
Advantage Contract 170 to Competitive
Product List and Notice of Filing
Materials Under Seal; Filing Acceptance
Date: January 5, 2024; Filing Authority:
39 U.S.C. 3642, 39 CFR 3040.130
through 3040.135, and 39 CFR 3035.105;
Public Representative: Alireza
Motameni; Comments Due: January 16,
2024.
This Notice will be published in the
Federal Register.
Erica A. Barker,
Secretary.
[FR Doc. 2024–00423 Filed 1–10–24; 8:45 am]
BILLING CODE 7710–FW–P
POSTAL SERVICE
Product Change—Priority Mail and
USPS Ground Advantage® Negotiated
Service Agreement
AGENCY:
ACTION:
Postal ServiceTM.
POSTAL SERVICE
Product Change—Priority Mail
Express, Priority Mail, and USPS
Ground Advantage® Negotiated
Service Agreement
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: January
11, 2024.
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 January 4, 2024,
it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail Express, Priority Mail &
USPS Ground Advantage® Contract 42
to Competitive Product List. Documents
are available at www.prc.gov, Docket
Nos. MC2024–159, CP2024–165.
SUMMARY:
Sean C. Robinson,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2024–00387 Filed 1–10–24; 8:45 am]
BILLING CODE 7710–12–P
Notice.
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.
SUMMARY:
Date of required notice: January
11, 2024.
POSTAL SERVICE
Product Change—Priority Mail and
USPS Ground Advantage® Negotiated
Service Agreement
FOR FURTHER INFORMATION CONTACT:
Sean Robinson, 202–268–8405.
The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on January 4, 2024,
it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail & USPS Ground
Advantage® Contract 169 to
Competitive Product List. Documents
are available at www.prc.gov, Docket
Nos. MC2024–158, CP2024–164.
SUPPLEMENTARY INFORMATION:
Sean Robinson,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2024–00381 Filed 1–10–24; 8:45 am]
BILLING CODE 7710–12–P
Frm 00077
Fmt 4703
Sfmt 4703
Postal ServiceTM.
Notice.
AGENCY:
ACTION:
DATES:
PO 00000
1951
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: January
11, 2024.
FOR FURTHER INFORMATION CONTACT:
Sean 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 January 5, 2024,
it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail & USPS Ground
Advantage® Contract 170 to
Competitive Product List. Documents
SUMMARY:
E:\FR\FM\11JAN1.SGM
11JAN1
1952
Federal Register / Vol. 89, No. 8 / Thursday, January 11, 2024 / Notices
are available at www.prc.gov, Docket
Nos. MC2024–160, CP2024–166.
Sean Robinson,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2024–00380 Filed 1–10–24; 8:45 am]
BILLING CODE 7710–12–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–99277; File No. SR–LCH
SA–2023–007]
Self-Regulatory Organizations; LCH
SA; Notice of Filing of Proposed Rule
Change Relating to Liquidity Risk
Modelling Framework
January 5, 2024.
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 December
22, 2023, Banque Centrale de
Compensation, which conducts
business under the name LCH SA (‘‘LCH
SA’’), filed with the Securities and
Exchange Commission (‘‘Commission’’)
the proposed rule change described in
Items I, II and III below, which Items
have been primarily prepared by LCH
SA. 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
LCH SA is proposing to amend its
Liquidity Risk Modelling Framework
(the ‘‘Framework’’), which describes the
Liquidity Stress Testing framework by
which the Collateral and Liquidity Risk
Management department (‘‘CaLRM’’) of
LCH SA assures that LCH SA has
enough cash available to meet any
financial obligations, both expected and
unexpected, that may arise over the
liquidation period for each of the
clearing services that LCH SA offers (the
‘‘Proposed Rule Change’’).3
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 LCH SA, a subsidiary of LCH Group and an
indirect subsidiary of the London Stock Exchange
Group plc (‘‘LSEG’’), manages its liquidity risk
pursuant to, among other policies and procedures,
the Group Liquidity Risk Policy and the Group
Liquidity Plan applicable to each entity within LCH
Group. In addition to its CDSClear service, LCH SA
provides clearing services in connection with cash
equities and derivatives listed for trading on
Euronext (EquityClear), commodity derivatives
listed for trading on Euronext (CommodityClear),
and tri-party Repo transactions (RepoClear). LCH
SA also maintains an interoperability link with
Euronext Clearing, formerly Cassa di
Compensazione e Garanzia, in Milan, Italy.
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2 17
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II. Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change
In its filing with the Commission,
LCH SA 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. LCH
SA 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
1. Purpose
The Proposed Rule Change is being
adopted primarily to enhance the
manner in which the Liquidity Coverage
Ratio (‘‘LCR’’) is calculated, thereby
increasing the robustness of LCH SA’s
liquidity profile.4 The changes
implement recommendations made by
LCH SA’s Model Validation Team
following validation exercises in 2020
and 2021.
In particular, the Proposed Rule
Change will: (a) revise the manner in
which the settlement obligation
liquidity requirements are calculated by
aligning it to the actual process used by
the Operations Team during a default
management event and ensuring that no
netting is allowed between Members of
the same Group; (b) revise the manner
in which securities pledged to the
Banque de France (‘‘BdF’’) are
calculated by providing that such
securities be valued at the stressed
mark-to-market price rather than the
contract price; 5 (c) extend from five (5)
days to seven (7) days the length of time
for which LCH SA must maintain
liquidity resources sufficient to meet its
liquidity requirements; 6 (d) include the
liquidity needs generated by the
expiration of physically settled stock
futures in the liquidity monitoring; and
(e) require LCH SA, in calculating its
required liquidity resources, to take into
account that Clearing Members may
switch from depositing non-cash
collateral in a Full Title Transfer
Account, which may be pledged at the
BdF to obtain a liquidity line of credit,
4 LCH SA uses a Cover 2 approach for conducting
stress tests and assessing its liquidity resources on
a daily basis. This approach assumes that the two
Clearing Member groups with the largest liquidity
exposure will default on the same day. Cover 2 is
computed by taking into account the liquidity risks
related to clearing members within the same group
across all services of the CCP that are then
aggregated.
5 See, Framework, § 4.2.5.
6 See, e.g., Framework, §§ 4.2.1, 5.1, 5.3.
PO 00000
Frm 00078
Fmt 4703
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to depositing non-cash collateral instead
in a Pledge Account, which permits no
re-hypothecation rights.7
The proposed revisions to the
Framework are set out in four of the
Framework’s six sections: Section 1,
Model Scope, Purpose and Use; Section
4, Model Specifications; Section 5,
Model Performance Testing and
Ongoing Monitoring and Section 6,
Appendix.8
Section 1 of the Framework will be
amended as follows:
Section 1.1, Model Objective, Business
Scope and Intended Use, will be revised
to specify that the review of the
Framework will be performed at least on
an annual basis rather than quarterly to
align the frequency of the review with
the frequency defined for the regular
update of the Liquidity Risk Policy.
Section 1.1.1, Reminder of SA’s
activities, will be revised to specify that
the Default Funds are calibrated on the
assumption of default of the two most
exposed Member Groups (Cover 2). In
particular, LCH SA’s Framework
ensures that the liquid resources are
sufficient to cover the simultaneous
default of the two most exposed
Member Groups in term of liquidity that
are identified by taking into
consideration all of the possible
liquidity needs, including the
settlement obligation. This is approach
incorporates the Cover 1 Clearing
Member Group plus the next most
exposed Clearing Member Group.9
Section 1.1.2, Investment activities,
will be revised to clarify the
responsibilities of the Collateral and
Liquidity Management (‘‘CaLM’’) Front
Office team. Specifically, the sentence:
‘‘Three main tasks have been assigned to
the team: liquidity management, noncash collateral settlement in case of a
clearing member’s default and
investment management’’ has been
revised to read: ‘‘Three main tasks have
been assigned to the team: liquidity
management, non-cash collateral
liquidation 10 in case of a clearing
7 See,
Framework, § 4.2.5.2.4.
revisions are being proposed to Section 2,
Limitations and Compensating Controls, or Section
3, Justification of Modeling Approach. The
Framework also has a number of appendices, set
out in Section 6, that supplement the matters
discussed elsewhere in the Framework.
9 Per SEC Rule 17Ad–22(e)(7)(i), LCH SA is
required to maintain sufficient liquid resources at
the minimum in all relevant currencies to effect
same-day and, where appropriate, intraday and
multiday settlement of payment obligations with a
high degree of confidence under a wide range of
foreseeable stress scenarios that includes, but is not
limited to, the default of the participant family that
would generate the largest aggregate payment
obligation for the covered clearing agency in
extreme but plausible market conditions.
10 Such liquidation includes the possible
liquidation of securities underlying reverse
8 No
E:\FR\FM\11JAN1.SGM
11JAN1
Agencies
[Federal Register Volume 89, Number 8 (Thursday, January 11, 2024)]
[Notices]
[Pages 1951-1952]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-00380]
-----------------------------------------------------------------------
POSTAL SERVICE
Product Change--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: January 11, 2024.
FOR FURTHER INFORMATION CONTACT: Sean 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
January 5, 2024, it filed with the Postal Regulatory Commission a USPS
Request to Add Priority Mail & USPS Ground Advantage[supreg] Contract
170 to Competitive Product List. Documents
[[Page 1952]]
are available at www.prc.gov, Docket Nos. MC2024-160, CP2024-166.
Sean Robinson,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2024-00380 Filed 1-10-24; 8:45 am]
BILLING CODE 7710-12-P