[Federal Register Volume 77, Number 199 (Monday, October 15, 2012)]
[Notices]
[Pages 62562-62563]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-25282]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-68016; File No. SR-ICC-2012-14]


Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change Relating to 
Schedule 502 of the ICC Rules

October 9, 2012.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on September 24, 2012, ICE 
Clear Credit LLC (``ICC'') filed with the Securities and Exchange 
Commission (``Commission'') the proposed rule change described in Items 
I, II and III, below, which Items have been prepared primarily by ICC. 
ICC filed the proposal pursuant to Section 19(b)(3)(A) \2\ of the Act 
and Rule 19b-4(f)(4)(i) \3\ thereunder, so that the rule change was 
effective upon filing with the Commission. The Commission is publishing 
this notice to solicit comments on the proposed rule change from 
interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78s(b)(3)(A).
    \3\ 17 CFR 240.19b-4(f)(4)(i).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The purpose of the proposed rule change is to update the Contract 
Reference Obligation International Securities Identification Numbers 
(``Contract Reference Obligation ISINs'') and entity names in Schedule 
502 of the ICC Rules in order to reflect the changes to the industry 
standard Contract Reference Obligation ISINs and entity names for one 
single name credit default swap contract that ICC currently clears (the 
Sara Lee Corporation), which will undergo a succession event on 
September 17, 2012. As a result of the Sara Lee Corporation's 
succession event, ICC will clear two single names (The Hillshire Brands 
Company and DE US, Inc.).

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, ICC 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 and comments may be examined at the places 
specified in Item IV below. ICC has prepared summaries, set forth in 
sections A, B, and C, below, of the most significant aspects of these 
statements.\4\
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    \4\ The Commission has modified the text of the summaries 
provided by ICC.
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A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    The proposed rule change would amend Schedule 502 of the ICC Rules, 
which lists all the Contract Reference Obligation ISINs and entity 
names of all single name credit default swaps contracts that ICC 
clears. This amendment will update Schedule 502 to account for the Sara 
Lee Corporation's September 17, 2012 succession event. Specifically, 
the amendment will remove Schedule 502's listing of the credit default 
swap contract that ICC currently clears for the Sara Lee Corporation, 
and replace it with listings for the credit default swap contracts of 
the Sara Lee Corporation's successor companies, The Hillshire Brands 
Company and DE US, Inc. This update does not require any changes to the 
body of the ICC Rules. Also, the update does not require any changes to 
the ICC risk management framework.
    Section 17A(b)(3)(F) \5\ of the Act 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. ICC believes that the proposed rule change is consistent 
with the requirements of the Act and the rules and regulations 
thereunder applicable to ICC, in particular Section 17A(b)(3)(F), 
because the change will facilitate the prompt and accurate clearance 
and settlement of securities transactions, and will assure the 
safeguarding of securities and funds associated with securities 
transactions

[[Page 62563]]

that are in the custody or control of ICC, or for which it is 
responsible.
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    \5\ 15 U.S.C. 78q-1(b)(3)(F).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    ICC does not believe that the proposed rule change would have any 
impact, or impose any burden, on competition.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    ICC has not solicited written comments regarding the proposed 
change. ICC will notify the Commission of any written comments received 
by ICC.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change has become effective upon filing pursuant 
to Section 19(b)(3)(A) \6\ of the Act and Rule 19b-4(f)(4)(i) \7\ 
thereunder because it effects a change in one of ICC's existing 
services without significantly affecting the safeguarding of securities 
or funds in the custody or control of ICC, or for which it is 
responsible, and without significantly affecting the respective rights 
or obligations of ICC or persons using its services. 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.\8\
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    \6\ 15 U.S.C. 78s(b)(3)(A).
    \7\ 17 CFR 240.19b-4(f)(4)(i).
    \8\ 15 U.S.C. 78s(b)(3)(C).
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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 
changes are consistent with the Act. Comments may be submitted by any 
of the following methods:
     Electronic comments may be submitted by using the 
Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml), or by sending an email to rule-comments@sec.gov. Please 
include File No. SR-ICC-2012-14 on the subject line.
     Paper comments should be sent in triplicate to Elizabeth 
M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street 
NE., Washington, DC 20549-0609.

All submissions should refer to File Number SR-ICC-2012-14. To help the 
Commission process and review your comments more efficiently, please 
use only one method of submission. The Commission will post all 
comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, 
all written statements with respect to the proposed rule changes that 
are filed with the Commission, and all written communications relating 
to the proposed rule changes 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 Web site 
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 also will be 
available for inspection and copying at the principal office of ICC, 
and on ICC's Web site at: https://www.theice.com/publicdocs/regulatory_filings/ICEClearCredit_091212a.pdf.
    All comments received will be posted without change; the Commission 
does not edit personal identifying information from submissions. You 
should submit only information that you wish to make available 
publicly.
    All submissions should refer to File Number SR-ICC-2012-14 and 
should be submitted on or before November 5, 2012.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-25282 Filed 10-12-12; 8:45 am]
BILLING CODE 8011-01-P