[Federal Register Volume 77, Number 199 (Monday, October 15, 2012)]
[Notices]
[Pages 62562-62563]
From the Federal Register Online via the Government Publishing 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 [email protected]. 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