[Federal Register Volume 79, Number 161 (Wednesday, August 20, 2014)]
[Notices]
[Pages 49357-49361]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-19705]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-72849; File No. SR-ICEEU-2014-13]
Self-Regulatory Organizations; ICE Clear Europe Limited; Notice
of Filing of Proposed Rule Change Relating to the 2014 ISDA Credit
Derivatives Definitions
August 14, 2014.
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 August 14, 2014, ICE Clear Europe Limited (``ICE Clear Europe'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I, II and III below, which
Items have been prepared primarily by ICE Clear Europe. 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\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The principal purpose of the proposed changes is to amend the ICE
Clear Europe Clearing Rules (the ``Rules'') and the ICE Clear Europe
CDS Procedures (the ``CDS Procedures'') to incorporate references to
revised Credit Derivatives Definitions, as published by the
International Swaps and Derivatives Association, Inc. (``ISDA'') on
February 21, 2014 (the ``2014 ISDA Definitions''). Consistent with the
approach being taken throughout the CDS market, the industry standard
2014 ISDA Definitions will be applicable to certain products cleared by
ICE Clear Europe beginning on September 22, 2014.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, ICE Clear Europe included
statements concerning the purpose 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. ICE Clear Europe has prepared summaries,
set forth in sections A, B, and C below, of the most significant
aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
ICE Clear Europe proposes to amend its existing Rules and CDS
Procedures to incorporate references to the 2014 ISDA Definitions to be
effective by the industry implementation date of September 22, 2014.
ICE Clear Europe principally proposes to (i) revise the Rules and CDS
Procedures to make proper distinctions between the 2014 ISDA
Definitions and the ISDA Credit Derivatives Definitions published
previously in 2003 (as amended in 2009, the ``2003 ISDA Definitions'')
and related documentation; and (ii) make conforming changes throughout
the Rules and the CDS Procedures to reference provisions from the
proper ISDA Definitions. In addition, the ICE Clear Europe CDS Risk
Policy has been revised to reflect appropriate portfolio margin
treatment between CDS Contracts cleared under the 2003 and 2014 ISDA
Definitions.
As described by ISDA, the 2014 Definitions make a number of changes
from the 2003 ISDA Definitions to the standard terms for CDS Contracts,
[[Page 49358]]
including (i) introduction of new terms applicable to credit events
involving financial reference entities and settlement of such credit
events, (ii) introduction of new terms applicable to credit events
involving sovereign reference entities and settlement of such credit
events, (iii) implementation of standard reference obligations
applicable to certain reference entities, and (iv) various other
improvements and drafting updates that reflect market experience and
developments since the 2009 amendments to the 2003 ISDA Definitions.
Commencing on the implementation date of September 22, 2014, ICE
Clear Europe intends to accept for clearing new transactions in
eligible contracts that reference the 2014 ISDA Definitions. In
addition, the amendments will provide for the conversion of certain
existing contracts currently based on the 2003 ISDA Definitions into
contracts based on the 2014 ISDA Definitions. (This approach is
consistent with expected industry practice for similar contracts not
cleared by ICE Clear Europe, which will be subject to a multilateral
amendment ``protocol'' sponsored by ISDA.) For contracts that are not
converting automatically, ICE Clear Europe expects to continue to
accept for clearing both new transactions referencing the 2014 ISDA
Definitions and new transactions referencing the 2003 ISDA Definitions
(and such contracts based on different definitions will not be
fungible). The ISDA protocol implementation has been developed with a
high level of industry involvement and consultation. ICE Clear Europe
understands, through industry consensus, that Clearing Members plan to
adhere to the ISDA protocol and would desire ICE Clear Europe to
convert certain protocol-eligible contracts cleared at ICE Clear Europe
into contracts based on the 2014 ISDA Definitions, consistent with the
ISDA protocol. Therefore, in an effort to achieve consistency across
the CDS marketplace, ICE Clear Europe's implementation plan is intended
to be fully consistent with the planned ISDA protocol implementation.
(Consistent with the protocol, most ICE Clear Europe CDS contracts will
convert, with certain exceptions involving CDS on so-called protocol
excluded reference entities, which are principally sovereigns and
financial reference entities.)
ICE Clear Europe proposes to amend Parts 1, 9 and 15 of the Rules
and the CDS Procedures, as well as the CDS Risk Policy. Each of these
changes is described in detail as follows. All capitalized terms not
defined herein are defined in the Rules.
Part 1 of the Rules has been amended to provide new definitions for
``2003 Credit Derivatives Definitions'' (which replaces the existing
``Credit Derivatives Definitions'' term) and ``2014 Credit Derivatives
Definitions,'' ``2003-type CDS Contract,'' ``2014-type CDS Contract,''
``Applicable Credit Derivatives Definitions'' and ``Component
Transaction.'' The new definitions accommodate the 2014 ISDA
Definitions, provide terms that allow for distinctions between the 2014
ISDA Definitions and the 2003 ISDA Definitions and have been applied
throughout the Rules and CDS Procedures. Additionally, conforming
changes in the definitions of ``CDS Contract'' and ``Set'' have been
made. Rule 109(b)(vii) has been amended to use the new term Applicable
Credit Derivatives Definitions and to correct certain other references
to defined terms.\3\ Rule 905(b) has also been amended to take into
account the possibility that, as a result of the rule amendments, CDS
Contracts may have different Applicable Credit Derivative Definitions.
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\3\ Similar conforming changes have been made throughout the
Rules and CDS Procedures with respect to the use of the term
``Applicable Credit Derivative Definitions.''
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In Part 15 (Credit Default Swaps) of the Rules, Rule 1501 has been
revised to incorporate new definitions relating to the 2014 ISDA
Definitions. In connection with a new concept in the 2014 ISDA
Definitions that permits a delivery of an ``Asset Package'' in the case
of certain credit events involving financial and sovereign reference
entities, a new definition of ``Asset Package Delivery Notice'' has
been added, as well as related references that ``Asset Package
Delivery,'' ``Asset Package,'' and ``Prior Deliverable Obligation''
have the meanings assigned to them in the 2014 ISDA Definitions. The
term ``Credit Event Announcement'' has been removed as it is no longer
used. The definition of ``Determining Body'' has been revised to
clarify that relevant determinations will be made under the Applicable
Credit Derivatives Definitions. The definitions of ``Restructuring
Credit Event Notice'' and ``Triggered Restructuring CDS Contract
Portion'' have been revised to include references, as appropriate, to
the 2014 ISDA Definitions as well as the current 2003 ISDA Definitions.
Clarifying amendments with respect to defined terms are also made in
the definitions of ``Restructuring CDS Contract,'' ``Restructuring
Credit Event Announcement'' and ``Restructuring Reference Entity.''
Conforming amendments are also made throughout Part 15 to use the new
defined term ``Relevant Restructuring Credit Event'' from the CDS
Procedures.\4\ Certain typographical corrections have been made as
well.
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\4\ Similar conforming changes have been made throughout the
Rules and Procedures with respect to ``Relevant'' Restructuring
Credit Event.
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Rule 1505 is amended to include references to Asset Package
Delivery Notices in provisions addressing certain notices that may be
provided in connection with CDS Contracts that are Matched Pairs.
Rules 1509 and 1510 have been amended to include delivery mechanics
with respect to Asset Packages (in circumstances where physical
settlement applies) and related procedures for delivering notices with
respect thereto, consistent with the adoption of the Asset Package
delivery concept under the 2014 ISDA Definitions. Rule 1509(g) has been
amended to provide that if Asset Package Delivery is applicable, then
in circumstances where the Asset Package is deemed to be zero, physical
settlement shall be deemed to occur on a delivery-versus-payment basis
in accordance with the timetable set out in the 2014 ISDA Definitions.
In addition, Rules 1509(b) and (c), 1512(e), 1513(a) and (b), and
1514(a) and sections 2.3(b), 2.4(d) and (e), 2.5(e), 2.6 and 2.7 of
Exhibit 4 (Settlement and Notice Terms) are updated to make reference
to the parallel provisions of the 2014 ISDA Definitions in conjunction
with the existing references to specific provisions of the 2003 ISDA
Definitions. Paragraph 2.5(f) of Exhibit 4 has been revised to add
parallel and substantially similar provisions relating to quotations in
connection with fallback cash settlement in the context of the 2014
ISDA Definitions to those that currently apply under the 2003 ISDA
Definitions.
The CDS Procedures are revised as applicable to implement the
definitional changes in the Rules and the 2014 ISDA Definitions. These
changes include clarification of references to provisions within the DC
Rules, clarification as to whether previous references to ``Credit
Derivatives Definitions'' are to the 2003 ISDA Definitions or the 2014
ISDA Definitions and the addition of provisions consistent with the
2014 ISDA Definitions. The revisions to the CDS Procedures are intended
to ensure that all ICE Clear Europe CDS Products are treated
consistently with the
[[Page 49359]]
applicable ISDA Definitions in effect from time to time, as is practice
today.
In paragraph 1.2 of the CDS Procedures, cross-references to a
variety of terms defined in the 2014 ISDA Definitions have been added,
and distinctions between terms used in the 2003 ISDA Definitions and
2014 ISDA Definitions have been made. In addition, a definition of
``2014 CDD Protocol'' has been added to mean the 2014 ISDA Credit
Derivatives Definition Protocol published by ISDA. A definition has
also been added for ``Protocol Effective Date'' which is defined in the
2014 CDD Protocol. In the definition of ``Acceptance Time,'' clause (b)
has been deleted as it relates to former acceptance timing for the
weekly clearing cycle that no longer applies. (This change is not
specifically related to the 2014 ISDA Definitions but is intended to
reflect current acceptance timing.) In addition, a definition has been
added for ``Relevant Restructuring Credit Event'' to mean in respect of
a CDS contract using the 2003 ISDA Definitions, any Restructuring and
with respect to a CDS Contract using the 2014 ISDA Definitions, an
M(M)R Restructuring. (This reflects a difference between the 2003 and
2014 ISDA Definitions with respect to triggering of settlement as a
result of such Restructuring events.) A definition for ``Restructuring
Credit Event Notice'' has also been defined as a Credit Event Notice in
respect of a Relevant Restructuring Credit Event.
In addition, a correction has been made to the definition of
``Daily Aggregate MTM Interest Amount'' to properly incorporate the
defined term Mark-to-Market Interest. The definitions of ``NEMO
Triggering Period'', ``Notification Cut-Off Time'' and ``RMP Deadline
Time'' have been amended to specify the applicable deadlines and cut-
off points under the 2014 ISDA Definitions as well as 2003 ISDA
Definitions. The definition of ``Single Name Contract'' was modified to
mean a CDS Contract having, as the Reference Entity, an Eligible Single
Name Reference Entity. A definition of ``Original Annex Date'' has been
added for purposes of distinguishing the treatment of certain iTraxx
Europe CDS contracts under the 2014 and 2003 ISDA Definitions under
revised paragraph 9.1 (based on the date of publication of the relevant
underlying index). Various conforming references to the new or revised
defined terms have been made throughout the CDS Procedures, and various
provisions have been renumbered.
Paragraph 2.2(f) was modified to clarify that the existing
requirement that a CDS Clearing Member must have access to at least one
physical settlement system that is customary for settlement of
deliverable obligations under CDS contracts does not apply to a
settlement system only required for Asset Package delivery under the
2014 ISDA Definitions. Paragraph 4.1 was modified to change the defined
terms ``CM1'' and ``CM2'' to the terms ``protection buyer'' and
``protection seller,'' respectively. Per amendments to paragraph
4.3(c), CDS Trade Particulars relating to an Eligible Single Name
Reference Entity submitted for clearing on or after the Protocol
Effective Date must identify whether the 2003 or 2014 ISDA Definitions
apply. An incorrect reference to Acceptance Notices has been removed
from paragraph 4.4(c). Paragraph 4.6 has been revised to clarify that
certain deemed deliveries of Credit Event Notices are only relevant
under 2003-type CDS Contracts. Non-substantive changes to improve
drafting clarity have been made in paragraph 4.8. Paragraphs 4.9 and
4.10 have been revised to reflect the potentially separate treatment of
component transactions under the 2003 and 2014 ISDA Definitions, and to
make certain other conforming changes to defined terms. Paragraph 4.11
was revised to add certain parallel references to determination of
Successors under the 2014 ISDA Definitions. Amendments in paragraph
4.13(b) and (e) reference the ``NOPS Cut-off Date'' which is the
relevant defined term in the 2014 ISDA Definitions. Paragraphs 4.19-
4.21 have been renumbered. In addition, cross-references in paragraph
5.7 have been updated.
Paragraphs 6.2, 6.3, 6.4 and 6.6 have been revised to add parallel
references to relevant provisions of the 2014 ISDA Definitions and to
incorporate the concept of Asset Package Delivery Notices, among other
conforming changes. Paragraphs 6.3(f)(xi) and 6.3(g) are amended to
clarify that the Electronic Notice Process does not apply to Asset
Package Delivery Notices. Paragraph 6.5 (Disputes Relating to
Deliverable Obligations) was amended so that the dispute resolution
mechanics therein apply in connection with Asset Packages deliverable
in lieu of Prior Deliverable Obligations or Package Observable Bonds,
in addition to other deliverable obligations.
In paragraph 7 (Cleared CDS Products: Eligible Sets), a new
provision 7.4 was added to clarify that the determination of whether
the 2003 ISDA Definitions or 2014 ISDA Definitions applies to an index
CDS Contract is made apply separately for each Component Transaction.
Paragraphs 8.1 and 8.2(g) are updated to make reference to the
parallel provisions of the 2014 ISDA Definitions in conjunction with
the existing references to specific provisions of the 2003 ISDA
Definitions, and to distinguish between relevant provisions of the 2003
and 2014 ISDA Definitions, as appropriate.
Paragraph 9 of the CDS Procedures, which sets out the contract
terms for iTraxx Europe Contracts, has been revised to implement the
2014 ISDA Definitions and related definitions and provisions.
Specifically, paragraph 9.1 is amended to clarify that different sub-
provisions of paragraph 9 will apply to CDS Contracts depending on when
they are accepted for clearing in relation to the Protocol Effective
Date and the MCA/STS Changeover Time. In revised paragraph 9.2, which
applies for iTraxx Contracts with an Original Annex Date on or after
the Protocol Effective Date (i.e., for transactions in the September
2014 or later versions of the index), the definition of ``iTraxx Terms
Supplement'' in subparagraph (b) is updated to include a reference to
the new ``iTraxx Europe Untranched Standard Terms Supplement'' expected
to be published by Markit North America, Inc. on or about September 20,
2014 to incorporate the 2014 ISDA Definitions. Paragraph 9.2(c)
contains certain amendments to the Standard iTraxx 2014 CDS Supplement
and iTraxx 2014 Confirmation generally consistent with those for prior
versions of the iTraxx Terms Supplement in existing paragraph 9.
Revised paragraph 9.3 applies to iTraxx Europe CDS Contracts that
are accepted for clearing after the Protocol Effective Date but with an
Original Annex Date before the Protocol Effective Date (i.e., for new
transactions in older versions of the index). Pursuant to the new
iTraxx Europe Legacy Untranched Standard Terms Supplement, expected to
be published on or about September 20, 2014, it is expected that
certain Component Transactions of such contracts will be 2014-type CDS
Contracts and others will remain 2003-type CDS Contracts. Paragraph 9.3
contains definitions and provisions generally similar to those in
paragraph 9.2, and makes comparable amendments to the Standard iTraxx
Legacy CDS Supplement.
Revised paragraph 9.4 was formerly paragraph 9.2 and applies to
iTraxx Europe CDS Contracts accepted for clearing after the MCA/STS
Changeover Time and before the Protocol Effective Date. As a result of
the conversion of such existing contracts as of the Protocol Effective
Date as described in
[[Page 49360]]
paragraph 9.7 below, such terms will apply only until the Protocol
Effective Date.
Former paragraph 9.3 has been renumbered as paragraph 9.5, and
former paragraph 9.4 has been renumbered as paragraph 9.6. Consistent
with the provisions of paragraph 9.7, paragraph 9.6 was modified so
that it applies to iTraxx Europe CDS Contracts accepted for clearing
before the MCA/STS Changeover Time and will apply only until the
Protocol Effective Date.
New paragraph 9.7 was added to provide for the conversion of
Contracts into 2014-type CDS Contracts as of the Protocol Effective
Date. iTraxx Europe CDS Contracts accepted for clearing before the
Protocol Effective Date (and thus subject to paragraph 9.4 or 9.6) will
after the Protocol Effective Date be subject to paragraph 9.3. Former
paragraph 9.5 has been renumbered as paragraph 9.8, and has been
revised to add appropriate parallel references to the 2014 ISDA
Definitions in conjunction with existing references to the 2003 ISDA
Definitions.
Changes to paragraph 10 (Contract Terms for Single Name CDS
Contracts) reflect a variety of modifications to defined terms,
including replacing ``SNEC'' with ``Single Name'' (or, as applicable,
``STEC'' to follow the industry standard acronym). The provisions in
existing paragraph 11 of the CDS Procedures (addressing Standard
Western European Sovereign contracts) have also been combined with
those in paragraph 10, under the general category of Single Name CDS
Contracts. New paragraph 10.1 specifies the applicable contract terms
for all Single Name CDS Contracts based on the time of acceptance for
clearing. The existing subparagraphs of paragraph 10 have been
renumbered accordingly. Definitions have been moved to paragraph 10.3,
with various amendments made to incorporate the 2014 ISDA Definitions
and address the treatment of Contracts that are converting into 2014-
type CDS Contracts. The definition of ``List of Eligible Single Name
Reference Entities'' has been amended to reflect that a contract can be
either a 2003-type CDS Contract or a 2014-type CDS Contract. The
definition of ``Protocol Excluded Reference Entity'' has been added to
mean each Eligible Single Name Reference Entity that is an Excluded
Reference Entity (as defined in the 2014 CDD Protocol). Contracts on
such reference entities will not convert into 2014-type CDS Contracts,
and such reference entities are expected to consist principally of
certain financial and sovereign reference entities). Definitions have
also been added for ``Relevant Transaction Type,'' ``STEC Contract''
(CDS Single Name Contract referencing a Standard European Corporate)
and ``Non-STEC Single Name Contract'' (Single Name CDS Contract
referencing a Standard European Financial Entity, Standard Western
European Sovereign or Protocol Excluded Reference Entity). Conforming
changes to defined terms and cross references have been made in
paragraph 10.5. Paragraph 10.6 has been revised to add parallel
provisions referencing the 2014 ISDA Definitions and address certain
new features of the 2014 ISDA Definitions, including the Standard
Reference Obligation concept and specific terms for Financial Reference
Entities.
Paragraph 10.7 has been added to address conversion of STEC
Contracts that are 2003-type CDS Contracts as of the Protocol Effective
Date. After the Protocol Effective Date, such contracts will be deemed
2014-type CDS Contracts. Paragraph 10.8 has been amended to provide
that updates to standard ISDA Confirmations will be reviewed and
implemented by the clearing house in the same manner as updates to
standard ISDA physical settlement matrices. Former paragraph 11
(Contract Terms for Sovereign Contracts) has been deleted as sovereign
CDS contracts are now included within the definition of ``Non-STEC
Single Name Contract.'' Finally, corresponding changes to provision
numbering throughout the CDS Procedures have been made as necessary.
The ICE Clear Europe CDS Risk Policy has been revised to provide
for appropriate portfolio treatment between CDS Contracts cleared under
the 2003 and 2014 Definitions and to make certain other changes. In the
revised framework, each index, sub-index or underlying single name is
deemed a separate ``Risk Factor.'' The revisions introduce a ``Risk
Sub-Factor'' as a specific single name and any unique combination of
instrument attributes (e.g., restructuring clause, 2003 or 2014 ISDA
Definitions, debt tier, etc.) The union of all Risk Sub-Factors that
share the same underlying single name form a single name Risk Factor.
The portfolio treatment at the Risk Sub-Factor level is provided for in
the revised risk policy, as appropriate. The policy also reflects a
change in the 2014 ISDA Definitions that restructuring credit events
(including sovereign restructurings) other than M(M)R Restructuring do
not require separate triggering of each contract and are thus treated
as ``hard'' credit events such as bankruptcy and failure to pay. Other
changes are made to the risk policy regarding physical settlement,
including referencing the cash settlement fallback where physical
settlement fails.
2. Statutory Basis
Section 17A(b)(3)(F) of the Act \5\ 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 and to comply with the provisions of the Act and the rules
and regulations thereunder. ICE Clear Europe believes that the proposed
rule change is consistent with the requirements of the Act and the
rules and regulations thereunder applicable to ICE Clear Europe, in
particular, Section 17A(b)(3)(F),\6\ because ICE Clear Europe believes
that the proposed rule change will assure the prompt and accurate
clearance and settlement of securities transactions and derivatives
agreements, contracts, and transactions. ICE Clear Europe believes the
proposed changes to the Rules and CDS Procedures and risk policy
conform to the 2014 ISDA Definitions as published by ISDA in
conjunction with an industry-wide effort. As part of this effort, CDS
market participants have developed the 2014 ISDA Definitions to reflect
market experience since the ISDA Credit Derivatives Definitions were
last significantly amended in 2009 (including credit events involving
financial and sovereign entities), and to make various related
improvements and clarifications to the terms of CDS contracts and the
operation of the CDS market. The changes to the Rules thus incorporate
references to the 2014 ISDA Definitions in order to permit clearing of
contracts referencing the new definitions, and distinguish where
applicable between the 2014 ISDA Definitions and the 2003 ISDA
Definitions. ICE Clear Europe plans to accept for clearing contracts
referencing the industry standard 2014 ISDA Definitions beginning with
the planned industry-wide implementation on September 22, 2014 (and to
convert certain existing contracts to the new definitions as of that
date). ICE Clear Europe believes the revisions to the Rules are
necessary in order to permit clearing of contracts on the new terms,
and to provide the market with the necessary assurances that ICE Clear
Europe plans to implement the 2014 ISDA Definitions consistent with
[[Page 49361]]
industry practice. As such, the proposed rule change is designed to
promote the prompt and accurate clearance and settlement of securities
transactions and derivatives agreements, contracts, and transactions
within the meaning of Section 17A(b)(3)(F) \7\ of the Act.
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\5\ 15 U.S.C. 78q-1(b)(3)(F).
\6\ Id.
\7\ 15 U.S.C. 78q-1(b)(3)(F).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The proposed changes to the Rules in order to incorporate
references to the 2014 ISDA Definitions will apply consistently across
all Participants and Non-Participant Parties and facilitate changes
sought to be made throughout the CDS market. Furthermore, the proposed
changes to the Rules in order to incorporate references to the 2014
ISDA Definitions do not preclude other market participants from making
similar changes (and indeed it is expected that other market
participants will do so, including for uncleared transactions). ICE
Clear Europe does not expect that the proposed changes will affect
access to clearing for Participants or their customers, or materially
affect the cost of clearing. As a result, ICE Clear Europe does not
believe the proposed rule change will have any impact, or impose any
burden, on competition not appropriate in furtherance of the purposes
of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
Written comments relating to the proposed changes to the rules have
not been solicited or received. ICE Clear Europe will notify the
Commission of any written comments received by ICE Clear Europe.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(A) By order approve or disapprove the proposed rule change or
(B) institute proceedings to determine whether the proposed rule
change should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml ) or
Send an email to [email protected]. Please include
File Number SR-ICEEU-2014-13 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-ICEEU-2014-13. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. 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 change that are
filed with the Commission, and all written communications relating to
the proposed rule change 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 will also be available
for inspection and copying at the principal office of ICE Clear Europe
and on ICE Clear Europe's Web site at https://www.theice.com/clear-europe/regulation.
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-ICEEU2014-13
and should be submitted on or before September 10, 2014.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
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\8\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-19705 Filed 8-19-14; 8:45 am]
BILLING CODE 8011-01-P