[Federal Register Volume 84, Number 217 (Friday, November 8, 2019)]
[Notices]
[Pages 60464-60465]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-24363]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-87450; File No. SR-ICEEU-2019-023]
Self-Regulatory Organizations; ICE Clear Europe Limited; Notice
of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt
Revised Clearing Fees
November 4, 2019.
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 October 28, 2019, ICE Clear Europe Limited (``ICE Clear Europe'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule changes described in Items I, II and III below, which
Items have been prepared by ICE Clear Europe. ICE Clear Europe filed
the proposed rule change pursuant to Section 19(b)(3)(A) of the Act,\3\
and Rule 19b-4(f)(2) \4\ thereunder, so that the proposed 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\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(2).
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I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change
The principal purpose of the proposed rule change is to revise
clearing fees applicable to certain ICE Futures Europe Limited
(``IFEU'') Financial Contracts. The revisions do not involve any
changes to the ICE Clear Europe Clearing Rules or Procedures.\5\
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\5\ Capitalized terms used but not defined herein have the
meanings specified in the ICE Clear Europe Clearing Rules.
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II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change, Security-Based Swap Submission or
Advance Notice
In its filing with the Commission, ICE Clear Europe included
statements concerning the purpose of and basis for 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) Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change, Security-Based Swap Submission or
Advance Notice
(a) Purpose
The purpose of the proposed rule change is for ICE Clear Europe to
modify certain clearing fees relating to certain IFEU Products as set
out below:
[cir] One Month Euro Overnight Rate Index Futures Contract (Block
Only): The clearing fee will increase from GBP 0.20 to GBP 0.45 per
lot.
[cir] One Month Euro Overnight Rate Index Futures Contract (Block
with Delayed Publication): The clearing fee will increase from GBP 0.34
to GBP 0.90 per lot.
[cir] One Month Euro Overnight Rate Index Futures Contract (Cash
Settlement): The clearing fee will increase from GBP 0.25 to GBP 0.56
per lot.
[cir] One Month Euro Overnight Rate Index Futures Contract (Futures
Contracts): The clearing fee will increase from GBP 0.20 to GBP 0.45
per lot.
(b) Statutory Basis
ICE Clear Europe has determined that the proposed fee changes set
forth above are reasonable and appropriate. In particular, ICE Clear
Europe believes that the fees have been set at an appropriate level
given the costs and expenses to ICE Clear Europe in offering clearing
of such IFEU Products, taking into account the investments ICE Clear
Europe has made in clearing the markets for these products. The fees
will apply to all F&O Clearing Members. ICE Clear Europe believes that
imposing such charges thus provides for the equitable allocation of
reasonable dues, fees, and
[[Page 60465]]
other charges among its Clearing Members, within the meaning of Section
17A(b)(3)(D) of the Act. ICE Clear Europe therefore believes that the
proposed rule change is consistent with the requirements of Section 17A
of the Act and regulations thereunder applicable to it.
(B) Self-Regulatory Organization's Statement on Burden on Competition
ICE Clear Europe does not believe the proposed rule changes would
have any impact, or impose any burden, on competition not necessary or
appropriate in furtherance of the purpose of the Act. Although the
changes may result in certain additional costs to Clearing Members, ICE
Clear Europe believes that the revised fees have been set at an
appropriate level given the costs and expenses to ICE Clear Europe in
offering clearing of the IFEU Products. ICE Clear Europe does not
believe that the revised fees would adversely affect the ability of
such Clearing Members or other market participants generally to engage
in cleared transactions or to access clearing. Since the revised fees
will apply to all F&O Clearing Members, ICE Clear Europe further
believes that the fees will not otherwise adversely affect competition
among Clearing Members, adversely affect the market for clearing
services or limit market participants' choices for obtaining clearing
services.
(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, Security-Based
Swap Submission and Advance Notice 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)(2) \7\
thereunder because it establishes a fee or other charge imposed by ICE
Clear Europe on its Clearing Members. Specifically, the proposed rule
changes will establish fees to be paid by Clearing Members to ICE Clear
Europe in connection with the clearing of certain IFEU Products. 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.
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\6\ 15 U.S.C. 78s(b)(3)(A).
\7\ 17 CFR 240.19b-4(f)(2).
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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
change, security-based swap submission or advance notice 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-2019-023 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-2019-023. 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 website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change, security-based
swap submission or advance notice that are filed with the Commission,
and all written communications relating to the proposed rule change,
security-based swap submission or advance notice 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 website 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 website at https://www.theice.com/clear-europe/regulation. All comments received will be
posted without change. Persons submitting comments are cautioned that
we do not redact or edit personal identifying information from comment
submissions. You should submit only information that you wish to make
available publicly. All submissions should refer to File Number SR-
ICEEU-2019-023 and should be submitted on or before November 29, 2019.
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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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-24363 Filed 11-7-19; 8:45 am]
BILLING CODE 8011-01-P