Federal Register / Vol. 85, No. 233 / Thursday, December 3, 2020 / Notices 78157 

25 15 U.S.C. 78s(b)(2). 

26 15 U.S.C. 78s(b)(2). 

27 15 U.S.C. 78q–1(b)(3)(F). 

28 17 CFR 240.17Ad–22(e)(6)(i). 

29 15 U.S.C. 78s(b)(2). 

30 In approving the proposed rule change, the 

Commission considered the proposal’s impact on 

efficiency, competition, and capital formation. 15 

U.S.C. 78c(f). 

31 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 90091 

(Oct. 5, 2020), 85 FR 64194. 

4 15 U.S.C. 78s(b)(2)(D). 

5 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3 In Partial Amendment No. 1 to the proposed 

rule change, ICC provided additional details and 

analyses surrounding the proposed rule change in 

the form of a confidential Exhibit 3. Partial 

Amendment No. 1 did not make any changes to the 

substance of the filing or the text of the proposed 

rule change. 

4 15 U.S.C. 78s(b)(3)(A). 

5 17 CFR 240.19b–4(f)(2). 

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 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 the 

filing also will be available for 

inspection and copying at the principal 

office of LCH SA and on LCH SA’s 

website at: https://www.lch.com/ 

resources/rulesand-regulations/ 

proposed-rule-changes-0. 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–LCH SA–2020–005 and 

should be submitted on or before 

December 24, 2020. 

V. Accelerated Approval of the 

Proposed Rule Change, as Modified by 

Partial Amendment No. 1 

The Commission finds good cause, 

pursuant to Section 19(b)(2) of the 

Act,25 to approve the proposed rule 

change prior to the 30th day after the 

date of publication of Partial 

Amendment No. 1 in the Federal 

Register. As discussed above, Partial 

Amendment No. 1 amends the 

Reference Guide: CDS Margin 

Framework to reflect all of the changes 

discussed in this Order. By updating the 

Reference Guide: CDS Margin 

Framework to reflect all of the changes 

being made, Partial Amendment No. 1 

ensures that the exhibit 5C accurately 

reflects all intended rule changes and is 

designed, in general, to protect investors 

and the public interest, consistent with 

Section 17A(b)(3)(F) of the Act. 

Accordingly, the Commission finds 

good cause for approving the proposed 

rule change, as modified by Partial 

Amendment No. 1, on an accelerated 

basis, pursuant to Section 19(b)(2) of the 

Exchange Act.26

VI. Conclusion 

On the basis of the foregoing, the 

Commission finds that the proposed 

rule change is consistent with the 

requirements of the Act, and in 

particular, with the requirements of 

Section 17A(b)(3)(F) of the Act 27 and 

Rule 17Ad–22(e)(6)(i) thereunder.28

It is therefore ordered pursuant to 

Section 19(b)(2) of the Act 29 that the 

proposed rule change, as modified by 

Partial Amendment No. 1 (SR–LCH SA– 

2020–005), be, and hereby is, 

approved.30

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.31

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–26597 Filed 12–2–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90526; File No. SR–NYSE– 

2020–77] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Deemed Approval of a Proposed Rule 

Change To Adopt Rule 8.601 (Active 

Proxy Portfolio Shares) and Rule 8.900 

(Managed Portfolio Shares), Amend 

the Preamble to Rule 8P, and Amend 

Section 302.00 of the Listed Company 

Manual 

November 27, 2020. 

On September 22, 2020, New York 

Stock Exchange LLC filed with the 

Securities and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 a proposed rule change to 

adopt Rule 8.601 (Active Proxy Portfolio 

Shares) and Rule 8.900 (Managed 

Portfolio Shares), amend the preamble 

to Rule 8P, and amend Section 302.00 

of the Listed Company Manual to 

accommodate the listing of Active Proxy 

Portfolio Shares and Managed Portfolio 

Shares. 

The proposed rule change was 

published for comment in the Federal 

Register on October 9, 2020.3 The 

Commission received no comment 

letters on the proposed rule change. 

As of November 23, 2020, pursuant to 

Section 19(b)(2)(D) of the Act,4 the 

proposed rule change (SR–NYSE–2020– 

77) was deemed to have been approved 

by the Commission. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.5

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–26596 Filed 12–2–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90524; File No. SR–ICC– 

2020–013] 

Self-Regulatory Organizations; ICE 

Clear Credit LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change, as Modified by Partial 

Amendment No. 1, Relating to ICC’s 

Fee Schedule 

November 27, 2020. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 1 and 

Rule 19b–4,2 notice is hereby given that 

on November 16, 2020, ICE Clear Credit 

LLC (‘‘ICC’’) filed with the Securities 

and Exchange Commission the proposed 

rule change as described in Items I, II, 

and III below, which Items have been 

prepared primarily by ICC. On 

November 25, 2020, ICC filed Partial 

Amendment No. 1 to the proposed rule 

change.3 ICC filed the proposed rule 

change pursuant Section 19(b)(3)(A) of 

the Act 4 and Rule 19b–4(f)(2) 

thereunder,5 such that the proposed rule 

change was immediately effective upon 

filing with the Commission. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change, as modified by Partial 

Amendment No. 1 (hereinafter the 

‘‘proposed rule change’’), from 

interested persons. 

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 modify ICC’s 

fee schedule to introduce two credit 

default index swaption (‘‘Index 

Swaption’’) volume incentive programs. 


khammond on DSKJM1Z7X2PROD with NOTICES
78158 Federal Register / Vol. 85, No. 233 / Thursday, December 3, 2020 / Notices 

6 ICC previously filed with the Commission 

changes to certain other policies and procedures 

related to clearing Index Swaptions (the ‘‘Swaption 

Rule Filings’’). See the Swaption Rule Filings for 

additional details. SEC Release No. 34–87297 

(October 15, 2019) (approval), 84 FR 56270 (October 

21, 2019) (SR–ICC–2019–007); SEC Release No. 34– 

89142 (June 24, 2020) (approval), 85 FR 39226 (June 

30, 2020) (SR–ICC–2020–002); SEC Release No. 34– 

89436 (July 31, 2020) (approval), 85 FR 47827 

(August 6, 2020) (SR–ICC–2020–008); SEC Release 

No. 34–89948 (September 22, 2020) (approval), 85 

FR 60845 (September 28, 2020) (SR–ICC–2020– 

010). 

7 Index Swaptions are also referred to herein and 

in the Swaption Rule Filings as ‘‘index options’’ or 

‘‘index CDS options’’, or in similar terms. 

8CP fee details available at: https://

www.theice.com/publicdocs/clear_credit/ICE_

Clear_Credit_Fees_Clearing_Participant.pdf. 

9SEC Release No. 34–90299 (October 30, 2020) 

(notice), 85 FR 70700 (November 5, 2020) (SR–ICC– 

2020–012). 10 15 U.S.C. 78q–1. 11 15 U.S.C. 78s(b)(3)(A)(ii). 

12 17 CFR 240.19b–4(f)(2). 

13 15 U.S.C. 78q–1(b)(3)(D). 

14 Id. 

15 15 U.S.C. 78q–1. 

16 15 U.S.C. 78s(b)(3)(A). 

17 17 CFR 240.19b–4(f)(2). 

These revisions do not require any 

changes to the ICC Clearing Rules. 

II. Clearing Agency’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 

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. 

(A) Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

(a) Purpose 

The proposed changes are intended to 

modify ICE Clear Credit’s fee schedule 

to introduce two Index Swaption 

volume incentive programs for house 

origin Index Swaption transactions. 

Pursuant to an Index Swaption, one 

party (the ‘‘Swaption Buyer’’) has the 

right (but not the obligation) to cause 

the other party (the ‘‘Swaption Seller’’) 

to enter into an index credit default 

swap transaction at a pre-determined 

strike price on a specified expiration 

date on specified terms.6 In the case of 

Index Swaptions that may be cleared by 

ICC, the underlying index credit default 

swap is limited to certain CDX and 

iTraxx Europe index credit default 

swaps that are accepted for clearing by 

ICC, and which would be automatically 

cleared by ICC upon exercise of the 

Index Swaption by the Swaption Buyer 

in accordance with its terms.7 The 

proposed changes are described in 

detail as follows. 

ICC maintains a Clearing Participant 

(‘‘CP’’) fee schedule 8 that is publicly 

available on its website, which ICC 

proposes to update in connection with 

the proposed volume incentive 

programs. Currently, clearing fees are 

due by CPs in accordance with the 

product, amount and currency set out in 

the fee schedule. ICC proposes to amend 

this fee schedule to include details on 

the volume incentive programs, subject 

to any regulatory review or approval 

process. 

ICC previously filed with the 

Commission the relevant clearing fees 

for Index Swaptions 9 and further 

proposes to amend the CP fee schedule 

to introduce the volume incentive 

programs for house origin Index 

Swaption transactions. Under the 

amended fee schedule, the proposed 

Standard Program automatically, and 

without further action by CPs, applies to 

CPs and provides a tiered discount 

schedule based on USD equivalent, nondiscounted Index Swaption fees billed 

since the start of the year (‘‘Billed 

Fees’’). The first 300,000 of Billed Fees 

are not discounted, a 10% discount is 

provided for the second 300,000 of 

Billed Fees, a 20% discount is provided 

for the third 300,000 of Billed Fees, and 

a 30% discount is provided for all 

cleared Index Swaptions above that 

level. As an alternative to the Standard 

Program, CPs may elect to participate in 

the annual Prepaid Program. For 

calendar year 2021, the proposed 

Prepaid Program election deadline is 

January 25, 2021 and requires an 

upfront payment of $750,000 by 

February 1, 2021. Index Swaption fees 

are $2/million or Ö2/million, and the 

upfront payment is applied toward the 

first $750,000 of Index Swaption 

clearing fees due in 2021. The discount 

or prepaid fee schedule would be 

applied at the time of invoice. 

(b) Statutory Basis 

ICC believes that the proposed rule 

change is consistent with the 

requirements of the Act, including 

Section 17A of the Act 10 and the 

regulations thereunder applicable to it. 

More specifically, the proposed rule 

change establishes or changes a member 

due, fee or other charge imposed by ICC 

under Section 19(b)(3)(A)(ii) of the 

Act 11 and Rule 19b–4(f)(2) 12

thereunder. ICC believes the proposed 

rule change is consistent with the 

requirements of the Act and the rules 

and regulations thereunder applicable to 

ICC, in particular, to Section 

17A(b)(3)(D),13 which requires that the 

rules of the clearing agency provide for 

the equitable allocation of reasonable 

dues, fees, and other charges among its 

participants. 

ICC believes that the proposed fee 

discounts for house origin Index 

Swaption transactions have been set at 

an appropriate level. In ICC’s view, the 

proposed fees are reasonable under each 

proposed volume incentive program as 

the discounts correspond with 

anticipated volumes, costs and 

expenses, and revenues under each 

program, and they consider current 

market activity as well as anticipated 

market activity with respect to clearing 

house origin Index Swaption 

transactions at ICC. Namely, in 

determining the appropriate discount 

level and program structure, ICC 

discussed the proposed volume 

incentive programs with its Board (who 

approved the programs and discounts) 

and took into account factors such as 

anticipated volume, revenue, expenses, 

and CP market participation in this 

clearing service, including based on 

different fee levels. More specifically, 

the proposed discounts are associated 

with anticipated volumes via the tiered 

discount schedule in the Standard 

Program and the upfront payment 

applied toward clearing fees in the 

Prepaid Program, and are designed to 

encourage CP market participation to 

bring increased volume to grow the 

clearing service while properly 

compensating ICC for the risks, costs 

and expenses of clearing house origin 

Index Swaption transactions. 

Moreover, the proposed fee changes 

will apply equally to all market 

participants clearing house origin Index 

Swaption transactions. Namely, the 

Standard Program automatically, and 

without further action by CPs, applies to 

all CPs. As an alternative to the 

Standard Program, any CP may elect to 

participate in the annual Prepaid 

Program, which requires election and an 

upfront payment by specified dates. 

Therefore, the proposed rule change 

provides for the equitable allocation of 

reasonable dues, fees and other charges 

among participants, within the meaning 

of Section 17A(b)(3)(D) of the Act.14 ICC 

therefore believes that the proposed rule 

change is consistent with the 

requirements of Section 17A of the 

Act 15 and the regulations thereunder 

applicable to it and is appropriately 

filed pursuant to Section 19(b)(3)(A) of 

the Act 16 and paragraph (f)(2) of Rule 

19b–4 17 thereunder. 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 85, No. 233 / Thursday, December 3, 2020 / Notices 78159 

18 15 U.S.C. 78s(b)(3)(A). 

19 17 CFR 240.19b–4(f)(2). 20 17 CFR 200.30–3(a)(12). 

(B) Clearing Agency’s Statement on 

Burden on Competition 

ICC does not believe the proposed 

rule change would have any impact, or 

impose any burden, on competition not 

necessary or appropriate in furtherance 

of the purpose of the Act. As discussed 

above, the proposed changes modify 

ICC’s fee schedule to introduce two 

volume incentive programs for house 

origin Index Swaption transactions and 

will apply uniformly across all market 

participants clearing house origin Index 

Swaption transactions. The 

implementation of such changes does 

not preclude other market participants 

from offering similar incentive 

programs. Moreover, ICC does not 

believe that the amendments would 

adversely affect the ability of market 

participants to access clearing services. 

Accordingly, ICC does not believe the 

amendments impose any burden on 

competition not necessary or 

appropriate in furtherance of the 

purpose of the Act. 

(C) Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change Received From Members, 

Participants or Others 

Written comments relating to the 

proposed rule change have not been 

solicited or received. 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 pursuant to Section 19(b)(3)(A) 

of the Act 18 and paragraph (f) of Rule 

19b–4 19 thereunder. 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. 

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 rule-comments@

sec.gov. Please include File Number SR– 

ICC–2020–013 on the subject line. 

Paper Comments 

Send paper comments in triplicate to 

Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549. 

All submissions should refer to File 

Number SR–ICC–2020–013. 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 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 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 Credit and on ICE 

Clear Credit’s website at https://

www.theice.com/clear-credit/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–ICC–2020–013 and 

should be submitted on or before 

December 24, 2020. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–26595 Filed 12–2–20; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

[Docket No. FAA–2020–1130; Notice of 

Availability Docket No. 20–ANE–6] 

Notice of Availability of Categorical 

Exclusion and Record of Decision 

(CATEX/ROD) for Boston Harbor 

Seaplane Operations, MA 

AGENCY: Federal Aviation 

Administration, (FAA), DOT. 

ACTION: Notice of availability. 

SUMMARY: The FAA, Eastern Service 

Center is issuing this notice to advise 

the public of the availability of the 

Categorical Exclusion/Record of 

Decision (CATEX/ROD) for the Boston 

Harbor Seaplane Operations. The FAA 

reviewed the action and determined it 

to be categorically excluded from 

further environmental review. 

FOR FURTHER INFORMATION CONTACT: Mr. 

Andrew Pieroni, Federal Aviation 

Administration, Operations Support 

Group, Eastern Service Center, 1701 

Columbia Avenue, College Park, Georgia 

30337, (404) 305–5586. 

SUPPLEMENTARY INFORMATION: The 

Federal Aviation Administration (FAA) 

proposes to implement a Letter of 

Agreement (LOA) between Boston 

Airport Traffic Control Tower (BOS 

ATCT), Boston Consolidated Terminal 

Radar Approach Control (A90) and 

Tailwind Air Service for seaplane 

operations in the Boston, Massachusetts 

Inner Harbor. This proposed LOA 

would ensure standardized, safe and deconflicted seaplane operations in the 

Boston, Massachusetts Inner Harbor 

from BOS ATCT operations and allows 

for efficient airspace operations in the 

General Edward Lawrence Logan 

International Airport (BOS) Class B 

airspace. The proposed VFR handling of 

seaplane arrivals and departures will 

enhance safety and minimize delays for 

aircraft at BOS. The FAA reviewed the 

action and determined it to be 

categorically excluded from further 

environmental review according to FAA 

Order 1050.1F, Environmental Impacts: 

Policies and Procedures. The applicable 

categorical exclusion is § 5–6.S(i.). 

Issued in College Park, Georgia, on 

November 24, 2020. 

Andrew Pieroni, 

Environmental Protection Specialist, 

Operations Support Group, Eastern Service 

Center, Air Traffic Organization. 

[FR Doc. 2020–26603 Filed 12–2–20; 8:45 am] 

BILLING CODE 4910–13–P 


khammond on DSKJM1Z7X2PROD with NOTICES