Federal Register / Vol. 85, No. 237 / Wednesday, December 9, 2020 / Notices 79243 

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)(4)(ii). 

5Capitalized terms used but not defined herein 

have the meaning specified in the ICE Clear Europe 

Clearing Rules (the ‘‘Rules’’). 6 15 U.S.C. 78q–1(b)(3)(F). 

7 15 U.S.C. 78q–1(b)(3)(F). 

8 15 U.S.C. 78q–1(b)(3)(F). 

9 17 CFR 240.17Ad–22(e)(10). 

10 17 CFR 240.17Ad–22(e)(10). 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90554; File No. SR–ICEEU– 

2020–015] 

Self-Regulatory Organizations; ICE 

Clear Europe Limited; Notice of Filing 

and Immediate Effectiveness of 

Proposed Rule Change Relating to 

Amendments to the ICE Clear Europe 

Delivery Procedures 

December 3, 2020. 

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 November 

25, 2020, ICE Clear Europe Limited 

(‘‘ICE Clear Europe’’ or the ‘‘Clearing 

House’’) filed with the Securities and 

Exchange Commission (‘‘Commission’’) 

the proposed rule changes described in 

Items I, II, and III below, which Items 

have been primarily 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)(4)(ii) 4 thereunder, 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 

from interested persons. 

I. Clearing Agency’s Statement of the 

Terms of Substance of the Proposed 

Rule Change 

The principal purpose of the 

proposed amendments is for ICE Clear 

Europe to amend Part Q, Part R and Part 

B of its Delivery Procedures (the 

‘‘Delivery Procedures’’) in connection to 

make clarifications and updates with 

respect to certain delivery 

specifications.5

II. Clearing Agency’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 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. 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 

(a) Purpose 

ICE Clear Europe is proposing to 

amend Part Q, Part R and Part B of its 

Delivery Procedures. 

The Part Q delivery specifications, 

which apply to the ICE Futures Europe 

White Sugar Futures Contracts, would 

be amended to provide that the contract 

relates to sugar of any origin of the crop 

or production current on the first day of 

the delivery period (instead of 

referencing the time of delivery). The 

clarification would facilitate 

identification of sugar eligible for 

delivery under the contract. Further, the 

related delivery timetable would be 

amended to provide that the document 

notice day (i.e., the day on which 

delivery document notifications are 

made via Guardian (or a successor 

system)) would be 20 days after the date 

of issue of the bill of lading (whether the 

date of issue is the same as or later than 

the date of completion of loading of the 

vessel), rather than 20 days after the 

vessel has completed loading. 

The Part R delivery specifications, for 

ICE Futures Europe Wheat Futures 

Contracts, would be amended to provide 

that wheat shall be delivered of an EU 

or UK origin, rather than an EC origin, 

to account for the UK leaving the EU. 

The Part B delivery specifications, for 

ICE Futures Europe Gasoil Futures 

Contracts, would be amended to provide 

that if the Buyer chooses the coaster 

delivery method, the maximum size 

would be 15,000 DWT instead of 10,000 

DWT. 

(b) Statutory Basis 

Section 17A(b)(3)(F) of the Act 6

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, the 

safeguarding of securities and funds in 

the custody or control of the clearing 

agency or for which it is responsible, 

and the protection of investors and the 

public interest. The proposed 

amendments are designed to clarify and 

update certain delivery specifications 

relating to sugar, wheat and gasoil 

futures contracts, consistent with the 

ICE Futures Europe Rules. These 

changes are intended to facilitate 

continued clearing and physical 

settlement of the contracts through 

enhancements to the delivery 

requirements and delivery process. ICE 

Clear Europe is not otherwise proposing 

to change the contractual or delivery 

terms for these contracts, or its financial 

resources, risk management, systems 

and operational arrangements for these 

contracts (and ICE Clear Europe believes 

such terms and arrangements are 

sufficient to continue support continued 

clearing of these contracts). As a result, 

in ICE Clear Europe’s view, the 

amendments would be consistent with 

the prompt and accurate clearance and 

settlement of the ICE Futures Europe 

White Sugar Futures Contracts, ICE 

Futures Europe Wheat Futures Contracts 

and ICE Futures Europe Gasoil Futures 

Contracts, and the protection of 

investors and the public interest 

consistent with the requirements of 

Section 17A(b)(3)(F) of the Act.7 (In ICE 

Clear Europe’s view, the amendments 

would not affect the safeguarding of 

funds or securities in the custody or 

control of the clearing agency or for 

which it is responsible, within the 

meaning of Section 17A(b)(3)(F).8) 

In addition, Rule 17Ad–22(e)(10) 9

requires that each covered clearing 

agency establish and maintain 

transparent written standards that state 

its obligations with respect to the 

delivery of physical instruments, and 

establish and maintain operational 

practices that identify, monitor and 

manage the risks associated with such 

physical deliveries. As discussed above, 

the amendments would clarify and 

update the delivery specifications 

relating to sugar, wheat and gasoil 

futures contracts, consistent with the 

ICE Futures Europe Rules. The 

amendments would thus clarify and 

update the role and responsibilities of 

the Clearing House and Clearing 

Members in the physical delivery 

process. As a result, ICE Clear Europe 

believes the amendments are consistent 

with the requirements of Rule 17Ad– 

22(e)(10).10

(B) Clearing Agency’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 

purposes of the Act. The changes are 

being proposed in order to update the 

Delivery Procedures in connection with 

the UK leaving the EU and to provide 

general drafting clarifications and 

updates to delivery specifications. The 


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79244 Federal Register / Vol. 85, No. 237 / Wednesday, December 9, 2020 / Notices 

11 15 U.S.C. 78s(b)(3)(A). 

12 17 CFR 240.19b–4(f). 13 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Exchange Rule 1.5(p). 

4A ‘‘Retail Order’’ means an agency or riskless 

principal order that meets the criteria of FINRA 

Rule 5320.03 that originates from a natural person 

and is submitted to the Exchange by a Retail 

Member Organization, provided that no change is 

made to the terms of the order with respect to price 

or side of market and the order does not originate 

from a trading algorithm or any other computerized 

methodology. See Exchange Rule 11.21(a). 

amendments would not otherwise affect 

the terms of the contracts. ICE Clear 

Europe does not believe the 

amendments would adversely affect 

competition among Clearing Members, 

materially affect the cost of clearing, 

adversely affect access to clearing in the 

new contracts for Clearing Members or 

their customers, or otherwise adversely 

affect competition in clearing services. 

Accordingly, ICE Clear Europe does not 

believe that the amendments would 

impose any impact or burden on 

competition that is not 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 amendments have not been 

solicited or received by ICE Clear 

Europe. ICE Clear Europe will notify the 

Commission of any comments received 

with respect to the proposed rule 

change. 

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 11 and paragraph (f) of Rule 

19b–4 12 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– 

ICEEU–2020–015 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–2020–015. 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 Europe and on ICE 

Clear Europe’s website at https://

www.theice.com/notices/ 

Notices.shtml?regulatoryFilings. 

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–2020–015 

and should be submitted on or before 

December 30, 2020. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–26988 Filed 12–8–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90555; File No. SR–MEMX– 

2020–14] 

Self-Regulatory Organizations; MEMX 

LLC; Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Amend the Exchange’s Fee 

Schedule 

December 3, 2020. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on November 

30, 2020, MEMX LLC (‘‘MEMX’’ or the 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission (the 

‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III below, which Items have been 

prepared by the Exchange. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange is filing with the 

Commission a proposed rule change to 

amend the fee schedule applicable to 

Members 3 pursuant to Exchange Rules 

15.1(a) and (c) in order to (i) provide 

pricing for Retail Orders 4 that add 

displayed liquidity and are executed on 

the Exchange; and (ii) provide pricing 

for transactions in securities priced 

below $1.00 per share that are executed 

on the Exchange. The text of the 

proposed rule change is provided in 

Exhibit 5. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange 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. The 

Exchange 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 

The Exchange proposes to modify its 

fee schedule to adopt the fees and 

rebates described herein applicable to 

Retail Orders that add displayed 

liquidity to the Exchange (‘‘Added 


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