2472 Federal Register / Vol. 86, No. 7 / Tuesday, January 12, 2021 / Notices 

9 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3Self-Regulatory Organizations; ICE Clear Europe 

Limited; Notice of Filing of Proposed Rule Change 

Relating to Amendments to the ICE Clear Europe 

CDS Procedures and CDS Default Management 

Policy, Securities Exchange Act Release No. 90806 

(December 28, 2020), 86 FR 169 (January 4, 2021) 

(SR–ICEEU–2020–018). 

4 15 U.S.C. 78s(b)(1) 

5 17 CFR 240.19b–4. 

6Capitalized terms used but not defined herein 

have the meanings specified in the ICE Clear 

Europe Clearing Rules and the CDS Procedures. 

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 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/rulebooks/proposed-rulechanges. 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–2020–007 and should be submitted 

on or before February 2, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–00348 Filed 1–11–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90861; File No. SR–ICEEU– 

2020–018] 

Self-Regulatory Organizations; ICE 

Clear Europe Limited; Notice of Filing 

of Partial Amendment No. 1 To 

Proposed Rule Change Relating to 

Amendments to the ICE Clear Europe 

CDS Procedures and CDS Default 

Management Policy 

January 6, 2021. 

On December 14, 2020, ICE Clear 

Europe Limited (‘‘ICE Clear Europe’’ or 

the ‘‘Clearing House’’) 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 

modify its CDS Procedures and CDS 

Default Management Policy related to its 

CDS Default Committee. The proposed 

rule change was published for comment 

in the Federal Register on January 4, 

2021.3 On December 31, 2020, ICE Clear 

Europe filed Partial Amendment No. 1 

to the proposed rule change. Pursuant to 

Section 19(b)(1) of the Act 4 and Rule 

19b–4 thereunder,5 the Commission is 

publishing notice of this Partial 

Amendment No. 1 to the proposed rule 

change as described in Item I below, 

which has been prepared primarily by 

ICE Clear Europe. The Commission is 

publishing this notice to solicit 

comment on Partial Amendment No. 1 

from interested persons. 

I. Clearing Agency’s Statement of the 

Terms of Partial Amendment No. 1 to 

the Proposed Rule Change 

ICE Clear Europe submits this partial 

amendment (‘‘Partial Amendment No. 

1’’) to its previously submitted proposed 

rule changes (the ‘‘Initial Filing’’) to 

modify its CDS Procedures (the ‘‘CDS 

Procedures’’ or the ‘‘Procedures’’) 6 to 

update the requirements for a Clearing 

Member to be approved to be a CDS 

Committee-Eligible Clearing Member for 

purposes of the CDS Default Committee, 

as well as certain other updates and 

clarifications, and to modify its CDS 

Default Management Policy (the ‘‘CDS 

Default Management Policy’’ or 

‘‘Policy’’) to make corresponding 

updates to the requirements for a 

Clearing Member to be eligible to serve 

on the CDS Default Committee, as well 

as to provide more detail with respect 

to review and testing of its default 

procedures, remove appendices and 

make certain other updates and 

clarifications to be consistent with other 

ICE Clear Europe policies. Partial 

Amendment No. 1 is intended to amend 

Item 3(a) of the Initial Filing to add an 

explanation as to the circumstances 

pursuant to which ICE Clear Europe 

may permit a CDS Committee-Eligible 

Clearing Member to postpone 

participation in the CDS Default 

Committee for a Relevant CDS Default 

Committee Period for which it is 

otherwise due to take part. The text of 

the proposed rule changes in the Initial 

Filing is unchanged. 

As described in the Initial Filing, 

amendments to paragraph 5.3 of the 

CDS Procedures would add that if a CDS 

Committee-Eligible Clearing Member 

considers that it is unable to take part 

in the CDS Default Committee for the 

Relevant CDS Default Committee Period 

for which it is due to take part, it may 

request to postpone its participation for 

that period. ICE Clear Europe could, at 

its discretion, approve such request. In 

this Partial Amendment No. 1, ICE Clear 

Europe is providing the explanation in 

the paragraph below to supplement the 

description of the amendment to 

paragraph 5.3 of the CDS Procedures 

that was provided in the Initial Filing. 

In general, paragraph 5.3 is intended 

to give ICE Clear Europe a degree of 

flexibility in responding to a request for 

postponement from a Clearing Member, 

in light of the difficulty in outlining in 

advance all potential scenarios where it 

may be appropriate. In ICE Clear 

Europe’s view, based on its experience 

and discussions with Clearing Members 

about service on the committee, an 

acceptable excuse would most likely 

relate to temporary resource constraints 

at the Clearing Member. For example, if 

the committee member were already 

serving on the default committee of 

another clearing house during the 

relevant period or if a committee 

member otherwise had limited staffing 

resources to commit to the committee 

during that period, this may be 

considered satisfactory. ICE Clear 

Europe would expect to discuss the 

particular situation with the Clearing 

Member in question and would respond 

to any request for postponement to let 

the Clearing Member know whether its 

rationale was satisfactory. ICE Clear 

Europe believes this type of flexible 

approach is ultimately more favorable to 

both the Clearing House and Clearing 

Members than having a more rigid rule. 

The purpose of the rule change as set 

out in Item 3(a) of the Initial Filing is 

otherwise unchanged. 

II. 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: 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 86, No. 7 / Tuesday, January 12, 2021 / Notices 2473 

7 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3As defined in Rule 11.8(e)(1)(E), the term 

‘‘Minimum Performance Standards’’ means a set of 

standards applicable to an LMM that may be 

determined from time to time by the Exchange. 

Such standards will vary between LMM Securities 

depending on the price, liquidity, and volatility of 

the LMM Security in which the LMM is registered. 

The performance measurements will include: (A) 

Percent of time at the NBBO; (B) percent of 

executions better than the NBBO; (C) average 

displayed size; and (D) average quoted spread. For 

additional detail, see Original LMM Filing. 

(A) By order approve or disapprove 

the proposed rule change or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

III. 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–2020–018 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–2020–018. 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 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–2020–018 

and should be submitted on or before 

February 2, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–00350 Filed 1–11–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90863; File No. SR– 

CboeBZX–2021–004] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of 

Proposed Rule Change To Amend Its 

Fee Schedule Relating to LMM 

Financial Incentives 

January 6, 2021. 

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 January 4, 

2021, Cboe BZX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BZX’’) 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 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 the Substance 

of the Proposed Rule Change 

Cboe BZX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BZX’’) is filing with the 

Securities and Exchange Commission 

(‘‘Commission’’) a proposed rule change 

to amend the fee schedule. The text of 

the proposed rule change is provided in 

Exhibit 5. 

The text of the proposed rule change 

is also available on the Exchange’s 

website (http://markets.cboe.com/us/ 

equities/regulation/rule_filings/bzx/), at 

the Exchange’s Office of the Secretary, 

and at the Commission’s Public 

Reference Room. 

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 amend the 

fee schedule applicable to its equities 

trading platform (‘‘BZX Equities’’) to 

update the Standard Rates and 

Enhanced Rates provided under the 

Lead Market Maker (‘‘LMM’’) Liquidity 

Provision Rates, effective January 4, 

2021. The Exchange believes the 

proposed changes will better incentivize 

LMMs to meet the Standard and 

Enhanced Minimum Performance 

Standards where their average aggregate 

daily auction volume is 1,000,000 

shares or less. 

The Exchange first notes that its 

listing business operates in a highlycompetitive market in which market 

participants, which includes issuers of 

securities, LMMs, and other liquidity 

providers, can readily transfer their 

listings, opt not to participate, or direct 

order flow to competing venues if they 

deem fee levels, liquidity provision 

incentive programs, or any other factor 

at a particular venue to be insufficient 

or excessive. The proposed rule changes 

reflect a competitive pricing structure 

designed to incentivize market 

participants to participate as LMMs in 

the Exchange’s LMM Program, which 

the Exchange believes will enhance 

market quality in all securities listed on 

the Exchange and encourage issuers to 

list new products and transfer existing 

products to the Exchange. 

The Exchange currently offers daily 

incentives for LMMs in Exchange 

Traded Products (‘‘ETPs’’) listed on the 

Exchange for which the LMM meets 

certain Minimum Performance 

Standards.3 Such daily incentives are 


khammond on DSKJM1Z7X2PROD with NOTICES