Federal Register / Vol. 86, No. 13 / Friday, January 22, 2021 / Notices 6715 

39 15 U.S.C. 78s(b)(3)(A). 

40 17 CFR 240.19b–4(f). 

41 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

facilitate the Exchange’s overall goals of 

facilitating access to its data by retail 

investors, which the Commission has 

continually found to be consistent with 

the Exchange Act. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change would result 

in any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange operates in a highly 

competitive environment, and its ability 

to price these data products is 

constrained by: (i) Competition among 

exchanges that offer similar data 

products to their customers; and (ii) the 

existence of inexpensive real-time 

consolidated data disseminated by the 

SIPs. Top-of-book data is broadly 

disseminated by both the SIPs and the 

sixteen U.S. equities exchanges. There 

are therefore a number of alternative 

products available to market 

participants and investors, including 

products offered by certain competing 

U.S. equities exchanges without charge. 

In this competitive environment 

potential subscribers are free to choose 

which competing product to purchase to 

satisfy their need for market 

information. Often, the choice comes 

down to price, as market data customers 

look to purchase cheaper top-of-book 

data products, and quality, as market 

participants seek to purchase data that 

represents significant market liquidity. 

Intramarket Competition. The 

Exchange believes that the proposed 

fees do not put any market participants 

at a relative disadvantage compared to 

other market participants. As discussed, 

the proposed fees would apply to all 

internal distributors of the BZX Top 

Feed on an equal and nondiscriminatory basis. The Exchange 

therefore believes that the proposed fees 

neither favor nor penalize one or more 

categories of market participants in a 

manner that would impose an undue 

burden on competition. To the extent 

that particular fees would apply to only 

a subset of subscribers, e.g., Professional 

versus Non-Professional Users, those 

distinctions are not unfairly 

discriminatory and do not unfairly 

burden one set of customers over 

another. 

Intermarket Competition. The 

Exchange believes that the proposed 

fees do not impose a burden on 

competition or on other SROs that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. In setting the 

proposed fees, the Exchange is 

constrained by the availability of 

numerous substitute products offered by 

other national securities exchanges as 

well as core data offered by the SIPs. 

Because market data customers can find 

suitable substitute feeds, an exchange 

that overprices its market data products 

stands a high risk that users may 

substitute another product. These 

competitive pressures ensure that no 

one exchange’s market data fees can 

impose an undue burden on 

competition, and the Exchange’s 

proposed fees do not do so here. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

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 39 and paragraph (f) of Rule 

19b–4 40 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. If the 

Commission takes such action, the 

Commission will institute proceedings 

to determine whether the proposed rule 

change should be approved or 

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 rule-comments@

sec.gov. Please include File Number SR– 

CboeBZX–2021–002 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–CboeBZX–2021–002. 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 the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. 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–CboeBZX–2021–002 and 

should be submitted on or before 

February 12, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.41

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–01279 Filed 1–21–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90928; File No. SR–ICC– 

2021–001] 

Self-Regulatory Organizations; ICE 

Clear Credit LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Relating to the ICC 

Clearing Rules 

January 14, 2021. 

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 January 7, 

2021, ICE Clear Credit LLC (‘‘ICC’’) filed 

with the Securities and Exchange 


jbell on DSKJLSW7X2PROD with NOTICES
6716 Federal Register / Vol. 86, No. 13 / Friday, January 22, 2021 / Notices 

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

4 17 CFR 240.19b–4(f)(6). 

5Capitalized terms used but not defined herein 

have the meanings specified in the Rules. 

6 17 CFR 39.13(g)(8)(ii). 

7 Id. 

8The Circular was issued on April 20, 2012 and 

is available at the following: https://

www.theice.com/publicdocs/clear_credit/circulars/ 

Circular_2012_008_FINAL.pdf. 

9 17 CFR 39.13(g)(8)(ii). 

10 15 U.S.C. 78q–1. 

11 17 CFR 240.17Ad–22. 

12 15 U.S.C. 78q–1(b)(3)(F). 

13 17 CFR 39.13(g)(8)(ii). 

14 Id. 

15 15 U.S.C. 78q–1(b)(3)(F). 

Commission the proposed rule change 

as described in Items I and II below, 

which Items have been prepared 

primarily by ICC. ICC filed the proposed 

rule change pursuant to Section 

19(b)(3)(A) of the Act 3 and Rule 19b– 

4(f)(6) thereunder,4 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 rule change is to revise the 

ICC Clearing Rules (the ‘‘Rules’’) 5 to 

clarify an existing requirement of 

Participants regarding the provision of 

margin or collateral (‘‘Non-Participant 

Collateral’’) by clients (‘‘Non-Participant 

Parties’’). 

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, security-based swap 

submission, or advance notice and 

discussed any comments it received on 

the proposed rule change, securitybased swap submission, or advance 

notice. 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 

ICC proposes revisions to Rule 406(b) 

to clarify an existing requirement of 

Participants regarding the provision of 

Non-Participant Collateral by NonParticipant Parties and to update the 

terminology in a manner that is 

consistent with amended Commodity 

Futures Trading Commission (‘‘CFTC’’) 

Regulation 39.13(g)(8)(ii),6 applicable to 

ICC as a derivatives clearing 

organization, which requires 

compliance by January 27, 2021. As 

such, ICC has filed the proposed rule 

change for immediate effectiveness and 

proposes that it will be operative on or 

about January 27, 2021 and subject to 

any regulatory review, approval, or 

other process. ICC will issue a circular 

notification, in advance of the operative 

date. The proposed revisions are 

described in detail as follows. 

ICC proposes changes to Rule 406, 

which sets out certain requirements 

with respect to client-related positions 

of futures commission merchant 

(‘‘FCM’’) and broker-dealer Participants. 

Under current Rule 406(b), a Participant 

must require each Non-Participant Party 

to provide Non-Participant Collateral in 

an amount no less than ICC’s margin 

requirement with respect to the relevant 

client-related position(s). The proposed 

changes clarify that such amount would 

be commensurate with the risk 

presented by such Non-Participant 

Party. The proposed changes also 

remove general language whereby ICC 

may require additional margin with 

respect to Non-Participant Parties and, 

instead, direct Participants to identify 

Non-Participant Parties with heightened 

risk profiles and collect margin from 

them at a level exceeding 100% of ICC’s 

margin requirement, by such amount as 

is commensurate with the risk 

presented. Such changes are intended to 

clarify and incorporate terminology that 

is consistent with amended CFTC 

Regulation 39.13(g)(8)(ii) 7 to facilitate 

compliance. 

In connection with the proposed 

amendments, ICC would also revoke 

Circular 2012/008 (the ‘‘Circular’’) 8

which requires FCM Participants to 

collect margin from Non-Participant 

Parties in respect of such NonParticipant Parties’ non-hedge positions, 

at a level that is 10% greater than ICC’s 

related margin requirement with respect 

to each product and swap portfolio. 

Amended CFTC Regulation 

39.13(g)(8)(ii) 9 intended to replace this 

prior market structure, which is 

reflected in current Rule 406 and the 

Circular. 

(b) Statutory Basis 

ICC believes that the proposed rule 

change is consistent with the 

requirements of Section 17A of the 

Act 10 and the regulations thereunder 

applicable to it, including the applicable 

standards under Rule 17Ad–22.11 In 

particular, Section 17A(b)(3)(F) of the 

Act 12 requires that the rule change be 

consistent with the prompt and accurate 

clearance and settlement of securities 

transactions and derivative agreements, 

contracts and transactions cleared by 

ICC, the safeguarding of securities and 

funds in the custody or control of ICC 

or for which it is responsible, and the 

protection of investors and the public 

interest. The proposed rule change 

would update Rule 406(b) to provide 

clarification to the existing requirement 

and to update the terminology in a 

manner that is consistent with amended 

CFTC Regulation 39.13(g)(8)(ii).13

Specifically, the proposed revisions 

clarify that the amount of NonParticipant Collateral would be 

commensurate with the risk presented 

by such Non-Participant Party. The 

proposed changes also remove general 

language whereby ICC may require 

additional margin with respect to NonParticipant Parties and, instead, direct 

Participants to identify Non-Participant 

Parties with heightened risk profiles and 

collect margin from them at a level 

exceeding ICC’s margin requirement. 

Such changes would accordingly 

replace the requirement in the Circular, 

which ICC believes is appropriate to 

facilitate compliance with amended 

CFTC Regulation 39.13(g)(8)(ii),14 and 

better support ICC’s ability to manage 

the risks posed by Non-Participant 

Parties as the proposed changes result in 

Participants collecting Non-Participant 

Collateral at levels commensurate with 

the risk presented by each NonParticipant Party. Such changes further 

provide clarity and transparency on the 

requirement in Rule 406(b) regarding 

the provision of Non-Participant 

Collateral and thus strengthen the Rules 

with clear and more specific guidance, 

which supports the prompt and accurate 

clearance and settlement of securities 

transactions, derivatives agreements, 

contracts, and transactions, the 

safeguarding of securities and funds 

which are in the custody or control of 

ICC or for which it is responsible, and 

the protection of investors and the 

public interest. The proposed rule 

change is thus consistent with the 

prompt and accurate clearance and 

settlement of securities transactions, 

derivatives agreements, contracts, and 

transactions, the safeguarding of 

securities and funds in the custody or 

control of ICC or for which it is 

responsible, and the protection of 

investors and the public interest, within 

the meaning of Section 17A(b)(3)(F) of 

the Act.15


jbell on DSKJLSW7X2PROD with NOTICES
Federal Register / Vol. 86, No. 13 / Friday, January 22, 2021 / Notices 6717 

16 17 CFR 240.17Ad–22. 

17 17 CFR 240.17Ad–22(e)(4)(ii). 

18 17 CFR 39.13(g)(8)(ii). 

19 17 CFR 240.17Ad–22(e)(4)(ii). 

20 17 CFR 240.17Ad–22(e)(6)(i) and (ii). 

21 17 CFR 39.13(g)(8)(ii). 

22 17 CFR 240.17Ad–22(e)(6)(i) and (ii). 

23 17 CFR 240.17Ad–22(e)(19). 

24 Id. 

25 15 U.S.C. 78s(b)(3)(A). 

26 17 CFR 240.19b–4(f)(6). 

27 17 CFR 240.19b–4(f)(6)(iii). 

28 17 CFR 39.13(g)(8)(ii). 

The amendments would also satisfy 

relevant requirements of Rule 17Ad– 

22.16 Rule 17Ad–22(e)(4)(ii) 17 requires 

each covered clearing agency to 

establish, implement, maintain, and 

enforce written policies and procedures 

reasonably designed to effectively 

identify, measure, monitor, and manage 

its credit exposures to participants and 

those arising from its payment, clearing, 

and settlement processes, including by 

maintaining additional financial 

resources at the minimum to enable it 

to cover a wide range of foreseeable 

stress scenarios that include, but are not 

limited to, the default of the two 

participant families that would 

potentially cause the largest aggregate 

credit exposure for the covered clearing 

agency in extreme but plausible market 

conditions. The proposed changes 

promote ICC’s ability to address and 

manage the risk posed by NonParticipant Parties, including by 

clarifying that the amount of NonParticipant Collateral would be 

commensurate with the risk presented 

by such Non-Participant Party and by 

directing Participants to identify NonParticipant Parties with heightened risk 

profiles and collect margin from them at 

a level exceeding ICC’s margin 

requirement. In ICC’s view, the 

amended language in Rule 406(b) 

protects the financial integrity of ICC 

and Participants, as it results in 

Participants collecting Non-Participant 

Collateral in an amount commensurate 

with the risk presented by NonParticipant Parties and is more 

appropriate in light of amended 

Regulation 39.13(g)(8)(ii).18 Such 

changes promote ICC’s ability to manage 

the risks posed by Non-Participant 

Parties, including by managing the 

potential risks arising from NonParticipant Party transactions relating to 

a potential default of a Non-Participant 

Party that disrupts a Participant, thereby 

promoting ICC’s ability to continue to 

maintain its financial resources and 

withstand the pressures of defaults, 

consistent with the requirements of Rule 

17Ad–22(e)(4)(ii).19

Rule 17Ad–22(e)(6)(i) and (ii) 20

require each covered clearing agency to 

establish, implement, maintain, and 

enforce written policies and procedures 

reasonably designed to cover its credit 

exposures to its participants by 

establishing a risk-based margin system 

that, at a minimum, considers, and 

produces margin levels commensurate 

with, the risks and particular attributes 

of each relevant product, portfolio, and 

market and marks participant positions 

to market and collects margin, including 

variation margin or equivalent charges if 

relevant, at least daily and includes the 

authority and operational capacity to 

make intraday margin calls in defined 

circumstances. As described above, the 

proposed revisions are intended to 

clarify the existing requirement in Rule 

406(b) and to incorporate terminology 

that is consistent with amended CFTC 

Regulation 39.13(g)(8)(ii) 21 to facilitate 

compliance. Such revisions do not 

change ICC’s margin methodology, 

which continues to consider, and 

produce margin levels commensurate 

with, the risks and particular attributes 

of each relevant product, portfolio, and 

market, and do not impact or alter ICC’s 

ability to collect margin or make 

intraday margin calls. Therefore, ICC 

believes that the proposed rule change 

is consistent with the requirements of 

Rule 17Ad–22(e)(6)(i) and (ii).22

Rule 17Ad–22(e)(19) 23 requires each 

covered clearing agency to establish, 

implement, maintain, and enforce 

written policies and procedures 

reasonably designed to identify, 

monitor, and manage the material risks 

to the covered clearing agency arising 

from arrangements in which firms that 

are indirect participants in the covered 

clearing agency rely on the services 

provided by direct participants to access 

the covered clearing agency’s payment, 

clearing, or settlement facilities. The 

proposed amendments support ICC’s 

ability to manage the risks posed by 

Non-Participant Parties, including by 

elaborating on the requirement in Rule 

406(b) to state that the amount of NonParticipant Collateral would be 

commensurate with the risk presented 

by such Non-Participant Party. The 

proposed changes also include language 

directing Participants to identify NonParticipant Parties with heightened risk 

profiles and collect margin from them at 

a level exceeding ICC’s margin 

requirement to replace general language 

whereby ICC may require additional 

margin with respect to Non-Participant 

Parties. Such changes would replace the 

requirement in the Circular, which 

would result in Participants collecting 

Non-Participant Collateral at levels 

commensurate with the risk presented 

by each Non-Participant Party and 

support ICC’s ability to manage the risks 

posed by Non-Participant Parties given 

the relationship that Participants have 

with Non-Participant Parties as opposed 

to ICC. Such changes also foster a more 

clear and transparent Rule that will 

enhance ICC’s ability to identify, 

monitor, and manage the risks posed by 

Non-Participant Parties, consistent with 

the requirements of Rule 17Ad– 

22(e)(19).24

(B) Clearing Agency’s Statement on 

Burden on Competition 

ICC does not believe the proposed 

amendments would have any impact, or 

impose any burden, on competition. 

The proposed rule change will apply 

uniformly across all market participants. 

Therefore, ICC does not believe the 

proposed rule change imposes any 

burden on competition that is 

inappropriate in furtherance of the 

purposes 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 

Because the foregoing proposed rule 

change does not: 

(i) Significantly affect the protection 

of investors or the public interest; 

(ii) impose any significant burden on 

competition; and 

(iii) become operative for 30 days 

from the date on which it was filed, or 

such shorter time as the Commission 

may designate, it has become effective 

pursuant to Section 19(b)(3)(A) 25 of the 

Act and Rule 19b–4(f)(6) 26 thereunder. 

ICC has requested that the 

Commission waive both the five-day 

pre-filing requirement and the 30-day 

delayed operative date under Rule 19b– 

4(6)(iii) 27 so that the proposed rule 

change may become effective and 

operative upon filing with the 

Commission. As noted above, ICC 

designed the proposed amendments to 

Rule 406(b) for consistency with 

amended CFTC Regulation 

39.13(g)(8)(ii),28 which requires ICC’s 

compliance by January 27, 2021. ICC 

does not believe that any delay in 

implementing rules that reflect these 

requirements will benefit Participants, 

their customers, or any other market 


jbell on DSKJLSW7X2PROD with NOTICES
6718 Federal Register / Vol. 86, No. 13 / Friday, January 22, 2021 / Notices 

29 17 CFR 39.13(g)(8)(ii). 30For purposes only of waiving the five-day prefiling requirement and the 30-day operative delay, 

the Commission has considered the proposed rule 

change’s impact on efficiency, competition, and 

capital formation. See 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. 89308 

(July 14, 2020), 85 FR 43923 (‘‘Notice’’). Comments 

received on the proposed rule change are available 

on the Commission’s website at: https://

www.sec.gov/comments/sr-cboe-2020-034/ 

srcboe2020034.htm. 

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

5See Securities Exchange Act Release No. 89743, 

85 FR 55717 (September 9, 2020). 

6 15 U.S.C. 78s(b)(2)(B). 

7See Securities Exchange Act Release No. 90204, 

85 FR 67037 (October 21, 2020). 

participants. Any delay is also likely to 

be inconsistent with market 

expectations in light of the compliance 

date of the amended CFTC regulation. 

As a result, in ICC’s view, immediate 

effectiveness is consistent with the 

protection of investors and the public 

interest. 

The Commission believes that the 

delay of the operation of the proposed 

rule change, through the five-day prefiling requirement and the 30-day 

delayed operative date, could impede 

ICC’s timely compliance with amended 

CFTC Regulation 39.13(g)(8)(ii) 29 and 

thereby defer the intended benefits and 

objectives of such regulatory 

requirements for customer initial margin 

levels. This, in turn, could disrupt 

market expectations that ICC will 

implement the amended CFTC 

regulation by the January 27, 2021 

compliance date, which may adversely 

affect ICC and its ability to timely 

replace the requirement in the Circular 

and manage the risks posed by NonParticipant Parties in compliance with 

applicable regulatory requirements for 

the collection of Non-Participant 

Collateral. The Commission therefore 

believes that waiving the five-day prefiling requirement and 30-day operative 

delay should facilitate ICC’s timely 

compliance with the amended CFTC 

regulation and avert any potential 

adverse consequences if such 

compliance were delayed. Moreover, the 

Commission believes the proposed rule 

change would not impose any 

significant burden on competition 

because it applies uniformly to both 

FCM and broker-dealer Participants and 

their customers as Non-Participant 

Parties. Thus, the Commission believes 

the proposed rule change, and waiving 

the five-day pre-filing requirement and 

30-day operative delay, would not (i) 

significantly affect the protection of 

investors or the public interest; (ii) 

impose any significant burden on 

competition; or (iii) affect the 

safeguarding of funds or securities in 

the custody or control of ICC or for 

which it is responsible. Therefore, the 

Commission waives the five-day prefiling requirement and 30-day operative 

delay, and designates the proposed rule 

change as operative upon filing.30

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–2021–001 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–2021–001. 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–2021–001 and 

should be submitted on or before 

February 12, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.31

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–01284 Filed 1–21–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90925; File No. SR–CBOE– 

2020–034] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Designation 

of a Longer Period for Commission 

Action on Proceedings To Determine 

Whether To Approve or Disapprove a 

Proposed Rule Change, as Modified by 

Amendment No. 1, To Authorize for 

Trading Flexible Exchange Options on 

Full-Value Indexes With a Contract 

Multiplier of One 

January 14, 2021. 

On June 30, 2020, Cboe Exchange, Inc. 

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 authorize for trading flexible 

exchange options on full-value indexes 

with a contract multiplier of one. The 

proposed rule change was published in 

the Federal Register on July 20, 2020.3

On September 2, 2020, pursuant to 

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

Commission designated a longer period 

within which to approve the proposed 

rule change, disapprove the proposed 

rule change, or institute proceedings to 

determine whether to disapprove the 

proposed rule change.5 On October 15, 

2020, the Commission instituted 

proceedings under Section 19(b)(2)(B) of 

the Act 6 to determine whether to 

approve or disapprove the proposed 

rule change.7 On January 21, 2021, the 


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