12234 Federal Register / Vol. 86, No. 39 / Tuesday, March 2, 2021 / Notices 

50See supra note 37. 

51 15 U.S.C. 78s(b)(3)(A)(ii). 

52 17 CFR 240.19b–4(f)(2). 53 17 CFR 200.30–3(a)(12). 

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)(6). 

5Capitalized terms used but not defined herein 

have the meanings specified in the Rules. 

significant pricing power in the 

execution of multiply-listed equity and 

ETF options order flow. For the month 

of December 2020, the Exchange had a 

market share of approximately 3.58% of 

executed multiply-listed equity 

options 50 and the Exchange believes 

that the ever-shifting market share 

among exchanges from month to month 

demonstrates that market participants 

can discontinue or reduce use of certain 

categories of products, or shift order 

flow, in response to fee changes. In such 

an environment, the Exchange must 

continually adjust its fees and fee 

waivers to remain competitive with 

other exchanges and to attract order 

flow to the Exchange. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor 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)(ii) of the Act,51 and Rule 

19b–4(f)(2) 52 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 shall 

institute proceedings to determine 

whether the proposed rule 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– 

EMERALD–2021–07 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–EMERALD–2021–07. 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–EMERALD–2021–07 and 

should be submitted on or before March 

23, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.53

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–04218 Filed 3–1–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–91204; File No. SR–ICEEU– 

2021–004] 

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 

Clearing Rules 

February 24, 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 February 

17, 2021, 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 and II 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)(6) 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 make certain amendments to 

its Clearing Rules (the ‘‘Rules’’) 5

relating to settlement of Euro payments 

through the European Union’s 

TARGET2 payment system. 

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. 


jbell on DSKJLSW7X2PROD with NOTICES
Federal Register / Vol. 86, No. 39 / Tuesday, March 2, 2021 / Notices 12235 

6TARGET2 is the real-time gross settlement 

system for Euro payments owned and operated by 

the Eurosystem (which consists of the European 

Central Bank and the national central banks of those 

countries that have adopted the Euro). 7See European Securities and Markets Authority 

(ESMA) Public Statement of 28 September 2020, 

available at https://www.esma.europa.eu/pressnews/esma-news/esma-recognise-three-uk-ccps-1- 

january-2021. 8Regulation (EU) No 648/2012 of the European 

Parliament and of the Council of 4 July 2012 on 

OTC derivatives, central counterparties and trade 

repositories; Commission Delegated Regulation (EU) 

2020/1301 of 14 July 2020 Supplementing 

Regulation (EU) No 648/2012 of the European 

Parliament and of the council with respect to the 

criteria that ESMA should take into account to 

determine whether a central counterparty 

established in a third country is systemically 

important or likely to become systemically 

important for the financial stability of the Union or 

of one or more of its Member States. 

9For such time as the TARGET2–NL accounts 

remain in operation, the proposed changes to Part 

12 would apply to such accounts as well. 

10Similarly, while they remain operational, ICE 

Clear Europe’s existing accounts with TARGET2– 

NL will constitute a TARGET2 PM Accounts and 

DNB will constitute a TARGET2 Concentration 

Bank. It is expected that after the TARGET2–ECB 

account has been opened, the TARGET2–NL 

account of ICE Clear Europe would be closed and 

DNB would cease to be a Concentration Bank. 

11 15 U.S.C. 78q–1. 

12 17 CFR 240.17Ad–22. 

13 15 U.S.C. 78q–1(b)(3)(F). 

(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 12 of the Rules to 

implement certain account and 

settlement finality arrangements 

applicable to the settlement of Eurodenominated payments by the Clearing 

House through the European Union 

(‘‘EU’’) TARGET2 payment system.6

Effective as of January 1, 2021, upon the 

exit of the United Kingdom from the EU, 

ICE Clear Europe has been recognized as 

a ‘‘tier 2’’ third-country central 

counterparty (‘‘TC–CCP’’) 7 for purposes 

of the European Market Infrastructure 

Regulation (‘‘EMIR’’).8 Pursuant to 

Article 25(2b) of EMIR, a tier 2 TC–CCP 

is required, as a condition to such 

recognition, to open an overnight 

deposit account with the central bank of 

issue of the relevant currency. ICE Clear 

Europe currently has accounts with the 

Dutch component of TARGET2 

(‘‘TARGET2–NL’’) operated by De 

Nederlandsche Bank (‘‘DNB’’), but will 

not be eligible to maintain such 

accounts after March 31, 2021. ICE Clear 

Europe therefore plans to establish an 

account with the European Central Bank 

(‘‘ECB’’) component of the TARGET2 

system (‘‘TARGET2–ECB’’), which both 

ICE Clear Europe and the ECB wish to 

do in compliance with, and furtherance 

of, EMIR. The proposed changes to Part 

12 of the Rules would facilitate the 

establishment and use of accounts with 

TARGET2 (including TARGET2–ECB) 9

and address settlement finality with 

respect to payments made through such 

accounts in accordance with TARGET2 

terms and conditions of operation. 

Specifically, in Rule 1201, several 

new definitions would be added. In 

addition to a definition for ‘‘TARGET2’’ 

(referencing the real-time gross 

settlement system owned and operated 

by the Eurosystem), new definitions 

would be added for ‘‘TARGET2 

Component System’’ (referencing the 

real-time gross settlement system of any 

central bank that is part of the 

TARGET2 system where the operator of 

such system is a Concentration Bank 

under the Rules), ‘‘TARGET2 

Concentration Bank’’ (referencing a 

Concentration Bank under the Rules 

that is the operator of a TARGET2 

Component System), ‘‘TARGET2 PM 

Account’’ (referencing a cash account of 

the Clearing House in TARGET2), and 

‘‘TARGET2 Terms and Conditions’’ 

(referencing the terms and conditions 

that apply to participation in the 

relevant TARGET2 Component System). 

The definition of ‘‘Payment Transfer 

Order’’ would be amended to add 

TARGET2 Payment Transfer Orders, as 

discussed below. Subsequent provisions 

of Rule 1201 would be renumbered 

accordingly. It is contemplated that ICE 

Clear Europe’s account with TARGET2– 

ECB would constitute a TARGET2 PM 

Account and that the ECB would 

constitute a TARGET2 Concentration 

Bank for purposes of these Rules as 

proposed to be amended.10 ICE Clear 

Europe intends to designate the ECB as 

a Concentration Bank under the Rules 

for these purposes. 

In Rule 1202(a), a new clause (v) 

would be added to provide that a 

Payment Transfer Order will arise and 

enter ICE Clear Europe’s designated 

system at the moment ICE Clear 

Europe’s TARGET2 PM Account is 

debited or credited with funds, pursuant 

to the Clearing House sending a SWIFT 

instruction to the TARGET2 

Concentration Bank. Such a Payment 

Transfer Order would be defined as a 

‘‘TARGET2 Payment Transfer Order.’’ 

Rule 1202(a)(iv), which addresses 

Payment Transfer Orders involving 

Clearing House bank accounts, would be 

amended to exclude TARGET2 

Concentration Banks (which would be 

covered instead by the new clause (v)). 

Rule 1202(e)(ii), which addresses the 

amounts subject to a Payment Transfer 

Order, would be amended to cover 

TARGET2 Payment Transfer Orders. 

Rule 1202(m), which specifies the 

parties subject to a Payment Transfer 

Order, would be amended to add a new 

clause (iv) specifying that a TARGET2 

Payment Transfer Order would have 

effect between the relevant TARGET2 

Concentration Bank and the Clearing 

House. Subsequent provisions of Rule 

1202(m) would be renumbered 

accordingly. 

In Rule 1203, a new paragraph (c) 

would be added to provide that a 

TARGET2 Payment Transfer Order will 

become irrevocable at the earlier of (i) 

the moment the TARGET2 Payment 

Account is credited or debited or (ii) 

when or during the period in which any 

relevant payment settlement algorithm 

used in TARGET2 commences or is 

running. The approach is intended to be 

consistent with the point at which 

payment order becomes irrevocable 

under the TARGET2 Terms and 

Conditions. Subsequent provisions of 

Rule 1203 would be renumbered 

accordingly. 

(b) Statutory Basis 

ICE Clear Europe believes that the 

proposed amendments to the Clearing 

Rules are consistent with the 

requirements of Section 17A of the 

Act 11 and the regulations thereunder 

applicable to it including the standards 

under Rule 17Ad–22.12 In particular, 

Section 17A(b)(3)(F) of the Act 13

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 amendments are 

intended to accommodate the Clearing 

House’s use of TARGET2–ECB accounts 

(and would also apply to the Clearing 

House’s use of TARGET2–NL accounts 

whilst they remain operational) for 

purposes of settling Euro payments 

through the TARGET2 system in central 

bank funds, consistent with the 

conditions of recognition for a tier 2 

TC–CCP under EMIR. As such, the 

amendments will facilitate settlement 

by the Clearing House of Euro payments 

and provide for settlement finality of 

such payments in accordance with the 

TARGET2 Terms and Conditions. In ICE 

Clear Europe’s view, the amendments 

will thus promote the prompt and 

accurate clearance and settlement of 

transactions and the protections of 

investors and the public interest, within 


jbell on DSKJLSW7X2PROD with NOTICES
12236 Federal Register / Vol. 86, No. 39 / Tuesday, March 2, 2021 / Notices 

14 17 CFR 240.17Ad–22(e)(9). 

15 17 CFR 270.17Ad–22(e)(8). 

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

17 17 CFR 240.19b–4(f)(6). 

18 17 CFR 240.19b–4(f)(6)(iii). 

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

the Act. (ICE Clear Europe does not 

believe the amendments would affect 

the safeguarding of securities and funds 

in the custody or control of the clearing 

agency or for which it is responsible, 

within the meaning of that section.) 

Moreover, the amendments are 

consistent with Rule 17Ad–22(e)(9),14

which requires that each covered 

clearing agency ‘‘conduct its money 

settlements in central bank money, 

where available and determined to be 

practical by the board of directors of the 

covered clearing agency’’. The 

amendments will facilitate ICE Clear 

Europe’s opening accounts in 

TARGET2, and thereby permit it to 

conduct money settlements in Euro in 

central bank funds and to reduce the 

potential for conflicts between the rules 

governing ICE Clear Europe’s settlement 

system and those governing the 

TARGET2 System where ICE Clear 

Europe holds and uses accounts in the 

TARGET2 System. As a result, the 

amendments would be consistent with 

the requirements of Rule 17Ad–22(e)(9). 

Rule 17Ad–22(e)(8) 15 requires the 

covered clearing agency to ‘‘define the 

point at which settlement is final to be 

no later than the end of the day on 

which the payment or obligation is due 

and, where necessary or appropriate, 

intraday or in real time.’’ The 

amendments to Part 12 of the Rules will 

establish the time at which Payment 

Transfer Orders are effective and 

irrevocable for Euro payments made 

through the TARGET2 System. In 

accordance with the TARGET2 Terms 

and Conditions, such payments will be 

effected, and become final, on a realtime basis. The amendments are thus 

consistent with the requirements of Rule 

17Ad–22(e)(8). 

Rule 17Ad–22(e)(1) requires that the 

covered clearing agency ‘‘provide for a 

well-founded, clear, transparent and 

enforceable legal basis for each aspects 

of its activities in all relevant 

jurisdictions.’’ As discussed above, the 

amendments are being made to permit 

ICE Clear Europe to have a central bank 

account for Euro payments in 

accordance with Article 25(2b) of EMIR, 

as applicable to ICE Clear Europe as a 

tier 2 TC–CCP. The amendments are, 

therefore, necessary and desirable to 

maintain ICE Clear Europe’s status as a 

recognized TC–CCP under EMIR. The 

amendments also reduce the potential 

for conflicts between the settlement 

finality rules governing ICE Clear 

Europe’s settlement system and those 

governing relevant TARGET2 

components. The amendments will 

therefore further compliance with 

article 5(4) of EU Regulation 153/2013, 

as on-shored in the United Kingdom 

and as applicable in the EU, which 

requires a CCP to ‘‘identify and analyse 

potential conflicts of law issues and 

develop rules and procedures to 

mitigate legal risk resulting from such 

issues’’. As a result, the amendments 

enhance the legal framework of the 

Clearing House in the UK and EU, and 

as such are consistent with the 

requirements of Rule 17Ad–22(e)(1). 

(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 

purpose of the Act. The amendments 

will not affect the rights or obligations 

of Clearing Members or the terms of 

cleared Contracts. The amendments are 

designed to facilitate establishment and 

use by the Clearing House of a 

TARGET2–ECB payment account to 

permit real-time settlement of Eurobased payments as between the Clearing 

House’s own accounts, and would not 

affect significantly the rights of Clearing 

Members. As a result, ICE Clear Europe 

does not expect that the proposed 

changes will adversely affect access to 

clearing or the ability of Clearing 

Members, their customers or other 

market participants to continue to clear 

contracts. ICE Clear Europe also does 

not believe the amendments would 

materially affect the cost of clearing or 

otherwise limit market participants’ 

choices for selecting clearing services. 

As a result, ICE Clear Europe does not 

believe the proposed rule changes 

impose 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 changes have not been 

solicited or received by ICE Clear 

Europe. ICE Clear Europe will notify the 

Commission of any written comments 

received with respect to the proposed 

rule change. 

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) of the 

Act 16 and Rule 19b–4(f)(6) 17

thereunder. 

ICE Clear Europe has requested that 

the Commission waive both the five-day 

pre-filing requirement and the 30-day 

delayed operative date under Rule 19b– 

4(f)(6)(iii) 18 so that the proposed rule 

change may become effective and 

operative upon filing with the 

Commission. ICE Clear Europe has 

satisfied the five-day pre-filing 

requirement already, so the Commission 

only considers whether to waive the 30- 

day delayed operative date. 

ICE Clear Europe believes that waiver 

of the 30-day delayed operative date is 

warranted because the proposed rule 

change would not (i) significantly affect 

the protection of investors or the public 

interest and (ii) impose any significant 

burden on competition. 

With respect to (i), ICE Clear Europe 

maintains that the proposed rule change 

would in practice affect transfers 

between different bank accounts of ICE 

Clear Europe (including TARGET2 PM 

Accounts), which are not transfers 

involving payments to or from Clearing 

Members. Accordingly, ICE Clear 

Europe states that the proposed rule 

change would have no effect on the 

safeguarding of funds or securities in 

the custody or control of ICE Clear 

Europe, nor significantly affect any 

other rights or obligations of ICE Clear 

Europe, Clearing Members, Sponsored 

Principals or other persons using the 

clearing service. ICE Clear Europe 

further maintains that the proposed rule 

change would not affect the terms of 

contracts it clears or ICE Clear Europe’s 

financial resources or risk models. As a 

result, ICE Clear Europe does not 

believe the proposed rule change would 

significantly affect the protection of 

investors or the public interest. 

With respect to (ii), ICE Clear Europe 

maintains that the proposed rule change 

would not impose any new obligations 

on Clearing Members, affect 

significantly the rights of Clearing 

Members, or affect the cost of clearing 

or access to clearing for market 

participants. As a result, in ICE Clear 

Europe’s view, the proposed rule change 

would not impose any significant 

burden on competition. 


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Federal Register / Vol. 86, No. 39 / Tuesday, March 2, 2021 / Notices 12237 

19As noted, ICE Clear Europe satisfied the fiveday pre-filing requirement. For purposes only of 

waiving 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). 

20 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

The Commission believes that the 

proposed rule change would only affect 

transfers between different bank 

accounts of ICE Clear Europe (including 

TARGET2 PM Accounts), not transfers 

involving payments to or from Clearing 

Members. As a result, the Commission 

does not believe the proposed rule 

change would have any effect on the 

safeguarding of funds or securities in 

the custody or control of ICE Clear 

Europe or any other rights or obligations 

of ICE Clear Europe, Clearing Members, 

Sponsored Principals or other persons 

using the clearing service. Accordingly, 

the Commission believes the proposed 

rule change would not significantly 

affect the protection of investors or the 

public interest. 

Moreover, the Commission believes 

the proposed rule change would not 

impose any new obligations on Clearing 

Members, affect significantly the rights 

of Clearing Members, or affect the cost 

of clearing or access to clearing for 

market participants. Accordingly, the 

Commission believes the proposed rule 

change would not impose any 

significant burden on competition. 

Because the Commission believes the 

proposed rule change would not (i) 

significantly affect the protection of 

investors or the public interest and (ii) 

impose any significant burden on 

competition, the Commission believes 

that waiver of the 30-day operative 

delay would not itself significantly 

affect the protection of investors or the 

public interest and impose any 

significant burden on competition. 

Moreover, the Commission believes that 

the delay of the operation of the 

proposed rule change through the 30- 

day operative delay could impede ICE 

Clear Europe’s compliance with its 

requirements under EMIR. As ICE Clear 

Europe notes, the proposed rule change 

would allow ICE Clear Europe to 

establish a TARGET2–ECB account, 

which is necessary in order to further 

compliance by ICE Clear Europe with 

the policy underlying Article 25(2b) of 

EMIR applicable to a tier 2 TC–CCP in 

light of the United Kingdom’s exit from 

the European Union. ICE Clear Europe 

seeks to establish such an account to 

replace its existing TARGET2–NL 

account by the end of March 2021. Any 

delay in implementing the amendments, 

and establishing the TARGET2–ECB 

account, could affect ICE Clear Europe’s 

ability to comply with applicable EU 

requirements and maintain recognition. 

Thus, the Commission believes that 

waiving the 30-day operative delay 

would allow ICE Clear Europe to 

comply with applicable EU 

requirements and maintain recognition, 

thus providing certainty to ICE Clear 

Europe and its Clearing Members, while 

not significantly affecting the protection 

of investors or the public interest and 

imposing any significant burden on 

competition. Therefore, the Commission 

designates the proposed rule change as 

operative upon filing.19

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–2021–004 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–2021–004. 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, 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– 

2021–004 and should be submitted on 

or before March 23, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–04221 Filed 3–1–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–91199; File No. SR–OCC– 

2021–003] 

Self-Regulatory Organizations; The 

Options Clearing Corporation; Notice 

of Filing of Proposed Rule Change To 

Establish OCC’s Persistent Minimum 

Skin-in-the-Game 

February 24, 2021. 

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

Securities Exchange Act of 1934 

(‘‘Exchange Act’’ or ‘‘Act’’),1 and Rule 

19b–4 thereunder,2 notice is hereby 

given that on February 10, 2021, the 

Options Clearing Corporation (‘‘OCC’’ or 

‘‘Corporation’’) filed with the Securities 

and Exchange Commission (‘‘SEC’’ or 

‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III below, which Items have been 

prepared by OCC. 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 proposed rule change would 

amend OCC’s Rules, Capital 

Management Policy, and certain other 

OCC policies to establish a persistent 

minimum level of OCC’s own prefunded financial resources (commonly 

referred to as ‘‘skin-in-the-game’’) that 

OCC would contribute to cover default 


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