62416 Federal Register / Vol. 88, No. 174 / Monday, September 11, 2023 / Notices 

24 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)(2). 

5Self-Regulatory Organizations; LCH SA; Order 

Approving Proposed Rule Change Relating to 

Triparty Collateral Mechanism; Securities Exchange 

Act Release No. 34–98009 (July 27, 2023); 88 FR 

50923 (August 2, 2023) (File No. SR–LCH SA– 

2023–004). 

6All capitalized terms not defined herein shall 

have the same definition as in the Rule Book or 

Procedures, as applicable. 

7https://my.euroclear.com/dam/EB/ 

Tariff%20information/MA0007_General_Fees.pdf 

(See Collateral management fees, p. 11). 

8See Self-Regulatory Organizations; LCH SA; 

Order Approving Proposed Rule Change Relating to 

Triparty Collateral Mechanism; Securities Exchange 

Act Release No. 34–98009 (July 27, 2023); 88 FR 

50923 (August 2, 2023) (File No. SR–LCH SA– 

2023–004). 

9 15 U.S.C. 78q–1. 

10 15 U.S.C. 78q–1(b)(D)(3). 

11https://my.euroclear.com/dam/EB/ 

Tariff%20information/MA0007_General_Fees.pdf 

(See Collateral management fees, p. 11). 

also will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. 

All submissions should refer to File 

Number SR–CBOE–2023–042 and 

should be submitted on or before 

October 2, 2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.24

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–19471 Filed 9–8–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98284; File No. SR–LCH 

SA–2023–006] 

Self-Regulatory Organizations; LCH 

SA; Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Change Relating to Triparty Collateral 

Mechanism Fee Changes 

September 5, 2023. 

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 August 

23, 2023, Banque Centrale de 

Compensation, which conducts 

business under the name LCH SA (‘‘LCH 

SA’’), filed with the Securities and 

Exchange Commission (‘‘Commission’’) 

the proposed rule change (‘‘Proposed 

Rule Change’’) described in Items I, II 

and III below, which Items have been 

primarily prepared by LCH SA. LCH SA 

filed the proposal pursuant to section 

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

4(f)(2) 4 thereunder, so that the proposal 

was 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 

LCH SA is proposing to amend the 

current fee grid (‘‘Fee Grid’’) for LCH SA 

CDSClear (the ‘‘Proposed Rule Change’’) 

as part of the extension of the Triparty 

Collateral mechanism to CDSClear 

service filed with the Commission.5 The 

text of the Proposed Rule Change has 

been annexed hereto as Exhibit 5 [sic]. 

No amendments to the LCH SA CDS 

Clearing Rule Book (‘‘Rule Book’’) or the 

CDS Clearing Procedures (‘‘Procedures’’) 

are required to effect these changes.6

The text of the Proposed Rule Change 

has been annexed as Exhibit 5 [sic]. 

The implementation of the Proposed 

Rule Change will be contingent on LCH 

SA’s receipt of all necessary regulatory 

approvals, including the approval by the 

Commission of the Proposed Rule 

Change described herein. 

II. Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

In its filing with the Commission, 

LCH SA 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. LCH 

SA 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 

1. Purpose 

The purpose of the Proposed Rule 

Change is for LCH SA to extend to 

CDSClear the Fee Grid currently 

applicable to the Triparty Collateral 

mechanism for the Non-U.S. Business. 

As part of the process to further 

enhance its triparty collateral solution 

with Euroclear Bank and Euroclear 

France 7 and to align the triparty 

collateral service offering across LCH 

SA clearing services, to include 

CDSClear, LCH SA is proposing to adopt 

the Fee Grid upon filing with the SEC, 

following the Commission’s order 

approving the proposed rule change 

relating to the Triparty Collateral 

mechanism.8

LCH SA is proposing to adopt for 

CDSClear the following triparty fees 

currently applicable to the LCH SA 

Non-U.S. Business: 

—For Government Securities from 

Austria, Belgium, Finland, France, 

Germany, Italy, Netherlands, Portugal 

and Spain, the applicable fee is 

9.5bps; 

—For Supranational entities and 

Agencies, the applicable fee is 

11.5bps 

LCH SA will reflect this change by 

amending the footnote applicable to 

triparty collateral fees in the Fee Grid to 

state the triparty collateral fees are also 

applicable to CDSClear. Specifically, the 

amended footnote will state: 

‘‘** Effective 1 April 2023 for 

EquityClear, CommodityClear, 

RepoClear and ÖGCPlus (House & 

Clients activities). Effective 23 August 

2023 for CDSClear.’’ The applicable Fee 

Grid has been annexed as Exhibit 5 [sic]. 

No amendments to the Rule Book or 

Procedures are required for these 

changes to become effective. 

2. Statutory Basis 

LCH SA believes that the Proposed 

Rule Change is consistent with the 

requirements of section 17A of the Act 9

and the regulations thereunder. section 

17A(b)(3)(D) of the Act 10 requires that 

the rules of a clearing agency provide 

for the equitable allocation of reasonable 

dues, fees, and other charges among 

Clearing Members and market 

participants by ensuring that Clearing 

Members and clients pay reasonable 

fees and dues for the services provided 

by LCH SA, within the meaning of 

section 17A(b)(3)(D) of the Act. 

The wider offering of eligible 

collateral through the triparty collateral 

solution with the relevant proposed 

applicable fees will provide greater 

collateral optimization opportunities for 

LCH SA Clearing Members. In addition, 

the spread between the triparty 

collateral solution and the bilateral Full 

Transfer of Title deposit option will be 

1.5bps and is consistent with the 

Euroclear Triparty service paid by 

Clearing Members.11 LCH SA does not 

anticipate the Proposed Rule Change to 

result in any material increase in 

Clearing Members fees and expenses or 

result in any material changes to 

CDSClear revenue. 

For these reasons, LCH SA believes 

that the Proposed Rule Change is 


ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 88, No. 174 / Monday, September 11, 2023 / Notices 62417 

12 15 U.S.C. 78q–1. 

13 15 U.S.C. 78q–1(b)(3)(I). 

14 Id. 

15 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

consistent with the requirements of 

section 17A of the Act 12 and the 

regulations thereunder. Specifically, 

LCH SA believes the adoption of the Fee 

Grid is reasonable and has been set up 

at an appropriate level given the costs, 

expenses and revenues generated to 

LCH SA. 

B. Clearing Agency’s Statement on 

Burden on Competition 

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

requires that the rules of a clearing 

agency not impose any burden on 

competition not necessary or 

appropriate in furtherance of the 

purposes of the Act.14

LCH SA does not believe that the 

proposed rule change would impose any 

burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

LCH SA is proposing to extend to 

CDSClear members the Fee Grid already 

applicable to the clearing members of 

LCH SA Non-U.S. Business. This 

proposed change will also apply equally 

to all CDSClear Clearing Members and 

is not expected to have any potential 

disparate impact on any Clearing 

Members. 

LCH SA also believes the adoption of 

the Fee Grid by CDSClear will not 

adversely affect the ability of such 

Clearing Members or other market 

participants generally to engage in 

cleared transactions or to access LCH 

SA’s clearing services. LCH SA is 

further enhancing its triparty collateral 

solution with Euroclear Bank and 

Euroclear France and aligning the 

triparty collateral service offering across 

LCH SA clearing services following the 

extension of the triparty collateral 

solution. The triparty collateral solution 

provides Clearing Members additional 

options and greater operational 

efficiency for posting collateral to cover 

margin requirements and thus, to access 

LCH SA’s clearing services. 

Finally, LCH SA believes that the 

adoption of the Fee Grid is appropriate 

given the costs and expenses to LCH SA. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Pursuant to section 19(b)(3)(A)(ii) of 

the Act, and Rule 19b–4(f)(2) 

thereunder, the proposed rule change is 

filed for immediate effectiveness 

because the proposed rule establishes or 

changes a fee or other charge imposed 

by LCH SA on its Clearing Members, 

within the meaning of Rule 19b–4(f)(2). 

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. 

The proposal shall not take effect 

until all regulatory actions required 

with respect to the proposal are 

completed. 

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 (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

LCH SA–2023–006 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–LCH SA–2023–006. 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 (https://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 

a.m. and 3 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-rule-changes. 

Do not include personal identifiable 

information in submissions; you should 

submit only information that you wish 

to make available publicly. We may 

redact in part or withhold entirely from 

publication submitted material that is 

obscene or subject to copyright 

protection. All submissions should refer 

to File Number SR–LCH SA–2023–006 

and should be submitted on or before 

October 2, 2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–19469 Filed 9–8–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98285; File No. SR– 

NASDAQ–2023–031] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Modify 

Requirements Relating to the Waiver of 

the Code of Conduct in Listing Rule 

5610 and IM–5610 

September 5, 2023. 

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 August 

21, 2023, The Nasdaq Stock Market LLC 

(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(the ‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the self-regulatory organization. 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 proposes to modify the 

requirements related to the waiver of the 

code of conduct in Listing Rules 5610 

and IM–5610. 

The text of the proposed rule change 

is set forth below. Proposed new 

language is italicized; deleted text is in 

brackets. 

* * * * * 

The Nasdaq Stock Market Rules 

* * * * * 


ddrumheller on DSK120RN23PROD with NOTICES1