26728 Federal Register / Vol. 83, No. 111 / Friday, June 8, 2018 / Notices 

10 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) requires a self-regulatory organization to give 

the Commission written notice of its intent to file 

the proposed rule change at least five business days 

prior to the date of filing of the proposed rule 

change, or such shorter time as designated by the 

Commission. The Exchange has satisfied this 

requirement. 

11 17 CFR 240.19b–4(f)(6). 

12 17 CFR 240.19b–4(f)(6)(iii). 

13For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 14 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

subparagraph (f)(6) of Rule 19b–4 

thereunder.10

A proposed rule change filed under 

Rule 19b–4(f)(6) 11 normally does not 

become operative prior to 30 days after 

the date of the filing. However, Rule 

19b–4(f)(6)(iii) 12 permits the 

Commission to designate a shorter time 

if such action is consistent with the 

protection of investors and the public 

interest. The Exchange has asked the 

Commission to waive the 30-day 

operative delay so that the proposed 

rule change may become effective and 

operative immediately upon filing. The 

Exchange states that it believes the 

waiver will further the protection of 

investors and the public interest 

because it will provide greater 

transparency as to various ports 

available to market participants. The 

Exchange further states that the 

proposed rule change will bring greater 

clarity to the Schedule of Fees. The 

Commission believes that waiver of the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest. Therefore, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposed rule change as operative upon 

filing.13

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: (i) Necessary or appropriate in 

the public interest; (ii) for the protection 

of investors; or (iii) 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– 

GEMX–2018–18 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–GEMX–2018–18. 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–GEMX–2018–18 and 

should be submitted on or before June 

29, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–12321 Filed 6–7–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83365; File No. SR–GEMX– 

2018–17] 

Self-Regulatory Organizations; Nasdaq 

GEMX, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Memorialize Order and 

Execution Information Into GEMX Rule 

718 

June 4, 2018. 

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 May 23, 

2018, Nasdaq GEMX, LLC (‘‘GEMX’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

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. Regulatory Organization’s Statement 

of the Terms of Substance of the 

Proposed Rule Change 

The Exchange proposes to 

memorialize its order and execution 

information into GEMX Rule 718, 

entitled ‘‘Data Feeds.’’ 

The text of the proposed rule change 

is available on the Exchange’s website at 

http://nasdaqgemx.cchwallstreet.com/, 

at the principal office of the Exchange, 

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 add order 

and execution information into GEMX 


amozie on DSK3GDR082PROD with NOTICES1
Federal Register / Vol. 83, No. 111 / Friday, June 8, 2018 / Notices 26729 

3The term ‘‘Public Customer’’ means a person or 

entity that is not a broker or dealer in securities. See 

Rule 100(a)(44). 

4The term ‘‘Priority Customer’’ means a person 

or entity that (i) is not a broker or dealer in 

securities, and (ii) does not place more than 390 

orders in listed options per day on average during 

a calendar month for its own beneficial account(s). 

See 100(a)(41A). The term ‘‘Priority Customer 

Order’’ means an order for the account of a Priority 

Customer. See Rule 100(a)(43A). 

5The term ‘‘Professional Order’’ means an order 

that is for the account of a person or entity that is 

not a Priority Customer. See Rule 100(a)(43C). 

6See Securities Exchange Act Release No. 81136 

(July 13, 2017), 82 FR 33168 (July 19, 2017) (SR– 

GEMX–2017–29) (‘‘Prior Filing’’). 

7 Id. 

8An ‘‘account number’’ shall mean a number 

assigned to a Member. Members may have more 

than one account number. See proposed Rule 

100(a)(1). 

9A ‘‘badge’’ shall mean an account number with 

a letter suffix assigned to Market Makers. A Market 

Maker account may be associated with multiple 

badges. See proposed Rule 100(a)(5). 

10A ‘‘mnemonic’’ shall mean an acronym 

comprised of letters and/or numbers assigned to 

Electronic Access Members. An Electronic Access 

Member account may be associated with multiple 

mnemonics. See proposed Rule 100(a)(34). 11 Id. 

Rule 718, entitled ‘‘Data Feeds.’’ The 

Exchange proposes to rename this rule 

‘‘Data Feeds and Trade Information.’’ 

The Exchange also proposes to amend 

Rule 100 to add definitions. 

GEMX Rule 718(a) 

The Exchange proposes to amend the 

Nasdaq GEMX Top Quote Feed. The 

Exchange stated in that description that 

this feed calculates and disseminates 

GEMX’s best bid and offer position, 

with aggregated size (including total 

size in aggregate, for Public Customer 3

size in the aggregate and Priority 

Customer 4 size in the aggregate), based 

on displayable order and quote interest 

in the System. The Exchange proposes 

to amend this rule text to instead 

provide, ‘‘this feed calculates and 

disseminates GEMX’s best bid and offer 

position, with aggregated size (including 

total size in aggregate, for Professional 

Order 5 size in the aggregate and Priority 

Customer Order size in the aggregate), 

based on displayable order and quote 

interest in the System.’’ The Exchange 

intended to specify that Professional 

Orders and Priority Customer Orders are 

segregated and aggregated. The Public 

Customer definition is too broad 

because it includes a portion of Priority 

Customer, which was already specified 

within the description. The Exchange 

proposes to remove Public Customer 

and replace it with Professional Order to 

be more specific and amend Priority 

Customer to Priority Customer Order to 

reference the types of orders that are 

aggregated to conform the rule text. 

GEMX Rule 718(b) 

The Exchange proposes to add its 

order and execution information into 

GEMX Rule 718, entitled ‘‘Data Feeds.’’ 

The Exchange proposes to rename this 

rule ‘‘Data Feeds and Trade 

Information.’’ The Exchange also 

proposes to amend Rule 100 to add 

definitions. 

The Exchange proposes to adopt a 

new GEMX Rule 718(b) and 

memorialize the following order and 

execution information which was 

discussed in other rule filings by the 

Exchange: (i) Clearing Trade 

Information or ‘‘CTI’’; and (ii) FIX 

DROP.6 The Exchange is also adding a 

description for TradeInfo. The TradeInfo 

user interface is being offered today on 

GEMX at no cost. 

The Exchange notes that while CTI 

and FIX Drop information are accessible 

through a port, TradeInfo is an interface. 

The Exchange notes this distinction to 

make clear the manner of delivery for 

each of these information types. 

CTI 

The Exchange stated in its Prior Filing 

that ‘‘CTI is a real-time clearing trade 

message that is sent to a Member after 

an execution has occurred and contains 

trade details. The message containing 

the trade details is also simultaneously 

sent to The Options Clearing 

Corporation. The information includes, 

among other things, the following: (i) 

The Clearing Member Trade Agreement 

or ‘‘CMTA’’ or The Options Clearing 

Corporation or ‘‘OCC’’ number; (ii) 

Exchange badge or house number; (iii) 

the Exchange internal firm identifier; 

and (iv) an indicator which will 

distinguish electronic and nonelectronically delivered orders; (v) 

liquidity indicators and transaction type 

for billing purposes; (vi) capacity.’’ 7

The Exchange is proposing to amend 

the CTI description and memorialize it 

within GEMX Rule 718(b)(1). The 

Exchange proposes to eliminate the 

sentence which states, ‘‘The message 

containing the trade details is also 

simultaneously sent to The Options 

Clearing Corporation.’’ The Exchange’s 

System sends clearing information to 

OCC for each transaction. This sentence 

does not add information that is useful 

or relevant and therefore the Exchange 

proposes to remove it. The Exchange 

also proposes to delete the words ‘‘an 

indicator which will distinguish 

electronic and non-electronically 

delivered orders.’’ The only method on 

GEMX to deliver an order is 

electronically. 

The Exchange is also adopting 

definitions for ‘‘account number,’’ 8

‘‘badge,’’ 9 and ‘‘mnemonic’’ 10 to be 

utilized within the CTI definition and 

uniformly throughout the Rulebook. The 

Exchange proposes to renumber Rule 

100 to accommodate the new 

definitions. The Exchange is reserving 2 

numbers for future use of other 

definitions. The Exchange proposes to 

replace the phrase in Rule 718(b)(1) 

subsection (ii) from previously filed 

Exchange badge or house number to 

proposed definitions for badge or 

mnemonic. The Exchange proposes to 

replace the phrase in Rule 718(b)(1) 

subsection (iii) from Exchange internal 

firm identifier to proposed definition for 

account number. The Exchange 

proposes to expand on Rule 718(b)(1) 

subsection (iv) by replacing the phrase 

‘‘an indicator which will distinguish 

electronic and non-electronically 

delivered orders’’ with ‘‘information 

which identifies the transaction type 

(e.g. auction type) for billing purposes.’’ 

Finally, the Exchange Further, the 

Exchange is adding an ‘‘and’’ before ‘‘(v) 

capacity’’ and changing the wording to 

‘‘market participant capacity.’’ The 

Exchange has renumbered the CTI 

sections to account for the language that 

was removed from the description. 

Finally, the Exchange is adding an 

‘‘and’’ before Rule 718(b)(1) subsection 

(v) ‘‘capacity’’ and changing the 

wording to ‘‘market participant 

capacity.’’ The Exchange is expressing 

more specifically the type of data 

contained in CTI. 

FIX DROP 

The Exchange stated in its Prior Filing 

that ‘‘FIX DROP provides real-time 

order and execution update is a message 

that is sent to a Member after an order 

been received/modified or an execution 

has occurred and contains trade details. 

The information includes, among other 

things, the following: (1) Executions; (2) 

cancellations; (3) modifications to an 

existing order; and (4) busts or posttrade corrections.’’ 11

The Exchange proposes to 

memorialize FIX DROP within GEMX 

Rule 718(b)(3). The Exchange notes that 

at the end of the first sentence of the 

description it is adding ‘‘specific to that 

Member’’ to make clear that FIX DROP 

only provides a Member its specific 

trade information. Also, an ‘‘and’’ is 

included before new (iv) as the numbers 

have been changed to roman numerals. 

TradeInfo 

The Exchange proposes to establish 

its TradeInfo offering at GEMX Rule 

718(b)(2). TradeInfo, a user interface, 

permits a Member to: (i) Search all 

orders submitted in a particular security 


amozie on DSK3GDR082PROD with NOTICES1
26730 Federal Register / Vol. 83, No. 111 / Friday, June 8, 2018 / Notices 

12 15 U.S.C. 78f(b). 

13 15 U.S.C. 78f(b)(5). 14 15 U.S.C. 78f(b)(8). 

15 15 U.S.C. 78s(b)(3)(A)(iii). 16 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires a self-regulatory organization to 

give the Commission written notice of its intent to 

file the proposed rule change, along with a brief 

description and text of the proposed rule change, 

at least five business days prior to the date of filing 

of the proposed rule change, or such shorter time 

as designated by the Commission. The Exchange 

has satisfied this requirement. 

17 17 CFR 240.19b–4(f)(6). 18 17 CFR 240.19b–4(f)(6)(iii). 19For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

or all orders of a particular type, 

regardless of their status (open, 

canceled, executed, etc.); (ii) view 

orders and executions; and (iii) 

download orders and executions for 

recordkeeping purposes. TradeInfo 

users may also cancel open orders at the 

order, port or firm mnemonic level 

through TradeInfo. TradeInfo is offered 

today to Members on GEMX at no cost. 

The Exchange considers it appropriate 

to establish and memorialize the order 

and execution information available on 

GEMX within a rule so that Members 

may understand the trade information 

which is available on the Exchange as 

it pertains to a firm’s trading 

information. This data is available to all 

Members and is specific to a Member’s 

transactions on GEMX. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Securities Exchange 

Act of 1934 (the ‘‘Act’’),12 in general, 

and furthers the objectives of Section 

6(b)(5) of the Act,13 in particular, in that 

it is designed to promote just and 

equitable principles of trade, to remove 

impediments to and perfect the 

mechanism for a free and open market 

and a national market system, and, in 

general, to protect investors and the 

public interest, by providing greater 

transparency as to the order and 

execution information offered on 

GEMX. Each proposal is described in 

more detail below. 

GEMX Rule 718(a) 

The Exchange’s proposal to amend 

the Nasdaq GEMX Top Quote Feed to 

specify that Professional Orders and 

Priority Customer Orders are segregated 

and aggregated is consistent with the 

protection of investors and the public 

interest because the Exchange is 

correcting the categories of orders, 

which are segregated and aggregated. 

The Public Customer definition is too 

broad because it includes a portion of 

Priority Customer, which was already 

specified within the description. The 

Exchange proposes to remove Public 

Customer and replace it with 

Professional Order to be more specific 

and amend Priority Customer to Priority 

Customer Order to reference the types of 

orders that are aggregated to conform 

the rule text. The Exchange believes that 

this amendment will bring more 

transparency to the information within 

the feed. 

GEMX Rule 718(b) 

The Exchange believes that 

memorializing CTI and FIX DROP 

within a rule will provide Members 

with transparency as to the order and 

information offerings available on 

GEMX specific to their trading on 

GEMX. The Exchange’s proposal to 

establish TradeInfo is consistent with 

the Act because the Exchange is 

detailing the contents of this offering as 

well as providing transparency as to the 

availability of TradeInfo. The Exchange 

believes that offering Members 

TradeInfo, which allows Members to 

view executions as well as other 

capabilities with respect to order 

management, enhances the ability of a 

Member to manage its orders. The 

Exchange believes that providing 

Members with tools to manage orders is 

consistent with the Act and serves to 

protect investors and the public interest. 

Further, the Exchange believes that this 

proposal is consistent with the Act 

because TradeInfo provides information 

regarding information available to 

market participants, specifically with 

respect to trades they execute on GEMX. 

The information is available to all 

Members. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

In accordance with Section 6(b)(8) of 

the Act,14 the Exchange does not believe 

that the proposed rule change will 

impose any burden on intermarket or 

intra-market competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange’s proposal does not impose an 

undue burden on competition, rather 

the Exchange is seeking to provide 

greater transparency within its rules 

with respect to the Nasdaq GEMX Top 

Quote Feed as well as order and 

execution information offered on 

GEMX. The information is available to 

all Members. Specifically, TradeInfo is 

available to any Member that requests 

this service. The TradeInfo product will 

provide a Member information 

regarding that Member’s executions. 

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 

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)(iii) of the Act 15 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.16

A proposed rule change filed under 

Rule 19b–4(f)(6) 17 normally does not 

become operative prior to 30 days after 

the date of the filing. However, Rule 

19b–4(f)(6)(iii) 18 permits the 

Commission to designate a shorter time 

if such action is consistent with the 

protection of investors and the public 

interest. The Exchange has asked the 

Commission to waive the 30-day 

operative delay so that the proposed 

rule change may become effective and 

operative immediately upon filing. The 

Exchange states that waiver of the 

operative delay will allow the Exchange 

to correct the Nasdaq GEMX Top Quote 

Feed and update its rules immediately 

regarding order and execution 

information offered on GEMX. The 

Exchange further states that it believes 

the waiver will further the protection of 

investors and the public interest 

because it will provide greater 

transparency as to the Nasdaq GEMX 

Top Quote Feed as well as trade detail 

available to market participants. 

Further, the Exchange states that 

memorializing TradeInfo will provide 

Members with greater information 

concerning a Member’s executions on 

GEMX and make its availability 

transparent. The Commission believes 

that waiver of the 30-day operative 

delay is consistent with the protection 

of investors and the public interest. 

Therefore, the Commission hereby 

waives the 30-day operative delay and 

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 


amozie on DSK3GDR082PROD with NOTICES1
Federal Register / Vol. 83, No. 111 / Friday, June 8, 2018 / Notices 26731 

20 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3Capitalized terms used but not defined herein 

have the meanings specified in the ICE Clear 

Europe Delivery Procedures. 4 15 U.S.C. 78q–1(b)(3)(F). 

action is: (i) Necessary or appropriate in 

the public interest; (ii) for the protection 

of investors; or (iii) 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– 

GEMX–2018–17 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–GEMX–2018–17. 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–GEMX–2018–17 and 

should be submitted on or before June 

29, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–12317 Filed 6–7–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83372; File No. SR–ICEEU– 

2018–008] 

Self-Regulatory Organizations; ICE 

Clear Europe Limited; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change Relating to 

Amendments to the ICE Clear Europe 

Delivery Procedures 

June 4, 2018. 

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 May 29, 

2018, ICE Clear Europe Limited (‘‘ICE 

Clear Europe’’ or the ‘‘Clearing House’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change described in Items 

I, II and III below, which Items have 

been prepared by ICE Clear Europe. 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, Security-Based Swap 

Submission, or Advance Notice 

The principal purpose of the 

proposed amendments is for ICE Clear 

Europe to amend its Delivery 

Procedures (the ‘‘Delivery 

Procedures’’) 3 with respect to the 

delivery terms relating to the ICE 

Futures Europe (‘‘IFEU’’) Robusta Coffee 

Futures Contract. 

II. Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change, Security-Based 

Swap Submission or Advance Notice 

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, Security-Based 

Swap Submission or Advance Notice 

(a) Purpose 

ICE Clear Europe is amending its 

Delivery Procedures to make certain 

modifications and clarifications to the 

delivery terms relating to the IFEU 

Robusta Coffee Futures Contract. The 

amendments also remove outdated 

references, correct typographical errors, 

insert references to current ICE systems 

and align naming conventions used 

throughout the Delivery Procedures. 

The changes are intended to be 

consistent with changes made to the 

IFEU contract specifications for the 

Robusta Coffee Futures Contract. In 

particular, the amendments to the 

Delivery Procedures will shorten the 

delivery period from the delivery notice 

to the final settlement day from 14 

calendar days to 4 calendar days to 

reflect suggestions from market 

participants that the current period was 

unnecessarily long. A shorter period 

also more closely aligns with other 

similar futures contracts, including the 

ICE Futures US Coffee Futures Contract. 

As a result of this change, the 

amendments also remove the existing 

‘‘Early Take Up’’ concept as this is no 

longer necessary given the shorter 

settlement period. 

The changes also remove the Delivery 

Documentation Summary section, 

because this simply repeats what is set 

out in the Delivery Procedures above 

and is therefore, unnecessary. 

(b) Statutory Basis 

Section 17A(b)(3)(F) of the Act 4

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 shorten the delivery period 

for the Robusta Coffee Futures 

Contracts, and make certain related 


amozie on DSK3GDR082PROD with NOTICES1