Federal Register / Vol. 77, No. 53 / Monday, March 19, 2012 / Notices 16105 

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

2 17 CFR 240.19b–4. 

3 Initial Payment means, in relation to a CDS 

Contract, the payment, if any, specified as the 

‘‘Initial Payment Amount’’ (or, in relation to certain 

CDS Contracts relating to indices, as the 

‘‘Additional Amount’’) under the Contract Terms 

for such CDS Contract and, in relation to a Bilateral 

CDS Transaction, the payment, usually described 

therein as the ‘‘Initial Payment Amount’’ or 

‘‘Additional Amount,’’ payable by one party thereto 

to the other on the third business day after the trade 

date of such Bilateral CDS Transaction. See ICE 

Clear Europe Clearing Rules, Section 1, Rule 101. 

4The Commission has modified the text of the 

summaries prepared by ICE Clear Europe. 

value is justified by analyses), and 

be able to maintain containment 

pressure below the primary 

containment design pressure. 

1.2.2 The HCVS shall be accessible 

to plant operators and be capable of 

remote operation and control, or 

manual operation, during sustained 

operations. 

1.2.3 The HCVS shall include a 

means to prevent inadvertent 

actuation. 

1.2.4 The HCVS shall include a 

means to monitor the status of the 

vent system (e.g., valve position 

indication) from the control room or 

other location(s). The monitoring 

system shall be designed for 

sustained operation during a 

prolonged SBO. 

1.2.5 The HCVS shall include a 

means to monitor the effluent 

discharge for radioactivity that may 

be released from operation of the 

HCVS. The monitoring system shall 

provide indication in the control 

room or other location(s), and shall 

be designed for sustained operation 

during a prolonged SBO. 

1.2.6 The HCVS shall include design 

features to minimize unintended 

cross flow of vented fluids within a 

unit and between units on the site. 

1.2.7 The HCVS shall include 

features and provision for the 

operation, testing, inspection and 

maintenance adequate to ensure 

that reliable function and capability 

are maintained. 

1.2.8 The HCVS shall be designed 

for pressures that are consistent 

with maximum containment design 

pressures as well as dynamic 

loading resulting from system 

actuation. 

1.2.9 The HCVS shall discharge the 

effluent to a release point above 

main plant structures. 

2. Hardened Containment Venting 

System Quality Standards 

The following quality standards are 

necessary to fulfill the requirements for 

a reliable HCVS: 

2.1 The HCVS vent path up to and 

including the second containment 

isolation barrier shall be designed 

consistent with the design basis of 

the plant. These items include 

piping, piping supports, 

containment isolation valves, 

containment isolation valve 

actuators and containment isolation 

valve position indication 

components. 

2.2 All other HCVS components shall 

be designed for reliable and rugged 

performance that is capable of 

ensuring HCVS functionality 

following a seismic event. These 

items include electrical power 

supply, valve actuator pneumatic 

supply and instrumentation (local 

and remote) components. 

3. Hardened Containment Venting 

System Programmatic Requirements 

3.1 The Licensee shall develop, 

implement, and maintain 

procedures necessary for the safe 

operation of the HCVS. Procedures 

shall be established for system 

operations when normal and 

backup power is available, and 

during SBO conditions. 

3.2 The Licensee shall train 

appropriate personnel in the use of 

the HCVS. The training curricula 

shall include system operations 

when normal and backup power is 

available, and during SBO 

conditions. 

[FR Doc. 2012–6545 Filed 3–16–12; 8:45 am] 

BILLING CODE 7590–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–66581; File No. SR–ICEEU– 

2012–04] 

Self-Regulatory Organizations; ICE 

Clear Europe Limited; Notice of Filing 

of Proposed Rule Change To Provide 

for a T+1 Settlement of the Initial 

Payment Related to the CDS Contracts 

Cleared by ICE Clear Europe Limited 

March 13, 2012. 

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 March 6, 

2012, ICE Clear Europe Limited (‘‘ICE 

Clear Europe’’) 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 

primarily by ICE Clear Europe. 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 

ICE Clear Europe proposes rule 

amendments that are intended to 

modify the terms of each of the various 

CDS Contracts cleared by ICE Clear 

Europe (iTraxx Contracts, Standard 

European Corporate and Sovereign 

Contracts) to make the Initial Payment 3

date the first business day immediately 

following the trade date, provided that 

with respect to CDS Contracts that are 

accepted for clearing after the trade 

date, the Initial Payment date will be the 

date that is the first business day 

following the date when the CDS 

Contract is accepted for clearing. 

II. Self-Regulatory Organization’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 

these statements.4

(A) Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

As noted above, the proposed rule 

changes amend the timing of Initial 

Payments on a cleared CDS Contract. 

The Initial Payment under a CDS 

Contract is established at the time the 

contract is executed and may be payable 

from either the protection buyer to the 

protection seller or vice versa. Under 

the current ICE Clear Europe Rules (by 

way of the incorporated ISDA Credit 

Derivatives Definitions), and consistent 

with practice in the market for 

uncleared credit default swaps, the 

Initial Payment is required to be made 

on the third business day following the 

trade date (the execution date). ICE 

Clear Europe proposes to amend the 

definition of Initial Payment in its 

Clearing Rules to provide instead that 

the Initial Payment is to be made on the 

first business day following the trade 

date (or, if the transaction is accepted 

for clearing after the trade date, the 

initial payment is to be made on the first 

business day following the date of 

acceptance for clearing). ICE Clear 

Europe believes that this change from 

T+3 settlement to T+1 settlement will 

reduce settlement risk for the 


emcdonald on DSK29S0YB1PROD with NOTICES
16106 Federal Register / Vol. 77, No. 53 / Monday, March 19, 2012 / Notices 

5 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

clearinghouse and clearing members 

and improve margin efficiency (as 

margin requirements will no longer 

need to take into account the additional 

risk from a T+3 as opposed to a T+1 

settlement rule). ICE Clear Europe’s CDS 

Risk Committee approved the proposed 

rule changes. 

The other proposed changes in the 

ICE Clear Europe Rules reflect updates 

to cross-references and defined terms 

and similar drafting clarifications, and 

do not affect the substance of the ICE 

Clear Europe Rules or cleared products. 

(B) Self-Regulatory Organization’s 

Statement on Burden on Competition 

ICE Clear Europe does not believe the 

proposed rule and procedural changes 

would have any impact, or impose any 

burden, on competition. 

(C) Self-Regulatory Organization’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. ICE Clear Europe 

will notify the Commission of any 

written comments received by ICE Clear 

Europe. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period 

up to 90 days (i) as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or (ii) as to which 

the self-regulatory organization 

consents, the Commission will: (A) by 

order approve or disapprove the 

proposed rule change or (B) institute 

proceedings to determine whether the 

proposed rule change should be 

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 rulecomments@sec.gov. Please include File 

Number SR–ICEEU–2012–04 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F Street NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–ICEEU–2012–04. 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 Web site (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 Web site viewing and 

printing in the Commission’s Public 

Reference Section, 100 F Street NE., 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 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 

Web site at https://www.theice.com/ 

publicdocs/regulatory_filings/ 

ICE_Clear_Europe_T+1_Settlement.pdf. 

All comments received will be posted 

without change; the Commission does 

not edit personal identifying 

information from submissions. You 

should submit only information that 

you wish to make available publicly. All 

submissions should refer to File 

Number SR–ICEEU–2012–04 and 

should be submitted on or before April 

9, 2012. 

For the Commission by the Division of 

Trading and Markets, pursuant to delegated 

authority.5

Kevin O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–6496 Filed 3–16–12; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–66582; File No. SR–ISE– 

2012–16] 

Self-Regulatory Organizations; 

International Securities Exchange, 

LLC; Notice of Filing of Proposed Rule 

Change To Amend ISE Rule 722 

(Complex Orders) To Provide Its 

Members With a Choice in Executing 

Broker-Dealers for the Stock Leg(s) of 

Stock-Option Orders 

March 13, 2012. 

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 February 

29, 2012, the International Securities 

Exchange, LLC (the ‘‘Exchange’’ or the 

‘‘ISE’’) 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 selfregulatory 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 the Substance 

of the Proposed Rule Change 

The Exchange proposes to amend 

Rule 722 (Complex Orders) to allow 

Members to execute the stock legs of 

stock-option orders through a brokerdealer of their choosing. 

The text of the proposed rule change 

is available on the Exchange’s Internet 

Web site at http://www.ise.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 the 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization 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 self-regulatory organization has 

prepared summaries, set forth in 

sections A, B and C below, of the most 

significant aspects of such statements. 


emcdonald on DSK29S0YB1PROD with NOTICES