Federal Register / Vol. 89, No. 8 / Thursday, January 11, 2024 / Notices 1951 

1See Docket No. RM2018–3, Order Adopting 

Final Rules Relating to Non-Public Information, 

June 27, 2018, Attachment A at 19–22 (Order No. 

4679). 

Filing Online system at http://

www.prc.gov. Those who cannot submit 

comments electronically should contact 

the person identified in the FOR FURTHER

INFORMATION CONTACT section by 

telephone for advice on filing 

alternatives. 

FOR FURTHER INFORMATION CONTACT: 

David A. Trissell, General Counsel, at 

202–789–6820. 

SUPPLEMENTARY INFORMATION: 

Table of Contents 

I. Introduction 

II. Docketed Proceeding(s) 

I. Introduction 

The Commission gives notice that the 

Postal Service filed request(s) for the 

Commission to consider matters related 

to negotiated service agreement(s). The 

request(s) may propose the addition or 

removal of a negotiated service 

agreement from the Market Dominant or 

the Competitive product list, or the 

modification of an existing product 

currently appearing on the Market 

Dominant or the Competitive product 

list. 

Section II identifies the docket 

number(s) associated with each Postal 

Service request, the title of each Postal 

Service request, the request’s acceptance 

date, and the authority cited by the 

Postal Service for each request. For each 

request, the Commission appoints an 

officer of the Commission to represent 

the interests of the general public in the 

proceeding, pursuant to 39 U.S.C. 505 

(Public Representative). Section II also 

establishes comment deadline(s) 

pertaining to each request. 

The public portions of the Postal 

Service’s request(s) can be accessed via 

the Commission’s website (http://

www.prc.gov). Non-public portions of 

the Postal Service’s request(s), if any, 

can be accessed through compliance 

with the requirements of 39 CFR 

3011.301.1

The Commission invites comments on 

whether the Postal Service’s request(s) 

in the captioned docket(s) are consistent 

with the policies of title 39. For 

request(s) that the Postal Service states 

concern Market Dominant product(s), 

applicable statutory and regulatory 

requirements include 39 U.S.C. 3622, 39 

U.S.C. 3642, 39 CFR part 3030, and 39 

CFR part 3040, subpart B. For request(s) 

that the Postal Service states concern 

Competitive product(s), applicable 

statutory and regulatory requirements 

include 39 U.S.C. 3632, 39 U.S.C. 3633, 

39 U.S.C. 3642, 39 CFR part 3035, and 

39 CFR part 3040, subpart B. Comment 

deadline(s) for each request appear in 

section II. 

II. Docketed Proceeding(s) 

1. Docket No(s).: MC2024–160 and 

CP2024–166; Filing Title: USPS Request 

to Add Priority Mail & USPS Ground 

Advantage Contract 170 to Competitive 

Product List and Notice of Filing 

Materials Under Seal; Filing Acceptance 

Date: January 5, 2024; Filing Authority: 

39 U.S.C. 3642, 39 CFR 3040.130 

through 3040.135, and 39 CFR 3035.105; 

Public Representative: Alireza 

Motameni; Comments Due: January 16, 

2024. 

This Notice will be published in the 

Federal Register. 

Erica A. Barker, 

Secretary. 

[FR Doc. 2024–00423 Filed 1–10–24; 8:45 am] 

BILLING CODE 7710–FW–P 

POSTAL SERVICE 

Product Change—Priority Mail and 

USPS Ground Advantage® Negotiated 

Service Agreement 

AGENCY: Postal ServiceTM. 

ACTION: Notice. 

SUMMARY: The Postal Service gives 

notice of filing a request with the Postal 

Regulatory Commission to add a 

domestic shipping services contract to 

the list of Negotiated Service 

Agreements in the Mail Classification 

Schedule’s Competitive Products List. 

DATES: Date of required notice: January 

11, 2024. 

FOR FURTHER INFORMATION CONTACT: 

Sean Robinson, 202–268–8405. 

SUPPLEMENTARY INFORMATION: The 

United States Postal Service® hereby 

gives notice that, pursuant to 39 U.S.C. 

3642 and 3632(b)(3), on January 4, 2024, 

it filed with the Postal Regulatory 

Commission a USPS Request to Add 

Priority Mail & USPS Ground 

Advantage® Contract 169 to 

Competitive Product List. Documents 

are available at www.prc.gov, Docket 

Nos. MC2024–158, CP2024–164. 

Sean Robinson, 

Attorney, Corporate and Postal Business Law. 

[FR Doc. 2024–00381 Filed 1–10–24; 8:45 am] 

BILLING CODE 7710–12–P 

POSTAL SERVICE 

Product Change—Priority Mail 

Express, Priority Mail, and USPS 

Ground Advantage® Negotiated 

Service Agreement 

AGENCY: Postal ServiceTM. 

ACTION: Notice. 

SUMMARY: The Postal Service gives 

notice of filing a request with the Postal 

Regulatory Commission to add a 

domestic shipping services contract to 

the list of Negotiated Service 

Agreements in the Mail Classification 

Schedule’s Competitive Products List. 

DATES: Date of required notice: January 

11, 2024. 

FOR FURTHER INFORMATION CONTACT: 

Sean C. Robinson, 202–268–8405. 

SUPPLEMENTARY INFORMATION: The 

United States Postal Service® hereby 

gives notice that, pursuant to 39 U.S.C. 

3642 and 3632(b)(3), on January 4, 2024, 

it filed with the Postal Regulatory 

Commission a USPS Request to Add 

Priority Mail Express, Priority Mail & 

USPS Ground Advantage® Contract 42 

to Competitive Product List. Documents 

are available at www.prc.gov, Docket 

Nos. MC2024–159, CP2024–165. 

Sean C. Robinson, 

Attorney, Corporate and Postal Business Law. 

[FR Doc. 2024–00387 Filed 1–10–24; 8:45 am] 

BILLING CODE 7710–12–P 

POSTAL SERVICE 

Product Change—Priority Mail and 

USPS Ground Advantage® Negotiated 

Service Agreement 

AGENCY: Postal ServiceTM. 

ACTION: Notice. 

SUMMARY: The Postal Service gives 

notice of filing a request with the Postal 

Regulatory Commission to add a 

domestic shipping services contract to 

the list of Negotiated Service 

Agreements in the Mail Classification 

Schedule’s Competitive Products List. 

DATES: Date of required notice: January 

11, 2024. 

FOR FURTHER INFORMATION CONTACT: 

Sean Robinson, 202–268–8405. 

SUPPLEMENTARY INFORMATION: The 

United States Postal Service® hereby 

gives notice that, pursuant to 39 U.S.C. 

3642 and 3632(b)(3), on January 5, 2024, 

it filed with the Postal Regulatory 

Commission a USPS Request to Add 

Priority Mail & USPS Ground 

Advantage® Contract 170 to 

Competitive Product List. Documents 


ddrumheller on DSK120RN23PROD with NOTICES1
1952 Federal Register / Vol. 89, No. 8 / Thursday, January 11, 2024 / Notices 

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

2 17 CFR 240.19b–4. 

3LCH SA, a subsidiary of LCH Group and an 

indirect subsidiary of the London Stock Exchange 

Group plc (‘‘LSEG’’), manages its liquidity risk 

pursuant to, among other policies and procedures, 

the Group Liquidity Risk Policy and the Group 

Liquidity Plan applicable to each entity within LCH 

Group. In addition to its CDSClear service, LCH SA 

provides clearing services in connection with cash 

equities and derivatives listed for trading on 

Euronext (EquityClear), commodity derivatives 

listed for trading on Euronext (CommodityClear), 

and tri-party Repo transactions (RepoClear). LCH 

SA also maintains an interoperability link with 

Euronext Clearing, formerly Cassa di 

Compensazione e Garanzia, in Milan, Italy. 

4LCH SA uses a Cover 2 approach for conducting 

stress tests and assessing its liquidity resources on 

a daily basis. This approach assumes that the two 

Clearing Member groups with the largest liquidity 

exposure will default on the same day. Cover 2 is 

computed by taking into account the liquidity risks 

related to clearing members within the same group 

across all services of the CCP that are then 

aggregated. 

5See, Framework, § 4.2.5. 

6See, e.g., Framework, §§ 4.2.1, 5.1, 5.3. 

7See, Framework, § 4.2.5.2.4. 

8No revisions are being proposed to Section 2, 

Limitations and Compensating Controls, or Section 

3, Justification of Modeling Approach. The 

Framework also has a number of appendices, set 

out in Section 6, that supplement the matters 

discussed elsewhere in the Framework. 9Per SEC Rule 17Ad–22(e)(7)(i), LCH SA is 

required to maintain sufficient liquid resources at 

the minimum in all relevant currencies to effect 

same-day and, where appropriate, intraday and 

multiday settlement of payment obligations with a 

high degree of confidence under a wide range of 

foreseeable stress scenarios that includes, but is not 

limited to, the default of the participant family that 

would generate the largest aggregate payment 

obligation for the covered clearing agency in 

extreme but plausible market conditions. 

10Such liquidation includes the possible 

liquidation of securities underlying reverse 

are available at www.prc.gov, Docket 

Nos. MC2024–160, CP2024–166. 

Sean Robinson, 

Attorney, Corporate and Postal Business Law. 

[FR Doc. 2024–00380 Filed 1–10–24; 8:45 am] 

BILLING CODE 7710–12–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99277; File No. SR–LCH 

SA–2023–007] 

Self-Regulatory Organizations; LCH 

SA; Notice of Filing of Proposed Rule 

Change Relating to Liquidity Risk 

Modelling Framework 

January 5, 2024. 

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 December 

22, 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 described in 

Items I, II and III below, which Items 

have been primarily prepared by LCH 

SA. 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 its 

Liquidity Risk Modelling Framework 

(the ‘‘Framework’’), which describes the 

Liquidity Stress Testing framework by 

which the Collateral and Liquidity Risk 

Management department (‘‘CaLRM’’) of 

LCH SA assures that LCH SA has 

enough cash available to meet any 

financial obligations, both expected and 

unexpected, that may arise over the 

liquidation period for each of the 

clearing services that LCH SA offers (the 

‘‘Proposed Rule Change’’).3

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 Proposed Rule Change is being 

adopted primarily to enhance the 

manner in which the Liquidity Coverage 

Ratio (‘‘LCR’’) is calculated, thereby 

increasing the robustness of LCH SA’s 

liquidity profile.4 The changes 

implement recommendations made by 

LCH SA’s Model Validation Team 

following validation exercises in 2020 

and 2021. 

In particular, the Proposed Rule 

Change will: (a) revise the manner in 

which the settlement obligation 

liquidity requirements are calculated by 

aligning it to the actual process used by 

the Operations Team during a default 

management event and ensuring that no 

netting is allowed between Members of 

the same Group; (b) revise the manner 

in which securities pledged to the 

Banque de France (‘‘BdF’’) are 

calculated by providing that such 

securities be valued at the stressed 

mark-to-market price rather than the 

contract price; 5 (c) extend from five (5) 

days to seven (7) days the length of time 

for which LCH SA must maintain 

liquidity resources sufficient to meet its 

liquidity requirements; 6 (d) include the 

liquidity needs generated by the 

expiration of physically settled stock 

futures in the liquidity monitoring; and 

(e) require LCH SA, in calculating its 

required liquidity resources, to take into 

account that Clearing Members may 

switch from depositing non-cash 

collateral in a Full Title Transfer 

Account, which may be pledged at the 

BdF to obtain a liquidity line of credit, 

to depositing non-cash collateral instead 

in a Pledge Account, which permits no 

re-hypothecation rights.7

The proposed revisions to the 

Framework are set out in four of the 

Framework’s six sections: Section 1, 

Model Scope, Purpose and Use; Section 

4, Model Specifications; Section 5, 

Model Performance Testing and 

Ongoing Monitoring and Section 6, 

Appendix.8

Section 1 of the Framework will be 

amended as follows: 

Section 1.1, Model Objective, Business 

Scope and Intended Use, will be revised 

to specify that the review of the 

Framework will be performed at least on 

an annual basis rather than quarterly to 

align the frequency of the review with 

the frequency defined for the regular 

update of the Liquidity Risk Policy. 

Section 1.1.1, Reminder of SA’s 

activities, will be revised to specify that 

the Default Funds are calibrated on the 

assumption of default of the two most 

exposed Member Groups (Cover 2). In 

particular, LCH SA’s Framework 

ensures that the liquid resources are 

sufficient to cover the simultaneous 

default of the two most exposed 

Member Groups in term of liquidity that 

are identified by taking into 

consideration all of the possible 

liquidity needs, including the 

settlement obligation. This is approach 

incorporates the Cover 1 Clearing 

Member Group plus the next most 

exposed Clearing Member Group.9

Section 1.1.2, Investment activities, 

will be revised to clarify the 

responsibilities of the Collateral and 

Liquidity Management (‘‘CaLM’’) Front 

Office team. Specifically, the sentence: 

‘‘Three main tasks have been assigned to 

the team: liquidity management, noncash collateral settlement in case of a 

clearing member’s default and 

investment management’’ has been 

revised to read: ‘‘Three main tasks have 

been assigned to the team: liquidity 

management, non-cash collateral 

liquidation 10 in case of a clearing 


ddrumheller on DSK120RN23PROD with NOTICES1