17124 Federal Register / Vol. 80, No. 61 / Tuesday, March 31, 2015 / Notices 

11 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. 78q–1. 

4 17 CFR 240.17Ad–22. 

5 15 U.S.C. 78q–1(b)(3)(F). 

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; 

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–BOX– 

2015–16 and should be submitted on or 

before April 21, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–07257 Filed 3–30–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74583; File No. SR–ICEEU– 

2015–008] 

Self-Regulatory Organizations; ICE 

Clear Europe Limited; Notice of Filing 

and Immediate Effectiveness of 

Proposed Rule Change Relating to 

Clearance of New Natural Gas Futures 

Contracts 

March 25, 2015. 

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 18, 

2015, ICE Clear Europe Limited (‘‘ICE 

Clear Europe’’) 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 

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 

The principal purpose of the 

proposed rule change is to modify the 

ICE Clear Europe Delivery Procedures 

with respect to the settlement of certain 

European natural gas futures contracts 

that are currently traded or will be 

traded on the ICE Endex market and 

cleared by ICE Clear Europe. 

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. 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. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of the rule amendments 

is to modify the ICE Clear Europe 

Delivery Procedures in connection with 

the launch by the ICE Endex market of 

certain new natural gas futures contracts 

that will be cleared by ICE Clear Europe, 

namely the ICE Endex TTF Natural Gas 

Daily Futures Contracts, ICE Endex 

Gaspool Natural Gas Daily Futures 

Contracts, ICE Endex NCG Natural Gas 

Daily Futures Contracts and ICE Endex 

ZTP Natural Gas Daily Futures 

Contracts (the ‘‘New Futures 

Contracts’’). These contracts are daily 

versions of existing monthly natural gas 

futures contracts traded on ICE Endex 

and cleared by ICE Clear Europe. ICE 

Clear Europe also proposes to make 

clarifying and conforming amendments 

for certain existing natural gas contracts 

that are covered by the Delivery 

Procedures. ICE Clear Europe does not 

otherwise propose to amend its clearing 

rules or procedures in connection with 

the New Futures Contracts. 

The amendments adopt new subparts 

of Parts E, F, G and H of the Delivery 

Procedures, applicable to the ICE Endex 

TTF Natural Gas Daily Futures 

Contracts, ICE Endex Gaspool Natural 

Gas Daily Futures Contracts, ICE Endex 

NCG Natural Gas Daily Futures 

Contracts and ICE Endex ZTP Natural 

Gas Daily Futures Contracts, 

respectively. The amendments add 

references, as appropriate, to the New 

Futures Contracts in the applicable Parts 

of the Delivery Procedures. The 

amendments provide, among other 

matters, specifications for delivery of 

natural gas under a New Futures 

Contract, including relevant definitions 

and a detailed delivery timetable for the 

contracts. The amendments also address 

invoicing and payment for delivery. The 

amendments provide for calculation by 

ICE Clear Europe of buyer’s and seller’s 

security to cover delivery obligations 

and related liabilities, costs or charges, 

as well as procedures to address failed 

deliveries. The revised procedures also 

set out various documentation 

requirements for the relevant parties. In 

addition, changes are made to paragraph 

5.1 of the Delivery Procedures to 

include the New Futures Contracts in 

the list of contracts for which parties 

may nominate transferors and 

transferees to make and take delivery. 

Other changes are made throughout 

the Delivery Procedures to conform the 

names of certain contracts to those used 

in the relevant exchange rules, 

including for the ICE Endex Gaspool 

Natural Gas Futures Contract, ICE Endex 

NCG Natural Gas Futures Contract and 

ICE Endex ZTP Natural Gas Futures 

Contract. (Related changes and 

clarifications to defined terms have also 

been made.) Throughout relevant Parts 

of the Delivery Procedures, references to 

the ‘‘HIT report’’ have been replaced 

with the ‘‘MPFE report’’ (which is the 

current form of futures expiry report 

indicating positions that have gone to 

expiry). Certain drafting clarifications to 

the term ‘‘Invoice Period’’ have been 

made in the Delivery Procedures. 

Changes have also made to the 

settlement timetable for existing ICE 

Futures UK Natural Gas Daily Futures in 

paragraph 5.2 of Part D and the delivery 

documentation requirements table in 

paragraph 8.1 of Part D (including as to 

the timetable and documentation for 

nominations of transferors and 

transferees). Parallel and conforming 

changes have been made in Parts E 

through H for other existing natural gas 

contracts. The existing Schedule of 

Forms and Reports appended to the 

Delivery Procedures has been removed 

as obsolete and unnecessary. 

2. Statutory Basis 

ICE Clear Europe believes that the 

changes described herein are consistent 

with the requirements of Section 17A of 

the Act 3 and the regulations thereunder 

applicable to it, including the standards 

under Rule 17Ad–22,4 and are 

consistent with the prompt and accurate 

clearance of 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 ICE Clear 

Europe or for which it is responsible 

and the protection of investors and the 

public interest, within the meaning of 

Section 17A(b)(3)(F) of the Act.5 The 

New Futures Contracts have similar 


asabaliauskas on DSK5VPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 61 / Tuesday, March 31, 2015 / Notices 17125 

6 15 U.S.C. 78s(b)(3)(A). 

7 17 CFR 240.19b–4(f)(4)(ii). 8 17 CFR 200.30–3(a)(12). 

characteristics to other ICE Endex 

natural gas contracts currently cleared 

by ICE Clear Europe, and ICE Clear 

Europe believes that its existing 

financial resources, risk management, 

systems and operational arrangements 

are sufficient to support clearing of such 

products (and address physical delivery 

under such contracts). The other 

changes set forth in the proposed 

amendments are generally intended to 

conform and clarify various provisions 

of the Delivery Procedures for natural 

gas contracts, and are also consistent 

with the prompt and accurate clearance 

and settlement of derivative agreements, 

contracts and transactions. 

Specifically, ICE Clear Europe 

believes that it will be able to manage 

the risks associated with acceptance of 

the New Futures Contracts for clearing 

and physical delivery in such contracts. 

The New Futures Contracts present a 

similar risk profile to other ICE Endex 

contracts currently cleared by ICE Clear 

Europe, and ICE Clear Europe believes 

that its existing risk management and 

margin framework is sufficient for 

purposes of risk management of the 

New Futures Contracts and related 

deliveries. 

Similarly, ICE Clear Europe has 

established appropriate standards for 

determining the eligibility of contracts 

submitted to it for clearing, and ICE 

Clear Europe believes that its existing 

systems are appropriately scalable to 

handle the New Futures Contracts, 

which are generally similar from an 

operational perspective to the other ICE 

Endex power contracts currently cleared 

by ICE Clear Europe. 

For the reasons noted above, ICE Clear 

Europe believes that the proposed rule 

change is consistent with the 

requirements of Section 17A of the Act 

and regulations thereunder applicable to 

it. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

ICE Clear Europe does not believe the 

proposed rule change would have any 

impact, or impose any burden, on 

competition not necessary or 

appropriate in furtherance of the Act. 

ICE Clear Europe is adopting the 

amendments to the Delivery Procedures 

principally in connection with the 

listing of new contracts for trading on 

the ICE Endex market. ICE Clear Europe 

believes that such contracts will provide 

additional opportunities for interested 

market participants to engage in trading 

activity relating to the relevant 

underlying gas markets. ICE Clear 

Europe does not believe the adoption of 

related Delivery Procedures 

amendments would adversely affect 

access to clearing for clearing members 

or their customers, or otherwise 

adversely affect competition in clearing 

services. 

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 

The foregoing rule change has become 

effective upon filing pursuant to Section 

19(b)(3)(A) 6 of the Act and Rule 19b– 

4(f)(4)(ii) 7 thereunder because it effects 

a change in an existing service of a 

registered clearing agency that primarily 

affects the clearing operations of the 

clearing agency with respect to products 

that are not securities, including futures 

that are not security futures, swaps that 

are not security-based swaps or mixed 

swaps, and forwards that are not 

security forwards, and does not 

significantly affect any securities 

clearing operations of the clearing 

agency or any rights or obligations of the 

clearing agency with respect to 

securities clearing or persons using such 

securities-clearing service. 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–2015–008 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–2015–008. 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 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 Web site at https://

www.theice.com/notices/

Notices.shtml?regulatoryFilings. 

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–2015–008 and 

should be submitted on or before April 

21, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–07248 Filed 3–30–15; 8:45 am] 

BILLING CODE 8011–01–P 


asabaliauskas on DSK5VPTVN1PROD with NOTICES