Federal Register / Vol. 80, No. 71 / Tuesday, April 14, 2015 / Notices 20047 

23See supra nn. 13–18. 

24 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

general, to protect investors and the 

public interest. Specifically, the 

Exchange believes that the proposed 

restructuring of Rule 13, to group 

existing order types to align by 

functionality, would remove 

impediments to and perfect the 

mechanism of a free and open market by 

ensuring that members, regulators, and 

the public can more easily navigate the 

Exchange’s rulebook and better 

understand the order types available for 

trading on the Exchange. In addition, 

the Exchange believes that the proposed 

revisions to Rule 13 and related 

conforming changes to Rule 501(d)(2)— 

Equities promote clarity regarding 

existing functionality that has been 

approved in prior rule filings, but which 

may not have been codified in rule 

text.23 Moreover, the Exchange believes 

that moving rule text defining a Routing 

Broker to Rule 17—Equities represents a 

more logical location for such 

definition, thereby making it easier for 

market participants to navigate 

Exchange rules. Likewise, the Exchange 

believes the proposed changes to ‘‘Not 

Held Order,’’ to move it to 

supplementary material .20 to Rule 13 

and revise the rule text to conform with 

guidance from FINRA and OATS 

requirements, would remove 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system by 

applying a uniform definition of not 

held instructions across multiple 

markets, thereby reducing the potential 

for confusion regarding the meaning of 

not held instructions. 

The Exchange further believes that the 

proposed amendment regarding MPL 

Orders to reject both MPL Orders with 

an MTV larger than the size of the order 

and instructions to partially cancel an 

MPL Order that would result in an MTV 

larger than the size of the order would 

remove impediments to and perfect the 

mechanism of a free and open market 

and national market system in general 

because it could potentially reduce the 

ability of a member organization from 

using MPL Orders to bypass contra-side 

interest that may be larger than the size 

of the MPL Order. 

Finally, the Exchange believes that 

the proposed changes to Rule 70.25(c)— 

Equities would remove impediments to 

and perfect the mechanism of a free and 

open market and national market system 

in general because it assures that the 

Exchange’s rules align with the existing 

functionality available at the Exchange 

for d-Quotes. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposed change is not designed to 

address any competitive issue but rather 

would re-structure Rule 13 and remove 

rule text that relates to functionality that 

is no longer operative, thereby reducing 

confusion and making the Exchange’s 

rules easier to navigate. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

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 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 rule-comments@

sec.gov. Please include File Number SR– 

NYSEMKT–2015–22 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Brent J. Fields, Secretary, Securities 

and Exchange Commission, 100 F Street 

NE., Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NYSEMKT–2015–22. 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 the 

filing will also be available for 

inspection and copying at the NYSE’s 

principal office and on its Internet Web 

site at www.nyse.com. 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– 

NYSEMKT–2015–22 and should be 

submitted on or before May 5, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.24

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–08454 Filed 4–13–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74676; File No. SR–ICC– 

2015–008] 

Self-Regulatory Organizations; ICE 

Clear Credit LLC; Notice of Filing of 

Proposed Rule Change Related to 

Settlement Finality 

April 8, 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 April 1, 

2015, ICE Clear Credit LLC (‘‘ICC’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared primarily by ICC. 

The Commission is publishing this 


asabaliauskas on DSK5VPTVN1PROD with NOTICES
20048 Federal Register / Vol. 80, No. 71 / Tuesday, April 14, 2015 / Notices 

3Pursuant to a telephone call with ICC’s internal 

counsel on April 2, 2015, staff in the Division of 

Trading and Markets corrected an incorrect 

reference to ICC Rule 401(b)(ii). ICC intended to 

refer to ICC Rule 401. 

4 17 CFR 39.14(a). 

5 15 U.S.C. 78q–1(b)(3)(F). 

6 Id. 

7 Id. 

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 changes is to amend ICC 

Clearing Rule 401 (‘‘Rule 401’’) 3 in 

order to provide additional clarity 

regarding settlement finality with 

respect to Mark-to-Market Margin (as 

defined in ICC Rule 401). 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, ICC 

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. ICC has prepared 

summaries, set forth in sections A, B, 

and C below, of the most significant 

aspects of these statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

ICC proposes changes to Rule 401 in 

order to provide additional clarity 

regarding settlement finality with 

respect to Mark-to-Market Margin. 

Specifically, ICC is proposing to add 

new subsections (k) and (l) to Rule 401. 

The new subsections are not intended to 

change any current ICC practices; rather, 

such changes are intended to provide 

additional clarity regarding settlement 

finality with respect to Mark-to-Market 

Margin. All capitalized terms not 

defined herein are defined in the ICC 

Rules. 

ICC proposes adding language in Rule 

401(k) to clarify that each Transfer of 

Mark-to-Market Margin shall constitute 

a settlement (within the meaning of U.S. 

Commodity Futures Trading 

Commission Rule 39.14 4) and shall be 

final as of the time ICC’s accounts are 

debited or credited with the relevant 

payment. Further, ICC proposes adding 

language in Rule 401(l) to state that once 

settlement of a Transfer of Mark-toMarket Margin in respect of the Margin 

Requirements for a Mark-to-Market 

Margin Category is final, the fair value 

of the outstanding exposures for the 

relevant Contracts in that Mark-toMarket Margin Category (taking into 

account the Margin provided in respect 

of such Margin Requirement) will be 

reset to zero. Such additional language 

is consistent with ICC’s current 

practices and is intended to provide 

further clarity regarding ICC’s 

settlement cycle. 

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

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 and to 

comply with the provisions of the Act 

and the rules and regulations 

thereunder. ICC believes that the 

proposed rule change is consistent with 

the requirements of the Act and the 

rules and regulations thereunder 

applicable to ICC, in particular, to 

section 17(A)(b)(3)(F),6 because ICC 

believes that the proposed rule change 

will assure the prompt and accurate 

clearance and settlement of securities 

transactions, derivatives agreements, 

contracts, and transactions. The 

proposed changes to the ICC Rules 

provide additional clarity regarding 

ICC’s current settlement cycle. ICC 

believes the proposed revisions provide 

further clarity and transparency in the 

ICC Rules. ICC believes clarity and 

transparency in its Rules is of value to 

the market in order to provide a 

comprehensive understanding of ICC’s 

operations. As such, the proposed rule 

change is designed to promote the 

prompt and accurate clearance and 

settlement of securities transactions, 

derivatives agreements, contracts, and 

transactions within the meaning of 

section 17A(b)(3)(F) 7 of the Act. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

ICC does not believe the proposed 

rule change would have any impact, or 

impose any burden, on competition. 

The changes, which clarify aspects of 

ICC’s settlement cycle, result in no 

operational changes and apply 

uniformly across all market participants. 

Therefore, ICC does not believe the 

proposed rule change imposes any 

burden on competition that is 

inappropriate in furtherance of the 

purposes of the Act. 

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. ICC will notify the 

Commission of any written comments 

received by ICC. 

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 

such 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 rule-comments@

sec.gov. Please include File Number SR– 

ICC–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–ICC–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 


asabaliauskas on DSK5VPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 71 / Tuesday, April 14, 2015 / Notices 20049 

8 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

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 also will be available for 

inspection and copying at the principal 

office of ICE Clear Credit and on ICE 

Clear Credit’s Web site at https://

www.theice.com/clear-credit/regulation. 

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–ICC–2015–008 and should 

be submitted on or before May 5, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–08448 Filed 4–13–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting 

Notice is hereby given, pursuant to 

the provisions of the Government in the 

Sunshine Act, Public Law 94–409, that 

the Securities and Exchange 

Commission will hold a Closed Meeting 

on Thursday, April 16, 2015 at 2:00 p.m. 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the Closed Meeting. Certain 

staff members who have an interest in 

the matters also may be present. 

The General Counsel of the 

Commission, or her designee, has 

certified that, in her opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) 

and 17 CFR 200.402(a)(3), (5), (7), 9(ii) 

and (10), permit consideration of the 

scheduled matter at the Closed Meeting. 

Commissioner Stein, as duty officer, 

voted to consider the items listed for the 

Closed Meeting in closed session, and 

determined that no earlier notice thereof 

was possible. 

The subject matter of the Closed 

Meeting will be: 

Institution of injunctive actions; 

Institution and settlement of 

administrative proceedings; and 

Other matters relating to enforcement 

proceedings. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting items. 

For further information and to 

ascertain what, if any, matters have been 

added, deleted or postponed, please 

contact the Office of the Secretary at 

(202) 551–5400. 

Dated: April 9, 2015. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–08630 Filed 4–10–15; 4:15 pm] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74677; File No. SR– 

NYSEMKT–2015–23] 

Self-Regulatory Organizations; NYSE 

MKT, LLC; Notice of Filing of Proposed 

Rule Change Adopting a PrinciplesBased Approach To Prohibit the 

Misuse of Material Nonpublic 

Information by Specialists and eSpecialists by Deleting Rule 927.3NY 

and Section (f) of Rule 927.5NY 

April 8, 2015. 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on March 

26, 2015, NYSE MKT LLC (the 

‘‘Exchange’’ or ‘‘NYSE MKT’’) filed with 

the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III 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 Substance of 

the Proposed Rule Change 

The Exchange proposes to adopt a 

principles-based approach to prohibit 

the misuse of material nonpublic 

information by Specialists and eSpecialists by deleting Rule 927.3NY 

and section (f) of Rule 927.5NY. The 

text of the proposed rule change is 

available on the Exchange’s Web site at 

www.nyse.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 

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 those 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 parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to adopt a 

principles-based approach to prohibit 

the misuse of material nonpublic 

information by Specialists and eSpecialists by deleting Rule 927.3NY 

and section (f) of Rule 927.5NY. In so 

doing, the Exchange would harmonize 

its rules governing Specialists, eSpecialists and Market Makers relating 

to protecting against the misuse of 

material, non-public information. The 

Exchange believes that Rules 927.3NY 

and 927.5NY(f) are no longer necessary 

because all ATP Holders, including 

Specialists and e-Specialists, are subject 

to the Exchange’s general principlesbased requirements governing the 

protection against the misuse of 

material, non-public information, 

pursuant to Exchange Rules, Part 1— 

General Rules, Rule 3 (General 

Prohibitions and Duty to Report), 

section (j) (‘‘Rule 3(j)’’), which obviates 

the need for separately-prescribed 

requirements for a subset of market 

participants on the Exchange. 

Background 

The Exchange has three classes of 

registered market makers. Pursuant to 

Rule 920NY(a), a Market Maker is an 

ATP holder that is registered with the 

Exchange for the purpose of submitting 

quotes electronically and making 

transactions as a dealer-specialist 

verbally on the Trading Floor, through 

the System from the Trading Floor, or 

remotely from off the Trading Floor. As 

the rule further provides, a Market 

Maker can be either a Remote Market 

Maker, a Floor Market Maker, a 

Specialist, or an e-Specialist. All Market 

Makers are subject to the requirements 

of Rule 925NY and 925.1NY, which set 

forth the obligations of Market Makers, 

particularly relating to quoting. 


asabaliauskas on DSK5VPTVN1PROD with NOTICES