20280 Federal Register / Vol. 80, No. 72 / Wednesday, April 15, 2015 / Notices 

13 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 34– 

65588 (Oct. 18, 2011), 76 FR 65763 (Oct. 24, 2011) 

(File No. SR–ICC–2011–01) (order approving rule 

change to clear SES Contracts referencing the 

Federative Republic of Brazil, the United Mexican 

States, the Bolivian Republic of Venezuela, and the 

Argentine Republic); Securities Exchange Act 

Release No. 34–70849 (Nov. 12, 2013), 78 FR 69167 

(Nov. 18, 2013) (File No. SR–ICC–2013–07) (order 

approving rule change to clear SES Contracts 

referencing the Republic of Turkey and the Russian 

Federation); Securities Exchange Act Release No. 

34–73220 (Sep. 25, 2014), 79 FR 59340 (Oct. 1, 

2014) (File No. SR–ICC–2014–13) (order approving 

rule change to clear SES Contracts referencing the 

Republic of Hungary and the Republic of South 

Africa); and Securities Exchange Act Release No. 

34–74593 (Mar. 26, 2015), 80 FR 17538 (Apr. 1, 

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–2015–007 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–2015–007. 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 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–2015–007 and should 

be submitted on or before May 6, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–08542 Filed 4–14–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74642A; File No. SR– 

NYSE–2014–59] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Withdrawal of a Proposed Rule 

Change, as Modified by Partial 

Amendment No. 1, Amending Rule 13 

and Related Rules Governing Order 

Types and Modifiers; Correction 

April 9, 2015. 

AGENCY: Securities and Exchange 

Commission. 

ACTION: Notice; correction. 

SUMMARY: The Securities and Exchange 

Commission published a document in 

the Federal Register on April 9, 2015, 

concerning a Notice of Withdrawal of a 

Proposed Rule Change, as Modified by 

Partial Amendment No. 1, Amending 

Rule 13 and Related Rules Governing 

Order Types and Modifiers. The 

document contained a typographical 

error. 

FOR FURTHER INFORMATION CONTACT: 

Steve Kuan, Division of Trading and 

Markets, Securities and Exchange 

Commission, 100 F Street NE., 

Washington, DC 20549, (202) 551–5624. 

Correction 

In the Federal Register of April 9, 

2015 in FR Doc. 2015–8107, on page 

19097, in the fourth line in the first 

column, correct the date ‘‘February 26, 

2014’’ to ‘‘February 26, 2015.’’ 

Dated: April 9, 2015. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–08628 Filed 4–14–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74688; File No. SR–ICC– 

2015–006] 

Self-Regulatory Organizations; ICE 

Clear Credit LLC; Notice of Filing of 

Proposed Rule Change To Provide for 

the Clearance of an Additional 

Standard Emerging Market Sovereign 

Single Name 

April 9, 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 27, 

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 

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 purpose of the proposed rule 

change is to adopt rules that will 

provide the basis for ICC to clear an 

additional credit default swap contract. 

Specifically, ICC is proposing to amend 

Subchapter 26D of its rules to provide 

for the clearance of an additional 

Standard Emerging Market Sovereign 

CDS contract (‘‘SES Contract’’), namely 

Ukraine. 

ICC has been approved to clear twelve 

SES Contracts: The Federative Republic 

of Brazil, the United Mexican States, the 

Bolivarian Republic of Venezuela, the 

Argentine Republic, the Republic of 

Turkey, the Russian Federation, the 

Republic of Hungary, the Republic of 

South Africa, the Republic of Chile, the 

Republic of Peru, the Republic of 

Colombia, and the Republic of Poland.3


tkelley on DSK3SPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 72 / Wednesday, April 15, 2015 / Notices 20281 

2015) (order approving rule change to clear SES 

Contracts referencing the Republic of Chile, the 

Republic of Peru, the Republic of Colombia, and the 

Republic of Poland). 

4 15 U.S.C. 78q–1(b)(3)(F). 

5 15 U.S.C. 78q–1(b)(3)(F). 

6 17 CFR 240.17Ad–22. 

7 17 CFR 240.17Ad–22(b)(2). 

8 17 CFR 240.17Ad–22(b)(3). 

9 17 CFR 240.17Ad–22(d)(4). 

10 17 CFR 240.17Ad–22(d)(5), (12) and (15). 

11 17 CFR 240.17Ad–22(d)(11). 

The proposed changes to the ICC Rules 

would provide for the clearance of an 

additional SES Contract, specifically 

Ukraine. 

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 

The purpose of the proposed rule 

change is to adopt rules that will 

provide the basis for ICC to clear an 

additional credit default swap contract. 

ICC has been approved to clear twelve 

SES Contracts: The Federative Republic 

of Brazil, the United Mexican States, the 

Bolivarian Republic of Venezuela, the 

Argentine Republic, the Republic of 

Turkey, the Russian Federation, the 

Republic of Hungary, the Republic of 

South Africa, the Republic of Chile, the 

Republic of Peru, the Republic of 

Colombia, and the Republic of Poland. 

ICC proposes amending Subchapter 26D 

of its Rules to provide for the clearance 

of an additional SES Contract, 

specifically Ukraine. This additional 

SES Contract will be offered on the 2014 

ISDA Credit Derivatives Definitions. 

The addition of the additional SES 

Contract will benefit the market for 

emerging market credit default swaps by 

providing market participants the 

benefits of clearing, including reduction 

in counterparty risk and safeguarding of 

margin assets pursuant to clearing house 

rules. Clearing of the additional SES 

Contract will not require any changes to 

ICC’s Risk Management Framework or 

other policies and procedures 

constituting rules within the meaning of 

the Act. 

The additional SES Contract has 

terms consistent with the other SES 

Contracts approved for clearing at ICC 

and governed by Subchapter 26D of the 

ICC rules, namely the Federative 

Republic of Brazil, the United Mexican 

States, the Bolivarian Republic of 

Venezuela, the Argentine Republic, the 

Republic of Turkey, the Russian 

Federation, the Republic of Hungary, 

the Republic of South Africa, the 

Republic of Chile, the Republic of Peru, 

the Republic of Colombia, and the 

Republic of Poland. Minor revisions to 

Subchapter 26D (Standard Emerging 

Market Sovereign (‘‘SES’’) Single Name) 

are made to provide for clearing the 

additional SES Contract and are 

described as follows. 

Rule 26D–102 is modified to include 

Ukraine in the list of specific Eligible 

SES Reference Entities to be cleared by 

ICC. 

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 

clearance of the additional SES Contract 

will allow market participants an 

increased ability to manage risk. ICC 

believes that acceptance of this new 

contract, on the terms and conditions 

set out in the ICC Rules, is consistent 

with the prompt and accurate clearance 

of and settlement of securities 

transactions and derivative agreements, 

contracts and transactions cleared by 

ICC, the safeguarding of securities and 

funds in the custody or control of ICC, 

and the protection of investors and the 

public interest, within the meaning of 

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

Clearing of the additional SES 

Contract will also satisfy the 

requirements of Rule 17Ad–22.6 In 

particular, in terms of financial 

resources, ICC will apply its existing 

margin methodology to the additional 

SES Contract. ICC believes that this 

model will provide sufficient margin to 

cover its credit exposure to its clearing 

members from clearing this contract, 

consistent with the requirements of Rule 

17Ad–22(b)(2).7 In addition, ICC 

believes its Guaranty Fund, under its 

existing methodology, will, together 

with the required margin, provide 

sufficient financial resources to support 

the clearing of the new contract 

consistent with the requirements of Rule 

17Ad–22(b)(3).8 ICC also believes that 

its existing operational and managerial 

resources will be sufficient for clearing 

of the additional SES Contract, 

consistent with the requirements of Rule 

17Ad–22(d)(4),9 as the new contract is 

similar from an operational perspective 

to existing SES Contracts. Similarly, ICC 

will use its existing settlement 

procedures and account structures for 

the new contract, consistent with the 

requirements of Rule 17Ad–22(d)(5), 

(12) and (15) 10 as to the finality and 

accuracy of its daily settlement process 

and avoidance of the risk to ICC of 

settlement failures. Finally, ICC will 

apply its existing default management 

policies and procedures for the new 

contract. ICC believes that these 

procedures allow for it to take timely 

action to contain losses and liquidity 

pressures and to continue meeting its 

obligations in the event of clearing 

member insolvencies or defaults in 

respect of the additional SES Contract, 

in accordance with Rule 17Ad– 

22(d)(11).11

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The additional SES Contract will be 

available to all ICC Participants for 

clearing. The clearing of the additional 

SES Contract by ICC does not preclude 

the offering of the additional SES 

Contract for clearing by other market 

participants. Accordingly, ICC does not 

believe that clearance of the additional 

SES Contract will impose any burden on 

competition not necessary or 

appropriate 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 

the proposed rule change or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 


tkelley on DSK3SPTVN1PROD with NOTICES
20282 Federal Register / Vol. 80, No. 72 / Wednesday, April 15, 2015 / Notices 

12 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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–2015–006 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–2015–006. 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 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–2015–006 and should 

be submitted on or before May 6, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–08543 Filed 4–14–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74690; File No. SR– 

NASDAQ–2015–033] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market, LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Update 

Public Disclosure of Exchange Usage 

of Market Data 

April 9, 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 2, 

2015, The NASDAQ Stock Market LLC 

(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘SEC’’ or ‘‘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. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to update the 

public disclosure of the sources of data 

that NASDAQ utilizes when performing 

(1) order handling and execution; (2) 

order routing; and (3) related 

compliance processes. 

The text of the proposed rule change 

is below. Proposed new language is 

italicized; proposed deletions are 

bracketed. 

* * * * * 

4759. Data Feeds Utilized 

[NASDAQ shall publicly disclose the 

proprietary and network processor feeds 

utilized by the System for the handling, 

routing, and execution of orders, as well 

as for the regulatory compliance 

processes related to those functions. 

This information shall be displayed on 

www.nasdaqtrader.com, and it shall be 

updated promptly each time NASDAQ 

determines to add, subtract, or 

otherwise modify a data source.] 

The NASDAQ System utilizes the 

below proprietary and network 

processor feeds utilized by the System 

for the handling, routing, and execution 

of orders, as well as for the regulatory 

compliance processes related to those 

functions. The Secondary Source of 

data is utilized only in emergency 

market conditions and only until those 

emergency conditions are resolved. 

Market center Primary source Secondary source 

A—NYSE MKT (AMEX) ................................................... CQS/UQDF ...................................................................... n/a 

B—NASDAQ OMX BX ..................................................... BX ITCH 4.1 .................................................................... CQS/UQDF 

D—FINRA ADF ................................................................ CQS/UQDF ...................................................................... n/a 

J—DirectEdge A ............................................................... EdgeBook ........................................................................ CQS/UQDF 

K—DirectEdge X .............................................................. EdgeBook ........................................................................ CQS/UQDF 

M—CSX ............................................................................ CQS/UQDF ...................................................................... n/a 

N—NYSE .......................................................................... NYSE OpenBook Ultra .................................................... CQS/UQDF 

P—NYSE Arca ................................................................. ArcaBook Binary uncompacted ....................................... CQS/UQDF 

T/Q—NASDAQ ................................................................. ITCH 4.1 .......................................................................... CQS/UQDF 

X—NASDAQ OMX PSX ................................................... PSX ITCH 4.1 .................................................................. CQS/UQDF 

Y—BATS Y-Exchange ..................................................... BATS PITCH .................................................................... CQS/UQDF 

Z—BATS Exchange ......................................................... BATS PITCH .................................................................... CQS/UQDF 


tkelley on DSK3SPTVN1PROD with NOTICES