Federal Register / Vol. 87, No. 54 / Monday, March 21, 2022 / Notices 16035 

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

2 17 CFR 240.19b–4. 

the Applicants with a copy of the 

request by email, if an email address is 

listed for the relevant Applicant below, 

or personally or by mail, if a physical 

address is listed for the relevant 

Applicant below. 

Hearing requests should be received 

by the Commission by 5:30 p.m. on 

April 8, 2022, and should be 

accompanied by proof of service on 

applicants, in the form of an affidavit or, 

for lawyers, a certificate of service. 

Pursuant to rule 0–5 under the Act, 

hearing requests should state the nature 

of the writer’s interest, any facts bearing 

upon the desirability of a hearing on the 

matter, the reason for the request, and 

the issues contested. Persons who wish 

to be notified of a hearing may request 

notification by emailing the 

Commission’s Secretary at SecretarysOffice@sec.gov. 

ADDRESSES: The Commission: 

Secretarys-Office@sec.gov. Applicants: 

David Plutzer, David.Plutzer@gs.com; 

Margery Neale, MNeale@willkie.com. 

FOR FURTHER INFORMATION CONTACT: 

Asen Parachkevov, Senior Counsel, or 

Lisa Reid Ragen, Branch Chief, at (202) 

551–6825 (Division of Investment 

Management, Chief Counsel’s Office). 

SUPPLEMENTARY INFORMATION: For 

Applicants’ representations, legal 

analysis, and conditions, please refer to 

Applicants’ second amended and 

restated application, dated March 15, 

2022, which may be obtained via the 

Commission’s website by searching for 

the file number at the top of this 

document, or for an Applicant using the 

Company name search field, on the 

SEC’s EDGAR system. The SEC’s 

EDGAR system may be searched at, at 

http://www.sec.gov/edgar/searchedgar/ 

legacy/companysearch.html. You may 

also call the SEC’s Public Reference 

Room at (202) 551–8090. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–05833 Filed 3–18–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94423; File No. SR–LCH 

SA–2022–002] 

Self-Regulatory Organizations; LCH 

SA; Notice of Filing of Proposed Rule 

Change Relating to the CDS Clearing 

Rule Book, Supplement, and 

Procedures 

March 15, 2022. 

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 11, 

2022, 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 prepared primarily 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 

(a) Banque Centrale de Compensation, 

which conducts business under the 

name LCH SA (‘‘LCH SA’’), is proposing 

to amend its (i) CDS Clearing Rule Book 

(the ‘‘Rule Book’’), (ii) CDS Clearing 

Supplement (the ‘‘Clearing 

Supplement’’), (iii) some of its CDS 

Clearing Procedures (the ‘‘Procedures’’), 

and (iv) a Clearing Notice (‘‘Clearing 

Notice’’), to allow LCH SA to enhance 

its clearing services as follows: (i) 

Implement the queuing of trades 

received outside of the Real Time 

Session, therefore avoiding automatic 

rejection of such trades by the Clearing 

System; (ii) allow Daily Backloading for 

Index Swaptions, which is currently 

only permitted for CDS; and (iii) accept 

ad-hoc compression requests directly 

from Clients of Clearing Members. 

In addition, LCH SA is also proposing 

to revise a number of its rules to make 

conforming amendments to the recently 

amended CFTC Regulation 

39.13(g)(8)(ii). 

Finally, LCH SA is proposing 

additional clarifying amendments for 

consistency purposes. 

The text of the proposed rule changes 

(the ‘‘Proposed Rule Change’’) has been 

annexed [sic] as Exhibit 5. 

The launch of this initiative will be 

contingent upon LCH SA’s receipt of all 

necessary regulatory approvals, 

including the approval by the 

Commission of the proposed rule 

change described herein. 

(b) Not applicable. 

(c) Not applicable. 

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 these statements. 

A. Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

(a) Purpose 

The purpose of the Proposed Rule 

Change is to revise LCH SA’s rules, 

procedures and supplement to (1) allow 

LCH SA to implement various 

initiatives enhancing the CDSClear 

clearing services offering and (2) make 

additional amendments and conforming 

and clarifying amendments for 

consistency purposes. 

1. Proposed Amendments To Permit 

LCH SA To Offer the Queuing of Trades 

Received Outside of the Real Time 

Session 

On each Clearing Day, the Real Time 

Session begins at the Start of Real Time 

and ends at the End of Real Time, as 

described in a Clearing Notice. To be 

eligible for novation, an Intraday 

Transaction, which is a CDS or Index 

Swaption which (i) has been entered 

into between two Approved Trade 

Source System (ATSS) Participants; and 

(ii) is submitted for clearing to LCH SA 

by the relevant ATSS Participants 

through an Approved Trade Source 

System, must pass the Eligibility 

Controls and the Client Transaction 

Checks (if applicable), and must be 

submitted to LCH SA during the Real 

Time Session. Should any of these 

criteria not be satisfied, the Intraday 

Transaction shall be automatically 

rejected and become a Rejected 

Transaction. However, in order to avoid 

automatic rejection of Intraday 

Transactions sent by an Approved Trade 

Source System to LCH SA outside of the 

Real Time Session, and to align with 

LCH Limited’s offering and practice, 

Intraday Transactions which are 

submitted to LCH SA for clearing 

outside of the Real Time Session will 


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16036 Federal Register / Vol. 87, No. 54 / Monday, March 21, 2022 / Notices 

not be rejected but will be deemed to 

have been submitted at the Start of the 

next Real Time Session. 

The proposed changes described 

below would allow LCH SA to offer the 

operational queuing of such Intraday 

Transactions. 

i. Rule Book 

a. Changes to Article 3.1.4.3 

Article 3.1.4.3 of the Rule Book would 

be amended to provide that any Intraday 

Transaction received for clearing by 

LCH SA outside of the Real Time 

Session will be deemed to have been 

submitted at the Start of the Real Time 

Session on the following Clearing Day. 

As such, the submission of Intraday 

Transactions outside of the Real Time 

Session would no longer be a cause of 

automatic rejection. However, the 

Eligibility Controls, the Client 

Transaction Checks (if applicable) or the 

Notional and Collateral Checks shall 

remain so. 

ii. Clearing Notice 2016/057 on Real 

Time Session 

The Clearing Notice on Real Time 

Session would also be subject to 

clarifying changes, provided as Exhibit 

3 to File No. SR–LCH SA–2022–002, to 

introduce flexibility in the Start and 

End of Real Time, and explicitly 

provide that LCH SA may change the 

time for the Start of Real Time (SoRT) 

or the End of Real Time (EoRT), in 

exceptional circumstances and where it 

is deemed necessary (e.g., a longrunning backloading process, other 

operational incident, request from the 

CDS Members community, etc.). In such 

event, the new effective time for the 

Real Time Session shall be 

communicated to the Clearing Members 

and correspond to the time where the 

relevant service notification of the 

opening or the closing (as applicable) of 

the Real Time Session is sent. 

Clarifying this process would avoid 

uncertainty and potential adverse 

consequences with regard to the 

‘‘deemed’’ time of submission of 

Intraday Transactions sent by an ATSS 

to LCH SA outside of the Real Time 

Session, and therefore queued, in an 

event where the following Start of Real 

Time would be postponed to a later time 

(or brought forward earlier) than 9:05 

a.m. CET. 

2. Proposed Amendments To Permit 

LCH SA To Offer Daily Backloading 

Services to Index Swaptions 

Backloading describes the process of 

clearing trades which were held 

uncleared for a period of time after 

trading. LCH SA is currently offering 

Daily Backloading Cycle, whether for 

House Trade Legs or Client Trade Legs, 

for Credit Default Swaps (CDS) only. 

LCH SA proposes to extend such Daily 

Backloading Cycle to Index Swaptions 

as well, upon request from the Clearing 

Members. 

The proposed changes described 

below would allow the extension of 

Daily Backloading Cycles to Index 

Swaptions by LCH SA. 

i. Rule Book 

Daily Backloading Cycles are only 

available for Daily Backloading 

Transactions, which may be either 

house transactions (CM Backloading 

Transaction) or Client transactions 

(Client Backloading Transaction), both 

being defined in Section 1.1.1 of the 

Rule Book as an existing CDS. The 

definitions of CM Backloading 

Transaction and Client Backloading 

Transaction would therefore be 

amended to relate to existing CDS or 

Index Swaptions. 

ii. Clearing Procedures 

In addition, with the details regarding 

Backloading Transactions being set out 

in Section 5.2 of the Clearing 

Procedures, Section 5.2(c)—Daily 

Backloading Cycle, would also be 

amended to expressly include Index 

Swaptions within its scope. 

3. Amendments To Permit LCH SA To 

Accept Ad Hoc Compression Request 

From Clients 

Compression is a process of reducing 

the number of trades in clearing 

members or clients’ portfolios. It 

simplifies the management of their 

positions and frees up valuable capital 

that would otherwise be held 

unnecessarily against offsetting 

positions that can be compressed. Riskfree compression of trades can be 

performed automatically or through adhoc compression requests, at the 

initiative of the Clearing Member. Adhoc compression can currently be 

performed upon request of a Clearing 

Member whether on house transactions 

or client transactions. It has been 

brought to LCH SA’s attention that, for 

Clearing Members to process each 

request for ad-hoc compression from 

each of their Clients was creating an 

operational burden that LCH SA would 

like to alleviate. In order to do so, and 

given that such compression operations 

are risk-free, LCH SA proposes to allow 

Clients to make ad-hoc compression 

requests for their own trades directly to 

LCH SA, without the need to go through 

their Clearing Member. 

The following proposed rules changes 

would be necessary to proceed with this 

enhanced service. 

i. Rule Book 

Section 3.3.1—General of the Rule 

Book sets out the conditions and 

methods of compression, and notably 

that compression of a Cleared 

Transaction may only be requested by a 

Clearing Member. Articles 3.3.1.1, 

3.3.1.2, 3.3.1.4 and 3.3.1.5 would 

consequently be amended to reflect that 

the request may come from a Clearing 

Member or a Client, as applicable. 

However, LCH SA would accept Clients’ 

requests for ad-hoc compression only, 

and any request to setup an automatic 

compression of trades shall come from 

Clearing Members exclusively. It is 

therefore important that the proposed 

amendments specify, where necessary, 

that the compression methods are 

available upon request of Clearing 

Members or Client, as applicable. 

ii. Clearing Procedures 

In addition, for consistency purposes, 

this initiative to allow Client 

compression requests would require 

bringing the same amendments as 

described above within Sections 5.5 and 

5.16(f) of the Procedures. LCH SA is also 

proposing to update Section 5.5(a) to 

reflect the following operational 

changes: (1) The Ad Hoc Compression 

Order File has evolved and no longer 

defines the Cleared Transaction 

resulting from compression and (2) the 

means and details to upload this Ad 

Hoc Compression Order File would now 

be found on the LCH website, rather 

than in a Clearing Notice, for easier 

access to Clearing Members. Uploading 

the request file would also be done 

through the LCH Portal (LCH’s IT 

interface) only, and processed the same 

day, or at the Start of the next Real Time 

Session in case of exceptional 

unavailability of the LCH Portal. The 

contingency solution provided for in 

Section 5.5(a) has become obsolete and 

would be deleted. Finally, to avoid any 

risk of inconsistency, references to 

specific opening and closing times of 

the Real Time Session in the 3rd 

paragraph of Section 5.5(a), currently 

defined in a Clearing Notice, would be 

replaced by references to the Real Time 

Session as defined in the Rule Book and 

in the Clearing Notice. 

iii. Clearing Supplement 

Similarly, Parts A, B and C of the 

Clearing Supplement would be 

conformed, such that the definition of 

Compression Cut-off Date would be 

amended to reflect that the ad-hoc 

compression request may come from a 

Clearing Member or a Client, as 

applicable. Similar amendments would 

be made to Section 2.1(c)(i)(A) and (C) 


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Federal Register / Vol. 87, No. 54 / Monday, March 21, 2022 / Notices 16037 

3 85 FR at 4812 and 4856. 

4 85 FR at 4812. 

5 17 CFR 39.13(g)(8)(ii). 

6 15 U.S.C. 78q–1. 

7 17 CFR 240.17Ad–22. 

8 15 U.S.C. 78q–1(b)(3)(F). 

and Section 4.3 in the relevant Parts of 

the Clearing Supplement, serving the 

same purpose. 

4. Other Proposed Amendments to the 

Clearing Rules Made for Clarification, 

Consistency, or Regulatory Compliance 

Purposes 

Compliance With CFTC Regulation Part 

39.13(g)(8)(ii) 

Following a recent amendment to the 

CFTC Regulation § 39.13(g)(8)(ii), with a 

compliance date of January 27, 2021,3

the Rule Book needs to be updated as 

follows. Prior to such amendment, the 

CFTC Regulation § 39.13(g)(8)(ii) 

provided that a Derivatives Clearing 

Organisation (DCO) require its Futures 

Commission Merchant (FCM) Clearing 

Members to collect Initial Margin from 

customers entering into non-hedging 

transactions ‘‘at a level that is greater 

than 100 percent of’’ the Initial Margin 

required by the DCO.4 Current Section 

2.2(e) of the Procedures thus requires 

each FCM/BD Clearing Member to 

collect additional Collateral from the 

relevant FCM/BD Client with respect to 

a non-hedging Client Cleared 

Transaction at a level of 10% above the 

normal FCM/BD Client Margin 

Requirement. 

DCOs (i.e., LCH SA) are now required 

to apply prudential standards that result 

in Clearing Members (more specifically 

FCMs) identifying categories of 

customers with ‘‘heightened risk 

profiles’’ and collecting collateral for 

each such customer account, at a level 

that exceeds the Initial Margin 

requirement determined by the DCO, 

and that is commensurate with the risk 

presented by each such account.5

Consequently, LCH SA would no 

longer require one standard 10% 

percentage applicable to all Clearing 

Members and their relevant customers, 

but an adjustable level of customer 

Initial Margin requirement applicable to 

each Clearing Member/customer 

according to the risk related to such 

customer’s portfolio. The Rule Book, in 

its Article 6.2.6.1, would therefore be 

amended to reflect this new regulatory 

standard for FCM/BD Clients with 

heightened risk profiles. In a similar 

way, Section 2.2(e) of the Procedures 

would be modified to remove the 10% 

additional margin requirement and 

reflect such regulatory change. 

For harmonization purposes, the 

wording used in LCH SA’s proposed 

rules changes has been closely inspired 

from the wording used in the SwapClear 

rules of LCH Limited for the same 

conforming purposes. 

Treasury Reports Re-Design 

For consistency and clarity purposes, 

LCH SA proposes to clean up and 

modify the names of several treasury 

collateral management reports detailed 

in Section 5.16(a)(iii) of the Procedures, 

and certain monthly reports detailed in 

Section 5.16(d) of the Procedures, 

following a rebranding of such treasury 

reports in LCH’s system that allow them 

to be machine readable. 

Introduction of the Trading City 

Concept and Simplification of the 

Clearing Day Definition 

In anticipation of CDSClear’s future 

commercial initiatives, and notably the 

extension of clearing services to iTraxx 

Asia (excl. Japan) and Australia (subject 

to regulatory approval), i.e., instruments 

which may be denominated in US 

Dollars (USD) but traded outside of the 

United States of America, it appears that 

the current correlation made in the Rule 

Book between instruments denominated 

in USD and the business calendar of 

commercial banks in New York City 

will become obsolete and problematic. 

As such, the Proposed Rule Change 

aims at de-correlating all products 

denominated in USD from the same 

specific calendar, by introducing the 

concept of Trading City, which would 

correspond to the city in which a CDS 

or Index Swaption is typically traded, as 

determined by LCH SA and published 

on the LCH website. As an example, for 

single name products, the Trading City 

would usually be determined by 

Transaction Type in the ISDA Physical 

Settlement Matrix. However, there may 

be occasions where this determination 

would need to be overridden, for 

example in the event of a corporate 

action resulting in a change of place 

where such single name is traded. In 

that way, CDS and Index Swaption 

products denominated in USD but 

traded in Asia, Australia, etc., would no 

longer be bound to the New York City 

business calendar, but rather to the 

business calendar of the relevant 

Trading City. The definition of Trading 

City would be added in Section 1.1.1 of 

the Rule Book, together with the 

definitions of Latest Contributed Price 

Time and Latest Cross Trade Execution 

Time that refer to the Trading City for 

the purpose of Section 5.18.4 (Use of 

composite spreads/prices) and 5.18.5 

(Trade crossing) of the Procedures, 

respectively. The definition of Price 

Contribution Day in Section 1.1.1 of the 

Rule Book would be revised in the same 

fashion to remove references to 

currencies and specific calendars and 

would instead refer to Trading City for 

USD denominated products. Sections 

5.18.3 (Price submission procedure), 

5.18.4 (Use of composite spreads/ 

prices), and 5.18.5 (Trade crossing) of 

the Procedures would consequently be 

amended to remove any specific 

calendar and timings for the price 

contribution process and refer to the 

new defined term of ‘‘Trading City’’. 

Finally, LCH SA proposes to amend 

the definition of Clearing Day in Section 

1.1.1 of the Rule Book for greater 

flexibility, by removing the references to 

a Business Day and a day on which 

commercial banks in London are open 

for business and replacing them with a 

reference to any day on which LCH SA 

is open for business as set forth on the 

website and in member notification 

from time to time. 

Minimum Bid Size Multiplier 

Within the Appendix 1 of the Rule 

Book, relating to CDS Default 

Management Process, the name of 

Minimum Bid Size Denominator used 

during the bidding process for auctions 

appeared to be misleading as the 

relating amount, used to determine the 

Minimum Bid Size above which an 

auction participant is required to bid, is 

in fact a multiplier rather than a 

denominator. For clarity and 

consistency purposes, it is therefore 

proposed to rename this amount as the 

Minimum Bid Size Multiplier, and to 

amend its definition in paragraph 

5.4.2(iii) of Appendix 1 and its reference 

as the variable ‘‘C’’ in the calculation 

methodology set forth in paragraph 5.4.4 

(Minimum Bid Size) of Appendix 1. 

(b) Statutory Basis 

LCH SA believes that the Proposed 

Rule Change is consistent with the 

requirements of Section 17A of the 

Exchange Act 6 and the regulations 

thereunder, including the standards 

under Exchange Act Rule 17Ad–22.7

Section 17A(b)(3)(F) of the Exchange 

Act 8 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 derivative 

agreements, contracts, and transactions. 

By avoiding automatic rejection of 

trades received outside of the Real Time 

Session, the proposed implementation 

of the queuing mechanism of such 

trades is clearly intended to promote the 

prompt and accurate clearance of these 

transactions subject to satisfying the 


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16038 Federal Register / Vol. 87, No. 54 / Monday, March 21, 2022 / Notices 

9 15 U.S.C. 78q–1(b)(3)(F). 

10 17 CFR 39.13(g)(8)(ii). 

11 17 CFR 240.17Ad–22(e)(1). 

12 17 CFR 240.17Ad–22(e)(1). 

13 15 U.S.C. 78q–1(b)(3)(I). 14 17 CFR 200.30–3(a)(12). 

requirements of the Rule Book 

provisions. 

Further, LCH SA is proposing to 

extend the Daily Backloading Cycle 

(currently limited to CDS transactions) 

to Index Swaptions upon request from 

its Clearing Members. It is widely 

considered beneficial to backload as 

much of a bilateral portfolio as possible 

to more efficiently manage the stock of 

outstanding trades. This significantly 

improves operational efficiency and also 

improves the likelihood of old trades 

being compressed. 

LCH SA is also proposing to accept 

ad-hoc compression requests from 

Clients of Clearing Members directly. 

The result of a compression process is 

a cleaner portfolio, with less complexity 

and the potential to provide Clearing 

Members with some relief in terms of 

meeting regulatory capital requirements. 

Therefore, LCH SA believes that these 

proposed enhancements to the 

CDSClear services described herein are 

consistent with the prompt and accurate 

clearance and settlement of securities 

transactions and derivative agreements, 

contracts and transactions, in 

accordance with Section 17A(b)(3)(F) of 

the Exchange Act.9

LCH SA is proposing to modify its 

existing rules in order to comply with 

the new regulatory provisions of CFTC 

Regulation 39.13(g)(8)(ii) 10 that have a 

compliance date of January 27, 2021, 

and require each FCM to analyse the 

risk profile of each of their customers to 

determine if they present a heightened 

risk profile. LCH SA believes that this 

proposed change is consistent with 

Exchange Act Rule 17Ad–22(e)(1) 11 that 

requires a covered clearing agency to 

establish, implement, maintain and 

enforce written policies and procedures 

reasonably designed to provide for a 

well-founded, clear, transparent, and 

enforceable legal basis for each aspect of 

its activities in all relevant jurisdictions. 

Finally, as described above, LCH SA 

is also proposing to make certain 

clarifying and conforming changes in 

the Rule Book regarding the (i) Treasury 

Reports re-design, (ii) Minimum Bid 

Size Multiplier, (iii) introduction of the 

Trading City concept and (iv) 

simplification of the Clearing Day 

definition. By ensuring that such rules 

and definitions are clear, transparent, 

and consistent with applicable laws and 

regulations in all relevant jurisdictions, 

LCH SA believes these proposed 

changes reduce potential legal risk at 

LCH SA and are therefore consistent 

with the requirements of Exchange Act 

Rule 17Ad–22(e)(1).12

B. Clearing Agency’s Statement on 

Burden on Competition 

Section 17A(b)(3)(I) of the Exchange 

Act requires that the rules of a clearing 

agency not impose any burden on 

competition not necessary or 

appropriate in furtherance of the 

purposes of the Act.13 The Proposed 

Rule Change will comply with 

regulatory requirements or will enhance 

the CDS Clearing Service in order to 

promote competition and the risk 

management process. Accordingly, LCH 

SA will continue to apply its existing 

fair and open access criteria to its CDS 

Clearing Service. Thus LCH SA 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. 

C. Clearing Agency’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. LCH SA will 

notify the Commission of any written 

comments received by LCH SA. 

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– 

LCH SA–2022–002 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–LCH SA–2022–002. 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 website (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 website 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 also will be available for 

inspection and copying at the principal 

office of LCH SA and on LCH SA’s 

website at: https://www.lch.com/ 

resources/rulebooks/proposed-rulechanges. 

All comments received will be posted 

without change. Persons submitting 

comments are cautioned that we do not 

redact or edit personal identifying 

information from comment submissions. 

You should submit only information 

that you wish to make available 

publicly. All submissions should refer 

to File Number SR–LCH SA–2022–002 

and should be submitted on or before 

April 11, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–05843 Filed 3–18–22; 8:45 am] 

BILLING CODE 8011–01–P 


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