Federal Register / Vol. 83, No. 13 / Friday, January 19, 2018 / Notices 2847 

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

2 17 CFR 240.19b–4. 

3As discussed in further detail herein, ICE Clear 

Europe is required to establish a wind-down plan 

under relevant provisions of the UK Financial 

Services and Markets Act 2000 (Recognition 

Requirements for Investment Exchanges and 

Clearing Houses) Regulations 2001 (SI/2001/1995) 

and Commission Rule 17Ad–22(e)(3)(ii), 17 CFR 

240.17Ad–22(e)(3)(ii). 

The Plan is also designed to be consistent with 

the Committee on Payments and Market 

Infrastructures (‘‘CPMI’’)—International 

Organization of Securities Commissions (‘‘IOSCO’’) 

Principles for Financial Market Infrastructures 

(‘‘PFMIs’’), including supplemental guidance from 

CPMI–IOSCO which includes its report on 

‘‘Recovery of financial market infrastructures’’ 

published in October 2014 and revised July 2017 

(the ‘‘Recovery Guidance’’). 

4See SR–ICEEU–2017–016, filed December 2017. 

5Capitalized terms used but not defined herein 

have the meanings specified in the Rules. 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–82497; File No. SR–ICEEU– 

2017–017] 

Self-Regulatory Organizations; ICE 

Clear Europe Limited; Notice of 

Proposed Rule Change, SecurityBased Swap Submission or Advance 

Notice Relating to the ICE Clear 

Europe Wind Down Framework and 

Plan (the ‘‘Wind-Down Plan’’ or the 

‘‘Plan’’), as Most Recently Amended 

January 12, 2018. 

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 

29, 2017, ICE Clear Europe Limited 

(‘‘ICE Clear Europe’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

changes described in Items I, II and III 

below, which Items have been prepared 

by ICE Clear Europe. 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, Security-Based Swap 

Submission, or Advance Notice 

Consistent with its obligations under 

applicable laws and regulations,3 ICE 

Clear Europe has adopted its WindDown Plan, which is intended to 

address scenarios in which the clearing 

house determines to wind down, in an 

orderly fashion, its clearing services. 

II. Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change, Security-Based 

Swap Submission or Advance Notice 

In its filing with the Commission, ICE 

Clear Europe 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. ICE 

Clear Europe 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, Security-Based 

Swap Submission or Advance Notice 

(a) Purpose 

Consistent with its obligations under 

applicable laws and regulations, ICE 

Clear Europe has adopted a Wind-Down 

Plan. A wind-down may result from 

situations where neither ICEU’s 

Recovery Plan 4 nor application of its 

loss allocation rules have succeeded in 

stemming default losses or non-default 

losses incurred by the clearing house, 

and as a result the clearing house cannot 

remain viable as a going concern. The 

Wind-Down Plan is also intended to 

address scenarios in which the clearing 

house, for business reasons, decides that 

it no longer wishes to operate as a 

clearing agency, and therefore may need 

to conduct an orderly wind-down of its 

business. The Wind-Down Plan is based 

on, and is intended to be consistent 

with, ICE Clear Europe’s Clearing Rules 

(the ‘‘Rules’’) 5 and Procedures, as well 

as its existing risk management 

frameworks, policies and procedures. 

Wind-Down Scenarios 

The Plan addresses three particular 

categories of scenarios in which winddown may occur: 

1. Non-insolvency scenario: In this 

scenario, the ICE Clear Europe Board 

voluntarily decides to wind down the 

clearing business (for example, if it were 

to determine that clearing house’s 

business model had become unviable) (a 

‘‘voluntary unwind’’). 

2. Insolvency scenario not linked to a 

member default: In this scenario, the 

clearing house would be wound down 

as a result of a severe loss unrelated to 

a clearing member default (a ‘‘nondefault loss’’) that could not be 

addressed through the Recovery Plan or 

other means that permit continued 

operation. Such a non-default loss could 

result from fraud or similar 

circumstances. 

3. Insolvency scenario linked to a 

member default: In this scenario, the 

clearing house would be wound down 

as a result of losses from the default of 

one or more clearing members that 

could not be addressed through the 

Recovery Plan or other means that 

permit continued operation, in 

accordance with the relevant default 

rules. 

In relation to each of these scenarios, 

the Plan provides for consideration of (i) 

winding down the clearing service in an 

orderly manner to close out contracts 

while minimizing the impact on 

clearing members and markets cleared, 

(ii) ensuring risk continues to be 

effectively managed during any winddown period, and (iii) exiting all 

contractual obligations (both within the 

ICE group and with third parties, 

including exchanges, payment banks, 

custodians, investment counterparties 

and service providers). It is 

contemplated that the clearing house 

would take into account input from 

clearing members and exchanges on 

their preferences in connection with any 

decision to wind down or as to the 

means of wind down. The Plan also 

addresses a timeline of decision-making 

processes and notice periods, among 

other matters, proposed treatment of 

positions of different maturities, and the 

interaction of cleared positions with the 

unwinding of treasury investments and 

ongoing cash management. The Plan 

presumes that initial and variation 

margin will continue to be collected and 

paid (by non-defaulting clearing 

member) normally until contracts are 

terminated. 

The Wind-Down Plan is prepared on 

the basis that no resolution or similar 

proceeding occurs with respect to the 

clearing house in any jurisdiction. 

Wind-Down Options 

The Wind-Down Plan sets out a 

variety of options for wind-down, 

depending on the scenario involved. In 

the case of an insolvency of ICE Clear 

Europe as a result of non-default losses, 

the Plan contemplates that all open 

contracts will be terminated and net 

sums calculated to be payable to or from 

each clearing member for each account 

category, in accordance with Rules 912– 

918 (for the F&O product category) or 

Rule 209 (for the CDS product category). 

For a voluntary unwind or an unwind 

following a clearing member default, the 

Wind-Down Plan contemplates that for 

each product category, ICE Clear Europe 

will either transfer clearing to another 

clearing house or terminate clearing. ICE 

Clear Europe can take different actions 

with respect to the two product 

categories, and in the event of a transfer 

F&O clearing need not be transferred to 

the same clearing house as CDS 

clearing. The ability to transfer clearing 

will depend on whether the relevant 

market and market participants desire, 

and are able, to continue trading and 


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2848 Federal Register / Vol. 83, No. 13 / Friday, January 19, 2018 / Notices 

clearing of the relevant product through 

another clearing house, and on whether 

another clearing house can be found to 

take the product. Following the transfer 

and/or termination of clearing, ICE Clear 

Europe will wind down the remaining 

aspects of its business and contractual 

relationships. 

The Plan also addresses the timing of 

wind-down. Pursuant to the Rules, ICE 

Clear Europe must give advance notice 

of a proposed ‘‘Withdrawal Date’’ 

should it cease acting as a clearing 

house either generally or in relation to 

a particular exchange or class of 

contracts. In those circumstances such 

notice must be given at least four 

months in advance, unless any action by 

a regulator, delivery facility or market 

causes cessation to take effect within a 

shorter period. In other wind-down 

circumstances, one month’s notice is 

required. 

Any decision to wind down is 

expected to be considered over a period 

of months, will involve consultation 

with members, potential alternative 

clearing houses, exchange and 

regulators, and will need approval by 

the ICE Clear Europe Board. The Plan 

contemplates that a specific execution 

plan will be developed for any winddown, based on the relevant situation. 

Types of Execution Plans 

1. Transfer of F&O Clearing 

Under this approach, an existing 

alternative clearing house with similar 

platform and capabilities (risk, 

operations and treasury) to that of ICE 

Clear Europe will agree to have ICE 

Clear Europe’s F&O markets clearing 

transferred to it. The alternative clearing 

house will add any needed additional 

members and contracts to its platform, 

and having tested these additions, will 

have open positions and margin funds 

transferred to it on a specified date. 

The Plan takes into account that for 

ICE Clear Europe F&O contracts that are 

not currently cleared on the recipient 

clearing house’s platform, the necessary 

clearing capability will be built and 

tested prior to transfer. Positions for 

which transfer cannot be arranged in 

this way could be terminated. The Plan 

outlines certain conditions that will be 

necessary for any transfer to occur. The 

Plan also outlines key steps would need 

to be taken, including communication 

with stakeholders (including members, 

regulators and exchanges), negotiation 

with the alternative clearing house, 

making strategic determinations as to 

what systems are to be transferred as 

between the exchange and clearing 

house, notices and required approvals, 

novation arrangements for positions 

being moved, building and testing of 

new systems, listing of new contracts at 

the recipient clearing house, transfer of 

position data, novating contracts, and 

transfer of available margin funds, 

among other steps, as applicable. This 

process is anticipated to take no more 

than six months based on experience 

with other clearing transfers. 

2. Termination of F&O Clearing 

Under this approach, ICE Clear 

Europe will terminate the clearing of 

contracts on a specified date, expected 

to be five months after notice is 

provided. Prior to that date, clearing 

members may unwind their contracts 

through market transactions, and 

trading and clearing would be expected 

to continue during the period. ICE Clear 

Europe will monitor positions regularly 

to ensure credit risk is not increasing. 

Any remaining trades at the five month 

point will be terminated at the end of 

day price. The Plan outlines certain key 

steps in the process, including with 

respect to communication with 

stakeholders and position monitoring. 

3. Transfer of CDS Clearing 

Under this approach, clearing of CDS 

contracts would be transferred to an 

alternative clearing house with a similar 

platform and capabilities. As with the 

transfer of F&O clearing, the alternative 

clearing house will add any needed 

additional members and contracts to its 

platform, and having tested these 

additions, will have open positions and 

margin funds transferred to it on a 

specified date. If that is not possible 

within the desired timeframe, an 

additional option, for CDS contracts that 

are not subject to a mandatory clearing 

obligation, would be to convert open 

positions into uncleared contracts, and 

then parties could resubmit those 

contracts for clearing to the new 

clearing house when ready. 

The Plan outlines certain conditions 

that will be necessary for any transfer to 

occur. The Plan also outlines key steps 

would need to be taken, including 

communication with stakeholders 

(including members, regulators and 

exchanges), negotiation with the 

alternative clearing house(s), notices 

and required regulatory approvals, 

development and execution of novation 

arrangements for positions to be 

transferred, building and testing of new 

systems, migrating open position data, 

novating contracts, and transfer of 

available margin funds, among other 

steps, as applicable. This process is 

anticipated to take no more than six 

months based on experience with other 

clearing transfers. ICE Clear Europe 

would continue to provide clearing and 

maintain risk, treasury and operations 

teams up to that point. 

4. Termination of CDS Clearing 

This option winds down ICE Clear 

Europe CDS clearing. ICE Clear Europe 

has more limited authority under the 

Rules to cause a tear-up of contracts in 

the CDS product category, and as a 

result the Plan contemplates that CDS 

clearing members would need to agree 

amongst themselves in advance as to the 

manner of and procedures for 

termination. If they cannot agree, the 

Board may decide to enforce 

termination in accordance with Rule 

105. 

Following ICE Clear Europe’s 

determination to terminate CDS 

clearing, it would establish a five month 

period for CDS clearing members to 

unwind their open positions. This could 

be done through trading by such 

clearing members in the market that 

offsets their positions, or if this is not 

possible, by negotiating the conversion 

of open matched positions into 

uncleared contracts (where mandatory 

clearing does not apply). 

This Plan specifies certain conditions, 

including obtains the necessary 

agreement of members. The Plan also 

outlines certain key steps, including 

notification of stakeholders of the 

decision to terminate, communication of 

matched open positions to members, 

and monitoring the reduction of 

positions of CDS clearing members 

during the five month termination 

period. 

5. Final Wind Down of ICE Clear Europe 

Once the decision to wind down ICE 

Clear Europe is made, six months’ 

notice will be provided to terminate all 

service agreements and employee 

contracts. Consideration will be given to 

incentives to key staff to stay on through 

the wind down process. 

The Plan outlines the termination 

provisions and notice periods that apply 

under key agreements, including those 

with other ICE entities and with banks 

and custodians. The Plan also addresses 

liquidity considerations during the 

wind-down period, such that ICE Clear 

Europe will be able to obtain and 

maintain sufficient liquidity from its 

investment arrangements to support 

clearing during the wind-down period. 

In this regard, ICE maintains significant 

liquidity in cash and short-term 

instruments such that it expects to be 

able to meet liquidity needs during the 

period. ICE Clear Europe also runs 

liquidity stress scenarios that closely 

match the closing of trading positions in 

a wind down situation. 


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Federal Register / Vol. 83, No. 13 / Friday, January 19, 2018 / Notices 2849 

6 15 U.S.C. 78q–1. 

7 17 CFR 240.17Ad–22. 

8 15 U.S.C. 78q–1(b)(3)(F). 

9 17 CFR 240.17Ad–22(e)(3)(ii). 10 17 CFR 240.17Ad–22(e)(15). 11 17 CFR 240.17Ad–22(e)(15)(i). 

Governance 

Once there is a possibility of wind 

down, or the ICE Clear Europe Board 

has agreed in principle to a wind-down, 

a Wind Down Planning Committee, 

including senior management, would be 

established. The Committee will have 

the following membership: Chair—NonExecutive Director or Board 

Chairperson; President; Chief Operating 

Officer; Chief Risk Officer; Chief 

Compliance Officer; and other advisors 

as appropriate, e.g., legal counsel. The 

Committee would be tasked with 

exploring with clearing members, 

exchanges, alternative clearing houses 

and regulators the relevant approaches 

to wind-down, with a goal of 

minimizing adverse impact on clearing 

members. The Plan outlines a number of 

considerations for both termination and 

transfer options that the Committee 

should explore. The Committee would 

report to the Board. This consultation 

process is designed to reflect the fact 

that in a wind down situation, the Plan 

would likely be affected by numerous 

additional considerations and could 

require adjustment and modification to 

match specific circumstances. 

The maintenance of the Plan is the 

responsibility of ICE Clear Europe’s 

Chief Operating Officer and each time 

the scope of clearing services change or 

a planning assumption changes, the 

Plan will be updated. The Plan is 

reviewed annually by the Board Audit 

Committee and the full Board. 

(b) Statutory Basis 

ICE Clear Europe believes that the 

proposed amendments are consistent 

with the requirements of Section 17A of 

the Act 6 and the regulations thereunder 

applicable to it, including the standards 

under Rule 17Ad–22.7

Section 17A(b)(3)(F) of the 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, to the extent 

applicable, derivative agreements, 

contracts, and transactions, the 

safeguarding of securities and funds in 

the custody or control of the clearing 

agency or for which it is responsible, 

and the protection of investors and the 

public interest. In addition, Rule 17Ad– 

22(e)(3)(ii) 9 requires that each covered 

clearing agency shall establish, 

implement, maintain and enforce 

written policies and procedures 

reasonably designed to, as applicable, 

maintain a sound risk management 

framework for comprehensively 

managing legal, credit, liquidity, 

operational, general business, 

investment, custody, and other risks 

that arise in or are borne by the covered 

clearing agency, which includes plans 

for the recovery and orderly wind-down 

of the covered clearing agency 

necessitated by credit losses, liquidity 

shortfalls, losses from general business 

risk, or any other losses. 

The Wind-Down Plan is designed to 

meet the requirements of Rule 17Ad– 

22(e)(3)(ii), and is further consistent 

with the requirements of the Act. The 

Wind-Down Plan considers scenarios in 

which the wind-down of the clearing 

services of ICE Clear Europe may be 

necessary or desirable, both voluntarily 

and as a result of default or non-default 

losses that cannot be resolved through 

the Recovery Plan. It sets out procedures 

for transferring or terminating clearing 

of both the CDS and F&O product 

categories in a wind-down scenario, as 

well as terminating related agreements 

and arrangements. The Wind-Down 

Plan also provides greater transparency 

to market participants, including 

clearing members, about the expected 

sequence and scope of actions that ICE 

Clear Europe may take in a wind-down 

scenario, and addresses procedures for 

consultations with clearing members 

and other relevant stakeholders. In ICE 

Clear Europe’s view, the Plan thus 

meets the requirements of Rule 17Ad– 

22(e)(3)(ii). Furthermore, ICE Clear 

Europe views the Plan as a key aspect 

of its general risk management 

framework for severe loss scenarios, as 

it provides an orderly procedure for 

termination or transfer of clearing, and 

thereby promotes the protection of 

investors and the public interest, within 

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

the Act. 

ICE Clear Europe further notes the 

requirement in Rule 17Ad–22(e)(15) 10

to hold sufficient liquid net assets 

funded by equity to cover potential 

general business losses so that the 

covered clearing agency can continue 

operations and services as a going 

concern if those losses materialize, 

including by (i) determining the amount 

of liquid net assets funded by equity 

based upon its general business risk 

profile and the length of time required 

to achieve a recovery or orderly winddown, as appropriate, of its critical 

operations and services if such action is 

taken, and (ii) holding liquid net assets 

funded by equity equal to the greater of 

either (x) six months of the covered 

clearing agency’s current operating 

expenses, or (y) the amount determined 

by the board of directors to be sufficient 

to ensure a recovery or orderly winddown of critical operations and services 

of the covered clearing agency, as 

contemplated by the plans established 

under Rule 17Ad–22(e)(3)(ii) of this 

section. ICE Clear Europe has 

determined that it believes any winddown can be completed within six 

months, and that it holds equity capital 

at least sufficient to cover the costs of 

a wind-down of its clearing services 

under the Wind-Down Plan during that 

period, consistent with the requirements 

of Rule 17Ad–22(e)(15).11

(B) Clearing Agency’s Statement on 

Burden on Competition 

ICE Clear Europe does not believe the 

proposed Wind-Down Plan would have 

any impact, or impose any burden, on 

competition not necessary or 

appropriate in furtherance of the 

purposes of the Act. The Wind-Down 

Plan does not itself change the rights or 

obligations of the clearing house or 

clearing members, and is based on the 

termination provisions set forth in the 

existing Rules. The Wind-Down Plan 

has been designed to meet specific 

regulatory requirements concerning 

wind-down planning, principally to 

address the circumstance where default 

or non-default losses are sufficiently 

severe that they cannot be addressed 

through the Recovery Plan and 

necessitate termination or transfer of 

clearing. ICE Clear Europe does not 

believe the amendments will impact 

competition among clearing members or 

other market participants, or affect the 

ability of market participants to access 

clearing generally. While 

implementation of the Wind-Down 

Plan, and in particular use of the plan 

in a severe loss scenario, would likely 

impose costs on clearing members or 

other market participants, such costs are 

consistent with the existing Rules, and 

in ICE Clear Europe’s view, would be 

appropriate in light of a loss situation 

requiring wind-down of clearing in 

accordance with applicable regulations. 

(C) Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change Received From Members, 

Participants or Others 

Written comments relating to the 

proposed amendments have not been 

solicited or received by ICE Clear 

Europe. ICE Clear Europe will notify the 

Commission of any comments received 

with respect to the proposed rule 

change. 


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2850 Federal Register / Vol. 83, No. 13 / Friday, January 19, 2018 / Notices 

12 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. 81842 

(October 10, 2017), 82 FR 48127. 

4 15 U.S.C. 78s(b)(2). 

5See Securities Exchange Act Release No. 82176, 

82 FR 57497 (December 5, 2017). The Commission 

designated January 14, 2018, as the date by which 

it shall approve or disapprove, or institute 

proceedings to determine whether to disapprove, 

the proposed rule change. 

6 In Amendment No. 6, which amended and 

superseded the proposed rule change as modified 

by Amendment Nos. 1, 2, 3, 4 and 5, the Exchange: 

(1) Changed the name of the Fund; (2) represented 

that the Trust will file an amendment to the 

Registration Statement (as defined herein) as 

necessary to conform to the representations in the 

filing; (3) clarified the definitions of certain return 

factors the Adviser (as defined herein) may utilize 

as part of the Fund’s investment strategy; (4) moved 

cash and cash equivalents from the ‘‘other 

investments’’ category to the ‘‘principal 

investments’’ category; (5) provided that the Fund 

may purchase and sell foreign exchange-traded 

futures on foreign equities and foreign stock 

indexes and foreign exchange-traded options on 

foreign equity futures as part of its principal 

investments; (6) clarified that no more than 10% of 

the equity weight of the Fund’s portfolio will be 

invested in non-exchange-traded American 

Depositary Receipts; (7) provided additional 

information regarding the Fund’s holding of nonexchange-traded contingent value rights, including 

that such holdings would be limited to 0.5% of the 

Fund’s assets by market value and that such 

holdings would not meet the criteria of 

Commentary .01(a)(1)(E) and (a)(2)(E) to NYSE Arca 

Rule 8.600–E, as further described herein; (8) 

provided that the Fund’s investment in sovereign 

obligations and obligations of supranational entities 

each is not expected to exceed 5% of the Fund’s 

assets; (9) provided additional information 

regarding the availability of information for the 

Shares; and (10) made other clarifications, 

corrections, and technical changes. Amendment No. 

6 is not subject to notice and comment because it 

does not materially alter the substance of the 

proposed rule change or raise unique or novel 

regulatory issues. All of the amendments to the 

proposed rule change are available at https://

www.sec.gov/comments/sr-nysearca-2017-87/ 

nysearca201787.htm. 

III. Date of Effectiveness of the 

Proposed Rule Change, Security-Based 

Swap Submission and Advance Notice 

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. 

The proposal shall not take effect 

until all regulatory actions required 

with respect to the proposal are 

completed. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change, security-based swap submission 

or advance notice 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–2017–017 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–ICEEU–2017–017. 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, security-based swap submission 

or advance notice that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change, security-based 

swap submission or advance notice 

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 Section, 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 website at https://

www.theice.com/notices/Notices.shtml?

regulatoryFilings. 

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–ICEEU–2017–017 

and should be submitted on or before 

February 9, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–00854 Filed 1–18–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–82492; File No. SR– 

NYSEArca–2017–87] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Order Granting Approval of 

a Proposed Rule Change, as Modified 

by Amendment No. 6, To List and 

Trade Shares of the JPMorgan Long/ 

Short ETF Under NYSE Arca Rule 

8.600–E 

January 12, 2018. 

I. Introduction 

On September 26, 2017, NYSE Arca, 

Inc. (‘‘Exchange’’ or ‘‘NYSE Arca’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

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

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b–4 thereunder,2 a proposed rule 

change to list and trade shares 

(‘‘Shares’’) of the JPMorgan Long/Short 

ETF (‘‘Fund’’) under NYSE Arca Rule 

8.600–E. The proposed rule change was 

published for comment in the Federal 

Register on October 16, 2017.3 On 

November 17, 2017, the Exchange filed 

Amendment No. 1 to the proposed rule 

change, and on November 27, 2017, the 

Exchange filed Amendment No. 2 to the 

proposed rule change. On November 29, 

2017, pursuant to Section 19(b)(2) of the 

Act,4 the Commission designated a 

longer period within which to approve 

the proposed rule change, disapprove 

the proposed rule change, or institute 

proceedings to determine whether to 

disapprove the proposed rule change.5

On December 4, 2017, the Exchange 

filed Amendment No. 3 to the proposed 

rule change. On December 6, 2017, the 

Exchange filed Amendment No. 4 to the 

proposed rule change. On December 26, 

2017, the Exchange filed Amendment 

No. 5 to the proposed rule change. On 

January 3, 2018, the Exchange filed 

Amendment No. 6 to the proposed rule 

change.6 The Commission has received 

no comments on the proposed rule 

change. This order approves the 

proposed rule change, as modified by 

Amendment No. 6. 


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