[Federal Register Volume 87, Number 87 (Thursday, May 5, 2022)]
[Notices]
[Pages 26792-26796]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-09585]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-94821; File No. SR-LCH SA-2022-002]


Self-Regulatory Organizations; LCH SA; Order Approving Proposed 
Rule Change Relating to the CDS Clearing Rule Book, Supplement, and 
Procedures

April 29, 2022.

I. Introduction

    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''), pursuant to Section 19(b)(1) 
of the Securities Exchange Act of 1934 (the ``Act'' or ``Exchange 
Act''),\1\ and Rule 19b-4,\2\ a proposed rule change to amend the (i) 
CDS Clearing Rule Book (the ``Rule Book''), (ii) CDS Clearing 
Supplement (the ``Clearing Supplement''), (iii) certain CDS Clearing 
Procedures (the ``Procedures''), and (iv) a Clearing Notice (``Clearing 
Notice).\3\ The proposed rule change was published for comment in the 
Federal Register on March 21, 2022.\4\ The Commission did not receive 
comments regarding the proposed rule change. For the reasons discussed 
below, the

[[Page 26793]]

Commission is approving the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Capitalized terms used but not defined herein have the 
meanings specified in the Rule Book, Clearing Supplement, 
Procedures, or Clearing Notice, as applicable.
    \4\ Self-Regulatory Organizations; LCH SA; Notice of Filing of 
Proposed Rule Change to Relating to the CDS Clearing Rule Book, 
Supplement, and Procedures, Exchange Act Release No. 4423 (March 15, 
2022); 87 FR 16035 (March 21, 2022) (SR-LCH SA-2022-002) 
(``Notice'').
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II. Description of the Proposed Rule Change

    As detailed below, the changes to the Rule Book, Clearing 
Supplement, Procedures, and Clearing Notice would: (i) Queue trades 
received outside of the Real Time Session; (ii) backload Index 
Swaptions; (iii) allow Clients to request ad-hoc compression; (iv) 
revise certain provisions to conform to amended Commodity Futures Trade 
Commission (``CFTC'') Rule 39.13(g)(8)(ii); \5\ (v) revise Treasury 
Reports; (vi) introduce a new Trading City concept; and (vii) rename a 
component of the minimum bid size formula used in default auctions.
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    \5\ 17 CFR 240.39.13(g)(8)(ii).
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A. Real Time Session

    The Real Time Session is the period during a Clearing Day in which 
LCH SA accepts transactions for clearing. Currently Article 3.1.4.3 of 
Rule Book requires that LCH SA automatically reject any Intraday 
Transaction submitted outside of the Real Time Session. The proposed 
rule change would revise Article 3.1.4.3 to provide instead that any 
Intraday Transaction submitted 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. Rather than automatically rejection any 
Intraday Transaction submitted outside of the Real Time Session, under 
the proposed rule change LCH SA would instead queue those transactions 
for submission at the Start of the Real Time Session on the following 
Clearing Day. However, LCH SA would still automatically reject such 
transactions if they do not successfully complete the Eligibility 
Controls, Client Transaction Checks (if applicable), or the Notional 
and Collateral Checks.
    The proposed rule change also would give LCH SA additional 
flexibility regarding the start of the Real Time Session. The Rule Book 
defines the Real Time Session as the period commencing at the Start of 
Real Time and ending at the End of Real Time in respect of each 
Clearing Day. The Rule Book further defines the Start of Real Time as 
the time specified in a Clearing Notice. Currently, Clearing Notice 
2016/057 provides that the Start of Real Time for each Clearing Day is 
the earlier of: (i) The time when all relevant Clearing Members have 
satisfied the Morning Call and (ii) 09.05 Central European Time. 
Clearing Notice 2016/057 also provides that the End of Real Time is 
19.30 Central European Time on each Clearing Day.
    The proposed rule change would revise Clearing Notice 2016/057. The 
proposed rule change would maintain the same start and end times as 
currently found in the Clearing Notice, but it would give LCH SA 
flexibility to vary the start and end times. Specifically, the revised 
Clearing Notice would explain that if for any reason LCH SA is not able 
to start or end the Real Time Session at the specified times, or if LCH 
SA is required to start or end the Real Time Session other than at 
those times, then LCH SA may change the Start of Real Time and/or the 
End of Real Time. In that case, LCH SA will communicate the times to 
Clearing Members and the Start of Real Time and/or the End of Real Time 
will be the time when LCH SA sends the relevant notification of the 
opening or the closing (as applicable) of the Real Time Session.
    Finally, the proposed rule change would amend Section 5.5(a) of the 
Procedures to replace a reference to the specific start and end times 
of the Real Time Session with a general reference to the Real Time 
Session. This change would resolve a potential conflict from Section 
5.5(a) of the Procedures, which could have arisen if LCH SA diverged 
from the times specified in the Clearing Notice.

B. Backload Index Swaptions

    Currently LCH SA allows Clearing Members and Clients to backload 
CDS transactions, but not Index Swaptions (meaning options to purchase 
index CDS). Backloading is the process of clearing a transaction that 
the buyer and seller have held for some time after completion of the 
trade without submitting it to clearing. The proposed rule change would 
extend the backloading process to allow Clearing Members and Clients to 
backload Index Swaptions, in addition to CDS.
    To do so, the proposed rule change would amend the definition of CM 
Backloading Transaction and Client Backloading Transaction. The 
proposed rule change would add Index Swaptions to both definitions. 
These changes would allow a Clearing Member, in the case of a CM 
Backloading Transaction, and a Client, in the case of a Client 
Backloading Transaction, to backload Index Swaptions.
    The proposed rule change also would make a conforming change to the 
Procedures. In Section 5.2(c), the proposed rule change would specify 
that either a CDS or an Index Swaption may be submitted for clearing 
through the Daily Backloading Cycle.

C. Ad-Hoc Compression Requests

    Compression is the process of reducing the number of trades in 
portfolios by offsetting positions. It simplifies the management of 
positions and reduces the capital that Clearing Members and Clients 
need to hold against their positions. LCH SA provides compression 
automatically or through ad-hoc requests. Currently, LCH SA allows 
Clearing Members to request compression, either for their own 
transactions or for transactions of their Clients. Clearing Members may 
request compression ad-hoc or may request automatic compression in 
certain circumstances.
    The proposed rule change would allow Clients to submit requests for 
ad-hoc compression directly to LCH SA, rather than having Clearing 
Members submit such requests on their behalf. To do so, the proposed 
rule change would amend Articles 3.3.1.1, 3.3.1.2, 3.3.1.4 and 3.3.1.5 
of the Rule Book to allow Clients to submit ad-hoc compression 
requests. The proposed rule change also would make conforming 
amendments in Section 5 of the Procedures and the Clearing Supplement. 
These changes would allow Clients to submit compression requests on an 
ad-hoc basis only; Clients would not be able to request automatic 
compression.
    In addition to these changes, the proposed rule change would amend 
Section 5.5(a) of the Procedures to make certain changes to the 
operation of compression requests. Under the proposed rule change, the 
Ad-Hoc Compression Order File would no longer define the resulting 
Clearing Transaction, as is currently specified. Moreover, Section 
5.5(a) currently provides that a Clearing Notice will specify how to 
submit the Ad-Hoc Compression Order File. The proposed rule change 
would eliminate the use of a Clearing Notice and provide instead that 
LCH SA's website will specify the means of submission. LCH SA is making 
this particular change because Clearing Members and Clients will submit 
their requests through the LCH Portal on LCH SA's website.

D. Amended CFTC Rule 39.13(g)(8)(ii)

    Currently Section 2.2(e) of the Procedures requires that an FCM/BD 
Clearing Member collect additional Collateral from an FCM/BD Client in 
respect of a Client Cleared Transaction in an amount that is 10% above 
what LCH SA would normally require for such Client Cleared Transaction. 
This requirement applies to any Client Cleared Transaction registered 
in a FCM/BD Client Trade Account that is of

[[Page 26794]]

a ``non-hedging nature'', as such term is used in Part 39 of the CFTC 
regulations.
    LCH SA represents that this requirement was intended to comply with 
CFTC Rule 39.13(g)(8)(ii).\6\ LCH SA further represents that it needs 
to update Section 2.2(e) to comply with a recent amendment to the CFTC 
rule.\7\
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    \6\ 17 CFR 240.39.13(g)(8)(ii); Notice, 87 FR at 16037.
    \7\ Notice, 87 FR at 16037.
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    As amended, Section 2.2(e) would no longer impose a single, uniform 
additional margin requirement. Rather, FCM/BD Clearing Members would 
identify categories of FCM/BD Clients with heightened risk profiles and 
collect additional Collateral from the FCM/BD Clients at a level that 
exceeds what LCH SA would normally require, commensurate with the risk 
presented in each account.
    In addition to the amendment to Section 2.2(e), the proposed rule 
change would amend Article 6.2.6.1 of the Rule Book. As amended, 
Article 6.2.6.1 would refer to FCM/BD Clients with heightened risk 
profiles, as required in Section 2 of the Procedures.

E. Treasury Reports

    The proposed rule change would amend Section 5.16 of the 
Procedures, which detail certain treasury collateral management 
reports. The amendments would re-name the reports, update certain 
details, and make the reports machine-readable.

F. Trading City

    The proposed rule change would introduce to the Rule Book the new 
concept of a Trading City. The Trading City would be the city in which 
a CDS or Index Swaption is typically traded, as determined by LCH SA 
and published on the LCH website.
    Use of the Trading City concept would allow LCH SA to tie certain 
deadlines and requirements to the specific calendar and business hours 
of that Trading City. For example, under Section 5.18.5 of the 
Procedures, LCH SA requires Clearing Members to enter into transactions 
with one another in certain circumstances. LCH SA requires such 
transactions as a way of validating the prices that Clearing Members 
submit. Currently, the timelines associated with such transactions are 
set out in Central European Time for products denominated in Euro and 
New York City local time for products denominated in US dollar.
    Under the proposed rule change, these deadlines would instead refer 
to the local time associated with the Trading City for the product. 
Thus, to the extent that LCH SA clears CDS or Index Swaptions typically 
traded in cities outside of Central European Time or New York City 
local time, use of the Trading City concept would allow these deadlines 
to conform to the local time zones where those products are typically 
traded.
    The proposed rule change therefore would add a definition to the 
Rule Book for Trading City and the associated terms Latest Contributed 
Price Time and Latest Cross Trade Execution Time. The proposed rule 
change also would amend Section 5.18 of the Procedures to incorporate 
these terms.

G. Clearing Day

    The proposed rule change would amend the definition of Clearing Day 
in the Rule Book. Currently, the Rule Book defines Clearing Day as any 
day that is: (i) A Business Day and (ii) a day on which commercial 
banks in London are open for business. The Rule Book defines the term 
Business Day as any day that is not a holiday in the TARGET2 calendar. 
The proposed rule change would amend the Rule Book so that the term 
Clearing Day would instead mean any day on which LCH SA is open for 
business as set forth on the website and in member notifications from 
time to time. This change therefore would give LCH SA flexibility to 
define its Clearing Day, rather than relying on the calendars for 
TARGET2 and London commercial banks.

H. Minimum Bid Size

    Finally, the proposed rule change would amend Appendix 1 of the 
Rule Book to correct the description of a term used to determine the 
minimum bid size in default auctions. Currently, LCH SA calculates the 
minimum bid size using a formula set out in Appendix 1. The formula 
includes a variable that is currently known as the Minimum Bid Size 
Denominator. The proposed rule change would change the name of this 
variable to the Minimum Bid Size Multiplier. LCH SA maintains that this 
variable is actually a multiplier and not a denominator, so renaming 
the variable would make the formula more clear and consistent.\8\
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    \8\ Notice, 87 FR at 16037.
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III. Discussion and Commission Findings

    Section 19(b)(2)(C) of the Act directs the Commission to approve a 
proposed rule change of a self-regulatory organization if it finds that 
such proposed rule change is consistent with the requirements of the 
Act and the rules and regulations thereunder applicable to such 
organization.\9\ For the reasons given below, the Commission finds that 
the proposed rule change is consistent with Section 17A(b)(3)(F) of the 
Act,\10\ and Rules 17Ad-22(e)(13) and (e)(17) thereunder.\11\
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    \9\ 15 U.S.C. 78s(b)(2)(C).
    \10\ 15 U.S.C. 78q-1(b)(3)(F).
    \11\ 17 CFR 240.17Ad-22(e)(13) and 17Ad-22(e)(17).
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A. Consistency With Section 17A(b)(3)(F) of the Act

    Section 17A(b)(3)(F) of the Act requires, among other things, that 
the rules of LCH SA 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, in 
general, to protect investors and the public interest.\12\ Based on its 
review of the record, and for the reasons discussed below, the 
Commission believes the proposed changes are consistent with the 
promotion of the prompt and accurate clearance and settlement of 
transactions at LCH SA.
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    \12\ 15 U.S.C. 78q-1(b)(3)(F).
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    The Commission believes that the proposed changes to LCH SA's real 
time session would promote the prompt and accurate clearance and 
settlement of transactions at LCH SA. Queuing Intraday Transactions 
submitted outside of the Real Time Session for submission at the Start 
of the Real Time Session on the following Clearing Day, rather than 
automatically rejecting those transactions, would allow Clearing 
Members to submit transactions outside of the Real Time Session, thus 
expanding the period of time in which Clearing Members can submit 
transactions to LCH SA. The Commission believes that doing so could 
provide Clearing Members more opportunity to submit transactions and 
would therefore promote the submission of Intraday Transactions to LCH 
SA, consistent with the promotion of the prompt and accurate clearance 
and settlement of transactions. Moreover, the Commission believes that 
giving LCH SA flexibility to vary the start and end times of the Real 
Time Session should help to ensure that LCH SA is able to operate the 
Real Time Session even in the face of operational delays, and therefore 
clear and settle transactions. Finally, the Commission believes that 
amending Section 5.5(a) of the Procedures to replace a reference to the 
specific start and end times of the Real Time Session with a general 
reference to the Real Time Session should ensure LCH SA is able to vary

[[Page 26795]]

the start and end of the Real Time Session as needed.
    The Commission believes that the proposed changes to allow Clearing 
Members and Clients to backload Index Swaptions also should promote the 
prompt and accurate clearance and settlement of transactions at LCH SA. 
The Commission believes that allowing Clearing Members and Clients to 
submit Index Swaptions as part of the Daily Backloading Cycle should 
give Clearing Members and Clients an opportunity of clearing Index 
Swaptions that could not be submitted during the intraday clearing 
process. The Commission believes that this should overall increase the 
availability of clearing services for Index Swaptions at LCH SA, and 
the Commission believes this should promote the prompt and accurate 
clearance and settlement of these transactions.
    The Commission further believes that the proposed changes to permit 
Clients to submit ad-hoc compression requests directly to LCH SA should 
promote the prompt and accurate clearance and settlement of 
transactions at LCH SA. As discussed above, compression simplifies the 
management of positions and reduces capital needs by offsetting 
positions. The Commissions believes that compression should therefore 
make clearing transactions through LCH SA more efficient and 
attractive. The Commission believes that allowing Clients to submit ad-
hoc compression requests directly to LCH SA should improve the 
efficiency of such compression, by eliminating the need to send 
requests through Clearing Members. The Commission believes this change 
should therefore promote the use of compression by Clients. The 
Commission similarly believes that the amendments to Section 5.5(a) of 
the Procedures discussed above should make compression more efficient 
by allowing Clearing Members and Clients to submit their compression 
requests through the LCH Portal. The Commission believes that all of 
these changes, taken together, should promote the use of compression at 
LCH SA, and by doing so should promote the prompt and accurate 
clearance and settlement of transactions at LCH SA.
    The Commission believes that the proposed changes to conform to 
amended CFTC Rule 39.13(g)(8)(ii) \13\ should, in general, be 
consistent with the protection of investors and the public interest. 
The Commission believes that these changes, as represented by LCH 
SA,\14\ should help ensure that LCH SA complies with amended CFTC Rule 
39.13(g)(8)(ii).\15\ The Commission believes that LCH SA's compliance 
with CFTC's regulations and other legal requirements is generally 
consistent with the protection of investors and the public interest.
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    \13\ 17 CFR 240.39.13(g)(8)(ii).
    \14\ Notice, 87 FR at 16037.
    \15\ 17 CFR 240.39.13(g)(8)(ii).
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    The Commission believes that the proposed changes to rename and 
update the Treasury Reports also should promote the prompt and accurate 
clearance and settlement of transactions at LCH SA. Among other things, 
the updates would make the reports machine-readable. The Commission 
believes doing so should allow LCH SA to use the reports more 
efficiently, and that this change therefore should increase the overall 
efficiency of LCH SA's clearance and settlement operations and should 
thereby promote the prompt and accurate clearance and settlement of 
transactions at LCH SA.
    The Commission believes the new Trading City concept also should 
promote the prompt and accurate clearance and settlement of 
transactions at LCH SA. The Commission believes that, as discussed 
above, use of the Trading City concept should allow LCH SA to tie 
certain deadlines and requirements to the specific calendar and 
business hours of that Trading City. Doing so should make it easier for 
LCH SA to introduce for clearing products that typically trade in 
cities outside of Central European Time or New York City local time. 
The Commission therefore believes that this change should facilitate 
LCH SA's ability to clear additional products and transactions, 
promoting the prompt and accurate clearance and settlement of 
transactions at LCH SA.
    The Commission further believes that providing LCH SA additional 
flexibility with respect to the definition of Clearing Day should 
promote the prompt and accurate clearance and settlement of 
transactions at LCH SA. As discussed above, the Rule Book currently 
defines Clearing Day with reference to the TARGET2 Calendar and 
business days of London commercial banks, both of which are outside the 
control of LCH SA. The Commission believes changing the definition of 
Clearing Day to one that is set by LCH SA should therefore give it 
control over its Clearing Days. The Commission believes this change 
therefore should promote the overall reliability of LCH SA's operations 
and in doing so should promote the prompt and accurate clearance and 
settlement of transactions at LCH SA.
    Finally, the Commission believes that correcting the description of 
the Minimum Bid Size Multiplier should help to ensure the accuracy and 
clarity of LCH SA's default auction process. The Commission further 
believes that a more accurate and clear default auction process should 
help to ensure that LCH SA is able to manage a Clearing Member default 
through an auction and that LCH SA is able to continue providing 
clearing services in the face of such a default. The Commission 
therefore believes this change would promote the prompt and accurate 
clearance and settlement of transactions at LCH SA.
    Therefore, the Commission finds that the proposed rule change is 
consistent with Section 17A(b)(3)(F) of the Act.\16\
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    \16\ 15 U.S.C. 78q-1(b)(3)(F).
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B. Consistency With Rule 17Ad-22(e)(13)

    Rule 17Ad-22(e)(13) requires that LCH SA establish, implement, 
maintain and enforce written policies and procedures reasonably 
designed to ensure LCH SA has the authority and operational capacity to 
take timely action to contain losses and liquidity demands and continue 
to meet its obligations by, at a minimum, requiring LCH SA's 
participants and, when practicable, other stakeholders to participate 
in the testing and review of its default procedures, including any 
close-out procedures, at least annually and following material changes 
thereto.\17\ The Commission believes that renaming the Minimum Bid Size 
Multiplier should help to ensure the accuracy and clarity of LCH SA's 
default auction process. The Commission believes that a more accurate 
and clear default auction process should help to ensure that LCH SA has 
the authority and operational capacity to take timely action to contain 
losses in the case of a Clearing Member default. Therefore, the 
Commission finds that this aspect of the proposed rule change is 
consistent with Rule 17Ad-22(e)(13).\18\
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    \17\ 17 CFR 240.17Ad-22(e)(13).
    \18\ 17 CFR 240.17Ad-22(e)(13).
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C. Consistency With Rule 17Ad-22(e)(17)

    Rule 17Ad-22(e)(17) requires that LCH SA establish, implement, 
maintain and enforce written policies and procedures reasonably 
designed to manage its operational risks by, among other things, 
ensuring that systems have a high degree of resiliency and operational 
reliability.\19\
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    \19\ 17 CFR 240.17Ad-22(e)(17).
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    The Commission believes that a number of the changes discussed 
above should help to ensure that LCH SA's systems have a high degree of 
resiliency

[[Page 26796]]

and operational reliability. For example, the Commission believes 
queuing Intraday Transactions submitted outside of the Real Time 
Session for submission at the Start of the Real Time Session on the 
following Clearing Day should allow Clearing Members to submit 
transactions whenever they are best able to do so. Thus, if a Clearing 
Member is not able to submit an Intraday Transaction during the Real 
Time Session due to operational issues, the Clearing Member could still 
submit after the end of the Real Time Session if it is able to do so, 
with the knowledge that LCH SA would queue the transaction for the 
submission at the Start of the Real Time Session on the following 
Clearing Day. The Commission thus believes this change should increase 
the availability and reliability of LCH SA's clearing operations. 
Moreover, permitting Clients to submit ad-hoc compression requests 
directly to LCH SA should help to ensure that LCH receives such 
requests even when Clearing Members are unable to transmit them on 
behalf of their Clients, and the Commission believes this should 
increase the operational reliability of this aspect of LCH SA's 
operations. Similarly, the proposed changes to re-name and update the 
Treasury Reports would make the reports machine-readable, and the 
Commission believes this should help to ensure that such reports are 
easier to use and operationally reliable.
    Finally, the Commission believes the new Trading City concept and 
the change to the definition of Clearing Day should help to increase 
the resiliency of LCH SA's operations. The Trading City concept would 
allow LCH SA to tailor certain deadlines and requirements, such as 
those related to end-of-day price submissions, to the time zone where 
Clearing Members typically trade. The Commission believes this should 
help increase the resiliency of LCH SA's operations by tying deadlines 
and requirements to the local time zones in which Clearing Members are 
operating, rather than forcing Clearing Members to operate according to 
European Central or New York local time. Similarly, the Commission 
believes that providing LCH SA additional flexibility with respect to 
the definition of Clearing Day should eliminate the reliance on the 
TARGET2 Calendar and the operations of London commercial banks. The 
Commission believes this change should therefore help increase the 
resiliency of LCH SA's operations by giving LCH SA the ability to 
determine its Clearing Days based on its own schedule and operations.
    Therefore, the Commission finds that these aspects of the proposed 
rule change are consistent with Rule 17Ad-22(e)(17).\20\
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    \20\ 17 CFR 240.17Ad-22(e)(17).
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IV. Conclusion

    On the basis of the foregoing, the Commission finds that the 
proposed rule change is consistent with the requirements of the Act, 
and in particular, with the requirements of Section 17A(b)(3)(F) of the 
Act,\21\ and Rules 17Ad-22(e)(13) and (e)(17) thereunder.\22\
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    \21\ 15 U.S.C. 78q-1(b)(3)(F).
    \22\ 17 CFR 240.17Ad-22(e)(13) and (e)(17).
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    It is therefore ordered pursuant to Section 19(b)(2) of the Act 
\23\ that the proposed rule change (SR-LCH SA-2022-002) be, and hereby 
is, approved.\24\
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    \23\ 15 U.S.C. 78s(b)(2).
    \24\ In approving the proposed rule change, the Commission 
considered the proposal's impact on efficiency, competition, and 
capital formation. 15 U.S.C. 78c(f).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\25\
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    \25\ 17 CFR 200.30-3(a)(12).
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J. Matthew,
DeLesDernier Assistant Secretary.
[FR Doc. 2022-09585 Filed 5-4-22; 8:45 am]
BILLING CODE 8011-01-P