42530 Federal Register / Vol. 87, No. 135 / Friday, July 15, 2022 / Notices 

32 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. 94982 

(May 25, 2022), 87 FR 33250. 

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

5 Id. 

6 17 CFR 200.30–3(a)(31). 

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

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A). 

4 17 CFR 240.19b–4(f)(1). 

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 FICC and on DTCC’s website 

(http://dtcc.com/legal/sec-rulefilings.aspx). 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–FICC– 

2022–005 and should be submitted on 

or before August 5, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.32

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–15179 Filed 7–14–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–95257; File No. SR– 

CboeBZX–2022–031] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of 

Designation of a Longer Period for 

Commission Action on a Proposed 

Rule Change To List and Trade Shares 

of the ARK 21Shares Bitcoin ETF 

Under BZX Rule 14.11(e)(4), 

Commodity-Based Trust Shares 

July 12, 2022. 

On May 13, 2022, Cboe BZX 

Exchange, Inc. (‘‘BZX’’) 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 of the ARK 

21Shares Bitcoin ETF under BZX Rule 

14.11(e)(4), Commodity-Based Trust 

Shares. The proposed rule change was 

published for comment in the Federal 

Register on June 1, 2022.3 The 

Commission has received no comments 

on the proposed rule change. 

Section 19(b)(2) of the Act 4 provides 

that within 45 days of the publication of 

notice of the filing of a proposed rule 

change, 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 shall either 

approve the proposed rule change, 

disapprove the proposed rule change, or 

institute proceedings to determine 

whether the proposed rule change 

should be disapproved. The 45th day 

after publication of the notice for this 

proposed rule change is July 16, 2022. 

The Commission is extending this 45- 

day time period. 

The Commission finds that it is 

appropriate to designate a longer period 

within which to take action on the 

proposed rule change so that it has 

sufficient time to consider the proposed 

rule change and the issues raised 

therein. Accordingly, pursuant to 

Section 19(b)(2) of the Act,5 the 

Commission designates August 30, 

2022, as the date by which the 

Commission shall either approve or 

disapprove, or institute proceedings to 

determine whether to disapprove, the 

proposed rule change (File No. SR– 

CboeBZX–2022–031). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–15180 Filed 7–14–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–95244; File No. SR–ICC– 

2022–009] 

Self-Regulatory Organizations; ICE 

Clear Credit LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Relating to the Risk 

Management Framework and the Risk 

Management Model Description 

July 11, 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 June 30, 

2022, 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. 

ICC filed the proposed rule change 

pursuant to Section 19(b)(3)(A) of the 

Act 3 and Rule 19b–4(f)(1) thereunder,4

such that the proposed rule change was 

immediately effective upon filing with 

the Commission. 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 

The principal purpose of the 

proposed rule change is to revise the 

ICC Risk Management Framework 

(‘‘RMF’’) and the ICC Risk Management 

Model Description (‘‘RMMD’’) 

(collectively, the ‘‘Risk Management 

Policies’’). These revisions do not 

require any changes to the ICC Clearing 

Rules (the ‘‘Rules’’). 

II. Clearing Agency’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, security-based swap 

submission, or advance notice and 

discussed any comments it received on 

the proposed rule change, securitybased swap submission, or advance 

notice. 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) Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

(a) Purpose 

ICC proposes revisions to the Risk 

Management Policies. The proposed 

amendments consist of clarifications 

that are intended to promote 

consistency across related provisions in 

ICC’s Rules and procedures and would 

not change any current risk 

methodologies, practices, or 

requirements. ICC believes the proposed 

changes will facilitate the prompt and 

accurate clearance and settlement of 

securities transactions and derivative 

agreements, contracts, and transactions 

for which it is responsible. ICC proposes 

to make such changes effective shortly 

after filing with the Commission, on or 

about July 18, 2022. The proposed rule 

change is described in detail as follows. 

ICC proposes language clarifications 

to the Risk Management Policies to 

ensure consistency with the ICC Rules. 

Under ICC Rule 801(a)(ii), the required 

contribution to the Guaranty Fund 


jspears on DSK121TN23PROD with NOTICES1
Federal Register / Vol. 87, No. 135 / Friday, July 15, 2022 / Notices 42531 

5 15 U.S.C. 78q–1. 

6 17 CFR 240.17Ad–22. 

7 15 U.S.C. 78q–1(b)(3)(F). 

8 Id. 

9 17 CFR 240.17Ad–22. 

10 17 CFR 240.17Ad–22(e)(3)(i). 

11 Id. 

12 17 CFR 240.17Ad–22(e)(4)(ii). 

13 Id. 

14 17 CFR 240.17Ad–22(e)(6)(i). 

15 Id. 

(‘‘GF’’) for each Clearing Participant 

(‘‘CP’’) is recalculated daily, and if such 

calculation results in an increase of 5% 

or more, the required contribution for 

such CP is reset to the higher level. The 

proposed changes replicate the 

‘‘increase of 5% or more’’ language in 

related provisions in the RMF and 

RMMD to ensure that language in the 

RMF and RMMD clearly and 

consistently reflects ICC’s current 

practices. Section IV.E.4 of the RMF 

calls for additional GF contributions if 

a CP’s daily estimated GF requirements 

exceed 5% of their prior day’s GF 

collateral on deposit. The proposed 

changes specify that the estimated GF 

requirements exceed by an increase of 

5% or more the prior day’s GF collateral 

on deposit. Under Section XI of the 

RMMD, ICC executes a GF call if the 

model GF allocation for a CP exceeds 

the total GF amount on deposit by more 

than 5%. The proposed changes specify 

that the model GF allocation exceed by 

an increase of 5% or more the total GF 

amount on deposit. These revisions 

would not change current risk 

methodologies, practices, or 

requirements and are intended to ensure 

that language in the RMF and RMMD 

clearly reflects ICC’s current practices. 

Moreover, such changes ensure 

consistency across related provisions in 

the ICC Rules and procedures. 

(b) Statutory Basis 

ICC believes that the proposed rule 

change is consistent with the 

requirements of Section 17A of the Act 5

and the regulations thereunder 

applicable to it, including the applicable 

standards under Rule 17Ad–22.6 In 

particular, Section 17A(b)(3)(F) of the 

Act 7 requires that the rule change be 

consistent with the prompt and accurate 

clearance 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 

or for which it is responsible, and the 

protection of investors and the public 

interest. 

The proposed rule change is limited 

to language clarifications designed to 

promote consistency across related 

provisions in ICC’s Rules and 

procedures. Namely, the proposed 

changes incorporate the ‘‘increase of 5% 

or more’’ language from ICC Rule 

801(a)(ii) in related provisions in the 

RMF and RMMD to ensure that language 

in these documents clearly reflects ICC’s 

current practices. The amendments 

would not change current risk 

methodologies, practices, or 

requirements. These amendments 

strengthen the Risk Management 

Policies as they provide clarity with 

respect to current practices to ensure 

that the RMF and RMMD remain up-todate, transparent, and effective. Such 

changes also promote readability and 

understanding regarding current 

provisions associated with GF calls, 

thereby promoting the successful 

maintenance and operation of the Risk 

Management Policies. Accordingly, in 

ICC’s view, the proposed rule change is 

consistent with the prompt and accurate 

clearance and settlement of securities 

transactions, derivatives agreements, 

contracts, and transactions, the 

safeguarding of securities and funds in 

the custody or control of ICC or for 

which it is responsible, and the 

protection of investors and the public 

interest, within the meaning of Section 

17A(b)(3)(F) of the Act.8

The amendments would also satisfy 

relevant requirements of Rule 17Ad– 

22.9 Rule 17Ad–22(e)(3)(i) 10 requires 

ICC to establish, implement, maintain, 

and enforce written policies and 

procedures reasonably designed to 

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 it, which 

includes risk management policies, 

procedures, and systems designed to 

identify, measure, monitor, and manage 

the range of risks that arise in or are 

borne by it, that are subject to review on 

a specified periodic basis and approved 

by the Board annually. ICC maintains a 

sound risk management framework that 

identifies, measures, monitors, and 

manages the range of risks that it faces. 

The Risk Management Policies are key 

aspects of ICC’s risk management 

approach, and the proposed 

amendments would ensure further 

clarity and transparency in the 

documentation, which would promote 

the successful maintenance and 

operation of the Risk Management 

Policies. As such, the amendments 

would satisfy the requirements of Rule 

17Ad–22(e)(3)(i).11

Rule 17Ad–22(e)(4)(ii) 12 requires ICC 

to establish, implement, maintain, and 

enforce written policies and procedures 

reasonably designed to effectively 

identify, measure, monitor, and manage 

its credit exposures to participants and 

those arising from its payment, clearing, 

and settlement processes, including by 

maintaining additional financial 

resources at the minimum to enable it 

to cover a wide range of foreseeable 

stress scenarios that include, but are not 

limited to, the default of the two 

participant families that would 

potentially cause the largest aggregate 

credit exposure for ICC in extreme but 

plausible market conditions. The 

proposed changes promote uniformity 

across related provisions in the ICC 

Rules and procedures to avoid potential 

confusion and to ensure clarity with 

respect to GF calls in the Risk 

Management Policies, such that ICC’s 

Rules and procedures remain consistent, 

effective, clear, and transparent. The 

changes more clearly articulate current 

practices regarding GF calls, thereby 

strengthening the Risk Management 

Policies by ensuring completeness and 

clear guidance. As such, the proposed 

amendments would strengthen ICC’s 

ability to maintain its financial 

resources and withstand the pressures 

of defaults, consistent with the 

requirements of Rule 17Ad– 

22(e)(4)(ii).13

Rule 17Ad–22(e)(6)(i) 14 requires ICC 

to establish, implement, maintain, and 

enforce written policies and procedures 

reasonably designed to cover its credit 

exposures to its participants by 

establishing a risk-based margin system 

that, at a minimum, considers, and 

produces margin levels commensurate 

with, the risks and particular attributes 

of each relevant product, portfolio, and 

market. As described above, the 

proposed language updates promote 

clarity and transparency in the Risk 

Management Policies, ensure consistent 

language with the ICC Rules, and do not 

change current risk methodologies, 

practices, or requirements. ICC’s margin 

methodology will continue to consider 

and produce margin levels 

commensurate with the risks and 

particular attributes of each relevant 

product, portfolio, and market, 

consistent with the requirements of Rule 

17Ad–22(e)(6)(i).15

(B) Clearing Agency’s Statement on 

Burden on Competition 

ICC does not believe the proposed 

rule change would have any impact, or 

impose any burden, on competition. 

The proposed changes to the Risk 

Management Policies will apply 

uniformly across all market participants. 

They are limited to language 


jspears on DSK121TN23PROD with NOTICES1
42532 Federal Register / Vol. 87, No. 135 / Friday, July 15, 2022 / Notices 

16 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. 93694 

(December 1, 2021), 86 FR 69299. The comment 

letters received on the proposed rule change are 

available on the Commission’s website at: https:// 

www.sec.gov/comments/sr-cboeedga-2021-025/ 

srcboeedga2021025.htm. 

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

5See Securities Exchange Act Release No. 94007, 

87 FR 4072 (January 26, 2022). The Commission 

designated March 7, 2022, as the date by which it 

should approve, disapprove, or institute 

proceedings to determine whether to disapprove the 

proposed rule change. 

6 15 U.S.C. 78s(b)(2)(B). 

7See Securities Exchange Act Release No. 94367, 

87 FR 14058 (March 11, 2022). 

8Amendment No. 1 is available at https://

www.sec.gov/comments/sr-cboeedga-2021-025/ 

srcboeedga2021025-20121776-273839.pdf. 

9See Securities Exchange Act Release No. 94782 

(April 22, 2022), 87 FR 25320. 

10See Securities Exchange Act Release No. 95028, 

87 FR 34920 (June 8, 2022). 

11 17 CFR 200.30–3(a)(12). 

clarifications and designed to promote 

consistency across related provisions in 

ICC’s Rules and procedures without 

changing any current risk 

methodologies, practices, or 

requirements. ICC does not believe these 

amendments would affect the costs of 

clearing or the ability of market 

participants to access clearing. 

Therefore, ICC does not believe the 

proposed rule change would impose any 

burden on competition that is 

inappropriate 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. 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 

The foregoing rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act and paragraph (f) of Rule 

19b–4 thereunder. At any time within 

60 days of the filing of the proposed rule 

change, the Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. 

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–2022–009 on the subject line. 

Paper Comments 

Send paper comments in triplicate to 

Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549. 

All submissions should refer to File 

Number SR–ICC–2022–009. 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 such 

filings will also be available for 

inspection and copying at the principal 

office of ICE Clear Credit and on ICE 

Clear Credit’s website at https://

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

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–ICC–2022–009 and 

should be submitted on or before 

August 5, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–15117 Filed 7–14–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–9524; File No. SR– 

CboeEDGA–2021–025] 

Self-Regulatory Organizations; Cboe 

EDGA Exchange, Inc.; Notice of 

Withdrawal of a Proposed Rule 

Change, as Modified by Amendment 

No. 1, To Introduce a New Data 

Product To Be Known as the Short 

Volume Report 

July 11, 2022. 

On November 17, 2021, Cboe EDGA 

Exchange, Inc. (‘‘Exchange’’) 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 amend Exchange Rule 13.8(h) 

to introduce a new data product to be 

known as the Short Volume Report. The 

proposed rule change was published for 

comment in the Federal Register on 

December 7, 2021.3 On January 20, 

2022, 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 March 7, 2022, the Commission 

instituted proceedings under Section 

19(b)(2)(B) of the Act 6 to determine 

whether to approve or disapprove the 

proposed rule change.7 On March 30, 

2022, the Exchange filed Amendment 

No. 1 to the proposed rule change, 

which superseded the proposed rule 

change as originally filed.8 The 

proposed rule change, as modified by 

Amendment No. 1, was published for 

comment in the Federal Register on 

April 28, 2022.9 On June 2, 2022, the 

Commission extended the period for 

consideration of the proposed rule 

change to August 4, 2022.10 On June 30, 

2022, the Exchange withdrew the 

proposed rule change, as modified by 

Amendment No. 1 (CboeEDGA–2021– 

025). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–15123 Filed 7–14–22; 8:45 am] 

BILLING CODE 8011–01–P 


jspears on DSK121TN23PROD with NOTICES1