Federal Register / Vol. 81, No. 29 / Friday, February 12, 2016 / Notices 7613 

18 15 U.S.C. 78s(b)(3)(A). 

19 17 CFR 240.19b–4(f)(6). 20 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3 In Amendment No. 1, ICC deleted a factual error 

in the originally filed proposal that stated that no 

changes would be made to ICC’s Risk Management 

Framework. Amendment No. 1 amends and 

replaces the original filing in its entirety. 

including a DPM or LMM, to evaluate 

its business to assure that its policies 

and procedures are reasonably designed 

to protect against the misuse of material, 

non-public information. However, with 

this proposed rule change, a TPH that 

trades equities and options could look at 

its firm more holistically to structure its 

operations in a manner that provides it 

with better tools to manage risks across 

multiple security classes, while at the 

same time protecting against the misuse 

of material nonpublic information. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not: 

A. Significantly affect the protection 

of investors or the public interest; 

B. impose any significant burden on 

competition; and 

C. become operative for 30 days from 

the date on which it was filed, or such 

shorter time as the Commission may 

designate, it has become effective 

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

Act 18 and Rule 19b–4(f)(6) 19

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. If the 

Commission takes such action, the 

Commission will institute proceedings 

to determine whether the proposed rule 

change should be approved or 

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– 

CBOE–2016–007 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–CBOE–2016–007. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

Internet Web site (http://www.sec.gov/

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for Web site viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE., 

Washington, DC 20549 on official 

business days between the hours of 

10:00 a.m. and 3:00 p.m. Copies of the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change; 

the Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR–CBOE– 

2016–007 and should be submitted on 

or before March 4, 2016. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

Robert W. Errett, 

Deputy Secretary. 

[FR Doc. 2016–02841 Filed 2–11–16; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–77079; File No. SR–ICC– 

2016–002] 

Self-Regulatory Organizations; ICE 

Clear Credit LLC; Notice of Filing, as 

Modified by Amendment No. 1 Thereto, 

of Proposed Rule Change To Provide 

for the Clearance of Certain AsiaPacific Credit Default Swap Contracts 

February 8, 2016. 

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 January 

27, 2016, ICE Clear Credit LLC (‘‘ICC’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’) a 

proposed rule change to adopt new 

rules that will provide the basis for ICC 

to clear certain Asia-Pacific credit 

default swap (‘‘CDS’’) contracts, as 

described in Items I, II, and III below, 

which Items have been prepared 

primarily by ICC. On January 29, 2016, 

ICC filed Amendment No. 1 to the 

proposal.3 The Commission is 

publishing this notice, as modified by 

Amendment No. 1, to solicit comments 

on the proposed rule change, from 

interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

ICC is proposing an amendment to its 

previously submitted proposed rule 

change to adopt new rules that will 

provide the basis for ICC to clear certain 

Asia-Pacific CDS contracts. Specifically, 

ICC proposed to amend Chapter 26 of 

the ICC Rulebook (‘‘ICC Rules’’) to add 

Subchapters 26J and 26L to provide for 

the clearance of iTraxx Asia/Pacific CDS 

contracts (‘‘iTraxx Asia/Pacific 

Contracts’’) and Standard Asia/Pacific 

Sovereign CDS contracts (‘‘SAS 

Contracts’’, collectively with iTraxx 

Asia/Pacific Contracts ‘‘Asia-Pacific 

CDS Contracts’’). Additionally, ICC 

proposed to amend the ICC End-of-Day 

Price Discovery Policies and Procedures 

to add two additional pricing windows 

to accommodate the submission of endof-day prices relating to such AsiaPacific CDS Contracts. Finally, ICC 

proposed to amend the ICC Risk 

Management Framework to include the 

risk horizon utilized for instruments 

traded during Asia-Pacific hours and to 


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7614 Federal Register / Vol. 81, No. 29 / Friday, February 12, 2016 / Notices 

amend the ICC Risk Management Model 

Description document to add AsiaPacific to the list of regions to be 

considered in General Wrong Way Risk 

calculations. This Amendment No. 1 

deletes a factual error and is intended to 

replace the original filing in its entirety. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, ICC 

included statements concerning the 

purpose of and basis for the additional 

rule change in Amendment No. 1. The 

text of these statements may be 

examined at the places specified in Item 

IV below. ICC has prepared summaries, 

set forth in sections A, B, and C below, 

of the most significant aspects of these 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

The purpose of the proposed rule 

change is to adopt new rules that will 

provide the basis for ICC to clear AsiaPacific CDS Contracts. Specifically, ICC 

proposes amending chapter 26 of the 

ICC Rules to add Subchapters 26J and 

26L to provide for the clearance of 

iTraxx Asia/Pacific Contracts and 

Standard Asia/Pacific Sovereign CDS 

contracts (specifically the 

Commonwealth of Australia, the 

Malaysian Federation, the People’s 

Republic of China, the Republic of 

Indonesia, the Republic of Korea and 

the Republic of the Philippines), 

respectively. Further, ICC proposes 

amending the ICC End-of-Day Price 

Discovery Policies and Procedures to 

add two additional pricing windows to 

accommodate the submission of end-ofday prices relating to such Asia-Pacific 

CDS Contracts. Finally, ICC proposes 

amending the ICC Risk Management 

Framework to include the risk horizon 

utilized for instruments traded during 

Asia-Pacific hours and amending the 

ICC Risk Management Model 

Description document to add AsiaPacific to the list of regions to be 

considered in General Wrong Way Risk 

calculations. The addition of these AsiaPacific CDS Contracts will benefit the 

CDS market by providing market 

participants the benefits of clearing, 

including reduction in counterparty risk 

and safeguarding of margin assets 

pursuant to clearing house rules. 

The iTraxx Asia/Pacific Contracts 

have similar terms to the CDX North 

American IG/HY/XO CDS contracts 

(‘‘CDX NA Contracts’’) currently cleared 

by ICC and governed by Subchapter 26A 

of the ICC Rules, the CDX Emerging 

Markets CDS contracts (‘‘CDX EM 

Contracts’’) currently cleared by ICC and 

governed by Subchapter 26C of the ICC 

Rules, and the iTraxx Europe CDS 

contracts (‘‘iTraxx Europe Contracts’’) 

currently cleared by ICC and governed 

by Subchapter 26F of the ICC Rules. 

Accordingly, the proposed rules found 

in Subchapter 26J largely mirror the ICC 

Rules for CDX NA Contracts in 

Subchapter 26A, CDX EM Contracts in 

Subchapter 26C, and iTraxx Europe 

Contracts in Subchapter 26F, with 

certain modifications that reflect 

differences in terms and market 

conventions between those contracts 

and iTraxx Asia/Pacific Contracts. 

iTraxx Asia/Pacific Contracts will be 

denominated in United States Dollars. 

ICC Rule 26J–102 (Definitions) sets 

forth the definitions used for the iTraxx 

Asia/Pacific Contracts. The definitions 

are substantially the same as the 

definitions found in Subchapters 26A, 

26C, and 26F of the ICC Rules, other 

than certain conforming changes. 

ICC Rules 26J–309 (Acceptance of 

iTraxx Asia/Pacific Untranched 

Contracts by ICE Clear Credit), 26J–315 

(Terms of the Cleared iTraxx Asia/

Pacific Untranched Contract), 26J–316 

(Updating Index Version of Fungible 

Contracts After a Credit Event or a 

Succession Event; Updating Relevant 

Untranched Standard Terms 

Supplement), and 26J–317 (Terms of 

iTraxx Asia/Pacific Untranched 

Contracts) reflect or incorporate the 

basic contract specifications for iTraxx 

Asia/Pacific Contracts and are 

substantially the same as under 

Subchapters 26A, 26C, and 26F of the 

ICC Rules. 

SAS Contracts have similar terms to 

the Standard North American Corporate 

Single Name CDS contracts (‘‘SNAC 

Contracts’’) currently cleared by ICC and 

governed by Subchapter 26B of the ICC 

Rules, the Standard Emerging Sovereign 

CDS contracts (‘‘SES Contracts’’) 

currently cleared by ICC and governed 

by Subchapter 26D of the ICC Rules, the 

Standard European Corporate Single 

Name CDS contracts (‘‘STEC Contracts’’) 

currently cleared at ICC and governed 

by Subchapter 26G of the ICC Rules, the 

Standard European Financial Corporate 

Single Name CDS Contracts (‘‘STEFC 

Contracts’’) currently cleared at ICC and 

governed by Subchapter 26H of the ICC 

Rules, and the Standard Western 

European Corporate Single Name CDS 

contracts (‘‘SWES Contracts’’) currently 

cleared by ICC and governed by 

Subchapter 26I of the ICC Rules. 

Accordingly, the proposed rules found 

in Subchapter 26L largely mirror the 

ICC Rules for SNAC Contracts in 

Subchapter 26B, SES Contracts in 

Subchapter 26D, STEC Contracts in 

Subchapter 26G, STEFC Contracts in 

Subchapter 26H, and SWES Contracts in 

Subchapter 26I, with certain 

modifications that reflect differences in 

terms and market conventions between 

those contracts and SAS Contracts. SAS 

Contracts will be denominated in 

United States Dollars. 

ICC Rule 26L–102 (Definitions) sets 

forth the definitions used for the SAS 

Contracts. ‘‘Eligible SAS Reference 

Entities’’ are defined as ‘‘each particular 

Reference Entity included in the List of 

Eligible SAS Reference Entities,’’ which 

is a list maintained, updated and 

published from time to time by ICC 

containing certain specified information 

with respect to each reference entity. 

ICC is proposing to add the 

Commonwealth of Australia, the 

Malaysian Federation, the People’s 

Republic of China, the Republic of 

Indonesia, the Republic of Korea and 

the Republic of the Philippines to its 

List of Eligible SAS Reference Entities. 

If ICC determines to add or remove 

additional SAS Contracts from the List 

of Eligible SAS Reference Entities, it 

will seek approval from the Commission 

for such contracts (or for a class of 

product including such contracts) by a 

subsequent filing. The remaining 

definitions are substantially the same as 

the definitions found in Subchapters 

26B, 26D, 26G, 26H, and 26I of the ICC 

Rules, other than certain conforming 

changes. 

ICC Rules 26L–203 (Restriction on 

Activity), 26L–206 (Notices Required of 

Participants with respect to SAS 

Contracts), 26L–303 (SAS Contract 

Adjustments), 26L–309 (Acceptance of 

SAS Contracts by ICE Clear Credit), 

26L–315 (Terms of the Cleared SAS 

Contract), 26L–316 (Relevant Physical 

Settlement Matrix Updates), 26L–502 

(Specified Actions), and 26L–616 

(Contract Modification) reflect or 

incorporate the basic contract 

specifications for SAS Contracts and are 

substantially the same as under 

Subchapters 26B, 26D, 26G, 26H, and 

26I of the ICC Rules. 

Additionally, ICC is proposing to 

amend the ICC End-of-Day Price 

Discovery Policies and Procedures to 

add two additional pricing windows to 

accommodate the submission of end-ofday prices relating to such Asia-Pacific 

CDS Contracts. Specifically, ICC is 

proposing adding one pricing window 

at the end of the Sydney trading day to 

determine prices for instruments 

primarily traded in Sydney hours and 

one pricing window at the end of the 

Singapore trading day to determine 

prices for instruments primarily traded 


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Federal Register / Vol. 81, No. 29 / Friday, February 12, 2016 / Notices 7615 

4 15 U.S.C. 78q–1(b)(3)(F). 

5 Id. 

6 Id. 

7 17 CFR 240.17Ad–22. 

8 17 CFR 240.17Ad–22(b)(2). 

9 17 CFR 240.17Ad–22(b)(3). 

10 17 CFR 240.17Ad–22(d)(4). 

11 17 CFR 240.17Ad–22(d)(5), (12) and (15). 

12 17 CFR 240.17Ad–22(d)(8). 

13 17 CFR 240.17Ad–22(d)(11). 

14 15 U.S.C. 78q–1(b)(3)(F). 

15 Id. 

16 15 U.S.C. 78q–1(b)(3)(F). 

17 Id. 

18 17 CFR§ 240.17Ad–22. 

in Singapore/Hong Kong hours. ICC will 

apply the same price discovery 

methodology to all submission 

windows. For easier comprehension, 

ICC also consolidated information 

regarding the timing of all pricing 

windows into a table in an appendix to 

the policy. Accordingly, ICC replaced 

references throughout the document to 

specific pricing window times with a 

reference to this table. ICC also removed 

a reference to end-of-day risk 

requirements, as such information is 

more appropriately included in the Risk 

Management Framework. 

Finally, ICC is proposing to amend 

the ICC Risk Management Framework to 

include the risk horizon utilized for 

instruments traded during Asia-Pacific 

hours and to amend the ICC Risk 

Management Model Description 

document to add Asia-Pacific to the list 

of regions to be considered in General 

Wrong Way Risk calculations. 

Section 17A(b)(3)(F) of the Act 4

requires, among other things, that the 

rules of a clearing agency be designed to 

promote the prompt and accurate 

clearance and settlement of securities 

transactions and, to the extent 

applicable, derivative agreements, 

contracts, and transactions and to 

comply with the provisions of the Act 

and the rules and regulations 

thereunder. These iTraxx Asia/Pacific 

Contracts are similar to CDX NA, CDX 

EM, and iTraxx Europe Contracts 

currently cleared by ICC, and the SAS 

Contracts are similar to the SNAC, SES, 

STEC, STEFC, and SWES Contracts 

currently cleared by ICC. The iTraxx 

Asia/Pacific Contracts and SAS 

Contracts will be cleared pursuant to 

ICC’s existing clearing arrangements and 

related financial safeguards, protections 

and risk management procedures. 

The addition of iTraxx Asia/Pacific 

Contracts and SAS Contracts will allow 

market participants an increased ability 

to manage risk. ICC believes that 

acceptance of the new contracts, on the 

terms and conditions set out in the ICC 

Rules, is consistent with the prompt and 

accurate clearance of and settlement of 

securities transactions and derivative 

agreements, contracts and transactions 

cleared by ICC, the safeguarding of 

securities and funds in the custody or 

control of ICC, and the protection of 

investors and the public interest, within 

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

the Act.5 ICC performed a 

comprehensive risk analysis related to 

the clearing of iTraxx Asia/Pacific 

Contracts and SAS Contract and has 

identified no additional risk or systemic 

risk concerns introduced by clearing 

these contracts, not accounted for by 

ICC’s existing risk management 

procedures. As such, clearing the new 

iTraxx Asia/Pacific Contracts and SAS 

Contracts is consistent with the 

requirement of promoting and 

protecting the public interest in Section 

17A(b)(3)(F).6

Clearing of the iTraxx Asia/Pacific 

Contracts and SAS Contracts will also 

satisfy the requirements of Rule 17Ad– 

22.7 In particular, in terms of financial 

resources, ICC will apply its existing 

margin methodology (which includes 

General Wrong Way Risk 

considerations) to the additional 

contracts. ICC believes that this model 

will provide sufficient margin to cover 

its credit exposure to its clearing 

members from clearing such contracts, 

consistent with the requirements of Rule 

17Ad-22(b)(2).8 In addition, ICC 

believes its Guaranty Fund, under its 

existing methodology, will, together 

with the required margin, provide 

sufficient financial resources to support 

the clearing of the new contracts 

consistent with the requirements of Rule 

17Ad–22(b)(3).9 ICC also believes that 

its existing operational and managerial 

resources will be sufficient for clearing 

of the new contracts, consistent with the 

requirements of Rule 17Ad-22(d)(4),10

as the new contracts are substantially 

the same from an operational 

perspective as existing contracts. 

Similarly, ICC will use its existing 

settlement procedures and account 

structures for the new contracts, 

consistent with the requirements of Rule 

17Ad–22(d)(5), (12) and (15)11 as to the 

finality and accuracy of its daily 

settlement process and avoidance of the 

risk to ICC of settlement failures. ICC 

determined to accept the iTraxx Asia/

Pacific Contracts and SAS Contracts for 

clearing in accordance with its 

governance process, which included 

review of the contracts and related risk 

management considerations by the ICC 

Risk Committee and approval by its 

Board. These governance arrangements 

are consistent with the requirements of 

Rule 17Ad–22(d)(8).12 Finally, ICC will 

apply its existing default management 

policies and procedures for the iTraxx 

Asia/Pacific Contracts and SAS 

Contracts. ICC believes that these 

procedures allow for it to take timely 

action to contain losses and liquidity 

pressures and to continue meeting its 

obligations in the event of clearing 

member insolvencies or defaults in 

respect of the new contracts, in 

accordance with Rule 17Ad–22(d)(11).13

Furthermore, ICC believes that the 

proposed changes to the ICC End-of-Day 

Price Discovery Policies and Procedures 

are consistent with the requirements of 

the Act and the rules and regulations 

thereunder applicable to ICC, in 

particular, to Section 17(A)(b)(3)(F),14

because ICC believes that such changes 

will assure the prompt and accurate 

clearance and settlement of securities 

transactions, derivatives agreements, 

contracts, and transactions, as the 

proposed revisions will allow ICC to 

receive end-of-day prices for AsiaPacific CDS Contracts, complete its endof-day price discovery process, and 

determine end-of-day prices for such 

Asia-Pacific CDS Contracts. As such, the 

proposed changes are designed to 

promote the prompt and accurate 

clearance and settlement of securities 

transactions, derivatives agreements, 

contracts, and transactions within the 

meaning of Section 17A(b)(3)(F)15 of the 

Act. 

Finally, ICC believes that the 

proposed changes to the ICC Risk 

Management Framework and the ICC 

Risk Management Model Description 

document are consistent with the 

requirements of the Act and the rules 

and regulations thereunder applicable to 

ICC, in particular, to Section 

17(A)(b)(3)(F),16 because ICC believes 

that such changes will assure the 

prompt and accurate clearance and 

settlement of securities transactions, 

derivatives agreements, contracts, and 

transactions, as the proposed revisions 

allow for the consideration of AsiaPacific contracts within ICC’s risk 

model. As such, the proposed changes 

are designed to promote the prompt and 

accurate clearance and settlement of 

securities transactions, derivatives 

agreements, contracts, and transactions 

within the meaning of Section 

17A(b)(3)(F) 17 of the Act. In addition, 

the proposed revisions are consistent 

with the relevant requirements of Rule 

17Ad-22.18 In particular, the 

amendments to the Risk Management 

Framework and the ICC Risk 

Management Model Description 

document allow for the consideration of 

Asia-Pacific contracts within the ICC 

risk model, which, as discussed above, 


asabaliauskas on DSK9F6TC42PROD with NOTICES2
7616 Federal Register / Vol. 81, No. 29 / Friday, February 12, 2016 / Notices 

19 17 CFR§ 240.17Ad-22(b)(2–3). 20 17 CFR 200.30–3(a)(12). 

ICC believes will provide sufficient 

margin and financial resources to 

support the clearing of the new 

contracts consistent with the margin 

and financial resource requirements of 

Rule 17Ad-22(b)(2–3).19

B. Self-Regulatory Organization’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 iTraxx Asia/Pacific Contracts and 

SAS Contracts will be available for 

clearing to all ICC Clearing Participants. 

The clearing of iTraxx Asia/Pacific 

Contracts and SAS Contracts by ICC 

does not preclude the offering of this 

product for clearing by other market 

participants. Further, the changes to the 

ICC End-of-Day Price Discovery Policies 

and Procedures, ICC Risk Management 

Framework, and ICC Risk Management 

Model Description document apply 

uniformly across all market participants. 

Therefore, ICC does not believe the 

proposed rule change imposes any 

burden on competition that is 

inappropriate in furtherance of the 

purposes of the Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants or Others 

Written comments relating to the 

proposed rule change have not been 

solicited or received. ICC will notify the 

Commission of any written comments 

received by ICC. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period 

up to 90 days (i) as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or (ii) as to which 

the self-regulatory organization 

consents, the Commission will: 

(A) By order approve or disapprove 

the proposed rule change or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

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–2016–002 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–ICC–2016–002. 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 Web site (http://www.sec.gov/

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for Web site viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE., 

Washington, DC 20549, on official 

business days between the hours of 

10:00 a.m. and 3:00 p.m. Copies of such 

filings will also be available for 

inspection and copying at the principal 

office of ICE Clear Credit and on ICE 

Clear Credit’s Web site at https://

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

All comments received will be posted 

without change; the Commission does 

not edit personal identifying 

information from submissions. You 

should submit only information that 

you wish to make available publicly. All 

submissions should refer to File 

Number SR–ICC–2016–002 and should 

be submitted on or before March 4, 

2016. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

Robert W. Errett, 

Deputy Secretary. 

[FR Doc. 2016–02839 Filed 2–11–16; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Submission for OMB Review; 

Comment Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE., Washington, DC 

20549–2736. 

Extension: 

Rules 17Ad–22—Clearing Agency 

Standards and Governance. SEC File No. 

270–646, OMB Control No. 3235–0695. 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the 

Securities and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the existing collection of information 

provided for in Rules 17Ad-22 under 

the Securities Exchange Act of 1934 (15 

U.S.C. 78a et seq.). The Commission 

plans to submit this existing collection 

of information to the Office of 

Management and Budget (‘‘OMB’’) for 

extension and approval. 

Standards for Clearing Agencies 

a. Measurement and Management of 

Credit Exposures 

Rule 17Ad–22(b)(1) would require a 

clearing agency that provides CCP 

services to establish, implement, 

maintain and enforce written policies 

and procedures reasonably designed to 

measure its credit exposures to its 

participants at least once each day, and 

limit its exposures to potential losses 

from defaults by its participants in 

normal market conditions so that the 

operations of the clearing agency would 

not be disrupted and non-defaulting 

participants would not be exposed to 

losses that they cannot anticipate or 

control. The purpose of the collection of 

information is to enable the clearing 

agency to monitor and limit its 

exposures to its participants. 

b. Margin Requirements 

Rule 17Ad–22(b)(2) would require a 

clearing agency that provides CCP 

services to establish, implement, 

maintain and enforce written policies 

and procedures reasonably designed to: 

(i) Use margin requirements to limit its 

credit exposures to participants in 

normal market conditions; (ii) use riskbased models and parameters to set 

margin requirements; and (iii) review 

the models and parameters at least 

monthly. The purpose of the collection 

of information is to enable the clearing 

agency to maintain sufficient collateral 

or margin. 


asabaliauskas on DSK9F6TC42PROD with NOTICES2