Federal Register / Vol. 86, No. 104 / Wednesday, June 2, 2021 / Notices 29611 

29 15 U.S.C. 78s(b)(3)(A)(ii). 

30 17 CFR 240.19b–4(f)(2). 

31 17 CFR 200.30–3(a)(12). 

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

for all potential subscribers. Indeed, no 

market participant is required to 

purchase the Report, and the Exchange 

is not required to make the Report 

available to all investors. It is entirely a 

business decision of each Member to 

subscribe to the Report. The Exchange 

offers the Report as a convenience to 

Members to provide them with 

additional information regarding trading 

activity on the Exchange on a delayed 

basis after the close of regular trading 

hours. A Member that chooses to 

subscribe to the Report may discontinue 

receiving the Report at any time if that 

Member determines that the information 

contained in the Report is no longer 

useful. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will result in 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange made the Report available in 

order to keep pace with changes in the 

industry and evolving customer needs 

and demands, and believes the data 

product will contribute to robust 

competition among national securities 

exchanges. As a result, the Exchange 

believes this proposed rule change 

permits fair competition among national 

securities exchanges. 

The Exchange also does not believe 

the proposed fees would cause any 

unnecessary or inappropriate burden on 

intermarket competition as other 

exchanges are free to introduce their 

own comparable data product with 

lower prices to better compete with the 

Exchange’s offering. The Exchange 

operates in a highly competitive 

environment, and its ability to price the 

Report is constrained by competition 

among exchanges who choose to adopt 

a similar product. The Exchange must 

consider this in its pricing discipline in 

order to compete for the market data. 

For example, proposing fees that are 

excessively higher than fees for 

potentially similar data products would 

simply serve to reduce demand for the 

Exchange’s data product, which as 

discussed, market participants are under 

no obligation to utilize. In this 

competitive environment, potential 

purchasers are free to choose which, if 

any, similar product to purchase to 

satisfy their need for market 

information. As a result, the Exchange 

believes this proposed rule change 

permits fair competition among national 

securities exchanges. 

The Exchange does not believe the 

proposed rule change would cause any 

unnecessary or inappropriate burden on 

intramarket competition. Particularly, 

the proposed product and fees apply 

uniformly to any purchaser in that the 

Exchange does not differentiate between 

subscribers that purchase the Report. 

The proposed fees are set at a modest 

level that would allow any interested 

Member to purchase such data based on 

their business needs. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor received. 

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)(ii) of the Act,29 and Rule 

19b–4(f)(2) 30 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 shall 

institute proceedings to determine 

whether the proposed rule 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– 

EMERALD–2021–19 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–EMERALD–2021–19. This 

file number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (http://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

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

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 

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

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. 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–EMERALD–2021–19 and 

should be submitted on or before June 

23, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.31

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–11530 Filed 6–1–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92032; File No. SR– 

CboeBZX–2021–024] 

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 WisdomTree Bitcoin Trust Under 

BZX Rule 14.11(e)(4), CommodityBased Trust Shares 

May 26, 2021. 

On March 26, 2021, 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 


jbell on DSKJLSW7X2PROD with NOTICES
29612 Federal Register / Vol. 86, No. 104 / Wednesday, June 2, 2021 / Notices 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 91521 

(April 9, 2021), 86 FR 19917 (April 15, 2021). 

4Comments received on the proposed rule change 

are available at: https://www.sec.gov/comments/srcboebzx-2021-024/srcboebzx2021024.htm. 

5 15 U.S.C. 78s(b)(2). 

6 Id. 

7 17 CFR 200.30–3(a)(31). 

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

2 17 CFR 240.19b–4. 

3Capitalized terms used but not defined herein 

have the meanings specified in the Rules. 

thereunder,2 a proposed rule change to 

list and trade shares of the WisdomTree 

Bitcoin Trust under BZX Rule 

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

Shares. The proposed rule change was 

published for comment in the Federal 

Register on April 15, 2021.3 The 

Commission has received comments on 

the proposed rule change.4

Section 19(b)(2) of the Act 5 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 May 30, 2021. 

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 comments received. 

Accordingly, pursuant to Section 

19(b)(2) of the Act,6 the Commission 

designates July 14, 2021, 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–2021–024). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–11532 Filed 6–1–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92020; File No. SR–ICEEU– 

2021–010] 

Self-Regulatory Organizations; ICE 

Clear Europe Limited; Notice of Filing 

of Proposed Rule Change Relating to 

the Clearing Rules, Clearing 

Procedures, Finance Procedures, 

Delivery Procedures, CDS Procedures, 

Membership Procedures, Complaint 

Resolution Procedures and General 

Contract Terms 

May 26, 2021. 

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 May 13, 

2021, ICE Clear Europe Limited (‘‘ICE 

Clear Europe’’ or the ‘‘Clearing House’’) 

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 primarily 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 

ICE Clear Europe Limited proposes to 

amend its Clearing Rules (the ‘‘Rules’’) 3

(including to the CDS Standard Terms, 

F&O Standard Terms and FX Standard 

Terms annexed thereto), Clearing 

Procedures, Finance Procedures, 

Delivery Procedures, CDS Procedures, 

Membership Procedures, Complaint 

Resolution Procedures and General 

Contract Terms (collectively, the 

‘‘Amended Documents’’) to make 

various updates and enhancements. 

II. Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

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 

(a) Purpose 

ICE Clear Europe is submitting 

proposed amendments to the Amended 

Documents that are intended to make a 

variety of improvements and changes, 

including to (1) update various Rules 

and procedures to reflect current laws 

and regulations such as those relating to 

post-default porting, capital 

requirements, and anti-money 

laundering requirements, (2) update 

various defined terms, (3) update certain 

product and Clearing Member 

termination rules, (4) update certain 

notice provisions, (5) clarify 

membership criteria and obligations for 

Clearing Members, (6) clarify how open 

contract positions are aggregated and 

netted, (7) update certain systems 

references to reflect current systems and 

delete obsolete references, (8) amend 

and clarify the Complaint Resolution 

Procedures, (9) update various 

provisions of the Delivery Procedures, 

(10) introduce a summary disciplinary 

process and clarify disciplinary 

processes and (11) make various other 

drafting improvements, clarifications 

and updates, in each case as described 

in further detail herein. 

a. Removal of ‘‘Default Portability 

Preference’’ 

Various amendments are proposed to 

remove the process whereby Non-FCM/ 

BD Clearing Members are able to deliver 

a ‘‘Default Portability Preference’’, with 

advance, pre-default, porting 

information to the Clearing House. This 

process and mechanism had been 

developed by ICE Clear Europe as part 

of its default planning processes prior to 

post-crisis legislation such as EMIR 

coming into force. EMIR requires postdefault porting notices to be served as 

a pre-condition to porting, rendering the 

default portability preference structure 

to be of limited assistance. In addition, 

and in practice, ICE Clear Europe did 

not receive many notices of Default 

Portability Preferences. After EMIR, 

other clearing houses did not use or 

ceased to use such notices and potential 

transferee clearing members are often 

unwilling to commit to receive porting 

in advance. As part of default 

management planning and following 

default drills with industry 

participation, it was determined to 

remove this structure from the Rules. 

Various changes will be made to the 

Rules to remove references to predefault Porting Notice and, where 

appropriate, replace these references 


jbell on DSKJLSW7X2PROD with NOTICES