Federal Register / Vol. 79, No. 202 / Monday, October 20, 2014 / Notices 62683 

1Notice of United States Postal Service of Filing 

a Functionally Equivalent Global Expedited 

Package Services 3 Negotiated Service Agreement 

and Application for Non-Public Treatment of 

Materials Filed Under Seal, October 10, 2014 

(Notice). 

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

2 17 CFR 240.19b–4. 

3Order Approving Proposed Rule Change Related 

to ICC’s Authority to Use Guaranty Fund and House 

Initial Margin as an Internal Liquidity Resource, 

Securities Exchange Act Release No. 34–72944 

(Aug. 28, 2014), 79 FR 52789 (Sept. 4, 2014) 

(SR–ICC–2014–08). 

4 15 U.S.C. 78q–1(b)(3)(F). 

www.prc.gov. Those who cannot submit 

comments electronically should contact 

the person identified in the FOR FURTHER

INFORMATION CONTACT section by 

telephone for advice on filing 

alternatives. 

FOR FURTHER INFORMATION CONTACT: 

David A. Trissell, General Counsel, at 

202–789–6820. 

SUPPLEMENTARY INFORMATION: 

Table of Contents 

I. Introduction 

II. Notice of Commission Action 

III. Ordering Paragraphs 

I. Introduction 

On October 10, 2014, the Postal 

Service filed notice that it has entered 

into an additional Global Expedited 

Package Services 3 (GEPS 3) negotiated 

service agreement (Agreement).1

To support its Notice, the Postal 

Service filed a copy of the Agreement, 

a copy of the Governors’ Decision 

authorizing the product, a certification 

of compliance with 39 U.S.C. 3633(a), 

and an application for non-public 

treatment of certain materials. It also 

filed supporting financial workpapers. 

II. Notice of Commission Action 

The Commission establishes Docket 

No. CP2015–2 for consideration of 

matters raised by the Notice. 

The Commission invites comments on 

whether the Postal Service’s filing is 

consistent with 39 U.S.C. 3632, 3633, or 

3642, 39 CFR part 3015, and 39 CFR 

part 3020, subpart B. Comments are due 

no later than October 21, 2014. The 

public portions of the filing can be 

accessed via the Commission’s Web site 

(http://www.prc.gov). 

The Commission appoints Curtis E. 

Kidd to serve as Public Representative 

in this docket. 

III. Ordering Paragraphs 

It is ordered: 

1. The Commission establishes Docket 

No. CP2015–2 for consideration of the 

matters raised by the Postal Service’s 

Notice. 

2. Pursuant to 39 U.S.C. 505, Curtis E. 

Kidd is appointed to serve as an officer 

of the Commission to represent the 

interests of the general public in this 

proceeding (Public Representative). 

3. Comments are due no later than 

October 21, 2014. 

4. The Secretary shall arrange for 

publication of this order in the Federal 

Register. 

By the Commission. 

Shoshana M. Grove, 

Secretary. 

[FR Doc. 2014–24764 Filed 10–17–14; 8:45 am] 

BILLING CODE 7710–FW–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73347; File No. SR–ICC– 

2014–16] 

Self-Regulatory Organizations; ICE 

Clear Credit LLC; Notice of Filing of 

Proposed Rule Change Related to 

ICC’s Use of House Initial Margin as an 

Internal Liquidity Resource 

October 14, 2014. 

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 October 

1, 2014, 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. 

The Commission is publishing this 

notice 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 

The principal purpose of the 

proposed rule change is to amend ICC 

Clearing Rule 402(j) (‘‘Rule 402(j)’’) in 

order to provide further clarity 

regarding ICC’s intention to return any 

Clearing Participant’s House Initial 

Margin used as an internal liquidity 

resource. 

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 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. 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 

On August 28, 2014, the Securities 

Exchange Commission (the 

‘‘Commission’’) issued an order 

approving ICC’s rule filing consisting of 

proposed amendments related to ICC’s 

authority to use Guaranty Fund and 

House Initial Margin as an internal 

liquidity resource (ICC–2014–08).3 ICC 

proposes changes to Rule 402(j) to 

provide further clarity regarding ICC’s 

intention to return any Clearing 

Participant House Initial Margin used as 

an internal liquidity resource. 

Under Rule 402(j), ICC may, in 

connection with a Clearing Participant 

default, (i) exchange House Initial 

Margin held in the form of cash for 

securities of equivalent value and/or (ii) 

exchange House Initial Margin held in 

the form of cash in one currency for 

cash of equivalent value in a different 

currency. ICC proposes adding language 

to clarify that ICC will engage in 

liquidity exchanges pursuant to Rule 

402(j) on a temporary basis. Further, ICC 

proposes amending Rule 402(j) to state 

that ICC will reverse any such exchange 

involving a Clearing Participant’s Initial 

Margin in its House Account as soon as 

practicable following the conclusion of 

the event requiring the exchange of a 

Clearing Participant’s Initial Margin for 

liquidity purposes (i.e., as quickly as 

possible following the conclusion of the 

liquidity event). It is likely that the 

duration of the liquidity event will be 

significantly shorter than the amount of 

time necessary to complete the default 

management process for the event 

which gave rise to the liquidity need. 

ICC also proposes amending Rule 402(j) 

to delete general references to ICC’s 

liquidity policies and procedures and 

instead used the defined term ‘‘ICE 

Clear Credit Procedures’’ found 

throughout the ICC Rules. 

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. ICC believes that the 


tkelley on DSK3SPTVN1PROD with NOTICES
62684 Federal Register / Vol. 79, No. 202 / Monday, October 20, 2014 / Notices 

5 Id. 

6 Id. 

7 17 CFR 200.30–3(a)(12). 

1 12 U.S.C. 5465(e)(1). 

2 17 CFR 240.19b–4(n)(1)(i). 

proposed rule change is 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),5 because ICC 

believes that the proposed rule change 

will assure the prompt and accurate 

clearance and settlement of securities 

transactions, derivatives agreements, 

contracts, and transactions. The 

proposed changes to the ICC Rules 

provide additional clarity regarding 

ICC’s intention to return any House 

Initial Margin used as an internal 

liquidity resource. ICC believes the 

proposed revisions provide further 

clarity and transparency in the ICC 

Rules. ICC believes clarity and 

transparency in its Rules is of value to 

the market in order to provide a 

comprehensive understanding of ICC’s 

available liquidity resources and default 

management procedures related to 

liquidity. As such, the proposed rule 

change is 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) 6 of the Act. 

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 clarification regarding the unwind 

of the liquidity exchange with respect to 

a Clearing Participant’s House Initial 

Margin applies 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 of such date (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–2014–16 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–2014–16. 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 also will 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–2014–16 and should 

be submitted on or before November 10, 

2014. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–24776 Filed 10–17–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73343; File No. SR–OCC– 

2014–805] 

Self-Regulatory Organizations; The 

Options Clearing Corporation; Notice 

of Filing of an Advance Notice 

Concerning Enhancements to the Risk 

Management Framework Applied to the 

Clearance of Confirmed Trades 

Executed in Extended and Overnight 

Trading Sessions 

October 14, 2014. 

Pursuant to Section 806(e)(1) of Title 

VIII of the Dodd-Frank Wall Street 

Reform and Consumer Protection Act 

entitled the Payment, Clearing, and 

Settlement Supervision Act of 2010 1

(‘‘Payment, Clearing and Settlement 

Supervision Act’’) and Rule 19b– 

4(n)(1)(i) 2 of the Securities Exchange 

Act of 1934 notice is hereby given that 

on September 17, 2014, The Options 

Clearing Corporation (‘‘OCC’’) filed with 

the Securities and Exchange 

Commission (‘‘Commission’’) the 

advance notice as described in Items I 

and II below, which Items have been 

prepared by OCC. The Commission is 

publishing this notice to solicit 

comments on the advance notice from 

interested persons. 

I. Clearing Agency’s Statement of the 

Terms of Substance of the Advance 

Notice 

This advance notice is filed by OCC 

in connection with a proposed change 

to OCC’s operations that is designed to 

enhance the risk management 

framework applied to the clearance of 

confirmed trades executed in extended 

and overnight trading sessions 

(hereinafter, ‘‘overnight trading 

sessions’’) offered by exchanges for 

which OCC provides clearance and 

settlement services. 


tkelley on DSK3SPTVN1PROD with NOTICES