62688 Federal Register / Vol. 79, No. 202 / Monday, October 20, 2014 / Notices 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(4)(i). 

presented to OCC as a result of such 

sessions as well as implement changes 

designed to mitigate operational risk 

associated with overnight trading 

sessions. In addition, OCC will adapt 

certain existing practices to 

accommodate these overnight trading 

sessions including its margin call 

process and its authority to take 

protective action pursuant to OCC Rule 

305. The new and modified practices 

are designed to identify and mitigate 

risks that may be presented to OCC as 

a result of overnight trading sessions 

and thereby promote robust risk 

management. 

III. Date of Effectiveness of the Advance 

Notice and Timing for Commission 

Action 

The proposed change may be 

implemented if the Commission does 

not object to the proposed change 

within 60 days of the later of (i) the date 

that the Commission receives the notice 

of proposed change, or (ii) the date the 

Commission receives any further 

information it requests for consideration 

of the notice. The clearing agency shall 

not implement the proposed change if 

the Commission has any objection to the 

proposed change. 

The Commission may extend the 

period for review by an additional 60 

days if the proposed change raises novel 

or complex issues, subject to the 

Commission providing the clearing 

agency with prompt written notice of 

the extension. A proposed change may 

be implemented in less than 60 days 

from the date the advance noticed is 

filed, or the date further information 

requested by the Commission is 

received, if the Commission notifies the 

clearing agency in writing that it does 

not objected to the proposed change and 

authorizes the clearing agency to 

implement the proposed change on an 

earlier date, subject to any conditions 

imposed by the Commission. 

The clearing agency shall post notice 

on its Web site of proposed changes that 

are implemented. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing. 

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– 

OCC–2014–805 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–OCC–2014–805. 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 advance notice that 

are filed with the Commission, and all 

written communications relating to the 

advance notice 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 OCC and on OCC’s Web site 

http://www.theocc.com/components/ 

docs/legal/rules_and_bylaws/sr_occ_14_

805.pdf. 

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–OCC–2014–805 and should 

be submitted on or before November 10, 

2014. 

By the Commission. 

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–24779 Filed 10–17–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73348; File No. SR–ICEEU– 

2014–17] 

Self-Regulatory Organizations; ICE 

Clear Europe Limited; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change Relating to 

Rules and Procedures 

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 

3, 2014, ICE Clear Europe Limited (‘‘ICE 

Clear Europe’’) 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. ICE Clear 

Europe filed the proposal pursuant to 

Section 19(b)(3)(A) of the Act,3 and 

Rules 19b–4(f)(4)(i) thereunder,4 so that 

the proposal was effective upon filing 

with the Commission. 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 changes is to accommodate 

the transition of trading in certain 

cleared financial and soft commodity 

contracts from the LIFFE 

Administration & Management 

(‘‘LIFFE’’) market to ICE Futures Europe. 

II. Self-Regulatory Organization’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 these 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

ICE Clear Europe currently acts as the 

clearing organization for futures and 

option contracts traded on the LIFFE 

market. These contracts consist of 

futures and options contracts involving 

financial instruments (including interest 

rate futures and option contracts and 

equity futures and option contracts) and 

so-called ‘‘soft’’ commodities (including 

futures and option contracts on cocoa, 

wheat, coffee and sugar) (collectively, 

‘‘financials and softs contracts’’). As has 

been publicly announced, 


tkelley on DSK3SPTVN1PROD with NOTICES
Federal Register / Vol. 79, No. 202 / Monday, October 20, 2014 / Notices 62689 

5Order Pursuant to Section 17A of the Securities 

Exchange Act of 1934 Granting Exemption from the 

Clearing Agency Registration Requirement under 

Section 17A(b) of the Exchange Act for ICE Clear 

Europe Limited in Connection With its Proposal to 

Clear Contracts Traded on the LIFFE 

Administration and Management Market, Exchange 

Act Release No. 34–69872 (June 27, 2013). 

6These include controls implemented as part of 

the clearing membership and account set-up 

process. ICE Clear Europe also notes in this regard 

that consistent with the class no-action relief 

provided by the Division of Trading and Markets for 

foreign options markets (LIFFE A&M and Class 

Relief, SEC No-Action Letter (July 1, 2013)), LIFFE 

equity options on securities of U.S. issuers are not 

available for sale to U.S. persons. This restriction 

will continue to apply following the transition of 

trading in such options to ICE Futures Europe. See 

Representation Letter from ICE Futures Europe 

(March 28, 2014). 

IntercontinentalExchange Group, Inc. 

(‘‘ICE Group’’), the parent of ICE Clear 

Europe and LIFFE, has determined to 

transition the trading of such contracts 

from LIFFE to ICE Futures Europe 

(which is also a subsidiary of ICE 

Group). ICE Clear Europe also acts as 

the clearing organization for the ICE 

Futures Europe market, and ICE Clear 

Europe will continue to clear the 

transitioning financials and softs 

contracts following the transition. To 

facilitate an orderly transition in trading 

activity and to accommodate 

operational requirements of the clearing 

house, the exchanges and other market 

participants, it is expected that the 

transition will occur in several stages 

commencing in late September 2014 

and concluding in mid-November 2014. 

Each stage will involve transition of a 

set of products in a particular category 

(such as soft commodity, fixed income 

or equity contracts). 

In connection with the transition, ICE 

Clear Europe proposes to make certain 

amendments to its Rules and Procedures 

to reflect the change in trading market 

and make various related conforming 

changes. ICE Clear Europe does not 

propose to change the clearing resources 

supporting the clearing of these 

products, including the margin 

methodology for the products and the 

guaranty fund supporting clearing of the 

products, or to materially change its risk 

management framework for these 

contracts. In addition, ICE Clear Europe 

does not propose to change its rules in 

a manner that conflicts with the terms 

of the exemptive order granted by the 

Commission to ICE Clear Europe from 

clearing agency registration in 

connection with the clearing of the 

LIFFE securities products (the ‘‘ICEU 

Exemptive Order’’),5 and ICE Clear 

Europe will continue to satisfy the 

conditions of such order. Furthermore, 

despite the change in trading venue 

from LIFFE to ICE Futures Europe and 

the proposed rule changes, the controls 

put into place by ICE Clear Europe 

pursuant to the ICEU Exemptive Order 

to prevent U.S. persons from clearing 

transactions in U.S. securities and to 

comply with the other conditions in the 

order will remain in place and continue 

to be satisfied.6

ICE Clear Europe submits revisions to 

Parts 1, 2, 4, 9, 11 and 12 of the Rules 

and a new Part 21 of the Rules. ICE 

Clear Europe also submits certain 

conforming changes to its Procedures, 

including the Clearing Procedures, 

Finance Procedures, Delivery 

Procedures General Contract Terms, 

Complaint Resolution Procedures and 

FX Procedures. 

Throughout the Rules and Procedures, 

references to ‘‘LIFFE Contracts’’ and 

related definitions referring to ‘‘LIFFE’’ 

have been changed to ‘‘Financials & 

Softs Contracts’’ and corresponding 

related terms, as described herein. 

Accordingly, the current LIFFE segment 

of the F&O product category will 

become known as the Financials & Softs 

segment of the F&O product category. 

During the phased transition period, the 

Financials & Softs segment will include 

both those former LIFFE contracts that 

have transitioned to trading on ICE 

Futures Europe and those LIFFE 

contracts that have not yet been 

transferred. 

In Part 1 of the Rules, Rule 101 is 

modified to add new defined terms and 

revise existing definitions in connection 

with the transition. The definitions of 

‘‘Energy’’ and ‘‘Energy Transaction’’ 

have been revised to exclude ICE 

Futures Europe transactions that are 

Financials & Softs transactions. A new 

set of Financials & Softs related 

definitions has been added based on the 

existing LIFFE contract related 

definitions, including ‘‘Financials & 

Softs’’, ‘‘Financials & Softs Block 

Contract’’, ‘‘Financials & Softs Block 

Trade Facility’’, ‘‘Financials & Softs 

Block Transaction’’, ‘‘Financials & Softs 

Clearing Member’’, ‘‘Financials & Softs 

Contract’’, ‘‘Financials & Softs Matched 

Contract’’, ‘‘Financials & Softs Matched 

Transaction’’, and ‘‘Financials & Softs 

Transaction’’. These are substantially 

the same as the corresponding 

definitions for LIFFE products, but 

reflect the fact that Financials & Softs 

contracts will be traded on ICE Futures 

Europe and, prior to the transition, on 

LIFFE. Certain other definitions have 

been added to address particular LIFFE 

trading functionalities, including ‘‘Basis 

Trades’’ and ‘‘Soft Commodity EFRP,’’ 

which are used in the definition of 

Financials & Softs Block Transaction 

and are defined by reference to the 

relevant ICE Futures Europe rules or 

LIFFE rules. Various other conforming 

changes to definitions have been made, 

principally to refer to ‘‘Financials & 

Softs’’ instead of ‘‘LIFFE’’ and/or to refer 

to ICE Futures Europe instead of (or in 

addition to) the LIFFE market. In 

addition, the definition of ‘‘Continuing 

CDS Rule Provisions’’ is modified such 

that references to ‘‘LIFFE Contracts’’ in 

Rule 209 thereof will be deemed to be 

‘‘Financials & Softs Contracts’’ as 

defined in the Rules. 

Rule 102(f), which addresses relevant 

documentation governing transactions, 

has been revised to reference the 

relevant LIFFE rules in the case of 

Financials & Softs Contracts traded on 

LIFFE and the relevant ICE Futures 

Europe rules in the case of Financials & 

Softs Contracts traded on ICE Futures 

Europe. 

In Rules 201(a), 207(g) and 208(e) 

various conforming changes are made to 

refer to Financials & Softs Transactions 

and Contracts instead of LIFFE 

Transactions and Contracts, as 

appropriate. In Rule 207(g), a further 

clarification is made that the restriction 

therein on U.S. clearing members 

clearing Financials & Softs Contracts in 

U.S. securities does not apply to 

clearing of futures contracts on 

exempted securities. 

Rule 401, which addresses contract 

formation, has been revised to refer to 

Financials & Softs Transactions and 

Contracts instead of LIFFE Transactions 

and Contracts and Financials & Softs 

Clearing Members instead of LIFFE 

Clearing Members, and to refer to the 

ICE Futures Europe Rules, as 

appropriate. Similarly, conforming 

changes to the use of the term 

Financials & Softs Clearing Member has 

been made in Rule 404(a). 

In Rules 908 and 909, various 

conforming references to defined terms 

referencing LIFFE have been changed to 

Financials & Softs. Similarly, a 

conforming change in Rule 1101 has 

been made to refer to Financials & Softs 

instead of LIFFE. 

The amendments also revise Part 12 

of the Rules, which addresses UK 

Settlement Finality Regulations and the 

Companies Act 1989, to refer to 

Financials & Softs transactions and to 

change the defined term ‘‘LIFFE 

Delivery Order’’ to ‘‘Security Derivative 

Delivery Order.’’ 

The amendments include a new Part 

21 of the Rules, which adopts 

transitional provisions for the LIFFE 

Contracts moving to ICE Futures 


tkelley on DSK3SPTVN1PROD with NOTICES
62690 Federal Register / Vol. 79, No. 202 / Monday, October 20, 2014 / Notices 

7 In ICE Clear Europe’s filing, it referenced Rule 

2101. Following confirmation from ICE Clear 

Europe, Staff has changed this reference to Rule 

2102. 

8 In ICE Clear Europe’s filing, it referenced Rule 

2102. Following confirmation from ICE Clear 

Europe, Staff has changed this reference to Rule 

2103. 

9 In ICE Clear Europe’s filing, it referenced Rule 

2103. Following confirmation from ICE Clear 

Europe, Staff has changed this reference to Rule 

2104. 

10Exchange Act Rel. No. 34–72582 (July 10, 

2014), 79 FR 41320 (July 15, 2014) (SR–ICEEU– 

2014–11). 

11 15 U.S.C. 78q–1. 

12 17 CFR 240.17Ad–22. 

13 15 U.S.C. 78q–1(b)(3)(F). 

14 15 U.S.C. 78s(b)(3)(A). 

15 17 CFR 240.19b–4(f)(i). 

Europe. Rule 2102 7 adopts definitions 

for the various stages of the transition 

and the particular contracts being 

moved to ICE Futures Europe. It is 

contemplated that the transition will 

take place in five stages. The first stage 

(expected to occur at the end of 

September 2014) will consist of soft 

commodity futures and option 

contracts; the second, third and fourth 

stages (expected to occur during October 

2014 and early November 2014) will 

consist of government bond futures and 

options contracts; and the fifth phase 

(expected to occur in mid-November 

2014) will consist of equity futures and 

option contracts. Rule 2103 8 provides 

that the transition of trading will occur 

for each stage of the transition at the 

specified transition time. Rule 2104 9

provides for the redesignation of 

contracts as Financials & Softs Contracts 

for purposes of the Rules. 

In the Clearing Procedures, paragraph 

1 has been revised to refer to 

‘‘Financials & Softs’’ instead of LIFFE 

and to refer to various successor 

operational systems that may be used by 

ICE Clear Europe. Similarly, in the 

Finance Procedures, references to 

‘‘LIFFE Contracts’’ have been changed to 

‘‘Financials & Softs Contracts.’’ 

ICE Clear Europe also proposes to 

make conforming changes to the 

Delivery Procedures. References to 

‘‘LIFFE’’ have been changed to 

‘‘Financials & Softs.’’ In addition, 

parallel references to ICE Futures 

Europe and the ICE Futures Europe 

Rules have been added as appropriate to 

existing references to LIFFE and the 

LIFFE Rules, including in connection 

with delivery specifications. Certain 

references to LIFFE contract terms have 

been changed to relevant contract terms 

to reflect the transition to ICE Futures 

Europe. References to the ‘‘LIFFE 

Guardian’’ electronic grading and 

delivery system for softs have been 

changed to ‘‘Guardian’’ or any successor 

system. In addition, certain obsolete 

references to raw sugar contracts (which 

are not currently traded on LIFFE or ICE 

Futures Europe) have been removed in 

paragraph 8. 

In the General Contract Terms, 

references to LIFFE Contracts are 

changed to Financials & Softs Contracts 

and a reference to the ICE Futures 

Europe Rules is added. Other 

conforming changes to defined terms 

(based on prior amendments to the 

Rules) are also made, including to the 

use of the terms ‘‘Buying Counterparty,’’ 

‘‘Selling Counterparty’’ and ‘‘Clearing 

Counterparty’’. The ‘‘Waiver’’ and 

‘‘Entire Agreement’’ provisions in new 

paragraphs 3(o) and (p) were 

inadvertently deleted in a prior 

amendment 10 and are reinstated in 

relevant part. 

In the Complaint Resolution 

Procedures, a reference to Financials & 

Softs Clearing Members is added in 

paragraph 1.5. In paragraph 1.31 of the 

FX Procedures, a conforming change is 

made to reflect a change in defined 

terms under the Rules. 

2. Statutory Basis 

ICE Clear Europe believes that the 

proposed rule changes are consistent 

with the requirements of Section 17A of 

the Act 11 and the regulations 

thereunder applicable to it, including 

the standards under Rule 17Ad–22.12

The amendments will accommodate the 

transition of trading of certain cleared 

Financials & Softs contracts from 

trading on LIFFE to trading on ICE 

Futures Europe, while maintaining 

clearing at ICE Clear Europe. The 

existing clearing arrangements and 

related financial safeguards, protections, 

risk management procedures, settlement 

procedures, clearing membership 

standards and default management 

procedures for such contracts at ICE 

Clear Europe will continue to apply, as 

discussed herein. ICE Clear Europe does 

not propose to change any rules in a 

manner that conflicts with the terms of 

the ICEU Exemptive Order and will 

continue to satisfy the conditions of 

such order. Furthermore, despite the 

change in trading venue from LIFFE to 

ICE Futures Europe and the proposed 

rule changes, the controls put into place 

by ICE Clear Europe pursuant to the 

ICEU Exemptive Order to prevent U.S. 

persons from clearing transactions in 

U.S. securities and to comply with the 

other conditions in the order will 

remain in place and continue to be 

satisfied. As a result, the transition, and 

the related amendments to the ICE Clear 

Europe rules and procedures, are 

consistent with the prompt and accurate 

clearance of and settlement of securities 

transactions and derivative agreements, 

contracts and transactions cleared by 

ICE Clear Europe, the safeguarding of 

securities and funds in the custody or 

control of ICE Clear Europe and the 

protection of investors and the public 

interest, within the meaning of Section 

17A(b)(3)(F) of the Act.13

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

ICE Clear Europe does not believe the 

proposed rule and procedure changes 

would have any impact, or impose any 

burden, on competition not necessary or 

appropriate in furtherance of the 

purposes of the Act. As discussed 

above, the amendments are intended to 

accommodate the transitioning of 

trading for the relevant contracts from 

LIFFE to ICE Futures Europe, and the 

clearing arrangements for those 

contracts are not expected to change in 

any material respect. In particular, the 

contract terms and clearing membership 

standards will not change in any 

material respect, and the availability of 

clearing and the costs and requirements 

for clearing of the contracts are not 

expected to change in any material 

respect as a result of the transition. The 

rule changes should therefore not affect 

access to clearing in these products by 

clearing members or their customers. 

Accordingly, ICE Clear Europe does not 

believe that the proposed rule changes 

will impose any burden on competition 

among clearing members or their 

customers not appropriate 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 changes to the rules have not 

been solicited or received. ICE Clear 

Europe will notify the Commission of 

any written comments received by ICE 

Clear Europe. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective upon filing pursuant to Section 

19(b)(3)(A) 14 of the Act and Rule 19b– 

4(f)(4)(i) 15 thereunder because it effects 

a change in an existing service of a 

registered clearing agency that does not 

adversely affect the safeguarding of 

securities or funds in the custody or 

control of the clearing agency or for 

which it is responsible and does not 

significantly affect the respective rights 

or obligations of the clearing agency or 


tkelley on DSK3SPTVN1PROD with NOTICES
Federal Register / Vol. 79, No. 202 / Monday, October 20, 2014 / Notices 62691 

16 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

persons using the service, within the 

meaning of Rule 19b–4(f)(4)(i). As 

discussed above, ICE Clear Europe is 

currently the clearing organization for 

the transitioning LIFFE contracts, and 

will continue to clear such contracts 

following the transition of trading to ICE 

Futures Europe. The contract terms of 

the transitioning contracts are not 

changing in any material respect, and 

ICE Clear Europe will continue to use 

substantially the same risk management, 

margin, guaranty fund, settlement and 

other policies and procedures following 

the transition as are currently used with 

respect to such contracts. The 

amendments to the Rules and 

Procedures discussed herein generally 

consist of conforming changes to 

defined terms and related transitional 

provisions that will accommodate the 

transition of trading activity. In ICE 

Clear Europe’s view, these changes will 

thus not significantly affect the 

safeguarding of funds or securities in 

the custody or control of ICE Clear 

Europe, or otherwise significantly affect 

the rights or obligations of the Clearing 

House and its Clearing Members. 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–ICEEU–2014–17 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–ICEEU–2014–17. 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 Europe and on ICE 

Clear Europe’s Web site at https://

www.theice.com/notices/

Notices.shtml?regulatoryFilings. 

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–ICEEU–2014–17 and 

should be submitted on or before 

November 10, 2014. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–24777 Filed 10–17–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73349; File No. SR–ISE– 

2014–47] 

Self-Regulatory Organizations; 

International Securities Exchange, 

LLC; Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Change To Amend the Schedule of 

Fees 

October 14, 2014. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on October 

1, 2014, the International Securities 

Exchange, LLC (the ‘‘Exchange’’ or the 

‘‘ISE’’) filed with the Securities and 

Exchange Commission the proposed 

rule change, as described in Items I, II, 

and III below, which items have been 

prepared by the self-regulatory 

organization. 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 ISE is proposing to amend its 

Schedule of Fees to introduce a new 

rebate tier for members that execute a 

specified volume of Qualified 

Contingent Cross (‘‘QCC’’) and/or other 

solicited crossing orders in a month. 

The text of the proposed rule change is 

available on the Exchange’s Web site 

(http://www.ise.com), at the principal 

office of the Exchange, and at the 

Commission’s Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization 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. 

The self-regulatory organization has 

prepared summaries, set forth in 

sections A, B and C below, of the most 

significant aspects of such statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of the proposed rule 

change is to amend the Schedule of Fees 

to introduce a new rebate tier for 

members that execute a specified 

volume of QCC and/or other solicited 

crossing orders in a month. The 

Exchange’s Schedule of Fees has 

separate tables for fees and rebates 

applicable to Standard Options and 

Mini Options. The Exchange notes that 

while the discussion below relates to 

rebates for Standard Options, the rebates 

for Mini Options, which are not 

discussed below, are and shall continue 

to be 1⁄10th of the rebates for Standard 

Options. 

The Exchange offers members tiered 

rebates in QCC and/or other solicited 

crossing orders, i.e. orders executed in 

the solicitation, facilitation, or price 

improvement mechanisms where the 

agency order is executed against an 

order solicited from another party (the 


tkelley on DSK3SPTVN1PROD with NOTICES