68494 Federal Register / Vol. 79, No. 221 / Monday, November 17, 2014 / Notices 

25See Notice, supra note 3, at 58846. 

26See id. The Exchange notes that although not 

cancelling these orders might result in executions 

at a price that is not the same as the Opening Price 

that occurs as the orders are handled in time 

sequence (either on BATS Options or upon routing 

to another options exchange), these executions 

would be part of regular way trading and are 

distinct from the opening execution that occurs as 

a result of the Opening Process. See id. 

27See id. 

28See BATS Rule 21.7(a)(2) (defining ‘‘Valid 

Price’’). 

29See Notice, supra note 3, at 58846. 

30See id. 

31 In approving this proposal, the Commission has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

32 15 U.S.C. 78f(b)(5). 

33See Notice, supra note 3 at 58846. 

34 15 U.S.C. 78s(b)(2). 

35 17 CFR 200.30–3(a)(12). 

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)(4)(ii). 

orders.25 Further, the Exchange 

proposes to eliminate the current 

functionality for a series subject to a 

Contingent Open where, if there is at 

least one price level at which at least 

one contract of a limit order can be 

executed, the System will cancel all 

orders that are priced equal to or more 

aggressively than the midpoint of the 

most aggressively priced bid and the 

most aggressively priced offer.26

According to BATS, for many Users, 

cancelling orders that were entered for 

participation in the Opening Process 

negates the advantages of allowing 

orders to be entered prior to the 

beginning of regular way trading and the 

Opening Process.27

Finally, the Exchange proposes 

certain clarifying changes to its Opening 

Process rules. For example, the 

Exchange proposes to add language to 

Rule 21.7(a)(3) stating that the Opening 

Process will be performed after the 

establishment of an Opening Price that 

is a Valid Price 28 and that matches will 

occur until there is no remaining 

volume or there is an imbalance of 

orders.29 The Exchange believes that 

both of these concepts are implicit in 

the rule.30

III. Discussion and Commission 

Findings 

After careful review, the Commission 

finds that the proposed rule change is 

consistent with the requirements of the 

Act and the rules and regulations 

thereunder applicable to a national 

securities exchange.31 In particular, the 

Commission finds that the proposed 

rule change is consistent with Section 

6(b)(5) of the Act,32 which requires, 

among other things, that the rules of a 

national securities exchange be 

designed to prevent fraudulent and 

manipulative acts and practices, to 

promote just and equitable principles of 

trade, to remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system, and, in general, to protect 

investors and the public interest. 

The proposed rule change is designed 

to modify the Exchange’s Opening 

Process for options listed on the 

Exchange to ensure that BATS Options 

opens trading in options contracts in a 

fair and orderly manner. As noted 

above, the Exchange believes that 

handling orders in time priority (as 

opposed to price-time priority) will 

create a more orderly opening and 

makes more sense because the price of 

the order is not particularly important to 

the Opening Process, provided the order 

is priced at or more aggressively than 

the Opening Price. Under such 

circumstances, the Exchange believes 

that there is no reason to reward a more 

aggressive order with priority in the 

Opening Process. In addition, the 

Exchange also believes that entering 

orders in time sequence based on the 

time of receipt instead of canceling 

certain orders will create a more orderly 

opening because Users will be able to 

enter orders and quotes prior to the 

opening of trading and be assured that 

such orders will either participate in the 

Opening Process or be handled as if 

they were entered immediately 

following the Opening Process. The 

Exchange believes that these changes 

will provide market makers and Users 

greater control and flexibility with 

respect to entering orders and quotes 

because they will no longer have to 

reenter orders that may have been 

canceled because they were not 

executed in the opening process. 

The Commission believes that the 

proposed rule change is designed to 

facilitate the opening of options trading 

on BATS Options in a fair and orderly 

manner. Further, the Commission 

believes that the proposal could benefit 

investors by providing Users with 

certainty that orders that are entered 

prior to the Opening Process will not be 

cancelled based on market conditions 

outside of a User’s control. The 

Commission further notes that all order 

protections, including Trade-Through 

protection and the BATS Market Order 

collar, will apply to orders entered 

pursuant to proposed BATS Rules 

21.7(a)(3) and 21.7(a)(4).33

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,34 that the 

proposed rule change (SR–BATS–2014– 

040), as modified by Amendment No.1, 

is approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.35

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–27065 Filed 11–14–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73570; File No. SR–ICEEU– 

2014–21] 

Self-Regulatory Organizations; ICE 

Clear Europe Limited; Notice of Filing 

and Immediate Effectiveness of 

Proposed Rule Change Relating to the 

Clearance of New Energy Futures 

Contracts 

November 10, 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 

28, 2014, ICE Clear Europe Limited 

(‘‘ICE Clear Europe’’) 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 ICE Clear Europe. ICE Clear 

Europe filed the proposal pursuant to 

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

19b–4(f)(4)(ii) 4 thereunder, 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 change 

is to modify certain aspects of the ICE 

Clear Europe Delivery Procedures in 

connection with the launch by the ICE 

Endex market of the ICE Endex Belgian 

ZTP Natural Gas Futures Contracts (the 

‘‘Belgian Natural Gas Contracts’’), which 

will be cleared by ICE Clear 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 


asabaliauskas on DSK5VPTVN1PROD with NOTICES
Federal Register / Vol. 79, No. 221 / Monday, November 17, 2014 / Notices 68495 

5 15 U.S.C. 78q–1. 

6 17 CFR 240.17Ad–22. 

7 15 U.S.C. 78q–1(b)(3)(F). 

8 15 U.S.C. 78q–1. 

9 15 U.S.C. 78s(b)(3)(A). 

10 17 CFR 240.19b–4(f)(4)(ii). 

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 

The purpose of the rule amendments 

is to modify certain aspects of the ICE 

Clear Europe Delivery Procedures in 

connection with the launch by the ICE 

Endex market of the Belgian Natural Gas 

Contracts, which will be cleared by ICE 

Clear Europe. ICE Clear Europe does not 

otherwise propose to amend its clearing 

rules or procedures in connection with 

the Belgian Natural Gas Contracts. 

The amendments adopt a new Part H 

of the Delivery Procedures, which will 

be applicable to the Belgian Natural Gas 

Contracts in the case of physical 

delivery. The amendments provide, 

among other matters, specifications for 

delivery of natural gas under a Belgian 

Natural Gas Contract through the 

relevant Belgian transmission system, 

including relevant definitions and a 

detailed delivery timetable for the 

contracts. The amendments also address 

invoicing and payment for delivery and 

certain limitations on the liability of the 

Clearing House for performance or nonperformance by the operator of the 

transmission system and provider of 

certain relating trading services. The 

amendments provide for calculation by 

the clearing house of buyer’s and seller’s 

security to cover delivery obligations 

and related liabilities, costs or charges, 

as well as procedures to address failed 

deliveries. The revised procedures also 

outline various documentation 

requirements for the relevant parties. 

In addition, the Parts of the Delivery 

Procedures after new Part H have been 

renumbered and cross-references have 

been updated or corrected. Certain other 

typographical corrections have also 

been made in Parts D, E, F and G of the 

Delivery Procedures. 

ICE Clear Europe believes that the 

changes described herein are consistent 

with the requirements of Section 17A of 

the Act 5 and the regulations thereunder 

applicable to it, including the standards 

under Rule 17Ad–22,6 and are 

consistent with the prompt and accurate 

clearance of and settlement of securities 

transactions and, to the extent 

applicable, derivative agreements, 

contracts and transactions, the 

safeguarding of securities and funds in 

the custody or control of ICE Clear 

Europe 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.7 The 

Belgian Natural Gas Contracts have 

similar characteristics to other ICE 

Endex and ICE Futures Europe energy 

contracts currently cleared by ICE Clear 

Europe, and ICE Clear Europe believes 

that its existing financial resources, risk 

management, systems and operational 

arrangements are sufficient to support 

clearing of such products (and address 

physical delivery under such contracts). 

Specifically, ICE Clear Europe 

believes that it will be able to manage 

the risks associated with acceptance of 

the Belgian Natural Gas Contracts for 

clearing and physical delivery in such 

contracts. The Belgian Natural Gas 

Contracts present a similar risk profile 

to other ICE Endex contracts currently 

cleared by ICE Clear Europe, and ICE 

Clear Europe believes that its existing 

risk management and margin framework 

is sufficient for purposes of risk 

management of the Belgian Natural Gas 

Contracts and related deliveries. 

Similarly, ICE Clear Europe has 

established appropriate standards for 

determining the eligibility of contracts 

submitted to the clearinghouse for 

clearing, and ICE Clear Europe believes 

that its existing systems are 

appropriately scalable to handle the 

Belgian Natural Gas Contracts, which 

are generally similar from an 

operational perspective to the other ICE 

Endex natural gas contracts currently 

cleared by ICE Clear Europe. 

For the reasons noted above, ICE Clear 

Europe believes that the proposed rule 

change is consistent with the 

requirements of Section 17A of the Act 8

and regulations thereunder applicable to 

it. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

ICE Clear Europe does not believe the 

proposed changes to the rules would 

have any impact, or impose any burden, 

on competition not necessary or 

appropriate in furtherance of the Act. 

ICE Clear Europe is adopting the 

amendments to the Delivery Procedures 

in connection with the listing of new 

contracts for trading on the ICE Endex 

market. ICE Clear Europe believes that 

such contracts will provide additional 

opportunities for interested market 

participants to engage in trading activity 

relating to the Belgian natural gas 

market. ICE Clear Europe does not 

believe the adoption of related Delivery 

Procedures amendments would 

adversely affect access to clearing for 

clearing members or their customers, or 

otherwise adversely affect competition 

in clearing services. 

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) 9 of the Act and Rule 19b– 

4(f)(4)(ii) 10 thereunder because it effects 

a change in an existing service of a 

registered clearing agency that primarily 

affects the clearing operations of the 

clearing agency with respect to products 

that are not securities, including futures 

that are not security futures, swaps that 

are not security-based swaps or mixed 

swaps, and forwards that are not 

security forwards, and does not 

significantly affect any securities 

clearing operations of the clearing 

agency or any rights or obligations of the 

clearing agency with respect to 

securities clearing or persons using such 

securities-clearing service. 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–2014–21 on the subject line. 


asabaliauskas on DSK5VPTVN1PROD with NOTICES
68496 Federal Register / Vol. 79, No. 221 / Monday, November 17, 2014 / Notices 

11 17 CFR 200.30–3(a)(12). 

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–2014–21. 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/clear-europe/

regulation#rule-filings. 

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–2014–21 and 

should be submitted on or before 

December 8, 2014. 

For the Commission, by the Division 

of Trading and Markets, pursuant to 

delegated authority.11

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–27064 Filed 11–14–14; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #14182 and #14183] 

Arizona Disaster #AZ–00040 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice. 

SUMMARY: This is a Notice of the 

Presidential declaration of a major 

disaster for Public Assistance Only for 

the State of Arizona (FEMA–4203–DR), 

dated 11/05/2014. 

Incident: Severe storms and flooding. 

Incident Period: 09/07/2014 through 

09/09/2014. 

Effective Date: 11/05/2014. 

Physical Loan Application Deadline 

Date: 01/05/2015. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 08/05/2015. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing And 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: 

A. Escobar, Office of Disaster 

Assistance, U.S. Small Business 

Administration, 409 3rd Street SW., 

Suite 6050, Washington, DC 20416. 

SUPPLEMENTARY INFORMATION: Notice is 

hereby given that as a result of the 

President’s major disaster declaration on 

11/05/2014, Private Non-Profit 

organizations that provide essential 

services of governmental nature may file 

disaster loan applications at the address 

listed above or other locally announced 

locations. 

The following areas have been 

determined to be adversely affected by 

the disaster: 

Primary Counties: La Paz, Maricopa. 

The Interest Rates are: 

Percent 

For Physical Damage: 

Non-Profit Organizations With 

Credit Available Elsewhere ... 2.625 

Non-Profit Organizations Without Credit Available Elsewhere ..................................... 2.625 

For Economic Injury: 

Non-Profit Organizations Without Credit Available Elsewhere ..................................... 2.625 

The number assigned to this disaster 

for physical damage is 14182B and for 

economic injury is 14183B. 

(Catalog of Federal Domestic Assistance 

Numbers 59002 and 59008). 

James E. Rivera, 

Associate Administrator for Disaster 

Assistance. 

[FR Doc. 2014–27169 Filed 11–14–14; 8:45 am] 

BILLING CODE 8025–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #14180 and #14181] 

Nevada Disaster #NV–00032 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice. 

SUMMARY: This is a Notice of the 

Presidential declaration of a major 

disaster for Public Assistance Only for 

the State of Nevada (FEMA—4202—DR), 

dated 11/05/2014. 

Incident: Severe Storms and Flooding. 

Incident Period: 09/07/2014 through 

09/09/2014. 

Effective Date: 11/05/2014. 

Physical Loan Application Deadline 

Date: 01/05/2015. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 08/05/2015. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street SW., Suite 6050, 

Washington, DC 20416. 

SUPPLEMENTARY INFORMATION: Notice is 

hereby given that as a result of the 

President’s major disaster declaration on 

11/05/2014, Private Non-Profit 

organizations that provide essential 

services of governmental nature may file 

disaster loan applications at the address 

listed above or other locally announced 

locations. 

The following areas have been 

determined to be adversely affected by 

the disaster: 

Primary Counties: MOAPA BAND of 

PAIUTES RESERVATION. 

The Interest Rates are: 

Percent 

For Physical Damage: 

Non-Profit Organizations With 

Credit Available Elsewhere ... 2.625 

Non-Profit Organizations Without Credit Available Elsewhere ..................................... 2.625 

For Economic Injury: 

Non-Profit Organizations Without Credit Available Elsewhere ..................................... 2.625 

The number assigned to this disaster 

for physical damage is 14180B and for 

economic injury is 14181B. 


asabaliauskas on DSK5VPTVN1PROD with NOTICES