73372 Federal Register / Vol. 79, No. 237 / Wednesday, December 10, 2014 / Notices 

23 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3Securities Exchange Act Release No. 34–73459 

(Oct. 29, 2014), 79 FR 65443 (Nov. 4, 2014) (SR– 

ICEEU–2014–18). 

4See Exchange Act Release No. 34–71920 (Apr. 

9, 2014) 79 FR 21331 (Apr. 15, 2015) (SR–ICEEU– 

2014–04); (order approving rule change to clear 

other Western European sovereign CDS contracts) 

(the ‘‘Prior WE Sovereigns Order’’). 

5For a description of previously approved 

changes to ICE Clear Europe’s risk management 

framework to accommodate clearing of Western 

European sovereign CDS contracts, see the Prior WE 

Sovereigns Order. ICE Clear Europe represents that 

it has performed a variety of empirical analyses 

related to clearing of the Additional WE Sovereign 

Contracts under its margin methodology, including 

back tests and stress tests. 

6 15 U.S.C. 78s(b)(2)(C). 

7 15 U.S.C. 78q–1(b)(3)(F). 

8 15 U.S.C. 78q–1. 

9 17 CFR 240.17Ad–22. 

10 15 U.S.C. 78q–1(b)(3)(F). 

11 15 U.S.C. 78q–1. 

12 15 U.S.C. 78s(b)(2). 

13 In approving the proposed rule change, the 

Commission considered the proposal’s impact on 

efficiency, competition and capital formation. 15 

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

14 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.23

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–28906 Filed 12–9–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73737; File No. SR–ICEEU– 

2014–18] 

Self-Regulatory Organizations; ICE 

Clear Europe Limited; Order Approving 

Proposed Rule Change To Provide for 

the Clearance of Additional Sovereign 

Contracts 

December 4, 2014. 

I. Introduction 

On October 20, 2014, 2014, ICE Clear 

Europe Limited (‘‘ICE Clear Europe’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change SR–ICEEU–2014– 

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

Securities Exchange Act of 1934 

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

The proposed rule change was 

published for comment in the Federal 

Register on November 4, 2014.3 The 

Commission did not receive comments 

on the proposed rule change. For the 

reasons discussed below, the 

Commission is approving the proposed 

rule change. 

II. Description of the Proposed Rule 

Change 

ICE Clear Europe proposes to clear 

additional CDS contracts that are 

Western European sovereign CDS 

contracts referencing the Kingdom of 

Belgium and the Republic of Austria 

(the ‘‘Additional WE Sovereign 

Contracts’’). ICE Clear Europe currently 

clears CDS contracts referencing four 

other Western European sovereigns: 

Ireland, the Republic of Italy, the 

Portuguese Republic and the Kingdom 

of Spain.4 ICE Clear Europe believes 

clearance of the Additional WE 

Sovereign Contracts will benefit the 

markets for credit default swaps on 

Western European sovereigns by 

offering to market participants the 

benefits of clearing, including reduction 

in counterparty risk and safeguarding of 

margin assets pursuant to ICE Clear 

Europe’s rules. 

ICE Clear Europe represents that the 

Additional WE Sovereign Contracts will 

constitute ‘‘Non-STEC Single Name 

Contracts’’ for purposes of the CDS 

Procedures and accordingly will be 

governed by Paragraph 10 of the CDS 

Procedures, consistent with treatment of 

the Western European sovereign CDS 

contracts currently cleared by ICE Clear 

Europe. Moreover, ICE Clear Europe 

states that clearing of the Additional WE 

Sovereign Contracts will not require any 

changes to ICE Clear Europe’s existing 

Clearing Rules and Procedures, risk 

management framework (including 

relevant policies) or margin model.5

III. Discussion and Commission 

Findings 

Section 19(b)(2)(C) of the Act 6 directs 

the Commission to approve a proposed 

rule change of a self-regulatory 

organization if the Commission finds 

that such proposed rule change is 

consistent with the requirements of the 

Act and the rules and regulations 

thereunder applicable to such selfregulatory organization. Section 

17A(b)(3)(F) of the Act 7 requires, among 

other things, that the rules of a clearing 

agency are designed to promote the 

prompt and accurate clearance and 

settlement of securities transactions 

and, to the extent applicable, derivative 

agreements, contracts, and transactions, 

to assure the safeguarding of securities 

and funds which are in the custody or 

control of the clearing agency or for 

which it is responsible and, in general, 

to protect investors and the public 

interest. 

The Commission finds that clearing of 

the proposed Additional WE Sovereign 

Contracts is consistent with the 

requirements of Section 17A of the Act 8

and regulations thereunder applicable to 

it, including the standards under Rule 

17Ad–22.9 Specifically, the Commission 

believes that the proposal to clear the 

Additional WE Sovereign Contracts in 

the same manner as other Western 

European sovereign CDS contracts, 

consistent with ICE Clear Europe’s 

existing clearing arrangements and 

related financial safeguards, protections, 

risk management policies and 

procedures and margin methodology, is 

designed to promote the prompt and 

accurate clearance and settlement of 

securities transactions, consistent with 

Section 17A(b)(3)(F) of the Act.10

IV. Conclusion 

On the basis of the foregoing, the 

Commission finds that the proposal is 

consistent with the requirements of the 

Act and in particular with the 

requirements of Section 17A of the 

Act 11 and the rules and regulations 

thereunder. 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,12 that the 

proposed rule change (SR–ICEEU–2014– 

18) be, and hereby is, approved.13

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–28875 Filed 12–9–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73746; File No. SR–EDGA– 

2014–28] 

Self-Regulatory Organizations; EDGA 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change to Rule 14.1(c)(5) of 

EDGA Exchange, Inc. To Harmonize Its 

Restrictions on Market Makers in UTP 

Derivative Securities With NYSE Arca, 

Inc. and Nasdaq Stock Market LLC 

December 4, 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 November 

21, 2014, EDGA Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘EDGA’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Exchange has 

designated this proposal as a ‘‘noncontroversial’’ proposed rule change 

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

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