39484 Federal Register / Vol. 82, No. 159 / Friday, August 18, 2017 / 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. 34–81037 

(June 28, 2017), 82 FR 31121 (July 5, 2017) (SR– 

ICC–2017–010) (‘‘Notice’’). 

additional types of exchange-traded 

products that are principally exposed to 

futures contracts and that will enhance 

competition among market participants, 

to the benefit of investors and the 

marketplace. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

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 (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– 

NYSEArca–2017–69 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–NYSEArca–2017–69. 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 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; 

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– 

NYSEArca–2017–69, and should be 

submitted on or before September 8, 

2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.23

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–17433 Filed 8–17–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81386; File No. SR–ICC– 

2017–010] 

Self-Regulatory Organizations; ICE 

Clear Credit LLC; Order Approving 

Proposed Rule Change To Revise the 

ICC Clearing Rules and the ICC 

Treasury Operations Policies and 

Procedures 

August 14, 2017. 

I. Introduction 

On June 16, 2017, ICE Clear Credit 

LLC (‘‘ICC’’) 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 

thereunder,2 a proposed rule change 

(SR–ICC–2017–010) to make changes to 

the ICC Clearing Rules (the ‘‘ICC Rules’’) 

and ICC Treasury Operations Policies 

and Procedures (‘‘Treasury Policy’’) to 

remove eligibility of Japanese yen 

(‘‘JPY’’), Great British pounds (‘‘GBP’’), 

and Canadian dollars (‘‘CAD’’) to meet 

Initial Margin (‘‘IM’’) and Guaranty 

Fund (‘‘GF’’) requirements. The 

proposed rule change was published for 

comment in the Federal Register on July 

5, 2017.3 The Commission received no 

comment letters regarding the proposed 

change. For the reasons discussed 

below, the Commission is approving the 

proposed rule change. 

II. Description of the Proposed Rule 

Change 

ICC has proposed changes to 

Schedule 401 of the ICC Rules and to its 

Treasury Policy. The proposed changes 

would remove JPY, GBP, and CAD from 

eligibility to meet IM and GF 

requirements. Currently, a Clearing 

Participant may meet the final 35% of 

their IM and GF requirements with JPY, 

GBP, or CAD, in aggregate. Under the 

proposed revisions, Clearing 

Participants would continue to be able 

to meet their IM and GF requirements 

using Euro cash, U.S. cash, and/or U.S. 

Treasuries, in accordance with the 

applicable collateral thresholds. 

Specifically, with respect to Schedule 

401 of the ICC Rules, ICC proposed 

removing references to G7 cash (which 

includes U.S. cash, Euro cash, JPY, GBP, 

and CAD) and defining ‘‘All Eligible 

Collateral’’ for both Non-Client IM and 

GF Liquidity Requirements and ClientRelated IM Liquidity Requirements to be 

US cash, Euro cash, and/or U.S. 

Treasuries. Under the proposed 

changes, U.S. cash, Euro cash, and/or 

U.S. Treasuries would be eligible for 

meeting the final 35% of IM and GF 

requirements for all Non-Client IM and 

GF Liquidity Requirements and ClientRelated U.S. dollar (‘‘USD’’) 

denominated IM Requirements; and 

U.S. cash, Euro cash, and/or U.S. 

Treasuries would be eligible for meeting 

a maximum of 100% of IM requirements 

for Client-Related Euro-Denominated 

Product Requirements. 

In addition, ICC proposed to update 

its Treasury Policy to remove references 

to JPY, GBP, and CAD as eligible 

collateral. Under the proposed changes, 

ICC would remove references to JPY, 

GBP, and CAD in the ‘‘Collateral 

Liquidation Assumptions’’ tables (for 

both Euro and USD denominated 

requirements). ICC would also update 

the ‘‘Eligible Client Collateral’’ section 

of the Treasury Policy to note that its 

eligible collateral for client IM includes 

U.S. cash, Euro cash, and U.S. 

government securities in line with 

current eligible collateral for House 

exposures (i.e., U.S. Treasuries). ICC 

also would revise the ‘‘Client-Related 

mstockstill on DSK30JT082PROD with NOTICES

Federal Register / Vol. 82, No. 159 / Friday, August 18, 2017 / Notices 39485 

4 15 U.S.C. 78s(b)(2)(C). 

5 15 U.S.C. 78q–1(b)(3)(F). 

6 17 CFR 240.17Ad–22(d)(3). 

7 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). 

8 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 81021 

(June 26, 2017), 82 FR 29966 (‘‘Notice’’). 

4See Sections 202.05 (Timely Disclosure of 

Material News) and 202.06 (Procedure for Public 

Release of Information; Trading Halts) of the 

Manual. 

IM Liquidity Requirements’’ section of 

the Treasury Policy to reflect the 

proposed liquidity requirement changes, 

namely USD-denominated product 

requirements of 65% cash and/or U.S. 

Treasuries, and 35% remainder eligible 

U.S. cash, U.S. Treasuries, and/or Euro 

cash; and Euro-denominated product 

requirements of 100% U.S. cash, Euro 

cash, and/or U.S. Treasuries. The 

proposed changes also include 

removing reference to G7 cash and 

including U.S. Treasury securities, U.S. 

cash, and Euro cash as eligible collateral 

from the House IM and GF Liquidity 

Requirements (for Non-Client USD and 

Euro-denominated requirements) chart, 

the list of acceptable forms of collateral 

for IM, and the list of acceptable forms 

of collateral for the GF). 

III. Discussion and Commission 

Findings 

Section 19(b)(2)(C) of the Act 4 directs 

the Commission to approve a proposed 

rule change of a self-regulatory 

organization if it finds that such 

proposed rule change is consistent with 

the requirements of the Act and the 

rules and regulations thereunder 

applicable to such organization. Section 

17A(b)(3)(F) of the Act 5 requires, among 

other things, that the rules of a 

registered 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, 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. Rule 

17Ad–22(d)(3) 6 requires that a 

registered clearing agency shall 

establish, implement, maintain and 

enforce written policies and procedures 

reasonably designed to hold assets in a 

manner that minimizes risk of loss or of 

delay in its access to them. 

The Commission finds that the 

proposed rule change, which removes 

JPY, GBP, and CAD from eligibility to 

meet IM and GF requirements, is 

consistent with Section 17A of the Act 

and Rule 17Ad–22 thereunder. 

According to ICC, ICC would need to 

convert JPY, GBP, and CAD into another 

currency in order to use them to satisfy 

obligations arising from the products 

that ICC clears, which are denominated 

only in USD or Euros. Therefore, from 

ICC’s perspective, JPY, GBP, and CAD 

are not as liquid as USD or Euros for 

purposes of ICC’s business activities. 

Moreover, ICC has noted that JPY has a 

significant timing issue related to 

conversion. ICC also expressed the view 

that, from a practical standpoint, these 

changes should have minimal impact on 

ICC’s financial resource composition 

because such currencies have been 

utilized rarely by Clearing Participants 

to meet IM and GF requirements. The 

Commission believes that, by removing 

JPY, GBP, and CAD as eligible forms of 

collateral that may be posted to ICC, ICC 

reduces the risk that ICC would not be 

able to meet its settlement or other 

liquidity obligations timely because of 

the need to convert one currency to 

another. The Commission therefore 

finds that the proposed revisions to the 

ICC Rules and Treasury Policy are 

designed to promote the prompt and 

accurate settlement of securities 

transactions, derivatives agreements, 

contracts, and transactions for which 

ICC is responsible, consistent with 

Section 17A(b)(3)(F) of the Exchange 

Act. Similarly the proposed changes are 

designed to allow ICC to hold collateral 

in forms that minimize the risk of loss 

or delay in accessing them by reducing 

the need for ICC to conduct currency 

conversions. The Commission therefore 

finds that the proposed revisions also 

are consistent with the requirements of 

Rule 17Ad–22(d)(3). 

IV. Conclusion 

It is therefore ordered pursuant to 

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

proposed rule change (SR–ICC–2017– 

010) be, and hereby is, approved.7

For the Commission by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–17431 Filed 8–17–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81393; File No. SR–NYSE– 

2017–17] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Order 

Granting Approval of Proposed Rule 

Change To Provide Advance Notice of 

Dividend or Stock Distribution 

Announcements to the Exchange 

August 14, 2017. 

I. Introduction 

On June 13, 2017, New York Stock 

Exchange LLC (‘‘NYSE’’ or the 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Exchange Act’’) 1 and Rule 

19b–4 thereunder,2 a proposed rule 

change to amend the NYSE Listed 

Company Manual (the ‘‘Manual’’) to 

require listed companies to provide 

notice to the Exchange at least ten 

minutes before making any public 

announcement with respect to a 

dividend or stock distribution, 

including when the notice is outside of 

Exchange trading hours. The proposed 

rule change was published for comment 

in the Federal Register on June 30, 

2017.3 The Commission received no 

comments regarding the proposal. This 

order approves the proposed rule 

change. 

II. Description of the Proposal 

Currently, the Exchange’s immediate 

news release policy, set forth in Section 

202.06 of the Manual, requires 

companies releasing material news, 

between 7:00 a.m. and 4:00 p.m. Eastern 

Time to notify the Exchange’s Market 

Watch team by telephone at least ten 

minutes prior to issuing their 

announcement and, when the 

announcement is in written form, email 

a copy of the proposed announcement 

to Market Watch at least ten minutes 

prior its release (‘‘immediate news 

release policy’’).4 In its proposal, NYSE 

stated that listed companies announcing 

dividend or stock distributions during 

the hours noted above are required to 

comply with the immediate news 

release policy in connection with such 

announcements. 

mstockstill on DSK30JT082PROD with NOTICES