Document ID: SEC-2014-0933-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: ICE Clear Europe Ltd.
Posted Date: 2014-06-06T04:00Z

[Federal Register Volume 79, Number 109 (Friday, June 6, 2014)]
[Notices]
[Pages 32792-32797]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-13152]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-72297; File No. SR-ICEEU-2014-06]

Self-Regulatory Organizations; ICE Clear Europe Limited; Notice 
of Filing of Proposed Rule Change Regarding Investment Losses and Non-
Default Losses

June 2, 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 May 30, 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. The Commission 
is publishing this notice to solicit comments on the proposed rule 
change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

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 amend the ICE 
Clear Europe Clearing Rules to address investment losses and non-
default losses (as described in more detail below) that may affect the 
clearing house.

[[Page 32793]]

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. 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

    ICE Clear Europe submitted proposed amendments to its Rules in 
order to adopt new provisions relating to certain investment losses on 
margin and guaranty fund contributions provided by clearing members (as 
defined more fully below, ``investment losses'') as well as other 
losses to the clearing house arising other than from a clearing member 
default (as defined more fully below, ``non-default losses''), 
including losses from general business risk and operational risk. The 
amendments would (i) require ICE Clear Europe to apply a specified 
amount of its own assets to cover non-default losses and investment 
losses (``loss assets'') and (ii) require clearing members in all 
product categories to make contributions (referred to as ``collateral 
offset obligations'') to cover investment losses (but not other non-
default losses) that exceed the available clearing house loss assets. 
The proposed rules would also limit the clearing house's liability for 
losses arising from a failure of a bank or similar custodian.
    The Bank of England has indicated that ICE Clear Europe will be 
required to have rules addressing the allocation of non-default losses 
that threaten the clearing house's solvency and to have plans to 
maintain continuity of services if such continuity is threatened as a 
result of such losses, commencing May 1, 2014. Plans to address losses 
from general business risk are also an element of the CPSS-IOSCO 
Principles for Financial Market Infrastructures (the ``PFMIs'').\3\ The 
amendments are separate from the clearing house's existing rules and 
planned rule changes that address allocation of losses resulting from 
clearing member defaults and related recovery and wind-down plans.
---------------------------------------------------------------------------

    \3\ We also note in this regard that the Commodity Futures 
Trading Commission has adopted a similar requirement for 
systemically important derivatives clearing organizations and 
``subpart C'' derivatives clearing organizations in CFTC Rule 
39.33(b)(2), and that the Commission has proposed a similar 
requirement for certain ``covered clearing agencies'' in proposed 
Rule 17Ad-22(e)(15). Standards for Covered Clearing Agencies, 
Release No. 34-71699 (Mar. 12, 2014).
---------------------------------------------------------------------------

    The proposed Rule amendments are described in detail as follows.
    Part 1 of the Rules has been revised to include new definitions for 
``Investment Losses'' and ``Non-Default Losses,'' which form the basis 
of the new loss allocation provisions in the proposed rules. Investment 
Losses means losses incurred or suffered by the clearing house arising 
in connection with the default of the issuer of any instrument and/or 
counterparty to any repurchase or reverse repurchase contract or 
similar transaction in respect of investment or reinvestment by the 
clearing house of margin (other than variation margin) or guaranty fund 
contributions other than a loss resulting from the clearing house's 
failure to follow its own investment policies. By way of clarification, 
investment losses will be allocated separately from losses arising from 
a default, and accordingly, an investment loss relating to margin or 
guaranty fund contributions provided by a defaulting clearing member 
will be included in the calculation of investment losses. (The amount 
of investment losses will thus not be reduced by any amounts ICE Clear 
Europe may use from its default resources under Parts 9 and 11 of the 
Rules (including guaranty fund contributions or assessments) to address 
losses from a default). In addition, Investment Losses do not include 
custodial losses.
    ``Non-Default Losses'' means losses suffered by the clearing house 
(other than Investment Losses) arising in connection with any event 
other than an event of default and which threaten the solvency of the 
clearing house. In addition, a new definition for ``Collateral Offset 
Obligations'' has been added, which refers to obligations of a clearing 
member arising pursuant to new Rule 919, as discussed below, to make 
payments to the clearing house in respect of Investment Losses, which 
offset obligations of the clearing house to pay the clearing member or 
return assets in respect of margin provided to the clearing house by 
the clearing member. New definitions for ``Custodian'' (which is used 
in new Rule 919), and ``Loss Assets'' (assets of the clearing house 
itself that are intended to be applied to investment losses and non-
default losses under Rule 919 as described below) have been added.
    In Rules 111 and 905, conforming and clarifying changes to the 
description of various types of losses or liabilities that may be borne 
by the clearing house have been made, through addition of references to 
``claims'' and ``shortfalls,'' in order to ensure consistent use of 
language throughout Rules where other references are made to losses.
    The proposed changes would adopt new Rule 919, which includes the 
allocation rules for investment losses and non-default losses and 
procedures for applying collateral offset obligations. Under Rule 
919(b), non-default losses will be satisfied by applying the available 
loss assets designated by the clearing house and then other available 
capital or assets of the clearing house. Investment losses, on the 
other hand, will first be satisfied by applying the available loss 
assets provided by the clearing house, and thereafter by collateral 
offset obligations as discussed herein. The amount of loss assets 
provided by ICE Clear Europe will initially be USD 90 million (pursuant 
to Rule 919(p)), subject to adjustment by the clearing house by 
circular from time to time. ICE Clear Europe will not have an 
obligation to replenish the amount of loss assets, if applied to non-
default losses or investment losses.
    Pursuant to Rule 919(c), if there is an investment loss in an 
amount greater than the then-available loss assets, all clearing 
members will be required to indemnify the clearing house and pay 
collateral offset obligations to the clearing house in accordance with 
Rule 919(d). The clearing house will publish a circular including 
certain required details of any investment loss and collateral offset 
obligations due. The amount of such payment is determined pursuant to 
Rule 919(d), and is based on the proportion of a clearing member's 
aggregate initial margin and guaranty fund contributions (for all 
product categories) to the aggregate initial margin and guaranty fund 
contributions of all clearing members (for all product categories) (in 
any case other than margin and contributions of defaulting clearing 
members that are applied or included in the net sum calculation under 
the Rules as a result of the default). Under Rule 919(e), the 
collateral offset obligation of a clearing member shall not exceed the 
total of all initial margin and guaranty fund contributions (across all 
accounts and product categories) that it has deposited with the 
clearing house at the time of the event giving rise to the investment 
loss. To the extent the investment losses exceed the amount of 
available loss assets and the capped collateral offset obligations of 
clearing members, clearing members would not have

[[Page 32794]]

further obligations to make payments to the clearing house in respect 
thereof.
    Collateral offset obligations are due at the time specified by the 
clearing house, under Rule 919(f), and will be payable in accordance 
with the procedures for collection of margin under Rule 302 and the 
Finance Procedures. Collateral offset obligations may, at the election 
of the clearing house, be offset against the obligation of the clearing 
house to return initial margin or guaranty fund contributions, and will 
be collected pursuant to a call for margin from a proprietary account 
of the clearing member. (In the case of a defaulting clearing member, 
the clearing house may include the collateral offset obligation in any 
net sum (to reduce any net sum otherwise payable to the defaulting 
clearing member) or offset it against any other obligation of the 
clearing house to return any remaining margin or guaranty fund 
contributions after application in respect of the default). Collection 
of the collateral offset obligation from the proprietary account of a 
clearing member is not intended to preclude a clearing member from 
passing the cost of the collateral offset obligation to its 
Customer(s), to the extent the obligation relates to customer account 
margin or otherwise to a customer and to the extent permitted by 
applicable law.
    If the clearing house subsequently recovers amounts in respect of 
an investment loss, Rule 919(h) provides for allocating the recovery to 
clearing members on a pro rata basis in proportion to their collateral 
offset obligations satisfied (after repaying the clearing house for any 
of its own assets applied in excess of the loss assets or any other 
persons for their assets applied).
    Pursuant to Rules 919(i), the obligation of a clearing member to 
make collateral offset obligations is separate from, and does not 
reduce, its obligation to provide margin and to make guaranty fund 
contributions or guaranty fund assessment contributions under the 
existing rules. Under Rule 919(j), if the clearing house calls for 
collateral offset obligations in excess of that actually required, it 
will credit the excess to the relevant clearing members' proprietary 
accounts, from which it may be withdrawn in accordance with the usual 
procedure for withdrawal of excess margin under Part 3 of the Rules.
    Rule 919(k) provides that the obligation to provide collateral 
offset obligations under Rule 919 applies independently from the powers 
of assessment following clearing member defaults in other parts of the 
Rules, and notes for clarification that the limits on assessment in 
Rules 917 and 918 for the F&O and FX product categories do not affect 
the liability of clearing members for collateral offset obligations. 
Rule 919(l) clarifies that the exercise of rights under Rule 919 does 
not constitute a Clearing House Event (i.e., a payment default or 
insolvency of the clearing house). Rule 919(m) provides for payments of 
collateral offset obligations to be made in accordance with the general 
procedures for payments under Part 3 of the Rules and the Finance 
Procedures, subject to the clearing house's setoff and netting rights 
under the Rules.
    Under Rule 919(n), the clearing house is not required to pursue any 
litigation or other action against any person in respect of unpaid 
amounts (including those representing an investment loss or non-default 
loss). As discussed above, to the extent the clearing house recovers 
amounts in respect of an investment loss, Rule 919(h) provides for 
allocating such recovery to clearing members that have paid collateral 
offset obligations. Rule 919(o) allows the clearing house to make 
currency conversions in making determinations under Rule 919.
    As discussed above, Rule 919(p) establishes the initial level of 
loss assets at USD 90 million. The clearing house may change the level 
of loss assets from time to time by Circular. Pursuant to Rule 919(q), 
ICE Clear Europe must notify clearing members of the amount of loss 
assets used from time to time. The clearing house is not required to 
replenish the amount of loss assets if used, although it may elect to 
do so. Separately, Rule 919(q) also provides that the clearing house 
may replenish any regulatory capital as required to bring it in 
compliance with applicable laws at any time, including following an 
investment loss or other non-default loss. However, no such 
recapitalization will result in any obligation of any clearing member 
to pay collateral offset obligations, or the size of any investment 
loss, being reduced. In addition, replenishment of required regulatory 
capital does not in itself require, or result in, a replenishment of 
loss assets.
    Under Rule 919(r), the clearing house is not liable to any clearing 
member, customer or any other person for losses arising from a failure 
of a payment or security services provider, including a Custodian such 
as a payment or custody bank, securities depository or securities 
settlement system.
    Other related changes are made in Parts 11, 12 and 16 of the Rules. 
A change is made in Rule 1103(e) to allow the loss assets to be held 
together with other clearing house contributions to the guaranty fund 
(without affecting the limitations in the existing rules and Rule 919 
on the use of such assets). (As a result of this change, each clearing 
house contribution is no longer required to be held in a separate 
account, although the three clearing house guaranty fund contributions 
and the loss assets are required to be held separately from other 
clearing house assets.) Conforming changes to definitions relating to 
custodians are made in Rule 1201.
    New Rule 1606(b) is added to address certain matters relating to 
the investment of customer collateral in the form of cash provided by 
FCM/BD Clearing Members under applicable CFTC regulations. The revised 
rule confirms that such cash can only be invested in U.S. treasury 
securities in accordance with applicable law. The rule further provides 
that FCM/BD Clearing Members must direct the clearing house whether to 
so invest such cash or to leave it uninvested (and deems the clearing 
member to have instructed the clearing house to invest such collateral 
if it does not provide direction).
    ICE Clear Europe believes that the proposed rule changes are 
consistent with the requirements of Section 17A of the Act \4\ and the 
regulations thereunder applicable to it, including the standards under 
Rule 17Ad-22.\5\ Section 17A(b)(3)(F) of the Act \6\ 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. Neither Section 17A of the Act \7\ nor 
Rule 17Ad-22 \8\ specifically addresses non-default losses of the type 
contemplated by the proposed rules. Nonetheless, ICE Clear Europe 
believes that the proposed rule changes are consistent with the Act and 
the regulations thereunder applicable to ICE Clear Europe, in 
particular, Section 17(A)(b)(3)(F),\9\ because ICE Clear Europe 
believes that the new rules will enhance the clearing house's ability 
to bear such losses. This will in turn further the clearing house's 
ability to continue operations if faced by investment or non-default 
losses, which will facilitate prompt and accurate settlement of 
securities transactions and, to the extent applicable, derivative

[[Page 32795]]

agreements, contracts and transactions and contribute to the 
safeguarding of securities and funds which are in the custody or 
control of ICE Clear Europe or for which it is responsible, as set 
forth herein.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78q-1.
    \5\ 17 CFR 240.17Ad-22.
    \6\ 15 U.S.C. 78q-1(b)(3)(F).
    \7\ 15 U.S.C. 78q-1.
    \8\ 17 CFR 240.17Ad-22.
    \9\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    ICE Clear Europe has developed the proposed rules to satisfy 
paragraphs 29A and 29B under the UK's Financial Services and Markets 
Act 2000 (Recognition Requirements for Investment Exchanges and 
Clearing Houses) Regulations 2001, Schedule, as inserted by the 
Financial Services and Markets Act 2000 (Over the Counter Derivatives, 
Central Counterparties and Trade Repositories) (No. 2) Regulations 
2013. Rules addressing allocation of investment and non-default losses 
are also contemplated under the PFMIs. Consistent with these 
requirements, the proposed rules are designed to allocate investment 
losses (i.e., losses from a default under an investment) to the 
clearing house and clearing members, while other non-default losses 
(i.e., other losses not resulting from clearing member default) are 
allocated only to the clearing house. The rules further limit the 
liability of the clearing house for losses resulting from a failure of 
a Custodian--losses that are outside of the control of the clearing 
house but which could threaten the solvency of the clearing house. ICE 
Clear Europe does not expect that these rules will affect the ordinary 
course operation of the clearing house or its existing protections for 
the securities and funds in its custody or control or for which it is 
responsible. ICE Clear Europe believes that the proposed rule changes 
will enhance the stability of ICE Clear Europe if it experiences 
significant investment losses or non-default losses, by providing new 
resources to cover such losses. The proposed rules will also provide 
greater certainty for clearing members and the clearing house itself as 
to the scope of resources that will be available to cover such losses 
and the liability of the clearing house and clearing members for such 
losses. Taken together, the amendments will thus promote the prompt and 
accurate clearance and settlement of contracts cleared by ICE Clear 
Europe, consistent with the requirements of Section 17A(b)(3)(F).\10\
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    The amendments also are consistent with the relevant requirements 
of Rule 17Ad-22, and in particular the financial resources requirements 
of Rule 17Ad-22(b)(2-3).\11\ ICE Clear Europe does not propose to 
change the amount of financial resources (both pre-funded resources and 
potential assessment resources) currently available to support its 
clearing operations in any product category. The amendments would 
provide an additional financial resource to address investment losses 
and non-default losses. In addition, ICE Clear Europe believes that the 
changes will enhance its ability to continue clearing operations 
following an investment loss or non-default loss and provide it and 
market participants with greater certainty as to the financial 
resources that will be available to the clearing house following such 
losses.
---------------------------------------------------------------------------

    \11\ 17 CFR 240.17Ad-22(b)(2)-(3).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    ICE Clear Europe does not believe the proposed rule changes would 
have any material impact, or impose any material burden, on competition 
not necessary or appropriate in furtherance of the purposes of the Act.
    The rule amendments will by definition impose additional potential 
costs on clearing members in investment loss scenarios, as they may be 
required to make collateral offset obligations, up to the defined 
maximum amount. The limitation on liability for custodial losses may 
also impose costs on clearing members. As discussed above, ICE believes 
this approach is warranted in light of the need to allocate such losses 
and implement recovery and wind-down plans as a result of such losses, 
as required under applicable UK legislation. Moreover, ICE Clear Europe 
does not believe these costs are likely to have a material impact on 
the ordinary course operation of the clearing house, as they are 
relevant only under extreme non-default loss scenarios where the 
alternative could be clearinghouse failure or insolvency.
    In terms of access to the clearing house, ICE Clear Europe is not 
proposing to change its standards for clearing membership or financial 
requirements for clearing membership. As such, ICE Clear Europe does 
not believe the changes will reduce access by clearing members to the 
clearing house. While there will be additional potential costs for 
clearing members, the limit on collateral offset obligations is 
intended to provide clearing members with greater certainty as to the 
extent of their financial obligations to the clearinghouse, and to 
limit their maximum potential liability. As a result, the amendments 
may make it easier for some market participants to become members, and 
a failure to adopt the amendments could, in ICE Clear Europe's view, 
dissuade some market participants from being members. As a result, ICE 
Clear Europe does not believe the amendments will reduce clearing 
member access to the clearing house. In addition, ICE Clear Europe does 
not believe the proposed amendments are likely to adversely affect 
competition among clearing members. The proposed rules will apply to 
all clearing members in the same way. Enhanced certainty, and greater 
stability of the clearing house in the event of non-default losses, may 
also benefit the market for cleared derivatives generally, which in 
turn may enhance competition.
    In terms of the impact on customers of clearing members, it is 
possible that the added costs to clearing members of potential 
collateral offset obligations, and the limitation on liability for 
custodial losses, will result in higher costs for customers in some 
circumstances. As with the costs on clearing members themselves, ICE 
Clear Europe believes that the proposed rule changes are warranted in 
light of the UK requirements to allocate investment and non-default 
losses, and benefits of enhanced financial resources and stability for 
the clearing house. In addition, ICE Clear Europe does not believe that 
the potential additional costs will have a significant burden on 
competition, as they apply to all clearing members equally.
    ICE Clear Europe also does not believe the rule amendments will 
adversely affect the ability of market participants to continue to 
clear transactions or otherwise limit market participants' choices for 
clearing transactions. ICE Clear Europe expects that, in light of the 
PFMIs and applicable regulatory requirements in the US and EU, other 
clearing organizations will similarly need to develop procedures for 
addressing non-default losses. The rule amendments are intended to 
provide a stronger framework for the clearing house to deal with non-
default loss events and keep clearing services in operation despite 
such losses. This should generally enhance the ability of market 
participants to continue to clear derivative products, reduce systemic 
effects on the cleared markets generally and reduce the risk of failure 
of a clearinghouse (which would generally be expected to have an 
adverse impact on competition). To the extent market participants have 
greater certainty as to how investment and non-default losses would be 
handled by the clearing house, they may have greater confidence in 
clearing generally, which will also tend to enhance the stability and 
strength of the market for cleared products, consistent with the goals 
of the Act.
    For the foregoing reasons, the proposed rules are, in ICE Clear

[[Page 32796]]

Europe's view, appropriate in furtherance of the purposes of the Act 
and other legal requirements applicable to ICE Clear Europe. The 
clearing house does not believe that the proposed amendments will 
impose any burden on competition not necessary or appropriate in 
furtherance of the purpose of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants or Others

    Comments relating to the rule changes were solicited from clearing 
members by Circular No. C14/056 (May 2, 2014). ICE Clear Europe has 
received comments from the Futures Industry Association and comments 
provided on behalf of various clearing members. These comments raised 
certain objections to the proposed rules, including that (i) allocation 
of investment losses in respect of an FCM customer account is 
inconsistent with CFTC Rule 1.29(b), (ii) allocation of investment 
losses would create undue and potentially unlimited and unquantifiable 
risk to clearing members, (iii) the proposed rules lack a formula for 
determining the amount of loss assets provided by ICE Clear Europe, and 
should require that ICE Clear Europe replenish the loss assets, (iv) 
collateral offset obligations should not be netted against unrelated 
payment obligations of ICE Clear Europe, (v) loss assets should not be 
used for both investment losses and non-default losses, (vi) the loss 
assets and ICE contributions to the guaranty funds should each be held 
in a separate account, (vii) the manner of allocation of investment 
losses attempts should be revised, including to allocate investment 
losses between customer accounts and proprietary accounts, based on 
product categories, and/or based on cash margin rather than total 
margin.
    ICE Clear Europe has considered and disagrees with these comments. 
Specifically, ICE Clear Europe believes that in light of the provisions 
of proposed Rule 1606(b), the allocation of investment losses in 
respect of the FCM customer account is consistent with the requirements 
of CFTC Rule 1.29(b), and further that because of the cap on collateral 
offset obligations in Rule 919(e), the liability for collateral offset 
obligations is neither unlimited nor unquantifiable. ICE Clear Europe 
does not believe a defined formula for loss assets is necessary. In ICE 
Clear Europe's view, the proposed rule provides a significant 
additional resource to cover investment losses and non-default losses 
as compared to the current rules. For this reason, ICE Clear Europe 
does not believe it is necessary to provide separate resources for non-
default losses and investment losses, or to have an obligation to 
replenish such assets or otherwise provide even more resources. Netting 
under Rule 919(f) would apply to obligations to return margin or 
guaranty fund contributions, which are not unrelated to investment 
losses, and in ICE Clear Europe's view is appropriate with a view to 
reducing unnecessary payment flows. ICE Clear Europe further does not 
believe it is necessary for loss assets and ICE Clear Europe guaranty 
fund contributions to be held in separate accounts, given that such 
amounts are kept separate from amounts provided by clearing members and 
the limitations on the use of such amounts are unchanged. In light of 
the limited scenarios in which the loss allocation rules of Rule 919 
are expected to be used, and the fact that a loss may not be readily 
allocable to any particular clearing member, customer or product 
category, ICE Clear Europe does not believe it is desirable to attempt 
to allocate losses between customer and proprietary accounts, or to 
particular product categories. ICE Clear Europe further believes that 
allocating based on overall initial margin and guaranty fund 
contributions is an efficient and equitable means of allocating the 
losses.
    ICE Clear Europe notes that certain comments also suggested that 
ICE Clear Europe provide additional information and transparency 
concerning its investment policies. ICE Clear Europe is continuing to 
consider such changes, in consultation with clearing members, although 
it does not believe such changes would affect the proposed rules.
    ICE Clear Europe will notify the Commission of any additional 
written comments received by ICE Clear Europe.

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-ICEEU-2014-06 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-2014-06. 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-2014-06 
and should be submitted on or before June 27, 2014.

[[Page 32797]]

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
---------------------------------------------------------------------------

    \12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-13152 Filed 6-5-14; 8:45 am]
BILLING CODE 8011-01-P