Document ID: SEC-2012-2106-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: ICE Clear Europe Ltd.
Posted Date: 2012-12-20T05:00Z

[Federal Register Volume 77, Number 245 (Thursday, December 20, 2012)]
[Notices]
[Page 75466]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-30604]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-68437; File No. SR-ICEEU-2012-08]

Self-Regulatory Organizations; ICE Clear Europe Limited; Notice 
of Designation of a Longer Period for Commission Action on Proposed 
Rule Change To Clear Western European Sovereign CDS Contracts

December 14, 2012.
    On October 15, 2012, ICE Clear Europe Limited (``ICE Clear 
Europe'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change SR-ICEEU-2012-08 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 2, 2012.\3\ The 
Commission received one comment on this proposal.\4\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 34-68119 (October 
29, 2012), 77 FR 66209 (November 2, 2012).
    \4\ See Comments submitted to the Commission by Darrell Duffie, 
Stanford University dated November 7, 2012 (http://www.sec.gov/comments/sr-iceeu-2012-08/iceeu201208.shtml).
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    Section 19(b)(2) of the Act \5\ provides that within 45 days of the 
publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day from the publication of notice of filing of this proposed rule 
change is December 17, 2012. The Commission is extending this 45-day 
time period.
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    \5\ 15 U.S.C. 78s(b)(2).
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    The proposed rule change would permit ICE Clear Europe to clear 
Western European Sovereign credit default swaps on the following 
sovereign reference entities: Republic of Ireland, Italian Republic, 
Hellenic Republic, Portuguese Republic, and Kingdom of Spain. In light 
of the fact that ICE Clear Europe does not currently provide clearing 
services for Western European Sovereign credit default swaps, and 
because no registered clearing agency currently provides clearing 
services for Western European Sovereign credit default swaps, the 
Commission finds it is appropriate to designate a longer period within 
which to take action on the proposed rule change so that it has 
sufficient time to consider this proposed rule change.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\6\ designates January 31, 2013, as the date by which the 
Commission should either approve or disapprove, or institute 
proceedings to determine whether to disapprove, the proposed rule 
change (File No. SR-ICEEU-2012-08).
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    \6\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(31).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-30604 Filed 12-19-12; 8:45 am]
BILLING CODE 8011-01-P