Document ID: SEC-2018-0553-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: ICE Clear Europe Ltd.
Posted Date: 2018-04-06T04:00Z

[Federal Register Volume 83, Number 67 (Friday, April 6, 2018)]
[Notices]
[Pages 14901-14902]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-07010]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82978; File No. SR-ICEEU-2018-001]

Self-Regulatory Organizations; ICE Clear Europe Limited; Notice 
of Designation of Longer Period for Commission Action on Proposed Rule 
Change Relating to Amendments to the ICE Clear Europe CDS Clearing 
Stress Testing Policy

April 2, 2018.
    On February 6, 2018, ICE Clear Europe Limited (``ICE Clear Europe) 
filed with the Securities and Exchange Commission (``Commission''), 
pursuant to Section 19(b)(1) of the Securities Exchange Act 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to

[[Page 14902]]

revise its Credit Default Swap (``CDS'') Clearing Stress Testing Policy 
(``Stress Testing Policy'') to, among other things, re-categorize 
certain CDS stress testing scenarios, address specific wrong way risk, 
introduce new forward looking credit event scenarios, and make certain 
enhancements and clarifications (File No. SR-ICEEU-2018-001). The 
proposed rule change was published for comment in the Federal Register 
on February 16, 2018.\3\ To date, the Commission has not received 
comments on the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 34-82692 (February 6, 
2018); 83 FR 7096 (February 16, 2018) (SR-ICEEU-2018-001).
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    Section 19(b)(2) of the Act \4\ 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 April 2, 2018.
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    \4\ 15 U.S.C. 78s(b)(2).
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    The Commission is extending the 45-day time period for Commission 
action on the proposed rule change. ICE Clear Europe proposes to revise 
its Stress Testing Policy to re-categorize existing CDS stress testing 
scenarios, add provisions to address specific wrong way risk, introduce 
new forward looking credit event scenarios, and make certain 
enhancements and clarifications. 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 ICE 
Clear Europe's proposed rule change.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\5\ designates May 17, 2018 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-2018-001).
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    \5\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(31).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2018-07010 Filed 4-5-18; 8:45 am]
 BILLING CODE 8011-01-P