Document ID: SEC-2014-1790-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: ICE Clear Credit, LLC
Posted Date: 2014-10-23T04:00Z

[Federal Register Volume 79, Number 205 (Thursday, October 23, 2014)]
[Notices]
[Page 63453]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-25204]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73384; File No. SR-ICC-2014-14]

Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of 
Designation of Longer Period for Commission Action on Proposed Rule 
Change To Add Rules Related to the Clearing of Standard Western 
European Sovereign CDS Contracts

October 17, 2014.
    On August 25, 2014, ICE Clear Credit LLC (``ICC'') filed with the 
Securities and Exchange Commission (``Commission'') the proposed rule 
change SR-ICC-2014-14 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 September 4, 2014.\3\ The Commission has not received comments on 
the proposed rule change. The Commission is publishing this notice to 
designate a longer period for Commission action 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. 34-72941 (Aug. 28, 
2014), 79 FR 52794 (Sep. 4, 2014) (SR-ICC-2014-14).
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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 October 19, 2014. The Commission is extending this 45-day 
time period.
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    \4\ 15 U.S.C. 78s(b)(2).
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    ICC proposes to adopt new clearing rules and amend the ICC Risk 
Management Framework to provide for the clearance of Standard Western 
European Sovereign credit default swap (``CDS'') contracts, 
specifically the Republic of Ireland, the Italian Republic, the 
Portuguese Republic, and the Kingdom of Spain. Given that ICC does not 
currently provide clearing services for Western European Sovereign CDS, 
and it is proposing a new General Wrong Way Risk methodology to address 
the potential wrong way risk associated with the clearing of sovereign 
contracts, the Commission finds it appropriate to designate a longer 
period within which to take action on the proposed rule change so that 
it has sufficient time to consider the complex issues under the 
proposed rule change.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\5\ designates December 3, 2014, 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-ICC-2014-14).
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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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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-25204 Filed 10-22-14; 8:45 am]
BILLING CODE 8011-01-P