Document ID: SEC-2019-1272-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: LCH SA
Posted Date: 2019-09-06T04:00Z

[Federal Register Volume 84, Number 173 (Friday, September 6, 2019)]
[Notices]
[Pages 46984-46985]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-19216]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-86834; File No. SR-LCH SA-2019-005]

Self-Regulatory Organizations; LCH SA; Notice of Designation of 
Longer Period for Commission Action on Proposed Rule Change Relating to 
Introduction of Clearing of the New Markit iTraxx Subordinated 
Financials Index CDS and the Related Single Name CDS Constituents and 
Enhancements to Wrong Way Risk Margin

August 30, 2019.
    On August 2, 2019, Banque Centrale de Compensation, which conducts

[[Page 46985]]

business under the name LCH SA (``LCH SA''), 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 amend its rules to (i) 
introduce clearing of new Markit iTraxx Subordinated Financials Index 
CDS and the Related Single Name CDS Constituents (together, 
``Subordinated Financials''); (ii) incorporate changes to the Wrong Way 
Risk margin as recommended by a risk model validation; and (iii) modify 
the Default Fund Additional Margin (SR-LCH SA-2019-005). The proposed 
rule change was published for comment in the Federal Register on August 
9, 2019.\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. 86576 (Aug. 6, 2019), 84 
FR 39386 (Aug. 9, 2019) (SR-LCH SA-2019-005).
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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 September 23, 2019.
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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, in which LCH SA would introduce 
clearing of Subordinated Financials and make the other changes noted 
above. 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 LCH SA's proposed rule change.
    Accordingly, pursuant to Section 19(b)(2) \5\ of the Act, and for 
the reasons discussed above, the Commission designates November 7, 
2019, 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-LCH SA-2019-005).
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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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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-19216 Filed 9-5-19; 8:45 am]
 BILLING CODE 8011-01-P