Document ID: SEC-2015-0405-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: ICE Clear Europe Ltd.
Posted Date: 2015-03-06T05:00Z

[Federal Register Volume 80, Number 44 (Friday, March 6, 2015)]
[Notices]
[Pages 12211-12212]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-05156]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74400; File No. SR-ICEEU-2015-001]

Self-Regulatory Organizations; ICE Clear Europe Limited; Notice 
of Filing and Immediate Effectiveness of Proposed Rule Change Relating 
to ICE Clear Europe Clearing Fees

March 2, 2015.
    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 February 19, 2015, ICE Clear Europe Limited (``ICE Clear Europe'') 
filed with the Securities and Exchange Commission (``Commission'') the 
proposed rule change as described in Items I, II and III below, which 
Items have been prepared primarily by ICE Clear Europe. ICE Clear 
Europe filed the proposal pursuant to Section 19(b)(3)(A)(ii) of the 
Act,\3\ and Rule 19b-4(f)(2) \4\ thereunder, so that the proposal was 
effective upon filing with the Commission. The Commission is publishing 
this notice to solicit comments on the proposed rule change from 
interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \4\ 17 CFR 240.19b-4(f)(2).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The text of the proposed rule change consists of certain rule 
changes that have been proposed by ICE Clear Europe. The principal 
purpose of the proposed changes is to specify the clearing and other 
fees to be charged by ICE Clear Europe in respect of the clearing of 
equity contracts traded on the LIFFE Administration and Management 
market which have transitioned to trading on ICE Futures Europe 
(``Migrating Contracts'').

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 and discussed any comments it received on 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

1. Purpose
    The purpose of the proposed rule change is for ICE Clear Europe to 
adopt a new fee schedule in respect of the clearing of the Migrating 
Contracts following the transition of trading in such contracts to ICE 
Futures Europe. The new fee schedule specifies certain exchange and 
clearing fees, as well as certain assignment, delivery and other fees 
applicable to the Migrating Contracts. The new fee schedule will 
replace the fee schedule previously published by ICE Futures Europe in 
respect of equity contracts. The combined exchange and clearing fees 
under the new fee schedule are the same as those being charged prior to 
the transition of trading in such contracts to ICE Futures Europe.
2. Statutory Basis
    ICE Clear Europe has determined that the clearing fees in the new 
schedule continue to be appropriate to charge Clearing Members in 
connection with the clearing of the Migrating Contracts by ICE Clear 
Europe. ICE Clear Europe notes in this regard that the fees are the 
same as those currently charged for such contracts. ICE Clear Europe 
believes that imposing such clearing fees is consistent with the 
requirements of Section 17A of the Act \5\ and the regulations 
thereunder applicable to it, and in particular continues to provide for 
the equitable allocation of reasonable dues, fees, and other charges 
among its Clearing Members, within the meaning of Section 17A(b)(3)(D) 
of the Act.\6\ ICE Clear Europe thus believes that the proposed rule 
change is consistent with the requirements of Section 17A of the Act 
\7\ and regulations thereunder applicable to it.
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    \5\ 15 U.S.C. 78q-1.
    \6\ 15 U.S.C. 78q-1(b)(3)(D).
    \7\ 15 U.S.C. 78q-1.
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B. Self-Regulatory Organization's Statement on Burden on Competition

    ICE Clear Europe does not believe the proposed rule change would 
have any impact, or impose any burden, on competition. The fees in the 
revised fee schedule are the same as those being charged prior to the 
transition in trading of the Migrating Contracts to ICE Futures Europe.

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

    Written comments relating to the proposed changes to the rules have 
not been solicited or received. ICE Clear Europe will notify the 
Commission of any written comments received by ICE Clear Europe.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change has become effective upon filing pursuant 
to Section 19(b)(3)(A)(ii) of the Act \8\ and Rule 19b-4(f)(2) \9\ 
thereunder because it establishes a fee or other charge imposed by ICE 
Clear Europe on its Clearing Members, within the meaning of Rule 19b-
4(f)(2). Specifically, the proposed rule change will establish fees to 
be paid by Clearing Members to ICE Clear Europe with respect to the 
clearing of Migrating Contracts. At any time within 60 days of the 
filing of the proposed rule change, the Commission summarily may 
temporarily suspend such rule change if it appears to the Commission 
that such action is necessary or appropriate in the public interest, 
for the protection of investors, or otherwise in furtherance of the 
purposes of the Act.
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    \8\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \9\ 17 CFR 240.19b-4(f)(2).
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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-2015-001 on the subject line.

[[Page 12212]]

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-2015-001. 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 also will 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/clear-europe/regulation.
    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-2015-001 
and should be submitted on or before March 27, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-05156 Filed 3-5-15; 8:45 am]
 BILLING CODE 8011-01-P