Document ID: SEC-2015-0530-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing of Proposed Rule Change Relating to Physical Settlement of CDS Contracts
Posted Date: 2015-03-27T04:00Z

[Federal Register Volume 80, Number 59 (Friday, March 27, 2015)]
[Notices]
[Pages 16471-16475]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-06992]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74563; File No. SR-ICC-2015-004]

Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of 
Filing of Proposed Rule Change Relating to Physical Settlement of CDS 
Contracts

March 23, 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 March 11, 2015, ICE Clear Credit LLC (``ICC'' or the 
``clearinghouse'') 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 ICC. 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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The purpose of the proposed rule change is to amend ICC rules to 
modify the terms and conditions for physical settlement of cleared CDS 
Contracts, and to adopt certain new delivery procedures relating to 
physical settlement.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, ICC 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. ICC 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

    ICC submits proposed amendments to the ICC Clearing Rules (``ICC 
Rules'') relating to physical settlement of CDS Contracts. Upon the 
occurrence of a credit event under a cleared CDS Contract, the contract 
is typically settled in cash in accordance with the terms of the ICC 
Rules, which incorporate the applicable ISDA Credit Derivatives 
Definitions (the ``ISDA Definitions'') and the market-standard credit 
default swap auction methodology for determining the cash settlement 
price. However, in certain circumstances, such as where the Credit 
Derivatives Determinations Committee decides not to hold a cash 
settlement auction for a particular credit event, or such an auction is 
cancelled under the terms of the auction methodology (including because 
of a failure to determine the auction settlement price), the CDS 
Contracts provide for a fallback settlement method of physical 
settlement. Under physical settlement of a CDS contract generally, the 
protection buyer will be entitled to deliver one or more qualifying 
deliverable obligations to the protection seller, in which case the 
protection seller will be required to pay the protection buyer a 
defined physical settlement amount. Under the current ICC Rules, if 
physical settlement applies,\3\ the clearinghouse will match clearing 
participants (``Participants'') that are protection buyers with 
Participants that are protection sellers in the relevant contract, and 
the two Participants will be responsible for effecting physical 
settlement between them. ICC does not itself perform or guarantee 
performance of physical settlement between the matched Participants. 
Once matching occurs, the contract is purely a bilateral contract 
between the matched Participants, and the clearinghouse has no further 
rights or obligations with respect to the contract. ICC does, however, 
collect and hold physical settlement margin as collateral agent on 
behalf of the protection buyer to secure the protection seller's 
obligations to the protection buyer under physical settlement.
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    \3\ ICC notes that to date, physical settlement has not been 
necessary for any of the CDS Contracts cleared by ICC.
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    At the request of its Participants, and following extensive 
consultation with them, ICC proposes to amend the ICC Rules relating to 
physical settlement such that the clearinghouse will be responsible for 
financial performance of physical settlement. ICC understands that 
Participants and other market participants view the current approach, 
in which cash settlement of credit events is guaranteed by the 
clearinghouse but physical settlement is not, as creating a potentially 
anomalous result in the unlikely case that physical settlement may 
apply. The application of physical settlement would be a circumstance 
that is generally not within any Participant's control, and under the 
current rules may expose Participants to a significantly different 
credit risk profile than under cash settlement (where the Participant 
is exposed to the credit of the clearinghouse). In light of these 
discussions, ICC has determined that it is appropriate to extend the 
clearing guarantee to the financial performance of physical settlement. 
ICC notes that under the amended approach, it would still require 
payments and deliveries in the ordinary course under physical 
settlement to be made directly between the matched buying Participant 
and selling Participant, with the clearinghouse only being obligated to 
make direct payments in the case of certain defined settlement failure 
scenarios. ICC believes that this proposed rule change will further the 
general policy goals of central clearing for CDS transactions, and is 
consistent with the clearinghouse's financial

[[Page 16472]]

resources, risk management procedures and operational capabilities.\4\
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    \4\ ICC notes that a substantially similar approach to physical 
settlement is used in the ICE Clear Europe Limited CDS clearing 
service.
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    ICC proposes to make certain amendments to Chapters 1, 4, 5, 21 and 
22 of the ICC Rules. ICC also proposes to adopt a related set of 
Delivery Procedures and Physical Settlement and Notices Terms. ICC also 
proposes to make certain related and conforming changes to its Risk 
Management Framework. All capitalized terms not defined herein are 
defined in the ICC Rules.
    In Chapter 1 of the ICC Rules, the definition of ``Client-Related 
Initial Margin'' has been amended so that it now includes Physical 
Settlement Margin collected with respect to Client-Related Positions. 
As discussed below, such Physical Settlement Margin will now secure the 
obligations of a Participant to ICC in connection with physical 
settlement. Similarly, in Rule 403, the definition of ``Physical 
Settlement Margin'' has been amended to refer to such obligations to 
ICC (as opposed to the obligations to the matched Participant under the 
current ICC Rules). In Rule 502(b), a conforming reference to Physical 
Settlement Margin has been updated. A conforming change is also made in 
Rule 2101-02(a)(iv).
    In Chapter 22 (which covers physical settlement), a new Rule 2200 
is added with definitions relating to the revised physical settlement 
provisions, including ``Matched Delivery Buyer'' and ``Matched Delivery 
Seller,'' and the related terms ``Matched Delivery Contract,'' 
``Matched Delivery Buyer Contract,'' ``Matched Delivery Seller 
Contract'' and ``MP Delivery Amount.'' As discussed below, these terms 
are used in connection with the matching of buying Participants and 
selling Participants in the revised settlement procedures. A new 
definition of ``Asset Package Delivery Notice'' has also been added to 
address notices in connection with Asset Package delivery under the 
2014 ISDA Credit Derivatives Definitions (the ``2014 ISDA 
Definitions'').
    Rule 2201(a), which provides for matching of buying Participants 
and selling Participants into a Matched Delivery Pair in the case of 
physical settlement, has been revised to address scenarios where a 
Participant's CDS contracts must be split and matched with multiple 
other Participants for purposes of physical settlement. Conforming 
changes to use applicable defined terms (such as Relevant Restructuring 
Credit Event) have also been made. Rule 2201(b), which addresses 
delivery of certain notices between a Matched Delivery Pair, has been 
revised to include references to Asset Package Delivery Notices. Rule 
2201(c) has been deleted at the request of Participants as being 
inconsistent with the terms of uncleared CDS and unnecessary in light 
of the provisions of the ISDA Definitions and Rule 2202.
    Rule 2202, which addresses resolution of disputes related to 
permissible deliverable obligations, has been revised to incorporate 
the concept of Asset Package Delivery under the 2014 ISDA Definitions, 
as well as related concepts of Prior Deliverable Obligations, Package 
Observable Bonds and Asset Package Delivery Notices. Rules 2202(b) and 
(c) have also been revised to address the consequences of a selling 
Participant's refusal to accept delivery of a particular obligation, 
including for the offsetting transaction between ICC and the buying 
Participant.
    Rule 2203 has been replaced with new provisions addressing the 
clearinghouse's role in physical settlement. When a Matched Delivery 
Pair is established, the CDS Contract between the Matched Delivery 
Buyer and ICC is referred to as the Matched Delivery Buyer Contract, 
and the corresponding CDS Contract between ICC and the Matched Delivery 
Seller is referred to as the Matched Delivery Seller Contract. Under 
the revised physical settlement approach, ICC remains party to each 
such contract, but requires certain notices, payments and deliveries to 
take place directly between the Matched Delivery Buyer and Matched 
Delivery Seller. Accordingly, under Rule 2203(a), for each Matched 
Delivery Buyer Contract, ICC designates the Matched Delivery Seller to 
receive on ICC's behalf notices and deliveries from the Matched 
Delivery Buyer and to make payments on ICC's behalf to the Matched 
Delivery Buyer. Similarly, under Rule 2203(b), for each Matched 
Delivery Seller Contract, ICC designates the Matched Delivery Buyer to 
deliver on ICC's behalf notices and deliveries to the Matched Delivery 
Seller, and to receive on ICC's behalf payments from the Matched 
Delivery Seller. The result is that notices, payments and deliveries 
will be made directly between the Matched Delivery Buyer and Matched 
Delivery Seller, in satisfaction of the parties and ICC's respective 
obligations under both the Matched Delivery Buyer Contract and Matched 
Delivery Seller Contract. Rule 2203(c) further clarifies that the 
exercise of rights by Matched Delivery Buyer against ICC will be deemed 
the exercise by ICC of the corresponding rights against Matched 
Delivery Seller, and vice versa. Rules 2203(d) and (e) provide for 
copies of relevant notices to be provided to ICC, as well as notice of 
the completion of settlement between the Matched Delivery Buyer and 
Matched Delivery Seller. Rule 2203(f) clarifies the obligations of the 
respective parties to a Matched Delivery Contract, and addresses a 
scenario where an Asset Package being delivered is deemed to have a 
value of zero under the 2014 ISDA Definitions. Rule 2203(g) allocates 
costs and expenses that may be incurred by ICC in connection with 
physical settlement.
    Rule 2204, as revised, addresses physical settlement of certain 
deliverable obligations that do not settle in the ordinary course on a 
delivery-versus-payment basis (``Non-DVP Obligations''). The rule 
establishes a procedure under which the Matched Delivery Seller pays 
the physical settlement amount owed to ICC, which in turn will not pay 
such amount to the Matched Delivery Buyer until ICC receives notice 
that the obligation has been received by the Matched Delivery Seller 
from the Matched Delivery Buyer. If the obligation is not delivered, 
the physical settlement amount is returned to the Matched Delivery 
Seller.
    Rule 2205 addresses settlement failures by the Matched Delivery 
Seller or Matched Delivery Buyer. Under subsection (a), if the Matched 
Delivery Seller fails to pay the physical settlement amount when due, 
the Matched Delivery Buyer Contract will be cash settled as between the 
Matched Delivery Buyer and ICC. ICC thus will not be obligated to take 
delivery of the relevant deliverable obligations (and dispose of them 
in a situation where the Matched Delivery Seller has failed to 
perform), but will compensate the Matched Delivery Buyer for the value 
of the Matched Delivery Buyer Contract through the cash settlement 
process. Pursuant to subsection (b), ICC may, in addition to its other 
default remedies, terminate the Matched Delivery Seller Contract, in 
which case the Matched Delivery Seller will owe ICC an amount equal to 
the cash settlement amount ICC paid the Matched Delivery Buyer, 
together with other losses and expenses incurred by ICC as a result of 
the failure. Rule 2205(c) provides that, consistent with the terms of 
the ISDA Definitions applicable to a protection buyer generally, any 
failure by ICC to deliver any deliverable obligations to the Matched 
Delivery Seller (including as a result of a failure by the Matched 
Delivery Buyer to make a delivery) will not constitute a default by 
ICC, and the Matched Delivery Seller's sole remedy

[[Page 16473]]

will be as set forth in the Matched Delivery Seller Contract (which may 
include, for example, buy-in remedies of the Matched Delivery Seller). 
ICC will not have any obligation to purchase or acquire deliverable 
obligations (other than in settlement of the Matched Delivery Buyer 
Contract) in order to settle the Matched Delivery Seller Contract. This 
is consistent with the clearinghouse's guarantee of finance 
performance, but not actual delivery. In the event of a delivery 
failure by a Matched Delivery Buyer, such party will be liable to ICC 
for any costs incurred by ICC in settling the corresponding Matched 
Delivery Seller Contract (in addition to ICC's other remedies for a 
default).
    Rule 2206 covers certain other, non-default scenarios in which 
physical settlement fails to occur. Under Rule 2206(a) and (b), if 
physical settlement of the Matched Buyer Delivery Contract does not 
occur because the deliverable obligation is in less than the relevant 
minimum denomination or the Matched Delivery Seller is not a permitted 
transferee of the obligation, the failure will be treated as an 
illegality or impossibility outside of the parties' control, which will 
result in cash settlement \5\ under the ISDA Definitions. In this and 
other scenarios where a cash settlement fallback applies, the same cash 
settlement amount will apply to both the Matched Delivery Buyer 
Contract and Matched Delivery Seller Contract under Rule 2206(c). 
Similarly, in the case of a buy-in, the same buy-in price will apply to 
both contracts. Rule 2206(d) provides for cash settlement of both the 
Matched Delivery Buyer Contract and Matched Delivery Seller Contract in 
certain cases where delivery does not occur between the Matched 
Delivery Buyer and the customer for which it is acting. Rule 2206(e) 
specifies the date of any cash settlement and provides for notice of 
the relevant amount owed.
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    \5\ Cash settlement in this context is different from the 
auction cash settlement that normally applies to CDS contracts under 
the ISDA Definitions, and is based on price quotations obtained by 
the relevant party to the contract for the obligation or obligations 
that cannot be delivered.
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    Rule 2207(a) provides for certain standard representations and 
related provisions for physical settlement in the ISDA Definitions to 
apply as between the Matched Delivery Buyer and Matched Delivery 
Seller, and clarifies ICC's authority to designate a Participant to 
make or receive physical settlement on its behalf as provided in Rules 
2203 and 2204 for purposes of Section 9.2(c)(iv) of the 2003 
Definitions or Section 11.2(c)(iv) of the 2014 Definitions, even though 
the Participant is not its Affiliate. Rule 2207(b) clarifies certain 
procedures for obtaining price quotations for the relevant deliverable 
obligations in the event that a cash settlement fallback applies.
    Rule 2208 allows the Matched Delivery Buyer and Matched Delivery 
Seller to settle their rights and obligations as to physical settlement 
through an alternative arrangement agreed between them (referred to as 
a ``CADP''), in lieu of settlement pursuant to Chapter 22 of the Rules. 
If they so agree, ICC will have no obligation in respect of such 
alternative arrangement.
    Rule 2209(a) and (c) provide that margin (including physical 
settlement margin) will continue to be called and held through 
settlement. Rule 2209(b) provides that ICC will apply physical 
settlement margin to satisfy the Matched Delivery Seller's obligation 
to pay the physical settlement amount, and call such seller for any 
shortfall.
    ICC also proposes to adopt Delivery Procedures that further specify 
certain operational and other details for the physical settlement 
process. Paragraph 1 provides certain definitions used in the Delivery 
Procedures. Paragraph 3.2 sets out certain requirements for providing 
notices in connection with physical settlement. Paragraphs 3.3(a)-(e) 
establish the procedures and timetable for ICC to allocate Matched 
Delivery Pairs and notify Participants accordingly. Paragraph 3.3(g) 
addresses additional procedures concerning delivery of notices by 
Participants in connection with physical settlement, including as to 
relevant notice deadlines, requirements for providing copies of notices 
to the clearinghouse, treatment of late notices and procedures for 
disputes involving notices. Paragraph 4 of the Delivery Procedures 
specifies certain deadlines in connection with the physical settlement 
of Non-DVP Obligations under Rule 2204. Paragraph 5 specifies the 
deadline for notices that parties have elected a CADP.
    ICC also proposes to adopt a set of Physical Settlement and Notices 
Terms (``Notices Terms'') with respect to physical settlement. The 
Notices Terms are intended to set forth in a uniform way certain 
matters between a Participant and its customer in connection with 
physical settlement, including delivery of physical settlement notices 
and delivery and receipt of deliverable obligations as between the 
Participant and its customer. The Notices Terms also address the 
operation of certain cash settlement and other fallbacks as between the 
Participant and its customer. The Notices Terms do not bind ICC and do 
not form part of the ICC Rules or ICC Procedures. The Notices Terms are 
published for the convenience and use of Participants and their 
customers, and are designed to be incorporated by reference in customer 
clearing documentation. However, a Participant and its customer may 
agree to vary the Notices Terms as between them.
    ICC also proposes to make certain changes to its Risk Management 
Framework to accommodate the changes relating to physical settlement 
that are being made to the Rules and procedures as set forth herein. As 
revised, the Risk Management Framework reflects the clearinghouse's 
obligations in respect of physical settlement as provided in the 
amended Rules and procedures. It sets out the steps in the physical 
settlement process to be taken by the clearinghouse if physical 
settlement applies, including the matching of Participants into Matched 
Delivery Pairs, consistent with the Rules and procedures. The revisions 
also address the calculation, collection and use of margin (including 
physical settlement margin) where physical settlement applies.
    Section 17A(b)(3)(F) of the Act \6\ requires, among other things, 
that the rules of a clearing agency be designed to promote the prompt 
and accurate clearance and settlement of securities transactions, and 
to the extent applicable, derivative agreements, contracts and 
transactions and to comply with the provisions of the Act and the rules 
and regulations thereunder. ICC believes that the proposed rule change 
is consistent with the requirements of the Act and the rules and 
regulations thereunder applicable to ICC, in particular, Section 
17(A)(b)(3)(F) \7\ and Rule 17Ad-22,\8\ because the proposed rule 
change will assure the prompt and accurate clearance and settlement of 
securities transactions and derivatives agreements, contracts, and 
transactions. Specifically, ICC believes that the proposed amendments 
will enhance the clearance and settlement of CDS transactions in 
circumstances where physical settlement applies. Although physical 
settlement applies only rarely, and as a fallback to the normal 
procedure for auction cash settlement, ICC and its Participants believe 
that the amendments will benefit the CDS market generally by making the 
physical settlement process more robust and providing greater certainty 
around the

[[Page 16474]]

physical settlement process. ICC proposes to extend its clearing 
guarantee to the financial performance of physical settlement, which 
eliminates the existing gap in coverage where contracts go to physical 
settlement and avoids exposing Participants to the direct credit of 
other Participants in the case of physical settlement. At the same 
time, ICC has designed the revised procedures so that it is not itself 
required to make or take delivery of underlying deliverable 
obligations. In the ordinary course, payments and deliveries (and 
related notices) will be made directly between the matched buying and 
selling Participants. In the case of a settlement failure, the 
clearinghouse's obligations will be settled in cash, avoiding the need 
for the clearinghouse to obtain or dispose of deliverable obligations. 
In ICC's view, this allows it to appropriately limit and manage its 
risks with respect to physical settlement of cleared CDS contracts. As 
a result, ICC believes that the amendments will promote the accurate 
clearing and settlement of CDS contracts, and are therefore consistent 
with the requirements of Section 17A(b)(3)(F) of the Act.\9\
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    \6\ 15 U.S.C. 78q-1(b)(3)(F).
    \7\ Id.
    \8\ 17 CFR 240.17Ad-22.
    \9\ 15 U.S.C. 78q-1(b)(3)(F).
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    In addition, the amendments are consistent with the requirements of 
Rule 17Ad-22.\10\ In particular, Rule 17Ad-22(d)(15) \11\ requires that 
ICC ``state to its participants the clearing agency's obligations with 
respect to physical deliveries and identify and manage the risks from 
these obligations.'' As discussed above, revised chapter 22 of the 
Rules clearly states ICC's obligations with respect to physical 
settlement of CDS Contracts. The revised Rules establish the 
clearinghouse's responsibility for financial performance of physically 
settled contracts, while establishing the procedures for settlement in 
the ordinary course to take place directly between the buying 
Participant and the selling Participant. The Rules also establish the 
procedures to be followed in the case of a settlement failure and the 
responsibilities of the relevant Participants and ICC with respect 
thereto, and provide a mechanism for ICC to effect settlement in cash 
without having to acquire or dispose of the underlying deliverable 
obligations. In ICC's view, these arrangements permit it to 
appropriately manage the risks to the clearinghouse from the physical 
settlement obligations it would undertake under the proposed 
amendments, and are therefore consistent with the requirements of Rule 
17Ad-22(d)(15).\12\
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    \10\ 17 CFR 240.17Ad-22.
    \11\ 17 CFR 240.17Ad-22(d)(15).
    \12\ Id.
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    In terms of financial resources, ICC will continue to collect 
initial and mark-to-market margin for CDS Contracts through the 
completion of physical settlement, and does not propose to change its 
margin methodology with respect thereto in connection with these 
amendments. In addition, ICC will collect physical settlement margin to 
cover the specific obligations of Participants to the clearinghouse 
with respect to physical settlement. In ICC's view, its financial 
resources will as a result be sufficient to support its clearing 
operations, including under the amended physical settlement procedures, 
in a manner consistent with the requirements of Rule 17Ad-22(d)(2).\13\
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    \13\ 17 CFR 240.17Ad-22(d)(2).
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    In terms of default management, the amendments provide additional 
procedures for addressing settlement failures in the physical 
settlement process, in a manner that provides financial protection to 
non-defaulting Participants while avoiding the need for the 
clearinghouse to make or take physical delivery. ICC believes that 
these additional provisions, together with its existing default 
management rules and procedures, will permit it to take timely action 
to contain losses and liquidity pressures and continue meeting its 
obligations in the case of a default, including in connection with 
physical settlement, within the meaning of Rule 17Ad-22(d)(11).\14\
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    \14\ 17 CFR 240.17Ad-22(d)(11).
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    ICC also believes that its operational systems and capabilities are 
sufficient to support the changes to physical settlement. As discussed 
above, ICC proposes to adopt Delivery Procedures that would specify 
certain key operational aspects of the physical settlement process. 
These procedures, as well as related systems and arrangements, address 
relevant sources of operational risk in the physical settlement process 
and are designed to minimize such risks, within the meaning of Rule 
17Ad-22(d)(4).\15\
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    \15\ 17 CFR 240.17Ad-22(d)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    ICC does not believe the proposed amendments would have any impact, 
or impose any burden, on competition not necessary or appropriate in 
furtherance of the purpose of the Act. The amendments will apply 
uniformly across all Participants. Although physical settlement is 
expected to be a remote circumstance, the amendments are intended to 
extend the benefit of the clearing guarantee to that process in the 
event it occurs, and therefore would generally be expected to benefit 
all market participants. Although ICC may collect additional physical 
settlement margin in connection with physical settlement, such margin 
is, in ICC's view, necessary to protect the operation of the 
clearinghouse and will affect all Participants with positions that go 
to physical settlement. In other respects, ICC does not anticipate that 
these enhancements will materially affect the cost of clearing for 
Participants or other market participants. In addition, ICC is not 
otherwise proposing to change its standards for access to the 
clearinghouse or the terms and conditions of cleared contracts (which 
already provide for physical settlement in these limited circumstances, 
but without the benefit of the clearinghouse guarantee). As a result, 
ICC does not believe the amendments will adversely affect the ability 
of Participants or other market participants to continue to clear CDS 
contracts. ICC also does not believe the enhancements will limit the 
availability of clearing in CDS products for Participants or their 
customers or otherwise limit market participants' choices for selecting 
clearing services in CDS. Therefore, ICC does not believe the proposed 
rule change imposes any burden on competition that is not appropriate 
in furtherance of the purpose of the Act.

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 rule change have not been 
solicited or received. ICC will notify the Commission of any written 
comments received by ICC.

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

    Within 45 days of the date of publication of this notice in the 
Federal Register or within such longer period up to 90 days (i) as the 
Commission may designate if it finds such longer period to be 
appropriate and publishes its reasons for so finding or (ii) as to 
which the self-regulatory organization consents, the Commission will:
    (A) By order approve or disapprove the proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule 
change should be disapproved.

[[Page 16475]]

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-ICC-2015-004 on the subject line.

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-ICC-2015-004. 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 will also be available 
for inspection and copying at the principal office of ICE Clear Credit 
and on ICE Clear Credit's Web site at https://www.theice.com/clear-credit/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-ICC-2015-004 
and should be submitted on or before April 17, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\16\
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    \16\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-06992 Filed 3-26-15; 8:45 am]
 BILLING CODE 8011-01-P