[Federal Register Volume 84, Number 217 (Friday, November 8, 2019)]
[Notices]
[Pages 60464-60465]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-24363]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-87450; File No. SR-ICEEU-2019-023]


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

November 4, 2019.
    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 October 28, 2019, ICE Clear Europe Limited (``ICE Clear Europe'') 
filed with the Securities and Exchange Commission (``Commission'') the 
proposed rule changes described in Items I, II and III below, which 
Items have been prepared by ICE Clear Europe. ICE Clear Europe filed 
the proposed rule change pursuant to Section 19(b)(3)(A) of the Act,\3\ 
and Rule 19b-4(f)(2) \4\ thereunder, so that the proposed rule change 
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).
    \4\ 17 CFR 240.19b-4(f)(2).
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I. Clearing Agency's Statement of the Terms of Substance of the 
Proposed Rule Change

    The principal purpose of the proposed rule change is to revise 
clearing fees applicable to certain ICE Futures Europe Limited 
(``IFEU'') Financial Contracts. The revisions do not involve any 
changes to the ICE Clear Europe Clearing Rules or Procedures.\5\
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    \5\ Capitalized terms used but not defined herein have the 
meanings specified in the ICE Clear Europe Clearing Rules.
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II. Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change, Security-Based Swap Submission or 
Advance Notice

    In its filing with the Commission, ICE Clear Europe included 
statements concerning the purpose of and basis for 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 such statements.

(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change, Security-Based Swap Submission or 
Advance Notice

(a) Purpose
    The purpose of the proposed rule change is for ICE Clear Europe to 
modify certain clearing fees relating to certain IFEU Products as set 
out below:
    [cir] One Month Euro Overnight Rate Index Futures Contract (Block 
Only): The clearing fee will increase from GBP 0.20 to GBP 0.45 per 
lot.
    [cir] One Month Euro Overnight Rate Index Futures Contract (Block 
with Delayed Publication): The clearing fee will increase from GBP 0.34 
to GBP 0.90 per lot.
    [cir] One Month Euro Overnight Rate Index Futures Contract (Cash 
Settlement): The clearing fee will increase from GBP 0.25 to GBP 0.56 
per lot.
    [cir] One Month Euro Overnight Rate Index Futures Contract (Futures 
Contracts): The clearing fee will increase from GBP 0.20 to GBP 0.45 
per lot.
(b) Statutory Basis
    ICE Clear Europe has determined that the proposed fee changes set 
forth above are reasonable and appropriate. In particular, ICE Clear 
Europe believes that the fees have been set at an appropriate level 
given the costs and expenses to ICE Clear Europe in offering clearing 
of such IFEU Products, taking into account the investments ICE Clear 
Europe has made in clearing the markets for these products. The fees 
will apply to all F&O Clearing Members. ICE Clear Europe believes that 
imposing such charges thus provides for the equitable allocation of 
reasonable dues, fees, and

[[Page 60465]]

other charges among its Clearing Members, within the meaning of Section 
17A(b)(3)(D) of the Act. ICE Clear Europe therefore believes that the 
proposed rule change is consistent with the requirements of Section 17A 
of the Act and regulations thereunder applicable to it.

(B) Self-Regulatory Organization's Statement on Burden on Competition

    ICE Clear Europe does not believe the proposed rule changes would 
have any impact, or impose any burden, on competition not necessary or 
appropriate in furtherance of the purpose of the Act. Although the 
changes may result in certain additional costs to Clearing Members, ICE 
Clear Europe believes that the revised fees have been set at an 
appropriate level given the costs and expenses to ICE Clear Europe in 
offering clearing of the IFEU Products. ICE Clear Europe does not 
believe that the revised fees would adversely affect the ability of 
such Clearing Members or other market participants generally to engage 
in cleared transactions or to access clearing. Since the revised fees 
will apply to all F&O Clearing Members, ICE Clear Europe further 
believes that the fees will not otherwise adversely affect competition 
among Clearing Members, adversely affect the market for clearing 
services or limit market participants' choices for obtaining clearing 
services.

(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, Security-Based 
Swap Submission and Advance Notice and Timing for Commission Action

    The foregoing rule change has become effective upon filing pursuant 
to Section 19(b)(3)(A) \6\ of the Act and Rule 19b-4(f)(2) \7\ 
thereunder because it establishes a fee or other charge imposed by ICE 
Clear Europe on its Clearing Members. Specifically, the proposed rule 
changes will establish fees to be paid by Clearing Members to ICE Clear 
Europe in connection with the clearing of certain IFEU Products. 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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    \6\ 15 U.S.C. 78s(b)(3)(A).
    \7\ 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, security-based swap submission or advance notice 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 [email protected]. Please include 
File Number SR-ICEEU-2019-023 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-ICEEU-2019-023. 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 website (http://www.sec.gov/rules/sro.shtml). 
Copies of the submission, all subsequent amendments, all written 
statements with respect to the proposed rule change, security-based 
swap submission or advance notice that are filed with the Commission, 
and all written communications relating to the proposed rule change, 
security-based swap submission or advance notice 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 website 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 Europe and on ICE Clear Europe's website at https://www.theice.com/clear-europe/regulation. All comments received will be 
posted without change. Persons submitting comments are cautioned that 
we do not redact or edit personal identifying information from comment 
submissions. You should submit only information that you wish to make 
available publicly. All submissions should refer to File Number SR-
ICEEU-2019-023 and should be submitted on or before November 29, 2019.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-24363 Filed 11-7-19; 8:45 am]
 BILLING CODE 8011-01-P