
[Federal Register Volume 77, Number 195 (Tuesday, October 9, 2012)]
[Notices]
[Pages 61461-61462]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-24739]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-67964; File No. SR-ICC-2012-15]


Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change To Amend 
Schedule 502 of the ICC Rules for the September 20, 2012 and September 
27, 2012 Scheduled Index Series Listings

October 2, 2012.
    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 September 24, 2012, ICE Clear Credit LLC (``ICC'') 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. ICC filed the proposed rule change pursuant 
to Section 19(b)(3)(A) \3\ of the Act and Rule 19b-4(f)(4)(i) \4\ 
thereunder, so the 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 parties.
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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)(4)(i).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The purpose of proposed rule change is to update Schedule 502 of 
the ICC Rules in order to be consistent with the scheduled index series 
listings occurring on September 20, 2012 and September 27, 2012.

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.

[[Page 61462]]

(A) Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    The purpose of proposed rule change is to update Schedule 502 of 
the ICC Rules in order to be consistent with the scheduled index series 
listings occurring on September 20, 2012 and September 27, 2012. The 
North American credit default swap indices scheduled to be listed (the 
``Scheduled Indices'') are: Investment Grade, Series 19, 5- and 10-year 
to be listed on September 20, 2012; Emerging Markets, Series 18, 5-year 
to be listed on September 20, 2012; and High Yield, Series 19, 5-year 
to be listed on September 27, 2012. The Scheduled Indices update does 
not require any changes to the body of the ICC Rules. Also, the 
Scheduled Indices update does not require any changes to the ICC risk 
management framework. The only change being submitted is the update to 
the Scheduled Indices in Schedule 502 of the ICC Rules.
    ICC believes that the update to the three Scheduled Indices is 
consistent with the purposes and requirements of Section 17A of the Act 
\5\ and the rules and regulations thereunder applicable to ICC because 
it will facilitate the prompt and accurate settlement of derivatives 
agreements.
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    \5\ 15 U.S.C. 78q-1.
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(B) Self-Regulatory Organization's Statement on Burden on Competition

    ICC does not believe the proposed rule change would have any 
impact, or impose any burden, on competition.

(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

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A) \6\ of the Act and Rule 19b-4(f)(4)(i) \7\ thereunder 
because by updating the three Scheduled Indices, it effects a change in 
an existing service of ICC that does not adversely affect the 
safeguarding of securities or funds in the custody or control of ICC or 
for which it is responsible, and does not significantly affect the 
respective rights or obligations of ICC or the persons using it. 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)(4)(i).
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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-ICC-2012-15 on the subject line.

Paper Comments

    Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-ICC-2012-15. 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 Section, 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/publicdocs/regulatory_filings/ICEClearCredit_091212b.pdf.
    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-2012-15 
and should be submitted on or before October 30, 2012.
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    \8\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-24739 Filed 10-5-12; 8:45 am]
BILLING CODE 8011-01-P


