[Federal Register Volume 88, Number 174 (Monday, September 11, 2023)]
[Notices]
[Pages 62416-62417]
[FR Doc No: 2023-19469]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-98284; File No. SR-LCH SA-2023-006]

Self-Regulatory Organizations; LCH SA; Notice of Filing and
Immediate Effectiveness of Proposed Rule Change Relating to Triparty
Collateral Mechanism Fee Changes

September 5, 2023.
    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 August 23, 2023, Banque Centrale de Compensation, which conducts
business under the name LCH SA (``LCH SA''), filed with the Securities
and Exchange Commission (``Commission'') the proposed rule change
(``Proposed Rule Change'') described in Items I, II and III below,
which Items have been primarily prepared by LCH SA. LCH SA filed the
proposal pursuant to section 19(b)(3)(A) 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).
    \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

    LCH SA is proposing to amend the current fee grid (``Fee Grid'')
for LCH SA CDSClear (the ``Proposed Rule Change'') as part of the
extension of the Triparty Collateral mechanism to CDSClear service
filed with the Commission.\5\ The text of the Proposed Rule Change has
been annexed hereto as Exhibit 5 [sic]. No amendments to the LCH SA CDS
Clearing Rule Book (``Rule Book'') or the CDS Clearing Procedures
(``Procedures'') are required to effect these changes.\6\
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    \5\ Self-Regulatory Organizations; LCH SA; Order Approving
Proposed Rule Change Relating to Triparty Collateral Mechanism;
Securities Exchange Act Release No. 34-98009 (July 27, 2023); 88 FR
50923 (August 2, 2023) (File No. SR-LCH SA-2023-004).
    \6\ All capitalized terms not defined herein shall have the same
definition as in the Rule Book or Procedures, as applicable.
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    The text of the Proposed Rule Change has been annexed as Exhibit 5
[sic].
    The implementation of the Proposed Rule Change will be contingent
on LCH SA's receipt of all necessary regulatory approvals, including
the approval by the Commission of the Proposed Rule Change described
herein.

II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change

    In its filing with the Commission, LCH SA 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. LCH SA 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

1. Purpose
    The purpose of the Proposed Rule Change is for LCH SA to extend to
CDSClear the Fee Grid currently applicable to the Triparty Collateral
mechanism for the Non-U.S. Business.
    As part of the process to further enhance its triparty collateral
solution with Euroclear Bank and Euroclear France \7\ and to align the
triparty collateral service offering across LCH SA clearing services,
to include CDSClear, LCH SA is proposing to adopt the Fee Grid upon
filing with the SEC, following the Commission's order approving the
proposed rule change relating to the Triparty Collateral mechanism.\8\
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    \7\ https://my.euroclear.com/dam/EB/Tariff%20information/MA0007_General_Fees.pdf (See Collateral management fees, p. 11).
    \8\ See Self-Regulatory Organizations; LCH SA; Order Approving
Proposed Rule Change Relating to Triparty Collateral Mechanism;
Securities Exchange Act Release No. 34-98009 (July 27, 2023); 88 FR
50923 (August 2, 2023) (File No. SR-LCH SA-2023-004).
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    LCH SA is proposing to adopt for CDSClear the following triparty
fees currently applicable to the LCH SA Non-U.S. Business:

--For Government Securities from Austria, Belgium, Finland, France,
Germany, Italy, Netherlands, Portugal and Spain, the applicable fee is
9.5bps;
--For Supranational entities and Agencies, the applicable fee is
11.5bps

    LCH SA will reflect this change by amending the footnote applicable
to triparty collateral fees in the Fee Grid to state the triparty
collateral fees are also applicable to CDSClear. Specifically, the
amended footnote will state: ``** Effective 1 April 2023 for
EquityClear, CommodityClear, RepoClear and [euro]GCPlus (House &
Clients activities). Effective 23 August 2023 for CDSClear.'' The
applicable Fee Grid has been annexed as Exhibit 5 [sic].
    No amendments to the Rule Book or Procedures are required for these
changes to become effective.
2. Statutory Basis
    LCH SA believes that the Proposed Rule Change is consistent with
the requirements of section 17A of the Act \9\ and the regulations
thereunder. section 17A(b)(3)(D) of the Act \10\ requires that the
rules of a clearing agency provide for the equitable allocation of
reasonable dues, fees, and other charges among Clearing Members and
market participants by ensuring that Clearing Members and clients pay
reasonable fees and dues for the services provided by LCH SA, within
the meaning of section 17A(b)(3)(D) of the Act.
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    \9\ 15 U.S.C. 78q-1.
    \10\ 15 U.S.C. 78q-1(b)(D)(3).
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    The wider offering of eligible collateral through the triparty
collateral solution with the relevant proposed applicable fees will
provide greater collateral optimization opportunities for LCH SA
Clearing Members. In addition, the spread between the triparty
collateral solution and the bilateral Full Transfer of Title deposit
option will be 1.5bps and is consistent with the Euroclear Triparty
service paid by Clearing Members.\11\ LCH SA does not anticipate the
Proposed Rule Change to result in any material increase in Clearing
Members fees and expenses or result in any material changes to CDSClear
revenue.
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    \11\ https://my.euroclear.com/dam/EB/Tariff%20information/MA0007_General_Fees.pdf (See Collateral management fees, p. 11).
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    For these reasons, LCH SA believes that the Proposed Rule Change is

consistent with the requirements of section 17A of the Act \12\ and the
regulations thereunder. Specifically, LCH SA believes the adoption of
the Fee Grid is reasonable and has been set up at an appropriate level
given the costs, expenses and revenues generated to LCH SA.
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    \12\ 15 U.S.C. 78q-1.
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B. Clearing Agency's Statement on Burden on Competition

    Section 17A(b)(3)(I) of the Act \13\ requires that the rules of a
clearing agency not impose any burden on competition not necessary or
appropriate in furtherance of the purposes of the Act.\14\
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    \13\ 15 U.S.C. 78q-1(b)(3)(I).
    \14\ Id.
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    LCH SA does not believe that the proposed rule change would impose
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
    LCH SA is proposing to extend to CDSClear members the Fee Grid
already applicable to the clearing members of LCH SA Non-U.S. Business.
This proposed change will also apply equally to all CDSClear Clearing
Members and is not expected to have any potential disparate impact on
any Clearing Members.
    LCH SA also believes the adoption of the Fee Grid by CDSClear will
not adversely affect the ability of such Clearing Members or other
market participants generally to engage in cleared transactions or to
access LCH SA's clearing services. LCH SA is further enhancing its
triparty collateral solution with Euroclear Bank and Euroclear France
and aligning the triparty collateral service offering across LCH SA
clearing services following the extension of the triparty collateral
solution. The triparty collateral solution provides Clearing Members
additional options and greater operational efficiency for posting
collateral to cover margin requirements and thus, to access LCH SA's
clearing services.
    Finally, LCH SA believes that the adoption of the Fee Grid is
appropriate given the costs and expenses to LCH SA.

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

    Pursuant to section 19(b)(3)(A)(ii) of the Act, and Rule 19b-
4(f)(2) thereunder, the proposed rule change is filed for immediate
effectiveness because the proposed rule establishes or changes a fee or
other charge imposed by LCH SA on its Clearing Members, within the
meaning of Rule 19b-4(f)(2). 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.
    The proposal shall not take effect until all regulatory actions
required with respect to the proposal are completed.

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 (https://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-LCH SA-2023-006 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-LCH SA-2023-006. 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 (https://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 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
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of LCH SA and on LCH
SA's website at: https://www.lch.com/resources/rulebooks/proposed-rule-changes.
    Do not include personal identifiable information in submissions;
you should submit only information that you wish to make available
publicly. We may redact in part or withhold entirely from publication
submitted material that is obscene or subject to copyright protection.
All submissions should refer to File Number SR-LCH SA-2023-006 and
should be submitted on or before October 2, 2023.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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    \15\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-19469 Filed 9-8-23; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 83, Number 220 (Wednesday, November 14, 2018)]
[Notices]
[Pages 56839-56840]
[FR Doc No: 2018-24783]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER19-294-000]

GE Oleander LLC; Supplemental Notice That Initial Market-Based
Rate Filing Includes Request for Blanket Section 204 Authorization

    This is a supplemental notice in the above-referenced proceeding of
GE Oleander LLC's application for market-based rate authority, with an
accompanying rate tariff, noting that such application includes a
request for blanket authorization, under 18 CFR part 34, of future
issuances of securities and assumptions of liability.
    Any person desiring to intervene or to protest should file with the
Federal Energy Regulatory Commission, 888 First Street NE, Washington,
DC 20426, in accordance with Rules 211 and 214 of the Commission's
Rules of Practice and Procedure (18 CFR 385.211 and 385.214). Anyone
filing a motion to intervene or protest must serve a copy of that
document on the Applicant.
    Notice is hereby given that the deadline for filing protests with
regard to the applicant's request for blanket authorization, under 18
CFR part 34, of future issuances of securities and assumptions of
liability, is November 27, 2018.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://www.ferc.gov. To facilitate electronic service, persons with internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically should submit an original and
5 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First Street NE, Washington, DC 20426.
    The filings in the above-referenced proceeding are accessible in
the Commission's eLibrary system by clicking on the appropriate link in
the above list. They are also available for electronic review in the
Commission's

Public Reference Room in Washington, DC. There is an eSubscription link
on the website that enables subscribers to receive email notification
when a document is added to a subscribed docket(s). For assistance with
any FERC Online service, please email [email protected] or
call<PHONE_NUMBER> (toll free). For TTY, call<PHONE_NUMBER>.

    Dated: November 7, 2018.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2018-24783 Filed 11-13-18; 8:45 am]
 BILLING CODE 6717-01-P