Notice2021-21614
Self-Regulatory Organizations; LCH SA; Order Approving Proposed Rule Change Relating to Eligible Collateral and Liquidity Risk Management
Primary source
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Published
October 5, 2021
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 86 Issue 190 (Tuesday, October 5, 2021)</title>
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[Federal Register Volume 86, Number 190 (Tuesday, October 5, 2021)]
[Notices]
[Pages 55061-55065]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-21614]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-93176; File No. SR-LCH SA-2021-002]
Self-Regulatory Organizations; LCH SA; Order Approving Proposed
Rule Change Relating to Eligible Collateral and Liquidity Risk
Management
September 29, 2021.
I. Introduction
On August 18, 2021, Banque Centrale de Compensation, which conducts
business under the name LCH SA (``LCH SA''), filed with the Securities
and Exchange Commission (``Commission'' or ``SEC''), pursuant to
Section 19(b)(1) of the Securities Exchange Act of 1934 (the
``Act''),\1\ and Rule 19b-4,\2\ a proposed rule change to expand the
non-cash collateral that a Clearing Member may post with LCH SA to meet
margin requirements and make certain other changes as described further
below.\3\ The proposed rule change was published for comment in the
Federal Register on August 27, 2021.\4\ The Commission did not receive
comments regarding the proposed rule change. For the reasons discussed
below, the Commission is approving the proposed rule change.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Capitalized terms used but not defined herein have the
meanings specified in the CDS Clearing Rule Book, the CDS Clearing
Procedures, the Clearing Notice, or the Liquidity Risk Modelling
Framework the Clearing Regulations, as applicable.
\4\ Self-Regulatory Organizations; LCH SA; Notice of Filing of
Proposed Rule Change to Relating to Eligible Collateral and
Liquidity Risk Management, Exchange Act Release No. 34-92723 (Aug.
23, 2021); 86 FR 48257 (Aug. 27, 2021) (SR-LCH SA-2021-002)
(``Notice'').
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II. Description of the Proposed Rule Change
A. Additional Eligible Collateral
The proposed rule change would expand the list of non-cash
collateral that a Clearing Member may post with LCH SA to meet margin
requirements to include certain non-Euro government securities.\5\ To
carry out this change,
[[Page 55062]]
LCH SA would publish a new Clearing Notice, in accordance with Article
4.2.6.1 of the CDS Clearing Rule Book (the ``Rule Book''), specifying
the additional acceptable non-Euro government securities.\6\ The
Clearing Notice would refer to the additional acceptable non-Euro
government securities as the ``New Instruments.'' The Clearing Notice
would further specify that only New Instruments with a minimum
outstanding amount equivalent of 500 million Euros would be eligible.
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\5\ This description is substantially excerpted from the Notice,
86 FR 48257.
\6\ The additional non-Euro Eligible Collateral would be: (i)
Australian Treasury Bills and Government Bonds; (ii) Canadian
Treasury Bills and Government Bonds; (iii) Danish Treasury Bills and
Government Bonds; (iv) Japanese Treasury Bills, Treasury Discount
Bills, and Government Bonds; (v) Norwegian Treasury Bills and
Government Bonds; (vi) Swedish Treasury Bills and Government Bonds;
and (vii) Swiss Treasury Bills and Government Bonds.
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Moreover, the Clearing Notice would specify that New Instruments
transferred by a Clearing Member to LCH SA as Collateral shall be taken
into account to satisfy the Clearing Member's Margin Requirements only
up to 15% of the total Margin Requirements and New Instruments
transferred by a Clearing Member to LCH SA as Collateral in excess of
such 15% cap shall be ignored for the purposes of determining whether
the Clearing Member's Margin Requirements are satisfied. LCH SA is
including this particular limitation because the European Central Bank
will not convert New Instruments to Euros and LCH SA currently does not
otherwise have the operational capacity to convert New Instruments to
Euros.\7\
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\7\ Notice, 86 FR 48257.
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Moreover, LCH SA has determined, at this time, not to treat New
Instruments as Pledged Eligible Collateral. Pledged Eligible Collateral
is that Eligible Collateral which a Clearing Member may pledge to LCH
SA under a pledge agreement entered into between LCH SA and the
Clearing Member. Under Article 3.2.3.2 of the Rule Book, Pledged
Eligible Collateral is transferred to LCH SA using a Belgian law
security interest with no title transfer pursuant to the applicable
provisions of Belgian law. LCH SA determined that Clearing Member
interest was not sufficient to justify the additional operational
resources needed to allow the transfer of New Instruments as Pledged
Eligible Collateral. Accordingly, the Clearing Notice would specify
that New Instruments are not eligible as Pledged Eligible Collateral.
Moreover, the proposed rule change would amend the definition of
Pledged Eligible Collateral in Section 1.1.1 of the Rule Book to
provide that the term means ``Eligible Collateral as described in a
Clearing Notice which is pledged in accordance with a Pledge
Agreement.'' Because the proposed Clearing Notice would specify that
New Instruments are not Pledged Eligible Collateral, this proposed
change would exclude New Instruments from the definition of Pledged
Eligible Collateral in Section 1.1.1 of the Rule Book.
In furtherance with this change, the proposed rule change also
would amend Section 3.13 of the CDS Clearing Procedures. Section 3.13
describes how Clearing Members may transfer Eligible Collateral
pursuant to a Pledge Agreement under Article 3.2.3.2 of the Rule Book.
The proposed rule change would clarify that the term Eligible
Collateral, as used in Section 3.13, means Eligible Collateral as
described in a Clearing Notice. Because the proposed Clearing Notice
would specify that New Instruments are not Pledged Eligible Collateral,
this proposed change would exclude New Instruments from amended Section
3.13 of the CDS Clearing Procedures.
The proposed rule change also would amend LCH SA's Liquidity Risk
Modelling Framework (the ``Framework'') to take into account this
expansion of Eligible Collateral. The Framework describes the Liquidity
Stress Testing framework by which the Collateral and Liquidity Risk
Management department of LCH Group Holdings Limited (``CaLM'') assures
that LCH SA has enough cash available to meet any financial
obligations, both expected and unexpected, that may arise over the
liquidation period for each of the clearing services that LCH SA
offers. The proposed rule change would amend Sections 4.1.3, 4.1.4,
5.2.1.1, 5.3.5, and 5.4.3 of the Framework to clarify that LCH SA will
exclude New Instruments from the calculation of LCH SA's liquidity
resources. The proposed rule change would further specify the reason
for this exclusion: New Instruments are not European Central Bank
eligible and currently not covered by CaLM's activities for
transformation into Euros. In other words, the European Central Bank
will not convert New Instruments to Euros and LCH SA currently does not
otherwise have the operational capacity to convert them to Euros.\8\
For this same reason, the proposed rule change would amend Section
5.5.1 of the Framework to clarify that Non-Euro, non-cash Collateral
like the New Instruments are not European Central Bank eligible assets.
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\8\ Notice, 86 FR 48257.
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Finally, in accordance with these changes, the proposed rule change
also would amend Section 3.9 of the CDS Clearing Procedures to update
the link to the portion of LCH SA's website that contains a list of
Eligible Collateral.
B. Other Changes
In addition to the expansion of Eligible Collateral, the proposed
rule change would also expand the custodians at which Clearing Members
may deposit Eligible Collateral by adding Clearstream Banking
Luxembourg as a central securities depository for LCH SA. The proposed
rule change would amend Section 3.4(d) of the CDS Clearing Procedures
to include Clearing Banking Luxembourg in the list of entities through
which securities may be transferred to LCH SA. Similarly, the proposed
rule change would amend Sections 3.10 and 3.12 to include Clearing
Banking Luxembourg in the list of central securities depositories in
which LCH SA holds Eligible Collateral.
Moreover, unrelated to the expansion of Eligible Collateral, the
proposed rule change also would amend the Framework to clarify certain
sections, tables, and formula in response to model validations and
other routine updates. Beginning in Section 4.1.1, Description of
sources of liquidity, the proposed rule change would add description to
clarify LCH SA's ability to use Collateral as a source of liquidity.
Specifically, the proposed rule change would clarify that, with limited
exceptions, LCH SA generally receives Collateral on a full title
transfer basis, which permits LCH SA to use such collateral, to offset
it with all related claims and to consider such Collateral available
for liquidity purposes. As would be described, the two exceptions are:
(i) Collateral deposited through a pledge and (ii) Collateral deposited
through a central bank guarantee.
Next, in Sections 4.1.3 and 4.1.4, the proposed rule change would
clarify that Collateral deposited through a pledge may be used for
liquidity purposes only if the Clearing Member pledging such Collateral
has defaulted.
The proposed rule change also would amend Section 4.1.4 regarding
the use of non-Euro cash Collateral posted in full title by Clearing
Members (i.e. Collateral that is not pledged). Section 4.1.4 currently
describes how such Collateral may be used to raise liquidity and how
CaLM has demonstrated its ability to raise Euro cash with non-Euro non-
cash collateral. The proposed rule change would specify that the non-
Euro non-cash collateral used by CaLM in that case was collateral in
USD and GBP.
[[Page 55063]]
The proposed rule change also would add to Section 4.1.4 a short
explanation of the overdraft facility in place with Citibank that
allows LCH SA to source non-Euro currencies in case of liquidity needs.
In Section 4.2.1.4, the proposed rule change would update the table
of figures of the liquidity injected in the settlement system to smooth
settlement activity. LCH SA represents that these figures are updated
periodically in line with the observed cash flows.\9\
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\9\ Notice, 86 FR 48258.
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In Section 5.1.1, the proposed rule change would clarify that LCH
SA has a group policy that allows LCH SA to perform an extraordinary
margin call if liquidity deteriorates.
Section 5.1.2 currently describes how LCH SA monitors liquidity
risks potentially arising from operational issues at settlement
platforms and how any warnings about such risks are escalated to senior
management to provide colours. The proposed rule change would replace
the word ``colours'' with ``justifications.''
Section 5.2.1.1 currently notes that investments maturing over the
operational target are not factored as liquidity resources for certain
purposes. The proposed rule change would replace the word ``over'' with
``beyond.''
In Section 5.3.1, which provides an overview of the Liquidity
Coverage Ratio (``LCR''), the proposed rule change would add an
explanation that the LCR is an internal ratio similar, but not
equivalent, to the banking metric defined in the Basel III framework
and is used to ensure compliance with EMIR. The proposed rule change
would also correct two typographical errors in Section 5.3.1.
Section 5.3.1.1 currently describes the assessment of the market
risk related to the volatility of the value of the securities arising
from RepoClear settlement and pledged at the Banque de France. The
proposed rule change would add further description of the formula and
assumptions used in making that assessment.
Next, the proposed rule change would amend Section 5.3.1.3, to
clarify the treatment of settlement risk to account for early exercise
of American-style options. The proposed rule change would describe how
the liquidity needs coming from American-style options are computed.
Section 5.3.1.4 currently specifies that the liquidity needs
arising from variation margin are assessed consistent with the relevant
listed derivatives stress scenario. The proposed rule change would
specify that such scenario includes spread shifts and implied
volatility shifts, thus clarifying the calculation of that particular
LCR component. The proposed rule change would make similar updates to
Sections 5.3.1.5 and 5.3.4.
In Section 5.5, the proposed rule change would delete a duplicated
sentence.
Section 5.5.1 of the Framework describes the independent stress of
various risk factors, and it includes a discussion of how many defaults
LCH SA can sustain before generating a liquidity shortfall. The
proposed rule change would add a clarification to this discussion that,
when considering multiple defaults, the clearing members with the worst
credit quality are assumed defaulting first.
Finally, the proposed rule change would update Appendix 3 and
Appendix 5 to add description of the overdraft facility in place with
Citibank that allows LCH SA to source non-Euro currencies in case of
liquidity needs.
III. Discussion and Commission Findings
Section 19(b)(2)(C) of the Act directs the Commission to approve a
proposed rule change of a self-regulatory organization if it finds that
such proposed rule change is consistent with the requirements of the
Act and the rules and regulations thereunder applicable to such
organization.\10\ For the reasons given below, the Commission finds
that the proposed rule change is consistent with Section 17A(b)(3)(F)
of the Act \11\ and Rules 17Ad-22(e)(5), (e)(7), and (e)(7)(ix).\12\
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\10\ 15 U.S.C. 78s(b)(2)(C).
\11\ 15 U.S.C. 78q-1(b)(3)(F).
\12\ 17 CFR 240.17Ad-22(e)(5), (e)(7), and (e)(7)(ix).
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A. Consistency With Section 17A(b)(3)(F) of the Act
Section 17A(b)(3)(F) of the Act requires, among other things, that
the rules of LCH SA be designed to promote the prompt and accurate
clearance and settlement of securities transactions and, to the extent
applicable, derivative agreements, contracts, and transactions, as well
as to assure the safeguarding of securities and funds which are in the
custody or control of LCH SA or for which it is responsible.\13\ As
discussed in more detail below, the Commission finds that the proposed
rule change is consistent with Section 17A(b)(3)(F) of the Act.\14\
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\13\ 15 U.S.C. 78q-1(b)(3)(F).
\14\ 15 U.S.C. 78q-1(b)(3)(F).
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i. Additional Eligible Collateral
As discussed above, the proposed rule change would expand the list
of non-cash collateral that a Clearing Member may post with LCH SA to
meet margin requirements to include New Instruments, which would be
certain non-Euro government securities. The proposed rule change would
do so by issuing a new Clearing Notice to specify the New Instruments
and amending Section 3.9 of the CDS Clearing Procedures to update the
link to the portion of LCH SA's website that contains a list of
Eligible Collateral. The Commission believes that by expanding the
collateral that Clearing Members may post to satisfy margin
requirements to include New Instruments and accordingly updating the
link to the portion of LCH SA's website that contains a list of
Eligible Collateral, these proposed changes would promote the ability
of Clearing Members to meet margin requirements and therefore clear and
settle transactions at LCH SA. Thus, the Commission believes these
aspects of the proposed rule change would promote the prompt and
accurate clearance and settlement of securities transactions.
Moreover, the Commission believes that the conditions placed upon
New Instruments would promote the prompt and accurate clearance and
settlement of securities transactions and assure the safeguarding of
securities and funds which are in the custody or control of LCH SA or
for which it is responsible. The Commission believes that, for example,
limiting New Instruments to those with a minimum outstanding amount
equivalent to 500 million Euros would help to ensure that LCH SA is
able to liquidate posted New Instruments if necessary. Moreover, given
that that the European Central Bank will not convert New Instruments to
Euros and LCH SA currently does not otherwise have the operational
capacity to convert New Instruments to Euros, the Commission believes
that limiting the amount of additional Eligible Collateral to 15% of a
Clearing Member's total Margin Requirements should help to ensure that
LCH SA is able to maintain sufficient liquidity even while accepting
New Instruments as Eligible Collateral. Similarly, the Commission
believes that amending the Framework to clarify that LCH SA will
exclude New Instruments from the calculation of LCH SA's liquidity
resources and that non-Euro, non-cash Collateral like New Instruments
are not European Central Bank eligible assets, should help to ensure
that LCH SA is able to maintain sufficient liquidity. The Commission
believes that maintaining sufficient liquidity should, in turn, help to
ensure that LCH SA is able to
[[Page 55064]]
continue clearing and settling securities transactions and safeguarding
securities and funds in the face of a Clearing Member default or other
liquidity need, and therefore the Commission believes these aspects of
the proposed rule change would be consistent with Section 17A(b)(3)(F)
of the Act.\15\
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\15\ 15 U.S.C. 78q-1(b)(3)(F).
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Finally, as discussed above, LCH SA has determined, at this time,
not to treat New Instruments as Pledged Eligible Collateral due to a
lack of Clearing Member interest and the additional operational
resources required to allow such treatment. Accordingly, the proposed
rule change would amend the Rule Book and the CDS Clearing Procedures
to ensure that New Instruments are not treated as Pledged Eligible
Collateral. The Commission believes these changes in particular should
help to ensure that LCH SA is able to focus its operations and
resources on clearing and settling securities transactions and assuring
the safeguarding of securities and funds.
Therefore, for the reasons discussed above, the Commission finds
that these aspects of the proposed rule change are consistent with the
Section 17A(b)(3)(F) of the Act.\16\
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\16\ 15 U.S.C. 78q-1(b)(3)(F).
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ii. Other Changes
In addition to the expansion of Eligible Collateral, the Commission
believes that the other changes discussed above would promote the
prompt and accurate clearance and settlement of securities transactions
and would assure the safeguarding of securities and funds which are in
the custody or control of LCH SA or for which it is responsible. In
particular, the Commission believes that amending Section 3 of the CDS
Clearing Procedures to include Clearing Banking Luxembourg in the list
of central securities depositories through which securities may be
transferred to LCH SA would provide Clearing Members and LCH SA an
additional option to use as a central securities depository, therefore
increasing LCH SA's operational resiliency. The Commission believes
that increasing operational resiliency, in turn, should promote the
prompt and accurate clearance and settlement of securities transactions
and assure the safeguarding of securities and funds which are in the
custody or control of LCH SA or for which it is responsible by reducing
the likelihood that Clearing Members would be unable to provide
collateral to LCH SA.
Moreover, the Commission believes that the other clarifications,
updates, and corrections to the Framework described in Section II.B
above would be consistent with the Section 17A(b)(3)(F) of the Act.\17\
As discussed above, these changes would, among other things, clarify
LCH SA's ability to use Collateral, including Collateral that is
pledged; describe the overdraft facility in place with Citibank that
allows the LCH SA to source non-Euro currencies in case of liquidity
needs; update the figures describing the liquidity injected in the
settlement system to smooth settlement activity; clarify the treatment
of settlement risk related to American-style options and other aspects
of liquidity stress scenarios; and correct typographical and drafting
errors. The Commission believes that all of the changes described in
Section II.B above would improve the Framework by increasing its
clarity and readability and helping to ensure that the Framework
accurately describes how LCH SA considers and covers its liquidity
needs. The Commission believes that increasing the clarity and
readability of the Framework should help to avoid errors and
inconsistencies in the application of the Framework and this should, in
turn, improve LCH SA's ability to maintain sufficient liquidity using
the Framework. Because the Commission believes that having sufficient
liquidity should help to ensure that LCH SA is able to continue
clearing and settling securities transactions and safeguarding
securities and funds in the face of a Clearing Member default or other
liquidity need, the Commission therefore finds these aspects of the
proposed rule change are consistent with Section 17A(b)(3)(F) of the
Act.\18\
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\17\ 15 U.S.C. 78q-1(b)(3)(F).
\18\ 15 U.S.C. 78q-1(b)(3)(F).
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B. Consistency With Rule 17Ad-22(e)(5)
Rule 17Ad-22(e)(5) requires that LCH SA establish, implement,
maintain and enforce written policies and procedures reasonably
designed to limit the assets it accepts as collateral to those with low
credit, liquidity, and market risks, and set and enforce appropriately
conservative haircuts and concentration limits if LCH SA requires
collateral to manage its or its participants' credit exposure; and
require a review of the sufficiency of its collateral haircuts and
concentration limits to be performed not less than annually.\19\ As
discussed above, under the proposed new Clearing Notice, only those New
Instruments with a minimum outstanding amount equivalent to 500 million
Euros would be eligible for posting to LCH SA. The Commission believes
that this aspect of the proposed rule change would help to ensure that
New Instruments are limited to those assets with low liquidity risks,
consistent with Rule 17Ad-22(e)(5),\20\ by setting a reasonable
condition that would help to ensure that LCH SA is able to liquidate
the additional Eligible Collateral if necessary. Moreover, as discussed
above, under the proposed new Clearing Notice, New Instruments
transferred by a Clearing Member to LCH SA as Collateral shall be taken
into account to satisfy the Clearing Member's Margin Requirements only
up to 15% of the total Margin Requirements. The Commission believes
this aspect of the proposed rule change would set an appropriate limit
that should help to ensure that a Clearing Member's collateral is not
overly concentrated in New Instruments. The Commission further believes
this limit is important given that the European Central Bank will not
convert New Instruments to Euros and LCH SA currently does not
otherwise have the operational capacity to convert New Instruments to
Euros.
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\19\ 17 CFR 240.17Ad-22(e)(5).
\20\ 17 CFR 240.17Ad-22(e)(5).
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Thus, the Commission finds that these aspects of the proposed rule
change are consistent with Rule 17Ad-22(e)(5).\21\
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\21\ 17 CFR 240.17Ad-22(e)(5).
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C. Consistency With Rules17Ad-22(e)(7) and)(e)(7)(ix)
Rule 17Ad-22(e)(7) generally requires that LCH SA establish,
implement, maintain and enforce written policies and procedures
reasonably designed to effectively measure, monitor, and manage the
liquidity risk that arises in or is borne by LCH SA, including
measuring, monitoring, and managing its settlement and funding flows on
an ongoing and timely basis, and its use of intraday liquidity.\22\ As
discussed in Part II.B above, the proposed rule change would add to the
Framework description of Collateral as a source of liquidity--that LCH
SA generally can use Collateral for liquidity purposes except (i)
Collateral that is pledged (which could only be used for liquidity
purposes if the Clearing Member pledging such Collateral has defaulted)
and (ii) Collateral deposited through a central bank guarantee. The
Commission believes that this additional description would help to
clarify the sources of liquidity that LCH SA would use to, among other
things, manage its liquidity risk. Moreover, the proposed rule change
would clarify how CaLM has used collateral in USD and GBP to raise Euro
cash and update the table of figures of the liquidity injected
[[Page 55065]]
in the settlement system to smooth settlement activity. Again, the
Commission believes this additional description would help to clarify
LCH SA's sources of liquidity and how it manages settlement and funding
flows. Finally, the proposed rule change would add a general
explanation of the LCR and how it relates to the Basel III framework.
The proposed rule change similarly would add further explanations of
some of the assumptions used in calculating the LCR, such as settlement
risk associated with American-style options, liquidity needs arising
from variation margin, and that when considering multiple defaults
Clearing Members with the worst credit quality are assumed defaulting
first. Because LCH SA uses the LCR to ensure that it has sufficient
liquidity, the Commission believes that the additional description
would help to clarify the LCR and therefore how LCH SA manages its
liquidity risk. Thus, the Commission believes these aspects of the
proposed rule change generally would be consistent with Rule 17Ad-
22(e)(7).\23\
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\22\ 17 CFR 240.17Ad-22(e)(7).
\23\ 17 CFR 240.17Ad-22(e)(7).
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Rule 17Ad-22(e)(7)(ix), in particular, requires that LCH SA
establish, implement, maintain and enforce written policies and
procedures reasonably designed to effectively measure, monitor, and
manage the liquidity risk that arises in or is borne by LCH SA,
including measuring, monitoring, and managing its settlement and
funding flows on an ongoing and timely basis, and its use of intraday
liquidity by, at a minimum describing LCH SA's process to replenish any
liquid resources that LCH SA may employ during a stress event.\24\ As
discussed in Part II.B above, the proposed rule change would add
description to the Framework of LCH SA's group policy that allows LCH
SA to perform an extraordinary margin call if liquidity deteriorates
and description of the overdraft facility in place with Citibank that
allows the LCH SA to source non-Euro currencies in case of liquidity
needs. The Commission believes that these clarifications would help to
describe LCH SA's process to replenish any liquid resources that LCH SA
may employ during a stress event, consistent with Rule 17Ad-
22(e)(7)(ix).\25\
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\24\ 17 CFR 240.17Ad-22(e)(7)(ix).
\25\ 17 CFR 240.17Ad-22(e)(7)(ix).
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Thus, the Commission finds that these aspects of the proposed rule
change are consistent with Rule 17Ad-22(e)(7) generally and (e)(7)(ix)
in particular.\26\
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\26\ 17 CFR 240.17Ad-22(e)(7) and (e)(7)(ix).
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Conclusion
On the basis of the foregoing, the Commission finds that the
proposed rule change is consistent with the requirements of the Act,
and in particular, with the requirements of Section 17A(b)(3)(F) of the
Act \27\ and Rules 17Ad-22(e)(5), (e)(7), and (e)(7)(ix).\28\
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\27\ 15 U.S.C. 78q-1(b)(3)(F).
\28\ 17 CFR 240.17Ad-22(e)(5), (e)(7), and (e)(7)(ix).
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It is therefore ordered pursuant to Section 19(b)(2) of the Act
\29\ that the proposed rule change (SR-LCH SA-2021-002) be, and hereby
is, approved.\30\
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\29\ 15 U.S.C. 78s(b)(2).
\30\ In approving the proposed rule change, the Commission
considered the proposal's impact on efficiency, competition, and
capital formation. 15 U.S.C. 78c(f).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\31\
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\31\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-21614 Filed 10-4-21; 8:45 am]
BILLING CODE 8011-01-P
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This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.