Notice2022-19579
Self-Regulatory Organizations; LCH SA; Notice of Filing of Proposed Rule Change Relating To Providing Clearing Services for Additional Index and Single Name CDS
Primary source
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Published
September 12, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 175 (Monday, September 12, 2022)</title>
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[Federal Register Volume 87, Number 175 (Monday, September 12, 2022)]
[Notices]
[Pages 55872-55876]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-19579]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-95674; File No. SR-LCH SA-2022-007]
Self-Regulatory Organizations; LCH SA; Notice of Filing of
Proposed Rule Change Relating To Providing Clearing Services for
Additional Index and Single Name CDS
September 6, 2022.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'' or ``Exchange Act''),\1\ and Rule 19b-4 thereunder,\2\ notice
is hereby given that on August 29, 2022, Banque Centrale de
Compensation, which conducts business under the name LCH SA (``LCH
SA''), filed with the Securities and Exchange Commission
(``Commission'' or ``SEC'') the proposed rule change (``Proposed Rule
Change'') described in Items I, II and III below, which Items have been
primarily prepared by LCH SA. 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. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change
LCH SA is proposing to expand its CDSClear service to provide
clearing services for additional index and single name credit default
swaps (``CDS''). Specifically, LCH SA is proposing to provide clearing
services with regard to the iTraxx Asia ex Japan Index, the Markit CDX
Emerging Markets (``CDX.EM'') Index and the single names that comprise
each index, as well as a list of additional sovereign single names
which are not constituent of an index (all together the ``New
Products''). To expand its clearing services in this way, LCH SA is
proposing to amend its CDS Clearing Supplement (the ``Supplement'') and
Section 2 of the CDS Clearing Procedures (the ``Procedures'') to
accommodate these additional indices and single names. LCH SA is
further proposing to amend its CDS Margin Framework and CDS Default
Fund Methodology (Guide Stress Testing) to reflect the addition of the
New Products in the scope of instruments eligible for clearing by
members of LCH SA CDSClear service.
The text of the Proposed Rule Change is in Exhibit 5.\3\
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\3\ Capitalized terms used but not defined herein shall have the
meaning specified in the CDS Clearing Rule Book or the Clearing
Supplement, as applicable.
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The launch of the various initiatives reflected in the Proposed
Rule Change will be contingent upon 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
[[Page 55873]]
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 Proposed Rule change is being adopted to expand LCH SA's
CDSClear service to provide clearing services for additional index and
single name CDS. Specifically, LCH SA is proposing to provide clearing
services with regard to the iTraxx Asia ex Japan Index, the CDX.EM
Index and the single names that comprise each index, as well as a list
of additional sovereign single names which are not constituent of an
index.
LCH SA has determined that the existing CDSClear risk model
currently appropriately takes into account the risk associated with the
New Products but is proposing to amend both its CDS Margin Framework
and CDS Default Fund Methodology (Guide Stress testing) in order to
reflect the addition of the New Products to the list of instruments
eligible for clearing. To accommodate the New Products, LCH SA is
further proposing to amend the Supplement and Section 2 of the
Procedures.
(a) The CDS Clearing Supplement
To accommodate the New Products, LCH SA is proposing to amend the
following definitions set out in Section 1.2 of Part B of the
Supplement: (i) ``Compression Cut-off Date''; (ii) ``Novation Cut-off
Date''; (iii) ``Index Cleared Transaction Confirmation''; and (iv)
``Transaction Business Day''.
Specifically, the definitions of ``Compression Cut-off Date'' and
``Novation Cut-off Date'' are each being amended to add two additional
credit events that are taken into consideration in determining the
``Compression Cut-off Date'' and ``Novation Cut-off Date'': (i) the
``Obligation Acceleration Credit Event''; and (ii) the ``Repudiation/
Moratorium Credit Event''. These credit events, which are both standard
under the 2014 ISDA Credit Derivatives Definitions, are not credit
events that apply to any of the transaction types referenced by CDS
that are currently eligible for clearing at LCH SA and, therefore, did
not previously need to be addressed in the Supplement. These credit
events apply to certain transaction types for sovereigns, and are
proposed to be added as a result of index comprising of and single name
CDS referencing sovereign reference entities becoming eligible for
clearing.
In addition, the definition of ``Index Cleared Transaction
Confirmation'' is proposed to be revised to provide that: (i) with
regard to any index cleared transaction that references a Markit iTraxx
ex Japan Index Series [27] or above, the confirmation will be the form
of confirmation that incorporates the iTraxx Asia/Pacific Untranched
Standard Terms Supplement; and (ii) with regard to any index cleared
transaction that references a Markit CDX.EM Index Series [27] or above,
the form of confirmation that incorporates the CDX Emerging Markets
Untranched Transactions Standard Terms Supplement, in each case being
the latest version in force as published by Markit North America, Inc.
The definition of a ``Transaction Business Day'' is currently
defined to mean a ``Business Day'', as defined in the Index Cleared
Transaction Confirmation or the Single Name Cleared Transaction
Confirmation, as applicable. This term is proposed to be amended to
take into account the situation where such confirmations could include
different definitions of the term ``Business Day'' depending on the
circumstances by providing that, ``if the relevant Index Cleared
Transaction Confirmation or Single Name Cleared Transaction
Confirmation defines such term differently depending upon its use, such
distinction shall also apply to the use of the term Transaction
Business Day herein.''
In Section 2 of Part B of the Supplement, LCH SA is proposing to
amend Section 2.2 (Index Cleared Transaction Confirmation) which
specifies the manner in which an Index Cleared Transaction Confirmation
is amended, supplemented and completed depending on the index CDS that
is cleared to include, in addition to the indices currently set out in
the section, the iTraxx Asia ex Japan Index and the CDX.EM Index and
provide for the necessary amendments to be made to the relevant
confirmations depending on the index. Section 2.2 is also proposed to
be amended to provide that ``The applicable Physical Settlement Matrix
is the version of the Physical Settlement Matrix which is in force on
the Clearing Day on which the Index Cleared Transaction is registered
by LCH SA'' in a new indent (i) of paragraph (f). The purpose of this
amendment is to ensure that the Additional Provisions for Certain
Russian Entities published by ISDA on March 25, 2022 will apply to the
relevant cleared trades, including the trades submitted through the
backloading cycle that could have been entered into before the
implementation date of these Additional Provisions and updated Physical
Settlement Matrix and for which one of the parties, or both, did not
adhere to the ISDA 2022 Russia Additional Provisions Protocol published
by ISDA on March 29, 2022.
In Section 4 of Part B of the Supplement, LCH SA is proposing to
amend Section 4.1(b) to add a ``Repudiation/Moratorium Extension
Notice'' to the types of notices that neither LCH SA nor a clearing
member is entitled to deliver with regard to an M(M)R Restructuring in
accordance with the terms of any Restructuring Cleared Transaction. As
above, a ``Repudiation/Moratorium Extension Notice'' is standard under
the 2014 ISDA Credit Derivatives Definitions and is being proposed to
be added as a result of index comprising of and single name CDS
referencing sovereigns becoming eligible for clearing.\4\
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\4\ For the same reason, ``Repudiation/Moratorium Extension
Notice'' is proposed to be added to Section 5(b) of Appendix XIII of
Part B of the Supplement (CCM Client Transaction Requirements).
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In Section 6 of Part B of the Supplement, Section 6.5(c) is
proposed to be amended to add ``Package Observable Bond'' to the types
of asset packages that can be identified in a Notice of Physical
Settlement (``NOPS'') or a NOPS Amendment Notice. The Package
Observable Bond provisions in the 2014 ISDA Credit Derivatives
Definitions only apply to transactions referencing sovereigns. As a
result, they did not previously need to be referenced in the
Supplement.
LCH SA is also proposing to add a new section 6.8(c) entitled
``Buy-in of Bonds--Cap on Settlement'' for the purposes of clarifying
how the ``60 Business Day Cap on Settlement'', which is relevant for
transactions derived from the CDX EM Index amongst others, will apply
to CCM Client Transactions in respect of the Matched Contracts of a
Settlement Matched Pair. This proposed amendments consist in making an
adjustment as to the manner in which Section 9.10 of the 2014 ISDA
Credit Derivatives Definitions works between Matched Buyer and Matched
Seller to ensure that the extension of the Termination Date provided
for by Section 9.10 will apply when there has been a notice delivered
to Matched Seller by its client under a CCM Client Transaction. This is
to ensure that the Termination Date of the Cleared
[[Page 55874]]
Transactions and related CCM Client Transaction is the same.\5\
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\5\ For the same reason, the provisions of section 6.8(c) are
effectively repeated in Section 7.8 and Section 7.18 of Appendix
XIII of Part B of the Supplement (CCM Client Transaction
Requirements). Separately, Section 7.15 of Appendix XIII,
Alternative Procedures relating to Loans in respect of Matched
Contracts, and Section 7.17 of Appendix XIII, Alternative Procedures
relating to Assets Not Delivered, are proposed to be amended to
remove as unnecessary the phrase ``for the purposes of the Matched
Contracts of the related Settlement Matched Pair'' and also to use
the correct defined term ``Settlement Matched Pair''.
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(b) Section 2 of the Procedures
LCH SA is also proposing to make one minor technical amendment to
Section 2 of the Procedures (Margin, NPV Payment and Price Alignment).
Specifically, the initial sentence of Section 2.7(c) currently
provides, inter alia, that, where a Clearing Member is acting as a CDS
Seller, Short Charge Margin will be required to cover the risk that the
Clearing Member is subject to an event of default at the same time that
a credit event occurs ``with respect to a Reference Entity''.
Recognizing that a credit event may occur with respect to more than one
Reference Entity, this sentence is proposed to be revised to refer to
``one or more Reference Entities''.
(c) The Reference Guide: CDS Margin Framework
LCH SA is proposing to amend the Margin Framework to reflect the
addition of the new single names. For example, Section 3.4.5, Portfolio
Margining, which, inter alia, lists the various combinations of
instruments that can constitute an index basis package, is proposed to
be revised to add to the list (i) the CDX.EM Index vs All Single Names
Constituents of the index and (ii) the iTraxx Asia ex Japan vs All
Single Names Constituents of the index. In addition, LCH SA is
proposing to amend Section 3.1.1, Recovery Rate for Short Charge to
note that the recovery rate for state-owned enterprises (``SOE'') is 70
percent. LCH is also proposing to move the provisions of current
Section 3.5.2, Short Charge Calculation, to a new Section 3.5.3. A new
Section 3.5.2, Sovereign Exposures, is proposed to be added, which
notes the high level of correlation between SOEs and their sovereign
entities. As a result, an SOE that is more than 50 percent owned by a
sovereign entity would be defaulted jointly with its sovereign entity
when the positions are not risk reducing. Further, exposures for SOEs
will be calculated using a fixed 70 percent recovery rate.
LCH SA is also proposing to amend Section 3.8.1, Offsets inter-
region, to expand the regional pairs that LCH SA will consider in
calculating wrong way risk to include: (i) Europe/US; (ii) Europe/
Australia; (iii) Europe/Asia; (iv) US/Australia; (v) US/Asia; and (vi)
Asia/Australia.
LCH SA is proposing to amend Section 4.1.1, Liquidity Charge for
Linear Portfolio, to note that the liquidation cost of a sub-portfolio
composed of a single 5 year position in the principal on the run index
is simply the sum of the macro hedging cost. Further, single names
without a parent index are considered a sub-portfolio for which LCH SA
charges the cost of unwinding a non-hedged sub-portfolio. Finally,
Section 4.1.2, Macro Hedging Phase, which, inter alia, sets out a list
of sub-portfolios corresponding to indices and their components is
proposed to be revised to add: (i) the CDX.EM sub-portfolio; (ii) the
iTraxx Asia ex Japan IG sub-portfolio, and (iii) the No parent index
sub-portfolio.
LCH SA is proposing to amend Section 4.1.7 to update the existing
thresholds and include more cleared indexes in the table for volume
thresholds based on calibrations done in December 2021. A dedicated
liquidity grid has also been added for sovereign single names in order
to reflect their tighter bid-ask spreads and higher liquidity profiles.
LCH SA is also proposing to amend the CDS Default Fund Methodology
(Guide Stress Testing) in a number of sections, to reflect the
extension of the product offer as well as to introduce a Sovereign
Stressed Short Charge component aimed to capture a potential joint
default of a member and its country:
--the last paragraph of section 2.2 adds to the list of index families
covered to reflect the addition of CDX.EM and iTraxx Asia. It also adds
iTraxx Australia, as this should have been updated when introducing
that index.
--section 2.4.1 details how State-Owned Entities' exposures should be
added to the exposure on the sovereign name only if risk increasing
--section 2.4.2 introduces a Sovereign Stressed Short Charge,
considering jointly the top exposure across the portfolio and if
relevant the exposure on the sovereign name corresponding to the
member's jurisdiction
--section 2.4.3. and 2.7.2 describe the same Sovereign Stressed Short
Charge with formulas instead of plain text
--section 2.6.1. and 2.6.3 extend the logic of exercise decisions to
consider the Sovereign Stressed Short Charge when relevant
2. Statutory Basis
LCH SA believes that the Proposed Rule Change is consistent with
the requirements of Section 17A of the Act \6\ and regulations
thereunder applicable to it, including Commission Rule 17Ad-22(e).\7\
In particular, Section 17A(b)(3)(F) of the Act requires, inter alia,
that the rules of a clearing agency be designed to ``promote the prompt
and accurate clearance and settlement of . . . derivatives agreements,
contracts, and transactions.'' \8\ By proposing to amend its CDS
Clearing Supplement to authorize the expansion of LCH SA's CDSClear
Service to provide clearing services with regard to the New Products,
on the terms and conditions set out in the Proposed Rule Change, LCH SA
considers that this would encourage Clearing Members to clear
additional indices and single name CDS through its CDSClear service,
which, in turn, should promote the prompt and accurate clearance and
settlement of those instruments within the meaning of Section
17A(b)(3)(F) of the Act.\9\ The Proposed Rule Change, in particular,
the amendments to the CDS Clearing Supplement, therefore, are
consistent with the requirements of Section 17A(b)(3)(F) of the Act.
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\6\ 15 U.S.C. 78q-1.
\7\ 17 CFR 240.17Ad-22.
\8\ 15 U.S.C. 78q-1(b)(3)(F).
\9\ 15 U.S.C. 78q-1(b)(3)(F).
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Further, from the perspective of financial risk management and
margin requirements, the clearing of the New Products would not require
changes to LCH SA's existing margin methodology, default management
policies and procedures and operational process, as LCH SA determined
that the current margin framework for its CDSClear service already
appropriately captures the risk associated to the New Products. The New
Products would be cleared pursuant to LCH SA's existing clearing
arrangements and related financial safeguards, protections and risk
management procedures which are consistent with Exchange Act Rule 17Ad-
22(e)(17),\10\ requiring a covered clearing agency to establish,
implement, maintain and enforce written policies and procedures
reasonably designed to manage the covered clearing agency's operational
risks by, among other things, identifying the plausible sources of
operational risk, both internal and external, and mitigating their
impact through the use of appropriate systems, policies, procedures,
and controls.
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\10\ 17 CFR 240.17Ad-22(e)(17).
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Adopting rules to facilitate the clearing of the New Products would
also be consistent with other relevant
[[Page 55875]]
requirements of Rule 17Ad-22(e),\11\ as set forth in the following
discussion.
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\11\ 17 CFR 240.17Ad-22(e).
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Margin Requirements. Rule 17Ad-22(e)(4) \12\ requires LCH SA to
establish, implement, maintain, and enforce written policies and
procedures reasonably designed to effectively identify, measure,
monitor, and manage its credit exposures to participants and those
arising from its payment, clearing, and settlement processes, among
other requirements. In terms of financial resources, LCH SA would apply
its existing margin methodology to the New Products. LCH SA believes
that the proposed rules that would apply this risk model to the New
Products will provide sufficient margin requirements to cover its
credit exposure to its clearing members from clearing such contracts,
consistent with the requirements of Rule 17Ad-22I(4).\13\ [sic]
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\12\ 17 CFR 240.17Ad-22(e)(4).
\13\ 17 CFR 240.17Ad-22(e)4.
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Financial Resources. Rule 17Ad-22I(4)(i) \14\ [sic] requires LCH SA
to establish, implement, maintain, and enforce written policies and
procedures reasonably designed to effectively identify, measure,
monitor, and manage its credit exposures to participants and those
arising from its payment, clearing, and settlement processes by
maintaining sufficient financial resources to cover its credit exposure
to each participant fully with a high degree of confidence. To the
extent not already maintained pursuant to paragraph (e)(4)(i), Rule
17Ad-22(e)(4)(ii) \15\ requires LCH SA's policies and procedures be
reasonably designed to maintain additional financial resources at the
minimum to enable it to cover a wide range of foreseeable stress
scenarios that include, but are not limited to, the default of the two
participant families that would potentially cause the largest aggregate
credit exposure for the covered clearing agency in extreme but
plausible market conditions. As explained above, LCH SA is proposing to
make some changes to its CDS Default Fund Methodology documentation
(Guide Stress Testing) in order to reflect the extension of the product
list as well as to introduce a Sovereign Stressed Short Charge
component aimed to capture a potential joint default of a member and
its country. LCH SA believes that with the proposed changes in its
stress testing framework, its Default Fund will, together with the
required margin, provide sufficient financial resources to support the
clearing of the New Products, consistent with the requirements of Rules
17Ad-22(e)(4)(i) and (ii).
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\14\ 17 CFR 240.17Ad-22(e)(4)(i).
\15\ 17 CFR 240.17Ad-22(e)(4)(ii).
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Operational Resources. Rule 17Ad-22(e)(3) \16\ requires LCH SA to
establish, implement, maintain, and enforce written policies and
procedures reasonably designed to maintain a sound risk management
framework for comprehensively managing legal, credit, liquidity,
operational, general business, investment, custody, and other risks
that arise in or are borne by the covered clearing agency. LCH SA
believes that its existing operational and risk management resources
will be sufficient for clearing of the New Products, consistent with
the requirements of Rule 17Ad-22(e)(3) \17\, as these new contracts are
substantially the same from an operational and risk management
perspective as the existing CDS contracts cleared by LCH SA CDSClear.
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\16\ 17 CFR 240.17Ad-22(e)(3).
\17\ 17 CFR 240.17Ad-22(e)(3).
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LCH SA will also apply its existing default management policies and
procedures for the New Products. As with current CDSClear products with
similar risk profile, LCH SA believes that these procedures allow for
it to take timely action to contain losses and liquidity pressures and
to continue meeting its obligations in the event of clearing member
insolvencies or defaults in respect of the additional single names, in
accordance with Rule 17Ad-22(e)(3).\18\
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\18\ 17 CFR 240.17Ad-22(e)(3).
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Exchange Act Rule 17Ad-22(e)(1) \19\ requires that a covered
clearing agency establish, implement, maintain, and enforce written
policies and procedures reasonably designed to provide for a well-
founded, clear, transparent, and enforceable legal basis for each
aspect of its activities in all relevant jurisdictions. As described
above, the Proposed Change is also modifying the Supplement to take
into account the New Products and provide for a clear and transparent
legal basis for LCH SA's CDS Clearing rules consistent with the
requirements of Exchange Act Rule 17Ad-22(e)(1).\20\
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\19\ 17 CFR 240.17Ad-22(e)(1).
\20\ 17 CFR 240.17Ad-22(e)(1).
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Credit default swap (CDS) is an over-the-counter (OTC) market on
which participants can be active at any time in the context of market
stress. The LCH SA CDSClear risk model is considering 5-d moves of
unhedged portfolios and the back testing results confirmed that the
margins for the New Products were sufficient to cover the exposure in
the interval between the last margin collection and the close out of
the portfolio a defaulting cleating member which is consistent with the
requirements of SEC Rule 17Ad-22(e)(6)(iii).\21\
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\21\ 17 CFR 240. 17Ad-22(e)(6)(iii).
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B. Clearing Agency's Statement on Burden on Competition
Section 17A(b)(3)(I) of the Act 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.\22\
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\22\ 15 U.S.C. 78q-1(b)(3)(I).
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LCH SA does not believe that its proposed clearing of the New
Products will adversely affect competition in the trading market for
those contracts or CDS generally. By allowing LCH SA to clear the New
Products, market participants will have additional choices on where to
clear and which products to use for risk management purposes, which, in
turn, will promote competition and further the development of CDS for
risk management.
In addition, LCH SA will continue to apply its existing fair and
open access criteria to the clearing of these additional products and
will apply the same criteria to every clearing member or client who
proposes to enter into this clearing activity.
Accordingly, 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.
C. Clearing Agency'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. LCH SA will notify the Commission of any written
comments received by LCH SA.
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 such proposed rule change, or
(B) institute proceedings to determine whether the proposed rule
change should be disapproved.
[[Page 55876]]
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
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#b9cbccd5dc94dad6d4d4dcd7cdcaf9cadcda97ded6cf"><span class="__cf_email__" data-cfemail="c7b5b2aba2eaa4a8aaaaa2a9b3b487b4a2a4e9a0a8b1">[email protected]</span></a>. Please include
File Number SR-LCH SA-2022-007 on the subject line.
Paper Comments
<bullet> 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-2022-007. 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 (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>).
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 10:00 a.m. and
3:00 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: <a href="https://www.lch.com/resources/rulebooks/proposed-rule-changes">https://www.lch.com/resources/rulebooks/proposed-rule-changes</a>.
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-LCH SA-2022-007 and should
be submitted on or before October 3, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\23\
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\23\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-19579 Filed 9-9-22; 8:45 am]
BILLING CODE 8011-01-P
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