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SECURITIES AND EXCHANGE COMMISSION
(Release No. 34-89436; File No. SR-ICC-2020-008)
July 31, 2020
Self-Regulatory Organizations; ICE Clear Credit LLC; Order Approving Proposed Rule Change
Relating to the ICC Exercise Procedures and ICC Clearing Rules
I. Introduction
On June 3, 2020, ICE Clear Credit LLC (“ICC”) filed with the Securities and Exchange
Commission (“Commission”), pursuant to Section 19(b)(1) of the Securities Exchange Act of
1934 (the “Act”)1
and Rule 19b-4 thereunder,
2
a proposed rule change to formalize and adopt the
ICC Exercise Procedures (the “Procedures”) and a related update to the ICC Clearing Rules (the
“Rules”) to accompany the clearing of options on index credit default swaps (“Index
Swaptions”).3 The proposed rule change was published for comment in the Federal Register on
June 22, 2020.
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.
II. Description of the Proposed Rule Change
The proposed rule change would formalize and adopt the Procedures and make a related
amendment to the Rules in connection with ICC’s proposed clearing of Index Swaptions. ICC
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
Procedures or the Rules, as applicable.
4 Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing of Proposed Rule
Change, Security-Based Swap Submission, or Advance Notice Relating to the ICC
Exercise Procedures and ICC Clearing Rules, Exchange Act Release No. 89072 (June 16,
2020); 85 Fed. Reg. 37483 (June 22, 2020) (SR-ICC-2020-008) (“Notice”).