Daily Rules, Proposed Rules, and Notices of the Federal Government
The purpose of the proposed rule change is to update the Contract Reference Obligation International Securities Identification Numbers ("Contract Reference Obligation ISINs") and entity names in Schedule 502 of the ICC Rules in order to reflect the changes to the industry standard Contract Reference Obligation ISINs and entity names for one single name credit default swap contract that ICC currently clears (the Sara Lee Corporation), which will undergo a succession event on September 17, 2012. As a result of the Sara Lee Corporation's succession event, ICC will clear two single names (The Hillshire Brands Company and DE US, Inc.).
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 and comments 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.
The proposed rule change would amend Schedule 502 of the ICC Rules, which lists all the Contract Reference Obligation ISINs and entity names of all single name credit default swaps contracts that ICC clears. This amendment will update Schedule 502 to account for the Sara Lee Corporation's September 17, 2012 succession event. Specifically, the amendment will remove Schedule 502's listing of the credit default swap contract that ICC currently clears for the Sara Lee Corporation, and replace it with listings for the credit default swap contracts of the Sara Lee Corporation's successor companies, The Hillshire Brands Company and DE US, Inc. This update does not require any changes to the body of the ICC Rules. Also, the update does not require any changes to the ICC risk management framework.
ICC does not believe that the proposed rule change would have any impact, or impose any burden, on competition.
ICC has not solicited written comments regarding the proposed change. ICC will notify the Commission of any written comments received by ICC.
The foregoing rule change has become effective upon filing pursuant to Section 19(b)(3)(A)
Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposed rule changes are consistent with the Act. Comments may be submitted by any of the following methods:
* Electronic comments may be submitted by using the Commission's Internet comment form (
* Paper comments should be sent in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-0609.
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-2012-14 and should be submitted on or before November 5, 2012.