Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Revise the Fee Structures of the Government Securities Division and the Mortgage-Backed Securities Division, 3141-3142 [E6-539]
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Federal Register / Vol. 71, No. 12 / Thursday, January 19, 2006 / Notices
necessary or appropriate in the public
interest, for the protection of investors
or otherwise in furtherance of the
purposes of the Act.13
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:
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.14
Nancy M. Morris,
Secretary.
[FR Doc. E6–519 Filed 1–18–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–CBOE–2006–03 on the
subject line.
Self-Regulatory Organizations; Fixed
Income Clearing Corporation; Notice of
Filing and Immediate Effectiveness of
a Proposed Rule Change To Revise the
Fee Structures of the Government
Securities Division and the MortgageBacked Securities Division
Paper Comments
sroberts on PROD1PC70 with NOTICES
Electronic Comments
[Release No. 34–53106; File No. SR–FICC–
2005–21]
January 11, 2006.
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–9303
All submissions should refer to File
Number SR–CBOE–2006–03. This file
number should be included on the
subject line if e-mail 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 Web site (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 inspection and copying in
the Commission’s Public Reference
Room. Copies of the filing also will be
available for inspection and copying at
the principal office of the CBOE. 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–CBOE–2006–03 and should
be submitted on or before February 9,
2006.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
December 22, 2005, the Fixed Income
Clearing Corporation (‘‘FICC’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change described in Items
I, II, and III below, which items have
been prepared primarily by FICC. FICC
filed the proposed rule change pursuant
to section 19(b)(3)(A)(ii) of the Act 2 and
Rule 19b–4(f)(2) thereunder 3 whereby
the proposal became effective upon
filing with the Commission. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested parties.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
FICC is revising the fee structures of
its Government Securities Division
(‘‘GSD’’) and Mortgage-Backed
Securities Division (‘‘MBSD’’).
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
FICC 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. FICC has prepared
summaries, set forth in sections (A), (B),
14 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78s(b)(3)(A)(ii).
3 17 CFR 240.19b–4(f)(2).
and (C) below, of the most significant
aspects of these statements.4
(A) Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
The proposed rule change updates
certain provisions of the fee structures
of the GSD and the MBSD. The fee
structures are modified as follows:
1. GSD Fee Structure Revisions
(a) Trade Submission. The charge for
submitting trade data to the GSD is
revised from $.50 per submission to $.30
per submission.
(b) Communication Corrections.
Language pertaining to the
implementation of a new
communications framework is deleted
since FICC plans to utilize the
communications feature of its parent
company, The Depository Trust &
Clearing Corporation.
(c) Netting Fee. The fixed component
of the netting fee is revised from $.43
per side to $.16 per side. The fixed
netting fee along with an existing
variable component of $.012 per $1
million par value will be extended to
apply to the netting of outstanding fail
obligations with current settlement
activity.
2. MBSD Fee Structure Revisions
(a) Broker Trade Processing. The
charge for Broker Give-up Trade Creates
is revised from $.25 per side to $.20 per
side.
(b) Dealer Trade Processing. The
monthly charge for Dealer Trade Creates
for SBO Destined Trades is revised as
follows:
Number of trade
creates
1–2,500 .............
2,501–5,000 ......
5,001–7,500 ......
7,501–10,000 ....
10,001–12,500 ..
12,501 & over ...
Current
charge
(MM)
$2.00
1.85
1.70
1.60
1.45
1.30
Revised
charge
(MM)
$1.68
1.56
1.43
1.35
1.22
1.09
Also, the charges for both Dealer
Trade-for-Trade Trade Creates and
Dealer Option Trade Creates are revised
from $2.50 per side to $2.25 per side.
(c) Electronic Pool Notification
(‘‘EPN’’) Message Processing Fees.
MBSD’s EPN Message Processing Fees
are modified as follows:
(1) The fee for a Notification Send
from the Opening of Business to 1 p.m.
is revised from $.25 per million current
1 15
13 See section 19(b)(3)(C) of the Act, 15 U.S.C.
78s(b)(3)(C).
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16:38 Jan 18, 2006
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Frm 00093
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4 The Commission has modified the text of the
summaries prepared by FICC.
E:\FR\FM\19JAN1.SGM
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Federal Register / Vol. 71, No. 12 / Thursday, January 19, 2006 / Notices
face value to $.15 per million current
face value.
(2) The fee for a Notification Send
from 1 p.m. to 2 p.m. is revised from
$1.25 per million current to $.75 per
million current face value.
(3) The fee for a Notification Receive
from Opening of Business to 1 p.m. is
revised from $.50 per million current
face value to $.40 per million current
face value.
(4) The fee for a Notification Receive
from 1 p.m. to 2 p.m. or 2 p.m. to 3 p.m.
is revised from $.25 per million current
face value to $.20 per million current
face value.
(5) The fee for (i) a Notification Send
from 2 p.m. to 3 p.m. or 3 p.m. to Close
of Business and (ii) a Notification
Receive from 3 p.m. to Close of Business
remains unchanged.
FICC believes the proposed rule
change is consistent with the
requirements of section 17A of the Act 5
and the rules and regulations
thereunder applicable to FICC because it
clarifies and updates FICC’s fee
schedule. As such, it provides for the
equitable allocation of fees among its
participants and aligns fees for services
with the associated cost to deliver the
service.
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
FICC does not believe that the
proposed rule change will have an
impact or impose any burden on
competition.
(C) Self-Regulatory Organization’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 yet been
solicited or received. FICC will notify
the Commission of any written
comments received by FICC.
sroberts on PROD1PC70 with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change
has become effective upon filing
pursuant to section 19(b)(3)(A)(ii) of the
Act 6 and Rule 19b–4(f)(2) 7 thereunder
because the rule establishes a due, fee,
or other charge. At any time within sixty
days of the filing of the proposed rule
change, the Commission may summarily
abrogate 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,
5 15
U.S.C. 78q–1.
U.S.C. 78s(b)(3)(A)(ii).
7 17 CFR 240.19b–4(f)(2).
6 15
VerDate Aug<31>2005
16:38 Jan 18, 2006
Jkt 208001
or otherwise in furtherance of the
purposes of the Act.
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:
For the Commission by the Division
of Market Regulation, pursuant to
delegated authority.8
Nancy M. Morris,
Secretary.
[FR Doc. E6–539 Filed 1–18–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml) or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–FICC–2005–21 on the
subject line.
[Release No. 34–53104; File No. SR–ISE–
2006–02]
Self-Regulatory Organizations;
International Securities Exchange, Inc.;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to Directed Orders
System Change
January 11, 2006.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–9303.
All submissions should refer to File
Number SR–FICC–2005–21. This file
number should be included on the
subject line if e-mail 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 Web site (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 inspection and copying in
the Commission’s Public Reference
Section, 100 F Street, NE., Washington,
DC 20549. Copies of such filings also
will be available for inspection and
copying at the principal office of FICC
and on FICC’s Web site at https://
www.ficc.com. 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–FICC–
2005–21 and should be submitted on or
before February 9, 2006.
PO 00000
Frm 00094
Fmt 4703
Sfmt 4703
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on January 5,
2006, the International Securities
Exchange, Inc. (‘‘ISE’’ or ‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the ISE. The
proposed rule change has been filed by
the ISE as effecting a change in an
existing order-entry or trading system
pursuant to section 19(b)(3)(A) of the
Act,3 and Rule 19b–4(f)(5) thereunder,4
which renders the proposal effective
upon filing with the Commission. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The ISE is proposing to change its
existing system as it relates to ‘‘Directed
Orders.’’ Specifically, the Exchange is
proposing to identify to a Directed
Market Maker (‘‘DMM’’) the identity of
the firm entering a Directed Order. This
system change will be effective until
June 30, 2006, while the Commission
considers a corresponding ISE proposal
to amend its rules to specify that orderentry firm identity is disclosed to the
DMM. In addition, the Exchange
commits that it will reverse this system
change prior to June 30, 2006, if the
Commission staff prohibits all options
exchanges from disclosing the identity
8 17
CFR 200.30–3(a)(12).
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)(5).
1 15
E:\FR\FM\19JAN1.SGM
19JAN1
]]>Agencies
[Federal Register Volume 71, Number 12 (Thursday, January 19, 2006)]
[Notices]
[Pages 3141-3142]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-539]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-53106; File No. SR-FICC-2005-21]
Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
To Revise the Fee Structures of the Government Securities Division and
the Mortgage-Backed Securities Division
January 11, 2006.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on December 22, 2005, the
Fixed Income Clearing Corporation (``FICC'') filed with the Securities
and Exchange Commission (``Commission'') the proposed rule change
described in Items I, II, and III below, which items have been prepared
primarily by FICC. FICC filed the proposed rule change pursuant to
section 19(b)(3)(A)(ii) of the Act \2\ and Rule 19b-4(f)(2) thereunder
\3\ whereby the proposal became effective upon filing with the
Commission. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested parties.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78s(b)(3)(A)(ii).
\3\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
FICC is revising the fee structures of its Government Securities
Division (``GSD'') and Mortgage-Backed Securities Division (``MBSD'').
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, FICC 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. FICC has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of these
statements.\4\
---------------------------------------------------------------------------
\4\ The Commission has modified the text of the summaries
prepared by FICC.
---------------------------------------------------------------------------
(A) Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
The proposed rule change updates certain provisions of the fee
structures of the GSD and the MBSD. The fee structures are modified as
follows:
1. GSD Fee Structure Revisions
(a) Trade Submission. The charge for submitting trade data to the
GSD is revised from $.50 per submission to $.30 per submission.
(b) Communication Corrections. Language pertaining to the
implementation of a new communications framework is deleted since FICC
plans to utilize the communications feature of its parent company, The
Depository Trust & Clearing Corporation.
(c) Netting Fee. The fixed component of the netting fee is revised
from $.43 per side to $.16 per side. The fixed netting fee along with
an existing variable component of $.012 per $1 million par value will
be extended to apply to the netting of outstanding fail obligations
with current settlement activity.
2. MBSD Fee Structure Revisions
(a) Broker Trade Processing. The charge for Broker Give-up Trade
Creates is revised from $.25 per side to $.20 per side.
(b) Dealer Trade Processing. The monthly charge for Dealer Trade
Creates for SBO Destined Trades is revised as follows:
------------------------------------------------------------------------
Current Revised
Number of trade creates charge charge
(MM) (MM)
------------------------------------------------------------------------
1-2,500....................................... $2.00 $1.68
2,501-5,000................................... 1.85 1.56
5,001-7,500................................... 1.70 1.43
7,501-10,000.................................. 1.60 1.35
10,001-12,500................................. 1.45 1.22
12,501 & over................................. 1.30 1.09
------------------------------------------------------------------------
Also, the charges for both Dealer Trade-for-Trade Trade Creates and
Dealer Option Trade Creates are revised from $2.50 per side to $2.25
per side.
(c) Electronic Pool Notification (``EPN'') Message Processing Fees.
MBSD's EPN Message Processing Fees are modified as follows:
(1) The fee for a Notification Send from the Opening of Business to
1 p.m. is revised from $.25 per million current
[[Page 3142]]
face value to $.15 per million current face value.
(2) The fee for a Notification Send from 1 p.m. to 2 p.m. is
revised from $1.25 per million current to $.75 per million current face
value.
(3) The fee for a Notification Receive from Opening of Business to
1 p.m. is revised from $.50 per million current face value to $.40 per
million current face value.
(4) The fee for a Notification Receive from 1 p.m. to 2 p.m. or 2
p.m. to 3 p.m. is revised from $.25 per million current face value to
$.20 per million current face value.
(5) The fee for (i) a Notification Send from 2 p.m. to 3 p.m. or 3
p.m. to Close of Business and (ii) a Notification Receive from 3 p.m.
to Close of Business remains unchanged.
FICC believes the proposed rule change is consistent with the
requirements of section 17A of the Act \5\ and the rules and
regulations thereunder applicable to FICC because it clarifies and
updates FICC's fee schedule. As such, it provides for the equitable
allocation of fees among its participants and aligns fees for services
with the associated cost to deliver the service.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78q-1.
---------------------------------------------------------------------------
(B) Self-Regulatory Organization's Statement on Burden on Competition
FICC does not believe that the proposed rule change will have an
impact or impose any burden on competition.
(C) Self-Regulatory Organization'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 yet
been solicited or received. FICC will notify the Commission of any
written comments received by FICC.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change has become effective upon filing
pursuant to section 19(b)(3)(A)(ii) of the Act \6\ and Rule 19b-4(f)(2)
\7\ thereunder because the rule establishes a due, fee, or other
charge. At any time within sixty days of the filing of the proposed
rule change, the Commission may summarily abrogate 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.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(3)(A)(ii).
\7\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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 e-mail to rule-comments@sec.gov. Please include
File Number SR-FICC-2005-21 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-9303.
All submissions should refer to File Number SR-FICC-2005-21. This
file number should be included on the subject line if e-mail 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 Web site (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 inspection
and copying in the Commission's Public Reference Section, 100 F Street,
NE., Washington, DC 20549. Copies of such filings also will be
available for inspection and copying at the principal office of FICC
and on FICC's Web site at https://www.ficc.com. 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-FICC-2005-21 and should be submitted on
or before February 9, 2006.
For the Commission by the Division of Market Regulation, pursuant
to delegated authority.\8\
---------------------------------------------------------------------------
\8\ 17 CFR 200.30-3(a)(12).
Nancy M. Morris,
Secretary.
[FR Doc. E6-539 Filed 1-18-06; 8:45 am]
BILLING CODE 8010-01-P
