Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Filing of Proposed Rule Change Relating to Assumption of Blind Brokered Fails by Its Government Securities Division, 11694-11696 [E6-3272]
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11694
Federal Register / Vol. 71, No. 45 / Wednesday, March 8, 2006 / Notices
administration of their affairs,
respectively.
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
DTC, FICC, and NSCC do not believe
that the proposed rule change will have
any impact or impose any burden on
competition.
erjones on PROD1PC68 with NOTICES
(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. DTC, FICC, and
NSCC will notify the Commission of any
written comments they receive.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Commission finds that the
proposed rule change is consistent with
the requirements of the Act and the
rules and regulations thereunder and
particularly with the requirements of
Section 17A(b)(3)(C).6 Section
17A(b)(3)(C) requires that the rules of a
clearing agency be designed to assure
fair representation in the selection of its
directors and in the administration of its
affairs. The Commission finds that DTC,
FICC, and NSCC’s proposed rule
changes are consistent with this
requirement because the allocation of
common share purchase requirements
will more accurately represent the
actual use of the clearing agencies’
services and the risks posed by such
uses. Moreover, the removal of non-U.S.
CSDs from the definition of Mandatory
Purchaser Participant should not result
in a significant increase in the burden
imposed on the remaining shareholders,
because the common shares that would
otherwise be purchased by the non-U.S.
CSDs represent slightly more than one
percent of the total number of DTCC
common shares to be purchased by the
Mandatory Purchaser Participants.
DTC, FICC, and NSCC have requested
that the Commission approve the
proposed rules prior to the thirtieth day
after publication of the notice of the
filing. The Commission finds good
cause for approving the proposed rule
change prior to the thirtieth day after
the publication of notice because such
approval will permit DTCC to complete
the necessary calculations to determine
the number of shares to be purchased by
Mandatory Purchaser Participants
without including the non-U.S. CSDs,
and will permit the clearing agencies’
participants to complete their purchases
6 15
U.S.C. 78q–1(b)(3)(C).
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15:53 Mar 07, 2006
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of such shares prior to DTCC, DTC,
FICC, and NSCC’s annual shareholders
meetings to be held in April 2006.
2006–01, and SR–NSCC–2006–01 and
should be submitted on or before March
29, 2006.
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.7
Nancy M. Morris,
Secretary.
[FR Doc. E6–3269 Filed 3–7–06; 8:45 am]
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
Numbers SR–DTC–2006–04, SR–FICC–
2006–01, and SR–NSCC–2006–01 in the
subject line.
SECURITIES AND EXCHANGE
COMMISSION
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Numbers SR–DTC–2006–04, SR–FICC–
2006–01, and SR–NSCC–2006–01. 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 offices of DTC,
FICC, and NSCC and on DTC’s Web site
at https://www.dtc.org, and on FICC’s
Web site at https://www.ficc.com, and on
NSCC’s Web site, https://www.nscc.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
Numbers SR–DTC–2006–04, SR–FICC–
PO 00000
Frm 00122
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BILLING CODE 8010–01–P
[Release No. 34–53396; File No. SR–FICC–
2005–17]
Self-Regulatory Organizations; Fixed
Income Clearing Corporation; Notice of
Filing of Proposed Rule Change
Relating to Assumption of Blind
Brokered Fails by Its Government
Securities Division
March 2, 2006.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
September 30, 2005, the Fixed Income
Clearing Corporation (‘‘FICC’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) a
proposed rule change and on November
28, 2005 amended the proposed rule
change that is described in Items I, II,
and III below, which items have been
prepared primarily by FICC. 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
The proposed rule change would
clarify the practice of the Government
Securities Division (‘‘GSD’’) of FICC of
assuming certain blind brokered
repurchase transaction (‘‘repo’’) fails
and of obtaining financing in
connection with such assumption.
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),
7 17
1 15
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
E:\FR\FM\08MRN1.SGM
08MRN1
Federal Register / Vol. 71, No. 45 / Wednesday, March 8, 2006 / Notices
and (C) below, of the most significant
aspects of these statements.2
erjones on PROD1PC68 with NOTICES
(A) Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
The purpose of the proposed rule
change is to clarify the practice of the
GSD of FICC of assuming certain blind
brokered repo fails and of obtaining
financing as necessary in connection
with such assumption. The settlement
of the start leg of a same-day starting
repo has always been and continues to
be processed outside of the GSD. In the
evening of the day of a same-day
starting brokered repo, FICC will
assume responsibility from the broker
for settlement of such start leg if the
repo dealer has not delivered securities
to the broker to start the repo (i.e., the
start leg has failed). This may involve
the receipt of securities from the repo
dealer for redelivery to the reverse repo
dealer or the settlement of the start leg
may be effected by netting or pairoff of
the settlement obligations arising from
the start leg against the settlement
obligations arising from the close leg of
the same or another repo.
FICC will also assume a blind
brokered repo fail that arises in the close
leg of a blind brokered repo transaction.
For example, if the start leg of the
transaction settles outside of FICC in the
normal course but one side of the close
leg does not compare (for any reason
that would cause a trade to not compare
such as erroneous trade data submitted
by one or both of the parties), the broker
will wind up with a net settlement
position rather than netting flat. If that
transaction fails to settle, FICC will
assume the broker’s fail.
FICC assumes the fails in these
instances in order to decrease risk.3 By
assuming the fail, FICC removes the
broker, which acts as an intermediary
and which expects to net out of every
transaction and not have a settlement
position, from the settlement process.
FICC is proposing to add a provision to
its rules to expressly provide for this
practice and therefore to make its rules
consistent with its current and
longstanding practice.4
In the assumption of such broker fails,
the need for financing might arise. For
example, such as if the repo dealer
delivered securities at the close of the
securities Fedwire and if the broker was
2 The
Commission has modified the text of the
summaries prepared by FICC.
3 FICC has engaged in the practice of assuming
broker fails since the inception of its blind brokered
repo service.
4 The specific rule being added is Rule 19, Section
5, ‘‘Assumption of Blind Brokered Fails.’’
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15:53 Mar 07, 2006
Jkt 208001
unable to deliver them to the reverse
repo dealer. The GSD’s rules already
contain a provision, Section 8 of Rule
12, that addresses the GSD’s need to
obtain financing in general. This
provision contemplates the need for
financing in order to allow the GSD to
facilitate securities settlement generally.
It is important to note that such
financing is part of the GSD’s normal
course of business, and the GSD’s ability
to obtain such financing is necessary for
it to be able to complete securities
settlement. Section 8 of Rule 12
provides that if FICC deems it
appropriate to obtain financing to
provide its securities settlement
services, FICC may create security
interests in eligible netting securities
delivered by a netting member in order
to obtain such financing. The provision
requires that members not take any
action to adversely affect this process.
The provision also states that such
security interests may be created to
obtain financing in an amount greater
than the obligation of a member to FICC
relating to such eligible netting
securities. Thus, clearing fund securities
may be used to collateralize such
financing. Also, Section III.C of the
GSD’s fee structure provides the formula
that the GSD will use to charge members
for the cost of any financing obtained by
the GSD.
FICC wishes to interpret Section 8 of
Rule 12 and Section III.C. to apply to
financing that might arise because of
FICC’s assumption of blind brokered
fails. FICC does not believe that actual
changes to the rules are necessary for
this clarification.
FICC believes that the proposed
change is consistent with Section 17A of
the Act 5 and the rules and regulations
thereunder applicable to FICC because it
clarifies FICC’s rules for consistency
with current practice and provides an
interpretation of an existing rule.
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
FICC does not believe that the
proposed rule change will have any
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.
5 15
PO 00000
U.S.C. 78q–1.
Frm 00123
Fmt 4703
Sfmt 4703
11695
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within thirty-five days of the date of
publication of this notice in the Federal
Register or within such longer period:
(i) As the Commission may designate up
to ninety days of such date 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 such proposed
rule change or
(B) institute proceedings to determine
whether the proposed rule change
should be disapproved.
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 rulecomments@sec.gov. Please include File
Number SR–FICC–2005–17 in 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
20549–1090.
All submissions should refer to File
Number SR–FICC–2005–17. 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
E:\FR\FM\08MRN1.SGM
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11696
Federal Register / Vol. 71, No. 45 / Wednesday, March 8, 2006 / Notices
copying at the principal office of FICC
and on FICC’s Web site, 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–
2005–17 and should be submitted on or
before March 29, 2006.
For the Commission by the Division of
Market Regulation, pursuant to delegated
authority.6
Nancy M. Morris,
Secretary.
[FR Doc. E6–3272 Filed 3–7–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53394; File No. SR–PCX–
2006–07]
Self-Regulatory Organizations; Pacific
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Add Open Order
Modifiers
March 1, 2006.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on February
1, 2006, the Pacific Exchange, Inc.
(‘‘PCX’’ or ‘‘Exchange’’), submitted to
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by PCX. PCX filed the
proposed rule change pursuant to
Section 19(b)(3)(A) of the Act 3 which
renders it effective upon filing with the
Commission. On February 28, 2006,
PCX filed Amendment No. 1 to the
proposed rule change.4 The Commission
is publishing this notice to solicit
comments on the proposed rule change,
as amended, from interested persons.
erjones on PROD1PC68 with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
PCX, through its wholly-owned
subsidiary PCX Equities, Inc. (‘‘PCXE’’),
proposes to amend its rules governing
the Archipelago Exchange (‘‘ArcaEx’’),
the equity trading facility of PCXE, to
6 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 Amendment No. 1 replaced and superseded the
original filing in its entirety.
1 15
VerDate Aug<31>2005
15:53 Mar 07, 2006
Jkt 208001
add GTC and GTD modifiers for use on
the Exchange and to specify the method
in which GTC and GTD Orders will be
adjusted in the event of a corporate
action. The text of the proposed rule
change is below. Additions are
italicized; deletions are in [brackets].
Rules of PCX Equities, Inc.
Rule 7
Equities Trading
*
*
*
*
*
Rule 7.31 Orders and Modifiers
(a)–(b) No change.
(c) Time in Force
(1) Day Order. An order to buy or sell
which, if not executed, expires at the
end of the day on which it was entered.
(2) Good Till Cancelled (‘‘GTC’’)
Order. An order to buy or sell (or
unexecuted portion thereof) which, if
not executed, remains in effect until
executed, cancelled by the entering
party, or expiration, whichever comes
first. All unexecuted portions of GTC
Orders will be cancelled by the
Corporation one year after initial entry.
(3) Good Till Date (‘‘GTD’’) Order. An
order to buy or sell (or unexecuted
portion thereof) set to expire following
the close of the core session of the predetermined date specified by the
entering party which, if not executed,
remains in effect until executed,
cancelled by the entering party, or
expiration, whichever comes first. All
unexecuted portions of GTD Orders will
be cancelled by the Corporation one
year after initial entry.
*
*
*
*
*
Rule 7.39 [Reserved] Adjustment of
Open Orders
The Archipelago Exchange will
automatically adjust the price and/or
size of round and odd lot Open Orders,
as defined in PCXE Rule 7.31, in all
ArcaEx eligible securities (unless
instructed otherwise by the entering
party) resident in the system in response
to issuer corporate actions (i.e.,
dividend payment or distribution, stock
split, mergers and acquisitions), as
follows:
(a) Sell Orders—Sell Orders in the
system shall not be adjusted by the
Corporate Action Processing (‘‘CAP’’)
System and must be modified, if
desired, by the entering party, except for
reverse splits where such sell side orders
shall be purged from the system.
(b) Buy Orders—Buy side orders shall
be adjusted by the CAP System based on
the particular corporate action
impacting the security as set forth
below:
(1) Cash Dividends: Buy side order
prices shall be first reduced by the
PO 00000
Frm 00124
Fmt 4703
Sfmt 4703
dividend amount and the resulting price
will be rounded to the nearest penny.
(2) Stock Dividends and Stock Splits:
Buy side order prices shall be
determined by first rounding up the
dollar value of the stock dividend or
split to the nearest penny. The resulting
amount shall then be subtracted from
the price of the buy order. The size of
the order shall be adjusted by first (A)
multiplying the size of the original order
by the numerator of the ratio of the
dividend split, then (B) dividing that
result by the denominator of the ratio of
the dividend split, then (C) rounding
that result to the next lowest share.
(3) Dividends Payable in Either Cash
or Securities at the Option of the
Stockholder: Buy side order prices shall
be reduced by the dollar value of either
the cash or securities, whichever is
greater. The dollar value of the cash
shall be determined using the formula
in paragraph (1) above, while the dollar
value of the securities shall be
determined using the formula in
paragraph (2) above. If the stockholder
opts to receive securities, the size of the
order shall be increased pursuant to the
formula in subparagraph (2) above.
(4) Combined Cash and Stock
Dividends/Split: In the case of a
combined cash dividend and stock
split/dividend, the cash dividend
portion shall be calculated first as per
section (1) above, and stock portion
thereafter pursuant to sections (2) and/
or (3) above.
(5) Reverse Splits: All orders (buy and
sell) shall be cancelled and returned to
the entering party.
(c) Stop Orders To Sell—Sell Stop
Orders will be handled in the same
manner as Buy Orders as mentioned in
section (b) in the event of a corporate
action.
(d) Open Orders that are adjusted by
the CAP System pursuant to the above
rules, and that thereafter continuously
remain in the system, shall retain the
time priority of their original entry.
(e) In the event a corporate action is
identified by the Corporation at a time
in which an adjustment to all affected
open buy orders and sell stop orders
could not be made, the Corporation will
cancel all such orders and notify the
entering party(ies).
*
*
*
*
*
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of, and basis for,
the proposed rule change and discussed
any comments it received on the
E:\FR\FM\08MRN1.SGM
08MRN1
]]>Agencies
[Federal Register Volume 71, Number 45 (Wednesday, March 8, 2006)]
[Notices]
[Pages 11694-11696]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-3272]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-53396; File No. SR-FICC-2005-17]
Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Filing of Proposed Rule Change Relating to Assumption of
Blind Brokered Fails by Its Government Securities Division
March 2, 2006.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on September 30, 2005, the
Fixed Income Clearing Corporation (``FICC'') filed with the Securities
and Exchange Commission (``Commission'') a proposed rule change and on
November 28, 2005 amended the proposed rule change that is described in
Items I, II, and III below, which items have been prepared primarily by
FICC. 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).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The proposed rule change would clarify the practice of the
Government Securities Division (``GSD'') of FICC of assuming certain
blind brokered repurchase transaction (``repo'') fails and of obtaining
financing in connection with such assumption.
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),
[[Page 11695]]
and (C) below, of the most significant aspects of these statements.\2\
---------------------------------------------------------------------------
\2\ 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 purpose of the proposed rule change is to clarify the practice
of the GSD of FICC of assuming certain blind brokered repo fails and of
obtaining financing as necessary in connection with such assumption.
The settlement of the start leg of a same-day starting repo has always
been and continues to be processed outside of the GSD. In the evening
of the day of a same-day starting brokered repo, FICC will assume
responsibility from the broker for settlement of such start leg if the
repo dealer has not delivered securities to the broker to start the
repo (i.e., the start leg has failed). This may involve the receipt of
securities from the repo dealer for redelivery to the reverse repo
dealer or the settlement of the start leg may be effected by netting or
pairoff of the settlement obligations arising from the start leg
against the settlement obligations arising from the close leg of the
same or another repo.
FICC will also assume a blind brokered repo fail that arises in the
close leg of a blind brokered repo transaction. For example, if the
start leg of the transaction settles outside of FICC in the normal
course but one side of the close leg does not compare (for any reason
that would cause a trade to not compare such as erroneous trade data
submitted by one or both of the parties), the broker will wind up with
a net settlement position rather than netting flat. If that transaction
fails to settle, FICC will assume the broker's fail.
FICC assumes the fails in these instances in order to decrease
risk.\3\ By assuming the fail, FICC removes the broker, which acts as
an intermediary and which expects to net out of every transaction and
not have a settlement position, from the settlement process. FICC is
proposing to add a provision to its rules to expressly provide for this
practice and therefore to make its rules consistent with its current
and longstanding practice.\4\
---------------------------------------------------------------------------
\3\ FICC has engaged in the practice of assuming broker fails
since the inception of its blind brokered repo service.
\4\ The specific rule being added is Rule 19, Section 5,
``Assumption of Blind Brokered Fails.''
---------------------------------------------------------------------------
In the assumption of such broker fails, the need for financing
might arise. For example, such as if the repo dealer delivered
securities at the close of the securities Fedwire and if the broker was
unable to deliver them to the reverse repo dealer. The GSD's rules
already contain a provision, Section 8 of Rule 12, that addresses the
GSD's need to obtain financing in general. This provision contemplates
the need for financing in order to allow the GSD to facilitate
securities settlement generally. It is important to note that such
financing is part of the GSD's normal course of business, and the GSD's
ability to obtain such financing is necessary for it to be able to
complete securities settlement. Section 8 of Rule 12 provides that if
FICC deems it appropriate to obtain financing to provide its securities
settlement services, FICC may create security interests in eligible
netting securities delivered by a netting member in order to obtain
such financing. The provision requires that members not take any action
to adversely affect this process. The provision also states that such
security interests may be created to obtain financing in an amount
greater than the obligation of a member to FICC relating to such
eligible netting securities. Thus, clearing fund securities may be used
to collateralize such financing. Also, Section III.C of the GSD's fee
structure provides the formula that the GSD will use to charge members
for the cost of any financing obtained by the GSD.
FICC wishes to interpret Section 8 of Rule 12 and Section III.C. to
apply to financing that might arise because of FICC's assumption of
blind brokered fails. FICC does not believe that actual changes to the
rules are necessary for this clarification.
FICC believes that the proposed change is consistent with Section
17A of the Act \5\ and the rules and regulations thereunder applicable
to FICC because it clarifies FICC's rules for consistency with current
practice and provides an interpretation of an existing rule.
---------------------------------------------------------------------------
\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 any
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
Within thirty-five days of the date of publication of this notice
in the Federal Register or within such longer period: (i) As the
Commission may designate up to ninety days of such date 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 such proposed rule change or
(B) institute proceedings to determine whether the proposed rule
change should be disapproved.
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-2005-17 in 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 20549-1090.
All submissions should refer to File Number SR-FICC-2005-17. 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
[[Page 11696]]
copying at the principal office of FICC and on FICC's Web site, 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-2005-17 and should be submitted on or before March 29, 2006.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\6\
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\6\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
[FR Doc. E6-3272 Filed 3-7-06; 8:45 am]
BILLING CODE 8010-01-P
