Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Modify the EPN Rules of its Mortgage-Backed Securities Division to Implement New Messaging Capabilities and Establish a Fee Structure, 4751-4752 [E7-1616]
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Federal Register / Vol. 72, No. 21 / Thursday, February 1, 2007 / Notices
4751
LLC that is permitted by the
‘‘Concentration Limitation’’ or from
being affiliated with OneChicago, LLC,
provided that the Exchange’s
proportionate share of OneChicago,
LLC’s gross revenues does not exceed
5% of the Exchange’s gross revenues.21
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:
SECURITIES AND EXCHANGE
COMMISSION
Electronic Comments
2. Statutory Basis
• 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–CBOE–2006–110 on
the subject line.
Self-Regulatory Organizations; Fixed
Income Clearing Corporation; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change to Modify the
EPN Rules of its Mortgage-Backed
Securities Division to Implement New
Messaging Capabilities and Establish a
Fee Structure
The Exchange believes the proposed
rule change is consistent with the Act
and the rules and regulations under the
Act applicable to a national securities
exchange and, in particular, the
requirements of Section 6(b) of the Act.
Specifically, the Exchange believes the
proposed rule change is consistent with
the Section 6(b)(5) Act 22 requirements
that the rules of an exchange be
designed to promote just and equitable
principles of trade, to prevent
fraudulent and manipulative acts and,
in general, to protect investors and the
public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
CBOE does not believe that the
proposed rule change will impose any
burden on competition not necessary or
appropriate in furtherance of the
purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received from
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 35 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
90 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 CBOE 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
rwilkins on PROD1PC63 with NOTICES
Interested persons are invited to
submit written data, views, and
21 See Amendment No. 1. OneChicago, LLC is a
joint venture of Interactive Brokers Group, LLC,
CBOE, the Chicago Mercantile Exchange, and the
Chicago Board of Trade. It is an electronic security
futures exchange that trades futures on individual
stocks, narrow-based indexes and ETFs.
22 15 U.S.C. 78f(b)(5).
VerDate Aug<31>2005
16:47 Jan 31, 2007
Jkt 211001
[Release No. 34–55164; File No. SR FICC–
2006–20]
January 24, 2007.
Paper Comments
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
• Send paper comments in triplicate
(‘‘Act’’),1 notice is hereby given that on
to Nancy M. Morris, Secretary,
December 28, 2006, the Fixed Income
Securities and Exchange Commission,
Clearing Corporation (‘‘FICC’’) filed
Station Place, 100 F Street, NE.,
with the Securities and Exchange
Washington, DC 20549–1090.
Commission (‘‘Commission’’) the
proposed rule change described in Items
All submissions should refer to File
I, II, and III below, which items have
Number SR–CBOE–2006–110. This file
been prepared primarily by FICC. FICC
number should be included on the
subject line if e-mail is used. To help the filed the proposed rule change pursuant
to Section 19(b)(3)(A)(ii) and (iii) of the
Commission process and review your
Act 2 and Rules 19b–4(f)(2) and 19b–
comments more efficiently, please use
only one method. The Commission will 4(f)(4) thereunder 3 so that the proposal
post all comments on the Commission’s was effective upon filing with the
Commission. The Commission is
Internet Web site (https://www.sec.gov/
publishing this notice to solicit
rules/sro.shtml). Copies of the
comments on the proposed rule change
submission, all subsequent
from interested parties.
amendments, all written statements
with respect to the proposed rule
I. Self-Regulatory Organization’s
change that are filed with the
Statement of the Terms of Substance of
Commission, and all written
the Proposed Rule Change
communications relating to the
The purpose of the proposed rule
proposed rule change between the
change is to modify the Electronic Pool
Commission and any person, other than
Notification (‘‘EPN’’) rules of FICC’s
those that may be withheld from the
Mortgage-Backed Securities Division
public in accordance with the
(‘‘MBSD’’) to implement new messaging
provisions of 5 U.S.C. 552, will be
capabilities for participants using the
available for inspection and copying in
EPN service and to establish a fee
the Commission’s Public Reference
structure for the new messaging
Room. Copies of the filing also will be
capabilities.4
available for inspection and copying at
the principal office of the Exchange. All II. Self-Regulatory Organization’s
comments received will be posted
Statement of the Purpose of, and
without change; the Commission does
Statutory Basis for, the Proposed Rule
not edit personal identifying
Change
information from submissions. You
In its filing with the Commission,
should submit only information that
FICC included statements concerning
you wish to make available publicly. All
the purpose of and basis for the
submissions should refer to File
proposed rule change and discussed any
Number SR–CBOE–2006–110 and
comments it received on the proposed
should be submitted on or before
rule change. The text of these statements
February 22, 2007.
may be examined at the places specified
For the Commission, by the Division of
in Item IV below. FICC has prepared
Market Regulation, pursuant to delegated
summaries, set forth in sections (A), (B),
23
authority.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–1595 Filed 1–31–07; 8:45 am]
BILLING CODE 8011–01–P
23 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00072
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1 15
U.S.C. 78s(b)(1).
U.S.C. 78s(b)(3)(A)(ii) and (iii).
3 17 CFR 240.19b–4(f)(2) and 240.19b–4(f)(4).
4 The text of the proposed rule change is available
at the FICC, at https://www.ficc.com/commondocs/
rule.filings/rule.filing.06–20.pdf, and at the
Commission’s Public Reference Room.
2 15
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4752
Federal Register / Vol. 72, No. 21 / Thursday, February 1, 2007 / Notices
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
(A) Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
FICC does not believe that the
proposed rule change will have any
impact or impose any burden on
competition.
The purpose of the proposed rule
filing is to modify the EPN Rules of the
MBSD to implement new messaging
capabilities for participants using the
EPN service and to establish a fee
structure for the new messaging
capabilities. Currently, MBSD
participants who wish to effect a pool
substitution through the EPN service
must submit two separate messages to
the MBSD to effect the substitution—
one to cancel the originally allocated
pool and one to submit the substituted
pool. In the alternative, participants
may manually cancel the originally
allocated pool and specify the
substituted pool to a contra-party
through phone or fax messages. Either
process is cumbersome and inefficient
for members.
To remedy this, the MBSD has created
a new EPN message type called the
‘‘Cancel/Correct Pool Substitution’’
(‘‘Cancel/Correct’’) to support the
simultaneous cancellation of previously
allocated pools and notification of
substituted pools. By introducing the
Cancel/Correct message, FICC will
provide MBSD participants with an
efficient method of transmitting pool
substitutions to their allocation
counterparties.6
FICC will amend the EPN fee
schedule to incorporate related charges
for the new Cancel/Correct message
types. The proposed billing structure
takes into account the Securities
Industry and Financial Markets
Association’s cut-off times for delivering
substitution and replacement pool
information.
The proposed rule change is
consistent with the requirements of
Section 17A of the Act and the rules and
regulations thereunder because it will
enable FICC to improve messaging
capabilities in the EPN system, leading
to an increase in efficiencies for FICC
and its members. This will enable FICC
to better ensure the accurate reporting,
clearance, and settlement of securities
transactions.
rwilkins on PROD1PC63 with NOTICES
and (C) below, of the most significant
aspects of these statements.5
(C) Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received from
Members, Participants, or Others
5 The Commission has modified the text of the
summaries prepared by FICC.
6 Existing EPN messages and processes will
continue to be supported without change.
VerDate Aug<31>2005
16:47 Jan 31, 2007
Jkt 211001
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 rule change has become
effective upon filing pursuant to Section
19(b)(3)(A)(iii) of the Act 7 and Rule
19b–4(f)(4) 8 thereunder because the
proposed rule change effects a change in
an existing service of FICC that (i) does
not adversely affect the safeguarding of
securities or funds in the custody or
control of FICC and (ii) does not
significantly affect the respective rights
or obligations of FICC or those members
using the service. The foregoing rule
change has also become effective
pursuant to Section 19(b)(3)(A)(ii) of the
Act 9 and Rule 19b–4(f)(2) 10 thereunder
because the proposed rule establishes or
changes a due, fee, or other charge
applicable only to participants. At any
time within sixty days of the filing of
such 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.
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
7 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(4).
9 15 U.S.C. 78s(b)(3)(A)(ii).
10 17 CFR 240.19b–4(f)(2).
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–FICC–2006–20 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
20549–1090.
All submissions should refer to File
Number SR–FICC–2006–20. 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. The text of the proposed rule
change is available at FICC, the
Commission’s Public Reference Room,
and https://www.ficc.com/commondocs/
rule.filings/rule.filing.06–20.pdf. 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–2006–20 and should
be submitted on or before February 22,
2007.
For the Commission by the Division of
Market Regulation, pursuant to delegated
authority.11
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–1616 Filed 1–31–07; 8:45 am]
BILLING CODE 8011–01–P
8 17
PO 00000
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11 17
E:\FR\FM\01FEN1.SGM
CFR 200.30–3(a)(12).
01FEN1
]]>Agencies
[Federal Register Volume 72, Number 21 (Thursday, February 1, 2007)]
[Notices]
[Pages 4751-4752]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-1616]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55164; File No. SR FICC-2006-20]
Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change to
Modify the EPN Rules of its Mortgage-Backed Securities Division to
Implement New Messaging Capabilities and Establish a Fee Structure
January 24, 2007.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on December 28, 2006, 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) and (iii) of the Act \2\ and Rules 19b-4(f)(2)
and 19b-4(f)(4) thereunder \3\ so that the proposal was 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) and (iii).
\3\ 17 CFR 240.19b-4(f)(2) and 240.19b-4(f)(4).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The purpose of the proposed rule change is to modify the Electronic
Pool Notification (``EPN'') rules of FICC's Mortgage-Backed Securities
Division (``MBSD'') to implement new messaging capabilities for
participants using the EPN service and to establish a fee structure for
the new messaging capabilities.\4\
---------------------------------------------------------------------------
\4\ The text of the proposed rule change is available at the
FICC, at https://www.ficc.com/commondocs/rule.filings/rule.filing.06-
20.pdf, and at the Commission's Public Reference Room.
---------------------------------------------------------------------------
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 4752]]
and (C) below, of the most significant aspects of these statements.\5\
---------------------------------------------------------------------------
\5\ 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 filing is to modify the EPN Rules
of the MBSD to implement new messaging capabilities for participants
using the EPN service and to establish a fee structure for the new
messaging capabilities. Currently, MBSD participants who wish to effect
a pool substitution through the EPN service must submit two separate
messages to the MBSD to effect the substitution--one to cancel the
originally allocated pool and one to submit the substituted pool. In
the alternative, participants may manually cancel the originally
allocated pool and specify the substituted pool to a contra-party
through phone or fax messages. Either process is cumbersome and
inefficient for members.
To remedy this, the MBSD has created a new EPN message type called
the ``Cancel/Correct Pool Substitution'' (``Cancel/Correct'') to
support the simultaneous cancellation of previously allocated pools and
notification of substituted pools. By introducing the Cancel/Correct
message, FICC will provide MBSD participants with an efficient method
of transmitting pool substitutions to their allocation
counterparties.\6\
---------------------------------------------------------------------------
\6\ Existing EPN messages and processes will continue to be
supported without change.
---------------------------------------------------------------------------
FICC will amend the EPN fee schedule to incorporate related charges
for the new Cancel/Correct message types. The proposed billing
structure takes into account the Securities Industry and Financial
Markets Association's cut-off times for delivering substitution and
replacement pool information.
The proposed rule change is consistent with the requirements of
Section 17A of the Act and the rules and regulations thereunder because
it will enable FICC to improve messaging capabilities in the EPN
system, leading to an increase in efficiencies for FICC and its
members. This will enable FICC to better ensure the accurate reporting,
clearance, and settlement of securities transactions.
(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
The foregoing rule change has become effective upon filing pursuant
to Section 19(b)(3)(A)(iii) of the Act \7\ and Rule 19b-4(f)(4) \8\
thereunder because the proposed rule change effects a change in an
existing service of FICC that (i) does not adversely affect the
safeguarding of securities or funds in the custody or control of FICC
and (ii) does not significantly affect the respective rights or
obligations of FICC or those members using the service. The foregoing
rule change has also become effective pursuant to Section
19(b)(3)(A)(ii) of the Act \9\ and Rule 19b-4(f)(2) \10\ thereunder
because the proposed rule establishes or changes a due, fee, or other
charge applicable only to participants. At any time within sixty days
of the filing of such 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A)(iii).
\8\ 17 CFR 240.19b-4(f)(4).
\9\ 15 U.S.C. 78s(b)(3)(A)(ii).
\10\ 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-2006-20 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 20549-1090.
All submissions should refer to File Number SR-FICC-2006-20. 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. The text of the proposed rule change is
available at FICC, the Commission's Public Reference Room, and https://
www.ficc.com/commondocs/rule.filings/rule.filing.06-20.pdf. 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-2006-20 and should be
submitted on or before February 22, 2007.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-1616 Filed 1-31-07; 8:45 am]
BILLING CODE 8011-01-P
