Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Filing of Proposed Rule Change To Replace the Mortgage-Backed Securities Division Clearing Fund Calculation Methodology With a Yield-Driven Value-at-Risk Methodology, 67770-67772 [E7-23203]
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67770
Federal Register / Vol. 72, No. 230 / Friday, November 30, 2007 / Notices
required by Rule 22c–1 under the Act.
Any brokerage commission, fee, or other
cost incurred in connection with the
proposed transactions will be paid for
by the Insurance Companies and not by
the Contract owners.
22. The sale of shares of the
Replacement Fund for investment
securities, as contemplated by the
proposed in-kind purchases, will be
consistent with the investment policy
and restrictions of the Replacement
Fund because (1) the shares will be sold
at their net asset value, and (2) the
portfolio securities will be of the type
and quality that the Replacement Fund
could have acquired with the proceeds
from share sales had the shares been
sold for cash. To assure that the second
of these conditions is met, the
investment adviser and sub-adviser of
the Replacement Fund will examine the
portfolio securities being offered to the
Replacement Fund and accept only
those securities as consideration for
shares that they could have acquired for
the Replacement Fund in a cash
transaction.
23. The Applicants submit that the
Insurance Companies’ in-kind
purchases are consistent with the
general purposes of the Act as stated in
the Findings and Declaration of Policy
in Section 1 of the Act and that the
proposed transactions do not present
any of the conditions or abuses that the
Act was designed to prevent.
24. The Applicants represent that the
proposed in-kind purchases meet all of
the requirements of Section 17(b) of the
Act and request that the Commission
issue an order pursuant to Section 17(b)
of the Act exempting the Separate
Accounts, the Insurance Companies,
JHT, and the Replacement Fund from
the provisions of Section 17(a) of the
Act to the extent necessary to permit the
Insurance Companies on behalf of the
Separate Accounts to carry out, as part
of the substitution, the in-kind
purchases of shares of the Replacement
Fund which may be deemed to be
prohibited by Section 17(a) of the Act.
Conclusion
Applicants assert that for the reasons
summarized above the proposed
substitution and related transactions are
consistent with the standards of Section
17(b) of the Act and that the requested
orders should be granted.
For the Commission, by the Division of
Investment Management pursuant to
delegated authority.
Nancy M. Morris,
Secretary.
[FR Doc. E7–23205 Filed 11–29–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56837; File No. SR–FICC–
2007–10]
Self-Regulatory Organizations; Fixed
Income Clearing Corporation; Notice of
Filing of Proposed Rule Change To
Replace the Mortgage-Backed
Securities Division Clearing Fund
Calculation Methodology With a YieldDriven Value-at-Risk Methodology
November 26, 2007.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
August 31, 2007, the Fixed Income
Clearing Corporation (‘‘FICC’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) and on
September 27, 2007, amended the
proposed rule change as 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
FICC is seeking to replace the
Mortgage-Backed Securities Division
(‘‘MBSD’’) margin calculation
methodology with a Value-at-Risk
(‘‘VaR’’) methodology.
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.2
(A) Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
Clearing participants of MBSD are
required to maintain participants’ fund
deposits. Each participant’s required
deposit is calculated daily to ensure
enough funds are available to cover the
risks associated with that participant’s
activities.
The purpose served by the
participants fund is to have on deposit
from each participant assets sufficient to
satisfy any losses that may otherwise be
incurred by MBSD participants as the
result of the default by the participant
and the resultant closeout of that
participant’s settlement positions.
FICC proposes to replace the current
participants fund methodology, which
uses haircuts and offsets, with a VaR
model. FICC expects the VaR model to
better reflect market volatility and to
more thoroughly distinguish levels of
risk presented by individual securities.
Specifically, FICC is proposing to
replace the existing MBSD margin
calculation with a yield-driven VaR
model. VaR is defined to be the
maximum amount of money that may be
lost on a portfolio over a given period
of time within a given level of
confidence. With respect to the MBSD,
FICC is proposing a 99 percent threeday VaR.
The changes to the components that
comprise the current participants fund
calculation versus the proposed VaR
calculation in relation to the risks
addressed by the components are
summarized as follows:
rwilkins on PROD1PC63 with NOTICES
Existing methodology
Risk addressed
Proposed methodology
Market Margin Differential, which is the greater
of:.
(i) the P&L Requirement or
(ii) the Market Volatility Requirement
Adjusting contract price to market price and
post mark-to-market fluctuations in security
prices.
The sum of:
(i) Mark-to-market and
(ii) Interest rate or index-driven model, as
appropriate.3
1 15
U.S.C. 78s(b)(1).
VerDate Aug<31>2005
16:27 Nov 29, 2007
2 The Commission has modified the text of the
summaries prepared by FICC.
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Federal Register / Vol. 72, No. 230 / Friday, November 30, 2007 / Notices
67771
Existing methodology
Risk addressed
Proposed methodology
Final margin requirement generated for second
processing cycle.4.
Additional exposure due to portfolio variation ..
Prefunding of certain debit cash obligation
items through the participants fund (no offset
for credits).
N/A .....................................................................
Uncertainty of whether a member will satisfy
its cash settlement obligation.
Minimum Market Margin Differential (currently
$250,000).
Maintenance of a minimum amount of collateral to support potential counterparty liquidation losses.
Margin Requirement Differential (‘‘MRD’’) to
include intraday portfolio variations and protection regarding late margin deficit satisfaction.
Prefunding of certain debit cash obligation
items through the participants fund (offset
for credits).5
Coverage Component (if necessary, applies
additional charge to bring coverage to the
applicable confidence level).
A minimum charge of the greater of: (i)
$100,000 or (ii) a defined percentage of
gross portfolio.
Potential loss in unlikely situations beyond the
model’s effective range.
3 FICC shall have the discretion to not apply the interest rate model to classes of securities whose volatility is less amenable to statistical analysis (e.g., the security has a lack of pricing history). In lieu of such a calculation, the required charge with respect to such positions would be determined based on an historic index volatility model.
4 The MBSD generates a preliminary margin report as part of a first processing cycle at the close of the business day and calculates a final
margin requirement as part of a second processing cycle completed at approximately 11:30 a.m. each business day. Upon the implementation of
the new VaR methodology, the MBSD would no longer generate a margin requirement as part of the second cycle. Instead, a final margin requirement would be established after the running of the first cycle at approximately 9:00 p.m.
5 Cash obligation item credits are retained by the MBSD and not passed through to the participant. As a result, the MBSD has correspondingly
`
less risk vis-a-vis a firm with cash obligation credits and therefore requires less collateral in this regard.
In addition, FICC may include in a
participant’s participant fund
calculation a ‘‘special charge’’ as
determined by FICC from time to time
in view of market conditions and the
financial and operational capabilities of
the participant. FICC will make any
such determination based on such
factors as it determines to be
appropriate.
Because it would become obsolete
upon approval of the proposed rule
change, FICC also proposes to eliminate
the provision in the MBSD rules
requiring participants to maintain a
Basic Deposit and Minimum Market
Margin Differential Deposit with MBSD
pursuant to Article IV, Rule 1
(Participants Fund), section 1(a) and (b).
FICC believes that the proposed rule
change is consistent with the
requirements of section 17A of the Act 6
and the rules and regulations
thereunder applicable to FICC because it
should assure the safeguarding of
securities and funds in FICC’s custody
or control or for which it is responsible
by enabling FICC to more effectively
manage risk presented by participants’
activities.
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
rwilkins on PROD1PC63 with NOTICES
FICC does not believe that the
proposed rule change would have any
impact or impose any burden on
competition.
6 15
16:27 Nov 29, 2007
Written comments have not been
solicited with respect to the proposed
rule change, and none have been
received. FICC will notify the
Commission of any written comments it
receives.
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, as amended, 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
U.S.C. 78q–1.
VerDate Aug<31>2005
(C) Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
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Number SR–FICC–2007–10 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–2007–10. 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, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of such filing 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/
gov/gov.docs.jsp?NS-query. All
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
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67772
Federal Register / Vol. 72, No. 230 / Friday, November 30, 2007 / Notices
you wish to make available publicly. All
submissions should refer to File
Number SR–FICC–2007–10 and should
be submitted on or before December 21,
2007.
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.7
Nancy M. Morris,
Secretary.
[FR Doc. E7–23203 Filed 11–29–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56835; File No. SR–NYSE–
2007–104]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Enable the
Exchange To List Certain Companies
Based on Two Completed Fiscal Years
and Financial Statements Covering the
First Six Months of the Current Fiscal
Year as Long as Prior to Listing
Certain Summary Financial Data
Confirms That the Company Continues
To Satisfy the Applicable Standard
Based on at Least Nine Completed
Months of the Current Fiscal Year
November 21, 2007.
rwilkins on PROD1PC63 with NOTICES
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 November
15, 2007, the New York Stock Exchange
LLC (‘‘NYSE’’ or ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule changes as described in
Items I and II below, which items have
been substantially prepared by the
Exchange. The Exchange filed the
proposed rule change pursuant to
section 19(b)(3)(A) of the Act 3 and Rule
19b–4(f)(6) thereunder,4 which renders
the proposed rule change effective upon
filing with the Commission. The
Commission is publishing this notice to
solicit comments on the proposed rule
changes from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend the
earnings standard and valuation/
revenue with cash flow standard of
section 102.01B of the Exchange’s Listed
7 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)(6).
1 15
VerDate Aug<31>2005
16:27 Nov 29, 2007
Jkt 214001
Company Manual (‘‘Manual’’). The
amendment will enable the Exchange,
under certain limited circumstances, to
qualify companies for listing under the
three-year financial requirements of
those two standards on the basis of two
completed fiscal years of financial
statements and financial statements
covering the first six months of the
current fiscal year, provided that the
company must include, in a public
disclosure (either an SEC filing or a
press release) prior to the date of listing,
financial data as derived from financial
statements that have been subject to a
Statement of Auditing Standards 100
(‘‘SAS 100’’) review that confirms that
the company continues to satisfy the
applicable standard based on at least
nine completed months of the current
fiscal year.
The text of the proposed rule change
is available on the Exchange’s Web site
(https://www.nyse.com), at the
Exchange’s Office of the Secretary, 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, the
self-regulatory organization 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.
NYSE has prepared summaries, set forth
in sections A, B and C below, of the
most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend the
earnings standard and valuation/
revenue with cash flow standard of
section 102.01B of the Manual. The
amendment will enable the Exchange,
under certain limited circumstances, to
qualify companies for listing under the
three-year financial requirements of
those two standards on the basis of two
completed fiscal years of financial
statements and financial statements
covering the first six months of the
current fiscal year, provided that the
company must include, in a public
disclosure (either an SEC filing or press
release) prior to the date of listing,
financial data as derived from financial
statements that have been subject to an
PO 00000
Frm 00077
Fmt 4703
Sfmt 4703
SAS 100 review that confirms that the
company continues to satisfy the
applicable standard based on at least
nine completed months of the current
fiscal year.
The proposed rule change does not
alter the quantitative requirements
companies must meet under the
Exchange’s financial listing standards,
but simply provides greater flexibility to
certain companies in demonstrating
their satisfaction of those requirements.
Currently, where a company has
changed its fiscal year or undergone a
significant change in its operations 5 or
capital structure, section 102.01C
provides that such company may satisfy
the earnings test or valuation/revenue
with cash flow test on the basis of
financial information for a nine to
twelve month period in the current
fiscal year in lieu of the first year in the
three fiscal year period otherwise
required. When qualifying a company
for listing based on interim financial
information from the current fiscal year,
the Exchange must conclude that the
company can reasonably be expected to
qualify under the regular standard upon
completion of its then current fiscal
year. In reaching this conclusion, the
Exchange considers whether the
company’s revenues or costs are subject
to seasonal variation and the possible
impact of any such variation on the
suitability of predicting the company’s
full year performance based on its
results in the first nine months of the
year. In addition, if the company does
not qualify under the regular standard at
the end of such current fiscal year or
qualify at such time for original listing
under another listing standard, section
102.01C provides that the Exchange will
promptly initiate suspension and
delisting procedures with respect to the
company.
Under the proposed amendment, the
company would still need to
demonstrate compliance with the
relevant standard over at least nine
completed months of the current fiscal
year. The only distinction is that the
company could demonstrate compliance
through the inclusion of summary
financial information for the nine5 The types of significant changes in operations
considered by the Exchange, include, but are not
limited to:
• Divestiture or discontinuation of a loss-making
business line,
• A change in management,
• An acquisition or series of acquisitions,
• Economies of scale and increased revenues as
the company emerges from its start-up phase,
• The effect of foreign currency valuation,
• Entering a new geographic region or market or
exiting a geographic region or market, or
• The launch of a new product or service.
E:\FR\FM\30NON1.SGM
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]]>Agencies
[Federal Register Volume 72, Number 230 (Friday, November 30, 2007)]
[Notices]
[Pages 67770-67772]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-23203]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56837; File No. SR-FICC-2007-10]
Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Filing of Proposed Rule Change To Replace the Mortgage-Backed
Securities Division Clearing Fund Calculation Methodology With a Yield-
Driven Value-at-Risk Methodology
November 26, 2007.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on August 31, 2007, the Fixed
Income Clearing Corporation (``FICC'') filed with the Securities and
Exchange Commission (``Commission'') and on September 27, 2007, amended
the proposed rule change as 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
FICC is seeking to replace the Mortgage-Backed Securities Division
(``MBSD'') margin calculation methodology with a Value-at-Risk
(``VaR'') methodology.
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.\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
Clearing participants of MBSD are required to maintain
participants' fund deposits. Each participant's required deposit is
calculated daily to ensure enough funds are available to cover the
risks associated with that participant's activities.
The purpose served by the participants fund is to have on deposit
from each participant assets sufficient to satisfy any losses that may
otherwise be incurred by MBSD participants as the result of the default
by the participant and the resultant closeout of that participant's
settlement positions.
FICC proposes to replace the current participants fund methodology,
which uses haircuts and offsets, with a VaR model. FICC expects the VaR
model to better reflect market volatility and to more thoroughly
distinguish levels of risk presented by individual securities.
Specifically, FICC is proposing to replace the existing MBSD margin
calculation with a yield-driven VaR model. VaR is defined to be the
maximum amount of money that may be lost on a portfolio over a given
period of time within a given level of confidence. With respect to the
MBSD, FICC is proposing a 99 percent three-day VaR.
The changes to the components that comprise the current
participants fund calculation versus the proposed VaR calculation in
relation to the risks addressed by the components are summarized as
follows:
------------------------------------------------------------------------
Proposed
Existing methodology Risk addressed methodology
------------------------------------------------------------------------
Market Margin Differential, Adjusting contract The sum of:
which is the greater of:. price to market (i) Mark-to-
(i) the P&L Requirement or...... price and post market and
(ii) the Market Volatility mark-to-market (ii) Interest
Requirement. fluctuations in rate or index-
security prices. driven model, as
appropriate.\3\
[[Page 67771]]
Final margin requirement Additional Margin Requirement
generated for second processing exposure due to Differential
cycle.\4\. portfolio (``MRD'') to
variation. include intraday
portfolio
variations and
protection
regarding late
margin deficit
satisfaction.
Prefunding of certain debit cash Uncertainty of Prefunding of
obligation items through the whether a member certain debit
participants fund (no offset will satisfy its cash obligation
for credits). cash settlement items through the
obligation. participants fund
(offset for
credits).\5\
N/A............................. Potential loss in Coverage Component
unlikely (if necessary,
situations beyond applies
the model's additional charge
effective range. to bring coverage
to the applicable
confidence
level).
Minimum Market Margin Maintenance of a A minimum charge
Differential (currently minimum amount of of the greater
$250,000). collateral to of: (i) $100,000
support potential or (ii) a defined
counterparty percentage of
liquidation gross portfolio.
losses.
------------------------------------------------------------------------
\3\ FICC shall have the discretion to not apply the interest rate model
to classes of securities whose volatility is less amenable to
statistical analysis (e.g., the security has a lack of pricing
history). In lieu of such a calculation, the required charge with
respect to such positions would be determined based on an historic
index volatility model.
\4\ The MBSD generates a preliminary margin report as part of a first
processing cycle at the close of the business day and calculates a
final margin requirement as part of a second processing cycle
completed at approximately 11:30 a.m. each business day. Upon the
implementation of the new VaR methodology, the MBSD would no longer
generate a margin requirement as part of the second cycle. Instead, a
final margin requirement would be established after the running of the
first cycle at approximately 9:00 p.m.
\5\ Cash obligation item credits are retained by the MBSD and not passed
through to the participant. As a result, the MBSD has correspondingly
less risk vis-[agrave]-vis a firm with cash obligation credits and
therefore requires less collateral in this regard.
In addition, FICC may include in a participant's participant fund
calculation a ``special charge'' as determined by FICC from time to
time in view of market conditions and the financial and operational
capabilities of the participant. FICC will make any such determination
based on such factors as it determines to be appropriate.
Because it would become obsolete upon approval of the proposed rule
change, FICC also proposes to eliminate the provision in the MBSD rules
requiring participants to maintain a Basic Deposit and Minimum Market
Margin Differential Deposit with MBSD pursuant to Article IV, Rule 1
(Participants Fund), section 1(a) and (b).
FICC believes that the proposed rule change is consistent with the
requirements of section 17A of the Act \6\ and the rules and
regulations thereunder applicable to FICC because it should assure the
safeguarding of securities and funds in FICC's custody or control or
for which it is responsible by enabling FICC to more effectively manage
risk presented by participants' activities.
---------------------------------------------------------------------------
\6\ 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 would 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 have not been solicited with respect to the
proposed rule change, and none have been received. FICC will notify the
Commission of any written comments it receives.
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, as amended, 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-2007-10 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-2007-10. 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, on official business days between the hours
of 10 a.m. and 3 p.m. Copies of such filing 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/gov/gov.docs.jsp?NS-query. All comments
received will be posted without change; the Commission does not edit
personal identifying information from submissions. You should submit
only information that
[[Page 67772]]
you wish to make available publicly. All submissions should refer to
File Number SR-FICC-2007-10 and should be submitted on or before
December 21, 2007.
For the Commission by the Division of Trading and Markets,
pursuant to delegated authority.\7\
\7\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
[FR Doc. E7-23203 Filed 11-29-07; 8:45 am]
BILLING CODE 8011-01-P
