Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to the Deposits Service Guide, 38012-38013 [E8-14984]
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38012
Federal Register / Vol. 73, No. 128 / Wednesday, July 2, 2008 / Notices
Section 19(b)(3)(A) of the Act 11 and
subparagraph (f)(6) of Rule 19b–4
thereunder.12
The Exchange has asked the
Commission to waive the operative
delay to permit the proposed rule
change to become operative prior to the
30th day after filing. The Commission
has determined that waiving the 30-day
operative delay of the Exchange’s
proposal is consistent with the
protection of investors and the public
interest and will promote competition
because such waiver will allow CBOE to
continue the existing Pilot without
interruption.13 Therefore, the
Commission designates the proposal
operative upon filing.
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
the 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
• Send an e-mail to rulecomments@sec.gov. Please include File
No. SR–CBOE–2008–62 on the subject
line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street, NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–CBOE–2008–62. This file
number should be included on the
subject line if e-mail is used. To help the
Commission process and review your
11 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
provide the Commission with written notice of its
intent to file the proposed rule change, along with
a brief description and text of the proposed rule
change, at least five business days prior to the date
of filing of the proposed rule change, or such
shorter time as designated by the Commission. The
Exchange has fulfilled this requirement.
13 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
jlentini on PROD1PC65 with NOTICES
12 17
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18:51 Jul 01, 2008
Jkt 214001
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, 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 the Exchange. 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 No.
SR–CBOE–2008–62 and should be
submitted on or before July 23, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–14922 Filed 7–1–08; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–58044; File No. SR–DTC–
2008–02]
Self-Regulatory Organizations; The
Depository Trust Company; Notice of
Filing and Immediate Effectiveness of
a Proposed Rule Change Relating to
the Deposits Service Guide
June 26, 2008.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
May 2, 2008, The Depository Trust
Company (‘‘DTC’’) 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 primarily by DTC. DTC filed
the proposed rule change pursuant to
PO 00000
Section 19(b)(3)(A)(iii) of the Act 2 and
Rule 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 persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The proposed rule change clarifies
DTC’s Regular Custody Services
procedures regarding the handling of
non-negotiable securities that require
additional legal documentation.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
DTC 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. DTC 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
The proposed rule change clarifies a
provision relating to Legal Deposits as
set forth in the ‘‘Regular Custody
Services’’ section of the DTC Deposits
Service Guide (‘‘Guide’’). Specifically,
DTC is amending a section of the Guide
to clarify that when DTC holds nonnegotiable certificates that are missing
additional legal documentation, DTC
will hold such certificates in its custody
until: (1) The certificates are made
negotiable by a subsequent document
deposit or (2) the participant instructs
DTC to return the certificates in a
manner directed by that participant.
DTC states that the proposed rule
change is consistent with the
requirements of Section 17A of the Act 4
and the rules and regulations
thereunder because it clarifies an
existing procedure in DTC’s rules
relating to securities certificates held by
DTC on behalf of its participants and
thus promotes the safeguarding of
securities which are in the custody or
control of DTC or for which it is
responsible.
2 15
14 17
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
Frm 00085
Fmt 4703
Sfmt 4703
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(4).
4 15 U.S.C. 78q–1.
3 17
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Federal Register / Vol. 73, No. 128 / Wednesday, July 2, 2008 / Notices
B. Self-Regulatory Organization’s
Statement on Burden on Competition
DTC 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
DTC has not solicited or received
written comments relating to the
proposed rule change.
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 5 and Rule
19b–4(f)(4) 6 thereunder because the
proposed rule effects a change in an
existing service of DTC that (i) does not
adversely affect the safeguarding of
securities or funds in the custody or
control of DTC or for which it is
responsible and (ii) does not
significantly affect the respective rights
or obligations of DTC or persons using
the Regular Custody Services. At any
time within 60 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.
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:
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, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. to 3 p.m.
Copies of such filing also will be
available for inspection and copying at
DTC’s principal office and on DTC’s
Web site at (https://www.dtcc.com/legal/
rule_filings/dtc/2008.php). 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 No.
DTC–2008–02 and should be submitted
on or before July 23, 2008.
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.7
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–14984 Filed 7–1–08; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
jlentini on PROD1PC65 with NOTICES
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml) or
• Send an e-mail to rulecomment@sec.gov. Please include File
No. SR–DTC–2008–02 on the subject
line.
[Release No. 34–58025; File No. SR–FICC–
2008–02]
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street, NE.,
Washington, DC 20549–1090.
All submissions should refer to File No.
SR–DTC–2008–02. This file number
June 25, 2008.
5 15
6 17
Self-Regulatory Organizations; Fixed
Income Clearing Corporation; Order
Approving Proposed Rule Change To
Require Demand Processing for BlindBrokered Repo Trades
I. Introduction
On April 9, 2008, the Fixed Income
Clearing Corporation (‘‘FICC’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) proposed
rule change SR–FICC–2008–02 pursuant
to Section 19(b)(1) of the Securities
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(4).
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18:51 Jul 01, 2008
7 17
Jkt 214001
PO 00000
CFR 200.30–3(a)(12).
Frm 00086
Fmt 4703
Sfmt 4703
38013
Exchange Act of 1934 (‘‘Act’’).1 On May
14, 2008, the Commission published
notice of the proposed rule change to
solicit comments from interested
parties.2 The Commission received no
comment letters in response to the
proposed rule change as filed. For the
reasons discussed below, the
Commission is approving the proposed
rule change.
II. Description
1. Background
In 2001, the Government Securities
Clearing Corporation (‘‘GSCC’’), the
GSD’s predecessor, redesigned its
comparison rules and procedures soon
after the introduction of the real-time
trade matching system. At that time,
GSCC also moved the timing of its
settlement guaranty from the point of
netting to the point of comparison,
which was much earlier in the day. In
designing these changes, GSCC’s goal
was to provide straight through
processing by providing for easy
identification and resolution of
uncompared trades intraday in order to
achieve 100 percent comparison. These
changes reduced risk by ensuring that
more transactions were compared and
guaranteed by the clearing corporation
earlier in the day so that intraday credit
exposure to counterparties was
minimized.
As part of the redesign of the GSCC
comparison rules, GSCC introduced
Demand Comparison, which was a new
type of comparison that was created to
provide members with flexibility and
control over the comparison process for
trades executed via intermediaries.3
Demand Comparison strikes a balance
between ‘‘bilateral comparison’’ (the
traditional form of comparison), where
each member is required to submit trade
data to the clearing agency in order for
the clearing agency to compare the
trade, and ‘‘locked-in comparison,’’
where the trade is submitted as a
compared trade to the clearing agency
by one side or by one intermediary.4
Demand Comparison entails
submission of trade data by approved
intermediaries (e.g., brokers) called
‘‘Demand Trade Sources.’’ FICC deems
a trade submitted for Demand
Comparison to be compared upon
FICC’s receipt of the trade data from the
Demand Trade Source. However, if a
1 15
U.S.C. 78s(b)(1).
Exchange Act Release No. 57802 (May
8, 2008), 73 FR 27873.
3 Securities Exchange Act Release No. 44946
(October 17, 2001), 66 FR 53816 [File No. SR–
GSCC–2001–01].
4 A Treasury auction take-down trade is a typical
example of a trade submitted for Locked-In
Comparison.
2 Securities
E:\FR\FM\02JYN1.SGM
02JYN1
Agencies
[Federal Register Volume 73, Number 128 (Wednesday, July 2, 2008)]
[Notices]
[Pages 38012-38013]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-14984]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-58044; File No. SR-DTC-2008-02]
Self-Regulatory Organizations; The Depository Trust Company;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
Relating to the Deposits Service Guide
June 26, 2008.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on May 2, 2008, The
Depository Trust Company (``DTC'') 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
primarily by DTC. DTC filed the proposed rule change pursuant to
Section 19(b)(3)(A)(iii) of the Act \2\ and Rule 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 persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78s(b)(3)(A)(iii).
\3\ 17 CFR 240.19b-4(f)(4).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The proposed rule change clarifies DTC's Regular Custody Services
procedures regarding the handling of non-negotiable securities that
require additional legal documentation.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, DTC 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. DTC 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
The proposed rule change clarifies a provision relating to Legal
Deposits as set forth in the ``Regular Custody Services'' section of
the DTC Deposits Service Guide (``Guide''). Specifically, DTC is
amending a section of the Guide to clarify that when DTC holds non-
negotiable certificates that are missing additional legal
documentation, DTC will hold such certificates in its custody until:
(1) The certificates are made negotiable by a subsequent document
deposit or (2) the participant instructs DTC to return the certificates
in a manner directed by that participant.
DTC states that the proposed rule change is consistent with the
requirements of Section 17A of the Act \4\ and the rules and
regulations thereunder because it clarifies an existing procedure in
DTC's rules relating to securities certificates held by DTC on behalf
of its participants and thus promotes the safeguarding of securities
which are in the custody or control of DTC or for which it is
responsible.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78q-1.
---------------------------------------------------------------------------
[[Page 38013]]
B. Self-Regulatory Organization's Statement on Burden on Competition
DTC 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
DTC has not solicited or received written comments relating to the
proposed rule change.
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 \5\ and Rule 19b-4(f)(4) \6\
thereunder because the proposed rule effects a change in an existing
service of DTC that (i) does not adversely affect the safeguarding of
securities or funds in the custody or control of DTC or for which it is
responsible and (ii) does not significantly affect the respective
rights or obligations of DTC or persons using the Regular Custody
Services. At any time within 60 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.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(3)(A)(iii).
\6\ 17 CFR 240.19b-4(f)(4).
---------------------------------------------------------------------------
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-comment@sec.gov. Please include
File No. SR-DTC-2008-02 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090.
All submissions should refer to File No. SR-DTC-2008-02. 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, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. to 3 p.m. Copies of such filing also will be available for
inspection and copying at DTC's principal office and on DTC's Web site
at (https://www.dtcc.com/legal/rule_filings/dtc/2008.php). 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 No. DTC-2008-02 and should be
submitted on or before July 23, 2008.
For the Commission by the Division of Trading and Markets,
pursuant to delegated authority.\7\
---------------------------------------------------------------------------
\7\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-14984 Filed 7-1-08; 8:45 am]
BILLING CODE 8010-01-P