Self-Regulatory Organizations; The Fixed Income Clearing Corporation; Notice of Filing of Proposed Rule To Impose a Charge on Members With a Fail-to-Deliver in Treasury Securities, 11797-11800 [E9-5978]

Download as PDF Federal Register / Vol. 74, No. 52 / Thursday, March 19, 2009 / Notices Certificates. The Exchange believes that the provisions of Rule 5.2(j)(7), together with the Exchange’s applicable surveillance, serve to foster investor protection and the public interest. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is 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 the Exchange consents, the Commission will: (A) By order approve the proposed rule change, or (B) institute proceedings to determine whether the proposed rule change should be disapproved. The Exchange has requested accelerated approval of this proposed rule change prior to the 30th day after the date of publication of the notice in the Federal Register. The Commission is considering granting accelerated approval of the proposed rule change at the end of a 21-day comment period. 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: sroberts on PROD1PC70 with NOTICES 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–NYSEArca–2009–20 on the subject line. Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, 17:17 Mar 18, 2009 Jkt 217001 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.19 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–5928 Filed 3–18–09; 8:45 am] BILLING CODE 8011–01–P IV. Solicitation of Comments VerDate Nov<24>2008 Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NYSEArca–2009–20. 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 Room, on official business days between the hours of 10 a.m. and 3 p.m. Copies of the 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 Number SR– NYSEArca–2009–20 and should be submitted on or before April 9, 2009. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–59569; File No. SR–FICC– 2009–03] Self-Regulatory Organizations; The Fixed Income Clearing Corporation; Notice of Filing of Proposed Rule To Impose a Charge on Members With a Fail-to-Deliver in Treasury Securities March 12, 2009. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 notice is hereby given that on February 25, 2009, The Fixed Income 19 17 1 15 PO 00000 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). Frm 00089 Fmt 4703 Sfmt 4703 11797 Clearing Corporation (‘‘FICC’’) filed with the Securities and Exchange Commission (‘‘Commission’’) proposed rule change No. SR–FICC–2009–03, which is described in Items I, II, and III below and have been prepared primarily by the FICC. The Commission is publishing this notice to solicit comments from interested parties on the proposed rule change as. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The proposed rule change will impose a charge on members with a fail-todeliver position in treasury securities.2 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.3 (A) Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Treasury Markets Practices Group (‘‘TMPG’’), a group of market participants active in the treasury securities market that is sponsored by the Federal Reserve Bank of New York (the ‘‘FRBNY’’), has been in the process of devising ways to address the persistent settlement fails in treasury securities transactions that have arisen, according to the TMPG, due to the recent market turbulence and low shortterm interest rates. In order to encourage market participants to resolve fails promptly, the TMPG has proposed for adoption a ‘‘best practice’’ that would call for the market-wide assessment of a charge on fail-to-deliver positions. As part of this implementation of this ‘‘best practice,’’ the TMPG has asked the Government Securities Division of FICC (‘‘GSD’’) to impose this charge on failed positions involving treasury securities within FICC. 2 The exact text of the FICC’s proposed rule change can be found in Attachment 1 of this filing or at https://www.dtcc.com/downloads/legal/ rule_filings/2009/ficc/2009–03.pdf. 3 The Commission has modified portions of the text of the summaries prepared by the FICC. E:\FR\FM\19MRN1.SGM 19MRN1 11798 Federal Register / Vol. 74, No. 52 / Thursday, March 19, 2009 / Notices The proposed charge will be equal to the product of net money due on the failed position and three (3) percent per annum minus the Target Fed funds target rate that is effective at 5 p.m. Eastern Standard Time on the business day prior to the originally scheduled settlement date and will be capped at three (3) percent per annum. The charge will be applied daily and will be a debit on the member’s GSD monthly bill for a fail-to-deliver position and a credit on the member’s GSD monthly bill for those with fail-to-receive position. The following example illustrates the manner in which the proposed fails charge would apply: Member A fails to deliver today on a $50 million position on which he is owed $50.1 million. The Target Fed funds rate yesterday at 5 p.m. was one (1) percent. The fails charge will be two (2) percent per annum and will be applied to the funds amount of $50.1 million, thus equaling a charge of $2,783.33 for that day. The bill of the member failing to deliver will reflect a debit of $2,783.33. In the event that FICC is the failing party because, for example, it received securities too close to the close of the Fedwire for redelivery, the fail charge will be distributed pro rata to the netting members based upon usage of the GSD’s services, which is the same methodology that is used when FICC incurs finance charges.4 The proposed rule change provides that the Credit and Market Risk Management Committee of FICC’s Board of Directors will retain the right to revoke application of the charge if industry events or practices warrant such revocation. 2. Statutory Basis FICC believes the proposed rule change is consistent with the requirements of Section 17A of the Act, as amended,5 and the rules and regulations thereunder because the proposed rule change will promote the prompt and accurate clearance and settlement of securities transactions by discouraging persistent fails-to-deliver Rules, Section 6 of Rule 12. 5 15 U.S.C. 78q–1. sroberts on PROD1PC70 with NOTICES 4 FICC VerDate Nov<24>2008 17:17 Mar 18, 2009 Jkt 217001 in treasury securities and thereby not adversely affecting the safeguarding of securities or funds in FICC’s control or for which it is responsible. (B) Self-Regulatory Organization’s Statement on Burden on Competition FICC does not believe that the proposed rule change will impose any burden on competition that is 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 FICC has neither solicited nor received written comments on the proposed rule change. 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 rulecomments@sec.gov. Please include File Number SR–FICC–2009–03 in the subject line. PO 00000 Frm 00090 Fmt 4703 Sfmt 4703 Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–FICC–2009–03. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (https://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission’s Public Reference Section, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3:30 p.m. Copies of such filings also will be available for inspection and copying at the principal office of the FICC and on the 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– 2009–03 and should be submitted on or before April 9, 2009. For the Commission by the Division of Trading and Markets, pursuant to delegated authority.6 Florence E. Harmon, Deputy Secretary. BILLING CODE 6 17 CFR 200.30–3(a)(12). E:\FR\FM\19MRN1.SGM 19MRN1 VerDate Nov<24>2008 17:17 Mar 18, 2009 Jkt 217001 PO 00000 Frm 00091 Fmt 4703 Sfmt 4703 E:\FR\FM\19MRN1.SGM 19MRN1 11799 EN19MR09.002</GPH> sroberts on PROD1PC70 with NOTICES Federal Register / Vol. 74, No. 52 / Thursday, March 19, 2009 / Notices 11800 Federal Register / Vol. 74, No. 52 / Thursday, March 19, 2009 / Notices [FR Doc. E9–5978 Filed 3–18–09; 8:45 am] BILLING CODE SECURITIES AND EXCHANGE COMMISSION [Release No. 34–59570; File No. SR–NYSE– 2009–28] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Amending NYSE Rules 13, 902, 903, 904, 905 and Rule 906 To Eliminate Certain Order Types From the Off-Hours Trading Facility March 12, 2009. 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 March 11, 2009, New York Stock Exchange LLC (‘‘NYSE’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. NYSE 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 proposal effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend NYSE Rules 13 (Definitions of Orders), 902 (Off-Hours Trading Orders), 903 (Off-Hours Transactions), 904 (Priority of Off-Hours Trading Orders), 905 (OffHours Trading Reports and Recordkeeping) and Rule 906 (Impact of Trading Halts on Off-Hours Trading) to eliminate certain order types from the off-hours trading facility. The text of the proposed rule change is available at the Exchange, the Commission’s Public Reference Room, and https:// www.nyse.com. sroberts on PROD1PC70 with NOTICES 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, 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A). 4 17 CFR 240.19b–4(f)(6). 2 17 VerDate Nov<24>2008 19:56 Mar 18, 2009 Jkt 217001 the proposed rule change and discussed any comments it received on the proposed rule change. The text of those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in Sections A, B, and C below, of the most significant parts of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Through this filing, the Exchange seeks to amend NYSE Rules 902, 903, 904 and 906 to remove certain off-hours trading functions from the Exchange’s Crossing Session I. The Exchange is making this change in connection with certain technology upgrades it expects to begin rolling out on or about March 16, 2009. As explained more fully below, customers who previously relied on the trading functions in Crossing Session I that are being eliminated will be able to execute their off-hours trades through the NYSE MatchPoint® system. The Exchange will continue to accommodate certain types of off-hours trading (error offset trades and trades between a member and the DMM for the purpose of offsetting a market-on-close imbalance) in Crossing Session I. I. Background The Exchange initiated its Off-Hours Trading Facility in June 1991.5 In connection with its implementation, the Exchange adopted the ‘‘900’’ series of rules to govern trading, order eligibility, order entry and recordkeeping requirements. In one application of the Off-Hours Trading Facility, members and member organizations may enter orders to be executed at the NYSE closing price, that is, the price established by the last regular way sale in a security at the official closing of the 9:30 a.m. to 4 p.m. trading session (‘‘Crossing Session I’’). Orders may be entered for any Exchange-listed issue, other than a security that is subject to a trading halt at the close of the regular trading session 6 or is halted after 4 p.m. 5 See Securities Exchange Act Release No. 29237 (May 31, 1991), 56 FR 24853 (June 3, 1991) approving File Nos. SR–NYSE–90–52 and 90–53 which established the NYSE Off-Hours Trading Facility on a pilot basis. See also, Securities Exchange Act Release No. 33992 (May 2, 1994), 59 FR 23907 (May 9, 1994) approving the NYSE OffHours Trading Facility on a permanent basis. 6 This includes any market-wide trading halt instituted under Exchange Rule 80B (Trading Halts Due to Extraordinary Market Volatility). PO 00000 Frm 00092 Fmt 4703 Sfmt 4703 Crossing Session I normally runs from 4:15 p.m. to 5 p.m. on each trading day. Under Rule 902(a)(i) and (ii)(A) respectively, members may enter singlesided orders (i.e., either an order to buy or an order to sell) and coupled orders (i.e., both a buy and a sell order) into Crossing Session I. In addition, pursuant to Rule 902(b), the Exchange will migrate into Crossing Session I for possible execution any good-tilcancelled (‘‘GTC’’) orders that have been designated as eligible for execution in the Off-Hours Trading Facility.7 These types of orders entered into Crossing Session I are usually executed at the end of the Session, i.e., at 5 p.m. Rules 903 and 904 describe, in pertinent part, how orders that are entered into the off-hours trading facility establish priority, and the execution protocols for such orders. Specifically, Rule 903 provides that single-sided and migrated GTX orders are to be executed against opposite side single-sided and GTX orders in the OffHours trading Facility, while coupled orders are to be executed against the other side of the coupled order. Rule 904 provides that GTX orders retain the priority among themselves that existed when they were entered into Display Book®, while the priority of coupled orders will be determined based upon their sequence of entry into the OffHours Trading facility. Rule 905 requires that certain records be maintained by members and member organizations with respect to off-hours trading. Rule 906 outlines procedures under which Off-Hours Trading Facility orders in an NYSE-listed security may go unexecuted if such security was subject to a trading halt. II. Proposed Changes to Off-Hours Order Processing and Rule Amendments The Exchange is preparing to institute a number of technology changes to its systems that will foster more efficient and cost effective processing of orders it receives. As part of these changes, the Exchange is phasing out the SuperDOT® system and will replace it with a system referred to as Super Display Book (‘‘SDBK’’). Because the Off-Hours Trading Facility relies on the SuperDOT system for certain trade processing functions, the Exchange plans to eliminate the ability for single-sided, coupled orders and GTX to be entered or migrated into the off-hours trading facility known as 7 See NYSE Rule 13 (Definitions of Orders). GTC orders that have been designated as ‘‘Off-Hours Eligible’’ under this rule are referred to as ‘‘GTX orders.’’ E:\FR\FM\19MRN1.SGM 19MRN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 74, Number 52 (Thursday, March 19, 2009)]
[Notices]
[Pages 11797-11800]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-5978]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59569; File No. SR-FICC-2009-03]


Self-Regulatory Organizations; The Fixed Income Clearing 
Corporation; Notice of Filing of Proposed Rule To Impose a Charge on 
Members With a Fail-to-Deliver in Treasury Securities

March 12, 2009.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on February 25, 2009, The 
Fixed Income Clearing Corporation (``FICC'') filed with the Securities 
and Exchange Commission (``Commission'') proposed rule change No. SR-
FICC-2009-03, which is described in Items I, II, and III below and have 
been prepared primarily by the FICC. The Commission is publishing this 
notice to solicit comments from interested parties on the proposed rule 
change as.
---------------------------------------------------------------------------

    \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 will impose a charge on members with a 
fail-to-deliver position in treasury securities.\2\
---------------------------------------------------------------------------

    \2\ The exact text of the FICC's proposed rule change can be 
found in Attachment 1 of this filing or at https://www.dtcc.com/
downloads/legal/rule_filings/2009/ficc/2009-03.pdf.
---------------------------------------------------------------------------

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.\3\
---------------------------------------------------------------------------

    \3\ The Commission has modified portions of the text of the 
summaries prepared by the FICC.
---------------------------------------------------------------------------

(A) Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Treasury Markets Practices Group (``TMPG''), a group of market 
participants active in the treasury securities market that is sponsored 
by the Federal Reserve Bank of New York (the ``FRBNY''), has been in 
the process of devising ways to address the persistent settlement fails 
in treasury securities transactions that have arisen, according to the 
TMPG, due to the recent market turbulence and low short-term interest 
rates. In order to encourage market participants to resolve fails 
promptly, the TMPG has proposed for adoption a ``best practice'' that 
would call for the market-wide assessment of a charge on fail-to-
deliver positions. As part of this implementation of this ``best 
practice,'' the TMPG has asked the Government Securities Division of 
FICC (``GSD'') to impose this charge on failed positions involving 
treasury securities within FICC.

[[Page 11798]]

    The proposed charge will be equal to the product of net money due 
on the failed position and three (3) percent per annum minus the Target 
Fed funds target rate that is effective at 5 p.m. Eastern Standard Time 
on the business day prior to the originally scheduled settlement date 
and will be capped at three (3) percent per annum. The charge will be 
applied daily and will be a debit on the member's GSD monthly bill for 
a fail-to-deliver position and a credit on the member's GSD monthly 
bill for those with fail-to-receive position.
    The following example illustrates the manner in which the proposed 
fails charge would apply:
    Member A fails to deliver today on a $50 million position on which 
he is owed $50.1 million. The Target Fed funds rate yesterday at 5 p.m. 
was one (1) percent. The fails charge will be two (2) percent per annum 
and will be applied to the funds amount of $50.1 million, thus equaling 
a charge of $2,783.33 for that day. The bill of the member failing to 
deliver will reflect a debit of $2,783.33.
    In the event that FICC is the failing party because, for example, 
it received securities too close to the close of the Fedwire for 
redelivery, the fail charge will be distributed pro rata to the netting 
members based upon usage of the GSD's services, which is the same 
methodology that is used when FICC incurs finance charges.\4\
---------------------------------------------------------------------------

    \4\ FICC Rules, Section 6 of Rule 12.
---------------------------------------------------------------------------

    The proposed rule change provides that the Credit and Market Risk 
Management Committee of FICC's Board of Directors will retain the right 
to revoke application of the charge if industry events or practices 
warrant such revocation.
2. Statutory Basis
    FICC believes the proposed rule change is consistent with the 
requirements of Section 17A of the Act, as amended,\5\ and the rules 
and regulations thereunder because the proposed rule change will 
promote the prompt and accurate clearance and settlement of securities 
transactions by discouraging persistent fails-to-deliver in treasury 
securities and thereby not adversely affecting the safeguarding of 
securities or funds in FICC's control or for which it is responsible.
---------------------------------------------------------------------------

    \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 impose any 
burden on competition that is 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

    FICC has neither solicited nor received written comments on the 
proposed rule change. 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-2009-03 in the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-FICC-2009-03. This file 
number should be included on the subject line if e-mail is used. To 
help the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (https://www.sec.gov/rules/
sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for inspection and 
copying in the Commission's Public Reference Section, 100 F Street, 
NE., Washington, DC 20549, on official business days between the hours 
of 10 a.m. and 3:30 p.m. Copies of such filings also will be available 
for inspection and copying at the principal office of the FICC and on 
the 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-2009-03 and should be submitted on 
or before April 9, 2009.

    For the Commission by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
---------------------------------------------------------------------------

    \6\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
BILLING CODE

[[Page 11799]]

[GRAPHIC] [TIFF OMITTED] TN19MR09.002


[[Page 11800]]


[FR Doc. E9-5978 Filed 3-18-09; 8:45 am]
BILLING CODE

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