Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NYSE Amex LLC Formally Adopting and Codifying Its Wireless Data Communications Initiatives, 16028 [E9-7973]

Download as PDF 16028 Federal Register / Vol. 74, No. 66 / Wednesday, April 8, 2009 / Notices Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–59627; File No. SR– NYSEAmex–2009–02] Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NYSE All submissions should refer to File Amex LLC Formally Adopting and Number SR–NASDAQ–2009–031. This Codifying Its Wireless Data file number should be included on the subject line if e-mail is used. To help the Communications Initiatives Commission process and review your April 2, 2009. comments more efficiently, please use Correction: In FR Document No. E9– only one method. The Commission will 7291, published on Wednesday, April 1, post all comments on the Commission’s 2009, beginning on page 14834, third Internet Web site (https://www.sec.gov/ column, first paragraph, fifth line, the rules/sro.shtml). Copies of the name of the exchange is corrected to submission, all subsequent read ‘‘NYSE Amex LLC’’. amendments, all written statements Florence E. Harmon, with respect to the proposed rule Deputy Secretary. change that are filed with the [FR Doc. E9–7973 Filed 4–7–09; 8:45 am] Commission, and all written BILLING CODE 8010–01–P communications relating to the proposed rule change between the Commission and any person, other than SECURITIES AND EXCHANGE those that may be withheld from the COMMISSION public in accordance with the [Release No. 34–59695; File No. SR–DTC– provisions of 5 U.S.C. 552, will be 2009–02] available for inspection and copying in the Commission’s Public Reference Self-Regulatory Organizations; The Room, 100 F Street, NE., Washington, Depository Trust Company; Order DC 20549, on official business days Approving Proposed Rule Change To between the hours of 10 a.m. and 3 p.m. Implement a Maturity Presentment Copies of such filing also will be Pend Function to Replace the Maturity available for inspection and copying at Presentment Contingency System the principal office of Nasdaq. All April 2, 2009. comments received will be posted without change; the Commission does I. Introduction not edit personal identifying On January 13, 2009, The Depository information from submissions. You Trust Company (‘‘DTC’’) filed with the should submit only information that Securities and Exchange Commission you wish to make available publicly. All (‘‘Commission’’) proposed rule change submissions should refer to File SR–DTC–2009–02 pursuant to Section Number SR–NASDAQ–2009–031 and 19(b)(1) of the Securities Exchange Act should be submitted on or before April of 1934 (‘‘Act’’).1 The proposed rule 29, 2009. change was published for comment in the Federal Register on February 19, For the Commission, by the Division of 2009.2 No comment letters were Trading and Markets, pursuant to delegated received on the proposal. This order 9 authority. approves the proposal. Florence E. Harmon, Deputy Secretary. [FR Doc. E9–7866 Filed 4–7–09; 8:45 am] rwilkins on PROD1PC63 with NOTICES BILLING CODE 1080–01–P II. Description The proposed rule change implements a Maturity Presentment Pend function (‘‘IPA MP Pend Function’’) that will replace the Maturity Presentment Contingency System. A. Current MMI Maturity Payment Procedure: Maturity Presentment Contingency System Currently, as part of DTC’s Money Market Instrument (‘‘MMI’’) program 1 15 U.S.C. 78s(b)(1). Exchange Act Release No. 59388 (Feb. 11, 2009), 74 FR 7714. 2 Securities 9 17 CFR 200.30–3(a)(12). VerDate Nov<24>2008 17:05 Apr 07, 2009 Jkt 217001 PO 00000 Frm 00116 Fmt 4703 Sfmt 4703 maturity payment procedures, DTC sweeps maturing MMI positions from investors’ custodians accounts and generates Maturity Presentments (‘‘MPs’’) 3 to the designated Issuing Agent or Paying Agent’s (collectively, ‘‘IPA’’) accounts. DTC debits the IPA’s account by the amount of the maturity proceeds for settlement that day and credits the same amount to the investor’s custodian account for payment that day. Because MPs are processed against an IPA’s DTC account, IPAs may refuse to pay for a specific issuer’s MP in the event that the issuer defaults on its obligation to the IPA. DTC allows IPAs to enter refusal to pay notifications through the Participant Terminal System (‘‘PTS’’) until 3 p.m. Eastern Time on the date of maturity.4 Under extraordinary circumstances or in times of unusual market stress, DTC may use the Maturity Presentment Contingency System (‘‘MPCS’’) after consultation with the Commission on the days following a disaster to allow IPAs to review and manually release MPs. IPAs are able to release MPs for processing on a CUSIP or issuer acronym level basis. At the close of settlement, MPs that have not been released are rolled into the next business day’s processing queue for presentation along with that day’s scheduled obligations. This process continues until all maturities are funded and the IPA releases the MP, the IPA notifies DTC of its refusal to pay, or the MPCS contingency procedure is terminated. B. Proposed MMI Maturity Payment Procedure: Maturity Presentment Pend Function DTC is enhancing its systems in order to provide IPAs the ability to monitor their credit exposure to MMI issuers. DTC’s IPA MP Pend Function will enable IPAs to review and manually release MPs in the ordinary course of business. IPAs will have the ability to set the pend request anytime prior to the MP sweep or at any point during the day for unknown rate maturities, based on acronym, product type, or the issuer MMI base CUSIP number. Each day by 3 References to MPs also cover other payment obligations of MMI issuers such as periodic payments and periodic interest payments. 4 If the IPA refuses to pay, then DTC follows its Defaulting Issuer procedures, which include devaluing the collateral value of all of the defaulting issuer’s MMI to zero, reversing all of the issuer’s issuances and maturities processed that day, notifying DTC participants of the default, and blocking all further issuances by the issuer from entering DTC. If an IPA then contacts DTC to reverse the refusal to pay instruction, DTC undoes all the actions it took under its Defaulting Issuer procedures. E:\FR\FM\08APN1.SGM 08APN1

Agencies

[Federal Register Volume 74, Number 66 (Wednesday, April 8, 2009)]
[Notices]
[Page 16028]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-7973]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59627; File No. SR-NYSEAmex-2009-02]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by NYSE Amex LLC Formally 
Adopting and Codifying Its Wireless Data Communications Initiatives

April 2, 2009.
    Correction: In FR Document No. E9-7291, published on Wednesday, 
April 1, 2009, beginning on page 14834, third column, first paragraph, 
fifth line, the name of the exchange is corrected to read ``NYSE Amex 
LLC''.

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E9-7973 Filed 4-7-09; 8:45 am]
BILLING CODE 8010-01-P
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