Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Fee Schedules, 35218-35219 [E9-17137]

Download as PDF 35218 Federal Register / Vol. 74, No. 137 / Monday, July 20, 2009 / Notices trading of cabinet orders, based on NYSE Arca Rule 6.80. 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 Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) Impose any significant burden on competition; and (iii) Become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, if consistent with the protection of investors and the public interest, it has become effective pursuant to Section 19(b)(3)(A) of the Act 13 and Rule 19b–4(f)(6) thereunder.14 The Exchange has requested the Commission to waive the 30-day operative delay because the proposal will afford market participants on the Exchange the same opportunity to execute cabinet trades as is afforded to market participants on other exchanges. The Commission notes that the Exchange deleted its former rule on cabinet trading in March of this year and inadvertently failed to include a new rule on cabinet trading in its new rule set governing options trading.15 The Commission believes waiving the 30day operative delay to provide NYSE Amex market participants the ability to immediately engage in cabinet trading, as necessary, is consistent with the protection of investors and the public interest.16 Accordingly, the Commission 13 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6)(iii) requires the self-regulatory organization to submit to the Commission 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 satisfied this requirement. 15 See supra notes 7 and 8 and accompanying text. 16 For purposes only of waiving the 30-day operative delay of this proposal, the Commission erowe on DSK5CLS3C1PROD with NOTICES 14 17 VerDate Nov<24>2008 15:18 Jul 17, 2009 Jkt 217001 designates the proposed rule change operative upon filing with the Commission. 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: 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– NYSEAmex–2009–37 and should be submitted on or before August 10, 2009. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.17 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–17135 Filed 7–17–09; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION 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–NYSEAmex–2009–37 on 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–NYSEAmex–2009–37. 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 such filing also will be available for inspection and copying at the principal office of the Exchange. All comments has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). PO 00000 Frm 00064 Fmt 4703 Sfmt 4703 [Release No. 34–60298; File No. SR–FICC– 2008–07] Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Fee Schedules July 13, 2009. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 notice is hereby given that on December 31, 2009, the Fixed Income Clearing Corporation (‘‘FICC’’) filed with the Securities and Exchange Commission (‘‘Commission’’) and on January 12, 2009, May 11, 2009, and June 24, 2009, amended the proposed rule change as 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) of the Act 2 and Rule 19b–4(f)(2) 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 will amend FICC’s Government Securities Division’s (‘‘GSD’’) and Mortgage Backed Securities Division’s (‘‘MBSD’s’’) fees. 17 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 15 U.S.C. 78s(b)(3)(A)(ii). 3 17 CFR 240.19b–4(f)(2). 1 15 E:\FR\FM\20JYN1.SGM 20JYN1 Federal Register / Vol. 74, No. 137 / Monday, July 20, 2009 / 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, 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 such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change The purpose of this filing is to amend GSD’s and MBSD’s fees. 1. GSD Trade Submission The GSD fee structure currently charges $.30 per submission of a side of a trade or submission of a Repo Transaction. FICC is modifying this fee by reducing this charge according to the following volume-based fee structure: (a) $.16 per submission for up to 50,000 submissions per month. (b) $.08 per submission for 50,001 to 100,000 submissions per month. (c) $.01 per submission for 100,001 or greater submissions per month. 2. GSD Netting Fee The GSD fee structure currently provides that the charge for each Deliver Obligation and Receive Obligation created as a result of the netting process is a fee of $0.052 per $1 million of par value. This fee is being increased to $0.06 per $1 million. erowe on DSK5CLS3C1PROD with NOTICES 3. GSD Demand and Locked-In Trade Data Data received by FICC on a demand or locked-in basis from a Demand Trade Source or a Locked-in Trade Source related to a side of a trade or Repo Transaction entered into by a member or entered into by a non-member for which the member is clearing results in a charge for processing and reporting by FICC to the member of $0.50 per $50 million increment of such side or Repo Transaction. This fee is being reduced to $0.16 per $50 million increment of such side or Repo Transaction. 4. MBSD Trade Processing Items 01–2,500 ........... 2,501–5,000 ...... 5,001–7,500 ...... 7,501–10,000 .... 10,001–12,500 .. 12,501 and over 15:18 Jul 17, 2009 Jkt 217001 $1.58/MM 1.46/MM 1.33/MM 1.25/MM 1.12/MM 0.99/MM • Send an e-mail to rulecomment@sec.gov. Please include File $1.44/MM No. SR–FICC–2008–07 on the subject 1.32/MM line. To 1.19/MM 1.11/MM 0.98/MM 0.85/MM FICC believes 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 updates FICC’s fee schedule and provides for the equitable allocation of fees among its participants. 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 pursuant to Section 19(b)(3)(A)(ii) of the Act 5 and Rule 19b– 4(f)(2) 6 thereunder because it establishes or changes a due, fee, or other charge applicable only to a member. 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: Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml) or FICC is reducing the MBSD Trade Processing fees for trade creates as follows: VerDate Nov<24>2008 From U.S.C. 78q–1. U.S.C. 78s(b)(3)(A)(ii). 6 17 CFR 240.19b–4(f)(2). 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 No. SR–FICC–2008–07. 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 FICC’s principal office and on FICC’s Web site at https://ficc.com/gov/ gov.docs.jsp?NS-query=#rf. 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 SR–FICC– 2008–07 and should be submitted on or before August 10, 2009. For the Commission by the Division of Trading and Markets, pursuant to delegated authority.7 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–17137 Filed 7–17–09; 8:45 am] BILLING CODE 8010–01–P 4 15 5 15 PO 00000 Frm 00065 Fmt 4703 Sfmt 4703 35219 7 17 E:\FR\FM\20JYN1.SGM CFR 200.30–3(a)(12). 20JYN1

Agencies

[Federal Register Volume 74, Number 137 (Monday, July 20, 2009)]
[Notices]
[Pages 35218-35219]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-17137]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-60298; File No. SR-FICC-2008-07]


Self-Regulatory Organizations; Fixed Income Clearing Corporation; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Relating to Fee Schedules

July 13, 2009.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on December 31, 2009, the 
Fixed Income Clearing Corporation (``FICC'') filed with the Securities 
and Exchange Commission (``Commission'') and on January 12, 2009, May 
11, 2009, and June 24, 2009, amended the proposed rule change as 
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) of the Act \2\ and Rule 19b-4(f)(2) 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)(ii).
    \3\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The proposed rule change will amend FICC's Government Securities 
Division's (``GSD'') and Mortgage Backed Securities Division's 
(``MBSD's'') fees.

[[Page 35219]]

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 such statements.

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

    The purpose of this filing is to amend GSD's and MBSD's fees.
1. GSD Trade Submission
    The GSD fee structure currently charges $.30 per submission of a 
side of a trade or submission of a Repo Transaction. FICC is modifying 
this fee by reducing this charge according to the following volume-
based fee structure:
    (a) $.16 per submission for up to 50,000 submissions per month.
    (b) $.08 per submission for 50,001 to 100,000 submissions per 
month.
    (c) $.01 per submission for 100,001 or greater submissions per 
month.
2. GSD Netting Fee
    The GSD fee structure currently provides that the charge for each 
Deliver Obligation and Receive Obligation created as a result of the 
netting process is a fee of $0.052 per $1 million of par value. This 
fee is being increased to $0.06 per $1 million.
3. GSD Demand and Locked-In Trade Data
    Data received by FICC on a demand or locked-in basis from a Demand 
Trade Source or a Locked-in Trade Source related to a side of a trade 
or Repo Transaction entered into by a member or entered into by a non-
member for which the member is clearing results in a charge for 
processing and reporting by FICC to the member of $0.50 per $50 million 
increment of such side or Repo Transaction. This fee is being reduced 
to $0.16 per $50 million increment of such side or Repo Transaction.
4. MBSD Trade Processing
    FICC is reducing the MBSD Trade Processing fees for trade creates 
as follows:

------------------------------------------------------------------------
                     Items                          From          To
------------------------------------------------------------------------
01-2,500......................................     $1.58/MM     $1.44/MM
2,501-5,000...................................      1.46/MM      1.32/MM
5,001-7,500...................................      1.33/MM      1.19/MM
7,501-10,000..................................      1.25/MM      1.11/MM
10,001-12,500.................................      1.12/MM      0.98/MM
12,501 and over...............................      0.99/MM      0.85/MM
------------------------------------------------------------------------

    FICC believes 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 updates FICC's fee schedule and 
provides for the equitable allocation of fees among its participants.
---------------------------------------------------------------------------

    \4\ 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 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 pursuant to Section 
19(b)(3)(A)(ii) of the Act \5\ and Rule 19b-4(f)(2) \6\ thereunder 
because it establishes or changes a due, fee, or other charge 
applicable only to a member. 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)(ii).
    \6\ 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-comment@sec.gov. Please include 
File No. SR-FICC-2008-07 on 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 No. SR-FICC-2008-07. 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 FICC's principal office and on FICC's Web 
site at https://ficc.com/gov/gov.docs.jsp?NS-query=#rf. 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 SR-FICC-2008-07 and should be submitted on 
or before August 10, 2009.

    For the Commission by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
Florence E. Harmon,
Deputy Secretary.
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

[FR Doc. E9-17137 Filed 7-17-09; 8:45 am]
BILLING CODE 8010-01-P
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