Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify Haircuts Applied to Eligible Clearing Fund Securities and Eligible Participant Fund Securities, 39723-39725 [E9-18977]
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39723
Federal Register / Vol. 74, No. 151 / Friday, August 7, 2009 / Notices
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 FINRA. 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–FINRA–2009–051 and
should be submitted on or before
August 28, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–18976 Filed 8–6–09; 8:45 am]
BILLING CODE 8010–01–P
(‘‘Act’’),1 notice is hereby given that on
July 13, 2009, the Fixed Income Clearing
Corporation (‘‘FICC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change 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
The purpose of the proposed rule
change is to modify the haircuts applied
to Eligible Clearing Fund Securities and
Eligible Participant Fund Securities.
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
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–60421; File No. SR–FICC–
2009–07]
Self-Regulatory Organizations; Fixed
Income Clearing Corporation; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Modify
Haircuts Applied to Eligible Clearing
Fund Securities and Eligible
Participant Fund Securities
August 3, 2009.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
Under the Rules of the Government
Securities Division (‘‘GSD’’) and the
Mortgage-Backed Securities Division
(‘‘MBSD’’) (‘‘Rules’’), GSD Members and
MBSD Participants are required to
deposit to the GSD Clearing Fund and
MBSD Participants Fund, respectively,
the amount of each Member’s or
Participant’s required deposit, which is
established by FICC in accordance with
formulas specified in the Rules
(‘‘Required Deposit’’).
A Member or Participant may satisfy
its Required Deposit with cash, and
FICC may permit a portion of the
Member’s or Participant’s deposit to be
evidenced by an open account
indebtedness secured by Eligible
Clearing Fund Securities for the GSD
and Eligible Participants Fund
Securities for the MBSD. Eligible
Clearing Fund Securities and Eligible
Participants Fund Securities consist of
certain Treasury, agency, and mortgagebacked securities.
For reasons set forth in a companion
rule filing, FICC’s affiliate, National
Securities Clearing Corporation
(‘‘NSCC’’), has increased haircuts on
Clearing Fund collateral.3 Given that the
haircuts are applied by FICC and NSCC
systemically and on a harmonized basis,
these changes are also being applied by
FICC.
Therefore, FICC proposes to modify
the GSD’s Schedule of Haircuts for
Eligible Clearing Fund Securities and
the MBSD’s Schedule of Haircuts for
Eligible Participants Fund Securities to
update the correlating range of haircuts
applied to the types of Eligible Clearing
Fund Securities and Eligible
Participants Fund Securities.
Specifically, FICC proposes to increase
the haircut on: (i) Interest bearing
Treasuries with terms greater than 10
years but less than 15 years from the
current 5 percent to 6 percent and (ii)
zero coupon obligations of U.S.
Treasury and Agency Securities from
the current 2 to 10 percent based on
term to 5 to 12 percent based on term.
A complete listing of the haircut
schedule, showing modifications, is as
follows (deletions are in brackets and
additions are italicized):
GSD SCHEDULE OF HAIRCUTS FOR ELIGIBLE CLEARING FUND SECURITIES
Security type
Remaining maturity
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1. Treasury
Bills, Notes, Bonds, TIPS ...........................
11 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
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Zero to 1 year ...................................................
1 year to 2 years ..............................................
2 years to 5 years ............................................
5 years to 10 years ..........................................
10 years to 15 years ........................................
15 years or greater ...........................................
Zero to 1 year ...................................................
2.0%
2.0%
3.0%
4.0%
[5.0%] 6.0%
6.0%
[2.0%] 5.0%
2 The Commission has modified the text of the
summaries prepared by FICC.
Zero Coupon ..............................................
1 15
Haircut
3 Securities Exchange Act Release No. 60368 (July
22, 2009), 74 FR 37275.
PO 00000
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39724
Federal Register / Vol. 74, No. 151 / Friday, August 7, 2009 / Notices
GSD SCHEDULE OF HAIRCUTS FOR ELIGIBLE CLEARING FUND SECURITIES—Continued
Security type
Remaining maturity
Haircut
1 year to 2 years ..............................................
2 years to 5 years ............................................
5 years to 10 years ..........................................
10 years to 15 years ........................................
15 years or greater ...........................................
2. Agency
Notes, Bonds ..............................................
Zero Coupon ..............................................
3. MBS Pass-throughs ......................................
4. Self-issued MBS ............................................
[2.0%]
[4.0%]
[6.0%]
[7.0%]
[9.0%]
5.0%
5.0%
12.0%
12.0%
12.0%
Zero to 1 year ...................................................
1 year to 2 years ..............................................
2 years to 5 years ............................................
5 years to 10 years ..........................................
10 years to 15 years ........................................
15 years or greater ...........................................
Zero to 1 year ...................................................
1 year to 2 years ..............................................
2 years to 5 years ............................................
5 years to 10 years ..........................................
10 years to 15 years ........................................
15 years or greater ...........................................
Ginnie Mae .......................................................
Fannie Mae/Freddie Mac .................................
...........................................................................
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
[2.0%] 5.0%
[3.0%] 5.0%
5.0%
[7.0%] 12.0%
[8.0%] 12.0%
[10.0%] 12.0%
6.0%
7.0%
14% (or 21% if 25% concentration limit is exceeded).
MBSD SCHEDULE OF HAIRCUTS FOR ELIGIBLE PARTICIPANTS FUND SECURITIES
Security type
Remaining maturity
1. Treasury
Bills, Notes, Bonds, TIPS ...........................
Haircut
Zero to 1 year ...................................................
1 year to 2 years ..............................................
2 years to 5 years ............................................
5 years to 10 years ..........................................
10 years to 15 years ........................................
15 years or greater ...........................................
Zero to 1 year ...................................................
1 year to 2 years ..............................................
2 years to 5 years ............................................
5 years to 10 years ..........................................
10 years to 15 years ........................................
15 years or greater ...........................................
2.0%
2.0%
3.0%
4.0%
[5.0%]
6.0%
[2.0%]
[2.0%]
[4.0%]
[6.0%]
[7.0%]
[9.0%]
4. Self-issued MBS ............................................
Zero to 1 year ...................................................
1 year to 2 years ..............................................
2 years to 5 years ............................................
5 years to 10 years ..........................................
10 years to 15 years ........................................
15 years or greater ...........................................
Zero to 1 year ...................................................
1 year to 2 years ..............................................
2 years to 5 years ............................................
5 years to 10 years ..........................................
10 years to 15 years ........................................
15 years or greater ...........................................
Ginnie Mae .......................................................
Fannie Mae/Freddie Mac .................................
...........................................................................
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
[2.0%] 5.0%
[3.0%] 5.0%
5.0%
[7.0%] 12.0%
[8.0%] 12.0%
[10.0%] 12.0%
6.0%
7.0%
14% (or 21% if 25% concentration limit is exceeded).
These changes will become effective
as of August 3, 2009.
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 applicable to FICC because
the proposed rule change should
facilitate the prompt and accurate
clearance and settlement of securities
transactions by adjusting FICC’s haircut
levels on Eligible Clearing Fund
Securities and Eligible Participant Fund
Securities and facilitating FICC’s ability
to ensure adequate collateral levels are
maintained to facilitate settlement in the
event of a Member or Participant
default.
Zero Coupon ..............................................
2. Agency
Notes, Bonds ..............................................
Zero Coupon ..............................................
pwalker on DSK8KYBLC1PROD with NOTICES
3. MBS Pass-Throughs .....................................
4 15
U.S.C. 78q–1.
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17:09 Aug 06, 2009
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Fmt 4703
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6.0%
5.0%
5.0%
5.0%
12.0%
12.0%
12.0%
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
FICC does not believe that the
proposed rule change will have any
impact on or impose any burden on
competition.
E:\FR\FM\07AUN1.SGM
07AUN1
Federal Register / Vol. 74, No. 151 / Friday, August 7, 2009 / Notices
(C) Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments relating to the
proposed rule change have 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 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 change effects a change in
an existing service of FICC that (i) does
not adversely affect the safeguarding of
securities or funds in the custody or
control of FICC or for which it is
responsible and (ii) does not
significantly affect the respective rights
of the clearing agency or persons using
the service. At any time within sixty
days of the filing of such 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.
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 filings also will be
available for inspection and copying at
the principal office of FICC and on
FICC’s Web site at https://www.dtcc.com/
legal/rule_filings/FICC/2009.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
Number SR–FICC–2009–07 and should
be submitted on or before August 28,
2009.
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.7
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–18977 Filed 8–6–09; 8:45 am]
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–2009–07 on the
subject line.
pwalker on DSK8KYBLC1PROD with NOTICES
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:
SECURITIES AND EXCHANGE
COMMISSION
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–2009–07. 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
BILLING CODE 8010–01–P
[Release No. 34–60422; File No. SR–FINRA–
2009–048]
Self-Regulatory Organizations;
Financial Industry Regulatory
Authority, Inc.; Notice of Filing of
Proposed Rule Change to Adopt
FINRA Rule 5230 (Payments Involving
Publications that Influence the Market
Price of a Security) in the Consolidated
FINRA Rulebook
August 3, 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 July 21,
2009, Financial Industry Regulatory
Authority, Inc. (‘‘FINRA’’) (f/k/a
National Association of Securities
7 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
5 15
U.S.C. 78s(b)(3)(A)(iii).
6 17 CFR 240.19b–4(f)(4).
VerDate Nov<24>2008
17:09 Aug 06, 2009
1 15
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39725
Dealers, Inc. (‘‘NASD’’)) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change as described in Items I, II,
and III below, which Items have been
prepared by FINRA. 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
FINRA is proposing to adopt NASD
Rule 3330 (Payment Designed to
Influence Market Prices, Other than
Paid Advertising) as FINRA Rule 5230
in the consolidated FINRA rulebook,
with several changes to clarify the scope
of the rule.
The text of the proposed rule change
is available on FINRA’s Web site at
https://www.finra.org, at the principal
office of FINRA 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,
FINRA 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. FINRA 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
As part of the process of developing
a new consolidated rulebook
(‘‘Consolidated FINRA Rulebook’’),3
FINRA is proposing to adopt NASD
Rule 3330 into the Consolidated FINRA
Rulebook as FINRA Rule 5230 with
3 The current FINRA rulebook consists of (1)
FINRA Rules; (2) NASD Rules; and (3) rules
incorporated from NYSE (‘‘Incorporated NYSE
Rules’’) (together, the NASD Rules and Incorporated
NYSE Rules are referred to as the ‘‘Transitional
Rulebook’’). While the NASD Rules generally apply
to all FINRA members, the Incorporated NYSE
Rules apply only to those members of FINRA that
are also members of the NYSE (‘‘Dual Members’’).
The FINRA Rules apply to all FINRA members,
unless such rules have a more limited application
by their terms. For more information about the
rulebook consolidation process, see FINRA
Information Notice, March 12, 2008 (Rulebook
Consolidation Process).
E:\FR\FM\07AUN1.SGM
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]]>Agencies
[Federal Register Volume 74, Number 151 (Friday, August 7, 2009)]
[Notices]
[Pages 39723-39725]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-18977]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-60421; File No. SR-FICC-2009-07]
Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Modify Haircuts Applied to Eligible Clearing Fund Securities and
Eligible Participant Fund Securities
August 3, 2009.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on July 13, 2009, the Fixed
Income Clearing Corporation (``FICC'') filed with the Securities and
Exchange Commission (``Commission'') the proposed rule change 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
The purpose of the proposed rule change is to modify the haircuts
applied to Eligible Clearing Fund Securities and Eligible Participant
Fund Securities.
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
Under the Rules of the Government Securities Division (``GSD'') and
the Mortgage-Backed Securities Division (``MBSD'') (``Rules''), GSD
Members and MBSD Participants are required to deposit to the GSD
Clearing Fund and MBSD Participants Fund, respectively, the amount of
each Member's or Participant's required deposit, which is established
by FICC in accordance with formulas specified in the Rules (``Required
Deposit'').
A Member or Participant may satisfy its Required Deposit with cash,
and FICC may permit a portion of the Member's or Participant's deposit
to be evidenced by an open account indebtedness secured by Eligible
Clearing Fund Securities for the GSD and Eligible Participants Fund
Securities for the MBSD. Eligible Clearing Fund Securities and Eligible
Participants Fund Securities consist of certain Treasury, agency, and
mortgage-backed securities.
For reasons set forth in a companion rule filing, FICC's affiliate,
National Securities Clearing Corporation (``NSCC''), has increased
haircuts on Clearing Fund collateral.\3\ Given that the haircuts are
applied by FICC and NSCC systemically and on a harmonized basis, these
changes are also being applied by FICC.
---------------------------------------------------------------------------
\3\ Securities Exchange Act Release No. 60368 (July 22, 2009),
74 FR 37275.
---------------------------------------------------------------------------
Therefore, FICC proposes to modify the GSD's Schedule of Haircuts
for Eligible Clearing Fund Securities and the MBSD's Schedule of
Haircuts for Eligible Participants Fund Securities to update the
correlating range of haircuts applied to the types of Eligible Clearing
Fund Securities and Eligible Participants Fund Securities.
Specifically, FICC proposes to increase the haircut on: (i) Interest
bearing Treasuries with terms greater than 10 years but less than 15
years from the current 5 percent to 6 percent and (ii) zero coupon
obligations of U.S. Treasury and Agency Securities from the current 2
to 10 percent based on term to 5 to 12 percent based on term.
A complete listing of the haircut schedule, showing modifications,
is as follows (deletions are in brackets and additions are italicized):
GSD Schedule of Haircuts for Eligible Clearing Fund Securities
------------------------------------------------------------------------
Security type Remaining maturity Haircut
------------------------------------------------------------------------
1. Treasury
Bills, Notes, Bonds, TIPS... Zero to 1 year.... 2.0%
1 year to 2 years. 2.0%
2 years to 5 years 3.0%
5 years to 10 4.0%
years.
10 years to 15 [5.0%] 6.0%
years.
15 years or 6.0%
greater.
Zero Coupon................. Zero to 1 year.... [2.0%] 5.0%
[[Page 39724]]
1 year to 2 years. [2.0%] 5.0%
2 years to 5 years [4.0%] 5.0%
5 years to 10 [6.0%] 12.0%
years.
10 years to 15 [7.0%] 12.0%
years.
15 years or [9.0%] 12.0%
greater.
2. Agency
Notes, Bonds................ Zero to 1 year.... 2.0%
1 year to 2 years. 3.0%
2 years to 5 years 4.0%
5 years to 10 5.0%
years.
10 years to 15 6.0%
years.
15 years or 7.0%
greater.
Zero Coupon................. Zero to 1 year.... [2.0%] 5.0%
1 year to 2 years. [3.0%] 5.0%
2 years to 5 years 5.0%
5 years to 10 [7.0%] 12.0%
years.
10 years to 15 [8.0%] 12.0%
years.
15 years or [10.0%] 12.0%
greater.
3. MBS Pass-throughs............ Ginnie Mae........ 6.0%
Fannie Mae/Freddie 7.0%
Mac.
4. Self-issued MBS.............. .................. 14% (or 21% if 25%
concentration
limit is
exceeded).
------------------------------------------------------------------------
MBSD Schedule of Haircuts for Eligible Participants Fund Securities
------------------------------------------------------------------------
Security type Remaining maturity Haircut
------------------------------------------------------------------------
1. Treasury
Bills, Notes, Bonds, TIPS... Zero to 1 year.... 2.0%
1 year to 2 years. 2.0%
2 years to 5 years 3.0%
5 years to 10 4.0%
years.
10 years to 15 [5.0%] 6.0%
years.
15 years or 6.0%
greater.
Zero Coupon................. Zero to 1 year.... [2.0%] 5.0%
1 year to 2 years. [2.0%] 5.0%
2 years to 5 years [4.0%] 5.0%
5 years to 10 [6.0%] 12.0%
years.
10 years to 15 [7.0%] 12.0%
years.
15 years or [9.0%] 12.0%
greater.
2. Agency
Notes, Bonds................ Zero to 1 year.... 2.0%
1 year to 2 years. 3.0%
2 years to 5 years 4.0%
5 years to 10 5.0%
years.
10 years to 15 6.0%
years.
15 years or 7.0%
greater.
Zero Coupon................. Zero to 1 year.... [2.0%] 5.0%
1 year to 2 years. [3.0%] 5.0%
2 years to 5 years 5.0%
5 years to 10 [7.0%] 12.0%
years.
10 years to 15 [8.0%] 12.0%
years.
15 years or [10.0%] 12.0%
greater.
3. MBS Pass-Throughs............ Ginnie Mae........ 6.0%
Fannie Mae/Freddie 7.0%
Mac.
4. Self-issued MBS.............. .................. 14% (or 21% if 25%
concentration
limit is
exceeded).
------------------------------------------------------------------------
These changes will become effective as of August 3, 2009.
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 applicable to FICC because the proposed rule
change should facilitate the prompt and accurate clearance and
settlement of securities transactions by adjusting FICC's haircut
levels on Eligible Clearing Fund Securities and Eligible Participant
Fund Securities and facilitating FICC's ability to ensure adequate
collateral levels are maintained to facilitate settlement in the event
of a Member or Participant default.
---------------------------------------------------------------------------
\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 on or impose any burden on competition.
[[Page 39725]]
(C) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received From Members, Participants, or Others
No written comments relating to the proposed rule change have 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 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 change effects a change in an
existing service of FICC that (i) does not adversely affect the
safeguarding of securities or funds in the custody or control of FICC
or for which it is responsible and (ii) does not significantly affect
the respective rights of the clearing agency or persons using the
service. At any time within sixty days of the filing of such 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-comments@sec.gov. Please include
File Number SR-FICC-2009-07 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 Number SR-FICC-2009-07. 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 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 filings also will be available for
inspection and copying at the principal office of FICC and on FICC's
Web site at https://www.dtcc.com/legal/rule_filings/FICC/2009.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 Number SR-FICC-2009-07 and should be
submitted on or before August 28, 2009.
For the Commission by the Division of Trading and Markets,
pursuant to delegated authority.\7\
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\7\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-18977 Filed 8-6-09; 8:45 am]
BILLING CODE 8010-01-P
