Self-Regulatory Organizations; The Fixed Income Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Make a Technical, Clarifying Change to the Corporation Default Rule of the Government Securities Division, 12782-12784 [2011-5138]
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Federal Register / Vol. 76, No. 45 / Tuesday, March 8, 2011 / Notices
shall consist of five members who will
serve three-year terms.
2. Statutory Basis
The MSRB believes that the proposed
rule change is consistent with Section
15B(b) of the Securities Exchange Act of
1934 (the ‘‘Act’’),5 as amended by the
Dodd-Frank Act, in that it conforms the
Articles of Incorporation of the Board to
the requirements of the Dodd-Frank Act
and MSRB transitional Rule A–3(i).
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The MSRB does not believe that the
proposed rule change will impose any
burden on competition not necessary or
appropriate in furtherance of the
purposes of the Act, since the proposed
rule change simply amends the Articles
of Incorporation of the Board to comply
with the requirements of the DoddFrank Act and MSRB transitional Rule
A–3(i), and solely concerns the
administration of the organization.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor received on the proposed
rule change.
srobinson on DSKHWCL6B1PROD with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The MSRB represented that the
proposed rule change qualifies for
immediate effectiveness pursuant to
Section 19(b)(3)(A)(iii) of the Act 6
because it: (i) Does not significantly
affect the protection of investors or the
public interest; (ii) does not impose any
significant burden on competition; and
(iii) does not become operative for 30
days after filing or such shorter time as
the Commission may designate
consistent with the protection of
investors and the public interest.7 The
MSRB provided the required written
notice of its intention to file the
proposed rule change to the
Commission on February 10, 2011, and
the proposed rule change will become
operative on April 1, 2011, which is
more than 30 days after the filing of the
proposed rule change.
At any time within 60 days of the
filing of the proposed rule change, the
5 15
U.S.C. 78o–4(b).
U.S.C. 78s(b)(3)(A)(iii).
7 In addition, Rule 19b–4(f)(6)(iii) requires a selfregulatory organization to give the Commission
written notice of its intent to file 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.
6 15
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19:12 Mar 07, 2011
Jkt 223001
Commission summarily may
temporarily suspend 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.8
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–MSRB–2011–01 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–MSRB–2011–01. 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
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 Web site viewing and
printing 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 MSRB’s offices.
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–MSRB–2011–01 and should
be submitted on or before March 29,
2011.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011–5140 Filed 3–7–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–64004; File No. SR–FICC–
2011–02]
Self-Regulatory Organizations; The
Fixed Income Clearing Corporation;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change To Make a Technical,
Clarifying Change to the Corporation
Default Rule of the Government
Securities Division
March 2, 2011.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
February 17, 2011, The Fixed Income
Clearing Corporation (‘‘FICC’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change described in Items
I and II below, which Items have been
prepared primarily by FICC. FICC filed
the proposal pursuant to Section
19(b)(3)(A)(i) of the Act 2 and Rule 19b–
4(f)(1) 3 thereunder so that the proposal
was effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the rule change from
interested parties.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The proposed rule change will make
a technical, clarifying change to the
Corporation Default Rule of the
Government Securities Division
(‘‘GSD’’).
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
9 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78s(b)(3)(A)(i).
3 17 CFR 240.19b–4(f)(1).
1 15
8 See Section 19(b)(3)(C) of the Act, 15 U.S.C.
78s(b)(3)(C).
PO 00000
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Federal Register / Vol. 76, No. 45 / Tuesday, March 8, 2011 / Notices
srobinson on DSKHWCL6B1PROD with NOTICES
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.4
(A) Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
The purpose of this rule change is to
make a technical, clarifying change to
GSD Rule 22B, entitled ‘‘Corporation
Default’’ (‘‘Corporation Default Rule’’).
FICC adopted the Corporation Default
Rule to make explicit the close-out
netting that would be applied to
obligations between FICC and its
members in the event that FICC
becomes insolvent or defaults in its
obligations to its members.5 By way of
background, FICC had been approached
by some of its dealer members that had
requested that FICC add a provision to
the rules of the GSD to make explicit the
close-out netting of obligations between
FICC and its members in the unlikely
event that FICC becomes insolvent or
defaults on its obligations to its
members. The members stated that the
adoption of the Corporation Default
Rule would provide clarity in their
application of balance sheet netting to
their positions with FICC under U.S.
GAAP in accordance with the criteria
specified in the Financial Accounting
Standards Board’s Interpretation No. 39,
‘‘Offsetting of Amounts Related to
Certain Contracts’’ (FIN 39). The
members further stated that the
Corporation Default Rule would allow
them to comply with Basel Accord
Standards relating to netting.
Specifically, firms are able to calculate
their capital requirements on the basis
of their net credit exposure where they
have legally enforceable netting
arrangements with their counterparties,
which includes a close-out netting
provision in the event of the default of
the counterparty (in this case, the
division of FICC acting as a CCP).
The proposed technical change adds a
sentence to the Corporation Default Rule
that reads as follows: ‘‘For purposes of
this Rule 22B and notwithstanding any
other provision to the contrary,
Novation is deemed to occur and
Deliver Obligations and Receive
Obligations established with respect to
all Transactions at the time at which the
data submitted in respect of such
4 The Commission has modified the text of the
summaries prepared by FICC.
5 SEC Release No. 34–63038, File No. SR–FICC–
2010–04 (October 5, 2010).
VerDate Mar<15>2010
19:12 Mar 07, 2011
Jkt 223001
Transactions is compared and
constitutes a Compared Trade.’’ For
purposes of clarity, this sentence brings
into Rule 22B, existing language of other
provisions of the GSD’s Rules. For
example, GSD Rule 11B (‘‘Guaranty of
Settlement’’) provides that FICC shall
guarantee the settlement of a trade at the
time at which the comparison of such
trade occurs pursuant to the FICC’s
comparison rules and that FICC’s
guaranty means FICC’s obligation to
novate the deliver, receive, and payment
obligations that were created by the
trade. The addition of the proposed
sentence in the Corporation Default
Rule clarifies that trades that have been
compared and therefore guaranteed by
the GSD shall be deemed novated at the
time of comparison for purposes of Rule
22B and therefore included in the closeout netting calculation that would be
performed in the event of an FICC
default pursuant to Rule 22B.
FICC believes that the proposed rule
change is consistent with the
requirements of Section 17A of the Act 6
and the rules and regulations
thereunder applicable to FICC because it
provides members with further clarity
with respect to the Corporation Default
Rule and net credit exposure where
members have legally enforceable
netting arrangements with their
counterparties.
(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 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 proposed rule change
has become effective upon filing
pursuant to Section 19(b)(3)(A)(i) of the
Act 7 and Rule 19b–4(f)(1) 8 thereunder
because the proposed rule change
constitutes a stated policy, practice, or
interpretation with respect to the
meaning, administration, or
enforcement of an existing rule. At any
6 15
U.S.C. 78q–1.
U.S.C. 78s(b)(3)(A)(i).
8 17 CFR 240.19b–4(f)(1).
7 15
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12783
time within 60 days of the filing of the
proposed rule change, the Commission
summarily may temporarily suspend
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
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–FICC–2011–02 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–2011–02. 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 Web site viewing and
printing 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 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/downloads/legal/
rule_filings/2011/ficc/2011–02.pdf. All
comments received will be posted
without change; the Commission does
not edit personal identifying
E:\FR\FM\08MRN1.SGM
08MRN1
12784
Federal Register / Vol. 76, No. 45 / Tuesday, March 8, 2011 / Notices
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–FICC–2011–02 and should
be submitted on or before March 29,
2011.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011–5138 Filed 3–7–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–64003; File No. SR–
NASDAQ–2011–028]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Modify Fees
for Members Using the NASDAQ
Market Center
March 2, 2011.
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 February
22, 2011, The NASDAQ Stock Market
LLC (the ‘‘Exchange’’ or ‘‘NASDAQ’’)
filed with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by NASDAQ. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
srobinson on DSKHWCL6B1PROD with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
NASDAQ proposes to modify pricing
for NASDAQ members using the
NASDAQ Market Center. NASDAQ will
implement the proposed change on
March 1, 2011. The text of the proposed
rule change is available at https://
nasdaq.cchwallstreet.com/, at
NASDAQ’s principal office, 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,
NASDAQ included statements
concerning the purpose of and basis for
the proposed rule change and discussed
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
19:12 Mar 07, 2011
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
NASDAQ is amending Rule 7018 to
make modifications to its pricing
schedule for execution of orders through
the NASDAQ Market Center. NASDAQ
offers a credit to liquidity providers,
with the size of the credit varying based
on overall monthly volumes of liquidity
provision. Currently, the highest credit
is $0.00295 per share executed for
displayed liquidity and $0.0015 per
share executed for non-displayed
liquidity. The availability of this credit
level is based on volume of liquidity
provision during a month, with the
required volume adjusted each month in
accordance with a sliding scale that
takes account of overall market volumes
during the month. Specifically, a
member qualifies for the highest credit
if it has an average daily volume
through the NASDAQ Market Center in
all securities during the month of: (i)
More than 95 million shares of liquidity
provided, if average total consolidated
volume reported to all consolidated
transaction reporting plans by all
exchanges and trade reporting facilities
is more than 10 billion shares per day
during the month; (ii) more than 85
million shares of liquidity provided, if
average total consolidated volume is
between 9,000,000,001 and 10 billion
shares per day during the month; (iii)
more than 75 million shares of liquidity
provided, if average total consolidated
volume is between 8,000,000,001 and 9
billion shares per day during the month;
and (iv) more than 65 million shares of
liquidity provided, if average total
consolidated volume is 8 billion or
fewer shares per day during the month.
Effective March 1, 2011, NASDAQ
will modify the conditions for
qualifying for this rebate tier by
stipulating that a member must achieve
the requisite volume levels through a
single market participant identifier
(‘‘MPIDs’’).3 An MPID is a four-letter
code used by a member to categorize its
trading activity for a specific purpose.
3 A member achieving the requisite level through
one MPID would be eligible to receive the higher
credit with respect to trading activity through its
other MPIDs as well.
9 17
VerDate Mar<15>2010
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.
NASDAQ has prepared summaries, set
forth in Sections A, B, and C below, of
the most significant aspects of such
statements.
Jkt 223001
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All members have at least one MPID,
but a member may request the
assignment of additional MPIDs. For
example, a member may conduct market
making activity through one MPID,
while using a second MPID for trading
on behalf of institutional customers. In
addition, certain members aggregate the
trading activity of several firms under
their own membership rubric, for the
purposes of obtaining more favorable
pricing, but will generally acquire a
separate MPID for each firm that they
aggregate, so as to distinguish the
trading activity of one firm from
another. NASDAQ has concluded that
its most favorable rebate tier should be
paid to those firms that do the most to
enhance NASDAQ’s market quality
through unified management of a high
volume of quotes/orders. NASDAQ also
wishes to ensure that its fee schedule
does not provide excessive
encouragement to members to aggregate
the activity of several firms (some of
whom may not themselves be members
of the exchange) for the sole purpose of
earning a higher rebate. Thus, a member
or a sponsored non-member that is not
able to achieve the requisite level of
liquidity provision will not be able to
meet the threshold by coordinating and
consolidating with the trading activity
of other firms using multiple MPIDs.
NASDAQ notes, however, that the
impact of the change on firms that
currently qualify for the most favorable
rebate rate but that are not able to
achieve the required volume thresholds
through a single MPID is mitigated by
the fact that qualification for other
rebate tiers may continue to be achieved
through one or more MPIDs. Notably,
members that provide a daily average of
more than 35 million shares of liquidity
during the month through one or more
MPIDs are eligible to receive a rebate of
$0.0029 per share executed for
displayed liquidity and $0.0015 per
share executed for non-displayed
liquidity (versus the top rebate of
$0.00295 per share executed for
displayed liquidity and $0.0015 per
share executed for non-displayed
liquidity).
Separately, NASDAQ currently offers
a rebate of $0.0029 per share executed
for displayed liquidity and $0.0015 per
share executed for non-displayed in
circumstances where a market
participant achieves certain specified
levels of activity in both the NASDAQ
Market Center and the NASDAQ
Options Market. Currently, the required
levels of monthly activity are an average
daily volume of more than 25 million
shares of liquidity provided through the
NASDAQ Market Center and an average
daily volume of more than 200,000
E:\FR\FM\08MRN1.SGM
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]]>Agencies
[Federal Register Volume 76, Number 45 (Tuesday, March 8, 2011)]
[Notices]
[Pages 12782-12784]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-5138]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-64004; File No. SR-FICC-2011-02]
Self-Regulatory Organizations; The Fixed Income Clearing
Corporation; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change To Make a Technical, Clarifying Change to the Corporation
Default Rule of the Government Securities Division
March 2, 2011.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on February 17, 2011, The
Fixed Income Clearing Corporation (``FICC'') filed with the Securities
and Exchange Commission (``Commission'') the proposed rule change
described in Items I and II below, which Items have been prepared
primarily by FICC. FICC filed the proposal pursuant to Section
19(b)(3)(A)(i) of the Act \2\ and Rule 19b-4(f)(1) \3\ thereunder so
that the proposal was effective upon filing with the Commission. The
Commission is publishing this notice to solicit comments on the rule
change from interested parties.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78s(b)(3)(A)(i).
\3\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The proposed rule change will make a technical, clarifying change
to the Corporation Default Rule of the Government Securities Division
(``GSD'').
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
[[Page 12783]]
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.\4\
---------------------------------------------------------------------------
\4\ 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
The purpose of this rule change is to make a technical, clarifying
change to GSD Rule 22B, entitled ``Corporation Default'' (``Corporation
Default Rule''). FICC adopted the Corporation Default Rule to make
explicit the close-out netting that would be applied to obligations
between FICC and its members in the event that FICC becomes insolvent
or defaults in its obligations to its members.\5\ By way of background,
FICC had been approached by some of its dealer members that had
requested that FICC add a provision to the rules of the GSD to make
explicit the close-out netting of obligations between FICC and its
members in the unlikely event that FICC becomes insolvent or defaults
on its obligations to its members. The members stated that the adoption
of the Corporation Default Rule would provide clarity in their
application of balance sheet netting to their positions with FICC under
U.S. GAAP in accordance with the criteria specified in the Financial
Accounting Standards Board's Interpretation No. 39, ``Offsetting of
Amounts Related to Certain Contracts'' (FIN 39). The members further
stated that the Corporation Default Rule would allow them to comply
with Basel Accord Standards relating to netting. Specifically, firms
are able to calculate their capital requirements on the basis of their
net credit exposure where they have legally enforceable netting
arrangements with their counterparties, which includes a close-out
netting provision in the event of the default of the counterparty (in
this case, the division of FICC acting as a CCP).
---------------------------------------------------------------------------
\5\ SEC Release No. 34-63038, File No. SR-FICC-2010-04 (October
5, 2010).
---------------------------------------------------------------------------
The proposed technical change adds a sentence to the Corporation
Default Rule that reads as follows: ``For purposes of this Rule 22B and
notwithstanding any other provision to the contrary, Novation is deemed
to occur and Deliver Obligations and Receive Obligations established
with respect to all Transactions at the time at which the data
submitted in respect of such Transactions is compared and constitutes a
Compared Trade.'' For purposes of clarity, this sentence brings into
Rule 22B, existing language of other provisions of the GSD's Rules. For
example, GSD Rule 11B (``Guaranty of Settlement'') provides that FICC
shall guarantee the settlement of a trade at the time at which the
comparison of such trade occurs pursuant to the FICC's comparison rules
and that FICC's guaranty means FICC's obligation to novate the deliver,
receive, and payment obligations that were created by the trade. The
addition of the proposed sentence in the Corporation Default Rule
clarifies that trades that have been compared and therefore guaranteed
by the GSD shall be deemed novated at the time of comparison for
purposes of Rule 22B and therefore included in the close-out netting
calculation that would be performed in the event of an FICC default
pursuant to Rule 22B.
FICC believes that the proposed rule change is consistent with the
requirements of Section 17A of the Act \6\ and the rules and
regulations thereunder applicable to FICC because it provides members
with further clarity with respect to the Corporation Default Rule and
net credit exposure where members have legally enforceable netting
arrangements with their counterparties.
---------------------------------------------------------------------------
\6\ 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 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 proposed rule change has become effective upon filing
pursuant to Section 19(b)(3)(A)(i) of the Act \7\ and Rule 19b-4(f)(1)
\8\ thereunder because the proposed rule change constitutes a stated
policy, practice, or interpretation with respect to the meaning,
administration, or enforcement of an existing rule. At any time within
60 days of the filing of the proposed rule change, the Commission
summarily may temporarily suspend 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A)(i).
\8\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------
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-2011-02 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-2011-02. 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 Web site viewing and
printing 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 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/downloads/legal/rule_filings/2011/ficc/2011-02.pdf. All comments received will be posted without change;
the Commission does not edit personal identifying
[[Page 12784]]
information from submissions. You should submit only information that
you wish to make available publicly. All submissions should refer to
File Number SR-FICC-2011-02 and should be submitted on or before March
29, 2011.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(12).
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Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-5138 Filed 3-7-11; 8:45 am]
BILLING CODE 8011-01-P
