Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Modification of Trade Recording Fee for Bonds and Other Technical Rule Changes, 14113-14114 [2011-5954]

Download as PDF Federal Register / Vol. 76, No. 50 / Tuesday, March 15, 2011 / Notices Act 18 and Rule 19b–4(f)(6) thereunder.19 In particular, NASDAQ notes that the proposed rule change is similar to the rules of other options exchanges in a variety of ways. With respect to registration by series, most options exchanges require registration by option (also called underlying).20 With respect to quotation spread parameters, most options exchanges currently impose such parameters on market makers; some options exchanges have a $5 wide requirement for electronic quotes,21 while others impose $5 wide parameter in certain situations and narrower parameters in other situations, usually related to the opening and the particular market making category.22 With respect to the quotation requirement and exception for certain series, the proposal is identical to Phlx Rule 1014(b)(ii)(D)(1) respecting the 60% of series, 90% of the trading day requirement, except certain series.23 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. 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: 18 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. The Exchange previously filed its proposal under Section 19(b)(2) of the Act but subsequently withdrew that proposal and refiled under Section 19(b)(3)(A). See Securities Exchange Act Release No. 63815 (February 1, 2011), 76 FR 6646 (February 7, 2011) (SR–NASDAQ–2011–012). 20 See NYSEArca Rule 6.35(d) and Phlx Rule 507(b). ISE appoints by class and group. See ISE Rules 100(a)(6) and 802. 21 See NYSEAmex Rule 925NY(b)(5), which is similar, but not identical, because trading auctions on the NYSE Amex’s floor-based exchange are excluded from its rule. 22 See Phlx Rule 1014(c)(i)(A)(1)(a) and (c)(i)(A)(2) and ISE Rule 803(b)(4). 23 Phlx Rule 1014(b)(ii)(D)(1) and (4). Securities Exchange Act Release No. 60084 (June 10, 2009) (SR–Phlx–2009–37); see also Securities Exchange Act Release No. 57186 (January 22, 2008), 73 FR 4931 (January 28, 2008) (approving SR–NYSEArca– 2007–121). srobinson on DSKHWCL6B1PROD with NOTICES 19 17 VerDate Mar<15>2010 16:50 Mar 14, 2011 Jkt 223001 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–NASDAQ–2011–036 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. 14113 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–64065; File No. SR–NSCC– 2011–01] Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Modification of Trade Recording Fee for Bonds and Other Technical Rule Changes March 9, 2011. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 All submissions should refer to File (‘‘Act’’),1 notice is hereby given that on Number SR–NASDAQ–2011–036. This February 28, 2011, the National file number should be included on the Securities Clearing Corporation subject line if e-mail is used. To help the (‘‘NSCC’’) filed with the Securities and Commission process and review your Exchange Commission (‘‘Commission’’) comments more efficiently, please use the proposed rule change as described only one method. The Commission will in Items I and II below, which Items post all comments on the Commission’s have been prepared primarily by NSCC. Internet Web site (https://www.sec.gov/ NSCC filed the proposed rule change rules/sro.shtml). Copies of the pursuant to Sections 19(b)(3)(A)(ii) and submission, all subsequent 19(b)(3)(A)(iii) of the Act 2 and Rules amendments, all written statements 19b–4(f)(2) and 19b–4(f)(4) thereunder 3 with respect to the proposed rule so that the proposal was effective upon change that are filed with the filing with the Commission. The Commission, and all written Commission is publishing this notice to communications relating to the solicit comments on the proposed rule proposed rule change between the change from interested persons. Commission and any person, other than I. Self-Regulatory Organization’s those that may be withheld from the Statement of the Terms of Substance of public in accordance with the the Proposed Rule Change provisions of 5 U.S.C. 552, will be available for Web site viewing and The proposed rule change amends printing in the Commission’s Public Addendum A of the NSCC Rules & Reference Room on official business Procedures to modify NSCC’s fee days between the hours of 10 a.m. and schedule and to clarify the scope of 3 p.m. Copies of such filing also will be trade recording fees and the available for inspection and copying at the principal office of the Exchange. All computation of clearance activity fees. comments received will be posted II. Self-Regulatory Organization’s without change; the Commission does Statement of the Purpose of, and not edit personal identifying Statutory Basis for, the Proposed Rule information from submissions. You Change should submit only information that In its filing with the Commission, you wish to make available publicly. All NSCC included statements concerning submissions should refer to File the purpose of and basis for the Number SR–NASDAQ–2011–036 and proposed rule change and discussed any should be submitted on or before April comments it received on the proposed 5, 2011. rule change. The text of these statements For the Commission, by the Division of may be examined at the places specified Trading and Markets, pursuant to delegated in Item IV below. NSCC has prepared 24 authority. summaries, set forth in sections A, B, Cathy H. Ahn, and C below, of the most significant Deputy Secretary. aspects of such statements. [FR Doc. 2011–5862 Filed 3–14–11; 8:45 am] BILLING CODE 8011–01–P 1 15 U.S.C. 78s(b)(1). U.S.C. 78s(b)(3)(A)(ii) and 15 U.S.C. 78s(b)(3)(A)(iii). 3 17 CFR 240.19b–4(f)(2) and 17 CFR 240.19b– 4(f)(4). 2 15 24 17 PO 00000 CFR 200.30–3(a)(12). Frm 00146 Fmt 4703 Sfmt 4703 E:\FR\FM\15MRN1.SGM 15MRN1 14114 Federal Register / Vol. 76, No. 50 / Tuesday, March 15, 2011 / Notices A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change The purpose of the proposed rule change is to revise NSCC’s fee schedule (as set forth in Addendum A of NSCC’s Rules and Procedures) to adjust the trade recording fee for bonds to align the fee with the cost of providing the service. NSCC is adjusting the trade recording fee for each side of a bond item entered for settlement but not compared by NSCC from $0.65 per side to $0.85 per side. In addition, NSCC is making technical changes to: (1) Clarify that trade recording fees for equities are incorporated into the Clearance Activity Fee set forth in Section II.A. of the fee schedule and (2) adjust the lettering and numbering of the Clearance Activity Fee as set forth in the fee schedule to provide greater clarity as to how the various components of that fee are summed. The above fee change took effect on March 1, 2011. The textual changes to NSCC’s rules can be found online at https://www.dtcc.com/downloads/legal/ rule_filings/2011/nscc/2011-01.pdf. NSCC states 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 NSCC’s fee schedule to align the trade recording fee for bonds with the costs of providing the service and makes other technical changes that clarify how fees are calculated. NSCC asserts that the proposed rule change provides for the equitable allocation of fees among its members. srobinson on DSKHWCL6B1PROD with NOTICES B. Self-Regulatory Organization’s Statement on Burden on Competition NSCC 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 NSCC has not solicited or received written comments relating to the proposed rule change. NSCC will notify the Commission of any written comments it receives. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Sections 19(b)(3)(A)(ii) and 19(b)(3)(A)(iii) of the Act 5 and Rules 19b–4(f)(2) and 19b– 4(f)(4) 6 thereunder because it (a) effects a change in an existing service of a registered clearing agency that does not adversely affect the safeguarding of securities and funds in the custody or control of the clearing agency or for which it is responsible and does not significantly affect the respective rights or obligations of the clearing agency or persons using the service and (b) 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 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. 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 NSCC’s principal office and on NSCC’s Web site at https:// www.dtcc.com/legal/rule_filings/nscc/ 2011.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 No. SR–NSCC– 2011–01 and should be submitted on or before April 5, 2011. 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: For the Commission by the Division of Trading and Markets, pursuant to delegated authority.7 Cathy H. Ahn, Deputy Secretary. Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml) or • Send an e-mail to rulecomment@sec.gov. Please include File No. SR–NSCC–2011–01 on the subject line. SMALL BUSINESS ADMINISTRATION 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–NSCC–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 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 5 Supra 4 15 U.S.C. 78q–1. VerDate Mar<15>2010 16:50 Mar 14, 2011 6 Supra Jkt 223001 PO 00000 note 2. note 3. Frm 00147 [FR Doc. 2011–5954 Filed 3–14–11; 8:45 am] BILLING CODE 8011–01–P Reporting and Recordkeeping Requirements Under OMB Review Small Business Administration. Notice of reporting requirements submitted for OMB review. AGENCY: ACTION: Under the provisions of the Paperwork Reduction Act (44 U.S.C. Chapter 35), agencies are required to submit proposed reporting and recordkeeping requirements to OMB for review and approval, and to publish a notice in the Federal Register notifying the public that the agency has made such a submission. DATES: Submit comments on or before April 14, 2011. If you intend to comment but cannot prepare comments promptly, please advise the OMB Reviewer and the Agency Clearance Officer before the deadline. Copies: Request for clearance (OMB 83–1), supporting statement, and other documents submitted to OMB for review may be obtained from the Agency Clearance Officer. ADDRESSES: Address all comments concerning this notice to: Agency Clearance Officer, Jacqueline White, Small Business Administration, 409 3rd Street, SW., 5th Floor, Washington, DC SUMMARY: 7 17 Fmt 4703 Sfmt 4703 E:\FR\FM\15MRN1.SGM CFR 200.30–3(a)(12). 15MRN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 76, Number 50 (Tuesday, March 15, 2011)]
[Notices]
[Pages 14113-14114]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-5954]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-64065; File No. SR-NSCC-2011-01]


Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change Relating to Modification of Trade Recording Fee for Bonds 
and Other Technical Rule Changes

March 9, 2011.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on February 28, 2011, the 
National Securities Clearing Corporation (``NSCC'') 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 primarily by NSCC. NSCC filed the proposed rule change 
pursuant to Sections 19(b)(3)(A)(ii) and 19(b)(3)(A)(iii) of the Act 
\2\ and Rules 19b-4(f)(2) and 19b-4(f)(4) 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78s(b)(3)(A)(ii) and 15 U.S.C. 78s(b)(3)(A)(iii).
    \3\ 17 CFR 240.19b-4(f)(2) and 17 CFR 240.19b-4(f)(4).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The proposed rule change amends Addendum A of the NSCC Rules & 
Procedures to modify NSCC's fee schedule and to clarify the scope of 
trade recording fees and the computation of clearance activity fees.

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

    In its filing with the Commission, NSCC 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. NSCC has prepared summaries, set forth in sections A, B, 
and C below, of the most significant aspects of such statements.

[[Page 14114]]

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

    The purpose of the proposed rule change is to revise NSCC's fee 
schedule (as set forth in Addendum A of NSCC's Rules and Procedures) to 
adjust the trade recording fee for bonds to align the fee with the cost 
of providing the service. NSCC is adjusting the trade recording fee for 
each side of a bond item entered for settlement but not compared by 
NSCC from $0.65 per side to $0.85 per side.
    In addition, NSCC is making technical changes to: (1) Clarify that 
trade recording fees for equities are incorporated into the Clearance 
Activity Fee set forth in Section II.A. of the fee schedule and (2) 
adjust the lettering and numbering of the Clearance Activity Fee as set 
forth in the fee schedule to provide greater clarity as to how the 
various components of that fee are summed.
    The above fee change took effect on March 1, 2011. The textual 
changes to NSCC's rules can be found online at https://www.dtcc.com/downloads/legal/rule_filings/2011/nscc/2011-01.pdf.
    NSCC states 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 NSCC's fee schedule to align 
the trade recording fee for bonds with the costs of providing the 
service and makes other technical changes that clarify how fees are 
calculated. NSCC asserts that the proposed rule change provides for the 
equitable allocation of fees among its members.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78q-1.
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B. Self-Regulatory Organization's Statement on Burden on Competition

    NSCC 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

    NSCC has not solicited or received written comments relating to the 
proposed rule change. NSCC will notify the Commission of any written 
comments it receives.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change has become effective pursuant to Sections 
19(b)(3)(A)(ii) and 19(b)(3)(A)(iii) of the Act \5\ and Rules 19b-
4(f)(2) and 19b-4(f)(4) \6\ thereunder because it (a) effects a change 
in an existing service of a registered clearing agency that does not 
adversely affect the safeguarding of securities and funds in the 
custody or control of the clearing agency or for which it is 
responsible and does not significantly affect the respective rights or 
obligations of the clearing agency or persons using the service and (b) 
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 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.
---------------------------------------------------------------------------

    \5\ Supra note 2.
    \6\ Supra note 3.
---------------------------------------------------------------------------

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-NSCC-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 No. SR-NSCC-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 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 filing also will be available for 
inspection and copying at NSCC's principal office and on NSCC's Web 
site at https://www.dtcc.com/legal/rule_filings/nscc/2011.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 No. SR-NSCC-2011-01 and should be 
submitted on or before April 5, 2011.

    For the Commission by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(12).
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Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-5954 Filed 3-14-11; 8:45 am]
BILLING CODE 8011-01-P

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