Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Analytic Reporting Service, 35931-35933 [2011-15174]

Download as PDF Federal Register / Vol. 76, No. 118 / Monday, June 20, 2011 / Notices Paper Comments 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 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 either solicited or received. 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 after the date of the filing, or such shorter time as the Commission may designate, it has become effective pursuant to 19(b)(3)(A) of the Act 6 and Rule 19b–4(f)(6) 7 thereunder. 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. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. 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 sroberts on DSK5SPTVN1PROD with NOTICES • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NASDAQ–2011–080 on the subject line. U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6) requires a self-regulatory 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. The Exchange has satisfied this requirement. • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. Deputy Secretary. [FR Doc. 2011–15278 Filed 6–17–11; 8:45 am] BILLING CODE 8011–01–P Jkt 223001 [Release No. 34–64666; File No. SR–NSCC– 2011–03] A. Self-Regulatory Organization’s Statement of Purpose of, and Statutory Basis for, the Proposed Rule Change Under the proposed rule change, NSCC will amend Rule 57 (Insurance and Retirement Processing Services), Section 12 (Analytic Reporting Service) to clarify (i) the scope of information included within the Analytic Reporting Service and (ii) the opt-out provisions 7 17 16:50 Jun 17, 2011 SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and All submissions should refer to File Immediate Effectiveness of Proposed Number SR–NASDAQ–2011–080. This Rule Change Relating to the Analytic file number should be included on the subject line if e-mail is used. To help the Reporting Service Commission process and review your June 14, 2011. comments more efficiently, please use Pursuant to Section 19(b)(1) of the only one method. The Commission will Securities Exchange Act of 1934 post all comments on the Commission’s (‘‘Act’’),1 notice is hereby given that on Internet Web site (http://www.sec.gov/ June 2, 2011, the National Securities rules/sro.shtml). Copies of the Clearing Corporation (‘‘NSCC’’) filed submission, all subsequent with the Securities and Exchange amendments, all written statements Commission (‘‘Commission’’) the with respect to the proposed rule proposed rule change as described in Items I and II below, which Items have change that are filed with the been prepared primarily by NSCC. Commission, and all written NSCC filed the proposed rule change communications relating to the pursuant to Section 19(b)(3)(A)(iii) of proposed rule change between the Commission and any person, other than the Act 2 and Rule 19b–4(f)(4) thereunder 3 so that the proposal was those that may be withheld from the effective upon filing with the public in accordance with the Commission. The Commission is provisions of 5 U.S.C. 552, will be publishing this notice to solicit available for Web site viewing and comments on the proposed rule change printing in the Commission’s Public from interested persons. Reference Room, 100 F Street, NE., Washington, DC 20549, on official I. Self-Regulatory Organization’s Statement of Terms of Substance of the business days between the hours of 10 a.m. and 3 p.m. Copies of the filing also Proposed Rule Change will be available for inspection and The proposed rule change clarifies copying at the principal office of the provisions related to the Analytic Exchange. All comments received will Reporting Service. be posted without change; the II. Self-Regulatory Organization’s Commission does not edit personal Statement of Purpose of, and Statutory identifying information from Basis for, the Proposed Rule Change submissions. You should submit only In its filing with the Commission, information that you wish to make NSCC included statements concerning available publicly. the purpose of and basis for the All submissions should refer to File proposed rule change and discussed any Number SR–NASDAQ–2011–080 and comments it received on the proposed should be submitted on or before July rule change. The text of these statements 11, 2011. may be examined at the places specified in Item IV below. NSCC has prepared For the Commission, by the Division of summaries, set forth in sections A, B, Trading and Markets, pursuant to delegated authority.8 and C below, of the most significant aspects of such statements. Cathy H. Ahn, 6 15 VerDate Mar<15>2010 35931 1 15 U.S.C. 78s(b)(1). U.S.C. 78s(b)(3)(A)(iii). 3 17 CFR 240.19b–4(f)(4). 2 15 8 17 PO 00000 CFR 200.30–3(a)(12). Frm 00100 Fmt 4703 Sfmt 4703 E:\FR\FM\20JNN1.SGM 20JNN1 35932 Federal Register / Vol. 76, No. 118 / Monday, June 20, 2011 / Notices applicable to the Analytic Reporting Service with the goal of providing greater transparency to NSCC Members and Limited Members.4 The rule change, which can be viewed as filed by NSCC on its Web site at http:// www.dtcc.com/downloads/legal/ rule_filings/2011/nscc/2011-03.pdf, include the following: 1. Change in Name The original name of the service was the ‘‘Analytics Reporting Service.’’ Based on further discussions, NSCC has determined that it will call the service the ‘‘Analytic Reporting Service’’ (i.e., Analytic will be singular and not plural). 2. Scope of the Release of Clearing Data ‘‘Clearing Data,’’ as defined in NSCC’s Rule 49, includes data received by NSCC for inclusion in the clearance and settlement process of NSCC or such data, reports, or summaries produced as a result of NSCC processing such transaction data. In order to clarify the information that will be released as part of the Analytic Reporting Service, NSCC is revising Rule 57, Section 12, to define the term ‘‘Analytics Data’’ to mean ‘‘aggregated information related to the insurance products market, including benchmarking information and league tables.’’ The intent of this change is to clarify the scope and extent of the data that will be released as part of the Analytic Reporting Service. sroberts on DSK5SPTVN1PROD with NOTICES 3. Opt-Out Provision NSCC Members and Limited Members are provided with the opportunity to opt-out of having information attributed to them as part of the league tables because certain NSCC Members and Limited Members may consider this to be a release of proprietary or confidential information. In order to clarify the relationship between the Analytic Reporting Service opt-out provisions and Rule 49, Section 12 of Rule 57 is being amended to specifically state that those NSCC Members or Limited Members that do not opt-out in the manner described in section 12 of Rule 57 are deemed to have consented to the release of their IPS Data as part of the Analytics Data for the purposes of Rule 49. In order for an IPS Member to opt-out of having information attributed to itself 4 The Analytic Reporting Service provides NSCC Members and Limited Members with the ability to perform market analysis based on Insurance Processing Service (‘‘IPS’’) Data. This market analysis (commonly referred to as ‘‘benchmarking data’’) allows users of the service to obtain and compare aggregated data from different perspectives. Securities Exchange Act Release No. 63604 (Dec. 23, 2010), 75 FR 82115 (Dec. 29, 2010). VerDate Mar<15>2010 16:50 Jun 17, 2011 Jkt 223001 prior to the service becoming available, an IPS Member must notify NSCC in writing during the initial ninety (90) day opt-out period. NSCC will announce the beginning of this ninety (90) day period through an Important Notice. A new IPS Member may opt-out by providing NSCC with written notice of its election to opt-out at any time prior to activation of its account. Once the Analytic Reporting Service commences to include the information of an IPS Member, the IPS Member may elect to opt-out at any time by providing NSCC with thirty (30) days’ written notice. By opting-out, an IPS Member is prohibiting NSCC from attributing Analytics Data in any discernable manner to that IPS Member. However, opting-out does not prohibit NSCC from including the IPS Member’s information for purposes of benchmarking in a manner that does not identify the specific IPS Member. By opting-out, the IPS Member also permits NSCC to disclose that the specific Analytics Data attributable to the particular IPS Member is not included in certain types of data (e.g., in the production of league tables, NSCC will disclose which IPS Members have not been included in the league tables). This disclosure will provide transparency to all IPS Members and will assist in the usability of the Analytics Data. As stated in the original Analytic Reporting Service filing,5 an IPS Member that opts-out will forfeit any portion of NSCC’s annual refund, if any, that is directly attributable to the revenue generated by the Analytic Reporting Service. NSCC states that the proposed change is consistent with the requirements set forth under Section 17A of the Act 6 because it will permit NSCC Members and Limited Members to enhance their monitoring and analysis of their respective businesses and is designed to foster cooperation and coordination with persons engaged in the clearance and settlement of securities transactions, to remove impediments to and perfect the mechanism of a national system for the prompt and accurate clearance and settlement of securities transactions, and, in general, to protect investors and the public interest. 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. 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 7 and Rule 19b–4(f)(4) 8 thereunder because the proposed rule change effects a change in an existing service of NSCC that (i) does not adversely affect the safeguarding of securities or funds in NSCC’s custody or control or for which it is responsible and (ii) does not significantly affect the respective rights of NSCC or persons using the service. 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: Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml) or • Send an e-mail to rulecomments@sec.gov. Please include File No. SR–NSCC–2011–03 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–2011–03. 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 5 Supra 7 Supra 6 15 8 Supra PO 00000 note 4. U.S.C. 78q–1. 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. Frm 00101 Fmt 4703 Sfmt 4703 E:\FR\FM\20JNN1.SGM note 2. note 3. 20JNN1 Federal Register / Vol. 76, No. 118 / Monday, June 20, 2011 / Notices Internet Web site (http://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 NSCC’s principal office and NSCC’s Web site at http:// www.dtcc.com/downloads/legal/ rule_filings/2011/nscc/2011-03.pdf. 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–2011–03 and should be submitted on or before July 11, 2011. For the Commission by the Division of Trading and Markets, pursuant to delegated authority.9 Cathy H. Ahn, Deputy Secretary. [FR Doc. 2011–15174 Filed 6–17–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–64665; File No. SR–FINRA– 2011–025] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend a TRACE Pilot Program sroberts on DSK5SPTVN1PROD with NOTICES June 14, 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 June 7, 2011, the Financial Industry Regulatory Authority, Inc. (‘‘FINRA’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been 9 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 VerDate Mar<15>2010 16:50 Jun 17, 2011 Jkt 223001 prepared by FINRA. FINRA has designated the proposed rule change as constituting a ‘‘non-controversial’’ rule change under paragraph (f)(6) of Rule 19b–4 under the Act,3 which renders the proposal effective upon receipt of this filing by 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 FINRA is proposing to extend the pilot program in FINRA Rule 6730(e)(4) to January 27, 2012. The pilot program exempts from reporting to Trade Reporting and Compliance Engine (‘‘TRACE’’) transactions in TRACEEligible Securities that are executed on a facility of the NYSE in accordance with NYSE Rules 1400, 1401 and 86 and reported to NYSE in accordance with NYSE’s applicable trade reporting rules and disseminated publicly by NYSE. The text of the proposed rule change is available on FINRA’s Web site at http://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 FINRA proposes to amend FINRA Rule 6730(e)(4) to extend the pilot program, which is scheduled to expire on July 8, 2011, to January 27, 2012.4 3 17 CFR 240.19b–4(f)(6). Securities Exchange Act Release No. 54768 (November 16, 2006), 71 FR 67673 (November 22, 2006) (Order Approving Proposed Rule Change; File No. SR–NASD–2006–110) (pilot program in FINRA Rule 6730(e)(4), subject to the execution of a data sharing agreement addressing relevant transactions, became effective on January 9, 2007); Securities Exchange Act Release No. 59216 (January 8, 2009), 74 FR 2147 (January 14, 2009) (Notice of Filing and Immediate Effectiveness of Proposed Rule Change; File No. SR–FINRA–2008–065) (pilot program extended to January 7, 2011), Securities Exchange 35933 The pilot program exempts from reporting to TRACE transactions in TRACE-Eligible Securities that are executed on a facility of NYSE in accordance with NYSE Rules 1400, 1401 and 86 and reported to NYSE in accordance with NYSE’s applicable trade reporting rules and disseminated publicly by NYSE, provided that a data sharing agreement between FINRA and NYSE related to transactions covered by the Rule remains in effect. FINRA is proposing to extend the pilot program until January 27, 2012 to continue to exempt transactions in TRACE-Eligible Securities on an NYSE facility (and as to which all the other conditions of the exemption are met) from the TRACE reporting requirements.5 FINRA believes that the extension will provide additional time to analyze the impact of the exemption. Without the extension, members would be subject to both FINRA’s and NYSE’s trade reporting requirements with respect to these securities. The proposed rule change would not expand or otherwise change the pilot. FINRA notes that the success of the pilot program remains dependent on FINRA’s ability to effectively continue to conduct surveillance on corporate debt trading in the over-the-counter market. In this regard, FINRA Rule 6730(e)(4) would continue to require that the exemption be predicated on the data agreement between FINRA and NYSE to share data related to the transactions covered by the Rule remaining in effect. However, FINRA supports a regulatory construct that, in the future, consolidates all last sale transaction information to provide better price transparency and a more efficient means to engage in market surveillance of TRACE-Eligible Securities transactions. The extension proposed herein will allow the pilot program to continue to operate without interruption while FINRA and the NYSE further assess the effect of the exemption and issues regarding the consolidation of market data, market surveillance and price transparency. FINRA has filed the proposed rule change for immediate effectiveness. The implementation date will be July 8, 2011. 4 See PO 00000 Frm 00102 Fmt 4703 Sfmt 4703 Act Release No. 63673 (January 7, 2011), 76 FR 2739 (January 14, 2011) (Notice of Filing and Immediate Effectiveness of Proposed Rule Change; File No. SR–FINRA–2011–002) (pilot program extended to July 8, 2011). 5 The exemption in FINRA Rule 6730(e)(4) is conditioned, among other things, upon a data sharing agreement between FINRA and NYSE remaining in effect. A data sharing agreement between FINRA and NYSE related to transactions covered by Rule 6730(e)(4) remains in effect. E:\FR\FM\20JNN1.SGM 20JNN1

Agencies

[Federal Register Volume 76, Number 118 (Monday, June 20, 2011)]
[Notices]
[Pages 35931-35933]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-15174]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-64666; File No. SR-NSCC-2011-03]


Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change Relating to the Analytic Reporting Service

June 14, 2011.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on June 2, 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 
Section 19(b)(3)(A)(iii) of the Act \2\ and Rule 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)(iii).
    \3\ 17 CFR 240.19b-4(f)(4).
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I. Self-Regulatory Organization's Statement of Terms of Substance of 
the Proposed Rule Change

    The proposed rule change clarifies provisions related to the 
Analytic Reporting Service.

II. Self-Regulatory Organization's Statement of 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.

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

    Under the proposed rule change, NSCC will amend Rule 57 (Insurance 
and Retirement Processing Services), Section 12 (Analytic Reporting 
Service) to clarify (i) the scope of information included within the 
Analytic Reporting Service and (ii) the opt-out provisions

[[Page 35932]]

applicable to the Analytic Reporting Service with the goal of providing 
greater transparency to NSCC Members and Limited Members.\4\ The rule 
change, which can be viewed as filed by NSCC on its Web site at http://www.dtcc.com/downloads/legal/rule_filings/2011/nscc/2011-03.pdf, 
include the following:
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    \4\ The Analytic Reporting Service provides NSCC Members and 
Limited Members with the ability to perform market analysis based on 
Insurance Processing Service (``IPS'') Data. This market analysis 
(commonly referred to as ``benchmarking data'') allows users of the 
service to obtain and compare aggregated data from different 
perspectives. Securities Exchange Act Release No. 63604 (Dec. 23, 
2010), 75 FR 82115 (Dec. 29, 2010).
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1. Change in Name
    The original name of the service was the ``Analytics Reporting 
Service.'' Based on further discussions, NSCC has determined that it 
will call the service the ``Analytic Reporting Service'' (i.e., 
Analytic will be singular and not plural).
2. Scope of the Release of Clearing Data
    ``Clearing Data,'' as defined in NSCC's Rule 49, includes data 
received by NSCC for inclusion in the clearance and settlement process 
of NSCC or such data, reports, or summaries produced as a result of 
NSCC processing such transaction data. In order to clarify the 
information that will be released as part of the Analytic Reporting 
Service, NSCC is revising Rule 57, Section 12, to define the term 
``Analytics Data'' to mean ``aggregated information related to the 
insurance products market, including benchmarking information and 
league tables.'' The intent of this change is to clarify the scope and 
extent of the data that will be released as part of the Analytic 
Reporting Service.
3. Opt-Out Provision
    NSCC Members and Limited Members are provided with the opportunity 
to opt-out of having information attributed to them as part of the 
league tables because certain NSCC Members and Limited Members may 
consider this to be a release of proprietary or confidential 
information. In order to clarify the relationship between the Analytic 
Reporting Service opt-out provisions and Rule 49, Section 12 of Rule 57 
is being amended to specifically state that those NSCC Members or 
Limited Members that do not opt-out in the manner described in section 
12 of Rule 57 are deemed to have consented to the release of their IPS 
Data as part of the Analytics Data for the purposes of Rule 49.
    In order for an IPS Member to opt-out of having information 
attributed to itself prior to the service becoming available, an IPS 
Member must notify NSCC in writing during the initial ninety (90) day 
opt-out period. NSCC will announce the beginning of this ninety (90) 
day period through an Important Notice. A new IPS Member may opt-out by 
providing NSCC with written notice of its election to opt-out at any 
time prior to activation of its account. Once the Analytic Reporting 
Service commences to include the information of an IPS Member, the IPS 
Member may elect to opt-out at any time by providing NSCC with thirty 
(30) days' written notice.
    By opting-out, an IPS Member is prohibiting NSCC from attributing 
Analytics Data in any discernable manner to that IPS Member. However, 
opting-out does not prohibit NSCC from including the IPS Member's 
information for purposes of benchmarking in a manner that does not 
identify the specific IPS Member. By opting-out, the IPS Member also 
permits NSCC to disclose that the specific Analytics Data attributable 
to the particular IPS Member is not included in certain types of data 
(e.g., in the production of league tables, NSCC will disclose which IPS 
Members have not been included in the league tables). This disclosure 
will provide transparency to all IPS Members and will assist in the 
usability of the Analytics Data.
    As stated in the original Analytic Reporting Service filing,\5\ an 
IPS Member that opts-out will forfeit any portion of NSCC's annual 
refund, if any, that is directly attributable to the revenue generated 
by the Analytic Reporting Service.
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    \5\ Supra note 4.
---------------------------------------------------------------------------

    NSCC states that the proposed change is consistent with the 
requirements set forth under Section 17A of the Act \6\ because it will 
permit NSCC Members and Limited Members to enhance their monitoring and 
analysis of their respective businesses and is designed to foster 
cooperation and coordination with persons engaged in the clearance and 
settlement of securities transactions, to remove impediments to and 
perfect the mechanism of a national system for the prompt and accurate 
clearance and settlement of securities transactions, and, in general, 
to protect investors and the public interest.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78q-1.
---------------------------------------------------------------------------

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 upon filing pursuant 
to Section 19(b)(3)(A)(iii) of the Act \7\ and Rule 19b-4(f)(4) \8\ 
thereunder because the proposed rule change effects a change in an 
existing service of NSCC that (i) does not adversely affect the 
safeguarding of securities or funds in NSCC's custody or control or for 
which it is responsible and (ii) does not significantly affect the 
respective rights of NSCC or persons using the service. 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\ Supra note 2.
    \8\ 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 (http://www.sec.gov/rules/sro.shtml) or
     Send an e-mail to rule-comments@sec.gov. Please include 
File No. SR-NSCC-2011-03 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-2011-03. 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

[[Page 35933]]

Internet Web site (http://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 NSCC's principal office and NSCC's Web site at http://www.dtcc.com/downloads/legal/rule_filings/2011/nscc/2011-03.pdf. 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-2011-03 and should be 
submitted on or before July 11, 2011.

    For the Commission by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-15174 Filed 6-17-11; 8:45 am]
BILLING CODE 8011-01-P