Self-Regulatory Organizations; The Fixed Income Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Make Technical Corrections to the Schedule of Timeframes, GCF Schedule of Timeframes, and Fee Structure in the GSD Rules, 64403-64404 [2011-26888]
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Federal Register / Vol. 76, No. 201 / Tuesday, October 18, 2011 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–65381; File No. SR–
NASDAQ–2011–128]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to
Customer Rebates To Add Liquidity
September 22, 2011.
Correction
In notice document 2011–24868
appearing on pages 60103–60106 in the
issue of September 28, 2011, make the
following correction:
On page 60106, in the first column, in
the first paragraph, in the last line,
‘‘September 28, 2011’’ should read
‘‘October 19, 2011’’.
[FR Doc. C1–2011–24868 Filed 10–17–11; 8:45 am]
BILLING CODE 1505–01–D
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–65539; File No. SR–FICC–
2011–07]
Self-Regulatory Organizations; The
Fixed Income Clearing Corporation;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change To Make Technical
Corrections to the Schedule of
Timeframes, GCF Schedule of
Timeframes, and Fee Structure in the
GSD Rules
mstockstill on DSK4VPTVN1PROD with NOTICES
October 12, 2011.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
September 30, 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)(ii) of the Act,2 and Rule
19b–4(f)(2) 3 and Rule 19b–4(f)(4) 4
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).
U.S.C. 78s(b)(3)(A)(ii).
3 17 CFR 240.19b–4(f)(2).
4 17 CFR 240.19b–4(f)(4).
16:46 Oct 17, 2011
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.5
(A) Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
The purpose of this filing is to make
technical corrections to the Schedule of
Timeframes, the GCF Schedule of
Timeframes, and the Fee Structure as
described below.
1. Schedule of Timeframes
The GSD Schedule of Timeframes is
being updated to incorporate timeframes
relating to the intraday collection of
funds-only settlement and Clearing
Fund amounts that were approved in
connection with the SR–FICC–2010–09
rule filing.6 The Schedule of
Timeframes is also being revised to
make certain other technical changes.
2. Schedule of GCF Timeframes
The Schedule of GCF Timeframes is
being corrected to reflect that GCF
Repo® trading is available to GCF
brokers at 7 a.m.
3. Fee Structure Corrections
The following corrections are made to
reflect fees that members are currently
being charged:
Subsection A ‘‘Trade Submission’’
under ‘‘Trade Comparison Fees’’
currently describes trade submissions as
including a submission of a side of a
trade and a submission of a Repo
Transaction. This is being corrected to
make clear that Trade Submissions also
include demand and bilateral
submissions.
5 The Commission has modified the text of the
summaries prepared by FICC.
6 Securities Exchange Act Release No. 34–63986
(February 28, 2011), 76 FR 12144 (March 4, 2011).
2 15
VerDate Mar<15>2010
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The proposed rule change will make
technical corrections to the Schedule of
Timeframes, GCF Schedule of
Timeframes, and Fee Structure in the
GSD Rules.
Jkt 226001
PO 00000
Frm 00106
Fmt 4703
Sfmt 4703
64403
Subsection D ‘‘Modifications and
Cancellations’’ under ‘‘Trade
Comparison Fees’’ currently states that
the charge to a Member for the entry of
a request to modify or cancel a side of
a GCF Repo Transaction is 5 cents per
such request. This is being corrected to
state that the charge is 5 cents per 50
million of par value.
The fee provided under Subsection E
‘‘Demand and Locked-In Trade Data’’
under ‘‘Trade Comparison Fees’’
currently states that fees for data
received on a demand or locked-in basis
related to a side of a trade or a Repo
Transaction is 16 cents per 50 million
increment. This is being corrected to
state that this fee only applies to a
Locked-In Trade Source related to a side
of a trade, to clarify that the 50 million
is of par value, and to delete the dollar
sign ($) reference to par value.
Under ‘‘Netting Fee and Charges,’’
with respect to the ‘‘Netting Fee’’ (1) the
references to ‘‘par value’’ incorrectly
include a dollar sign ($); and (2) the Fail
Deliver Obligation and Fail Receive
Obligation currently states that the fee
equals the sum of (i) $0.16 and (ii)
$0.012 per $1 million of par value. This
is being corrected to state that the fee
equals the sum of (i) $0.18 and $0.018
per 1 million of par value. Under
‘‘Auction Takedown Process’’ of this
same section, the fee in connection with
locked in trades is clarified to state that
the fee is $.50 per 50 million of par
value increment.
FICC believes that the proposed rule
change is consistent with the
requirements of Section 17A of the Act 7
and the rules and regulations
thereunder applicable to FICC because it
facilitates the prompt and accurate
clearance and settlement of securities by
ensuring that FICC rules are consistent
and accurate.
(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.
7 15
E:\FR\FM\18OCN1.SGM
U.S.C. 78q–1.
18OCN1
64404
Federal Register / Vol. 76, No. 201 / Tuesday, October 18, 2011 / Notices
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)(ii) of the
Act,8 and Rule 19b–4(f)(2) 9 and Rule
19b–4(f)(4) 10 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.
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:
mstockstill on DSK4VPTVN1PROD with NOTICES
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rulecomments@sec.gov. Please include File
Number SR–FICC–2011–07 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–2011–07. This file
number should be included on the
subject line if email 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 website viewing and
printing in the Commission’s Public
8 15
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
10 17 CFR 240.19b–4(f)(4).
9 17
VerDate Mar<15>2010
16:46 Oct 17, 2011
Jkt 226001
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/2011-07-v2.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
Number SR–FICC–2011–07 and should
be submitted on or before November 8,
2011.
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.11
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–26888 Filed 10–17–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–65542; File No. SR–EDGA–
2011–32]
Self-Regulatory Organizations; EDGA
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating To Amendments
to the EDGA Exchange, Inc. Fee
Schedule
October 12, 2011.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on
September 30, 2011, the EDGA
Exchange, Inc. (the ‘‘Exchange’’ or the
‘‘EDGA’’) filed with the Securities and
Exchange Commission (‘‘Commission’’)
the proposed rule change as described
in Items I, II, and III below, which items
have been prepared by the selfregulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend its
fees and rebates applicable to Members 3
11 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 A Member is any registered broker or dealer, or
any person associated with a registered broker or
dealer, that has been admitted to membership in the
Exchange.
1 15
PO 00000
Frm 00107
Fmt 4703
Sfmt 4703
of the Exchange pursuant to EDGA Rule
15.1(a) and (c). All of the changes
described herein are applicable to EDGA
Members. The text of the proposed rule
change is available on the Exchange’s
Internet Web site at https://
www.directedge.com.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization 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.
The self-regulatory organization 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
Purpose
The Exchange proposes to decrease its
rebate from $0.0005 per share to $0.0004
per share for adding liquidity and
increase its charge from $0.0006 per
share to $0.0007 per share for removing
liquidity. In the Exchange’s fee
schedule, these modifications are
reflected in Flags B, V, Y, 3 and 4,
where liquidity is added, and Flags N,
W and 6, where liquidity is removed.
The Exchange proposes to increase its
charge for customer internalization in
Flag E from $0.0001 per share, per side,
to $0.00015 per share per side, to move
in lockstep with the proposed maker/
taker fee spread of $0.0003.
The Exchange proposes to add a new
tier that provides if a Member, on a
daily basis, measured monthly, posts
more than 1% of the Total Consolidated
Volume (‘‘TCV’’) in average daily
volume, then the Member will receive a
rebate of $0.0005 per share, which is
reflected in the language in footnote 4.
The Exchange proposes to add footnote
4 next to Flags B, V, Y, 3 and 4 to clarify
that these flags count towards the tier.
The Exchange proposes to add the RR
Flag for orders that are routed to the
EDGX Exchange, Inc. (‘‘EDGX’’) and
remove liquidity using routing strategies
IOCX and IOCT, as defined in Exchange
Rules Exchange Rules 11.9(b)(3)(l) and
(m). The Exchange proposes to assess a
charge of $0.0029 per share to account
for the pass-through of the proposed
EDGX fee for removing liquidity.
E:\FR\FM\18OCN1.SGM
18OCN1
]]>Agencies
[Federal Register Volume 76, Number 201 (Tuesday, October 18, 2011)]
[Notices]
[Pages 64403-64404]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-26888]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-65539; File No. SR-FICC-2011-07]
Self-Regulatory Organizations; The Fixed Income Clearing
Corporation; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change To Make Technical Corrections to the Schedule of
Timeframes, GCF Schedule of Timeframes, and Fee Structure in the GSD
Rules
October 12, 2011.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on September 30, 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)(ii) of the Act,\2\ and Rule 19b-4(f)(2) \3\ and Rule 19b-
4(f)(4) \4\ 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)(ii).
\3\ 17 CFR 240.19b-4(f)(2).
\4\ 17 CFR 240.19b-4(f)(4).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The proposed rule change will make technical corrections to the
Schedule of Timeframes, GCF Schedule of Timeframes, and Fee Structure
in the GSD Rules.
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.\5\
---------------------------------------------------------------------------
\5\ 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 filing is to make technical corrections to the
Schedule of Timeframes, the GCF Schedule of Timeframes, and the Fee
Structure as described below.
1. Schedule of Timeframes
The GSD Schedule of Timeframes is being updated to incorporate
timeframes relating to the intraday collection of funds-only settlement
and Clearing Fund amounts that were approved in connection with the SR-
FICC-2010-09 rule filing.\6\ The Schedule of Timeframes is also being
revised to make certain other technical changes.
---------------------------------------------------------------------------
\6\ Securities Exchange Act Release No. 34-63986 (February 28,
2011), 76 FR 12144 (March 4, 2011).
---------------------------------------------------------------------------
2. Schedule of GCF Timeframes
The Schedule of GCF Timeframes is being corrected to reflect that
GCF Repo[reg] trading is available to GCF brokers at 7 a.m.
3. Fee Structure Corrections
The following corrections are made to reflect fees that members are
currently being charged:
Subsection A ``Trade Submission'' under ``Trade Comparison Fees''
currently describes trade submissions as including a submission of a
side of a trade and a submission of a Repo Transaction. This is being
corrected to make clear that Trade Submissions also include demand and
bilateral submissions.
Subsection D ``Modifications and Cancellations'' under ``Trade
Comparison Fees'' currently states that the charge to a Member for the
entry of a request to modify or cancel a side of a GCF Repo Transaction
is 5 cents per such request. This is being corrected to state that the
charge is 5 cents per 50 million of par value.
The fee provided under Subsection E ``Demand and Locked-In Trade
Data'' under ``Trade Comparison Fees'' currently states that fees for
data received on a demand or locked-in basis related to a side of a
trade or a Repo Transaction is 16 cents per 50 million increment. This
is being corrected to state that this fee only applies to a Locked-In
Trade Source related to a side of a trade, to clarify that the 50
million is of par value, and to delete the dollar sign ($) reference to
par value.
Under ``Netting Fee and Charges,'' with respect to the ``Netting
Fee'' (1) the references to ``par value'' incorrectly include a dollar
sign ($); and (2) the Fail Deliver Obligation and Fail Receive
Obligation currently states that the fee equals the sum of (i) $0.16
and (ii) $0.012 per $1 million of par value. This is being corrected to
state that the fee equals the sum of (i) $0.18 and $0.018 per 1 million
of par value. Under ``Auction Takedown Process'' of this same section,
the fee in connection with locked in trades is clarified to state that
the fee is $.50 per 50 million of par value increment.
FICC believes that the proposed rule change is consistent with the
requirements of Section 17A of the Act \7\ and the rules and
regulations thereunder applicable to FICC because it facilitates the
prompt and accurate clearance and settlement of securities by ensuring
that FICC rules are consistent and accurate.
---------------------------------------------------------------------------
\7\ 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.
[[Page 64404]]
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)(ii) of the Act,\8\ and Rule 19b-4(f)(2)
\9\ and Rule 19b-4(f)(4) \10\ 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.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A)(ii).
\9\ 17 CFR 240.19b-4(f)(2).
\10\ 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 email to rule-comments@sec.gov. Please include
File Number SR-FICC-2011-07 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-2011-07. This file
number should be included on the subject line if email 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 website 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/2011-07-v2.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 Number
SR-FICC-2011-07 and should be submitted on or before November 8, 2011.
For the Commission by the Division of Trading and Markets,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-26888 Filed 10-17-11; 8:45 am]
BILLING CODE 8011-01-P
