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]

Download as PDF 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 (http://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 (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 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 http:// 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 http:// 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]


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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).
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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.
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(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).
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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.
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(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).
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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 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 (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 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 http://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).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-26888 Filed 10-17-11; 8:45 am]
BILLING CODE 8011-01-P