Self-Regulatory Organizations; Fixed Income Clearing Corporation; Order Approving Proposed Rule Change to Move the Time at Which the Mortgage-Backed Securities Division Runs Its Daily Morning Pass, 60165 [2012-24171]

Download as PDF Federal Register / Vol. 77, No. 191 / Tuesday, October 2, 2012 / Notices 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 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. 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–C2– 2012–034 and should be submitted on or before October 23, 2012. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.13 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–24170 Filed 10–1–12; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–67931; File No. SR–FICC– 2012–06] Self-Regulatory Organizations; Fixed Income Clearing Corporation; Order Approving Proposed Rule Change to Move the Time at Which the MortgageBacked Securities Division Runs Its Daily Morning Pass wreier-aviles on DSK5TPTVN1PROD with NOTICES September 26, 2012. I. Introduction On August 6, 2012, the Fixed Income Clearing Corporation (‘‘FICC’’) filed with the Securities and Exchange Commission (‘‘Commission’’) proposed rule change SR–FICC–2012–06 pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder.2 The proposed rule change was published for comment in the Federal Register on August 20, 2012.3 The Commission received no 13 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 Securities Exchange Act Release No. 67653 (August 14, 2012), 77 FR 50198 (August 20, 2012). 1 15 VerDate Mar<15>2010 15:04 Oct 01, 2012 Jkt 229001 comment letters regarding the proposal. For the reasons discussed below, the Commission is granting approval of the proposed rule change. II. Description FICC proposes to move the time at which its Mortgage-Backed Securities Division (‘‘MBSD’’) runs its first processing pass of the day from 2:00 p.m. to 4:00 p.m. Eastern Standard Time. The proposed change does not require revisions to MBSD’s rules because those rules do not address the times of MBSD’s processing passes. MBSD currently runs its first processing pass of the day (historically referred to as the ‘‘AM Pass’’) at 2:00 p.m. Eastern Standard Time. MBSD also executes an evening pass (referred to as the ‘‘PM Pass’’) at 8:00 p.m. Eastern Standard Time, which will remain unchanged. On days when MBSD executes its to-be-announced netting cycle, this cycle immediately follows the completion of the first pass of the day. The proposed change to 4:00 p.m. for the first pass of the day will allow more trades to be included in the to-beannounced net, which will assist in reducing both the amount of fails in the market and the related operational risk. The proposed change is being made at the request of the Securities Industry and Financial Markets Association (‘‘SIFMA’’) MBS Operations Committee. MBSD advised members of the proposed change via an Important Notice dated August 1, 2012. III. Discussion Section 19(b)(2)(C) of the Act 4 directs the Commission to approve a selfregulatory organization’s proposed rule change if it determines that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to such organization. Section 17A(b)(3)(F) of the Act 5 requires, among other things, that the rules of a clearing agency be designed to promote the prompt and accurate clearance and settlement of security transactions, and to assure the safeguarding of securities and funds that are in the custody or control of such clearing agency, or for which it is responsible. The Commission concludes that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to FICC. The proposed rule change will help to maximize the number of trades that are included in the to-be-announced netting process. 4 15 5 15 PO 00000 U.S.C. 78s(b)(2)(C). U.S.C. 78q–1(b)(3)(F). Frm 00065 Fmt 4703 Sfmt 4703 60165 This, in turn, should reduce the number of trades that ultimately fail, and will temper the attendant operational risk, as well. The proposed change will therefore foster the prompt and accurate clearance and settlement of security transactions, and assure the safeguarding of securities and funds in FICC’s custody or control, or for which FICC is responsible. IV. Conclusion On the basis of the foregoing, the Commission finds that the proposal is consistent with the requirements of the Act, in particular with the requirements of Section 17A of the Act 6 and the rules and regulations thereunder. It is therefore ordered, pursuant to Section 19(b)(2) of the Act,7 that the proposed rule change (File No. SR– FICC–2012–06) be and hereby is APPROVED.8 For the Commission by the Division of Trading and Markets, pursuant to delegated authority.9 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–24171 Filed 10–1–12; 8:45 am] BILLING CODE 8011–01–P DEPARTMENT OF TRANSPORTATION Federal Aviation Administration Agency Information Collection Activities: Requests for Comments; Clearance of Renewed Approval of Information Collection: Flight Operational Quality Assurance (FOQA) Program Federal Aviation Administration (FAA), DOT. ACTION: Notice and request for comments. AGENCY: In accordance with the Paperwork Reduction Act of 1995, FAA invites public comments about our intention to request the Office of Management and Budget (OMB) approval to renew an information collection. Flight Operational Quality Assurance (FOQA) is a program for the routine collection and analysis of digital flight data from airline operations, including but not limited to digital flight data currently collected pursuant to existing regulatory provisions. The FAA requires certificate holders who SUMMARY: 6 15 U.S.C. 78q–1. U.S.C. 78s(b)(2). 8 In approving the proposed rule change, the Commission considered the proposal’s impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). 9 17 CFR 200.30–3(a)(12). 7 15 E:\FR\FM\02OCN1.SGM 02OCN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 77, Number 191 (Tuesday, October 2, 2012)]
[Notices]
[Page 60165]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-24171]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-67931; File No. SR-FICC-2012-06]


Self-Regulatory Organizations; Fixed Income Clearing Corporation; 
Order Approving Proposed Rule Change to Move the Time at Which the 
Mortgage-Backed Securities Division Runs Its Daily Morning Pass

September 26, 2012.

I. Introduction

    On August 6, 2012, the Fixed Income Clearing Corporation (``FICC'') 
filed with the Securities and Exchange Commission (``Commission'') 
proposed rule change SR-FICC-2012-06 pursuant to Section 19(b)(1) of 
the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 
thereunder.\2\ The proposed rule change was published for comment in 
the Federal Register on August 20, 2012.\3\ The Commission received no 
comment letters regarding the proposal. For the reasons discussed 
below, the Commission is granting approval of the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 67653 (August 14, 2012), 
77 FR 50198 (August 20, 2012).
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II. Description

    FICC proposes to move the time at which its Mortgage-Backed 
Securities Division (``MBSD'') runs its first processing pass of the 
day from 2:00 p.m. to 4:00 p.m. Eastern Standard Time. The proposed 
change does not require revisions to MBSD's rules because those rules 
do not address the times of MBSD's processing passes.
    MBSD currently runs its first processing pass of the day 
(historically referred to as the ``AM Pass'') at 2:00 p.m. Eastern 
Standard Time. MBSD also executes an evening pass (referred to as the 
``PM Pass'') at 8:00 p.m. Eastern Standard Time, which will remain 
unchanged. On days when MBSD executes its to-be-announced netting 
cycle, this cycle immediately follows the completion of the first pass 
of the day. The proposed change to 4:00 p.m. for the first pass of the 
day will allow more trades to be included in the to-be-announced net, 
which will assist in reducing both the amount of fails in the market 
and the related operational risk. The proposed change is being made at 
the request of the Securities Industry and Financial Markets 
Association (``SIFMA'') MBS Operations Committee. MBSD advised members 
of the proposed change via an Important Notice dated August 1, 2012.

III. Discussion

    Section 19(b)(2)(C) of the Act \4\ directs the Commission to 
approve a self-regulatory organization's proposed rule change if it 
determines that the proposed rule change is consistent with the 
requirements of the Act and the rules and regulations thereunder 
applicable to such organization. Section 17A(b)(3)(F) of the Act \5\ 
requires, among other things, that the rules of a clearing agency be 
designed to promote the prompt and accurate clearance and settlement of 
security transactions, and to assure the safeguarding of securities and 
funds that are in the custody or control of such clearing agency, or 
for which it is responsible.
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    \4\ 15 U.S.C. 78s(b)(2)(C).
    \5\ 15 U.S.C. 78q-1(b)(3)(F).
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    The Commission concludes that the proposed rule change is 
consistent with the requirements of the Act and the rules and 
regulations thereunder applicable to FICC. The proposed rule change 
will help to maximize the number of trades that are included in the to-
be-announced netting process. This, in turn, should reduce the number 
of trades that ultimately fail, and will temper the attendant 
operational risk, as well. The proposed change will therefore foster 
the prompt and accurate clearance and settlement of security 
transactions, and assure the safeguarding of securities and funds in 
FICC's custody or control, or for which FICC is responsible.

IV. Conclusion

    On the basis of the foregoing, the Commission finds that the 
proposal is consistent with the requirements of the Act, in particular 
with the requirements of Section 17A of the Act \6\ and the rules and 
regulations thereunder.
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    \6\ 15 U.S.C. 78q-1.
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    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\7\ that the proposed rule change (File No. SR-FICC-2012-06) be and 
hereby is APPROVED.\8\
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    \7\ 15 U.S.C. 78s(b)(2).
    \8\ In approving the proposed rule change, the Commission 
considered the proposal's impact on efficiency, competition, and 
capital formation. 15 U.S.C. 78c(f).

    For the Commission by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-24171 Filed 10-1-12; 8:45 am]
BILLING CODE 8011-01-P

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