Self-Regulatory Organizations; National Securities Clearing Corporation; Order Approving Proposed Rule Change To Decommission Its Trade Risk Pro Service, 69168 [2013-27473]

Download as PDF 69168 Federal Register / Vol. 78, No. 222 / Monday, November 18, 2013 / Notices IV. Conclusion On the basis of the foregoing, the Commission finds that the proposal is consistent with the requirements of the Act and in particular with the requirements of Section 17A of the Act 7 and the rules and regulations thereunder. It is therefore ordered, pursuant to Section 19(b)(2) of the Act,8 that the proposed rule change (SR–ICC–2013– 07) be, and hereby is, approved.9 For the Commission by the Division of Trading and Markets, pursuant to delegated authority.10 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2013–27474 Filed 11–15–13; 8:45 am] described below. Trade Risk Pro was designed to allow NSCC Members to monitor intraday trading activity of their organizations and/or their correspondent firms through review of post-trade data.4 While several firms participated in a pilot of Trade Risk Pro, no Members are currently enrolled in Trade Risk Pro and NSCC believes it is not currently cost-effective to maintain the service. As a result, NSCC is revising its Rules by deleting the current Rule 54 (Trade Risk Pro) and Procedure XVII (Trade Risk Pro). The effective date of the proposed rule change will be announced via an NSCC Important Notice. III. Discussion BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–70848; File No. SR–NSCC– 2013–10] Self-Regulatory Organizations; National Securities Clearing Corporation; Order Approving Proposed Rule Change To Decommission Its Trade Risk Pro Service November 12, 2013. I. Introduction On September 16, 2013, the National Securities Clearing Corporation (‘‘NSCC’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change SR–NSCC– 2013–10 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 October 3, 2013.3 The Commission did not receive comments on the proposed rule change. This order approves the proposed rule change. II. Description The proposed rule change consists of amendments to the Rules and Procedures (‘‘Rules’’) of NSCC to decommission the DTCC Trade Risk Pro service (‘‘Trade Risk Pro’’), as more fully U.S.C. 78q–1. U.S.C. 78s(b)(2). 9 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). 10 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 Securities Exchange Act Release No. 34–70544 (Sept. 27, 2013), 78 FR 61424 (Oct. 3, 2013) (SR– NSCC–2013–10). Section 19(b)(2)(C) of the Act 5 directs the Commission to approve a proposed rule change of a self-regulatory organization if it finds that such proposed rule change is consistent with the requirements of the Act and rules and regulations thereunder applicable to such organization. Section 17A(b)(3)(F) of the Act 6 requires that rules of a clearing agency to be designed to, among other things, ‘‘promote the prompt and accurate clearance and settlement of securities transactions and . . . to assure the safeguarding of securities and funds which are in the custody or control of the clearing agency or for which it is responsible.’’ 7 The Commission finds that NSCC’s proposed rule change is consistent with these requirements by discontinuing an underutilized service, which will enable NSCC to allocate its resources among other core clearing agency functions. IV. Conclusion On the basis of the foregoing, the Commission finds that the proposal is consistent with the requirements of the Act and in particular with the requirements of Section 17A of the Act 8 and the rules and regulations thereunder. It is therefore ordered, pursuant to Section 19(b)(2) of the Act, that the proposed rule change (SR–NSCC–2013– 10) be, and it hereby is, approved. 7 15 mstockstill on DSK4VPTVN1PROD with NOTICES 8 15 VerDate Mar<15>2010 17:33 Nov 15, 2013 Jkt 232001 4 See Securities Exchange Act Release No. 66068 (Dec. 29, 2011), 77 FR 528 (Jan. 5, 2012) (File No. SR–DTC–2011–10). 5 15 U.S.C. 78s(b)(2)(C). 6 12 U.S.C. 78q–1(b)(3)(F). 7 15 U.S.C. 78q–1(b)(3)(F). 8 In approving this proposed rule change, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). PO 00000 Frm 00129 Fmt 4703 Sfmt 4703 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2013–27473 Filed 11–15–13; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–70845; File No. SR–CBOE– 2013–104] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Fees for the Customized Option Pricing Service November 12, 2013. 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 October 29, 2013, Chicago Board Options Exchange, Incorporated (the ‘‘Exchange’’ or ‘‘CBOE’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. 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 Chicago Board Options Exchange, Incorporated (the ‘‘Exchange’’ or ‘‘CBOE’’) proposes to amend the fee schedule for the Customized Option Pricing Service (‘‘COPS’’) to add a fee for historical COPS data. The text of the proposed rule change is available on the Exchange’s Web site (http:// www.cboe.com/AboutCBOE/ CBOELegalRegulatoryHome.aspx), at the Exchange’s Office of the Secretary, 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, the Exchange 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 9 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 E:\FR\FM\18NON1.SGM 18NON1

Agencies

[Federal Register Volume 78, Number 222 (Monday, November 18, 2013)]
[Notices]
[Page 69168]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-27473]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-70848; File No. SR-NSCC-2013-10]


Self-Regulatory Organizations; National Securities Clearing 
Corporation; Order Approving Proposed Rule Change To Decommission Its 
Trade Risk Pro Service

November 12, 2013.

I. Introduction

    On September 16, 2013, the National Securities Clearing Corporation 
(``NSCC'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change SR-NSCC-2013-10 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 October 3, 2013.\3\ The 
Commission did not receive comments on the proposed rule change. This 
order approves 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. 34-70544 (Sept. 27, 
2013), 78 FR 61424 (Oct. 3, 2013) (SR-NSCC-2013-10).
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II. Description

    The proposed rule change consists of amendments to the Rules and 
Procedures (``Rules'') of NSCC to decommission the DTCC Trade Risk Pro 
service (``Trade Risk Pro''), as more fully described below. Trade Risk 
Pro was designed to allow NSCC Members to monitor intraday trading 
activity of their organizations and/or their correspondent firms 
through review of post-trade data.\4\ While several firms participated 
in a pilot of Trade Risk Pro, no Members are currently enrolled in 
Trade Risk Pro and NSCC believes it is not currently cost-effective to 
maintain the service. As a result, NSCC is revising its Rules by 
deleting the current Rule 54 (Trade Risk Pro) and Procedure XVII (Trade 
Risk Pro). The effective date of the proposed rule change will be 
announced via an NSCC Important Notice.
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    \4\ See Securities Exchange Act Release No. 66068 (Dec. 29, 
2011), 77 FR 528 (Jan. 5, 2012) (File No. SR-DTC-2011-10).
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III. Discussion

    Section 19(b)(2)(C) of the Act \5\ directs the Commission to 
approve a proposed rule change of a self-regulatory organization if it 
finds that such proposed rule change is consistent with the 
requirements of the Act and rules and regulations thereunder applicable 
to such organization. Section 17A(b)(3)(F) of the Act \6\ requires that 
rules of a clearing agency to be designed to, among other things, 
``promote the prompt and accurate clearance and settlement of 
securities transactions and . . . to assure the safeguarding of 
securities and funds which are in the custody or control of the 
clearing agency or for which it is responsible.'' \7\ The Commission 
finds that NSCC's proposed rule change is consistent with these 
requirements by discontinuing an underutilized service, which will 
enable NSCC to allocate its resources among other core clearing agency 
functions.
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    \5\ 15 U.S.C. 78s(b)(2)(C).
    \6\ 12 U.S.C. 78q-1(b)(3)(F).
    \7\ 15 U.S.C. 78q-1(b)(3)(F).
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IV. Conclusion

    On the basis of the foregoing, the Commission finds that the 
proposal is consistent with the requirements of the Act and in 
particular with the requirements of Section 17A of the Act \8\ and the 
rules and regulations thereunder.
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    \8\ In approving this proposed rule change, the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. See 15 U.S.C. 78c(f).
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    It is therefore ordered, pursuant to Section 19(b)(2) of the Act, 
that the proposed rule change (SR-NSCC-2013-10) be, and it hereby is, 
approved.

    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. 2013-27473 Filed 11-15-13; 8:45 am]
BILLING CODE 8011-01-P