Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing of Proposed Rule Change To Discontinue its Stock Borrow Program, 79028-79030 [2013-30936]

Download as PDF 79028 Federal Register / Vol. 78, No. 249 / Friday, December 27, 2013 / Notices The United States Postal Service® hereby gives notice that, pursuant to 39 U.S.C. 3642 and 3632(b)(3), on December 19, 2013, it filed with the Postal Regulatory Commission a Request of the United States Postal Service to Add Priority Mail Express Contract 16 to Competitive Product List. Documents are available at www.prc.gov, Docket Nos. MC2014–12, CP2014–16. SUPPLEMENTARY INFORMATION: Stanley F. Mires, Attorney, Legal Policy & Legislative Advice. Dated: December 20, 2013. Karen A. Cook, General Counsel. [FR Doc. 2013–31061 Filed 12–26–13; 8:45 am] BILLING CODE 4310–4R–P SECURITIES AND EXCHANGE COMMISSION Proposed Collection; Comment Request BILLING CODE 7710–12–P Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. PRESIDIO TRUST Extension: Rule 8c–1, SEC File No. 270–455, OMB Control No. 3235–0514. [FR Doc. 2013–30955 Filed 12–26–13; 8:45 am] Notice of Public Meeting AGENCY: ACTION: The Presidio Trust. Notice of Public Meeting. In accordance with § 103(c)(6) of the Presidio Trust Act, 16 U.S.C. 460bb appendix, and in accordance with the Presidio Trust’s bylaws, notice is hereby given that a public meeting of the Presidio Trust Board of Directors will be held commencing 6:30 p.m. on Monday, January 27, 2014, at Herbst Hall, 385 Moraga Street, Presidio of San Francisco, California. The Presidio Trust was created by Congress in 1996 to manage approximately eighty percent of the former U.S. Army base known as the Presidio, in San Francisco, California. The purposes of this meeting are to take action on the minutes of a previous Board meeting, to provide the Chairperson’s report, to provide the Executive Director’s report, to present revised proposals for the Mid-Crissy Field Site Project, and to receive public comment on the Mid-Crissy Field Site Project and on other matters in accordance with the Trust’s Public Outreach Policy. Individuals requiring special accommodation at this meeting, such as needing a sign language interpreter, should contact Mollie Matull at 415.561.5300 prior to January 20, 2014. Time: The meeting will begin at 6:30 p.m. on Monday, January 27, 2017. SUMMARY: The meeting will be held at Herbst Hall, 385 Moraga Street, Presidio of San Francisco. tkelley on DSK3SPTVN1PROD with NOTICES ADDRESSES: FOR FURTHER INFORMATION CONTACT: Karen Cook, General Counsel, the Presidio Trust, 103 Montgomery Street, P.O. Box 29052, San Francisco, California 94129–0052, Telephone: 415.561.5300. VerDate Mar<15>2010 23:48 Dec 26, 2013 Jkt 232001 Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (‘‘Commission’’) is soliciting comments on the existing collection of information provided for in Rule 8c–1 (17 CFR 240.8c–1), under the Securities Exchange Act of 1934 (‘‘Exchange Act’’) (15 U.S.C. 78a et seq.). The Commission plans to submit this existing collection of information to the Office of Management and Budget (‘‘OMB’’) for extension and approval. Rule 8c–1 generally prohibits a broker-dealer from using its customers’ securities as collateral to finance its own trading, speculating, or underwriting transactions. More specifically, Rule 8c– 1 states three main principles: (1) A broker-dealer is prohibited from commingling the securities of different customers as collateral for a loan without the consent of each customer; (2) a broker-dealer cannot commingle customers’ securities with its own securities under the same pledge; and (3) a broker-dealer can only pledge its customers’ securities to the extent that customers are in debt to the brokerdealer.1 The information required by Rule 8c– 1 is necessary for the execution of the Commission’s mandate under the Exchange Act to prevent broker-dealers from hypothecating or arranging for the hypothecation of any securities carried for the account of any customer under certain circumstances. In addition, the information required by Rule 8c–1 provides important investor protections. There are approximately 82 respondents as of year-end 2012 (i.e., broker-dealers that conducted business 1 See Exchange Act Release No. 2690 (November 15, 1940); Exchange Act Release No. 9428 (December 29, 1971). PO 00000 Frm 00219 Fmt 4703 Sfmt 4703 with the public, filed Part II of the FOCUS Report, did not claim an exemption from the Reserve Formula computation, and reported that they had a bank loan during at least one quarter of the current year). Each respondent makes an estimated 45 annual responses, for an aggregate total of 3,690 responses per year.2 Each response takes approximately 0.5 hours to complete. Therefore, the total third-party reporting burden per year is 1,845 burden hours.3 Written comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the Commission, including whether the information shall have practical utility; (b) the accuracy of the Commission’s estimates of the burden of the proposed collection of information; (c) ways to enhance the quality, utility, and clarity of the information collected; and (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. Consideration will be given to comments and suggestions submitted in writing within 60 days of this publication. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information under the PRA unless it displays a currently valid OMB control number. Please direct your written comments to: Thomas Bayer, Director/Chief Information Officer, Securities and Exchange Commission, c/o Remi PavlikSimon, 100 F Street NE., Washington, DC 20549, or send an email to: PRA_ Mailbox@sec.gov. Dated: December 20, 2013. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2013–30931 Filed 12–26–13; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–71156; File No. SR–NSCC– 2013–13] Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing of Proposed Rule Change To Discontinue its Stock Borrow Program December 20, 2013. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 2 82 respondents × 45 annual responses = 3,690 aggregate total of annual responses. 3 3,690 responses × 0.5 hours = 1,845 hours. E:\FR\FM\27DEN1.SGM 27DEN1 Federal Register / Vol. 78, No. 249 / Friday, December 27, 2013 / Notices (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on December 10, 2013, National Securities Clearing Corporation (‘‘NSCC’’) 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 NSCC. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Clearing Agency’s Statement of the Terms of Substance of the Proposed Rule Change The proposed rule change consist of amendments to the Rules & Procedures (‘‘Rules’’) of NSCC to discontinue its Stock Borrow Program, as more fully described below. II. Clearing Agency’s Statement of the 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) Clearing Agency’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change tkelley on DSK3SPTVN1PROD with NOTICES 1. Purpose Over the past few years the use of NSCC’s Stock Borrow Program, which allows NSCC Members to elect to loan their excess positions to NSCC’s Continuous Net Settlement (‘‘CNS’’) System in order to facilitate the completion of CNS long allocations, has declined. As such, NSCC is proposing to amend its Rules in order to discontinue the Stock Borrow Program. One of NSCC’s core services as a central counterparty is trade clearance and settlement through CNS, where compared and recorded transactions in eligible securities for a particular settlement date are netted by issue into one net long (buy) or net short (sell) position. As a continuous net settlement system, those positions are further netted with positions of the same issue that remain open after their originally 1 15 U.S.C. 78s(b)(1). Defined terms that are not defined in this notice are defined in Exhibit 5 of the proposed rule change filing, available at http://www.sec.gov/rules/sro/nscc.shtml under File No. SR–NSCC–2013–13, Additional Materials. 2 17 CFR 240.19b–4. VerDate Mar<15>2010 23:48 Dec 26, 2013 Jkt 232001 scheduled settlement date (usually T+3), so that trades scheduled to settle on any day are netted with fail positions to result in a single deliver or receive obligation for each Member for each issue in which it has activity. Today, NSCC Members may elect to participate in the Stock Borrow Program by designating specific securities that are in their inventory at DTC to be available to be borrowed by CNS. If CNS cannot complete a delivery to a long Member because a short Member has not completed its delivery to CNS, NSCC looks to those designated securities and initiates deliveries from lenders to CNS if the lending Member has free excess positions at DTC. In turn, CNS delivers the position to a long Member and sets up a pending receive for the lending Member. If the position is not returned to the lender by the end of settlement day, i.e., the Member with the original obligation to deliver to CNS does not complete that delivery, the lender receives full market value for the securities through NSCC settlement. In 2007, NSCC borrowed a daily average of approximately $1.85 billion in market value at the close of each day from the approximately 21 Members that participated in the Stock Borrow Program that year. Usage of the Stock Borrow Program has since dropped by almost 95%. In October 2013 only three Members participated in the Stock Borrow Program, and the average daily value borrowed at the close of day during that month was approximately $81 million. Usage of the program has continued to drop since the end of October 2013. Given this dramatic reduction in the use of the program, NSCC has determined that it is not economically efficient to maintain the service, and NSCC is proposing to amend its Rules in order to discontinue the Stock Borrow Program. NSCC has informed the Members using the Stock Borrow Program of its intent to discontinue the program. 79029 Addendum C will be designated as reserved for future use. 2. Statutory Basis NSCC believes the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to NSCC, in particular Section 17A(b)(3)(F) of the Securities Exchange Act of 1934, as amended (‘‘Act’’), which requires that NSCC’s Rules be designed to promote the prompt and accurate clearance and settlement of securities transactions. Given the dramatic reduction in the use of the Stock Borrow Program by NSCC’s Members, NSCC has determined that it is not economically efficient to maintain the service, and, as such, its proposed rule change will promote its ability to perform the prompt and accurate clearance and settlement of securities transactions. (B) Clearing Agency’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 due to the dramatic reduction in use of the Stock Borrow Program by NSCC Members, as described above. (C) Clearing Agency’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 yet been solicited or received. NSCC will notify the Commission of any written comments received by NSCC. III. Date of Effectiveness of the Proposed Rule Change, [sic] and Timing for Commission Action Implementation Timeframe Subject to approval of this filing, NSCC will implement the proposed rule changes on a date announced by Important Notice. Proposed Rule Changes NSCC will remove reference to the Stock Borrow Program from Section E of Procedure VII (CNS Accounting Operation), and will remove Addendum C (NSCC Automated Stock Borrow Program Program) from its Rules as reflected in Exhibit 5 hereto.3 Within 45 days of the date of publication of this notice in the Federal Register or within such longer period up to 90 days (i) as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: (A) By order approve or disapprove such a proposed rule change, or (B) institute proceedings to determine whether the proposed rule change should be disapproved. IV. Solicitation of Comments 3 The Commission notes that Exhibit 5 to the proposed rule change is available at http:// PO 00000 Frm 00220 Fmt 4703 Sfmt 4703 Interested persons are invited to submit written data, views, and arguments concerning the foregoing, www.sec.gov/rules/sro/nscc.shtml under File No. SR–NSCC–2013–13, Additional Materials. E:\FR\FM\27DEN1.SGM 27DEN1 79030 Federal Register / Vol. 78, No. 249 / Friday, December 27, 2013 / Notices including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.4 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2013–30936 Filed 12–26–13; 8:45 am] • 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 No. SR–NSCC–2013–13 on the subject line. Paper Comments tkelley on DSK3SPTVN1PROD with NOTICES • 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–2013–13. 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 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 such filings also will be available for inspection and copying at the principal office of NSCC and on NSCC’s Web site at (http://dtcc.com/legal/rule_filings/ nscc/2013.php). 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–2013–13 and should be submitted on or before January 17, 2014. BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–71162; File No. SR–BATS– 2013–066] Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Adopt Rules To Hold a Volatility Closing Auction December 20, 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 December 19, 2013, BATS Exchange, Inc. (the ‘‘Exchange’’ or ‘‘BATS’’) 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 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 the Substance of the Proposed Rule Change The Exchange filed a proposal to amend Rule 11.23, which governs auctions conducted on the Exchange for Exchange listed-securities. The text of the proposed rule change is available at the Exchange’s Web site at http://www.batstrading.com, at the principal office of the Exchange, 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 statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in Sections A, B, and C below, of the most significant parts of such statements. 4 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 23:48 Dec 26, 2013 Jkt 232001 PO 00000 Frm 00221 Fmt 4703 Sfmt 4703 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Introduction The Exchange proposes to add a new auction type to its rules, a Volatility Closing Auction, which will apply any time that an Exchange-listed security is halted between 3:50 p.m. and 4:00 p.m. E.T. In particular, the Exchange proposes to add the Volatility Closing Auction in preparation for the operation during the last 15 minutes of Regular Trading Hours 3 of the Plan to Address Extraordinary Market Volatility Pursuant to Rule 608 of Regulation NMS under the Act (the ‘‘Limit Up-Limit Down Plan’’ or ‘‘Plan’’), as further described below.4 The Plan is designed to prevent trades in individual NMS Stocks from occurring outside of specified Price Bands.5 The requirements of the Plan are coupled with Trading Pauses, or halts, to accommodate more fundamental price moves (as opposed to erroneous trades or momentary gaps in liquidity). Background On May 31, 2012, the Commission approved the Plan, as amended, on a one-year pilot basis.6 The Plan first became operational in April of 2013, with a staged rollout with respect to the portion of the trading day to which the Plan applies as well as the securities subject to the Plan. All trading centers in NMS Stocks, including both those operated by Participants and those operated by members of Participants, are required to establish, maintain, and enforce written policies and procedures that are reasonably designed to comply with the requirements specified in the Plan.7 As set forth in more detail in the Plan, Price Bands consisting of a Lower Price Band and an Upper Price Band for each NMS Stock are calculated by the Processors.8 When the National Best Bid (Offer) is below (above) the Lower (Upper) Price Band, the Processors disseminate the National Best Bid (Offer) with an appropriate flag 3 Regular Trading Hours are defined in Exchange Rule 1.5(w) as the time between 9:30 a.m. to 4:00 p.m. E.T. 4 See Securities Exchange Act Release No. 67091 (May 31, 2012), 77 FR 33498 (June 6, 2012) (File No. 4–631) (Order Approving, on a Pilot Basis, the National Market System Plan To Address Extraordinary Market Volatility). 5 Unless otherwise specified, capitalized terms used in this rule filing are based on the defined terms of the Plan. 6 See supra note 4. 7 The Exchange is a Participant in the Plan. 8 See Section (V)(A) of the Plan. E:\FR\FM\27DEN1.SGM 27DEN1

Agencies

[Federal Register Volume 78, Number 249 (Friday, December 27, 2013)]
[Notices]
[Pages 79028-79030]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-30936]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-71156; File No. SR-NSCC-2013-13]


Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Filing of Proposed Rule Change To Discontinue 
its Stock Borrow Program

December 20, 2013.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934

[[Page 79029]]

(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on December 10, 2013, National Securities Clearing Corporation 
(``NSCC'') 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 NSCC. The Commission 
is publishing this notice to solicit comments on the proposed rule 
change from interested persons.

I. Clearing Agency's Statement of the Terms of Substance of the 
Proposed Rule Change
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1). Defined terms that are not defined in 
this notice are defined in Exhibit 5 of the proposed rule change 
filing, available at http://www.sec.gov/rules/sro/nscc.shtml under 
File No. SR-NSCC-2013-13, Additional Materials.
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

    The proposed rule change consist of amendments to the Rules & 
Procedures (``Rules'') of NSCC to discontinue its Stock Borrow Program, 
as more fully described below.

II. Clearing Agency's Statement of the 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) Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change

1. Purpose
    Over the past few years the use of NSCC's Stock Borrow Program, 
which allows NSCC Members to elect to loan their excess positions to 
NSCC's Continuous Net Settlement (``CNS'') System in order to 
facilitate the completion of CNS long allocations, has declined. As 
such, NSCC is proposing to amend its Rules in order to discontinue the 
Stock Borrow Program.
    One of NSCC's core services as a central counterparty is trade 
clearance and settlement through CNS, where compared and recorded 
transactions in eligible securities for a particular settlement date 
are netted by issue into one net long (buy) or net short (sell) 
position. As a continuous net settlement system, those positions are 
further netted with positions of the same issue that remain open after 
their originally scheduled settlement date (usually T+3), so that 
trades scheduled to settle on any day are netted with fail positions to 
result in a single deliver or receive obligation for each Member for 
each issue in which it has activity. Today, NSCC Members may elect to 
participate in the Stock Borrow Program by designating specific 
securities that are in their inventory at DTC to be available to be 
borrowed by CNS. If CNS cannot complete a delivery to a long Member 
because a short Member has not completed its delivery to CNS, NSCC 
looks to those designated securities and initiates deliveries from 
lenders to CNS if the lending Member has free excess positions at DTC. 
In turn, CNS delivers the position to a long Member and sets up a 
pending receive for the lending Member. If the position is not returned 
to the lender by the end of settlement day, i.e., the Member with the 
original obligation to deliver to CNS does not complete that delivery, 
the lender receives full market value for the securities through NSCC 
settlement.
    In 2007, NSCC borrowed a daily average of approximately $1.85 
billion in market value at the close of each day from the approximately 
21 Members that participated in the Stock Borrow Program that year. 
Usage of the Stock Borrow Program has since dropped by almost 95%. In 
October 2013 only three Members participated in the Stock Borrow 
Program, and the average daily value borrowed at the close of day 
during that month was approximately $81 million. Usage of the program 
has continued to drop since the end of October 2013. Given this 
dramatic reduction in the use of the program, NSCC has determined that 
it is not economically efficient to maintain the service, and NSCC is 
proposing to amend its Rules in order to discontinue the Stock Borrow 
Program. NSCC has informed the Members using the Stock Borrow Program 
of its intent to discontinue the program.

Implementation Timeframe

    Subject to approval of this filing, NSCC will implement the 
proposed rule changes on a date announced by Important Notice.

Proposed Rule Changes

    NSCC will remove reference to the Stock Borrow Program from Section 
E of Procedure VII (CNS Accounting Operation), and will remove Addendum 
C (NSCC Automated Stock Borrow Program Program) from its Rules as 
reflected in Exhibit 5 hereto.\3\ Addendum C will be designated as 
reserved for future use.
---------------------------------------------------------------------------

    \3\ The Commission notes that Exhibit 5 to the proposed rule 
change is available at http://www.sec.gov/rules/sro/nscc.shtml under 
File No. SR-NSCC-2013-13, Additional Materials.
---------------------------------------------------------------------------

2. Statutory Basis
    NSCC believes the proposed rule change is consistent with the 
requirements of the Act and the rules and regulations thereunder 
applicable to NSCC, in particular Section 17A(b)(3)(F) of the 
Securities Exchange Act of 1934, as amended (``Act''), which requires 
that NSCC's Rules be designed to promote the prompt and accurate 
clearance and settlement of securities transactions. Given the dramatic 
reduction in the use of the Stock Borrow Program by NSCC's Members, 
NSCC has determined that it is not economically efficient to maintain 
the service, and, as such, its proposed rule change will promote its 
ability to perform the prompt and accurate clearance and settlement of 
securities transactions.

(B) Clearing Agency'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 due to the dramatic 
reduction in use of the Stock Borrow Program by NSCC Members, as 
described above.

(C) Clearing Agency'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 yet 
been solicited or received. NSCC will notify the Commission of any 
written comments received by NSCC.

III. Date of Effectiveness of the Proposed Rule Change, [sic] and 
Timing for Commission Action

    Within 45 days of the date of publication of this notice in the 
Federal Register or within such longer period up to 90 days (i) as the 
Commission may designate if it finds such longer period to be 
appropriate and publishes its reasons for so finding or (ii) as to 
which the self-regulatory organization consents, the Commission will:
    (A) By order approve or disapprove such a proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule 
change should be disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing,

[[Page 79030]]

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 No. SR-NSCC-2013-13 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-2013-13. 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 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 such filings also will be available 
for inspection and copying at the principal office of NSCC and on 
NSCC's Web site at (http://dtcc.com/legal/rule_filings/nscc/2013.php).
    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-2013-13 and 
should be submitted on or before January 17, 2014.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\4\
---------------------------------------------------------------------------

    \4\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-30936 Filed 12-26-13; 8:45 am]
BILLING CODE 8011-01-P