Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing of Proposed Rule Change To Discontinue its Stock Borrow Program, 79028-79030 [2013-30936]
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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
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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,
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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.
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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).
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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
https://www.sec.gov/rules/sro/nscc.shtml under File
No. SR–NSCC–2013–13, Additional Materials.
2 17 CFR 240.19b–4.
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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 https://
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 (https://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 (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 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 (https://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 https://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
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23:48 Dec 26, 2013
Jkt 232001
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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]
-----------------------------------------------------------------------
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 https://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 https://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 (https://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 (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 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 (https://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\
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\4\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-30936 Filed 12-26-13; 8:45 am]
BILLING CODE 8011-01-P