Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Amend the Clearing Agency Risk Management Framework, 42006-42007 [2024-10435]
Download as PDF
<![CDATA[
42006
Federal Register / Vol. 89, No. 94 / Tuesday, May 14, 2024 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–100076; File No. SR–DTC–
2024–003]
Self-Regulatory Organizations;
Depository Trust Company; Notice of
Designation of Longer Period for
Commission Action on Proposed Rule
Change To Amend the Clearing
Agency Risk Management Framework
May 8, 2024.
On March 11, 2024, The Depository
Trust Company (‘‘DTC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change SR–DTC–2024–003 (‘‘Proposed
Rule Change’’) pursuant to Section 19(b)
of the Securities Exchange Act of 1934
(‘‘Exchange Act’’) 1 and Rule 19b–4 2
thereunder to amend the Clearing
Agency Risk Management Framework of
DTC and its affiliates, Fixed Income
Clearing Corporation (‘‘FICC’’) and
National Securities Clearing Corporation
(‘‘NSCC,’’ and together with FICC and
NSCC, the ‘‘Clearing Agencies’’) to
describe how the Clearing Agencies may
solicit views of participants and other
industry stakeholders, and to provide
for the annual assessment and
subsequent review of FICC’s
Government Securities Division access
models by FICC’s Board of Directors.3
The Proposed Rule Change was
published for public comment in the
Federal Register on March 26, 2024.4
The Commission has received
comments regarding the substance of
the changes proposed in the Proposed
Rule Change.5
Section 19(b)(2)(i) of the Exchange
Act 6 provides that, within 45 days of
the publication of notice of the filing of
a proposed rule change, the Commission
shall either approve the proposed rule
change, disapprove the proposed rule
change, or institute proceedings to
determine whether the proposed rule
change should be disapproved unless
the Commission extends the period
within which it must act as provided in
Section 19(b)(2)(ii) of the Exchange
Act.7 Section 19(b)(2)(ii) of the
Exchange Act allows the Commission to
designate a longer period for review (up
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Notice of Filing infra note 4, at 89 FR 21118.
4 Securities Exchange Act Release No. 99802
(March 20, 2024), 89 FR 21118 (March 26, 2024)
(File No. SR–DTC–2024–003) (‘‘Notice of Filing’’).
5 Comments on the Proposed Rule Change were
received under an affiliated filing and are available
at https://www.sec.gov/comments/sr-ficc-2024-006/
srficc2024006.htm.
6 15 U.S.C. 78s(b)(2)(i).
7 15 U.S.C. 78 s(b)(2)(ii).
khammond on DSKJM1Z7X2PROD with NOTICES
2 17
VerDate Sep<11>2014
17:01 May 13, 2024
Jkt 262001
to 90 days from the publication of notice
of the filing of a proposed rule change)
if the Commission finds such longer
period to be appropriate and publishes
its reasons for so finding, or as to which
the self-regulatory organization
consents.8
The 45th day after publication of the
Notice of Filing is May 10, 2024. In
order to provide the Commission with
sufficient time to consider the Proposed
Rule Change, the Commission finds that
it is appropriate to designate a longer
period within which to take action on
the Proposed Rule Change and therefore
is extending this 45-day time period.
Accordingly, the Commission,
pursuant to Section 19(b)(2) of the
Exchange Act,9 designates June 24,
2024, as the date by which the
Commission shall either approve,
disapprove, or institute proceedings to
determine whether to disapprove
proposed rule change SR–DTC–2024–
003.
For the Commission, by the Division
of Trading and Markets, pursuant to
delegated authority.10
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–10429 Filed 5–13–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–100075; File No. SR–FICC–
2024–006]
Self-Regulatory Organizations; Fixed
Income Clearing Corporation; Notice of
Designation of Longer Period for
Commission Action on Proposed Rule
Change To Amend the Clearing
Agency Risk Management Framework
May 8, 2024.
On March 11, 2024, Fixed Income
Clearing Corporation (‘‘FICC’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change SR–FICC–2024–
006 (‘‘Proposed Rule Change’’) pursuant
to section 19(b) of the Securities
Exchange Act of 1934 (‘‘Exchange
Act’’) 1 and Rule 19b–4 2 thereunder to
amend the Clearing Agency Risk
Management Framework of FICC and its
affiliates, The Depository Trust
Company (‘‘DTC’’) and National
Securities Clearing Corporation
(‘‘NSCC,’’ and together with FICC and
DTC, the ‘‘Clearing Agencies’’) to
8 Id.
9 Id.
10 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
PO 00000
Frm 00082
Fmt 4703
Sfmt 4703
describe how the Clearing Agencies may
solicit views of participants and other
industry stakeholders and to provide for
the annual assessment and subsequent
review of FICC’s Government Securities
Division access models by FICC’s Board
of Directors.3 The Proposed Rule
Change was published for public
comment in the Federal Register on
March 26, 2024.4 The Commission has
received comments regarding the
substance of the changes proposed in
the Proposed Rule Change.5
Section 19(b)(2)(i) of the Exchange
Act 6 provides that, within 45 days of
the publication of notice of the filing of
a proposed rule change, the Commission
shall either approve the proposed rule
change, disapprove the proposed rule
change, or institute proceedings to
determine whether the proposed rule
change should be disapproved unless
the Commission extends the period
within which it must act as provided in
Section 19(b)(2)(ii) of the Exchange
Act.7 Section 19(b)(2)(ii) of the
Exchange Act allows the Commission to
designate a longer period for review (up
to 90 days from the publication of notice
of the filing of a proposed rule change)
if the Commission finds such longer
period to be appropriate and publishes
its reasons for so finding, or as to which
the self-regulatory organization
consents.8
The 45th day after publication of the
Notice of Filing is May 10, 2024. In
order to provide the Commission with
sufficient time to consider the Proposed
Rule Change, the Commission finds that
it is appropriate to designate a longer
period within which to take action on
the Proposed Rule Change and therefore
is extending this 45-day time period.
Accordingly, the Commission,
pursuant to section 19(b)(2) of the
Exchange Act,9 designates June 24,
2024, as the date by which the
Commission shall either approve,
disapprove, or institute proceedings to
determine whether to disapprove
proposed rule change SR–FICC–2024–
006.
3 See
Notice of Filing infra note 4, at 89 FR 21068.
Exchange Act Release No. 99805
(March 20, 2024), 89 FR 21068 (March 26, 2024)
(File No. SR–FICC–2024–006) (‘‘Notice of Filing’’).
5 Comments on the Proposed Rule Change are
available at https://www.sec.gov/comments/sr-ficc2024-006/srficc2024006.htm.
6 15 U.S.C. 78s(b)(2)(i).
7 15 U.S.C. 78 s(b)(2)(ii).
8 Id.
9 Id.
4 Securities
E:\FR\FM\14MYN1.SGM
14MYN1
Federal Register / Vol. 89, No. 94 / Tuesday, May 14, 2024 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–10435 Filed 5–13–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–100080; File No. SR–NYSE–
2023–36]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Designation of a Longer Period for
Commission Action on Proceedings To
Determine Whether To Approve or
Disapprove a Proposed Rule Change
Regarding Enhancements to Its DMM
Program
May 8, 2024.
On October 23, 2003, New York Stock
Exchange LLC (‘‘NYSE’’ or ‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change to amend its Designated Market
Maker (‘‘DMM’’) program. The proposed
rule change was published for comment
in the Federal Register on November 13,
2023.3
On December 13, 2023, pursuant to
section 19(b)(2) of the Act,4 the
Commission designated a longer period
within which to approve the proposed
rule change, disapprove the proposed
rule change, or institute proceedings to
determine whether to disapprove the
proposed rule change.5 On February 9,
2024, the Commission instituted
proceedings under section 19(b)(2)(B) of
the Act 6 to determine whether to
approve or disapprove the proposed
rule change.7
Section 19(b)(2) of the Act 8 provides
that, after initiating proceedings, the
Commission shall issue an order
approving or disapproving the proposed
10 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 98869
(November 6, 2023), 88 FR 77625 (November 13,
2023) (SR–NYSE–2023–36). Comments on the
proposed rule change are available at: https://
www.sec.gov/comments/sr-nyse-2023-36/
srnyse202336.htm.
4 15 U.S.C. 78s(b)(2).
5 See Securities Exchange Act Release No. 99161
(December 13, 2023), 88 FR 87829 (December 19,
2023).
6 15 U.S.C. 78s(b)(2)(B).
7 See Securities Exchange Act Release No. 99511,
89 FR 11893 (Feb. 15, 2024).
8 15 U.S.C. 78s(b)(2).
khammond on DSKJM1Z7X2PROD with NOTICES
1 15
VerDate Sep<11>2014
17:01 May 13, 2024
Jkt 262001
rule change not later than 180 days after
the date of publication of notice of filing
of the proposed rule change. The
Commission may extend the period for
issuing an order approving or
disapproving the proposed rule change,
however, by not more than 60 days if
the Commission determines that a
longer period is appropriate and
publishes the reasons for such
determination. The proposed rule
change was published for comment in
the Federal Register on November 13,
2023.9 The 180th day after publication
of the proposed rule change is May 11,
2024. The Commission is extending the
time period for approving or
disapproving the proposed rule change
for an additional 60 days.
The Commission finds that it is
appropriate to designate a longer period
within which to issue an order
approving or disapproving the proposed
rule change so that it has sufficient time
to consider the proposed rule change
and the issues raised therein.
Accordingly, the Commission, pursuant
to Section 19(b)(2) of the Act,10
designates July 10, 2024, as the date by
which the Commission shall either
approve or disapprove the proposed
rule change (File No. SR–NYSE–2023–
36).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–10431 Filed 5–13–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–100081; File No. SR–
CBOE–2024–015]
Self-Regulatory Organizations; Cboe
Exchange, Inc.; Notice of Filing of
Amendment No. 1 and Order Granting
Accelerated Approval of a Proposed
Rule Change, as Modified by
Amendment No. 1, To Amend
Exchange Rule 5.33, Complex Orders
May 8, 2024.
I. Introduction
On March 19, 2024, Cboe Exchange,
Inc. (‘‘Exchange’’ or ‘‘Cboe Options’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Exchange
9 See
supra note 3 and accompanying text.
U.S.C. 78s(b)(2).
11 17 CFR 200.30–3(a)(57).
10 15
PO 00000
Frm 00083
Fmt 4703
Sfmt 4703
42007
Act’’) 1 and Rule 19b–4 thereunder,2 a
proposed rule change to amend the
definition of ‘‘complex strategy’’ in
Exchange Rule 5.33(a) to allow the
Exchange to create new complex
strategies. In addition, the proposal
amends Exchange Rule 5.33(b)(2) to
provide that, in a class in which the
Exchange determines that complex
orders with Capacity M or N are not
eligible for entry into the Complex
Order Book (‘‘COB’’), the Exchange may
determine that a complex order with
Capacity M or N may enter the COB in
complex strategies designated by the
Exchange.3 The proposed rule change
was published for comment in the
Federal Register on March 28, 2024.4
On April 4, 2024, the Exchange filed
Amendment No. 1 to the proposed rule
change.5 The Commission has received
no comment letters regarding the
proposal. The Commission is publishing
this notice to solicit comment on
Amendment No. 1 and is approving the
proposed rule change, as modified by
Amendment No. 1, on an accelerated
basis.
II. Description of the Proposed Rule
Change, as Modified by Amendment
No. 1
The definition of complex strategy in
Exchange Rule 5.33(a) provides that
new complex strategies may be created
as the result of the receipt of a complex
instrument creation request or the
receipt of a complex order for a complex
strategy that is not currently in the
Exchange’s system.6 The Exchange
proposes to revise this definition to also
allow the Exchange to create new
complex strategies. The Exchange states
that customers will continue to have the
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 The Exchange states that the origin code ‘‘M’’
represents Exchange Market-Makers, and the origin
code ‘‘N’’ represents market makers or specialists
on another exchange (‘‘away market makers’’). The
Exchange states that, currently, orders representing
any capacity, including M and N, are eligible for
entry and may rest on the COB in all classes except
S&P 500 Index (‘‘SPX’’) and Cboe Volatility Index
(‘‘VIX’’) options. In SPX and VIX options, M and N
complex orders are not eligible for entry into the
COB except as set forth in Exchange Rule 5.33(b)(2).
See Securities Exchange Act Release No. 99838
(March 22, 2024), 89 FR 21548, 21549, n.3 (March
28, 2024) (‘‘Notice’’) and Amendment No. 1.
4 See Notice, supra note 3.
5 Amendment No. 1 revises the proposal to
correct descriptions of the current complex book
process by stating that Market-Makers and away
market makers currently are not permitted to enter
orders in VIX options, as well as SPX options, in
the COB. Amendment No. 1 makes no changes to
Exhibit 5 of the proposal. Amendment No. 1 is
available on the Commission’s website at https://
www.sec.gov/comments/sr-cboe-2024-015/
srcboe2024015.htm.
6 See Cboe Rule 5.33(a).
2 17
E:\FR\FM\14MYN1.SGM
14MYN1
]]>Agencies
[Federal Register Volume 89, Number 94 (Tuesday, May 14, 2024)]
[Notices]
[Pages 42006-42007]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-10435]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-100075; File No. SR-FICC-2024-006]
Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Designation of Longer Period for Commission Action on
Proposed Rule Change To Amend the Clearing Agency Risk Management
Framework
May 8, 2024.
On March 11, 2024, Fixed Income Clearing Corporation (``FICC'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change SR-FICC-2024-006 (``Proposed Rule Change'')
pursuant to section 19(b) of the Securities Exchange Act of 1934
(``Exchange Act'') \1\ and Rule 19b-4 \2\ thereunder to amend the
Clearing Agency Risk Management Framework of FICC and its affiliates,
The Depository Trust Company (``DTC'') and National Securities Clearing
Corporation (``NSCC,'' and together with FICC and DTC, the ``Clearing
Agencies'') to describe how the Clearing Agencies may solicit views of
participants and other industry stakeholders and to provide for the
annual assessment and subsequent review of FICC's Government Securities
Division access models by FICC's Board of Directors.\3\ The Proposed
Rule Change was published for public comment in the Federal Register on
March 26, 2024.\4\ The Commission has received comments regarding the
substance of the changes proposed in the Proposed Rule Change.\5\
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Notice of Filing infra note 4, at 89 FR 21068.
\4\ Securities Exchange Act Release No. 99805 (March 20, 2024),
89 FR 21068 (March 26, 2024) (File No. SR-FICC-2024-006) (``Notice
of Filing'').
\5\ Comments on the Proposed Rule Change are available at
https://www.sec.gov/comments/sr-ficc-2024-006/srficc2024006.htm.
---------------------------------------------------------------------------
Section 19(b)(2)(i) of the Exchange Act \6\ provides that, within
45 days of the publication of notice of the filing of a proposed rule
change, the Commission shall either approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether the proposed rule change should be disapproved unless
the Commission extends the period within which it must act as provided
in Section 19(b)(2)(ii) of the Exchange Act.\7\ Section 19(b)(2)(ii) of
the Exchange Act allows the Commission to designate a longer period for
review (up to 90 days from the publication of notice of the filing of a
proposed rule change) if the Commission finds such longer period to be
appropriate and publishes its reasons for so finding, or as to which
the self-regulatory organization consents.\8\
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(2)(i).
\7\ 15 U.S.C. 78 s(b)(2)(ii).
\8\ Id.
---------------------------------------------------------------------------
The 45th day after publication of the Notice of Filing is May 10,
2024. In order to provide the Commission with sufficient time to
consider the Proposed Rule Change, the Commission finds that it is
appropriate to designate a longer period within which to take action on
the Proposed Rule Change and therefore is extending this 45-day time
period.
Accordingly, the Commission, pursuant to section 19(b)(2) of the
Exchange Act,\9\ designates June 24, 2024, as the date by which the
Commission shall either approve, disapprove, or institute proceedings
to determine whether to disapprove proposed rule change SR-FICC-2024-
006.
---------------------------------------------------------------------------
\9\ Id.
[[Page 42007]]
---------------------------------------------------------------------------
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-10435 Filed 5-13-24; 8:45 am]
BILLING CODE 8011-01-P
