Self-Regulatory Organizations; Fixed Income Clearing Corporation (“FICC”); Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Clearing Agency Risk Management Framework, 12870 [2025-04507]

Download as PDF 12870 Federal Register / Vol. 90, No. 52 / Wednesday, March 19, 2025 / Notices SECURITIES AND EXCHANGE COMMISSION [Release No. 34–102653; File No. SR–FICC– 2025–004] Self-Regulatory Organizations; Fixed Income Clearing Corporation (‘‘FICC’’); Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Clearing Agency Risk Management Framework March 13, 2025. lotter on DSK11XQN23PROD with NOTICES1 Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on March 10, 2025, Fixed Income Clearing Corporation (‘‘FICC’’) 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 the clearing agency. FICC filed the proposed rule change pursuant to Section 19(b)(3)(A) of the Act 3 and Rule 19b–4(f)(4) thereunder.4 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 of Fixed Income Clearing Corporation (‘‘FICC’’) as provided in Exhibit 5 amends the Clearing Agency Risk Management Framework (‘‘Risk Management Framework’’ or ‘‘Framework’’) of FICC and its affiliates, The Depository Trust Company (‘‘DTC’’) and National Securities Clearing Corporation (‘‘NSCC,’’ and together with FICC, the ‘‘CCPs’’ and the CCPs together with DTC, the ‘‘Clearing Agencies’’). Specifically, the proposed rule change would amend the Risk Management Framework to make changes to clarify and update the Framework. The proposed changes would update and clarify (a) the quarterly review escalation process, (b) the annual review process as it relates to ‘‘done-away’’ clearing activity, (c) removal of references to Systemic Risk Council, and (d) other immaterial changes for clarification purposes. The proposed rule change, including the Clearing Agency’s statement of the purpose of, and statutory basis for, the proposed rule change, is available on the Clearing Agency’s website at https:// www.dtcc.com/legal/sec-rule-filings and 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A). 4 17 CFR 240.19b–4(f)(4). 2 17 VerDate Sep<11>2014 18:11 Mar 18, 2025 Jkt 265001 on the Commission’s website at https:// www.sec.gov/rules-regulations/selfregulatory-organization-rulemaking/ FICC?file_number=SR-FICC-2025-004. II. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act.5 Comments may be submitted electronically by using the Commission’s internet comment form (https://www.sec.gov/rules-regulations/ self-regulatory-organizationrulemaking/national-securitiesexchanges?file_number=SR-FICC-2025004) or by sending an email to rulecomments@sec.gov. Please include file number SR–FICC–2025–004 on the subject line. Alternatively, paper comments may be sent to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549–1090. All submissions should refer to file number SR–FICC–2025–004. 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 website (https://www.sec.gov/rules-regulations/ self-regulatory-organizationrulemaking/national-securitiesexchanges?file_number=SR-FICC-2025004). Do not include personal identifiable information in submissions; you should submit only information that you wish to make available publicly. We may redact in part or withhold entirely from publication submitted material that is obscene or subject to copyright protection. All submissions should refer to File Number SR–FICC–2025–004 and should be submitted on or before April 9, 2025. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.6 Sherry R. Haywood, Assistant Secretary. [FR Doc. 2025–04507 Filed 3–18–25; 8:45 am] BILLING CODE 8011–01–P 5 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 website 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 a.m. and 3 p.m. Copies of the filing also will be available for inspection and copying at the principal office of SRO. 6 17 CFR 200.30–3(a)(12). PO 00000 Frm 00175 Fmt 4703 Sfmt 4703 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–102658; File No. SR–MIAX– 2025–07] Self-Regulatory Organizations; Notice of Filing of a Proposed Rule Change, as Modified by Partial Amendment No. 1, by Miami International Securities Exchange, LLC To Amend Exchange Rule 402, Criteria for Underlying Securities, To List and Trade Options on Commodity-Based Trust Shares March 13, 2025. Pursuant to the provisions of Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on March 5, 2025, Miami International Securities Exchange, LLC (‘‘MIAX’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) a proposed rule change as described in Items I, II, and III below, which Items have been substantially prepared by the Exchange.3 The Commission is publishing this notice to solicit comments on the proposed rule change, as modified by Partial Amendment No. 1, from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend Exchange Rule 402, Criteria for Underlying Securities, to list and trade options on Commodity-Based Trust Shares. The text of the proposed rule change is available on the Exchange’s website at https://www.miaxglobal.com/markets/ us-options/all-options-exchanges/rulefilings, at MIAX’s principal office, 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 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 On March 11, 2025, the Exchange filed Partial Amendment No. 1 to the proposed rule change. In addition to the changes described herein, Partial Amendment No. 1 corrected a marking error in proposed changes to the rule text in Exhibit 5 and corrected the header of the Exhibit 1. 2 17 E:\FR\FM\19MRN1.SGM 19MRN1

Agencies

[Federal Register Volume 90, Number 52 (Wednesday, March 19, 2025)]
[Notices]
[Page 12870]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-04507]



[[Page 12870]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-102653; File No. SR-FICC-2025-004]


Self-Regulatory Organizations; Fixed Income Clearing Corporation 
(``FICC''); Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change To Amend the Clearing Agency Risk Management Framework

March 13, 2025.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on March 10, 2025, Fixed Income Clearing Corporation (``FICC'') 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 the clearing agency. FICC filed the 
proposed rule change pursuant to Section 19(b)(3)(A) of the Act \3\ and 
Rule 19b-4(f)(4) thereunder.\4\ The Commission is publishing this 
notice to solicit comments on the proposed rule change from interested 
persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(4).
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I. Clearing Agency's Statement of the Terms of Substance of the 
Proposed Rule Change

    The proposed rule change of Fixed Income Clearing Corporation 
(``FICC'') as provided in Exhibit 5 amends the Clearing Agency Risk 
Management Framework (``Risk Management Framework'' or ``Framework'') 
of FICC and its affiliates, The Depository Trust Company (``DTC'') and 
National Securities Clearing Corporation (``NSCC,'' and together with 
FICC, the ``CCPs'' and the CCPs together with DTC, the ``Clearing 
Agencies''). Specifically, the proposed rule change would amend the 
Risk Management Framework to make changes to clarify and update the 
Framework. The proposed changes would update and clarify (a) the 
quarterly review escalation process, (b) the annual review process as 
it relates to ``done-away'' clearing activity, (c) removal of 
references to Systemic Risk Council, and (d) other immaterial changes 
for clarification purposes.
    The proposed rule change, including the Clearing Agency's statement 
of the purpose of, and statutory basis for, the proposed rule change, 
is available on the Clearing Agency's website at https://www.dtcc.com/legal/sec-rule-filings and on the Commission's website at https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/FICC?file_number=SR-FICC-2025-004.

II. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act.\5\ Comments may be submitted 
electronically by using the Commission's internet comment form (https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-FICC-2025-004) or by 
sending an email to [email protected]. Please include file number 
SR-FICC-2025-004 on the subject line. Alternatively, paper comments may 
be sent to Secretary, Securities and Exchange Commission, 100 F Street 
NE, Washington, DC 20549-1090. All submissions should refer to file 
number SR-FICC-2025-004. 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 website (https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-FICC-2025-004). Do not 
include personal identifiable information in submissions; you should 
submit only information that you wish to make available publicly. We 
may redact in part or withhold entirely from publication submitted 
material that is obscene or subject to copyright protection. All 
submissions should refer to File Number SR-FICC-2025-004 and should be 
submitted on or before April 9, 2025.
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    \5\ 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 website 
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 a.m. and 3 p.m. Copies of the filing also will be 
available for inspection and copying at the principal office of SRO.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-04507 Filed 3-18-25; 8:45 am]
BILLING CODE 8011-01-P
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