[Federal Register Volume 78, Number 4 (Monday, January 7, 2013)]
[Notices]
[Pages 970-971]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-31751]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-68553; File No. SR-FICC-2012-10]
Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
To Remove the Fee Related to the DTCC GCF Repo Index[supreg] From the
Fee Structure of the Government Securities Division
December 31, 2012.
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 December 21, 2012 Fixed Income Clearing Corporation (``FICC'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed change as described in Items I and II below, which Items have
been prepared primarily by FICC. The Commission is publishing this
notice to solicit comments on the proposed change from interested
persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
FICC proposes to remove the fee related to the DTCC GCF Repo
Index[supreg] from the Fee Structure of the Government Securities
Division. The text of the proposed rule change was filed with the
Commission as Exhibit 5 to the filing.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, FICC 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. FICC has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of these
statements.\3\
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\3\ The Commission has modified the text of the summaries
prepared by FICC.
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(A) Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
The purpose of this filing is to discontinue the $250.00 monthly
fee that GCF Repo[supreg] participants are required to pay in
connection with the DTCC GCF Repo Index[supreg].
On October 18, 2010, FICC filed SR-FICC 2010-07 \4\ which permitted
FICC to charge a monthly fee of $250 to all GCF Repo[supreg]
participants. This fee covered the development and maintenance costs of
the DTCC GCF Repo Index[supreg]. Because DTCC and NYSE Liffe have
entered into an agreement whereby NYSE Liffe agrees to list futures
based on the DTCC GCF Repo Index[supreg], it is no longer necessary for
FICC to charge a monthly fee to the GCF Repo[supreg] participants. As a
result, the fee will be discontinued as of January 2, 2013 and the GSD
Fee Structure will be revised to reflect this change.
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\4\ See Securities Exchange Act Release No. 34-63215 (October
29, 2010); 75 FR 213 (November 4, 2010) (SR-FICC-2010-07).
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FICC believes that the proposed rule is consistent with the Act and
the rules and regulations promulgated thereunder because it promotes
the prompt and accurate clearance and settlement of securities
transactions by helping ensures that participants are not charged
unnecessary fees.
(B) Self-Regulatory Organization's Statement on Burden on Competition
FICC does not believe that the proposed rule change would impose
any burden on competition.
(C) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received From Members, Participants or Others
Written comments on the proposed rule change have not been
solicited or received. FICC will notify the Commission of any other
written comments received by FICC.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act \5\ and Rule 19b-4(f)(2) \6\ thereunder
because they constitute a change a due, fee, or other charge applicable
only to a member. At any time within 60 days of the filing of the
proposed rule change, the Commission summarily may temporarily suspend
such rule change if it appears to the Commission that such action is
necessary or appropriate in the public interest, for the protection of
investors, or otherwise in furtherance of the purposes of the Act.\7\
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\5\ 15 U.S.C. 78s(b)(3)(A)(ii).
\6\ 17 CFR 240.19b-4(f)(2).
\7\ 15 U.S.C. 78s(b)(3)(C).
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Electronic Comments
Use the Commissions Internet comment form (http://www.sec.gov/rules/sro.shtml) or Send an email to [email protected].
Please include File Number SR-FICC-2012-10 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 Number SR-FICC-2012-10. 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 filing also will be available
for inspection and copying at the principal office of FICC and on
FICC's Web site at http://www.dtcc.com/downloads/legal/rule_filings/2012/ficc/SR-FICC-2012-10.pdf
All comments received will be posted without change; the Commission
does not edit personal identifying information from submissions. You
[[Page 971]]
should submit only information that you wish to make available
publicly. All submissions should refer to File Number SR-FICC-2012-10
and should be submitted on or before January 28, 2013.
For the Commission by the Division of Trading and Markets,
pursuant to delegated authority.\8\
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\8\ 17 CFR 200.30-3(a)(12).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012-31751 Filed 1-4-13; 8:45 am]
BILLING CODE 8011-01-P