[Federal Register Volume 85, Number 87 (Tuesday, May 5, 2020)]
[Notices]
[Pages 26747-26758]
[FR Doc No: 2020-09518]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-88766; File No. SR-FICC-2020-005]

Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
To Modify the Government Securities Division Rulebook, Mortgage-Backed
Securities Division Clearing Rules, and Mortgage-Backed Securities
Division EPN Rules

April 29, 2020.
    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 April 27, 2020, 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 consists of modifications to the FICC
Government Securities Division (``GSD'') Rulebook (``GSD Rules''), the
FICC Mortgage-Backed Securities Division (``MBSD'') Clearing Rules
(``MBSD Rules'') and the FICC MBSD EPN Rules (``EPN Rules,'' and
together with the GSD Rules and the MBSD Rules, the ``Rules'') to: (i)
Delete terms that are no longer used in the GSD Rules; (ii) delete
references to services and service-related provisions that are no
longer provided and/or active in the GSD Rules and the MBSD Rules;
(iii) delete certain dates in the GSD Rules and the MBSD Rules; (iv)
make certain clarifications in the Rules; (v) make certain corrections
to the Rules; (vi) replace an officer title in the GSD Rules and the
MBSD Rules; (vii) add a disclaimer regarding trademarks and
servicemarks in the Rules and conform the usage of the registered
trademark symbol in the GSD Rules; and (viii) make certain technical
changes to the Rules.\5\
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    \5\ Capitalized terms used herein and not defined shall have the
meanings assigned to such terms in the GSD Rules, MBSD Rules and EPN
Rules, as applicable, available at http://www.dtcc.com/legal/rules-and-procedures.aspx.
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II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change

    In its filing with the Commission, the clearing agency 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 clearing agency 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
    FICC is proposing to (i) delete terms that are no longer used in
the GSD Rules; (ii) delete references to services and service-related
provisions that are no longer provided and/or active in the GSD Rules
and the MBSD Rules; (iii) delete certain dates in the GSD Rules and the
MBSD Rules; (iv) make certain clarifications in the Rules; (v) make
certain corrections to the Rules; (vi) replace an officer title in the
GSD Rules and the MBSD Rules; (vii) add a disclaimer regarding
trademarks and servicemarks in the Rules and conform the usage of the
registered trademark symbol in the GSD Rules; and (viii) make certain
technical changes to the Rules.
(i) Proposal To Delete Terms That Are No Longer Used in the GSD Rules
    FICC is proposing to remove the following defined terms and
definitions in GSD Rule 1 \6\ as these terms are defined, but not
otherwise used, in the GSD Rules. Specifically, the terms proposed to
be deleted are:
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    \6\ GSD Rule 1, id.

     ``Announcement Date''
     ``Collateral Management Service''
     ``Money-Fill Repo Transaction''
     ``Money Settlement Obligations''
     ``Non-Zero''
     ``Par-Fill Repo Transaction''
     ``Refunding Issue Date''
     ``Remaining Member''

(ii) Proposal To Delete References to Services and Service-Related
Provisions That Are No Longer Provided and/or Active in the GSD Rules
and the MBSD Rules
A. GSD Rules
(1) Freddie Mac Auctions
    The GSD Rules contain provisions related to Auction Purchases of
Eligible Freddie Mac Securities, which is a service that was not
utilized \7\ and which FICC does not expect to be utilized. As such,
FICC proposes to delete all provisions associated with this service.
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    \7\ For the avoidance of doubt, the auction purchase service
regarding Treasury securities is active, and remains as such.
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    Specifically, FICC is proposing to make the following changes in
GSD Rule 1:

    a. Delete the last two sentences in the definition of ``Auction
Purchase'' because these sentences relate to Freddie Mac auctions.
    b. Delete the last sentence in the definition of ``Average
Auction Price'' because this sentence relates to Freddie Mac
auctions.
    c. Delete the defined term ``Eligible Freddie Mac Security.''
    d. Delete the words ``or Eligible Freddie Mac Securities'' in
the definition of ``Issue Date.''
    e. Delete the last sentence in the definition of ``Netting-
Eligible Auction Purchase'' because this sentence relates to Freddie
Mac auctions.
    f. Delete the words ``or an Eligible Freddie Mac Security'' in
the definition of ``When Issued Transaction.''
    Additionally, FICC is proposing to delete the following
references in the GSD Rules to Freddie Mac auctions:
    1. The second paragraph in Section 3 of GSD Rule 6C because this
paragraph relates to Freddie Mac auctions.
    2. The words ``or Freddie Mac, as applicable,'' from the only
paragraph in Section 8 of GSD Rule 6C.
    3. The third paragraph in Section 11 of GSD Rule 6C because this
paragraph relates to Freddie Mac submitting data regarding a Netting
Eligible Auction Purchase. FICC is also proposing to delete the
words ``or a Freddie Mac auction'' and ``or Freddie Mac, as
applicable'' each time these words appear in Section 11 of GSD Rule
6C.
    4. The words ``or Freddie Mac'' from the only paragraph in
Section 3 of GSD Rule 17.
    5. The words ``or Freddie Mac, as applicable,'' each time the
phrase appears in Section 4 of GSD Rule 17. In addition, FICC
proposes to delete the words ``or a Freddie Mac auction'' and the
sentence ``Notwithstanding the foregoing, the Corporation must make
this notification to Freddie Mac as soon as it is practicable for it
do so.'' in Sections 4 of GSD Rule 17. FICC is also proposing to
delete two phrases that reference Freddie Mac in Section 5 of GSD
Rule 17 and delete the two references to ``or Freddie Mac'' in
Section 6 of GSD Rule 17.
    6. Section 7 of GSD Rule 17 because it relates to Freddie Mac
auctions.

    In connection with the foregoing proposed changes regarding Freddie
Mac auctions, FICC is proposing to delete the defined term ``Issuer''
from GSD Rule 1 because the term only appears in Section 7 of GSD Rule
17, which FICC is proposing to delete. The defined term is not used in
connection with the Treasury Department.
    Finally, the GSD Rules contain a list of Designated Locked-In Trade
Sources, who can submit trade data for Locked-In Trades. Currently,
Freddie Mac is listed as a Designated Locked-In Trade Source. FICC is
proposing to delete the reference to Freddie Mac from this list.
(2) Inter-Clearing Bank GCF Repo Service
    In 2016, the Commission approved FICC's proposed rule change to
suspend the interbank service of the GCF Repo Service.\8\ The GCF Repo
Service has operated on both an ``interbank'' and ``intrabank''
basis.\9\ ``Interbank'' means that the two GCF Repo Participants, which
have been matched in a GCF Repo transaction, each clear at a different
clearing bank.\10\ ``Intrabank'' means that the two GCF Repo
Participants, which have been matched in a GCF Repo transaction, clear
at the same clearing bank.\11\
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    \8\ Securities Exchange Act Release No. 78206 (June 30, 2016),
81 FR 44388 (July 7, 2016) (SR-FICC-2016-002).
    \9\ Id.
    \10\ Id.
    \11\ Id.
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    FICC does not expect to reinstitute the interbank service of the
GCF Repo Service at this time and is proposing to remove all references
to this service. Specifically, the following changes would be made:

    a. In GSD Rule 1, FICC is proposing to delete ``or interbank
collateral allocation unwinds'' in the defined term ``Early Unwind
Intraday Charge.''
    b. In GSD Rule 1, FICC is proposing to delete the following
defined terms because they relate to the interbank service.

 ``Entitlement Holder''
 ``GCF Collateral Excess Account''
 ``GCF Custodian Bank''
 ``GCF Premium Charge''
 ``GCF Repo Event''
 ``GCF Repo Event Parameter''
 ``GCF Repo Event Clearing Fund Premium''
 ``GCF Repo Event Carry Charge''
 ``Interbank Cash Amount Debit''
 ``Interbank Pledging Member''
 ``NFE-Related Account''
 ``NFE-Related Collateral''
 ``Prorated Interbank Cash Amount''
 ``Securities Account Agreement''
 ``Security Entitlement''

    c. In Section 2 of GSD Rule 3, FICC would remove the fourth to
last paragraph because the paragraph relates to the interbank
service.
    d. In Section 11 of GSD Rule 3B, FICC would remove subpart
(a)(iii) because (a)(iii) relates to the interbank service. In
connection with this proposed change, FICC would renumber current
romanettes iv and v to account for this deletion.
    e. In Section 1b(a)(iii) of GSD Rule 4, FICC would remove ``the
GCF Premium Charge and/or GCF Repo Event Premium and/or'' because
these terms relate to the interbank service.
    f. In Section 3 of GSD Rule 20, FICC would remove the current
third (beginning with ``If an Interbank Pledging Member . . .'') and
fourth (beginning with ``The Corporation shall be entitled . . .'')
to last paragraphs because these paragraphs relate to the interbank
service.
    g. FICC is proposing to delete the provisions of Section 3a of
GSD Rule 20. This section describes scenarios when FICC would
declare a GCF Repo Event. These instances relate to the interbank
service, and therefore, FICC is proposing to delete this section. In
connection with this proposed change, FICC would rename Section 3a
``[RESERVED]'' in order to not impact the numbering of the rest of
the sections.
    h. FICC is proposing to delete the entirety of Section 7 of GSD
Rule 20 because this Section relates to the interbank service.
    i. FICC is proposing to delete the current description of the
7:30 a.m. to 2:30 p.m. timeframe in the Schedule of GCF Repo
Timeframes because this deadline relates to the interbank GCF Repo
Service.
    j. FICC is proposing to delete ``, inclusive of inter-bank'' in
subsection (c) of Section IV.B.4 of the Fee Structure.
    k. FICC is proposing to delete subsection (d) of Section IV.B.4
of the Fee Structure because this subsection relates to the
interbank service. In connection with this proposed change, FICC
would change current subsection (e) to (d).
    (3) Proposal To Delete References to a Former FICC Clearing Bank
From the GSD Rules
    FICC is proposing to remove provisions related to J.P. Morgan
(``JPM'') providing clearing bank services to FICC and its Members as
JPM is no longer providing this service. Specifically, FICC is
proposing to:

    a. Delete ``and J.P. Morgan Chase (``JPM''), as applicable,'' in
subsection (a) of Section IV.B.4 of the Fee Structure.
    b. Delete ``and to Dealer Accounts at JPM,'' in subsection (c)
of IV.B.4 of the Fee Structure.
    c. Delete ``For Dealer Accounts at BNY,'' and capitalize the A
in subsection (c)(i) of Section IV.B.4 of the Fee Structure because
BNY is the sole bank providing clearing bank services to FICC.
    d. Delete subsection (c)(ii) of Section IV.B.4 of the Fee
Structure.

(4) Proposal To Delete References to ``Clearing Fund Funds-Only
Settlement Amount''
    FICC is proposing to delete references to the term ``Clearing Fund
Funds-Only Settlement Amount'' because this is an outdated Clearing
Fund component that should have been deleted when GSD moved to a VaR-
based Clearing Fund methodology. As such, FICC proposes to delete this
term from the definitions in GSD Rule 1. FICC would delete ``and
Clearing Fund Funds-Only Settlement Amounts'' from the definitions of
``Collected/Paid Amount'' and ``Opening Balance'' and delete ``and
Clearing Fund Funds-Only Settlement Amount'' from the subheading of
Section 2 of GSD Rule 13. In addition, FICC proposes to delete the last
paragraph of Section 2 of GSD Rule 13 because this paragraph covers the
calculation of the Clearing Fund Funds-Only Settlement Amount, which is
proposed to be deleted.
B. MBSD Rules
    FICC is proposing to delete the terms ``RTTM Compare Report'' and
``RTTM Purchase and Sale Report'' from MBSD Rule 1 and delete
references and a parenthetical associated with these terms in Section 8
of MBSD Rule 5. FICC no longer generates these reports. The information
that was formerly contained in these Reports is currently contained in
the Open Commitment Report and the Purchase and Sale Report.
(iii) Delete Certain Dates in the GSD Rules and MBSD Rules
    FICC is proposing to remove certain historical dates contained in
the GSD Rules and MBSD Rules related to specific provisions. These
dates refer to either the effective date of a specific provision or
when such provision was added to the GSD Rules and/or MBSD Rules. When
there is an update to the GSD Rules or MBSD Rules, the effective date
of the GSD Rules or MBSD Rules, as applicable, found on the top right
corner of the first page of the GSD Rules and MBSD Rules is updated.
This effective date covers all of the GSD Rules and MBSD Rules, as
applicable, including schedules, interpretive guidance, fee structures
and statements of policy. However, the dates contained in these certain
schedules, interpretive guidance, fee structures and statements of
policy are not updated to reflect the most recent effective date of the
GSD Rules and MBSD Rules, as applicable.
    FICC believes that the inclusion of these historical dates in the
GSD Rules and MBSD Rules is superfluous and confusing as the GSD Rules
and MBSD Rules are effective as of the date listed on the first page.
Therefore, FICC is proposing to remove these dates from the Schedule of
Money Tolerances, Fee Structure, Board Statements of Policy and
Interpretive Guidance with Respect to Watch List Consequences in the
GSD Rules and the Interpretive Guidance with Respect to Watch List
Consequences in the MBSD Rules.
(iv) Proposal To Make Certain Clarifications in the Rules
A. GSD Rules
(1) Amend Certain Defined Terms in GSD Rule 1 To Clarify Their Meaning
    FICC is proposing the following changes to better clarify the
meaning and usage of certain defined terms in GSD Rule 1. While these
changes do not change the substance of the defined terms, FICC believes
these revisions would enhance the clarity of these defined terms.
    First, FICC is proposing to amend the definition of ``Close of
Business'' to add language to include the deadline for final input of
trade data by Members as noted in the Schedule of Timeframes, as the
context requires. This clarification is necessary to make clear that
for trade submission purposes, Close of Business is not 5 p.m. but
rather the deadline noted in the Schedule of Timeframes.
    Second, FICC is proposing to amend the definition of ``Fannie Mae''
in GSD Rule 1 by deleting a portion of the current definition and
replacing it with language to define Fannie Mae as ``the Federal
National Mortgage Association.'' FICC is proposing to define this
entity solely by its entity name and not by its government status. FICC
believes that the government status of these entities does not impact
the usage of the defined term and is therefore unnecessary.
    Third, FICC is proposing to amend the definition of ``Forward-
Starting Repo Transaction'' in GSD Rule 1 to restate the definition in
the way that is generally understood by FICC's Members. Specifically, a
forward-starting repo transaction is one which is scheduled to start
one or more Business Days after the date it is submitted to FICC. FICC
believes that the current way the term is defined, by reference to when
the trade is compared by FICC, could cause confusion.
    Fourth, FICC is proposing to amend the definition of ``Forward
Trade'' in GSD Rule 1 to restate the definition in the way it is
generally understood by FICC's Members. Specifically, a forward trade
is one that settles two or more Business Days after the date it is
submitted to FICC. In addition, FICC is proposing to amend the
definition of this term to make clear that it does not include Repo
Transactions to reflect the way in which the term is used in the rest
of the GSD Rules.
    Fifth, FICC is proposing to amend the definition of ``Government
Securities Division'' in GSD Rule 1 to add ``or GSD'' to the defined
term and the definition. FICC has determined that both the terms
``Government Securities Division'' and ``GSD'' are used interchangeably
in the GSD Rules to refer to GSD.
    Sixth, FICC is proposing an additional revision to the defined term
``Government Securities Division'' in GSD Rule 1. The definition
currently states that GSD provides clearing and other services related
to government securities. FICC is proposing to change the reference
from ``government securities'' to ``Eligible Securities'' for
clarification purposes. Government securities are included in the
definition of the term ``Eligible Securities'' and FICC believes that
the term Eligible Securities better reflects the services that GSD
provides.
    Seventh, FICC is proposing to amend the definition of ``Right of
Substitution'' to clarify the timing as to when a Repo Party may
substitute new collateral in replacement of existing collateral
transferred to the Reverse Repo Party. The phrase ``during the period
from the start of the Repo Transaction until its close'' is vague. FICC
is proposing to revise this language to read ``during the period
immediately after the Scheduled Settlement Date for the Start Leg of
the Repo Transaction until the day prior to the Scheduled Settlement
Date for the End Leg of the Repo Transaction.''
(2) Amend Certain Provisions in the GSD Rules To Clarify Their Meaning
    FICC is proposing the following changes to better clarify the
meaning of certain provisions in the GSD Rules. While these changes do
not change the substance of the provisions, FICC believes these
revisions would enhance the clarity of these provisions.
    First, FICC is proposing to amend Section 14(c) of GSD Rule 3A
(Sponsoring Members and Sponsored Members). This Section covers a
scenario where FICC ceases to act for a Sponsoring Member in its
capacity as a Sponsoring Member. FICC is proposing to add a sentence
that gives FICC the discretion to determine whether to close-out the
affected Sponsored Member Trades and/or to permit the Sponsored Members
to complete their settlement. This sentence appears in Section 16(b) of
GSD Rule 3A, which describes a scenario where FICC has

determined to treat a Sponsoring Member as insolvent. Both of these
Sections describe similar situations and processes and therefore, for
clarification purposes and consistency, FICC is proposing to add the
sentence that appears in Section 16(b) to Section 14(c).
    Second, FICC is proposing to replace ``minimum Clearing Fund
requirement'' with the defined term ``Minimum Charge'' in the second to
last paragraph in Section 1b of GSD Rule 4. FICC believes that using
the defined term here would remove any confusion that may arise as to
whether the existing language differs from the defined term.
    Third, FICC is proposing to amend Section 4 of GSD Rule 18 by
adding an additional sentence that states, ``This paragraph does not
apply to GCF Repo Transactions.'' Section 4 provides instructions as to
how a submitted General Collateral Repo Transaction that is also a
Forward-Starting Repo Transaction may be included in a Member's Net
Settlement Position of the Repo Start Date. The GSD Rules provide that
the term General Collateral Repo Transactions generally do not include
GCF Repo Transactions (unless the context indicates otherwise).\12\
Consistent with this definition, the proposed language would explicitly
state that this Section does not apply to GCF Repo Transactions.
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    \12\ See GSD Rule 1, definition of ``General Collateral Repo
Transaction,'' supra note 5.
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    Fourth, FICC is proposing to move certain paragraphs within Section
3 of GSD Rule 20 and between Section 3 of GSD Rule 20 and Section 4 of
GSD Rule 20 in order to improve the flow of these sections and the
readability and also to put paragraphs under the more appropriate
subheadings. These changes are as follows:

    a. Move the current fourth paragraph of Section 3 beginning
``Every Collateral Allocation Entitlement and Collateral Allocation
Obligation . . .'' to become part of the current first paragraph of
Section 3.
    b. Make the first two sentences of the current first paragraph
of Section 3 a separate paragraph, and move the remaining sentences
of the current first paragraph of Section 3 into the following
paragraph, so the second paragraph of Section 3 would begin with the
sentence ``If a Netting Member does not satisfy its consequent
Collateral Allocation Obligation . . .''.
    c. Move the current sixth paragraph of Section 3 beginning ``A
Netting Member that has, on a particular Business Day, . . .'' to
follow the newly created paragraph discussed in the previous bullet.
    d. Delete the current first paragraph of Section 4 because it
does not relate to the subheading of Section 4 and is substantially
similar to an existing paragraph in Section 3.
    e. Move the current eighth paragraph of Section 3 beginning ``On
any Business Day (within the timeframes established by the
Corporation . . .'' to Section 4.

    Fifth, FICC is proposing to amend Section 4 of GSD Rule 20 by
adding a new paragraph that clarifies that a Netting Member may
substitute collateral for cash in addition to substituting cash for
collateral as this reflects current practice.
    Sixth, FICC is proposing to add the word ``and intraday'' before
``funds-only settlement'' in the second 12:00 p.m. deadline and the
2:00 p.m. deadlines in the Schedule of Timeframes. FICC believes that
the word ``intraday'' was inadvertently omitted in these two deadlines.
    Seventh, FICC is proposing to amend the explanatory note in the
Schedule of Timeframes related to the third 12:00 p.m. deadline, the
12:30 p.m. deadline and the 1:00 p.m. deadline. The note currently
states that FICC may extend certain deadlines by one hour on days that
FICC determines are high volume days or SIFMA has announced in advance
will be high volume days. From an operational practice, FICC does not
define high volume days. Additionally, SIFMA, as part of its
operational procedures, no longer announces high volume days in
advance. FICC is proposing to amend the note to allow FICC to extend
deadlines on days that operational or systems difficulties would
reasonably prevent members from satisfying the applicable deadline.
FICC believes that this proposed change reflects the current practice
as is stated in the previous footnote in the Schedule of Timeframes.
    Eighth, FICC is proposing to amend subpart 1 of the Schedule of
Required and Accepted Data Submission Items for Substitution. The
Schedule lists the additional data items related to a Repo Transaction
that are required to be received by FICC in order for FICC to process a
substitution. The first data item on the list is the ``Specific
Existing Securities Collateral CUSIP Number.'' FICC believes that the
current formulation of this data item may be unclear and cause
confusion as to the data item's intended meaning. FICC proposes to
revise subpart 1 to read, ``the Specific CUSIP Number for the Existing
Securities Collateral;''.
    Ninth, FICC is proposing to amend subpart 1 of the Schedule of
Required and Accepted Data Submission Items for New Securities
Collateral. The Schedule lists the additional data items related to a
Repo Transaction that are required to be received by FICC in order for
FICC to process a substitution. The first data item on the list is the
``Specific Existing Securities Collateral CUSIP Number.'' FICC believes
that the current formulation of this data item may be unclear and cause
confusion as to the data item's intended meaning. Furthermore, this
schedule refers to New Securities Collateral, while the data item
refers to the ``Specific Existing Securities Collateral.'' FICC
proposes to revise subpart 1 to read, ``the Specific CUSIP Number for
the New Securities Collateral;''. FICC believes that the reference to
``Existing Securities Collateral'' was made in error.
(3) Revise the Defined Term ``Close Leg'' to ``End Leg''
    FICC is proposing to replace the defined term ``Close Leg'' with
the term ``End Leg'' and move ``End Leg'' to its correct placement
alphabetically. The terms ``Close Leg'' and ``End Leg'' refer to the
concluding settlement aspects of a Repo Transaction. FICC is proposing
to replace Close Leg with End Leg because in the industry, ``End Leg''
is more often associated with ``Start Leg'' (which refers to the
initial aspects of the settlement of a Repo Transaction and which term
exists in the GSD Rules currently). FICC believes that this revision
would enhance clarity in the GSD Rules.
    In connection with the change, FICC would revise all the references
to ``Close Leg'' to ``End Leg.'' This includes revising the defined
term ``Coupon-Eligible Close Leg'' to ``Coupon-Eligible End Leg'' to
make it consistent with the newly revised term, ``End Leg.''
    FICC would also revise ``Close Leg'' to ``End Leg'' in the
following defined terms in GSD Rule 1 and move them into alphabetical
order as necessary:

    a. ``Contract Value'';
    b. ``Coupon Adjustment Payment'';
    c. ``Coupon-Eligible Close Leg'' (including from ``a Close Leg''
to ``an End Leg,'' as applicable);
    d. ``Credit Coupon Adjustment Payment'';
    e. ``Debit Coupon Adjustment Payment''
    f. ``Fail Net Long Position'';
    g. ``Fail Net Short Position'';
    h. ``Forward Net Settlement Position'';
    i. ``GCF Interest Rate Mark'';
    j. ``Interest Rate Mark'';
    k. ``Long Transaction'';
    l. ``Repo Interest Rate Differential'';
    m. ``Scheduled Settlement Date'' (from ``a Close Leg'' to ``an
End Leg'');
    n. ``Short Transaction'';
    o. ``System Repo Rate'';
    p. ``Term GCF Repo Transaction''; and
    q. ``Term Repo Transaction''

    FICC would amend the reference to ``a Close Leg'' with ``an End
Leg'' in the first sentence of the second paragraph of Section 2 of GSD
Rule 11 (which begins ``Except to the extent that . . . '') and would
amend ``Close Leg'' to read as

``End Leg'' in subsections (ii), (iii) and current (vi) of the same
paragraph. FICC would replace ``Close Leg'' with ``End Leg'' in Section
1(j) of GSD Rule 13, Section 5 of GSD Rule 18, Section 5 of GSD Rule
19, and the Schedule of Required and Other Data Submission Items For
GCF Repo Transactions. FICC would also replace ``a Close Leg'' with
``an End Leg'' in Section VIII of the Fee Structure and ``Close Leg''
to ``End Leg'' the two times it appears.
    In connection with this change and for alphabetical purposes, FICC
is proposing to move the definition of ``End Leg'' from after the
defined term ``Clearing Organization'' to after the defined term
``Eligible Treasury Security'' in GSD Rule 1.
(4) Clarify Certain GSD Rules Related to Inter-Dealer Broker Netting
Members and Related Provisions
    FICC is proposing to amend certain definitions and provisions
related to ``Inter-Dealer Broker Netting Members,'' ``Non-IDB Repo
Brokers,'' ``Repo Brokers,'' ``Inter-Dealer Brokers'' and ``GCF-
Authorized Inter-Dealer Brokers'' in order to enhance the clarity of
these provisions.
a. Clarifying Changes to GSD Rule 1 and the Fee Structure
    By way of background, a ``Repo Broker'' is a member firm that acts
in a brokered capacity with respect to activity in its Segregated Repo
Account; there are two types of members that can be Repo Brokers:
Inter-Dealer Broker Netting Members and non-IDB Repo Brokers.
    FICC is proposing to amend the definition of ``Non-IDB Repo
Broker'' in GSD Rule 1 by clarifying the characteristics of this type
of broker. Specifically, FICC is proposing to move the description from
the definition of ``Repo Broker'' to the definition of ``Non-IDB Repo
Broker.'' FICC is also proposing to replace the reference to ``Repo
Broker'' in the definition of ``Non-IDB Repo Broker'' with ``Netting
Member'' to clarify that a Non-IDB Repo Broker is a Netting Member.
    In connection with the proposed change discussed in the previous
paragraph, FICC is proposing to delete the description contained in
romanette (ii) in the definition of ``Repo Broker.'' Since this
information would now be described in the definition of ``Non-IDB Repo
Broker,'' FICC would replace this information with ``a Non-IDB Repo
Broker with respect to activity in its Segregated Repo Account.'' The
definition of ``Repo Broker'' previously included a reference to an
Inter-Dealer Broker Netting Member and the full description of a Non-
IDB Repo Broker.
    In the definition of ``Brokered Repo Transaction'' in GSD Rule 1,
FICC is proposing to replace ``an Inter-Dealer Broker Netting Member or
Non-IDB Repo Broker with respect to activity in its Segregated Repo
Account'' with ``a Repo Broker.'' The proposed amended definition of
``Repo Broker'' refers to both Inter-Dealer Broker Netting Members and
Non-IDB Repo Brokers with respect to activity in their Segregated Repo
Accounts. FICC believes that this proposed change will enhance the
readability of the GSD Rules by replacing these terms with the defined
term.
    Additionally, in connection with the proposed change to the
definition of ``Repo Broker,'' FICC is proposing to delete Section IV.D
of the Fee Structure, which is a definition of ``Repo Broker'' and is
no longer necessary. In connection with this proposed change, FICC is
proposing to delete ``(as defined in subsection IV.D below)'' in
subsection 1(a) of Section IV.C of the Fee Structure since ``Repo
Broker'' would no longer be defined in Section IV.D.
b. Clarifying Changes to Other Provisions and Rules
    FICC is proposing to replace the reference to ``Inter-Dealer
Broker'' with ``Inter-Dealer Broker Netting Member'' in the second
sentence of Section 8(e) of GSD Rule 3. This Section describes the
specific continuance standards that Inter-Dealer Broker Netting Members
must comply with as ongoing membership requirements. FICC believes that
this reference to ``Inter-Dealer Broker'' was incorrect and was
intended to refer to ``Inter-Dealer Broker Netting Members'' as the
rest of the paragraph does.
    FICC is proposing to amend Section 2 of GSD Rule 6C to replace the
reference to ``Inter-Dealer Broker Netting Member'' with ``GCF
Authorized Inter-Dealer Broker.'' The term ``GCF Authorized Inter-
Dealer Broker'' is more accurate in this respect because that is the
term that is used regarding the GCF Repo Service. Similarly, FICC is
proposing to amend the Schedule of GCF Repo Timeframes by removing the
defined term ``brokers'' as set forth in the 7:00 a.m. timeframe and
replacing the references to ``Brokers'' and ``brokers'' in the 7:00
a.m. and 3:00 p.m. timeframes, respectively, with ``GCF-Authorized
Inter-Dealer Brokers,'' the more accurate defined term in this respect.
c. Proposed Changes Replacing References to ``Inter-Dealer Broker
Netting Member'' and ``Non-IDB Repo Broker''
    Given the proposed rule changes discussed above in connection with
the definition of ``Repo Broker,'' FICC proposes to delete references
to ``Inter-Dealer Broker Netting Members'' and ``Non-IDB Repo Brokers''
when the context refers to both of these entity types and replace them
with the term ``Repo Broker.'' In addition, there are instances where
FICC proposes to replace ``Inter-Dealer Broker Netting Member'' with
``Repo Broker'' in order to reflect current practice. Specifically,
FICC proposes the following:

    i. Amend the definition of ``GCF-Authorized Inter-Dealer
Broker'' in GSD Rule 1 to replace the two current references to ``an
Inter-Dealer Broker Netting Member'' with ``a Repo Broker.''
    ii. Amend the definition of ``Submitting Member'' in GSD Rule 1
to replace the current reference to ``an Inter-Dealer Broker'' with
``a Repo Broker.''
    iii. Amend the second to the last paragraph of Section 1b of GSD
Rule 4 by removing ``an Inter-Dealer Broker Netting Member or a
Netting Member that maintains one or more Broker Accounts'' and
replacing it with ``a Repo Broker.''
    iv. Replace the reference to ``an Inter-Dealer Broker Netting
Member'' with ``a Repo Broker'' in Section 2(c) of GSD Rule 4.
    v. Amend the subheading of Section 2 of GSD Rule 15 by replacing
the reference to ``Inter-Dealer Broker Netting Members'' with ``Repo
Brokers.'' In connection with this proposed change, FICC is
proposing to replace the references to ``Inter-Dealer Broker Netting
Member'' with ``Repo Broker,'' ``an Inter-Dealer Broker Netting
Member'' with ``a Repo Broker'' and ``Inter-Dealer Brokers'' with
``Repo Brokers'' in the three paragraphs of this Section. Further,
FICC would delete ``Inter-Dealer Broker with the Non-Member'' and
replace it with ``Repo Broker'' in the third paragraph of Section 2
of GSD Rule 15.
    vi. Amend the subheading of Section 2 of GSD Rule 19 by deleting
``Inter-Dealer Broker Netting Members and non-IDB'' so that only the
reference to ``Repo Brokers'' remains.
    vii. Amend the first paragraph of Section 2 of GSD Rule 19 by
replacing ``an Inter-Dealer Broker Netting Member or non-IDB Repo
Broker'' with ``a Repo Broker.''
    viii. Amend the second paragraph of Section 2 of GSD Rule 19 by
replacing ``An Inter-Dealer Broker Netting Member or a Non-IDB Repo
Broker'' with ``A Repo Broker.'' In both subsections (a) and (b) of
this paragraph, FICC would delete ``Inter-Dealer Broker Netting
Member's or Non-IDB'' so that only ``Repo Broker's remains.
    ix. Amend the third paragraph of Section 2 of GSD Rule 19 by
replacing ``An Inter-Dealer Broker Netting Member or a Non-IDB Repo
Broker'' with ``A Repo Broker.''
    x. Amend the second sentence of Section 3 of GSD Rule 19 to
replace ``its counterparty Inter-Dealer Broker Netting Member or
Non-

IDB Repo Broker with respect to activity in its Segregated Repo
Account,'' with ``the Repo Broker's counterparty.''
    xi. Amend subpart 1 of the Schedule of Required Data Submission
Items by replacing the reference to ``an Inter-Dealer Broker
Member'' with ``a Repo Broker.''
    xii. Replace the references to ``Inter-Dealer Broker Netting
Members'' in Sections IV.A.1 and IV.B.1 of the Fee Structure with
``Repo Brokers.''
    xiii. Replace the reference to ``Inter-Dealer Broker Netting
Member'' in the footnote to Section IV.A of the Fee Structure with
``Repo Broker.''

d. Proposed Changes Related to ``non-Inter-Dealer Broker Netting
Members'' and ``non GCF Authorized Inter-Dealer Brokers''
    FICC is proposing to amend the definition of ``GCF Counterparty''
in GSD Rule 1 to delete ``non-Inter-Dealer Broker'' and add ``, other
than a Repo Broker,''. The term ``non-Inter-Dealer Broker Netting
Member'' is not a defined term in the GSD Rules and FICC believes that
this term is confusing. FICC believes that this term was intended to
refer to Netting Members, other than Repo Brokers. FICC proposes the
following:

    i. Amend the second half of the third paragraph of Section 2 of
GSD Rule 19 by replacing the reference to ``non-Inter-Dealer Broker
Netting Members'' with ``Netting Member counterparties.''
    ii. Amend the subheading of Section 3 of GSD Rule 19 by
replacing the reference to ``a Non-Inter-Dealer Broker Netting
Member'' with ``Netting Members With Respect to Their Brokered Repo
Transactions,'' as this change would reflect the purpose of this
section. FICC is also proposing to replace the reference to ``non-
Inter-Dealer Broker Netting Member'' in the first sentence of this
Section with ``Netting Member whose counterparty is a Repo Broker.''
Furthermore, FICC is proposing to replace the reference to ``a Non-
Inter-Dealer Broker Netting Member'' in the second sentence of this
Section with ``the Netting Member.''
    iii. Amend Section 4 of GSD Rule 19 by deleting ``Non-Inter-
Dealer Broker'' and adding ``of the Repo Broker.''

    FICC is proposing to replace the reference to ``non Inter-Dealer
Broker Member'' with ``GCF Counterparty to the GCF Authorized Inter-
Dealer Broker'' in the second paragraph of Section I.G of the Fee
Structure.
    Finally, the last sentence of the second paragraph of Section I.G
of the Fee Structure refers to the Inter-Dealer Broker Member. FICC
believes that the more precise term for this provision would be ``GCF-
Authorized Inter-Dealer Broker'' and proposes the changes to effectuate
this replacement.
(5) Delete Certain Times in the Schedule of Timeframes
    FICC is proposing to delete the 8:30 a.m. time and the 3:00 p.m.
deadlines in the GSD Schedule of Timeframes because these are external
deadlines that FICC and its Members cannot control.
B. MBSD Rules
(1) Amend Certain Defined Terms To Clarify Their Meaning
    FICC is proposing the following changes to clarify the meaning and
usage of certain defined terms in MBSD Rule 1. While these revisions do
not change the substance of the defined terms, FICC believes these
revisions would enhance the clarity of these defined terms.
    First, FICC is proposing to amend the defined term ``Clearing
Members'' to ``Clearing Member.'' The defined terms in MBSD Rule are
generally defined in their singular form. For example, the term
``Dealer'' is defined as ``Dealer'' and not ``Dealers.'' FICC uses the
plural version of a defined term should the context necessitate.
Furthermore, in the definition of ``Clearing Members'' FICC references
the term ``Clearing Member.''
    Second, FICC is proposing to amend the definition of ``Mortgage-
Backed Securities Division'' in MBSD Rule 1 to add ``or MBSD'' to the
defined term and the definition. FICC has determined that both the
terms ``Mortgage-Backed Securities Division'' and ``MBSD'' are used
interchangeably in the MBSD Rules to refer to MBSD.
(2) Add Defined Terms to MBSD Rule 1
    FICC is proposing to add two defined terms to MBSD Rule 1 in an
effort to enhance the clarity of the MBSD Rules.
    First, FICC is proposing to add the defined term ``EPN Rules.''
FICC is proposing this rule change because the term ``EPN Rules'' is
used in the definition of ``EPN Service.'' FICC would define ``EPN
Rules'' as ``the rules of the Corporation relating to the EPN Service,
as amended from time to time.''
    Second, FICC is proposing to add the defined term ``EPN User.''
FICC is proposing this rule change because the term ``EPN User'' is
used in the definition of ``EPN Service.'' FICC proposes to define
``EPN User'' the way in which the term is defined in the EPN Rules.
(3) Amend Certain Provisions To Clarify Their Meaning
    FICC is proposing the following changes to clarify the meaning of
certain provisions in the MBSD Rules. While these revisions do not
change the substance of the provisions, FICC believes these revisions
would enhance the clarity of these provisions.
    First, in Section 8(ii) of MBSD Rule 3, FICC is proposing to change
the reference ``EPN Only Members'' to ``EPN Users that are not Clearing
Members.'' ``EPN Only Members'' is not a defined term in the MBSD Rules
and refers to EPN Users that are not Clearing Members. FICC believes
that this change would enhance the clarity of the MBSD Rules by
replacing an undefined term with a more useful descriptive phrase.
    Second, in Section 6 of MBSD Rule 5, FICC is proposing to change
the format of the first two paragraphs of this Section by deleting
``a)'' at the start of the second paragraph. There is no subsection b
in this Section and therefore ``a)'' is superfluous and confusing. In
connection with this proposed change, FICC is proposing to delete ``The
following Net Position Match Mode shall govern the comparison of'' from
the first paragraph. Since the section does not contain a list or
additional subparts, FICC believes that this phrase can be confusing as
it implies a list will be forthcoming. FICC proposes to start the
section with ``Each'' and add ``shall be governed by the'' to the end
of the current first paragraph. This addition would be used as the
connecting phrase, and the next paragraph would be combined with the
current first paragraph.
    Third, additionally in Section 6 of MBSD Rule 5, FICC is proposing
to capitalize the word ``number'' after CUSIP in order to reference the
defined term ``CUSIP Number.'' FICC believes that the word ``number''
was inadvertently written with lowercase letters and that the current
reference to CUSIP number was intended to refer to the defined term.
    Fourth, FICC is proposing to amend the seventh paragraph of
subsection (c) of MBSD Rule 17A by deleting the phrase ``under a
netting'' from the phrase ``netting under a netting.'' FICC believes
that this phrase is superfluous and creates confusion when reading this
paragraph. The phrase ``under a netting'' does not provide any
additional information and seems misplaced.
C. EPN Rules
(1) Amend Certain Defined Terms To Clarify Their Meaning
    FICC is proposing the following changes to clarify the meaning and
usage of certain defined terms in Rule 1 of Article I of the EPN Rules.
While these revisions do not change the substance of the defined terms,
FICC

believes these revisions would enhance the clarity of these defined
terms.
    First, FICC is proposing to make the following changes to the
defined term ``FNMA.'' FNMA refers to the Federal National Mortgage
Association. FICC is proposing to change the defined term ``FNMA'' to
``Fannie Mae.'' ``Fannie Mae'' is the defined term that is used in both
the GSD Rules and the MBSD Rules.
    FICC is also proposing to define Fannie Mae as the Federal National
Mortgage Association. Fannie Mae is more commonly used when referring
to the entity and FICC believes that this change would enhance clarity
across the EPN Rules.
    Second, FICC is proposing make the following changes to the defined
term ``FHLMC.'' FHLMC refers to the Federal Home Loan Mortgage
Corporation. FICC is proposing to change the defined term ``FHLMC'' to
``Freddie Mac.'' ``Freddie Mac'' is the defined term that is used in
both the GSD Rules and the MBSD Rules. Freddie Mac is more commonly
used when referring to the entity and FICC believes that this change
would enhance clarity across the EPN Rules.
    FICC is also proposing to define ``Freddie Mac'' as the Federal
Home Loan Mortgage Corporation. Currently, the FHLMC definition also
refers to the fact that FHLMC is a corporate instrumentality of the
United States of America. FICC is proposing to remove this reference in
the revised definition of Freddie Mac. FICC believes that the
government status of Freddie Mac does not affect the usage of the
defined term and is therefore unnecessary. FICC is also proposing these
changes to enhance consistency across the Rules as the GSD Rules and
the MBSD Rules do not reference Freddie Mac's government status.
    Third, FICC is proposing make the following changes to the defined
term ``GNMA.'' GNMA refers to the Government National Mortgage
Association. FICC is proposing to change the defined term ``GNMA'' to
``Ginnie Mae.'' ``Ginnie Mae'' is the defined term that is used in both
the GSD Rules and the MBSD Rules. Ginnie Mae is more commonly used when
referring to the entity and FICC believes that this change would
enhance clarity across the EPN Rules.
    FICC is also proposing to define ``Ginnie Mae'' as the Government
National Mortgage Association. Currently, the GNMA definition also
refers to the fact that GNMA is a corporate instrumentality of the U.S.
Department of Housing and Urban Development. FICC is proposing remove
this reference in the revised definition of Ginnie Mae. FICC believes
that the government status of Ginnie Mae does not affect the usage of
the defined term and is therefore unnecessary. FICC is also proposing
these changes to enhance consistency across the Rules as the GSD Rules
and MBSD Rules do not reference Ginnie Mae's government status.
    In connection with these proposed changes, FICC is proposing to
revise the order in which the revised terms ``Fannie Mae'' and
``Freddie Mac'' appear in Rule 1 of Article I of the EPN Rules. While
the current placement of ``FHLMC'' and ``FNMA'' are in correct
alphabetical order, the revised term ``Fannie Mae'' should appear
before ``Freddie Mac.''
    Finally, in connection with these proposed changes, FICC is
proposing to amend the definition of ``Mortgage-Backed Securities.''
The defined terms ``GNMA,'' ``FHLMC'' and ``FNMA'' are used in this
definition. FICC would change the references from ``GNMA'' to ``Ginnie
Mae,'' ``FHLMC'' to ``Freddie Mac'' and ``FNMA'' to ``Fannie Mae'' to
conform to the proposed changes described above.
(2) Amend the Governing Law Provision for Clarity
    FICC is proposing to amend Section 1 of Rule 9, Article V of the
EPN Rules to change the governing law provision so that it is
consistent with similar provisions in the GSD Rules and MBSD Rules, and
therefore provide clarity to Members. This proposed change would also
conform the EPN provision to similar provisions in the GSD Rules and
MBSD Rules, and therefore, provide clarity to members who use two or
more of these services.
(v) Make Certain Corrections to the Rules
A. GSD Rules
(1) Capitalize Terms To Refer to the Defined Term as Set Forth in GSD
Rule 1
    Capitalized terms used throughout the GSD Rules have the meaning
set forth in GSD Rule 1. FICC has determined that certain defined terms
were subsequently not capitalized when later used in the GSD Rules.
FICC believes that this was done inadvertently and proposes to amend
these instances a follows:

    a. Amend the definition of ``Early Unwind Intraday Charge'' in
GSD Rule 1 by capitalizing the word ``service'' in the phrase ``GCF
Repo service'' to reflect the defined term, ``GCF Repo Service'' as
set forth in GSD Rule 1.
    b. Capitalize the two current references to ``broker'' in
Section 8(e) of GSD Rule 3 in order to reflect to the defined term
``Broker'' as set forth in GSD Rule 1.
    c. Capitalize ``federal funds rate'' both times it appears in
the second paragraph of Section 14 of GSD Rule 11 in order to
reflect to the defined term ``Federal Funds Rate'' as set forth in
GSD Rule 1.
    d. Capitalize ``brokered transaction'' in the Schedule of
Required Data Submission Items in order to reflect the defined term,
``Brokered Transaction'' as set forth in GSD Rule 1.
    e. Capitalize ``Transaction'' in subpart (6) of the Schedule of
Required and Accepted Data Submission Items for a Substitution and
in subpart (6) of the Schedule of Required and Accepted Data
Submission Items for New Securities Collateral to reflect the
defined term ``Transaction'' as set forth in GSD Rule 1.
    f. Amend Section I.G of the Fee Structure to amend a reference
to ``Locked-in Trade Source'' and ``locked-in trade data'' by
capitalizing the ``i'' in ``Locked-in Trade Source'' and the ``l,''
``i'' and ``t'' in ``locked-in trade data.''
    g. Capitalize the ``i'' in the reference to ``Locked-in-Trades''
in Section 6 of GSD Rule 17.

(2) Revise Terms To Reflect the Defined Terms
    FICC is proposing to amend the GSD Rules in order to amend various
terms that do not match the defined term used in GSD Rule 1 but were
otherwise intended to do so. These proposed changes include instances
where a defined term was used in the GSD Rules but was not capitalized.
    First, FICC is proposing to amend the definition of ``Account'' in
GSD Rule 1 to replace the references to ``Segregated Broker Account''
and ``Non-IDB Broker'' with ``Segregated Repo Account'' and ``Non-IDB
Repo Broker,'' respectively. The proposed changes would reflect the
defined terms as set forth in GSD Rule 1. FICC believes that these
terms were used in error since ``Segregated Broker Account'' and ``Non-
IDB Broker'' are not defined terms in the GSD Rules. FICC believes that
these terms were intended to refer to their respective defined terms.
    Second, FICC is proposing to correct certain references to the
defined term ``GCF Repo Service'' where the word ``Service'' was
inadvertently omitted. FICC believes that these terms refer to the
defined term ``GCF Repo Service'' and is proposing this change to
enhance the clarity of the GSD Rules. Specifically, the following
changes would be made:

    a. Revise the current references to ``GCF Repo Deliver
Obligation'' and ``GCF Repo Deliver Obligations'' to add ``Service''
so that they read ``GCF Repo Service Deliver Obligation'' and ``GCF
Repo Service Deliver Obligations,'' respectively, in subsection (c)
of Section IV.B.4 of the Fee Structure.
    b. Revise the current reference ``GCF Repo Receive Obligation''
to ``GCF Repo Service

Receive Obligation'' in subsection (c)(i) of Section IV.B.4 of the
Fee Structure.

    Third, FICC is proposing to amend the definition of ``VaR Charge''
in GSD Rule 1 by replacing ``Clearing'' with ``Netting'' so that the
term reads ``Netting Member's.'' FICC is proposing this change so that
this term reflects the defined term ``Netting Member'' as set forth in
GSD Rule 1. Clearing Member is not a defined term in the GSD Rules and
FICC believes that this reference was intended to be to ``Netting
Member.''
    Fourth, FICC is proposing to amend the first sentence of the second
paragraph in Section 9(ii) of GSD Rule 3 by replacing the reference to
``GSD Comparison Only Members'' with ``Comparison-Only Members.'' FICC
is proposing this change so that this term reflects the defined term
``Comparison-Only Members'' as set forth in GSD Rule 1.
    Fifth, FICC is proposing to amend the first sentence of the first
paragraph in Section 2 of GSD Rule 19 by replacing ``Repo Brokered''
with ``Brokered Repo.'' FICC is proposing this change so that this term
reflects the defined term ``Brokered Repo Transaction'' as set forth in
GSD Rule 1. Repo Brokered Transaction is not a defined term and FICC
believes that this reference was intended to refer to the defined term
``Brokered Repo Transaction.''
    Sixth, FICC is proposing to replace ``Start date for Repo'' with
``Scheduled Settlement Date for the Start Leg of the Transaction'' in
subpart (4) of the Schedule of Required and Accepted Data Submission
Items for a Substitution and subpart (4) of the Schedule of Required
and Accepted Data Submission Items for New Securities Collateral in
order to use the applicable defined terms.
(3) Amend Certain References to Third Party Names and Services
    Throughout the GSD Rules, FICC references certain third party names
as well as certain third party services. FICC has determined that some
of these references were incorrectly written.
    FICC is proposing to amend the defined term ``FedWire'' in GSD Rule
1 to replace the defined term with ``Fedwire.'' It appears that
throughout the GSD Rules, FICC has written the term ``Fedwire'' as both
``FedWire'' and ``Fedwire.'' For consistency, FICC has decided to
conform all references of the term and believes, based on a review of
Federal Reserve materials, that the correct term should be ``Fedwire.''
    Specifically, FICC is proposing to replace ``FedWire'' with
``Fedwire'' in the definition of ``Close of Business'' in GSD Rule 1,
Section 3b of GSD Rule 4, Section 14 of GSD Rule 11, Sections 2, 6 and
10 of GSD Rule 12, Section 7 of GSD Rule 13 and Section 2 of GSD Rule
19.
    Second, FICC is proposing to correct the definition of ``The
Securities Industry and Financial Market Association'' (``SIFMA'') to
remove ``The'' from the defined term. In reviewing SIFMA's materials,
FICC has determined that the correct name of the organization is
``Securities and Financial Market Association.'' FICC is proposing to
update the defined term to reflect SIFMA's correct name.
    In connection with this proposed change, FICC is proposing to
lowercase the word ``The'' in each reference to SIFMA. Specifically
this proposed change would occur in the definition of ``The Securities
Industry and Financial Markets Association'' in GSD Rule 1, Section 11
of GSD Rule 6C, and paragraph (f) of GSD Rule 29. Also in paragraph (f)
of GSD Rule 29, the term ``The Bond Market Association'' would be
deleted and replaced with ``the Securities Industry and Financial
Market Association,'' correcting the outdated reference to this
association's name.
    Furthermore, in connection with this change, FICC is proposing to
move the updated definition of ``Securities Industry and Financial
Market Association'' from its current placement in GSD Rule 1, after
the definition of ``Termination Date,'' to after the definition of
``SEC.'' FICC is proposing this change in an effort to keep the defined
terms listed in GSD Rule 1 in alphabetical order.
(4) Other Corrections
    FICC is proposing to revise the definitions of ``Clearance
Difference Amount,'' ``Credit Clearance Difference Amount'' and ``Debit
Clearance Difference Amount'' in GSD Rule 1 to remove references to
money differences derived from pairoffs. FICC is proposing this change
because the Clearance Difference does not include money differences
derived from pairoffs as FICC does not currently engage in pairoffs.
    FICC is proposing to revise the definitions of ``Fail Net Long
Position'' and ``Fail Net Short Position'' in GSD Rule 1 to state that
the position is open ``one Business Day after its original Scheduled
Settlement Date.'' This is because GSD re-nets fails and as such the
language regarding one or more Business Days is no longer applicable.
The word ``original'' is proposed to be added for clarity.
    FICC is proposing to revise the definition of ``Netting-Eligible
Auction Purchase'' to delete subsection (2) in its entirety because it
references an outdated practice and is not currently applicable. FICC
would also delete ``: (1)'' as it would no longer be needed.
    FICC is proposing to revise the definition of ``Right of
Substitution'' to delete the last sentence. The process referenced in
the last sentence is outdated. FICC currently facilitates rights of
substitution by passing through requests from one member to the member
on the other side of the transaction. Consistent with this change, FICC
also proposes to delete the last sentence of Section 3(a) of GSD Rule
18. In addition, FICC proposes to correct the reference to the two
Netting Members in Section 3(a) of GSD Rule 18 to reflect that it is
the one Netting Member that is the Repo Party that would send in the
notification for a request for substitution.
    FICC is proposing to delete the subheading and contents of Section
3 of GSD Rule 13 and designate this section as ``Reserved.'' The
subject of Section 3 of GSD Rule 13 is intraday funds-only settlement
collections, which is already covered by the third and fourth
paragraphs of Section 2 of GSD Rule 13. In connection with this change,
FICC also proposes to amend the reference to ``Section 3'' in Section 6
of GSD Rule 13 to read ``Section 2.''
    FICC is proposing to amend the seventh paragraph of GSD Rule 22C by
deleting the phrase ``under a netting'' from the phrase ``netting under
a netting.'' FICC believes that the phrase proposed to be deleted was
added in error.
B. MBSD Rules
(1) Amend References to Certain Third Party Names and Services
    Throughout the MBSD Rules, FICC references certain third party
names as well as certain third party services. FICC has determined that
some of these references were incorrectly written.
    FICC is proposing to amend the defined term ``FedWire'' to replace
the defined term with ``Fedwire.'' It appears that throughout the MBSD
Rules, FICC has written the term ``Fedwire'' as both ``FedWire'' and
``Fedwire.'' For consistency, FICC has decided to conform all
references of the term and believes, based on a review of Federal
Reserve materials, that the correct term should be ``Fedwire.''
Specifically, in connection with this change, FICC is proposing to
replace ``FedWire'' with ``Fedwire'' in the definition of ``Close of
Business'' in MBSD Rule 1, Section 3b

of MBSD Rule 4, Sections 2 and 9 of MBSD Rule 9, Section 7(h) of MBSD
Rule 11 and MBSD Rule 12.
    Second, FICC is proposing to correct the definition of ``Securities
Industry and Financial Market Association'' to remove ``The'' from the
defined term. As stated above, in reviewing SIFMA's materials, FICC has
determined that the correct name of the organization is ``Securities
and Financial Market Association.'' FICC is proposing to update the
defined term to reflect SIFMA's correct name. FICC believes that when
the defined term was added to the MBSD Rules the word ``The'' was
incorrectly included in the definition. In connection with this
correction, FICC is proposing to lowercase (or delete, as the context
requires) the word ``The'' in each reference to SIFMA. Specifically,
this proposed change would occur in the definition of ``The Securities
Industry and Financial Markets Association'' in MBSD Rule 1, the
definition of ``SIFMA Guidelines'' in MBSD Rule 1 and MBSD Rule 22.
(2) Other Correction
    FICC is proposing to amend the defined term ``EPN Service'' in MBSD
Rule 1 by deleting ``and EPN procedures'' at the end of the definition.
FICC is proposing this change because FICC does not maintain EPN
Procedures. In 2018, the Commission approved FICC's proposed rule
change proposing to, in part, delete references to the term ``EPN
Procedures'' in the EPN Rules.\13\ FICC believes that this reference to
EPN procedures was left in the MBSD Rules in error. FICC believes that
this change would enhance the clarity of the rules and conform the MBSD
Rules to the EPN Rules.
---------------------------------------------------------------------------

    \13\ Securities Exchange Act Release No. 84278 (September 25,
2018), 83 FR 49445 (October 1, 2018) (SR-FICC-2018-007).
---------------------------------------------------------------------------

C. EPN Rules
(1) Revise Terms To Match the Defined Term in Rule 1 of Article I
    FICC is proposing to correct certain references to the defined term
``EPN Service'' where the word ``Service'' was inadvertently omitted.
Specifically, the following changes would be made:

    a. In Section 3 of Rule 1 of Article III of the EPN Rules, ``in
the event of an EPN system disruption'' would be revised to ``in the
event of an EPN Service system disruption.''
    b. In Section 3 of Rule 1 of Article III of the EPN Rules, ``the
next Business Day after the EPN system has been recovered'' would be
revised to ``the next Business Day after the EPN Service system has
been recovered.''
    c. The title of ``FIXED INCOME CLEARING CORPORATION MORTGAGE-
BACKED SECURITIES DIVISION (``MBSD'') EPN SCHEDULE OF CHARGES''
would be revised to ``FIXED INCOME CLEARING CORPORATION MORTGAGE-
BACKED SECURITIES DIVISION (``MBSD'') EPN SERVICE SCHEDULE OF
CHARGES.''
(2) Add Defined Term in Rule 1 of Article I
    FICC is proposing to add the defined term ``Officer of the
Corporation'' to Rule 1 of Article I of the EPN Rules. FICC is
proposing this rule change because the term ``Officer of the
Corporation'' is used in Rule 12 of Article V of the EPN Rules.
    In connection with this change, FICC is proposing to capitalize the
word ``officer'' in the phrase ``officer of the Corporation'' in
Section 2 of Rule 7 of Article V of the EPN Rules.
(3) Other Corrections
    On August 9, 2018, FICC filed a proposed rule change with the
Commission proposing to, in part, delete references to the term ``EPN
Procedures'' in the EPN Rules.\14\ FICC decided to conform the EPN
Rules to its practices by deleting EPN Procedures from the EPN Rules.
The Commission approved this rule filing on September 25, 2018.\15\
After the Commission approved this rule filing all references to EPN
Procedures were removed from the EPN Rules.
---------------------------------------------------------------------------

    \14\ Securities Exchange Act Release No. 83808 (August 9, 2018),
83 FR 40611 (August 15, 2018) (SR-FICC-2018-007).
    \15\ Supra note 13.
---------------------------------------------------------------------------

    On January 2, 2018, FICC filed a proposed rule change with the
Commission proposing to adopt the Recovery & Wind-down Plan of FICC and
related rules \16\ (the ``R&W Proposed Rule Change''). On July 13,
2018, FICC filed Amendment No. 1 to the proposed rule change to amend
and replace in its entirety the proposed rule change \17\ (along with
the R&W Proposed Rule Change, the ``R&W Filing''). The Commission
approved the proposed rule change on August 28, 2018.\18\ When the
proposed rule change and subsequent amendment were filed, there were
proposed changes to the EPN Rules that added references to EPN
Procedures. Specifically, these proposed changes were in Sections 5 and
6 of Rule 1 of Article III of the EPN Rules.
---------------------------------------------------------------------------

    \16\ Securities Exchange Act Release No. 82431 (January 2,
2018), 83 FR 871 (January 8, 2018) (SR-FICC-2017-021).
    \17\ Securities Exchange Act Release No. 83630 (July 13, 2018),
83 FR 34213 (July 19, 2018) (SR-FICC-2017-021).
    \18\ Securities Exchange Act Release No. 83973 (August 28,
2018), 83 FR 44942 (September 4, 2018) (SR-FICC-2017-021).
---------------------------------------------------------------------------

    The R&W Filing was approved after FICC submitted SR-FICC-2018-007,
and therefore, these new references to EPN Procedures were not included
in SR-FICC-2018-007 to be removed. Due to this oversight, there are now
references to EPN Procedures in Sections 5 and 6 of Rule 1 of Article
III of the EPN Rules, which FICC is proposing to delete. FICC is
proposing this change because FICC has removed all references to ``EPN
Procedures'' in the EPN Rules.
    Specifically, in Section 5 of Rule 1 of Article III of the EPN
Rules, FICC is proposing to amend the clause that references EPN
Procedures and that begins ``as if references'' to read as follows: as
if references to ``Members'' therein were reference to ``EPN Users''
and references to ``Rules'' and ``Procedures'' therein were references
to ``EPN Rules''. FICC is proposing this change so that the references
to ``Rules'' and ``Procedures'' in MBSD Rule 17B and MBSD Rule 40 will
only reference EPN Rules since all references to ``EPN Procedures''
have been removed from the EPN Rules.
    Additionally, the R&W Filing added roman numerals before specific
provisions in Section 5 of Rule 1 of Article III of the EPN Rules.
Since SR-FICC-2018-007 removed references to EPN Procedures, there is
currently a stray romanette (ii). FICC is proposing to delete romanette
(iii) in the first sentence in Section 5 of Rule 1 of Article III of
the EPN Rules, renumber current romanette (iv) to (iii) and revise the
subsequent references from items (iii) and (iv) to items (ii) and
(iii), respectively.
    Finally, FICC is proposing to delete ``or EPN Procedures'' from the
last sentence of Section 6 of Rule 1 of Article III of the EPN Rules.
The R&W Filing added this sentence to the EPN Rules and included the
reference to EPN Procedures. FICC is proposing this change because FICC
has removed all references to ``EPN Procedures'' in the EPN Rules.
(vi) Proposal To Replace an Officer Title in the GSD Rules and MBSD
Rules
    In 2018, the Commission approved FICC's proposed rule change to
amend FICC's By-Laws.\19\ FICC, as part of the rule filing, proposed
changing the title of ``Vice President'' to ``Executive Director'' and
updating the related powers and duties.
---------------------------------------------------------------------------

    \19\ Securities Exchange Act Release No. 82917 (March 20, 2018),
83 FR 12982 (March 26, 2018) (SR-FICC-2018-002).
---------------------------------------------------------------------------

    FICC is proposing to change the references to the title ``Vice
President'' to ``Executive Director'' in the GSD Rules and MBSD Rules.
FICC is

proposing to change the references to ``Vice President'' to ``Executive
Director'' in the definition of ``Officer of the Corporation'' in GSD
Rule 1 and MBSD Rule 1 and the reference in GSD Rule 44 and MBSD Rule
34.
(vii) Proposal To Add a Disclaimer Regarding Trademarks and
Servicemarks in the Rules and Conform the Usage of the Registered
Trademark Symbol in the GSD Rules
    FICC is proposing to add a disclaimer at the bottom of the first
page of each of the Rules regarding trademarks and servicemarks that
appear or may appear in the future in the Rules. FICC has adapted the
disclaimer that appears in the Terms of Use page on The Depository
Trust & Clearing Corporation's (``DTCC'') website for this purpose. The
disclaimer would state that (i) all products and services provided by
FICC referenced in the Rules are either registered trademarks or
servicemarks of, or trademarks or servicemarks of, DTCC or its
affiliates, and (ii) other names of companies, products or services
appearing in the Rules are the trademarks or servicemarks of their
respective owners.
    While certain terms that are registered trademarks are denoted with
a TM or a [supreg] in the GSD Rules, FICC believes that the addition of
this disclaimer provides additional protection to the marks of DTCC
and/or its affiliates as well as the marks of third parties.
    In connection with the addition of this disclaimer, FICC is
proposing to standardize its usage of ``TM'' and ``[supreg]''
throughout the GSD Rules. Currently, terms that are registered
trademarks are written inconsistently with the ``[supreg]'' and without
the ``[supreg]'' after the term is used. FICC is proposing, for all
marks of DTCC and/or its affiliates, that are currently denoted with a
``TM'' or a ``[supreg],'' to include the ``TM'' or ``[supreg]'' in the
first instance that the term is used the GSD Rules. FICC further
proposes to remove the ``[supreg]'' on all third party marks as these
marks are not registered by DTCC and/or its affiliates and would be
covered by the proposed disclaimer. Specifically, FICC proposes to
remove the registered trademark symbol as described below.
     In the definition of ``CCLF'' in GSD Rule 1, the [supreg]
after ``CCLF'' would be deleted.
     In Section 1 of GSD Rule 20, the [supreg] after ``GCF
Repo'' would be deleted.
     In the second paragraph of Section I.G of the Fee
Structure, the [supreg] after ``GCF Repo'' would be deleted.
     In subsection (b) of Section IV.B.4 of the Fee Structure,
the [supreg] after ``Fedwire'' would be deleted.
(viii) Technical Changes
    FICC has identified the following technical changes that it
proposes to make to the Rules to enhance the clarity and readability of
the Rules.
A. GSD Rules
(1) Correct the Spelling of Certain Words
    First, FICC is proposing to make a technical change regarding
references to ``intra-day'' in the GSD Rules. Currently, references to
the word intraday are written as both ``intraday'' and ``intra-day'' in
the GSD Rules. FICC is proposing to revise ``intra-day'' to
``intraday'' to reflect the correct spelling of the word.
    Specifically, FICC proposes the following changes:

    a. In Section 2a of GSD Rule 4, the current reference to
``Intra-day'' in the heading would be revised to ``Intraday.''
    b. In Sections 2 and 6(b) of GSD Rule 13, the current references
to ``intra-day'' would be revised to ``intraday.''
    c. In the 3:15 p.m. deadline in the Schedule of Timeframes, the
current reference to ``Intra-day'' would be revised to ``Intraday.''

    Second, FICC is proposing to make a technical change regarding
references to ``over drafts'' in the GSD Rules. FICC is proposing to
revise ``over drafts'' to ``overdrafts'' to reflect the correct
spelling of the word. The current reference to ``over drafts'' in the
revised subsection (d) of IV.B.4 of the Fee Structure would be replaced
with ``overdrafts.''
(2) Lowercase References to Words That Are Not Defined Terms
    FICC would amend references to the word ``trade'' throughout the
GSD Rules by making the ``t'' in the word ``Trade'' lowercase in
instances where the ``T'' in ``trade'' is capitalized. Currently, the
word trade is written as ``Trade'' and ``trade'' in the GSD rules. The
word trade is not a defined term and should therefore not be
capitalized. Specifically, FICC proposes to make the following changes:

    a. In the definition of ``Non-Conversion-Participating Member''
in GSD Rule 1, the proposed change would lowercase the ``t'' in
``Trades.''
    b. In the first paragraph of Section 4 of GSD Rule 6B, the
proposed change would lowercase the ``t'' in ``Trades.''
    c. In the second paragraph of Section 2 of GSD Rule 6C, the
proposed change would lowercase the ``t'' in ``Trades.''
    d. In the first and third paragraphs of Section 2 of GSD Rule 9,
the proposed change would lowercase the ``t'' in ``Trades.''
    e. In the 4:00 p.m. deadline in the Schedule of Timeframes, the
proposed change would lowercase the ``t'' in ``Trades.''
(3) Remove Abbreviations of Defined Terms That Are Not Used
    First, FICC is proposing to make a technical change to the defined
term ``Derivatives Clearing Organization or ``DCO'''' in GSD Rule 1.
FICC proposes to delete ``or ``DCO'''' from the defined term. FICC
believes that ``or ``DCO'''' was included in the defined term to
provide FICC with flexibility when it referenced this term. However,
``DCO'' is not used in the GSD Rules to reference Derivatives Clearing
Organization. Therefore, FICC is proposing to delete ``or ``DCO'''' for
clarity purposes.
    Second, FICC is proposing to make a technical change in the first
paragraph of GSD Rule 22C by deleting ``(``FDICIA'').'' ``FDICIA'' has
not been used in GSD Rule 22C nor has it been used in the GSD Rules and
FICC is proposing to delete ``(``FDICIA'')''.
(4) Add Quotation Marks Around Defined Terms in GSD Rule 1
    FICC is proposing to add quotation marks to certain defined terms
that are currently missing these quotation marks. Each reference to a
defined term in its definition, as set forth in GSD Rule 1, contains
open and closed quotation marks around the term. FICC believes that due
to an oversight certain terms are missing an open quotation mark or are
missing both quotation marks.
    Specifically, FICC is proposing to add open and closed quotation
marks around ``Fannie Mae'' in the definition of ``Fannie Mae'' and an
open quotation mark to ``Forward-Starting Repo Transaction'' in the
definition of ``Forward-Starting Repo Transaction.''
(5) Grammar Related Technical Changes
    FICC is proposing to make the following grammar related technical
changes in the GSD Rules.
    In Section 4(b)(ii)(A)(5) and (6) of GSD Rule 2A and in Section
8(d) and (e) of GSD Rule 3 certain references to Inter-Dealer Broker
Netting Member are preceded by the word ``a.'' FICC believes that in
these instances ``a'' was inadvertently used instead of ``an.'' FICC is
proposing to amend ``a'' to ``an'' in these cases.
(6) Other Technical Changes
    FICC proposes to make the additional technical changes described
below.

    a. The defined term ``CPU'' in GSD Rule 1 would be moved from
after ``Cleared Institutional Triparty Service or CCIT Service'' to
after ``Covered Affiliate.'' FICC is proposing this change to keep
the defined terms listed in GSD Rule 1 in alphabetical order.

    b. FICC is proposing to make the following technical change in
the definition of ``Federal Funds Rate'' in GSD Rule 1. The
definition refers to the rate set forth opposite the caption
``Federal Funds (Effective).'' In confirming the citation, FICC has
determined that the caption as set forth on the Federal Reserve
Board's website \20\ is written as ``Federal funds (effective).''
FICC is proposing to lowercase the words ``Funds'' and ``Effective''
to match the caption on the Federal Reserve Board's website.
---------------------------------------------------------------------------

    \20\ Selected Interest Rates (Daily)--H.15, Board of Governors
of the Federal Reserve System, https://www.federalreserve.gov/releases/h15/ (last visited October 8, 2019).
---------------------------------------------------------------------------

    c. The defined term ``Funds-Only Settling Bank Member'' in GSD
Rule 1 would be moved from after ``FRB'' to after ``Funds-Only
Settlement Payments Procedures Agreement.'' FICC is proposing this
change to keep the defined terms listed in GSD Rule 1 in
alphabetical order.
    d. In the defined term ``Overnight Investment Rate'' in GSD Rule
1 the letter ``s'' in ``its Clearing Fund'' is italicized and has a
double underline. FICC is proposed to remove the double underlining
and the italics font from the letter ``s.''
    e. In the subheading for Section 2a of GSD Rule 4, the stray
dash after the word ``Amounts'' would be removed.
    f. Current subsections (vi) and (vii) of Section 2 of GSD Rule
11 would be renumbered to reflect that subsection (v) had been
skipped. Current subsection (vi) would become (v) and current
subsection (vii) would become (vi).
    g. In Section 5 of GSD Rule 19, the references to Section 2(k)
of GSD Rule 11 would be changed to refer to Section 2(v) of GSD Rule
11. FICC is proposed to change the reference to Section 2(v) because
there is no Section 2(k) of GSD Rule 11, which FICC believes is an
error.
    h. FICC is proposing to rename Section 5 of GSD Rule 20, from
``Netting'' to ``Novation.'' Currently, both Sections 2 and Section
5 of GSD Rule 20 are named ``Netting.''
    i. In GSD Rule 22B, a period would be added to the last sentence
of the rule.
    j. In the first sentence of GSD Rule 35, ``As soon a
practicable'' would be replaced with ``As soon as practicable'' to
correct a typographical error.
    k. In the definition of ``Shareholders Agreement'' in Section 1
of GSD Rule 49, ``heretofor'' would be replaced with ``heretofore''
to correct a typographical error.
    l. In the Schedule of Required and Accepted Data Submission
Items for a Substitution, the colon at the end of subsection 1 would
be replaced with a semicolon for consistency purposes.
    m. In the Schedule of Required and Accepted Data Submission
Items for a Substitution, the first words in subsections 5 and 6
will be made lowercase. These are not defined terms and should
therefore not be capitalized.
    n. In the Schedule of Required and Accepted Data Submission
Items for New Securities Collateral, the first words in subsections
5 and 6 will be made lowercase. These are not defined terms and
should therefore not be capitalized.
    o. In the Schedule of Required and Other Data Submission Items
for GCF Repo Transactions, the reference to ``GSCC TID'' will be
revised to ``GSD TID.'' GSCC refers to the Government Securities
Clearing Corporation, GSD's predecessor, before GSCC and the MBS
Clearing Corporation merged to form FICC on January 1, 2003.
    p. In subsection 2 of Section IV.C of the Fee Structure, the
``(a)'' in subsection 2 would be deleted. There is no subsection
2(b) and therefore 2(a) is superfluous.
    q. FICC is proposing to replace ``Settlemnt'' with
``Settlement'' to correct a typographical error in the heading
entitled ``Interpretive Guidance With Respect to Settlemnt
Finality.''
    r. FICC is proposing to delete the hyphen between ``in'' and
``Trades'' in the reference to ``Locked-in-Trades'' in Section 6 of
GSD Rule 17 to correct a typographical error.

B. MBSD Rules
(1) Add Quotation Marks Around Defined Terms in MBSD Rule 1
    FICC is proposing to add quotation marks around the term Ginnie Mae
in the definition of the term in MBSD Rule 1. Each reference to a
defined term in its definition, as set forth in MBSD Rule 1, contains
open and closed quotation marks around the term.
(2) Remove Abbreviations of Defined Terms That Are Not Used
    FICC is proposing to make a technical change in the second
paragraph of subsection (c) of MBSD Rule 17A (Corporation Default) by
deleting ``(FDICIA).'' ``FDICIA'' has not been used in MBSD Rule 17A
nor has it been used in the MBSD Rules to reference Federal Deposit
Insurance Corporation Act of 1991.
(3) Lowercase References to Words That Are Not Defined Terms
    FICC would amend references to the word ``trade'' throughout the
MBSD Rules by making the ``t'' in the word ``Trade'' lowercase in
instances where the ``T'' in ``trade'' is capitalized. Currently, the
word trade is written as ``Trade'' and ``trade'' in the MBSD Rules. The
word ``trade'' is not a defined term and should therefore not be
capitalized. Specifically, FICC proposes to amend Section 13(a) of MBSD
Rule 5 to reflect that ``trade'' is not a defined term.
(4) Other Technical Changes
    In addition to the changes proposed above, FICC proposes to make
the additional technical changes described below.

    a. In subsection (a) of MBSD Rule 3A, there is a reference to
Section 4 of MBSD Rule 11 regarding the Cash Settlement process.
FICC has determined that the correct reference is to Section 9 of
MBSD Rule 11 and proposes to correct this.
    b. At the end of Section 5(b)(ii) of MBSD Rule 5 there are
parentheses around the ``s'' in ``acting.'' FICC believes that
``(s)'' was added in error since the verb acting is a present
participle and would not need to change based on the noun.
    c. FICC is proposing to replace the period with a dash after
``Section 2a'' in the subheading of Section 2a of MBSD Rule 17 to
conform with the format of the rest of the MBSD Rules.
    d. FICC is proposing to delete the stray ``_'' marks after the
words ``these'' and ``Corporation,'' in MBSD Rule 34.
    e. In the definition of ``Shareholders Agreement'' in Section 1
of MBSD Rule 39, ``heretofor'' would be replaced with ``heretofore''
to correct a typographical error.
    f. FICC is proposing to replace ``Settlemnt'' with
``Settlement'' to correct a typographical error in the heading
entitled ``Interpretive Guidance With Respect to Settlemnt
Finality.''

C. EPN Rules
    FICC is proposing to delete the stray comma that appears in the
first sentence of Section 6 of Rule 1 of Article III of the EPN Rules.
FICC believes that this stray comma was inadvertently included in the
EPN Rules. FICC is also proposing to delete the comma after ``These EPN
Rules.'' Based on the sentence, FICC does not believes a comma is
necessary after this phrase.
    FICC is proposing to add the word ``EPN'' in Section 2 of Rule 9 of
Article V of the EPN Rules in order to use the defined term ``EPN
Rules.''
2. Statutory Basis
    Section 17A(b)(3)(F) of the Act requires, in part, that the Rules
be designed to promote the prompt and accurate clearance and settlement
of securities transactions.\21\
---------------------------------------------------------------------------

    \21\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    The proposed changes to (i) delete terms that are no longer used in
the GSD Rules; (ii) Delete references to services and service-related
provisions that are no longer provided and/or active in the GSD Rules
and the MBSD Rules; (iii) delete certain dates in the GSD Rules and the
MBSD Rules; (iv) make certain clarifications in the Rules; (v) make
certain corrections to the Rules; (vi) replace an officer title in the
GSD Rules and the MBSD Rules; (vii) add a disclaimer regarding
trademarks and servicemarks in the Rules, and conform the usage of the
registered trademark symbol in the GSD Rules; and (viii) make certain
technical changes to the Rules would help to ensure that the Rules are
accurate and clear to

participants. When participants better understand their rights and
obligations regarding the Rules, such participants are more likely to
act in accordance with the Rules, which FICC believes would promote the
prompt and accurate clearance and settlement of securities
transactions. As such, FICC believes that the proposed changes would be
consistent with Section 17A(b)(3)(F) of the Act.\22\
---------------------------------------------------------------------------

    \22\ Id.
---------------------------------------------------------------------------

(B) Clearing Agency's Statement on Burden on Competition

    FICC does not believe the proposed rule changes to (i) delete terms
that are no longer used in the GSD Rules; (ii) delete references to
services and service-related provisions that are no longer provided
and/or active in the GSD Rules and the MBSD Rules; (iii) delete certain
dates in the GSD Rules and the MBSD Rules; (iv) make certain
clarifications in the Rules; (v) make certain corrections to the Rules;
(vi) replace an officer title in the GSD Rules and the MBSD Rules;
(vii) add a disclaimer regarding trademarks and servicemarks in the
Rules and conform the usage of the registered trademark symbol in the
GSD Rules; and (viii) make certain technical changes to the Rules would
impact competition. The proposed rule changes would help to ensure that
the Rules remain clear and accurate. In addition, the changes would
facilitate participants' understanding of the Rules and their
obligations thereunder. These changes would not affect FICC's
operations or the rights and obligations of the membership. As such,
FICC believes the proposed rule changes would not have any impact on
competition.

(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 been
solicited or received. FICC will notify the Commission of any 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) \23\ of the Act and paragraph (f) \24\ of Rule 19b-4
thereunder. 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.
---------------------------------------------------------------------------

    \23\ 15 U.S.C 78s(b)(3)(A).
    \24\ 17 CFR 240.19b-4(f).
---------------------------------------------------------------------------

IV. 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. 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<EMAIL_ADDRESS>Please include
File Number SR-FICC-2020-005 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549.

All submissions should refer to File Number SR-FICC-2020-005. 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 website (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 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 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of FICC and on DTCC's website
(http://dtcc.com/legal/sec-rule-filings.aspx). All comments received
will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-FICC-2020-005 and should be submitted on
or before May 26, 2020.
---------------------------------------------------------------------------

    \25\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
---------------------------------------------------------------------------
pursuant to delegated authority.\25\

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-09518 Filed 5-4-20; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 83, Number 199 (Monday, October 15, 2018)]
[Notices]
[Page 51961]
[FR Doc No: 2018-22364]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2018-N-0001]

Pathogen Reduction Technologies for Blood Safety; Public
Workshop; Correction

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice of public workshop; correction.

-----------------------------------------------------------------------

SUMMARY: The Food and Drug Administration is correcting a document that
appeared in the Federal Register of September 17, 2018. The document
announced a public workshop entitled ``Pathogen Reduction Technologies
for Blood Safety; Public Workshop.'' The document was published with an
error in the website address to register for the workshop. This
document corrects that error.

FOR FURTHER INFORMATION CONTACT: Loni Warren Henderson or Sherri
Revell, Center for Biologics Evaluation and Research, Food and Drug
Administration, 10903 New Hampshire Ave., Silver Spring, MD 20993, 240-
402-8010, email: [email protected] (subject line: Pathogen
Reduction Technology and Blood Safety).

SUPPLEMENTARY INFORMATION: In the Federal Register of Monday, September
17, 2018 (83 FR 46959), in FR Doc. 2018-20090, on page 46960, the
following correction is made:
    On page 46960, in the second column, in section III, in the
``Registration'' and ``Streaming Webcast of the Public Workshop''
portions, ``https://www.eventbrite.com/e/pathogen-reduction-technologies-for-blood-safety-public-workshop-tickets-4464956605'' is
corrected to read ``https://www.eventbrite.com/e/pathogen-reduction-technologies-for-blood-safety-public-workshop-tickets-44649566054.''

    Dated: October 9, 2018.
Leslie Kux,
Associate Commissioner for Policy.
[FR Doc. 2018-22364 Filed 10-12-18; 8:45 am]
BILLING CODE 4164-01-P


[Federal Register Volume 88, Number 246 (Tuesday, December 26, 2023)]
[Notices]
[Pages 88899-88900]
[FR Doc No: 2023-28438]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER24-697-000]

Westlands Solar Blue (OZ) Owner, LLC; Supplemental Notice That
Initial Market-Based Rate Filing Includes Request for Blanket Section
204 Authorization

    This is a supplemental notice in the above-referenced proceeding of
Westlands Solar Blue (OZ) Owner, LLC's application for market-based
rate authority, with an accompanying rate tariff, noting that such
application includes a request for blanket authorization, under 18 CFR
part 34, of future issuances of securities and assumptions of
liability.
    Any person desiring to intervene or to protest should file with the
Federal Energy Regulatory Commission, 888 First Street, NE, Washington,
DC 20426, in accordance with Rules 211 and 214 of the Commission's
Rules of Practice and Procedure (18 CFR 385.211 and 385.214). Anyone
filing a motion to intervene or protest must serve a copy of that
document on the Applicant.
    Notice is hereby given that the deadline for filing protests with
regard to the applicant's request for blanket authorization, under 18
CFR part 34, of future issuances of securities and assumptions of
liability, is January 8, 2024.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://www.ferc.gov. To facilitate electronic service, persons with internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically may mail similar pleadings to
the Federal Energy Regulatory Commission, 888 First Street, NE,
Washington, DC 20426. Hand delivered submissions in docketed
proceedings should be delivered to Health and Human Services, 12225
Wilkins Avenue, Rockville, Maryland 20852.
    In addition to publishing the full text of this document in the
Federal Register, the Commission provides all interested persons an
opportunity to view and/or print the contents of this document via the
internet through the Commission's Home Page (http://www.ferc.gov). From
the Commission's

Home Page on the internet, this information is available on eLibrary.
The full text of this document is available on eLibrary in PDF and
Microsoft Word format for viewing, printing, and/or downloading. To
access this document in eLibrary, type the docket number excluding the
last three digits of this document in the docket number field.
    User assistance is available for eLibrary and the Commission's
website during normal business hours from FERC Online Support at 202-
502-6652 (toll free at 1-866-208-3676) or email at
[email protected], or the Public Reference Room at (202) 502-
8371, TTY<PHONE_NUMBER>. Email the Public Reference Room at
[email protected].
    The Commission's Office of Public Participation (OPP) supports
meaningful public engagement and participation in Commission
proceedings. OPP can help members of the public, including landowners,
environmental justice communities, Tribal members and others, access
publicly available information and navigate Commission processes. For
public inquiries and assistance with making filings such as
interventions, comments, or requests for rehearing, the public is
encouraged to contact OPP at<PHONE_NUMBER> or [email protected].

    Dated: December 19, 2023.
Debbie-Anne A. Reese,
Deputy Secretary.
[FR Doc. 2023-28438 Filed 12-22-23; 8:45 am]
BILLING CODE 6717-01-P