[Federal Register: January 12, 2006 (Volume 71, Number 8)]
[Notices]
[Page 2078-2080]
[DOCID:fr12ja06-104]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-53061; File No. SR-FICC-2005-20]

Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
to Impose a Surcharge on Participants Submitting Trade Data by Batch
Method

January 5, 2006.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on October 28, 2005, the
Fixed Income Clearing Corporation (``FICC'') filed with the Securities
and Exchange Commission (``Commission'') and on

December 22, 2005, amended \2\ the proposed rule change described in
Items I, II, and III below, which items have been prepared primarily by
FICC. FICC filed the proposed rule change pursuant to Section
19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2) thereunder \4\
whereby the proposal became effective upon filing with the Commission.
The Commission is publishing this notice to solicit comments on the
proposed rule change from interested parties.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ The amendment clarified an ambiguity in the proposed rule
text.
    \3\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    FICC is implementing a surcharge to be imposed on participants of
its Mortgage-Backed Securities Division (``MBSD'') that submit trade
data by batch submission methods.

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.\5\
---------------------------------------------------------------------------

    \5\ The Commission has modified the text of the summaries
prepared by FICC.
---------------------------------------------------------------------------

(A) Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    Since the inception of FICC's Real-Time Trade Matching (``RTTM'')
service in 2002, the interactive submission method has grown to
encompass an increasing portion of trades being submitted to FICC's
MBSD.\6\ The expansion of the use of the interactive trade submission
method through RTTM for mortgage-backed securities is a FICC initiative
because of the negative effects associated with the use of batch
submission methods.\7\ These negative effects include:
---------------------------------------------------------------------------

    \6\ As of May 2005, 35 percent of MBSD participants use the
interactive submission method. The activity of these participants
encompassed 80 percent of total par and 74 percent of total sides of
transactions processed.
    \7\ See Securities Exchange Act Release No. 45563 (Mar. 14,
2002), 67 FR 13389 (Mar. 22, 2002) [File No. SR-MBSCC-2001-02].
---------------------------------------------------------------------------

    (a) Increased risk to the batch submitting participant as it
foregoes timely achievement of trade comparison and a legally binding
confirmation;
    (b) increased risk to the contra side of the batch submitting
participant and creation of an operational burden for the contra side
in accounting for differing submission methods among its
counterparties; and
    (c) preclusion of FICC from laying the foundation to further reduce
all participant costs through retirement of its proprietary batch trade
submission program.
    In order to ensure that participants use the RTTM service and
submit transaction data on a timely basis and to cover the cost of
batch processing, FICC will impose the following fees on participants
of MBSD:
    (a) Single-batch submitters will be subject to a 50 percent
surcharge (with a minimum of $500) on their post discount trade
recording fees as recorded on their monthly bill and
    (b) multi-batch submitters will be subject to a 20 percent
surcharge (with a minimum of $500) on their post discount trade
recording fees as recorded on their monthly bill.
    As an additional incentive for participants to switch to the
interactive submission method, the minimum surcharge may be increased
to $1,000 at a later date, anticipated to occur at the beginning of
2007.\8\ FICC also plans to announce a date, anticipated to be December
31, 2007, after which it will no longer support batch submissions.\9\
---------------------------------------------------------------------------

    \8\ FICC will file a proposed rule change with the Commission
and will notify its MBSD participants by Important Notice prior to
implementing any such fee increase.
    \9\ FICC will file a proposed rule change with the Commission
and will notify its MBSD participants by Important Notice prior to
implementing this policy.
---------------------------------------------------------------------------

    Surcharge revenue will be paid through to individual interactive
messaging submitters pro rata based upon their ratio of trade recording
fees to system-wide trade recording fees. FICC reserves the right to
waive the surcharge for a particular MBSD participant if it determines
in its sole discretion that the participant's classification as a
single or multi-batch user in a particular month is due to a non-
recurring system or operational problem.
    The fees will become effective April 1, 2006.
    FICC believes the proposed rule change is consistent with the
requirements of Section 17A of the Act \10\ and the rules and
regulations thereunder applicable to FICC because it encourages FICC's
participants to communicate with the clearing corporation in a manner
that will promote the prompt and accurate clearance and settlement of
securities transactions.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78q-1.
---------------------------------------------------------------------------

(B) Self-Regulatory Organization's Statement on Burden on Competition

    FICC does not believe that the proposed rule change will have an
impact or 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 relating to the proposed rule change have not yet
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 proposed rule change has become effective upon filing
pursuant to Section 19(b)(3)(A)(ii) of the Act \11\ and Rule 19b-
4(f)(2) \12\ thereunder because the rule establishes a due, fee, or
other charge. At any time within sixty days of the filing of the
amended proposed rule change,\13\ the Commission may summarily abrogate
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.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \12\ 17 CFR 240.19b-4(f)(2).
    \13\ For purposes of calculating the sixty day period within
which the Commission may summarily abrogate the proposed rule change
under section 19(b)(3)(C) of the Act, the Commission considers the
period to commence on the date on which the last amendment to the
proposed rule change was filed with the Commission. 15 U.S.C.
78s(b)(3)(C).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change, as amended, 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 e-mail to<EMAIL_ADDRESS>Please

include File Number SR-FICC-2005-20 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-9303.
    All submissions should refer to File Number SR-FICC-2005-20. This
file number should be included on the subject line if e-mail 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 inspection
and copying in the Commission's Public Reference Section, 100 F Street,
NE., Washington, DC 20549. Copies of such filings also will be
available for inspection and copying at the principal office of FICC
and on FICC's Web site at http://www.ficc.com. All comments received

will be posted without change; the Commission does not edit personal
identifying information from submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-FICC-2005-20 and should be submitted on
or before February 2, 2006.

    For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\14\
---------------------------------------------------------------------------

    \14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Nancy M. Morris,
Secretary.
[FR Doc. E6-215 Filed 1-11-06; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register: March 1, 2007 (Volume 72, Number 40)]
[Notices]
[Page 9324]
[DOCID:fr01mr07-54]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. RP07-178-000]

Transcontinental Gas Pipe Line Corporation; Notice of Proposed
Changes in FERC Gas Tariff

February 23, 2007.
    Take notice that on February 20, 2007, Transcontinental Gas Pipe
Line Corporation (Transco) tendered for filing as part of its FERC Gas
Tariff, Third Revised Volume No. 1, Ninth Revised Sheet No. 250A,
Original Sheet No. 374V, and Original Sheet No. 374V.01, to become
effective March 22, 2007.
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211 and 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. Such notices,
motions, or protests must be filed in accordance with the provisions of
Section 154.210 of the Commission's regulations (18 CFR 154.210).
Anyone filing an intervention or protest must serve a copy of that
document on the Applicant. Anyone filing an intervention or protest on
or before the intervention or protest date need not serve motions to
intervene or protests on persons other than the Applicant.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://www.ferc.gov.
 Persons unable to file electronically should submit an

original and 14 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street, NE., Washington, DC
20426.
    This filing is accessible on-line at http://www.ferc.gov, using the

``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the Web site that enables subscribers to receive e-mail
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please e-mail
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For

TTY, call<PHONE_NUMBER>.

Magalie R. Salas,
Secretary.
[FR Doc. E7-3604 Filed 2-28-07; 8:45 am]

BILLING CODE 6717-01-P