[Federal Register Volume 78, Number 160 (Monday, August 19, 2013)]
[Notices]
[Page 50408]
[FR Doc No: 2013-20092]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings 2

    Take notice that the Commission received the following electric
rate filings:

    Docket Numbers: ER10-1246-003; ER10-1982-004; ER10-1253-003; ER10-
1252-003; ER13-764-002; ER12-2498-003; ER12-2499-003.
    Applicants: Consolidated Edison Energy, Inc., Consolidated Edison
Solutions, Inc., Consolidated Edison Company of New York, Inc., Orange
and Rockland Utilities, Inc., CED White River Solar, LLC, Alpaugh 50,
LLC, Alpaugh North, LLC.
    Description: Notice of non-material change status of Consolidated
Edison Energy, Inc., et al.
    Filed Date: 8/12/13.
    Accession Number: 20130812-5169.
    Comments Due: 5 p.m. ET 9/3/13.

    Docket Numbers: ER10-2794-014; ER10-2849-013; ER11-2028-014 ER12-
1825-012; ER11-3642-012.
    Applicants: EDF Trading North America, LLC, EDF Industrial Power
Services (NY), LLC, EDF Industrial Power Services (IL), LLC, EDF
Industrial Power Services (CA), LLC, EDF Industrial Power Services
(OH), LLC, Tanner Street Generation, LLC.
    Description: Notice of Non-Material Change in Status of EDF Trading
North America, LLC, et al.
    Filed Date: 8/12/13.
    Accession Number: 20130812-5171.
    Comments Due: 5 p.m. ET 9/3/13.

    Docket Numbers: ER12-480-006.
    Applicants: Midcontinent Independent System Operator, Inc.
    Description: 08-12-13 Entergy Cost Allocation Transition Compliance
to be effective 6/1/2013.
    Filed Date: 8/12/13.
    Accession Number: 20130812-5133.
    Comments Due: 5 p.m. ET 9/3/13.

    Docket Numbers: ER13-1851-002.
    Applicants: ISO New England Inc.
    Description: Errata to Emer. Amend. to Pending Winter 2013-14 Rel.
Program to be effective 9/6/2013.
    Filed Date: 8/12/13.
    Accession Number: 20130812-5177.
    Comments Due: 5 p.m. ET 8/19/13.

    Docket Numbers: ER13-2144-000.
    Applicants: Southern California Edison Company.
    Description: GIA and Distribution Service Agreement with Axio Power
Holdings LLC to be effective 8/13/2013.
    Filed Date: 8/12/13.
    Accession Number: 20130812-5002.
    Comments Due: 5 p.m. ET 9/3/13.

    Docket Numbers: ER13-2145-000.
    Applicants: ISO New England Inc.
    Description: ISO New England Inc. submits Capital Budget and
Capital Budget Quarterly Filing for Second Quarter of 2013.
    Filed Date: 8/12/13.
    Accession Number: 20130812-5162.
    Comments Due: 5 p.m. ET 9/3/13.

    Docket Numbers: ER13-2146-000.
    Applicants: Wabash Valley Power Association, Inc.
    Description: Amendments to Rate Schedules to be effective 9/15/
2013.
    Filed Date: 8/12/13.
    Accession Number: 20130812-5190.
    Comments Due: 5 p.m. ET 9/3/13.

    The filings are accessible in the Commission's eLibrary system by
clicking on the links or querying the docket number.
    Any person desiring to intervene or protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Regulations (18 CFR 385.211 and 385.214) on or before 5:00
p.m. Eastern time on the specified comment date. Protests may be
considered, but intervention is necessary to become a party to the
proceeding.
    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, service, and qualifying
facilities filings can be found at: http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information, call<PHONE_NUMBER>
(toll free). For TTY, call<PHONE_NUMBER>.

    Dated: August 12, 2013.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2013-20092 Filed 8-16-13; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 79, Number 161 (Wednesday, August 20, 2014)]
[Notices]
[Pages 49355-49357]
[FR Doc No: 2014-19702]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-72844; File No. SR-EDGA-2014-22]

Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Relating to
Amendments to the EDGA Exchange, Inc. Fee Schedule

August 14, 2014.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on August 11, 2014, EDGA Exchange, Inc. (the ``Exchange'' or
``EDGA'') 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 self-regulatory
organization. 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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend its fees and rebates applicable to
Members \3\ of the Exchange pursuant to EDGA Rule 15.1(a) and (c)
(``Fee Schedule'') to: (1) harmonize the definitions of Average Daily
Trading Volume (``ADV'') and Total Consolidated Volume (``TCV'') with
those contained in the BATS Exchange, Inc. (``BATS'') and BATS-Y
Exchange, Inc. (``BYX'') fee schedules; and (2) amend the criteria of
both Step-Up Tier 1 and Step-Up Tier 2 under Footnote 4.
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    \3\ The term ``Member'' is defined as ``any registered broker or
dealer, or any person associated with a registered broker or dealer,
that has been admitted to membership in the Exchange. A Member will
have the status of a ``member'' of the Exchange as that term is
defined in Section 3(a)(3) of the Act.'' See Exchange Rule 1.5(n).
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    The text of the proposed rule change is available on the Exchange's
Internet Web site at www.directedge.com, at the Exchange's principal
office, and at the Public Reference Room of the Commission.

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the self-regulatory organization
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 self-regulatory organization
has prepared summaries, set forth in sections A, B and C below, of the
most significant aspects of such statements.

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

1. Purpose
    The Exchange proposes to amend its Fee Schedule to: (1) Harmonize
the definitions of ADV and TCV with those contained in the BATS and BYX
fee schedules; and (2) amend the criteria of both Step-Up Tier 1 and
Step-Up Tier 2 under Footnote 4.
ADV and TCV Definitions
    On January 31, 2014, Direct Edge Holdings LLC (``DE Holdings''),
the former parent company of the Exchange, completed its business
combination with BATS Global Markets, Inc., the parent company of BATS
and BYX.\4\ As part of its effort to reduce regulatory duplication and
relieve firms that are members of the Exchange, BATS, and BYX of
conflicting or unnecessary regulatory burdens, the Exchange is now
engaged in the process of reviewing and amending certain Exchange,
BATS, and BYX Rules. To conform to comparable BATS and BYX rules for
purposes of its harmonization efforts due to its business combination,
the Exchange proposes to amend the definitions of ADV and TCV to make
each definition similar to those contained in the BATS and BYX fee
schedules.
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    \4\ See Securities Exchange Act Release No. 71449 (January 30,
2014), 79 FR 6961 (February 5, 2014) (SR-EDGA-2013-34). Upon
completion of the combination, DE Holdings and BATS Global Markets,
Inc. each became intermediate holding companies, held under a single
new holding company. The new holding company, formerly named ``BATS
Global Markets Holdings, Inc.,'' changed its name to ``BATS Global
Markets, Inc.''
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    Currently, the Exchange determines the liquidity adding reduced fee
that it will provide to Members based on the Exchange's tiered pricing
structure based on the calculation of ADV,\5\ and/or average daily
TCV.\6\ Like BATS and BYX, the Exchange currently excludes from is
definition of ADV and TCV days where its system experiences a
disruption that lasts for more than 60 minutes during Regular Trading
Hours,\7\ and the last Friday in June (the ``Russell Reconstitution
Day''). BATS and BYX also exclude from its definitions of ADV and TCV
days with a scheduled early market close.\8\ Similarly, the General
Notes section of the Exchange's Fee Schedule states that trading
activity on days when the market closes early are

not counted toward volume tiers.\9\ To harmonize the definitions of ADV
and TCV with BATS and BYX, the Exchange proposes relocate this
exclusion from the General Notes section of the Fee Schedule and
include it the definitions of ADV and TCV. By amending the definitions
of ADV and TCV, the Exchange is not proposing to modify any of the
existing rates or the percentage thresholds at which a Member may
qualify for certain reduced fees pursuant to the tiered pricing
structure.
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    \5\ As provided in the Fee Schedule, ``ADV'' is currently
defined as ``the average daily volume of shares that a Member
executed on the Exchange for the month in which the fees are
calculated. ADV is calculated on a monthly basis, excluding shares
on any day that the Exchange's system experiences a disruption that
lasts for more than 60 minutes during Regular Trading Hours
(``Exchange System Disruption'') and on the last Friday in June (the
``Russell Reconstitution Day''). With prior notice to the Exchange,
a Member may aggregate ADV with other Members that control, are
controlled by, or are under common control with such Member (as
evidenced on such Member's Form BD).''
    \6\ As provided in the Fee Schedule, ``TCV'' is currently
defined as ``the volume reported by all exchanges and trade
reporting facilities to the consolidated transaction reporting plans
for Tapes A, B and C securities for the month in which the fees are
calculated, excluding volume on any day that the Exchange
experiences an Exchange System Disruption or the Russell
Reconstitution Day.''
    \7\ ``Regular Trading Hours'' is defined as ``the time between
9:30 a.m. and 4:00 p.m. Eastern Time.'' See Exchange Rule 1.5(y).
    \8\ See Securities Exchange Act Release Nos. 72590 (July 10,
2014), 79 FR 41605 (July 16, 2014) (SR-BYX-2014-009); and 72589
(July 10, 2014), 79 FR 41618 (July 16, 2014) (SR-BATS-2014-025).
    \9\ Days with a scheduled early market close are December 24,
2014, the trading day after Thanksgiving, and the trading day before
July 4th.
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Step Up Tiers 1 and 2
    Footnote 4 of the Fee Schedule contains the Step-Up Tier 1 and
Step-Up Tier 2 (collectively, the ``Step-Up Tiers''). Step-Up Tier 1
provides Members with a reduced fee of $0.0003 per share for adding
liquidity to the Exchange when the Member, on an MPID basis, adds more
than 0.10% of the TCV on EDGA on a daily basis, measured monthly, more
than the MPID's December 2012 or September 2013 added ADV. The Step-Up
Tier 2 provides Members with a reduced fee of $0.0003 per share to add
liquidity to the Exchange when the Member: (i) On an MPID basis, adds
more than 0.05% of the TCV on EDGA on a daily basis, measured monthly,
more than the MPID's December 2012 or September 2013 added ADV; and
(ii) has an ``added liquidity'' to ``added plus removed liquidity''
ratio of at least 85%. Under both tiers, where an MPID's December 2012
and September 2013 ADV is zero, the Exchange would apply a default ADV
baseline of 10,000,000 shares. The Exchange now proposes to delete
default ADV baseline of 10,000,000 shares for both tiers.
Implementation Date
    The Exchange proposes to implement these amendments to its Fee
Schedule on August 11, 2014.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 of the Act,\10\ in general, and
furthers the objectives of Section 6(b)(4),\11\ in particular, as it is
designed to provide for the equitable allocation of reasonable dues,
fees and other charges among its Members and other persons using its
facilities.
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    \10\ 15 U.S.C. 78f.
    \11\ 15 U.S.C. 78f(b)(4).
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ADV and TCV Definitions
    The Exchange believes that the proposal to amend the definitions of
ADV and TCV are reasonable, as they are designed to provide for the
equitable allocation of reasonable dues, fees and other charges among
its Members and other persons using its facilities. The Exchange
believes that the proposed rule change will provide greater
harmonization between similar Exchange, BATS and BYX rules, resulting
in greater uniformity and less burdensome and more consistent standards
for common members. As such, the proposed rule change would foster
cooperation and coordination with persons engaged in facilitating
transactions in securities and would remove impediments to and perfect
the mechanism of a free and open market and a national market system.
By amending the definitions of ADV and TCV, the Exchange is not
proposing to amend the thresholds a Member must achieve to become
eligible for, or the dollar value associated with, the tiered fees. The
Exchange currently excludes trading activity on days where the market
closes early and is simply proposing to relocate this provision from
the General Notes section of its Fee Schedule to the definitions of ADV
and TCV. Doing so would enable the Exchange to maintain definitions of
ADV and TCV similar to those of BATS and BYX. Lastly, the Exchange
believes that the proposed change is not unfairly discriminatory
because it applies uniformly to all Members.
Step-Up Tiers 1 and 2
    The Exchange believes its proposal to delete the default ADV
baseline of 10,000,000 shares for the Step-Up Tiers represents an
equitable allocation of reasonable dues, fees, and other charges. The
objective to removing the default ADV baseline for the Step-Up Tiers is
to increase the number of Members who may be eligible to achieve the
tier and to encourage firms who are currently not Members to become
Members of the Exchange. Specifically, firms who were not Members
during either December 2012 or September 2013 would have previously
defaulted to the ADV baseline of 10,000,000 shares. The deletion of the
default ADV baseline of 10,000,000 is, therefore, reasonable and
equitable because it will enhance the value of the Step-Up Tiers to
Members whose market was unable to meet the baseline eligibility
because they were not Members in December 2012 or September 2013,
thereby encouraging them to increase their volume on the Exchange in
order to qualify for the Step-Up Tiers or incentive firms who are not
currently Members to become Members. Such increased volume would
increase potential revenue to the Exchange and allow the Exchange to
spread its administrative and infrastructure costs over a greater
number of shares, which would result in lower per share costs. The
Exchange may then pass on these savings to Members in the form of
reduced fees. The increased liquidity would also benefit all investors
by deepening EDGA's liquidity pool, offering additional flexibility for
all investors to enjoy cost savings, supporting the quality of price
discovery, promoting market transparency and improving investor
protection. Lastly, the Exchange believes that the proposed change is
not unfairly discriminatory because it applies uniformly to all
Members.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange believes its proposed amendments to its Fee Schedule
would not impose any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The proposed
amendment to the definition of ADV and TCV is not designed to address
any competitive issues but rather to provide greater harmonization
among similar Exchange and BATS and BYX rules, resulting in less
burdensome and more efficient and consistent standards for common
members. The Exchange also believes that its proposal to delete the
default ADV baseline of 10,000,000 shares for the Step-Up Tiers would
increase intermarket competition because it offers Members increased
opportunities to be eligible for the Step-Up Tiers and receive the
discounted rate, thereby encouraging them to increase their volume on
the Exchange in order to qualify for the Step-Up Tiers or incentive
firms who are not currently Members to become Members. In addition, the
Exchange believes that deleting the default ADV baseline of 10,000,000
shares for the Step-Up Tiers would enhance intramarket competition, as
it is intended to increase the competitiveness of and draw additional
volume to the Exchange. The Exchange notes that it operates in a highly
competitive market in which market participants can readily direct
order flow to competing venues if they deem fee structures to be
unreasonable or excessive. Accordingly, the Exchange does not believe
that the proposed change will impair the ability of Members or
competing venues to

maintain their competitive standing in the financial markets.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from Members or other interested
parties.

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) of the Act \12\ and Rule 19b-4(f)(2) \13\ thereunder. At
any time within 60 days of the filing of such 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.
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    \12\ 15 U.S.C. 78s(b)(3)(A).
    \13\ 17 CFR 240.19b-4(f)(2).
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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-EDGA-2014-22 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-EDGA-2014-22. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for inspection and copying at the principal office of the Exchange. 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-EDGA-2014-22, and should be
submitted on or before September 10, 2014.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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    \14\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-19702 Filed 8-19-14; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: December 28, 2007 (Volume 72, Number 248)]
[Notices]
[Page 73939-73941]
[DOCID:fr28de07-195]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57002; File No. SR-MSRB-2007-07]

Self-Regulatory Organizations; Municipal Securities Rulemaking
Board; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change Relating to Rule G-14, Reports of Sales or Purchases, to Extend
the Expiration Date of the Three-Hour Exception to the Fifteen-Minute
Reporting Deadline

December 20, 2007.
    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 November 27, 2007, the Municipal Securities Rulemaking Board
(``MSRB'' or ``Board''), filed with the Securities and Exchange
Commission (``Commission'' or ``SEC'') the proposed rule change as
described in Items I, II and III below, which Items have been prepared
by the MSRB. The MSRB has filed the proposal as a ``non-controversial''
rule change pursuant to section 19(b)(3)(A)(iii) of the Act,\3\ 3 and
Rule 19b-4(f)(6) thereunder,\4\ which renders the proposal effective
upon filing with the Commission. 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)(iii).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The MSRB is filing with the Commission a proposed rule change
consisting of an amendment to MSRB Rule G-14, Reports of Sales or
Purchases (the ``proposed rule change''). The proposed rule change
would extend the expiration date of the three-hour exception to the
fifteen-minute reporting deadline for certain when, as and if issued
transactions under Rule G-14 RTRS Procedures, paragraph (a)(ii)(C).
Under the current language of this provision, the three-hour reporting
exception will automatically expire December 31, 2007. The proposed
rule change provides that the three-hour exception will expire on June
30, 2008 in order to coincide with the effective date of other proposed
changes to MSRB rules designed to improve transaction reporting of new
issue municipal securities. The MSRB proposes an effective date for
this proposed rule change of December 31, 2007. The text of the
proposed rule change is available on the MSRB's Web site (http://www.msrb.org
), at the MSRB, and at the Commission's Public Reference

Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the MSRB 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 MSRB has prepared summaries, set forth in sections
A, B, and C below, of the most significant aspects of such statements.

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

1. Purpose
    MSRB Rule G-14, on transaction reporting, requires all brokers,
dealers and municipal securities dealers (``dealers'') to report all
transactions in municipal securities to the MSRB Real-Time Transaction
Reporting System (``RTRS'') within fifteen minutes of the time of trade
execution, with limited exceptions. One exception listed in Rule G-14
RTRS Procedures, paragraph (a)(ii) is a ``three-hour exception'' that
allows a dealer three hours to report a transaction in a when, as and
if issued (``when-issued'') security if all of the following conditions
apply: (i) The CUSIP number and indicative data of the issue traded are
not in the securities master file used by the dealer to process trades
for confirmations, clearance and settlement; (ii) the dealer has not
traded the issue in the previous year; and (iii) the dealer is not a
syndicate manager or syndicate member for the issue.
    The three-hour exception was designed to give a dealer time to add
a security to its ``securities master file'' so that a trade can be
reported through the dealer's automated trade processing systems. A
securities master file

contains the information about a municipal security issue that is
necessary for a dealer to be able to process transactions in the issue.
It includes such items as the interest rate, dated date, interest
payment cycle, and put and call schedules. The dealer's securities
master file often contains information only for securities held in
custody for customers and for securities that have been recently
traded. If a dealer trades a security that is not in its securities
master file, the relevant securities information must be obtained by
the dealer from an information vendor before the trade can be processed
and reported.\5\
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    \5\ Many dealers use service bureaus for various trade
processing functions, including the maintenance of securities master
files. Securities master file update procedures for service bureaus
are the same as those described for dealers.
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    For new issue transactions, a dealer's access to necessary
securities information depends not only on its link with an information
vendor but also on whether that vendor itself has the information on
the new issue. Vendors currently obtain much of their new issue
information through voluntary cooperation from underwriters. This
process does not always result in all the vendors having the necessary
securities information by the time trade executions begin. Dealers
trading a new issue for the first time need the three-hour exception
from the fifteen-minute trade reporting requirement for their first
trades in a new issue because the securities information is not always
available at the time the trade is executed.\6\
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    \6\ In the new issue market, information vendors seek to collect
information on each issue and deliver it to customers in time for
trade reporting in the new issue. There are several challenges for
vendors and dealers to meet the reporting deadlines. For example,
there are approximately 15,000 new municipal issues that must be set
up in databases each month. Another problem for the industry is the
fact that approximately 85 different information fields for each
issue must be successfully gathered, which in large part depends on
the timely cooperation of the underwriters.
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    To address inefficiencies in the collection of new information
securities data, Securities Industry and Financial Markets Association
(``SIFMA''), industry members, securities information vendors, and
other service providers in the municipal securities market have worked
extensively with The Depository Trust and Clearing Corporation
(``DTCC'') to develop a centralized system for collecting and
communicating new issue securities information. The system, called the
``New Issue Information Dissemination System'' (``NIIDS''), will be
operated by DTCC and will act as a central collection point for
standardized electronic files of new issue information provided by
underwriters which will be disseminated in real-time to information
vendors. DTCC plans to implement NIIDS in early 2008.\7\
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    \7\ In addition to providing an improved mechanism for
disseminating the new issue information necessary for trade
processing, the system also would use the information for purposes
of establishing depository eligibility for new issues. DTCC plans to
require use of the New Underwriting System (``NUWS''), of which
NIIDS is a component, beginning in April 2008.
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    MSRB has filed with the SEC another proposed rule change designed
to improve new issue transaction reporting that includes requiring
underwriter participation with NIIDS.\8\ The proposed effective date
for these changes is June 30, 2008. NIIDS, in conjunction with MSRB
rules, should make it possible for dealers to report new issue trades
earlier and thus eliminate the need for the three-hour exception for
when-issued trade reports. Accordingly, an extension of the three-hour
exception for when-issued transactions to June 30, 2008 will allow time
for NIIDS to be implemented and will ensure that the three-hour
exception is available up to the effective date of MSRB rules designed
to improve new issue transaction reporting.
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    \8\ See File Number SR-MSRB-2007-08.
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    The proposed rule change would revise MSRB Rule G-14 RTRS
Procedures (a)(ii)(C) by deleting the language regarding the expiration
of the three-hour exception on December 31, 2007 and replacing the
language to state that for when-issued transactions, the three-hour
exception to the fifteen minute reporting rule will expire on June 30,
2008.
2. Statutory Basis
    The MSRB believes that the proposed rule change is consistent with
section 15B(b)(2)(C) of the Act,\9\ which provides that the MSRB's
rules shall:

    \9\ 15 U.S.C. 78o-4(b)(2)(C).
---------------------------------------------------------------------------

    Be designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to
foster cooperation and coordination with persons engaged in
regulating, clearing, settling, processing information with respect
to, and facilitating transactions in municipal securities, to remove
impediments to and perfect the mechanism of a free and open market
in municipal securities, and, in general, to protect investors and
the public interest.

    The Board believes that the proposed rule change is consistent with
the Act because it will allow the municipal securities industry to
produce more accurate trade reporting and transparency.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Board does not believe that the proposed rule change will
impose any burden on competition since it would apply equally to all
brokers, dealers and municipal securities dealers.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received from Members, Participants or Others

    Although the MSRB did not publish for comment an exposure draft of
the proposed rule change, the MSRB received one letter requesting that
the expiration of the three-hour exception be extended to no earlier
than the time that changes to MSRB rules to require underwriter
participation with NIIDS become effective.\10\
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    \10\ See letter from Leslie M. Norwood, Managing Director and
Associate General Counsel, SIFMA to Harold Johnson, Deputy General
Counsel, and Justin Pica, Uniform Practice Policy Advisor, MSRB
dated October 16, 2007.
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III.Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

    Because the proposed rule change: (i) Does not significantly affect
the protection of investors or the public interest; (ii) does not
impose any significant burden on competition; and (iii) does not become
operative for 30 days from November 27, 2007, the date on which it was
filed, and the MSRB provided the Commission with written notice of its
intent to file the proposed rule change at least five business days
prior to the filing date, the proposed rule change has become effective
pursuant to section 19(b)(3)(A) of the Act \11\ and Rule 19b-4(f)(6)
thereunder.\12\
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    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 17 CFR 240.19b-4(f)(6).
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    At any time within 60 days of the filing of the proposed rule
change, 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.\13\
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    \13\ See Section 19(b)(3)(C) of the Act, 15 U.S.C. 78s(b)(3)(C).
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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 e-mail to<EMAIL_ADDRESS>Please include

File Number SR-MSRB-2007-07 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 20549-1090.
All submissions should refer to File Number SR-MSRB-2007-07. 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 Room, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of such filing also will be available for
inspection and copying at the principal office of the MSRB. 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-MSRB-2007-07 and should be
submitted on or before January 18, 2008.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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    \14\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-25184 Filed 12-27-07; 8:45 am]

BILLING CODE 8011-01-P