[Federal Register Volume 88, Number 39 (Tuesday, February 28, 2023)]
[Notices]
[Pages 12677-12678]
[FR Doc No: 2023-04110]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings

    Take notice that the Commission has received the following Natural
Gas Pipeline Rate and Refund Report filings:

Filings Instituting Proceedings

    Docket Numbers: RP23-450-000.
    Applicants: Rockies Express Pipeline LLC.
    Description: Sec.  4(d) Rate Filing: REX 2023-02-21 Negotiated Rate
Agreement Amendments to be effective 2/21/2023.
    Filed Date: 2/21/23.
    Accession Number: 20230221-5275.
    Comment Date: 5 p.m. ET 3/6/23.

    Docket Numbers: RP23-451-000.
    Applicants: Texas Eastern Transmission, LP.
    Description: Compliance filing: TETLP February 2023 Penalty
Disbursement Report to be effective N/A.
    Filed Date: 2/21/23.
    Accession Number: 20230221-5335.
    Comment Date: 5 p.m. ET 3/6/23.

    Docket Numbers: RP23-452-000.
    Applicants: Millennium Pipeline Company, LLC.
    Description: Sec.  4(d) Rate Filing: RAM 2023 to be effective 4/1/
2023.
    Filed Date: 2/22/23.
    Accession Number: 20230222-5048.
    Comment Date: 5 p.m. ET 3/6/23.

    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.
    The filings are accessible in the Commission's eLibrary system
(https://elibrary.ferc.gov/idmws/search/fercgensearch.asp) by querying
the docket number.
    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: February 22, 2023.
Debbie-Anne A. Reese,
Deputy Secretary.
[FR Doc. 2023-04110 Filed 2-27-23; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register: October 24, 2008 (Volume 73, Number 207)]
[Notices]
[Page 63542-63543]
[DOCID:fr24oc08-143]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Receipt of Noise Compatibility Program and Request for Review;
Gulfport-Biloxi International Airport, Gulfport, MS

AGENCY: Federal Aviation Administration, DOT.

ACTION: Notice.

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SUMMARY: The Federal Aviation Administration (FAA) announces that it is
reviewing a proposed amendment to the Noise Compatibility Program that
was submitted for Gulfport Biloxi International Airport under the
provisions of 49 U.S.C. 47504 et seq. (the Aviation Safety and Noise
Abatement Act hereinafter referred to as ``the Act'') and 14 CFR Part
150 by the Gulfport Biloxi Regional Airport Authority. This program was
submitted subsequent to a determination by FAA that the associated
Noise Exposure Maps submitted under 14 CFR Part 150 for Gulfport Biloxi
International Airport were in compliance with applicable requirements
effective February 26, 2004, and was published in the Federal Register
on March 5, 2004. The proposed amendment to the Noise Compatibility
Program will be approved or disapproved on or before April 16, 2009.

DATES: Effective Date: The effective date of the start of FAA's review
of the amendment to the noise compatibility program is October 16,
2008. The public comment period ends December 16, 2008.

FOR FURTHER INFORMATION CONTACT: William Schuller, Federal Aviation
Administration, Jackson Airports District Office, 100 West Cross
Street, Jackson, Mississippi 39208,<PHONE_NUMBER>. Comments on the
proposed amendment to the noise compatibility program should also be
submitted to the above office.

SUPPLEMENTARY INFORMATION: This notice announces that the FAA is
reviewing a proposed amendment to the Noise Compatibility Program for
Gulfport Biloxi International Airport which will be approved or
disapproved on or before April 16, 2009. This notice also announces the
availability of this amendment for public review and comment.
    An airport operator who has submitted Noise Exposure Maps that are
found by FAA to be in compliance with the requirements of Federal
Aviation Regulations (FAR) Part 150, promulgated pursuant to the Act,
may submit a Noise Compatibility Program for FAA approval which sets
forth the measures the operator has taken or proposes to reduce
existing non-compatible uses and prevent the introduction of additional
non-compatible uses.
    The FAA previously approved the Noise Compatibility Program for
Gulfport Biloxi International Airport. The FAA has formally received
the amendment to the Noise Compatibility Program for Gulfport Biloxi
International Airport, effective on October 16, 2008. The airport
operator has requested that the FAA review this material and that the
amended noise mitigation measures, to be implemented jointly by the
airport and surrounding communities, be approved as an amendment to the
Noise Compatibility Program under section 47504 of the Act. Preliminary
review of the submitted material indicates that the amendment conforms
to the requirements for the submittal of Noise Compatibility Programs,
but that further review will be necessary prior to approval or
disapproval of the program. The formal review period, limited by law to
a maximum of 180 days, will be completed on or before April 16, 2009.

    The FAA's detailed evaluation will be conducted under the
provisions of 14 CFR Part 150, section 150.33. The primary
considerations in the evaluation process are whether the proposed
measures may reduce the level of aviation safety or create an undue
burden on interstate or foreign commerce, and whether they are
reasonably consistent with obtaining the goal of reducing existing non-
compatible land uses and preventing the introduction of additional non-
compatible land uses.
    Interested persons are invited to comment on the proposed program
with specific reference to these factors. All comments relating to
these factors, other than those properly addressed to local land use
authorities, will be considered by the FAA to the extent practicable.
Copies of the Noise Exposure Maps, the FAA's evaluation of the maps,
and the proposed amendment to the Noise Compatibility Program are
available for examination at the following location: Federal Aviation
Administration, Jackson Airports District Office, 100 West Cross
Street, Suite B, Jackson, Mississippi 39208.
    Questions may be directed to the individual named above under the
heading, FOR FURTHER INFORMATION CONTACT.

    Issued in Jackson, Mississippi on October 16, 2008.
Rans Black,
Manager, Jackson Airports District Office.
 [FR Doc. E8-25229 Filed 10-23-08; 8:45 am]

BILLING CODE 4910-13-M


[Federal Register Volume 86, Number 233 (Wednesday, December 8, 2021)]
[Notices]
[Page 69637]
[FR Doc No: 2021-26578]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket Nos. EL22-13-000; EL22-14-000]

Seneca Generation, LLC. Yards Creek Energy, LLC; Notice of
Institution of Section 206 Proceedings and Refund Effective Date

    On December 2, 2021, the Commission issued an order in Docket Nos.
EL22-13-000 and EL22-14-000, pursuant to section 206 of the Federal
Power Act (FPA), 16 U.S.C. 824e, instituting an investigation into
whether Seneca Generation, LLC's and Yards Creek Energy, LLC's Reactive
Service rate schedules are unjust and unreasonable. Seneca Generation,
LLC, et al., 177 FERC ] 61,160 (2021).
    The refund effective date in Docket Nos. EL22-13-000 and EL22-14-
000, established pursuant to section 206(b) of the FPA, will be the
date of publication of this notice in the Federal Register.
    Any interested person desiring to be heard in Docket Nos. EL22-13-
000 and EL22-14-000 must file a notice of intervention or motion to
intervene, as appropriate, with the Federal Energy Regulatory
Commission, in accordance with Rule 214 of the Commission's Rules of
Practice and Procedure, 18 CFR 385.214 (2020), within 21 days of the
date of issuance of the order.
    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) using
the ``eLibrary'' link. Enter the docket number excluding the last three
digits in the docket number field to access the document. At this time,
the Commission has suspended access to the Commission's Public
Reference Room, due to the proclamation declaring a National Emergency
concerning the Novel Coronavirus Disease (COVID-19), issued by the
President on March 13, 2020. For assistance, contact FERC at
[email protected] or call toll-free,<PHONE_NUMBER> or TYY,
(202) 502-8659.
    The Commission strongly encourages electronic filings of comments,
protests and interventions in lieu of paper using the ``eFile'' link at
http://www.ferc.gov. In lieu of electronic filing, you may submit a
paper copy. Submissions sent via the U.S. Postal Service must be
addressed to: Kimberly D. Bose, Secretary, Federal Energy Regulatory
Commission, 888 First Street NE, Room 1A, Washington, DC 20426.
Submissions sent via any other carrier must be addressed to: Kimberly
D. Bose, Secretary, Federal Energy Regulatory Commission, 12225 Wilkins
Avenue, Rockville, Maryland 20852.

    Dated: December 2, 2021.
Kimberly D. Bose,
Secretary.
[FR Doc. 2021-26578 Filed 12-7-21; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 80, Number 98 (Thursday, May 21, 2015)]
[Notices]
[Pages 29352-29357]
[FR Doc No: 2015-12281]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74973; File No. SR-FICC-2015-002]

Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Filing of a Proposed Rule Change to the Government Securities
Division Rules in Connection With the Extension of the GCF Repo Service
Pilot Program

May 15, 2015.
    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 May 7, 2015, the Fixed Income Clearing Corporation (``FICC'' or the
``Corporation'') 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 FICC. 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. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change

    The proposed rule changes consist of modifications to the Rulebook
of the Government Securities Division (``GSD'') in connection with the
extension of the GCF Repo[supreg] service \3\ pilot program.
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    \3\ GCF Repo is a registered trademark of FICC/DTCC.
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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, 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 such statements.

A. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change

(i) Purpose of the Proposed Rule Change
    FICC is seeking the Commission's approval to extend the current
pilot program (the ``2014 Pilot Program'') that is currently in effect
for the GCF Repo[supreg] service. FICC is requesting that the 2014

Pilot Program be extended for one year following the Commission's
approval of the present filing.\4\
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    \4\ If FICC determines to change the parameters of the service
during the one-year Pilot Program extension period, it will submit a
rule filing to the Commission. If FICC seeks to extend the Pilot
Program beyond the one-year period or proposes to make the Pilot
Program permanent, it will also submit a rule filing to the
Commission.
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    By way of background, on July 12, 2011, FICC submitted a rule
filing to the Commission (SR-FICC-2011-05) proposing to make certain
changes to its GCF Repo service in order to comply with the
recommendations that had been made by the Task Force on Triparty Reform
(``TPR''), an industry group formed and sponsored by the Federal
Reserve Bank of New York.\5\ Because the GCF Repo service operates as a
triparty mechanism, FICC was requested to incorporate changes to the
GCF Repo service to align the service with the other TPR recommended
changes for the overall triparty market.
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    \5\ The main purpose of the TPR was to develop recommendations
to address the risk presented by triparty repo transactions due to
the current morning reversal or ``unwind'' process and to move to a
process by which transactions are collateralized all day.
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    The rule change described in SR-FICC-2011-05 was proposed to be run
as a pilot program for one year starting from the date on which the
filing was approved by the Commission (the ``2011 Pilot Program'').\6\
Throughout 2011 and the earlier half of 2012, FICC implemented a
portion of the rule changes that were included in SR-FICC-2011-05. As
the expiration date of the 2011 Pilot Program approached, FICC elected
to have certain aspects of the 2011 Pilot Program continue, however,
FICC also proposed to make certain modifications to the 2011 Pilot
Program. As a result, on June 8, 2012, FICC submitted a rule filing for
the 2012 Pilot Program (SR-FICC-2012-05).\7\ On June 5, 2013, FICC then
submitted a rule filing to extend the Pilot Program for an additional
year (SR-FICC-2013-06).\8\ On May 5, 2014, FICC then submitted a rule
filing to extend the Pilot Program for an additional year (SR-FICC-
2014-02).\9\ Because the latest extension is now approaching its expiry
date, FICC is seeking the Commission's approval to extend the Pilot
Program for an additional year while the final phase of the tri-party
reform is put into place.\10\
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    \6\ Securities Exchange Act Release No. 34-65213 (August 29,
2011), 76 FR 54824 (September 2, 2011) (SR-FICC-2011-05).
    \7\ Securities Exchange Release No. 34-67621 (August 8, 2012),
77 FR 48572 (August 14, 2012) (SR-FICC-2012-05).
    \8\ Securities Exchange Act Release No. 34-70068 (July 30,
2013), 78 FR 47453 (August 5, 2013) (SR-FICC-2013-06).
    \9\ Securities Exchange Act Release No. 34-72457 (June 24,
2014), 79 FR 36856 (June 30, 2014) (SR-FICC-2014-02).
    \10\ The final phase includes the development interactive
messages for the interbank collateral substitution automation. If
FICC determines to change the parameters of the service during the
one-year Pilot Program extension period, it will submit a rule
filing to the Commission. If FICC seeks to extend the Pilot Program
beyond the one-year period or proposes to make the Pilot Program
permanent, it will also submit a rule filing to the Commission.
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Background: Description of the GCF Repo Service and History
(1) Creation of the GCF Repo Service
    The GCF Repo service allows GSD dealer members to trade general
collateral repos \11\ throughout the day without requiring intra-
day[sic], trade-for-trade settlement on a delivery-versus-payment
(``DVP'') basis. The service allows the dealers to trade such general
collateral repos, based on rate and term, throughout the day with
inter-dealer broker netting members on a blind basis. Standardized,
generic CUSIP numbers have been established exclusively for GCF Repo
processing and are used to specify the acceptable type of underlying
Fedwire book-entry eligible collateral, which includes Treasuries,
Agencies and certain mortgage-backed securities.
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    \11\ A general collateral repo is a repo in which the underlying
securities collateral is nonspecific, general collateral whose
identification is at the option of the seller. This is in contrast
to a specific collateral repo.
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    The GCF Repo service was developed as part of a collaborative
effort among GSCC (FICC's predecessor), its two clearing banks (The
Bank of New York Mellon (``BNY'') and JPMorgan Chase Bank, National
Association (``Chase''), and industry representatives. GSCC introduced
the GCF Repo service on an intra-clearing bank basis in 1998.\12\ Under
the intrabank service, dealers could only engage in GCF Repo
transactions with other dealers that cleared at the same clearing bank.
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    \12\ See Securities Exchange Act Release No. 34-40623 (October
30, 1998) 63 FR 59831 (November 5, 1998) (SR-GSCC-98-02).
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(2) Creation of the Interbank Version of the GCF Repo Service
    In 1999, GSCC expanded the GCF Repo service to permit dealer
participants to engage in GCF Repo trading on an inter-clearing bank
basis, meaning that dealers using different clearing banks could enter
into GCF Repo transactions (on a blind brokered basis).\13\ Because
dealer members that participate in the GCF Repo service do not all
clear at the same clearing bank, introducing the service as an
interbank service necessitated the establishment of a mechanism to
permit after-hours movements of securities between the two clearing
banks to deal with the fact that GSCC would likely have unbalanced net
GCF securities and cash positions within each clearing bank (that is,
it is likely that at the end of GCF Repo processing each business day,
the dealers in one clearing bank will be net funds borrowers, while the
dealers at the other clearing bank will be net funds lenders). To
address this issue, GSCC and its clearing banks established, and the
Commission approved, a legal mechanism by which securities would
``move'' across the clearing banks without the use of the securities
Fedwire.\14\ (Movements of cash do not present the same issue because
the cash Fedwire is open later than the securities Fedwire.) Therefore,
at the end of the day, after the GCF net results are produced,
securities are pledged via a tri-party-like mechanism and the interbank
cash component is moved via Fedwire. In the morning, the pledges are
unwound, that is, funds are returned to the net funds lenders and
securities are returned to the net funds borrowers.
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    \13\ See Securities Exchange Act Release No. 34-41303 (April 16,
1999) 64 FR 20346 (April 26, 1999) (SR-GSCC-99-01).
    \14\ See id. for a detailed description of the clearing bank and
FICC accounts needed to effect the after-hour movement of
securities.
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    The following simplified example illustrates the manner in which
the GCF Repo services works on an interbank basis:
    Assume that Dealer B clears at BNY and Dealer C clears at Chase.
Further assume that: (i) Outside of FICC, Dealer B engages in a
triparty repo transaction with Party X to obtain funds and seeks to
invest such funds via a GCF Repo transaction, (ii) outside of FICC,
Dealer C engages in a DVP repo with Party Y to buy securities and seeks
to finance these securities via a GCF Repo transaction, and (iii)
Dealer B and Dealer C enter into a GCF Repo transaction (on a blind
basis via a GCF Repo broker) and submit the trade details to FICC.
    At the end of ``Day 1'', GCF Repo collateral must be allocated,
i.e., Dealer B must receive the securities. However, the securities
that Dealer B is to receive are at Chase and the securities Fedwire is
closed. The after-hours movement mechanism permits the securities to be
``sent'' to Dealer B as follows: FICC will instruct Chase to allocate
to a special FICC clearance account at Chase securities in an amount
equal to the net short securities position.
    FICC has established on its own books and records two ``securities
accounts'' as defined in Article 8 of the New York

Uniform Commercial Code, one in the name of Chase (``FICC Account for
Chase'') and one in the name of BNY (``FICC Account for BNY''). The
FICC Account for Chase is comprised of the securities in FICC's special
clearance account maintained by BNY (``FICC Special Clearance Account
at BNY for Chase''), and the FICC Account for BNY is comprised of the
securities in FICC's special clearance account maintained by Chase
(``FICC Special Clearance Account at Chase for BNY'').\15\ The
establishment of these securities accounts by FICC in the name of the
clearing banks enables the bank that is in the net long securities
position to ``receive'' securities by pledge after the close of the
securities Fedwire. Once the clearing bank has ``received'' the
securities by pledge, it can credit them by book-entry to a FICC GCF
Repo account at that clearing bank and then to the dealers that clear
at that bank that are net long the securities in connection with GCF
Repo trades.
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    \15\ FICC has appointed Chase as its agent to maintain FICC's
books and records with respect to the BNY securities account, and
FICC has appointed BNY as its agent to maintain FICC's books and
records with respect to the Chase securities account.
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    In our example, Chase, as agent for FICC, will transmit to BNY a
description of the securities in the FICC Special Clearance Account at
Chase for BNY. Based on this description, BNY will transfer funds equal
to the funds borrowed position to the FICC GCF Repo account at Chase.
Upon receipt of the funds by Chase, Chase will release any liens it may
have on the FICC Special Clearance Account at Chase for BNY, and FICC
will release any liens it may have on FICC Account for BNY (both of
these accounts being comprised of the same securities). BNY will credit
the securities in the FICC Account for BNY to FICC's GCF Repo account
at BNY, and BNY will further credit these securities to Dealer B, who,
as noted, is in a net long securities position. In the morning of ``Day
2,'' all securities and funds movements occurring on Day 1, are
reversed (``unwind'').
(3) Issues With Morning Unwind Process
    In 2003, FICC shifted the GCF Repo service back to intrabank status
only.\16\ By that time, the service had grown significantly in
participation and volume. However, with the increase in use of the
interbank service, certain payments systems risk issues arose from the
inter-bank[sic] funds settlements related to the service, namely, the
large interbank funds movement in the morning. FICC shifted the service
back to intrabank status to enable management to study the issues
presented and identify a satisfactory solution for bringing the service
back to interbank status.
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    \16\ See Securities Exchange Act Release No. 34-48006 (June 10,
2003), 66 FR 35745 (June 16, 2003) (SR-FICC-2003-04).
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(4) The NFE Filing and Restoration of Service to Interbank Status
    In 2007, FICC submitted a rule filing to address the issues raised
by the interbank morning funds movement and return the GCF Repo service
to interbank status (the ``2007 NFE Filing'').\17\ The 2007 NFE Filing
addressed these issues by using a hold against a dealer's ``net free
equity'' (``NFE'') at the clearing bank to collateralize its GCF Repo
cash obligation to FICC on an intraday basis.\18\
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    \17\ See Securities Exchange Act Release No. 34-57652 (April 11,
2008), 73 FR 20999 (April 17, 2008) (SR-FICC-2007-08).
    \18\ NFE is a methodology that clearing banks use to determine
whether an account holder (such as a dealer) has sufficient
collateral to enter a specific transaction. NFE allows the clearing
bank to place a limit on its customer's activity by calculating a
value on the customer's balances at the bank. Bank customers have
the ability to monitor their NFE balance throughout the day.
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    The 2007 NFE Filing replaced the Day 2 morning unwind process with
an alternate process, which is currently in effect. Specifically, in
lieu of making funds payments, the interbank dealers grant to FICC a
security interest in their NFE-related collateral equal to their
prorated share of the total interbank funds amount. FICC, in turn,
grants to the other clearing bank (that was due to receive the funds) a
security interest in the NFE-related collateral to support the debit in
the FICC account at the clearing bank. The debit in the FICC account
(``Interbank Cash Amount Debit'') occurs because the dealers who are
due to receive funds in the morning must receive those funds at that
time in return for their release of collateral. The debit in the FICC
account at the clearing bank gets satisfied during the end of day GCF
Repo settlement process. Specifically, that day's new activity yields a
new interbank funds amount that will move at end of day--however, this
amount gets netted with the amount that would have been due in the
morning, thus further reducing the interbank funds movement. The NFE
holds are released when the interbank funds movement is made at end of
day. The 2007 NFE Filing did not involve any changes to the after-hours
movement of securities occurring at the end of the day on Day 1. Using
our simplified example:

    On the morning of Day 2, Dealer C who needs to return funds in
the unwind, instead of returning the funds in the morning, grants to
FICC a security interest in Dealer C's NFE-related collateral equal
to its funds movement (we have assumed only one GCF Repo transaction
took place in this simplified example). FICC, in turn, grants BNY
(that was due to receive the funds) a security interest in the NFE-
related collateral to support the debit in the FICC account at BNY.
As noted above, the debit in FICC's account at BNY arises because,
under the current processing, Dealer B must receive its funds during
the morning unwind. The FICC debit is then satisfied during the end
of day GCF Repo settlement process.

    As part of the 2007 NFE Filing, FICC imposed certain additional
risk management measures with respect to the GCF Repo service. First,
FICC imposed a collateral premium (called ``GCF Premium Charge'') on
the GCF Repo portion of the Clearing Fund deposits of all GCF
participants to further protect FICC in the event of an intra-day[sic]
default of a GCF Repo participant. FICC requires GCF Repo participants
to submit a quarterly ``snapshot'' of their holdings by asset type to
enable Risk Management staff to determine the appropriate Clearing Fund
premium. Members who do not submit this required information by the
deadlines established by FICC are subject to fine and an increased
Clearing Fund premium, as with all other instances of late submission
of required information.
    Second, the 2007 NFE Filing addressed the situation where FICC
becomes concerned about the volume of interbank GCF Repo activity. Such
a concern might arise, for example, if market events were to cause
dealers to turn to the GCF Repo service for increased funding at levels
beyond normal processing. The 2007 NFE Filing provides FICC with the
discretion to institute risk mitigation and appropriate disincentive
measures in order to bring GCF Repo levels to a comfortable level from
a risk management perspective.\19\
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    \19\ Specifically, the 2007 NFE Filing introduced the term ``GCF
Repo Event'', which will be declared by FICC if either of the
following occurs: (i) The GCF interbank funds amount exceeds five
times the average interbank funds amount over the previous ninety
days for three consecutive days; or (ii) the GCF interbank funds
amount exceeds fifty percent of the amount of GCF Repo collateral
pledged for three consecutive days. FICC reviews these figures on a
semi-annual basis to determine whether they remain adequate. FICC
also has the right to declare a GCF Repo Event in any other
circumstances where it is concerned about GCF Repo volumes and
believes it is necessary to declare a GCF Repo Event in order to
protect itself and its members. FICC will inform its members about
the declaration of the GCF Repo Event via important notice. FICC
will also inform the Commission about the declaration of the GCF
Repo Event.

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2011 Pilot Program--Proposed Changes to the GCF Repo Service To
Implement the TPR's Recommendations
    In SR-FICC-2011-05, FICC proposed the following rule changes with
respect to the GCF Repo service to address the TPR's Recommendations:
    (1)(a) To move the Day 2 unwind from 7:30 a.m. to 3:30 p.m., (b) to
move the NFE process \20\ from morning to a time established by the
Corporation as announced by notice to all members,\21\ (c) to move the
cut-off time of GCF Repo submissions from 3:35 p.m. to 3:00 p.m., and
(d) to move the cut-off time for dealer affirmation or disaffirmation
from 3:45 p.m. to 3:00 p.m.
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    \20\ No other changes are being proposed to the NFE process that
was in place by the 2007 NFE Filing; the risk management measures
that were put in place by the 2007 NFE Filing remain in place with
the present proposal.
    \21\ SR-FICC-2011-05 noted that the possible time range would be
8 a.m. to 1 p.m. to coincide with the collateral substitution
mechanism that was being developed between FICC and its clearing
banks. In rule filing SR-FICC-2012-05, FICC clarified that the 8:00
a.m. to 1:00 p.m. proposed time range in SR-FICC-2011-05 referred to
the clearing bank hold on the FICC interest in the NFE (i.e., as
part of the NFE process, FICC grants to the other clearing bank
(that was due to receive the funds) a security interest in the NFE--
related collateral to support the debit in the FICC account at the
clearing bank). At present, given the move of the NFE process (as
discussed in more detail below), this proposed time range has now
moved from 8:00 a.m. to 3:30 p.m.
---------------------------------------------------------------------------

    (2) To establish rules for intraday GCF Repo collateral
substitutions (i.e., SR-FICC-2011-05 stated that with respect to
interbank GCF Repo transactions, the substitution process will only
permit cash as an initial matter to accommodate current processing
systems, however, as noted below, the substitution process will permit
cash and/or securities).
    During the term of the 2011 Pilot Program, FICC implemented the
proposed changes referred to in subsections 1(c) and 1(d) above and
during the term of the 2012 Pilot Program, FICC implemented the
proposed changes referred to in subsections 1(a), 1(b) and 2 above.
(1) Proposed Change Regarding the Morning Unwind and Related Rule
Changes
    The TPR recommended that the Day 2 unwind for all triparty
transactions be moved from the morning to 3:30 p.m. The TPR made this
recommendation in order to achieve the benefit of reducing the clearing
banks' intraday exposure to the dealers. As stated, because the GCF
Repo service is essentially a triparty mechanism, the TPR requested
that FICC accommodate this time change. For the GSD rules, this
necessitated a change to the GSD's ``Schedule of GCF Timeframes.''
Specifically, the 7:30 a.m. time in the Schedule was deleted and the
language therein was moved to a new time of 3:30 p.m.
    Because the Day 2 unwind moved from the morning to 3:30 p.m. and
because the NFE process established by the 2007 NFE Filing is tied to
the moment of the unwind, the NFE process also was required to move.
During 2012, when the systems processing for the tri-party reform
effort continued on the part of the clearing banks, the unwind moved to
3:30 p.m. and the funds continued to move between the two clearing
banks at 5:00 p.m.; the NFE hold which applies to dealers moved to
between 3:30 p.m. and 5:00 p.m. Because the NFE process is a legal
process and not an operational process, it is not reflected on the
Schedule of GCF Timeframes and therefore no change to the Schedule was
required to accommodate the move of the NFE process. A change was
needed in Section 3 of GSD Rule 20 to delete the reference to the
``morning'' timeframe on Day 2 with respect to the NFE process and to
add language referencing ``at the time established by the
Corporation.''
(2) Proposed Change Regarding Intraday GCF Repo Securities Collateral
Substitutions
    As a result of the time change of the unwind (i.e., the reversal on
Day 2 of collateral allocations established by FICC for each netting
member's GCF net funds borrower positions and GCF net funds lender
positions on Day 1) to 3:30 p.m., the provider of GCF Repo securities
collateral in a GCF Repo transaction on Day 1 no longer has possession
of such securities at the beginning of Day 2. Therefore, during Day 2
prior to the unwind of the Day 1 collateral allocations, the provider
of GCF Repo securities collateral (in our simple example, Dealer C)
needs a substitution mechanism for the return of its posted GCF Repo
securities collateral in order to make securities deliveries for
utilization of such securities in its business activities. (In our
example, Dealer C may need to return the securities to Party Y
depending upon the terms of their transaction.) In the 2012 Pilot
Program, FICC established a substitution process for this purpose in
conjunction with its clearing banks. The language for the substitution
mechanism was added to Section 3 of GSD Rule 20. It provides that all
requests for substitution for the GCF Repo securities collateral must
be submitted by the provider of the GCF Repo securities collateral
(i.e., Dealer C) by the applicable deadline on Day 2 (the
``substitution deadline'').\22\
---------------------------------------------------------------------------

    \22\ As noted in SR-FICC-2012-05, FICC will establish such
deadline prior to the implementation of the changes to this service
in conjunction with the clearing banks and the Federal Reserve in
light of market circumstances. As noted in Important Notice
GOV088.12, once delivery has been made to GSD on the new obligations
for that business day, no substitutions will be permitted for the
remainder of the day.
---------------------------------------------------------------------------

Substitutions on Intrabank GCF Repos
    If the GCF Repo transaction is between dealer counterparties
effecting the transaction through the same clearing bank (i.e., on an
intra-clearing bank basis and in our example Dealer C and other dealers
clearing at Chase), on Day 2 such clearing bank will process each
substitution request of the provider of GCF Repo securities collateral
(i.e., Dealer C) submitted prior to the substitution deadline promptly
upon receipt of such request. The return of the GCF Repo securities
collateral in exchange for cash and/or eligible securities of
equivalent value can be effected by simple debits and credits to the
accounts of the GCF Repo dealer counterparties at the clearing agent
bank (i.e., in our example, Chase). Eligible securities for this
purpose will be the same as what is currently permitted under the GSD
rules for collateral allocations, namely, Comparable Securities,\23\
(ii) Other Acceptable Securities,\24\ or (iii) U.S. Treasury bills,
notes or bonds maturing in a time frame no greater than that of the
securities that have been traded (except where such traded securities
are U.S. Treasury bills, substitution may be with Comparable Securities
and/or cash only).
---------------------------------------------------------------------------

    \23\ The GSD rules define ``Comparable Securities'' as follows:
The term ``Comparable Securities'' means, with respect to a security
or securities that are represented by a particular Generic CUSIP
Number, any other security or securities that are represented by the
same Generic CUSIP Number.
    \24\ The GSD rules define ``Other Acceptable Securities'' as
follows:
    The term ``Other Acceptable Securities'' means, with respect to:
(an) adjustable-rate mortgage-backed security or securities issued
by Ginnie Mae, any fixed-rate mortgage-backed security or securities
issued by Ginnie Mae, or (an) adjustable-rate mortgage-backed
security or securities issued by either Fannie Mae or Freddie Mac:
(a) Any fixed-rate mortgage-backed security or securities issued by
Fannie Mae and Freddie Mac, (b) any fixed-rate mortgage-backed
security or securities issued by Ginnie Mae, or (c) any adjustable-
rate mortgage-backed security or securities issued by Ginnie Mae.
---------------------------------------------------------------------------

Substitutions on Interbank GCF Repos
    For a GCF Repo that was processed on an interbank basis and to
accommodate a potential substitution request, FICC initiates a debit of
the securities in the account of the lender through the FICC GCF Repo
accounts at the clearing bank of the lender and the FICC GCF Repo

account at the clearing bank of the borrower (``Interbank Movement'').
This Interbank Movement is done so that a borrower who elects to
substitute collateral will have access to the collateral for which it
is substituting. The Interbank Movement occurs in the morning, though
the clearing banks and FICC have the capability to have the Interbank
Movement occur at any point during the day up until 2:30 p.m. During
the 2012 Pilot Program, FICC and the clearing banks implemented a
change to unwind the intrabank GCF Repo transactions at 3:30 p.m.
    In the example above, the GCF Repo securities collateral will be
debited from the securities account of the receiver of the collateral
(i.e., Dealer B) at its clearing bank (i.e., BNY), and from the FICC
Account for BNY. If a substitution request is received by the clearing
bank (i.e., Chase) of the provider of GCF Repo securities collateral,
prior to the substitution deadline at a time specified in FICC's
procedures,\25\ that clearing bank will process the substitution
request by releasing the GCF Repo securities collateral from the FICC
GCF Repo account at Chase and crediting it to the account of the
provider of GCF Repo securities collateral (i.e., Dealer C). All cash
and/or securities substituted for the GCF Repo securities collateral
being released will be credited to FICC's GCF Repo account at the
clearing bank (i.e., Chase).
---------------------------------------------------------------------------

    \25\ Rule filing SR-FICC-2012-05 noted that this timeframe would
also be established in consultation with the clearing banks and the
Federal Reserve. At that time, the parties were considering whether
to have the substitution process be accomplished in two batches
during the day depending upon the time of submission of the
notifications for substitution. The clearing banks, however,
developed a real-time substitution mechanism for both tri-party and
GCF collateral making batch processing unnecessary.
---------------------------------------------------------------------------

    Simultaneously, with the debit of the GCF Repo securities
collateral from the account at the clearing bank (i.e., BNY) of the
original receiver of GCF Repo securities collateral (i.e., Dealer B),
for purposes of making payment to the original receiver of securities
collateral (i.e., Dealer B), such clearing bank will effect a cash
debit equal to the value of the securities collateral in FICC's GCF
Repo account at such clearing bank and will credit the account of the
original receiver of securities collateral (i.e., Dealer B) at such
clearing bank with such cash amount. (This is because when Dealer B is
debited the securities, Dealer B must receive the funds.) In order to
secure FICC's obligation to repay the balance in FICC's GCF Repo
account at such clearing bank (i.e., BNY), FICC will grant to such
clearing bank a security interest in the cash and/or securities
substituted for the GCF securities collateral in FICC's GCF repo
account at the other clearing bank (i.e., Chase).
    Using the example from above, assume the Dealer C submits a
substitution notification--it requires the securities collateral that
has been pledged to Dealer B and will substitute cash and/or
securities. BNY will debit the securities from Dealer B's account and
the relevant liens will be released so that the securities are in
FICC's account at Chase. Chase will credit the securities to Dealer C's
account and the cash and/or securities that Dealer C uses for its
collateral substitution will be credited by Chase to FICC's account at
Chase. From Dealer B's perspective, when BNY debits the securities from
Dealer B's account, Dealer B is supposed to receive the funds--but as
noted, the funds are at Chase. BNY will credit the funds to Dealer B's
account and debit FICC's account at BNY.
    At this point in our example, FICC is running a credit at Chase and
a debit at BNY. In order to secure FICC's debit at BNY, FICC will grant
a security interest in the funds in the FICC account at Chase.
    For substitutions that occur with respect to GCF Repo transactions
that were processed on an inter-clearing bank basis, FICC and the
clearing banks permit cash and/or securities for the substitutions. The
proposed rule change provided FICC with flexibility in this regard by
referring to FICC's procedures.
    As noted above, each of the above-referenced changes were approved
in connection with SR-FICC-2011-05,\26\ SR-FICC-2012-05 \27\ and SR-
FICC-2013-06.\28\ FICC proposes to extend the pilot program reflecting
these changes for an additional one year. The changes referenced above
are reflected in Exhibit 5.
---------------------------------------------------------------------------

    \26\ Securities Exchange Act Release No. 34-65213 (August 29,
2011) 76 FR 54824 (September 2, 2011).
    \27\ Securities Exchange Act Release No. 34-67277 (June 20,
2012) 77 FR 38108 (June 26, 2012).
    \28\ Securities Exchange Act Release No. 34-70068 (July 30,
2013) 78 FR 47453 (August 5, 2013).
---------------------------------------------------------------------------

(ii) Statutory Basis for the Proposed Rule Change
    The proposed rule change is consistent with the Securities and
Exchange Act of 1934, as amended (the ``Act'') and the rules and
regulations promulgated thereunder because it will align the GCF Repo
service with recommendations being made by the TPR to address risks in
the triparty market overall and therefore will serve to further
safeguard the securities and funds for which FICC is responsible.

B. Clearing Agency's Statement on Burden on Competition

    FICC does not believe that the proposed rule change will have any
negative impact, or impose any burden, 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 changes 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

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
    (A) by order approve or disapprove the proposed rule change; or
    (B) institute proceedings to determine whether the proposed rule
change should be disapproved.

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-2015-002 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-FICC-2015-002. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements

with respect to the proposed rule change that are filed with the
Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for Web site viewing and printing in
the Commission's Public Reference Room, 100 F Street NE., Washington,
DC 20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of such filings also will be available for inspection
and copying at the principal office of FICC and on FICC's Web site at
http://www.dtcc.com/legal/sec-rule-filings.aspx.
    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-2015-002
and should be submitted on or before June 11, 2015.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\29\
---------------------------------------------------------------------------

    \29\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-12281 Filed 5-20-15; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 10 (Friday, January 15, 2016)]
[Notices]
[Pages 2270-2271]
[FR Doc No: 2016-00646]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76870; File No. SR-DTC-2016-001]

Self-Regulatory Organizations; The Depository Trust Company;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend the DTC Custody Service Guide To Codify Its Current Procedures
for Assigning a Value to Custody Service Securities for Shipping
Insurance Valuation Purposes

January 11, 2016.
    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 January 4, 2016, The Depository Trust Company (``DTC'') 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 DTC. DTC filed the proposed rule change pursuant to
Section 19(b)(3)(A) of the Act \3\ and subparagraph (f)(1) of Rule 19b-
4 thereunder.\4\ The proposed rule change was effective upon filing
with the Commission. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \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)(1).
---------------------------------------------------------------------------

I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change

    The proposed rule change would update DTC's Custody Service Guide
(``Custody Guide'') to codify DTC's current procedures for assigning a
value to securities held in DTC's Custody Service for shipping
insurance valuation purposes, as more fully described below.\5\ The
text of the proposed rule change to update the Custody Guide is set
forth in Section II(A)(1) below.
---------------------------------------------------------------------------

    \5\ Each term not otherwise defined herein has its respective
meaning as set forth in the DTC Rules, By-laws, and Organization
Certificate (the ``Rules''), available at http://www.dtcc.com/legal/rules-and-procedures.aspx, and the DTC Custody Service Guide,
available at http://www.dtcc.com/~/media/Files/Downloads/legal/
service-guides/Custody.pdf.
---------------------------------------------------------------------------

II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change

    In its filing with the Commission, DTC 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. DTC 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
    The purpose of the proposed rule filing submitted by DTC is to
update the text of the Custody Guide to codify its current procedures
for assigning a value to securities held in DTC's Custody Service for
shipping insurance valuation purposes only, as described below.
    The Custody Service enables Participants that hold physical
securities that are not presently eligible for book-entry services at
DTC to deposit those securities with DTC for safekeeping and certain
limited depository services.\6\ Generally, DTC does not price
securities held in DTC's Custody Service.\7\ However, DTC applies
pricing when instructed by a Participant to ship a Custody Service
security from DTC to the Participant or to the Participant's customers
or agents, to ensure that its applicable insurance coverage limit is
not exceeded. In response to internal review and to be more transparent
with respect to its current procedures for assigning a value to
securities held in its Custody Service, DTC is proposing to codify its
current practice with respect to assigning such values. Following is an
excerpt from the applicable section in the Custody Guide, text which is
in bold and underlined indicates additions to the Custody Guide
pursuant to the proposed rule change:
---------------------------------------------------------------------------

    \6\ See Custody Guide at pp. 5 and 12 for the types of
securities and assets eligible for deposit to the Custody Service,
supra note 5. DTC holds certain non-standard assets in its Custody
Service, however, those are not the subject of this proposed rule
change.
    \7\ DTC typically only prices securities that are eligible for
book-entry services.
---------------------------------------------------------------------------

Insurance and Replacement of Certificates

    DTC carries insurance relating to the replacement of certificates
lost in transit or on its premises. Based on DTC's insurance coverage,
it is recommended that the depositing Participant review its holdings
and, when possible, submit these high value certificates for breakdowns
so that the dollar value remains within DTC's insurance limits.
    Prior to shipping high value certificates, when possible,
arrangements are made with transfer agents or issuers to cancel these
certificates before shipment. DTC limits its liability for loss with
respect to high-value certificates to the Limit, as defined below;
however DTC's liability for loss is not limited to the Limit to the
extent that such loss is caused directly by DTC's gross negligence or
willful misconduct; provided that in no event shall DTC be liable for
any special, consequential, exemplary, incidental, or punitive damages
in this regard. The ``Limit'' is defined as DTC's insurance coverage at
the time of the loss in question, provided that with respect to a loss
during shipment, the Limit is the lesser of DTC's insurance coverage at
the time of the loss in question and $100 million. Participants may
request from time to time information regarding the Limit.
    DTC has internal procedures to control, safeguard and limit the
risk of potential loss of a high value certificate. For example, DTC
staff will work with the depositing Participant's staff to breakdown
the deposit into smaller workable denominations so that they fall
within a more acceptable range of value. In addition, where possible,
arrangements will be made with transfer agents/issuers to cancel these
certificates prior to their shipment.

Shipping Insurance Valuation

    Securities held by Participants through the Custody Service are
segregated from DTC's fungible mass held by Cede & Co., are not
eligible for book-entry services, and cannot be used as collateral for
DTC transactions.
    DTC does not generally price securities held in the Custody
Service. However, when DTC is instructed by a Participant to ship
securities held in the Custody Service, DTC assigns a price to the
securities being shipped to ensure that DTC's Limit is not exceeded
when shipping certificates. If a security being shipped is also a full
depository eligible security, DTC will assign the full depository
eligible security's previous day's closing price, to ensure that its
Limit is not being exceeded. When DTC does not have a price for a
Custody Service security based on the price of a full depository
eligible security, and DTC is instructed by its Participant to ship the
security, DTC will assign a price as follows:
     DTC will use a default price of $1.00 per share for equity
issues and face value for debt issues (each, ``Default Pricing'').
     Where Default Pricing would otherwise apply, Participants
may instead provide DTC with a price for DTC to assign to the security
for shipping insurance valuation purposes. DTC's assignment of that
price for

shipping insurance valuation purposes shall not be deemed as an
agreement to the price or valuation of the security, and in no event
shall DTC be bound or required to use such price for this or any other
purpose.
    Default Pricing and Participant-provided pricing are subject to
DTC's internal procedures to control, safeguard and limit the risk of
potential loss of a high value certificate, as set forth above.
Participants should consider use of their own insurance for high value
certificates in excess of the Limit or in appropriate circumstances
they deem to be appropriate, in their discretion.

Implementation Date

    The proposed rule change would become effective immediately.
2. Statutory Basis
    Section 17A(b)(3)(F) of the Act requires that the rules of the
clearing agency be designed, inter alia, to assure the safeguarding of
securities and funds which are in the custody or control of the
clearing agency or for which it is responsible.\8\ By codifying DTC's
current Default Pricing practice and the option for Participants to
provide their own pricing, the proposed rule change provides
transparency to DTC's shipping insurance valuation procedure for
Custody Service securities, facilitating Participants' consideration of
their insurance options for such securities. Therefore, DTC believes
that the proposed rule change would aid in assuring the safeguarding of
Custody Service securities and is consistent with the requirements of
the Act, in particular, Section 17A(b)(3)(F) of the Act, cited above.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    Rule 17Ad-22(d)(15) promulgated under the Act requires, inter alia,
that a clearing agency establish, implement, maintain and enforce
written policies and procedures reasonably designed to state to its
participants the clearing agency's obligations with respect to physical
deliveries and identify and manage the risks from these obligations.\9\
DTC believes the proposed rule change is consistent with this provision
because codifying DTC's current practice would provide transparency
with respect to DTC's procedures for assigning a value to physical
securities held in the Custody Service for shipping insurance valuation
purposes, and therefore is reasonably designed to identify and manage
risks associated with shipments of Custody Service securities.
---------------------------------------------------------------------------

    \9\ 17 CFR 240.17Ad-22(d)(15).
---------------------------------------------------------------------------

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

    DTC does not believe that the proposed rule change would have any
impact, or impose any burden, on competition because it merely codifies
DTC's current practice with respect to shipping insurance valuation of
Custody Service securities and DTC's identification and management of
the risks therein and does not otherwise impact users of DTC's
services.

(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. DTC will notify the Commission of any written
comments received by DTC.

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 \10\ and subparagraph (f)(1) of Rule 19b-4
thereunder.\11\ 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.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(3)(A).
    \11\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------

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-DTC-2016-001 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-DTC-2016-001. 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 DTC and on DTCC's
Web site (http://dtcc.com/legal/sec-rule-filings.aspx). 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-DTC-2016-001 and should be
submitted on or before February 5, 2016.
---------------------------------------------------------------------------

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

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-00646 Filed 1-14-16; 8:45 am]
BILLING CODE 8011-01-P