6752 Federal Register / Vol. 75, No. 27 / Wednesday, February 10, 2010 / Notices 

9 Involvement in ICS transactions is purely 

discretionary by Participants. DTC facilitates 

communication and keeps Participant identities 

confidential until both parties agree to the 

transaction. 

10Until DTC develops an automated solution, 

these requests would be processed manually in a 

manner similar to the existing PTS application. 

11 15 U.S.C. 78q–1. 

12 15 U.S.C. 78s(b)(3)(A)(iii). 

13 17 CFR 240.19b–4(f)(4). 

14 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 15 U.S.C. 78s(b)(3)(A)(ii). 

3 17 CFR 240.19b–4(f)(2). 

with the short Participant.9 Once the 

appropriate authorizations are received, 

DTC staff inputs journal adjustments to 

debit the long Participant’s account and 

credit the short Participant’s account. A 

special payment order is then created by 

DTC to move the corresponding funds 

from the settlement account of the short 

Participant to that of the long 

Participant. 

Participants recently asked DTC to 

expand its ICS capability to include 

short positions outside DTC.10

Expanding ICS in this way would help 

Participants holding short positions 

outside DTC to avoid financial risks by 

locating Participants with long positions 

in those securities. Participants using 

the ICS capability for short positions 

outside DTC would be subject to similar 

procedures as apply to current use of 

the ICS capability. Once Participants 

agree to the transaction, DTC would 

either process it through the journal 

entry method described above or ask the 

Participants to communicate directly 

with one other and settle the obligation 

through a DTC delivery order. 

DTC believes that the proposed rule 

change is consistent with the 

requirements of Section 17A of the 

Act 11 and the rules and regulations 

thereunder applicable to DTC because 

the proposed rule change expands the 

existing ICS capability to increase 

efficiency by eliminating short positions 

of DTC Participants and will not 

adversely affect the safeguarding of 

securities and funds in DTC’s custody or 

control. 

(B) Self-Regulatory Organization’s 

Statement on Burden on Competition 

DTC does not believe that the 

proposed rule change will have any 

impact or impose any burden on 

competition. 

(C) Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments relating to the 

proposed rule change have not yet been 

solicited or received. 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)(iii) of the Act 12 and Rule 

19b–4(f)(4) 13 thereunder because the 

proposed rule change effects a change in 

an existing service of a registered 

clearing agency that: (i) Does not 

adversely affect the safeguarding of 

securities or funds in the custody or 

control of the clearing agency or for 

which it is responsible and (ii) does not 

significantly affect the respective rights 

or obligations of the clearing agency or 

persons using the service. At any time 

within sixty days of the filing of such 

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. 

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 

• Electronic comments may be 

submitted by using the Commission’s 

Internet comment form (http:// 

www.sec.gov/rules/sro.shtml), or 

• Send an e-mail to rulecomments@sec.gov. Please include File 

No. SR–DTC–2009–01 on the subject 

line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington DC 

20549–1090. 

All submissions should refer to File 

Number SR–DTC–2010–01. 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 Web site viewing and 

printing in the Commission’s Public 

Reference Section, 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 filings 

also will be available for inspection and 

copying at the principal office of DTC 

and on DTC’s Web site at http:// 

www.dtcc.com/downloads/legal/ 

rule_filings/2009/dtc/2010–01.pdf. 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–2010–01 and should be 

submitted on or before March 3, 2010. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–2859 Filed 2–9–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–61476; File No. SR–DTC– 

2010–02] 

Self-Regulatory Organizations; The 

Depository Trust Company; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Establish 

Fees Related to Invitation to Cover 

Short Requests 

February 3, 2010. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 notice is hereby given that on 

January 15, 2010, 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 primarily by DTC. DTC filed 

the proposal pursuant to Section 

19(b)(3)(A)(ii) of the Act 2 and Rule 19b– 

4(f)(2) 3 thereunder so that the proposal 

was effective upon filing with the 

Commission. The Commission is 

publishing this notice to solicit 


sroberts on DSKD5P82C1PROD with NOTICES
Federal Register / Vol. 75, No. 27 / Wednesday, February 10, 2010 / Notices 6753 

4The Commission has modified the text of the 

summaries prepared by DTC. 5 15 U.S.C. 78q–1. 

6 15 U.S.C. 78s(b)(3)(A)(ii). 

7 17 CFR 240.19b–4(f)(2). 8 17 CFR 200.30–3(a)(12). 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The purpose of the proposed rule 

change is to establish fees related to 

Invitation To Cover Short Requests. 

II. Self-Regulatory Organization’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.4

(A) Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

The purpose of the proposed rule 

change is to establish fees related to 

Invitation To Cover Short Requests. The 

proposed changes would create a 

Generation of Invitation To Cover Short 

Request fee of $300 per each submission 

received by DTC and would also create 

an hourly Extraordinary Processing/ 

Research Fee of $100 per hour to cover 

the significant manual processing cost 

associated with the service. These 

proposed fee revisions are consistent 

with DTC’s overall pricing philosophy 

of aligning service fees with underlying 

costs and of discouraging manual and 

exception processing. The proposed 

changes to DTC’s Fee Schedule can be 

found in Exhibit 5 to proposed rule 

change SR–DTC–2010–02 at http:// 

www.dtcc.com/downloads/legal/ 

rule_filings/2010/dtc/2010–02.pdf. 

DTC believes that the proposed rule 

change is consistent with the 

requirements of Section 17A of the Act 5

and the rules and regulations 

thereunder applicable to DTC because 

the proposed rule change updates DTC’s 

fee schedule and provides equitable 

allocation of fees among its Participants. 

(B) Self-Regulatory Organization’s 

Statement on Burden on Competition 

DTC does not believe that the 

proposed rule change will have any 

impact or impose any burden on 

competition. 

(C) Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments relating to the 

proposed rule change have not yet been 

solicited or received. 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)(ii) of the Act 6 and Rule 19b– 

4(f)(2) 7 thereunder because the 

proposed rule change is establishing or 

changing a due, fee, or other charge 

applicable only to a member. At any 

time within sixty days of the filing of 

such 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. 

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 

• Electronic comments may be 

submitted by using the Commission’s 

Internet comment form (http:// 

www.sec.gov/rules/sro.shtml), or 

• Send an e-mail to rulecomments@sec.gov. Please include File 

No. SR–DTC–2010–02 on the subject 

line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–DTC–2010–02. 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 Web site viewing and 

printing in the Commission’s Public 

Reference Section, 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 filings 

also will be available for inspection and 

copying at the principal office of DTC 

and on DTC’s Web site at http:// 

www.dtcc.com/downloads/legal/ 

rule_filings/2010/dtc/2010–02.pdf. 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–2010–02 and should be 

submitted on or before March 3, 2010. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–2858 Filed 2–9–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–61483; File Nos. SR– 

CBOE–2010–007; SR–ISE–2009–106; SR– 

NYSEAmex-2009–86; and SR–NYSEArca2009–110] 

Self-Regulatory Organizations; 

Chicago Board Options Exchange, 

Incorporated, International Securities 

Exchange, LLC, NYSE Amex LLC, and 

NYSE Arca, Inc.; Order Granting 

Approval of Proposed Rule Changes 

and Notice of Filing and Order 

Granting Accelerated Approval of a 

Proposed Rule Change Relating to 

Listing and Trading Options on the 

ETFS Gold Trust and the ETFS Silver 

Trust 

February 3, 2010. 

Three options exchanges filed with 

the Securities and Exchange 

Commission (‘‘Commission’’) proposed 

rule changes pursuant to Section 

19(b)(1) of the Securities Exchange Act 


sroberts on DSKD5P82C1PROD with NOTICES