Federal Register / Vol. 88, No. 177 / Thursday, September 14, 2023 / Notices 63157 

28 In approving the proposed rule change, the 

Commission considered the proposal’s impact on 

efficiency, competition, and capital formation. 15 

U.S.C. 78c(f). 

29 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(4). 

5Capitalized terms not defined herein are defined 

in the FICC Government Securities Division 

(‘‘GSD’’) Rulebook (the ‘‘GSD Rules’’) or the FICC 

Mortgage-Backed Securities Division (‘‘MBSD’’) 

Clearing Rules (the ‘‘MBSD Rules,’’ and collectively 

with the GSD Rules, the ‘‘Rules’’), available at 

www.dtcc.com/legal/rules-and-procedures, or in the 

Recovery & Wind-down Plan of FICC (the ‘‘R&W 

Plan’’ or ‘‘Plan’’). 

6See Securities Exchange Act Release Nos. 83973 

(Aug. 28, 2018), 83 FR 44942 (Sep. 4, 2018) (SR– 

FICC–2017–021); and 83954 (Aug. 27, 2018), 83 FR 

44361 (Aug. 30, 2018) (SR–FICC–2017–805). 

7 17 CFR 240.17Ad–22(e)(3)(ii). FICC is a 

‘‘covered clearing agency’’ as defined in Rule 

17Ad–22(a)(5) under the Act and must comply with 

paragraph (e) of Rule 17Ad–22. 

8See Securities Exchange Act Release No. 91430 

(Mar. 29, 2021), 86 FR 17432 (Apr. 2, 2021) (SR– 

FICC–2021–002). 

9 DTCC operates on a shared service model with 

respect to FICC and its other affiliated clearing 

agencies, National Securities Clearing Corporation 

(‘‘NSCC’’) and The Depository Trust Company 

(‘‘DTC’’). Most corporate functions are established 

and managed on an enterprise-wide basis pursuant 

to intercompany agreements under which it is 

generally DTCC that provides relevant services to 

FICC, NSCC and DTC (collectively, the ‘‘Clearing 

Agencies’’). 

10Supra note 6. 

proposed rule change (SR–ICEEU–2023– 

020), be, and hereby is, approved.28

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.29

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–19844 Filed 9–13–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98335.; File No. SR–FICC– 

2023–013] 

Self-Regulatory Organizations; Fixed 

Income Clearing Corporation; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend the 

Recovery and Wind-Down Plan 

September 8, 2023. 

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 

September 1, 2023, Fixed Income 

Clearing Corporation (‘‘FICC’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I, II and III below, which Items 

have been prepared by the clearing 

agency. NSCC filed the proposed rule 

change pursuant to section 19(b)(3)(A) 

of the Act 3 and Rule 19b–4(f)(4) 

thereunder.4 The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Clearing Agency’s Statement of the 

Terms of Substance of the Proposed 

Rule Change 

The proposed rule change consists of 

amendments to the Recovery and Winddown Plan to reflect business and 

product developments that have taken 

place since the time it was last 

amended, and make certain changes to 

improve the clarity of the Plan and 

make other updates and technical 

revisions, as described in greater detail 

below.5

II. Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

In its filing with the Commission, the 

clearing agency included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

clearing agency has prepared 

summaries, set forth in sections A, B, 

and C below, of the most significant 

aspects of such statements. 

(A) Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

1. Purpose 

Executive Summary 

The R&W Plan was adopted in August 

2018 6 and is maintained by FICC for 

compliance with Rule 17Ad–22(e)(3)(ii) 

under the Act.7 This section of the Act 

requires registered clearing agencies to, 

in short, establish, implement and 

maintain plans for the recovery and 

orderly wind-down of the covered 

clearing agency necessitated by credit 

losses, liquidity shortfalls, losses from 

general business risk, or any other 

losses. The Plan is intended to be used 

by the Board and FICC management in 

the event FICC encounters scenarios 

that could potentially prevent it from 

being able to provide its critical services 

to the marketplace as a going concern. 

The R&W Plan is comprised of two 

primary sections: (i) the ‘‘Recovery 

Plan,’’ that sets out the tools and 

strategies to enable FICC to recover, in 

the event it experiences losses that 

exceed its prefunded resources, and (ii) 

the ‘‘Wind-down Plan,’’ that describes 

the tools and strategies to be used to 

conduct an orderly wind-down of 

FICC’s business in a manner designed to 

permit the continuation of FICC’s 

critical services in the event that its 

recovery efforts are not successful. 

The purpose of the rule proposal is to 

amend the R&W Plan to reflect business 

and product developments that have 

taken place since the time it was last 

amended,8 make certain changes to 

improve the clarity of the Plan and 

make other updates and technical 

revisions. 

FICC believes that by helping to 

ensure that the R&W Plan reflects 

current business and product 

developments, providing additional 

clarity, and making necessary 

grammatical corrections, that the 

proposed rule change would help it 

continue to maintain the Plan in a 

manner that supports the continuity of 

FICC’s critical services and enables its 

Members and Limited Members to 

maintain access to FICC’s services 

through the transfer of its membership 

in the event FICC defaults or the Winddown Plan is ever triggered by the 

Board. 

Background 

The R&W Plan is managed by the 

Office of Recovery & Resolution 

Planning (referred to in the Plan as the 

‘‘R&R Team’’) of FICC’s parent 

company, the Depository Trust & 

Clearing Corporation (‘‘DTCC’’),9 on 

behalf of FICC, with review and 

oversight by the DTCC Management 

Committee and the Board. In accordance 

with the SEC’s Approval Order covering 

the Plan,10 the Board, or such 

committees as may be delegated 

authority by the Board from time to 

time, is required to review and approve 

the R&W Plan biennially and would also 

review and approve any changes that 

are proposed to the R&W Plan outside 

of the biennial review. FICC completed 

its most recent biennial review in 2022. 

The proposed rule change reflects 

amendments proposed to the Plans 

resulting from that review, which are 

described in greater detail below. None 

of the proposed changes modify FICC’s 

general objectives and approach with 

respect to its recovery and wind-down 

strategy as set forth under the current 

Plan. 

A. Proposed Amendments to the R&W 

Plan 

FICC is proposing the changes to the 

following sections of the Plan based 

upon business updates and product 


lotter on DSK11XQN23PROD with NOTICES1
63158 Federal Register / Vol. 88, No. 177 / Thursday, September 14, 2023 / Notices 

11Supra note 8. 12See MBSD Rule 6 (TBA Netting). 13The term ‘‘SBO’’ means the settlement balance 

orders that constitute the net positions of a Clearing 

Member as a result of the TBA Netting process. 14The DNA process gives Members the ability to 

offset TBA obligations with other TBA obligations 

meaning that, SBO positions and/or trade-for-trade 

transactions may be offset with other SBO positions 

and/or trade for-trade transactions, as applicable, 

subject to certain restrictions. 15For purposes of consistency, under the 

proposed rule change all references to ‘‘FMI Links’’ 

would be revised to refer to these as ‘‘Clearing 

Agency Links.’’ 16As defined in Rule 17Ad–22(a)(8) under the 

Act, a link ‘‘means, for purposes of paragraph 

(e)(20) of Rule 17Ad–22, a set of contractual and 

operational arrangements between two or more 

clearing agencies, financial market utilities, or 

trading markets that connect them directly or 

indirectly for the purposes of participating in 

settlement, cross margining, expanding their 

services to additional instruments or participants, 

or for any other purposes material to their 

business.’’ 17 CFR 240.17Ad–22(a)(8). 

17The criteria that is used to identify a FICC 

service or function as critical includes 

consideration as to whether (1) there is a lack of 

alternative providers or products; (2) the inability 

of FICC to act as a central counterparty through 

either Division would increase Members’ credit risk 

and disrupt their ability to initiate new 

transactions; (3) the failure or disruption of the 

multilateral netting performed by each FICC 

Division could materially and negatively impact the 

volume of financial transactions and the liquidity 

of the U.S. Fixed Income markets; and (4) the 

service is interconnected with other participants 

and processes within the U.S. financial system (for 

example, with other FMIs, settlement banks, brokerdealers, and exchanges). 

18FICC’s Sponsored DVP service offers eligible 

clients the ability to lend cash or eligible collateral 

via FICC-cleared DVP repo transactions in U.S. 

Treasury and Agency Securities on an overnight 

and term basis, as well as outright purchases and 

sales of such securities, to be settled on a Deliveryvs-Payment (DVP) basis. FICC’s Sponsored General 

Collateral service offers eligible clients the ability 

to execute general collateral repo transactions (in 

the same asset classes currently eligible for Netting 

Members to transact in via FICC’s existing GCF 

Repo® Service) with each other and settle such repo 

transactions on the tri-party repo platform of BNY 

Mellon. 

19The majority of the Corridor Indicators, as 

identified in the Recovery Plan, relate directly to 

conditions that may require FICC to adjust its 

strategy for hedging and liquidating a defaulting 

Member’s portfolio, and any such changes would 

include an assessment of the status of the Corridor 

Indicators. 

20Hedging is a risk management strategy that 

would be employed when executing the liquidation 

of a defaulting Member’s portfolio to potentially 

help reduce the risk of loss of an existing position. 

21The Retirements/Transaction Reductions 

indicator measures Member terminations or 

developments that have occurred since 

the Plan was last amended.11

Section 2.3 (MBSD) describes the way 

in which TBA transactions are 

processed by FICC. For purposes of 

completeness, the proposed rule change 

would augment the existing description 

to add that the processing consists of the 

following steps: trade matching, 

novation, the Do Not Allocate (‘‘DNA’’) 

process, TBA Netting, electronic pool 

notification (‘‘EPN’’) allocation, pool 

comparison, Pool Netting, pool 

conversion and settlement. Similarly, in 

the paragraph of this section that 

describes the TBA Netting process,12 the 

description would be expanded to 

include that net positions created by the 

TBA Netting process are referred to as 

the settlement balance order (‘‘SBO’’) 

position,13 which constitutes settlement 

obligations against which Members will 

submit pool information for the Pool 

Netting process or offset such SBO 

position with other SBO position or 

trade-for-trade transaction, as 

applicable, through the DNA process.14

Section 2.4 (Intercompany 

Arrangements) describes how corporate 

support services are provided to FICC 

from DTCC and DTCC’s other 

subsidiaries, through intercompany 

agreements under a shared services 

model. This section includes a table, 

(Facilities, Table 2–B), that lists each of 

the DTCC facilities utilized by the 

Clearing Agencies and indicates 

whether the facility is owned or leased. 

FICC proposes to update this table to 

add Washington DC, London, UK, and 

McLean, Virginia as additional DTCC 

facility locations. 

Section 2.5 (FMI Links) 15 describes 

some of the key financial market 

infrastructures (‘‘FMIs’’), both domestic 

and foreign, that FICC has identified as 

critical ‘‘links.’’ 16 As set out in this 

section of the Plan, the inventory of 

FICC’s links is maintained by DTCC’s 

Systemic Risk Office (‘‘SRO’’) and the 

SRO has set forth a set of practices and 

protocols for managing and reviewing 

the various risks and controls associated 

with clearing agency links. Based on a 

change to the SRO Clearing Agency 

Links-Risk Review Procedures, the 

proposal would clarify that in addition 

to approval by the Chief Systemic Risk 

Officer, the inventory of clearing agency 

links is also subject to the approval of 

a Deputy General Counsel of the General 

Counsel’s Office. 

Section 3 (Critical Services) defines 

the criteria for classifying certain of 

FICC’s services as ‘‘critical,’’ 17 and 

identifies such critical services and the 

rationale for their classification. The 

identification of FICC’s critical services 

is important for evaluating how the 

recovery tools and the wind-down 

strategy would facilitate and provide for 

the continuation of FICC’s critical 

services to the markets it serves. 

Included in this section are two tables 

(Table 3–B: GSD Critical Services and 

Table 3–C: MBSD Critical Services) that 

list each of the services, functions or 

activities that FICC has identified as 

‘‘critical’’ based on the applicability of 

the criteria. The proposed rule change 

would update Table 3–B to enhance the 

description of the GSD’s ‘‘Sponsored 

Membership Service’’ by adding at the 

end of the description that this service 

is comprised of two available offerings, 

the Sponsored DVP service and the 

Sponsored GC Service.18

Section 5.2.4 (Recovery Corridor and 

Recovery Phase) outlines the early 

warning indicators to be used by FICC 

to evaluate its options and potentially 

prepare to enter the ‘‘Recovery Phase,’’ 

which phase refers to the actions to be 

taken by FICC to restore its financial 

resources and avoid a wind-down of its 

business. This section contains 

descriptions of potential stress events 

that could lead to recovery, and several 

early warning indicators and metrics 

that FICC has established to evaluate its 

options and potentially prepare to enter 

the Recovery Phase. These indicators, 

which are referred to in the Recovery 

Plan as recovery corridor indicators 

(‘‘Corridor Indicators’’ or 

‘‘Indicator(s)’’),19 are calibrated against 

FICC’s financial resources and are 

designed to give FICC the ability to 

replenish financial resources, typically 

through business-as-usual tools applied 

prior to entering the Recovery Phase. 

Included in this section is a table (Table 

5–A: Corridor Indicators) that identifies 

for each Indicator (i) how it is measured, 

(ii) the basis for the evaluation of the 

status of the Indicator, (iii) the type of 

metrics used for determining the status 

of the deterioration or improvement of 

the Indicator, and (iv) ‘‘Corridor Actions 

& Escalation,’’ which are those steps 

that may be taken to improve the status 

of the Indicator and the management 

escalations required to authorize those 

steps. The proposed rule change would 

make the following clarifications to 

Table 5–A. 

First, for purposes of providing 

additional context on the applicable 

measurement, the proposed rule change 

would clarify the ‘‘Hedge Effectiveness’’ 

Indicator 20 set out in Table 5–A. 

Specifically, the language in the 

measurement column for this Indicator 

would be revised to clarify that if the 

hedge effectiveness measures are 

outside of the designated metrics due to 

certain types of factors (e.g., mismatch 

in portfolio profit and loss (‘‘P&L’’) and 

hedge P&L due to timing of initiating 

the hedge or the portfolio), management 

would document the performance and 

only escalate to the Board Risk 

Committee and Management Risk 

Committee if the measurement status 

deteriorates in a material respect. 

Second, for the ‘‘Retirements/Trade 

Volume Reductions’’ Indicator,21 a 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 88, No. 177 / Thursday, September 14, 2023 / Notices 63159 

curtailment of transactions that impact the financial 

viability of FICC. 

22The Embedded Risk Management group 

supports the R&R Team. For example, they may 

assist in the identification of new initiatives, 

processes, or product developments that may 

impact FICC’s R&W Plan. 

23 15 U.S.C. 78q–1(b)(3)(F). 

24 17 CFR 240.17Ad–22(e)(3)(ii). 25 Id. 26 Id. 

clarification would be made to identify 

Client Account Management and FICC 

Global Business Operations as the 

internal groups responsible for 

measurement of the applicable 

deterioration and improvement 

Indicator metrics. 

B. Other Updates, Clarifications and 

Technical Revisions 

FICC is also proposing to make other 

updates and technical revisions to the 

Plan. These technical revisions would, 

for example, make grammatical 

corrections, update the names of certain 

FICC internal groups, and clarify the 

description of internal organizations, 

without changing the substantive 

statements being revised. 

For example, in Section 2.4, Table 2– 

A (SIFMU Legal Entity Structure and 

Intercompany Agreements), for 

purposes of clarifying the full scope of 

services provided by FICC’s affiliate, 

DTC, the description of DTC’s services 

would be revised from ‘‘Underwriting, 

Securities Processing, Corporate 

Actions,’’ to ‘‘Asset Services.’’ Some 

other examples include: (i) a revision 

would be made throughout the Plan to 

reflect an internal name change from 

DTCC’s ‘‘Operational Risk 

Management’’ to ‘‘Operational Risk,’’ 

and add a new internal organization, 

‘‘Embedded Risk Management,’’ 22 (ii) 

all references to ‘‘FMI Links’’ would be 

revised to refer to these as ‘‘Clearing 

Agency Links,’’ and (iii) in the section 

covering DTCC facilities, the name of 

the DTCC legal entity that is the holder 

of the lease for the Manila location 

would be changed from ‘‘DTCC’’ to 

‘‘DTCC Manila.’’ 

FICC believes the proposed updates 

and technical revisions would improve 

the clarity and accuracy of the Plan and, 

therefore, would help facilitate the 

execution of Plan, if necessary. 

2. Statutory Basis 

FICC believes that the proposal is 

consistent with the requirements of the 

Act and the rules and regulations 

thereunder applicable to a registered 

clearing agency. In particular, FICC 

believes that the amendments to the 

R&W Plan are consistent with section 

17A(b)(3)(F) of the Act 23 and Rule 

17Ad–22(e)(3)(ii) under the Act 24 for 

the reasons described below. 

Section 17A(b)(3)(F) of the Act 

requires, in part, that the rules of FICC 

be designed to promote the prompt and 

accurate clearance and settlement of 

securities transactions. As described 

above, the proposed rule change would 

update the R&W Plan to reflect business 

and product developments and make 

certain technical corrections. By helping 

to ensure that the R&W Plan reflects 

current business and product 

developments, and providing additional 

clarity, FICC believes that the proposed 

rule change would help it continue to 

maintain the Plan in a manner that 

supports the continuity of FICC’s 

critical services and enables its 

Participants and Pledgees to maintain 

access to FICC’s services through the 

transfer of its membership in the event 

FICC defaults or the Wind-down Plan is 

ever triggered by the Board. Further, by 

facilitating the continuity of its critical 

clearance and settlement services, FICC 

believes the Plan and the proposed rule 

change would continue to promote the 

prompt and accurate clearance and 

settlement of securities transactions. 

Therefore, FICC believes the proposed 

amendments to the R&W Plan are 

consistent with the requirements of 

section 17A(b)(3)(F) of the Act. 

Rule 17Ad–22(e)(3)(ii) under the Act 

requires FICC to establish, implement, 

maintain and enforce written policies 

and procedures reasonably designed to 

maintain a sound risk management 

framework for comprehensively 

managing legal, credit, liquidity, 

operational, general business, 

investment, custody, and other risks 

that arise in or are borne by the covered 

clearing agency, which includes plans 

for the recovery and orderly wind-down 

of the covered clearing agency 

necessitated by credit losses, liquidity 

shortfalls, losses from general business 

risk, or any other losses.25

Specifically, the Recovery Plan 

defines the risk management activities, 

stress conditions and indicators, and 

tools that FICC may use to address stress 

scenarios that could eventually prevent 

it from being able to provide its critical 

services as a going concern. Through the 

framework of the Crisis Continuum, the 

Recovery Plan addresses measures that 

FICC may take to address risks of credit 

losses and liquidity shortfalls, and other 

losses that could arise from a Participant 

default. The Recovery Plan also 

addresses the management of general 

business risks and other non-default 

risks that could lead to losses. The 

Wind-down Plan would be triggered by 

a determination by the Board that 

recovery efforts have not been, or are 

unlikely to be, successful in returning 

FICC to viability as a going concern. 

Once triggered, the Wind-down Plan 

sets forth clear mechanisms for the 

transfer of FICC’s membership and 

business and is designed to facilitate 

continued access to FICC’s critical 

services and to minimize market impact 

of the transfer. By establishing the 

framework and strategy for the 

execution of the transfer and winddown of FICC in order to facilitate 

continuous access to its critical services, 

the Wind-down Plan establishes a plan 

for the orderly wind-down of FICC. 

As described above, the proposed rule 

change would update the R&W Plan to 

reflect business and product 

developments and make certain 

technical corrections. By ensuring that 

material provisions of the Plan are 

current, clear, and technically correct, 

FICC believes that the proposed 

amendments are designed to support the 

maintenance of the Plan for the recovery 

and orderly wind-down of the covered 

clearing agency necessitated by credit 

losses, liquidity shortfalls, losses from 

general business risk, or any other 

losses, and, as such, meets the 

requirements of Rule 17Ad–22(e)(3)(ii) 

under the Act.26 Therefore, the 

proposed changes would help FICC to 

maintain the Plan in a way that 

continues to be consistent with the 

requirements of Rule 17Ad–22(e)(3)(ii). 

(B) Clearing Agency’s Statement on 

Burden on Competition 

FICC does not believe that the 

proposed rule change would have any 

impact, or impose any burden, on 

competition. FICC does not anticipate 

that the proposal would affect its dayto-day operations under normal 

circumstances, or in the management of 

a typical Member default scenario or 

non-default event. The R&W Plan was 

developed and documented in order to 

satisfy applicable regulatory 

requirements, as discussed above. The 

proposal is intended to enhance and 

update the Plan to ensure it is clear and 

remains current in the event it is ever 

necessary to be implemented. The 

proposed revisions would not affect any 

changes to the overall structure or 

operation of the Plan or FICC’s recovery 

and wind-down strategy as set forth 

under the current Plan. As such, FICC 

believes the proposal would not have 

any impact, or impose any burden, on 

competition. 


lotter on DSK11XQN23PROD with NOTICES1
63160 Federal Register / Vol. 88, No. 177 / Thursday, September 14, 2023 / Notices 

27 15 U.S.C. 78s(b)(3)(A). 

28 17 CFR 240.19b–4(f). 29 17 CFR 200.30–3(a)(12). 

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). 

(C) Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change Received From Members, 

Participants, or Others 

FICC has not received or solicited any 

written comments relating to this 

proposal. If any written comments are 

received, FICC will amend this filing to 

publicly file such comments as an 

Exhibit 2 to this filing, as required by 

Form 19b–4 and the General 

Instructions thereto. 

Persons submitting written comments 

are cautioned that, according to Section 

IV (Solicitation of Comments) of the 

Exhibit 1A in the General Instructions to 

Form 19b–4, the Commission does not 

edit personal identifying information 

from comment submissions. 

Commenters should submit only 

information that they wish to make 

available publicly, including their 

name, email address, and any other 

identifying information. 

All prospective commenters should 

follow the Commission’s instructions on 

How to Submit Comments, available at 

www.sec.gov/regulatory-actions/how-tosubmit-comments. General questions 

regarding the rule filing process or 

logistical questions regarding this filing 

should be directed to the Main Office of 

the Commission’s Division of Trading 

and Markets at tradingandmarkets@

sec.gov or 202–551–5777. 

FICC reserves the right to not respond 

to any comments received. 

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) 27 of the Act and paragraph 

(f) 28 of Rule 19b–4 thereunder. At any 

time within 60 days of the filing of the 

proposed rule change, the Commission 

summarily may temporarily suspend 

such rule change if it appears to the 

Commission that such action is 

necessary or appropriate in the public 

interest, for the protection of investors, 

or otherwise in furtherance of the 

purposes of the Act. 

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 (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

FICC–2023–013 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549. 

All submissions should refer to file 

number SR–FICC–2023–013. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (https://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549 on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of NSCC 

and on DTCC’s website (http://

dtcc.com/legal/sec-rule-filings.aspx). Do 

not include personal identifiable 

information in submissions; you should 

submit only information that you wish 

to make available publicly. We may 

redact in part or withhold entirely from 

publication submitted material that is 

obscene or subject to copyright 

protection. All submissions should refer 

to File Number SR–FICC–2023–013 and 

should be submitted on or before 

October 5, 2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.29

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–19843 Filed 9–13–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98338; File No. SR–MEMX– 

2023–19] 

Self-Regulatory Organizations; MEMX 

LLC; Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Amend the Short Term 

Option Series Program in Rule 19.5, 

Interpretation and Policy .05 and a 

Related Definition in Rule 16.1 

September 8, 2023. 

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 

September 6, 2023, MEMX LLC 

(‘‘MEMX’’ or the ‘‘Exchange’’) filed with 

the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been prepared by the Exchange. The 

Exchange filed the proposal as a ‘‘noncontroversial’’ proposed rule change 

pursuant to section 19(b)(3)(A)(iii) of the 

Act 3 and Rule 19b–4(f)(6) thereunder.4

The Commission is publishing this 

notice to solicit 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 Exchange proposes to amend the 

Short Term Option Series Program in 

MEMX Rule 19.5, Interpretation and 

Policy .05 and a related definition in 

Rule 16.1. The text of the proposed rule 

change is provided in Exhibit 5. 

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 

Exchange 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 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 


lotter on DSK11XQN23PROD with NOTICES1