Federal Register / Vol. 72, No. 74 / Wednesday, April 18, 2007 / Notices 19561 

5 15 U.S.C. 78s(b)(3)(A). 

6 17 CFR 240.19b–4(f)(2). 

7For purposes of calculating the 60-day period 

within which the Commission may summarily 

abrogate the proposed rule change under Section 

19(b)(3)(C) of the Act, the Commission considers 

the period to commence on April 10, 2007, the date 

on which Amex filed Amendment No. 1. See 15 

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

8 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 

2The Commission has modified the text of the 

summaries prepared by FICC. 

3All times referred to herein are New York times. 

This deadline is extended by one hour on ‘‘high 

volume’’ days as described in the GSD’s rules. 

4 In situations where FICC receives a notification 

but not the new securities collateral information 

before the 1 p.m. deadline, the submitting member 

will be required to resubmit its substitution 

information on the following business day for 

processing. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The proposed rule change does not 

impose any burden on competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing rule change 

establishes or changes a due, fee, or 

other charge applicable only to a 

member imposed by Amex, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 5 and Rule 19b–

4(f)(2) thereunder.6 At any time within 

60 days of the filing of the proposed rule 

change, the Commission may summarily 

abrogate such rule change if it appears 

to the Commission that such action is 

necessary or appropriate in the public 

interest, for the protection of investors, 

or otherwise in furtherance of the 

purposes of the Act.7

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

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

Number SR–Amex–2007–31 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Nancy M. Morris, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–Amex–2007–31. This file 

number should be included on the 

subject line if e-mail is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

Internet Web site (http://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

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

available for inspection and copying in 

the Commission’s Public Reference 

Room. Copies of such filing also will be 

available for inspection and copying at 

the principal office of Amex. 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–Amex–2007–31 and should 

be submitted on or before May 9, 2007. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.8

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–7316 Filed 4–17–07; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55616; File No. SR–FICC–

2007–03] 

Self-Regulatory Organizations; Fixed 

Income Clearing Corporation; Notice of 

Filing and Order Granting Accelerated 

Approval of a Proposed Rule Change 

To Clarify the Government Securities 

Division Rules With Respect to Repo 

Collateral Substitution Requests 

April 11, 2007. 

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

Securities Exchange Act of 1934 

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

March 23, 2007, the Fixed Income 

Clearing Corporation (‘‘FICC’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change described in Items 

I, II, and III below, which items have 

been prepared primarily by FICC. The 

Commission is publishing this notice 

and order to solicit comments from 

interested parties and to grant 

accelerated approval of the proposal. 

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 add a final deadline to the 

repo collateral substitution process of 

FICC’s Government Securities Division 

(‘‘GSD’’). 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, 

FICC included statements concerning 

the purpose of and basis for the 

proposed rule change and discussed any 

comments it received on the proposed 

rule change. The text of these statements 

may be examined at the places specified 

in Item IV below. FICC has prepared 

summaries, set forth in sections (A), (B), 

and (C) below, of the most significant 

aspects of these statements.2

(A) Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

Currently, the GSD’s rules provide 

that repo collateral substitution requests 

for which the notification itself or the 

information regarding new securities 

collateral is received after 12:30 p.m. 

will be processed by the GSD on a good 

faith basis only.3 FICC is proposing to 

impose a final deadline for this process 

after which FICC will not process a repo 

collateral substitution until the 

following business day. This final 

deadline will be 1 p.m. and will be 

extended by one hour on days that FICC 

or the Securities Industry and Financial 

Markets Association (‘‘SIFMA’’) 

determine are ‘‘high volume’’ days. In 

situations where FICC receives a 

notification or information regarding the 

new securities collateral information 

after the 1 p.m. deadline, the submitting 

member will be required to resubmit its 

substitution information on the 

following business day for processing.4

FICC will continue to process 

substitution requests when notification 


pwalker on PROD1PC71 with NOTICES
19562 Federal Register / Vol. 72, No. 74 / Wednesday, April 18, 2007 / Notices 

5Securities Exchange Act Release No. 53534 

(March 21, 2006), 71 FR 15781 (March 29, 2006) 

[File No. SR–FICC–2005–18], as amended by 

Securities Exchange Act Release No. 55217 (January 

31, 2007), 72 FR 5774 (February 7, 2007) [File No. 

SR–FICC–2006–16]. 

6 15 U.S.C. 78q–1. 

7 15 U.S.C. 78q–1(b)(3)(F). 

8 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). 

9 15 U.S.C. 78s(b)(2). 

10 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)(6). 

or new securities collateral information 

is received between 12:30 p.m. and 1 

p.m. on a good faith basis only. In 

situations where FICC has been notified 

of a substitution but the new securities 

collateral has not yet been reported to 

FICC, FICC will continue to employ the 

risk management measures that were 

instituted by FICC in prior rule filings.5

FICC believes that imposition of the 

final deadline will encourage members 

to submit their repo collateral 

substitution notification requests and 

required information on a timely basis 

and will alleviate the operational 

burdens associated with late receipt of 

this information. 

The proposed rule change is 

consistent with Section 17A of the Act,6

as amended, because it encourages 

members to submit repo collateral 

substitution requests and required 

information associated therewith on a 

timely basis. As such, it will support the 

prompt and accurate clearance and 

settlement of securities transactions. 

(B) Self-Regulatory Organization’s 

Statement on Burden on Competition 

FICC 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. 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 

Section 17A(b)(3)(F) 7 of the Act 

requires that the rules of a clearing 

agency be designed to promote the 

prompt and accurate clearance and 

settlement of securities transactions. 

The Commission finds that FICC’s 

proposed rule change is consistent with 

FICC’s obligation under the Act because 

it encourages FICC’s members to submit 

repo collateral substitution requests and 

required information associated 

therewith on a timely basis.8

The Commission finds good cause for 

approving the proposed rule change 

prior to the thirtieth day after the date 

of publication of notice of filing in the 

Federal Register because doing so will 

allow FICC to implement the proposed 

rule change in April in accordance with 

its system change implementation 

schedule. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml) or 

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

Number SR–FICC–2007–03 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Nancy M. Morris, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–FICC–2007–03. This file 

number should be included on the 

subject line if e-mail is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

Internet Web site (http://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

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

available for inspection and copying in 

the Commission’s Public Reference 

Section, 100 F Street, NE., Washington, 

DC 20549. Copies of such filings also 

will be available for inspection and 

copying at the principal office of FICC 

and on FICC’s Web site at http:// 

www.ficc.com/commondocs/rule.filings/ 

rule.filing.07–03.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–FICC–

2007–03 and should be submitted on or 

before May 9, 2007. 

V. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,9 that the 

proposed rule change (File No. SR–

FICC–2007–03) be and hereby is 

approved. 

For the Commission by the Division of 

Market Regulation, pursuant to delegated 

authority.10

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–7322 Filed 4–17–07; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55608; File No. SR–

NASDAQ–2007–032] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Lower Fees 

for Distributors of Certain Market Data 

From the Nasdaq Market Center 

April 10, 2007. 

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

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 19b–4 thereunder,2

notice is hereby given that on March 30, 

2007, The NASDAQ Stock Market LLC 

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

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been 

substantially prepared by Nasdaq. The 

Exchange has filed the proposal as a 

‘‘non-controversial’’ rule change 

pursuant to Section 19(b)(3)(A) of the 

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

which renders it effective upon filing 

with the Commission. 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 

Nasdaq is proposing to modify 

Nasdaq Rule 7019(b) to lower the 


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