13164 Federal Register / Vol. 77, No. 43 / Monday, March 5, 2012 / Notices 

12 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The Commission has modified the text of the 

summaries prepared by FICC. 

4The GSD rules define ‘‘Cap’’ as any Debit 

Forward Mark Adjustment Payment or Credit 

Forward Mark Adjustment Payment up to a dollar 

amount, as determined by FICC from time to time, 

that is automatically collected from or paid to the 

Repo Broker, as applicable. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–5206 Filed 3–2–12; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–66485; File No. SR–FICC– 

2012–01] 

Self-Regulatory Organizations; Fixed 

Income Clearing Corporation; Notice of 

Filing of Proposed Rule Change To 

Make a Technical Correction to the 

Rule Relating to the Calculation of 

Funds-Only Settlement Amounts for 

Repo Brokers 

February 28, 2012. 

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

Securities Exchange Act of 1934 

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

notice is hereby given that on February 

14, 2012, the Fixed Income Clearing 

Corporation (‘‘FICC’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

primarily by FICC. 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 proposed rule change consists of 

modifications to Rule 19, Section 4 of 

the rules of the Government Securities 

Division (‘‘GSD’’) of FICC. 

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 such statements.3

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

The purpose of this filing is to make 

technical corrections to GSD Rule 19 

(Special Provisions For Brokered Repo 

Transactions), Section 4 (Calculations of 

Funds-Only Settlement Amounts for 

Repo Brokers) as described below. GSD 

Rule 19, Section 4 states that FICC may 

retain any amount of a Credit Forward 

Mark Adjustment Payment that is in 

excess of the Cap 4 and that interest 

earned on such amount shall be paid to 

the Repo Broker on the subsequent 

business day. The second part of this 

sentence is incorrectly stated because 

FICC pays interest to those who were 

debited forward mark adjustment 

amounts not those who were credited 

such amounts. On the following day 

(i.e., the day after the broker received 

the Credit Forward Mark Adjustment 

Payment) when the broker is debited the 

interest for the use of funds it received 

as a credit, the broker will be debited 

the interest on the amount that it 

actually received as a credit (i.e., it will 

not be debited interest for the amount of 

Credit payment withheld above the 

Cap). The rule is also revised to state 

that Repo Brokers with more than one 

Segregated Repo Account must 

aggregate Debit Forward Mark 

Adjustments and Credit Forward Mark 

Adjustment Payments in those accounts 

for purposes of the Cap. The Repo 

Brokers currently comply with this 

correction and the revision reflects 

current practice. 

FICC believes that the proposed rule 

change is consistent with Section 17A of 

the Act and the rules and regulations 

thereunder because it makes technical 

corrections to its rules to ensure that 

they are consistent and accurate. 

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 

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 rulecomments@sec.gov. Please include File 

Number SR–FICC–2012–01 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–FICC–2012–01. 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., 


erowe on DSK2VPTVN1PROD with NOTICES
Federal Register / Vol. 77, No. 43 / Monday, March 5, 2012 / Notices 13165 

5 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The Commission notes that the MDX Fee 

Schedule is available at https://www.cboe.org/MDX/ 

CSM/OBOOKMain.aspx. 

4A ‘‘Customer’’ is any entity that receives the 

BBO Data Feed directly from MDX’s system and 

then distributes it either internally or externally to 

Subscribers. A ‘‘Subscriber’’ is a person (other than 

an employee of a Customer) that receives the BBO 

Data Feed from a Customer for its own internal use. 

5The Exchange notes that MDX makes available 

to Customers the BBO data and last sale data that 

is included in the BBO Data Feed no earlier than 

the time at which the Exchange sends that data to 

OPRA. The Exchange also notes that it also makes 

the BBO data and last sale data that is included in 

the BBO Data Feed available directly to its Trading 

Permit Holders, and permits them to redistribute 

the data to their customers. 

6See Securities Exchange Act Release No. 64964 

(July 26, 2011) (SR–EDGA–2011–22) and Securities 

Exchange Act Release No. 64963 (July 26, 2011) 

(SR–EDGX–2011–21) (in which EDGA Exchange, 

Inc. (‘‘EDGA’’) and EDGX Exchange, Inc. (‘‘EDGX’’) 

each assess a monthly fee of $500 per port for 

access to logical ports used to receive market data) 

and also Rule 7015(g) of the NASDAQ Stock Market 

LLC (‘‘NASDAQ’’) (in which NASDAQ assesses a 

monthly fee of $600 per Internet port that is used 

to deliver market data). 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of such filing 

also will be available for inspection and 

copying at FICC’s principal office and 

on FICC’s Web site at http://dtcc.com/ 

downloads/legal/rule_filings/2012/ficc/ 

SR_FICC_2012_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–FICC–2012–01 and should 

be submitted on or before March 26, 

2012. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.5

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–5207 Filed 3–2–12; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–66487; File No. SR–C2– 

2012–007] 

Self-Regulatory Organizations; C2 

Options Exchange, Incorporated; 

Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Amend the Fees Schedule 

of Market Data Express, LLC 

February 28, 2012. 

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 February 

15, 2012, C2 Options Exchange, 

Incorporated (the ‘‘Exchange’’ or ‘‘C2’’) 

filed with the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been substantially prepared by the 

Exchange. 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 

Fee Schedule of Market Data Express, 

LLC (‘‘MDX’’), an affiliate of C2. The 

text of the proposed rule change is 

available on the Exchange’s Web site 

(http://www.c2exchange.com/Legal/), at 

the Exchange’s Office of the Secretary, 

and at the Commission’s Public 

Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

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. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of the proposed rule 

change is to establish a monthly fee of 

$500 per data port that MDX will charge 

for access to certain market data with 

respect to the trading of options on C2’s 

market.3

C2 currently collects and processes 

market data with respect to options 

quotes and orders and the prices of 

trades that are executed on the 

Exchange. This market data includes the 

‘‘best bid and offer,’’ or ‘‘BBO’’, 

consisting of all outstanding quotes and 

standing orders at the best available 

price level on each side of the market, 

with aggregate size (‘‘BBO data,’’ 

sometimes referred to as ‘‘top of book 

data’’). Data with respect to executed 

trades is referred to as ‘‘last sale’’ data. 

C2 formats its BBO data and last sale 

data according to Options Price 

Reporting Authority (‘‘OPRA’’) 

specifications and sends the data to 

OPRA for redistribution to the public. 

MDX provides to ‘‘Customers’’ 4 a 

real-time, low latency data feed that 

includes the C2 BBO data and last sale 

data. (This data feed is sometimes 

referred to in this filing as the ‘‘BBO 

Data Feed’’). The BBO and last sale data 

contained in the BBO Data Feed is 

identical to the data that C2 sends to 

OPRA.5 In addition, the BBO Data Feed 

includes certain data that is not 

included in the data sent to OPRA, 

namely, totals of customer versus noncustomer contracts at the BBO, All-orNone contingency orders priced better 

than or equal to the BBO, and BBO data 

and last sale data for complex strategies 

(e.g., spreads, straddles, buy-writes, 

etc.). 

MDX currently charges Customers a 

‘‘direct connect fee’’ of $1,000 per 

connection per month as well as a ‘‘per 

user fee’’ of $25 per month per 

‘‘Authorized User’’ or ‘‘Device’’ for 

receipt of the BBO Data Feed by 

Subscribers. An ‘‘Authorized User’’ is 

defined as an individual user (an 

individual human being) who is 

uniquely identified (by user ID and 

confidential password or other 

unambiguous method reasonably 

acceptable to MDX) and authorized by 

a Customer to access the BBO Data Feed 

supplied by the Customer. A ‘‘Device’’ 

is defined as any computer, workstation 

or other item of equipment, fixed or 

portable, that receives, accesses and/or 

displays data in visual, audible or other 

form. Either a C2 Trading Permit Holder 

or a non-C2 Trading Permit Holder may 

be a Customer. All Customers are 

assessed the same fees. 

MDX provides ports that allow 

Customers to direct connect to MDX to 

receive the data feed. Currently, such 

ports are provided to Customers free of 

charge. However, MDX recently made 

an investment to upgrade the equipment 

involved in the ports, and maintenance 

and upkeep of such ports has gotten 

costly, as well. As such, MDX proposes 

to assess a monthly fee of $500 per data 

port in order to recoup such costs and 

maintain such equipment in the future, 

as well as cover other administrative 

costs. This amount is similar to the 

amount of fees assessed by other 

exchanges for access to similar data feed 

ports.6

The proposed fees would be 

implemented on March 1, 2012. 


erowe on DSK2VPTVN1PROD with NOTICES