16028 Federal Register / Vol. 74, No. 66 / Wednesday, April 8, 2009 / Notices 

9 17 CFR 200.30–3(a)(12). 

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

2Securities Exchange Act Release No. 59388 (Feb. 

11, 2009), 74 FR 7714. 

3References to MPs also cover other payment 

obligations of MMI issuers such as periodic 

payments and periodic interest payments. 

4 If the IPA refuses to pay, then DTC follows its 

Defaulting Issuer procedures, which include 

devaluing the collateral value of all of the 

defaulting issuer’s MMI to zero, reversing all of the 

issuer’s issuances and maturities processed that 

day, notifying DTC participants of the default, and 

blocking all further issuances by the issuer from 

entering DTC. If an IPA then contacts DTC to 

reverse the refusal to pay instruction, DTC undoes 

all the actions it took under its Defaulting Issuer 

procedures. 

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–NASDAQ–2009–031. 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, 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 filing also will be 

available for inspection and copying at 

the principal office of Nasdaq. 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–NASDAQ–2009–031 and 

should be submitted on or before April 

29, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–7866 Filed 4–7–09; 8:45 am] 

BILLING CODE 1080–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59627; File No. SR– 

NYSEAmex–2009–02] 

Self-Regulatory Organizations; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change by NYSE 

Amex LLC Formally Adopting and 

Codifying Its Wireless Data 

Communications Initiatives 

April 2, 2009. 

Correction: In FR Document No. E9– 

7291, published on Wednesday, April 1, 

2009, beginning on page 14834, third 

column, first paragraph, fifth line, the 

name of the exchange is corrected to 

read ‘‘NYSE Amex LLC’’. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–7973 Filed 4–7–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59695; File No. SR–DTC– 

2009–02] 

Self-Regulatory Organizations; The 

Depository Trust Company; Order 

Approving Proposed Rule Change To 

Implement a Maturity Presentment 

Pend Function to Replace the Maturity 

Presentment Contingency System 

April 2, 2009. 

I. Introduction 

On January 13, 2009, The Depository 

Trust Company (‘‘DTC’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) proposed rule change 

SR–DTC–2009–02 pursuant to Section 

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

of 1934 (‘‘Act’’).1 The proposed rule 

change was published for comment in 

the Federal Register on February 19, 

2009.2 No comment letters were 

received on the proposal. This order 

approves the proposal. 

II. Description 

The proposed rule change implements 

a Maturity Presentment Pend function 

(‘‘IPA MP Pend Function’’) that will 

replace the Maturity Presentment 

Contingency System. 

A. Current MMI Maturity Payment 

Procedure: Maturity Presentment 

Contingency System 

Currently, as part of DTC’s Money 

Market Instrument (‘‘MMI’’) program 

maturity payment procedures, DTC 

sweeps maturing MMI positions from 

investors’ custodians accounts and 

generates Maturity Presentments 

(‘‘MPs’’) 3 to the designated Issuing 

Agent or Paying Agent’s (collectively, 

‘‘IPA’’) accounts. DTC debits the IPA’s 

account by the amount of the maturity 

proceeds for settlement that day and 

credits the same amount to the 

investor’s custodian account for 

payment that day. Because MPs are 

processed against an IPA’s DTC account, 

IPAs may refuse to pay for a specific 

issuer’s MP in the event that the issuer 

defaults on its obligation to the IPA. 

DTC allows IPAs to enter refusal to pay 

notifications through the Participant 

Terminal System (‘‘PTS’’) until 3 p.m. 

Eastern Time on the date of maturity.4

Under extraordinary circumstances or 

in times of unusual market stress, DTC 

may use the Maturity Presentment 

Contingency System (‘‘MPCS’’) after 

consultation with the Commission on 

the days following a disaster to allow 

IPAs to review and manually release 

MPs. IPAs are able to release MPs for 

processing on a CUSIP or issuer 

acronym level basis. At the close of 

settlement, MPs that have not been 

released are rolled into the next 

business day’s processing queue for 

presentation along with that day’s 

scheduled obligations. This process 

continues until all maturities are funded 

and the IPA releases the MP, the IPA 

notifies DTC of its refusal to pay, or the 

MPCS contingency procedure is 

terminated. 

B. Proposed MMI Maturity Payment 

Procedure: Maturity Presentment Pend 

Function 

DTC is enhancing its systems in order 

to provide IPAs the ability to monitor 

their credit exposure to MMI issuers. 

DTC’s IPA MP Pend Function will 

enable IPAs to review and manually 

release MPs in the ordinary course of 

business. IPAs will have the ability to 

set the pend request anytime prior to the 

MP sweep or at any point during the 

day for unknown rate maturities, based 

on acronym, product type, or the issuer 

MMI base CUSIP number. Each day by 


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