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[Federal Register Volume 90, Number 5 (Wednesday, January 8, 2025)]
[Notices]
[Pages 1556-1557]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-00170]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-102076; File No. SR-DTC-2024-016]

Self-Regulatory Organizations; The Depository Trust Company; 
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change 
To Amend the Settlement Service Guide

January 2, 2025.

    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 December 20, 2024, The Depository Trust Company (``DTC'') filed with 
the Securities and Exchange Commission (``Commission'') the proposed 
rule change as described in Items I below, which Item has been prepared 
by the DTC. DTC has designated this proposal for immediate 
effectiveness 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.
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    \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). 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. If the Commission takes such action, the 
Commission will institute proceedings to determine whether the 
proposed rule change should be approved or disapproved.
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I. Clearing Agency's Statement of the Terms of Substance of the 
Proposed Rule Change

    The proposed rule change \5\ consists of amendments to the DTC 
Settlement Service Guide (``Settlement Guide'') \6\ relating to 
processes designed to optimize the number of transactions processed for 
settlement (``Settlement Optimization''). More specifically, references 
to and descriptions of the Night Batch Process \7\ will be removed

[[Page 1557]]

and replaced with text that provides (i) more flexibility regarding the 
application of the Settlement Optimization processes and (ii) more 
clarity around DTC's settlement cycles and the processes run during 
those cycles, all of which better reflect current settlement processing 
at DTC, as described in greater detail below.
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    \5\ Each capitalized term not otherwise defined herein has its 
respective meaning as set forth the Rules, By-Laws and Organization 
Certificate of DTC (the ``Rules''), available at www.dtcc.com/legal/rules-and-procedures.
    \6\ Available at www.dtcc.com/-/media/Files/Downloads/legal/service-guides/Settlement.pdf. The Settlement Guide is a Procedure 
of DTC. Pursuant to the DTC Rules, the term ``Procedures'' means the 
Procedures, service guides, and regulations of DTC adopted pursuant 
to DTC Rule 27, as amended from time to time. See DTC Rule 1, 
Section 1, supra note 5. They are binding on DTC and each 
Participant in the same manner that they are bound by the DTC Rules.
    \7\ See Settlement Guide, supra note 6 at 66.
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    The proposed rule change, including the DTC's statement of the 
purpose of, and statutory basis for, the proposed rule change, is 
available on the DTC's website at https://www.dtcc.com/legal/rules-and-procedures and on the Commission's website at http://www.sec.gov/rules/sro.shtml.

II. 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.\8\ Comments may be submitted 
electronically by using the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml) or by sending an email to [email protected]. Please include file number SR-DTC-2024-016 on the 
subject line. Alternatively, paper comments may be sent to Secretary, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549-1090. All submissions should refer to file number SR-DTC-2024-
016. 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 (http://www.sec.gov/rules/sro.shtml). 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-DTC-2024-016 
and should be submitted on or before January 29, 2025.
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    \8\ 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 SRO.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025-00170 Filed 1-7-25; 8:45 am]
BILLING CODE 8011-01-P
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