Federal Register / Vol. 73, No. 160 / Monday, August 18, 2008 / Notices 48259 

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

2The term ‘‘Settling Bank’’ means a Participant, 

which is a bank or trust company, subject to 

supervision or regulation pursuant to Federal or 

State banking laws, and a party to an effective 

Settling Bank Agreement. 

3The Commission has modified the text of the 

summaries prepared by DTC. 

4All times are Eastern Standard Time. 

and to remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system. The Exchange believes that the 

proposal will benefit the marketplace 

and provide market participants with 

greater clarity in connection with their 

responsibilities in the trading and 

handling of FRO transactions. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants or Others 

The Exchange did not receive any 

written comments on the proposed rule 

change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 35 days of the date of 

publication of this notice in the Federal 

Register or within such longer period (i) 

as the Commission may designate up to 

90 days of such date if it finds such 

longer period to be appropriate and 

publishes its reasons for so finding or 

(ii) as to which the Exchange consents, 

the Commission will: 

(A) By order approve such 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 e-mail to rulecomments@sec.gov. Please include File 

No. SR–Amex–2008–60 on the subject 

line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street, NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–Amex–2008–60. 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 at (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 the Exchange. 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–2008–60 and should 

be submitted on or before September 8, 

2008. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Florence. E. Harmon, 

Acting Secretary. 

[FR Doc. E8–19030 Filed 8–15–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58343; File No. SR–DTC–

2008–06] 

Self-Regulatory Organizations; The 

Depository Trust Company; Notice of 

Filing of Proposed Rule Change as 

Amended To Modify End of Day 

Settlement Procedures Relating to 

Settlement Acknowledgement Cut-off 

Time Frames for Settling Banks 

August 12, 2008. 

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

Securities Exchange Act of 1934 

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

June 19, 2008, The Depository Trust 

Company (‘‘DTC’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) and on August 7, 2008, 

amended the proposed rule change as 

described in Items I, II, and III below, 

which items have been prepared 

primarily by DTC. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

as amended from interested parties. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

DTC is seeking to modify its end of 

day settlement procedures relating to 

settlement acknowledgement cut-off 

timeframes for Settling Banks.2

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, 

DTC 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. DTC has prepared 

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

and (C) below, of the most significant 

aspects of these statements.3

(A) Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

DTC’s End-of-Day Settlement 

Processing controls and coordinates the 

settling of Participant accounts and 

Settling Bank accounts on DTC’s 

systems. The settlement process occurs 

through the Fedwire system and is 

initiated when DTC posts final figures 

for Participants and Settling Banks. 

Although the actual settlement process 

begins with the posting of the final 

settlement figures at approximately 3:45 

pm each day,4 DTC operates a 

settlement system that provides 

Participants and Settling Banks with 

online reports throughout the 

processing day. These reports reflect 

gross debits, gross credits, and the net 

debit or credit for each Participant, and 

a net-net figure for each Settling Bank. 

Settling Banks, which settle for 

themselves, may also settle for other 

Participants. Currently, cut-off for 

Settling Banks to acknowledge their netnet settlement balance or to refuse to 

settle for a specific Participant is the 

later of 4:30 pm or 30 minutes after netnet settlement balances are first made 


sroberts on PROD1PC70 with NOTICES
48260 Federal Register / Vol. 73, No. 160 / Monday, August 18, 2008 / Notices 

5The end-of-day net-net figure is the net of all 

participants’ net balances after cross endorsement 

with the National Securities Clearing Corporation 

for which a Settling Bank settles, including its own 

accounts. 

6 15 U.S.C. 78q–1. 

7 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 58052 

(June 27, 2008), 73 FR 38274 (‘‘Notice’’). 

4 In Amendment No. 1, the NYSE revises the text 

of proposed NYSE Rule 460.10 to conform it to the 

description of proposed NYSE Rule 460.10 as set 

forth in the Notice. Because Amendment No. 1 is 

available by DTC.5 Any Participant for 

which a Settling Bank has refused to 

settle must make arrangement for any 

payment due DTC. 

Once the Settling Bank 

acknowledgement process has been 

completed, DTC utilizes the Federal 

Reserve Bank’s National Settlement 

Service (‘‘NSS’’) to effect end-of-day 

cash settlement. 

DTC is proposing that the cut-off time 

for Settling Banks to acknowledge their 

settlement balance be the later of 4:15 

pm or 30 minutes after DTC has posted 

final net-net settlement balances. DTC is 

proposing this change to enable DTC to 

be in a position to release the credit 

amount due Participants at an earlier 

time. Since DTC provides each Settling 

Bank with online reports throughout the 

processing day, which reflect gross 

debits, gross credits, and the net debit 

or credit for each Participant and a netnet figure for the Settling Bank, DTC 

believes that this earlier cut-off time 

should not cause any undo burden. In 

the event that a Settling Bank is 

experiencing difficulty in identifying 

customer cash flows or has another 

extenuating circumstance and as a result 

needs more time to acknowledge 

settlement, that Settling Bank would 

have to notify the Settlement 

department of its request for additional 

time prior to 4:15 pm. 

DTC believes that the proposed rule 

change is consistent with the 

requirements of Section 17A of the Act 6

and the rules and regulations 

thereunder applicable to DTC because it 

should promote the prompt and 

accurate clearance and settlement of 

securities transactions by enabling DTC 

to send the NSS file to the Federal 

Reserve Bank of New York earlier in the 

day thus completing settlement earlier. 

(B) Self-Regulatory Organization’s 

Statement on Burden on Competition 

DTC does not believe that the 

proposed rule change would 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 been 

received and addressed by amendment 

to the proposed rule change. DTC will 

notify the Commission if it receives 

additional comments. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within thirty-five days of the date of 

publication of this notice in the Federal 

Register or within such longer period (i) 

as the Commission may designate up to 

ninety days of such date 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 such 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, as amended, 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–DTC–2008–06 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street, NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–DTC–2008–06. 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, 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 DTC and on 

DTC’s Web site at http://www.dtcc.com/ 

downloads/legal/rule_filings/2008/dtc/ 

2008-06.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–DTC–

2008–06 and should be submitted on or 

before September 8, 2008. 

For the Commission by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–19028 Filed 8–15–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58328; File No. SR–NYSE–

2008–45] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Order 

Approving Proposed Rule Change, as 

Modified by Amendment No. 1 Thereto, 

Amending NYSE Rule 98 and Related 

Rules To Redefine Specialist 

Operations at the NYSE 

August 7, 2008. 

I. Introduction 

On June 11, 2008, the New York Stock 

Exchange LLC (‘‘NYSE’’ or ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’) pursuant 

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

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b–4 thereunder,2 a proposed rule 

change to amend NYSE Rule 98 and 

related rules to allow its member 

organizations greater flexibility in 

structuring their specialist operations 

and managing their risk. The proposed 

rule change was published for comment 

in the Federal Register on July 3, 2008.3

On August 7, 2008, the NYSE filed 

Amendment No. 1 to the proposed rule 

change.4 The Commission received no 


sroberts on PROD1PC70 with NOTICES