Document ID: SEC-2022-1444-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Fixed Income Clearing Corp.
Posted Date: 2022-11-08T05:00Z

[Federal Register Volume 87, Number 215 (Tuesday, November 8, 2022)]
[Notices]
[Pages 67516-67519]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-24282]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-96210; File No. SR-FICC-2022-008]

Self-Regulatory Organizations; Fixed Income Clearing Corporation; 
Notice of Filing of Proposed Rule Change To Amend the Clearing Agency 
Liquidity Risk Management Framework To Include a New Section Describing 
the Process by Which FICC Would Designate Uncommitted Resources as 
Qualifying Liquid Resources and Make Other Changes

November 2, 2022.
    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 October 20, 2022, Fixed Income Clearing Corporation (``FICC'') filed 
with the Securities and Exchange Commission (``Commission'') the 
proposed rule change as described in Items I, II and III below, which 
Items have been prepared by the clearing agency. The Commission is 
publishing this notice to solicit comments on the proposed rule change 
from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Clearing Agency's Statement of the Terms of Substance of the 
Proposed Rule Change

    The proposed rule change consists of amendments to the Clearing 
Agency Liquidity Risk Management Framework (``Framework'') of FICC and 
its affiliates, The Depository Trust Company (``DTC'') and National 
Securities Clearing Corporation (``NSCC,'' and together with FICC and 
DTC, the ``Clearing Agencies'').\3\ Specifically, the proposed rule 
changes would (1) add a new section describing the process by which 
FICC would designate uncommitted liquidity resources as qualifying 
liquid resources (``QLR''); \4\ (2) clarify that FICC may have access 
to liquidity resources that are not designated as QLR; (3) delete the 
stand-alone section on due diligence and testing of liquidity 
providers, and instead add due diligence and testing descriptions where 
each liquidity resource is described or state where testing is not 
performed, as applicable; (4) clarify the description of FICC's QLR; 
(5) clarify the description of NSCC's and DTC's QLR, add language to 
reflect NSCC's and DTC's current due diligence and testing processes 
for their committed line of credit, and make a correction to the 
description of DTC's Collateral Monitor; and (6) make technical 
changes, as described below.
---------------------------------------------------------------------------

    \3\ Capitalized terms not defined herein are defined in the DTC 
Rules, By-Laws and Organization Certificate, the FICC Government 
Securities Division Rulebook, the FICC Mortgage-Backed Securities 
Division Clearing Rules, or the NSCC Rules & Procedures (``NSCC 
Rules''), as applicable, available at http://dtcc.com/legal/rules-and-procedures.
    \4\ See 17 CFR 240.17Ad-22(a)(14).
---------------------------------------------------------------------------

II. Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change

    In its filing with the Commission, the clearing agency 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 clearing agency has prepared summaries, 
set forth in sections A, B, and C below, of the most significant 
aspects of such statements.

(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change

1. Purpose
    The Clearing Agencies adopted the Framework \5\ to set forth the 
manner in which they measure, monitor and manage the liquidity risks 
that arise in or are borne by each of the Clearing Agencies, including 
(i) the manner in which each Clearing Agency deploys their respective 
liquidity tools to meet its settlement obligations on an ongoing and 
timely basis, and (ii) each applicable Clearing Agency's use of 
intraday liquidity.\6\ In this way, the Framework describes the 
liquidity risk management of each of the Clearing Agencies and how the 
Clearing Agencies meet the applicable requirements of Rule 17Ad-
22(e)(7) under the Act.\7\
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 82377 (December 21, 
2017), 82 FR 61617 (December 28, 2017) (SR-DTC-2017-004; SR-NSCC-
2017-005; SR-FICC-2017-008).
    \6\ See 17 CFR 240.17Ad-22(e)(7)(i), (ii), and (iv) through 
(ix).
    \7\ Id.
---------------------------------------------------------------------------

    The proposed changes to the Framework would (1) add a new section 
describing the process by which FICC would designate uncommitted 
liquidity resources as QLR; \8\ (2) clarify that FICC may have access 
to liquidity resources that are not designated as QLR; (3) delete the 
stand-alone section on due diligence and testing of liquidity 
providers, and instead add due diligence and testing descriptions where 
each liquidity resource is described or state where testing is not 
performed, as applicable; (4) clarify the description of FICC's QLR; 
(5) clarify the description of NSCC's and DTC's QLR, add language to 
reflect NSCC's and DTC's current due diligence and testing processes 
for their committed line of credit, and make a correction to the 
description of DTC's Collateral Monitor; and (6) make technical 
changes. Each of these proposed changes is described in greater detail 
below.
---------------------------------------------------------------------------

    \8\ See 17 CFR 240.17Ad-22(a)(14).
---------------------------------------------------------------------------

i. Proposed Amendments To Add a New Section Describing the Process by 
Which FICC Would Designate Uncommitted Liquidity Resources as QLR
    The Clearing Agencies would add a new section to the Framework that 
pertains specifically to FICC's designation of uncommitted liquidity 
resources as QLR pursuant to the requirements of Rule 17Ad-
22(a)(14)(ii)(B) under the Act.\9\ FICC does not at this time have 
uncommitted liquidity resources designated as QLR; however, the 
proposed new section would allow FICC to have such QLR to the extent 
the requirements of Rule 17Ad-22(a)(14)(ii)(B) are followed.
---------------------------------------------------------------------------

    \9\ 17 CFR 240.17Ad-22(a)(14)(ii)(B).
---------------------------------------------------------------------------

    In addition, and consistent with its existing processes, FICC would 
consider whether any uncommitted liquidity resources, including those 
that are designated as QLR, would require a proposed rule change with 
the Commission pursuant to Section 19(b)(1) of the Act,\10\ and the 
rules thereunder, or an advance notice with the Commission pursuant to 
Section 806(e)(1) of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act entitled the Payment, Clearing, and Settlement 
Supervision Act of 2010,\11\ and the rules thereunder.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(1).
    \11\ 12 U.S.C. 5465(e)(1).
---------------------------------------------------------------------------

    The proposed new section would explain that, in order to designate 
an uncommitted liquidity resource as a QLR, FICC would first identify 
the properties of each financing arrangement, including the underlying 
collateral and the liquidity providers. Based on the nature of the 
liquidity resource, FICC would then determine the nature of the 
rigorous analysis that is appropriate for that resource and

[[Page 67517]]

would conduct that analysis at least annually.
    The proposed new section to the Framework would also state that, 
following completion of that analysis, both (1) the components of that 
analysis and (2) the results of that analysis, would be presented to 
the Board Risk Committee on at least on an annual basis. When 
considering whether to designate the uncommitted resource as a QLR, the 
Board Risk Committee would determine if the uncommitted liquid resource 
is highly reliable under extreme but plausible market conditions 
consistent with Rule 17Ad-22(a)(14)(ii)(B) under the Act.\12\
---------------------------------------------------------------------------

    \12\ 17 CFR 240.17Ad-22(a)(14)(ii)(B). Examples of the type of 
information that the Board Risk Committee could rely on in order to 
determine whether it would be appropriate to designate the proposed 
uncommitted resource as a QLR would include whether (i) FICC has 
identified securities that may be pledged pursuant to the proposed 
financing arrangement and that such securities are reasonably likely 
to be readily available for pledging and acceptable as collateral; 
(ii) FICC has reviewed the terms of the proposed financing 
arrangement to confirm such terms are current, appropriate and not 
expected to restrict FICC's use of the proposed financing 
arrangement; (iii) FICC has completed due diligence of each 
liquidity provider as required by Rule 17Ad-22(e)(7)(iv) under the 
Act; and (iv) FICC has developed procedures to test the proposed 
financing arrangement at least annually to confirm the liquidity 
providers are operationally able to perform their commitments and 
are familiar with the drawdown process, consistent with the 
requirements of Rule 17Ad-22(e)(7)(v) under the Act. 17 CFR 
240.17Ad-22(e)(7)(iv) and (v). In addition, FICC would include in 
the analysis presented to the Board Risk Committee recommendations 
and analyses of an independent third party that the proposed 
resource is highly reliable in extreme but plausible market 
conditions.
---------------------------------------------------------------------------

ii. Proposed Amendments To Clarify That FICC May Have Access to 
Liquidity Resources That are not Designated as QLR
    The proposed changes to the Framework would also make clear that 
FICC may have access to liquidity resources that are not designated as 
QLR. At this time, FICC maintains uncommitted master repurchase 
agreements (``MRAs'') that can be utilized to finance via the repo 
market the securities in FICC's Clearing Funds and those purchased on 
behalf of a defaulting Member to raise funds. While not designated as 
QLR, amounts available under the MRAs may be utilized as liquidity 
resources in the event of a Member default. The proposed rule change 
states that on a weekly basis, a study to estimate the depth of the 
repo market under prevailing market conditions as well as a sample 
stress scenario to assess potential available liquidity in the event of 
default of the largest Member would be performed.
    In addition, the proposed rule changes provide that, at least 
annually, FICC would conduct counterparty due diligence reviews that 
would assess each non-QLR liquidity provider's ability to provide 
liquidity to FICC under current market conditions and would provide a 
summary of these reviews to the Board Risk Committee.\13\ The proposed 
rule change also states that FICC would test any non-QLR annually with 
the respective liquidity providers to confirm that such liquidity 
providers are operationally able to perform their commitments and are 
familiar with the applicable process.
---------------------------------------------------------------------------

    \13\ Such due diligence includes reviews of, for example, 
relevant member financial metrics, results of operational testing, 
and relevant market data applicable to the type of securities being 
financed.
---------------------------------------------------------------------------

    As a conforming change, the proposed rule change would delete 
language referring to MRAs as QLR. The proposed rule change would add a 
sentence stating that FICC may count MRAs as QLR if the procedures for 
designating them as such (as described above) are followed. As a 
further conforming change, the proposed rule change would specify that 
the section of the Framework regarding liquidity resources that are not 
designated as QLR applies specifically to FICC.
iii. Proposed Amendments To Delete the Stand-Alone Section on Due 
Diligence and Testing, and Instead Add Due Diligence and Testing 
Descriptions Where Each Liquidity Resource Is Described or State Where 
Testing Is Not Performed, as Applicable
    The current Framework contains a stand-alone section (``Stand-Alone 
Section'') on the due diligence and testing of liquidity providers that 
the Clearing Agencies perform. The proposed rule changes would delete 
the Stand-Alone Section and would instead add descriptions of the due 
diligence and testing performed in connection with each type of 
liquidity resource in the section of the Framework where each resource 
is described, as further described below in subsection v. The proposed 
rule changes also state where testing is not performed, where 
applicable, as further described below in subsections iv. and v.
    More specifically, the Stand-Alone Section currently states that 
the Counterparty Credit Risk department (``CCR'') reviews the limits, 
outstanding investments, and collateral held (if applicable) at each 
investment counterparty. The proposed rule change would (i) restate 
this language to make clear that CCR's review includes a financial 
analysis of each counterparty, the Clearing Agencies' investments at 
each counterparty, and any recommendations for changes in limits to 
these investments and (ii) place the restated sentence in the section 
of the Framework related to the specific liquidity resource that CCR is 
surveilling.\14\ The Stand-Alone Section also references formal reviews 
on the reliability of QLR providers and specifically ascribes certain 
due diligence and review responsibilities to CCR. The proposed rule 
change would describe CCR's obligations regarding liquidity providers 
in the appropriate section of the Framework related to the specific 
liquidity resource that CCR is surveilling. The proposed rule change 
also indicates where another department, such as Treasury, is 
responsible for actions that the Stand-Alone Section ascribes to CCR. 
For non-QLR liquidity resources, the proposed rule change describes the 
role of several departments in reviewing these resources.
---------------------------------------------------------------------------

    \14\ The sentence in the Stand-Alone Section that refers to a 
review of each investment counterparty's deposit level at the 
Federal Reserve Bank of New York would not be retained because it 
reflects a drafting error (the Clearing Agencies are concerned with 
their deposits at the counterparties and not the counterparties' 
deposits at the Federal Reserve Bank of New York).
---------------------------------------------------------------------------

    Finally, the Stand-Alone Section references testing. The proposed 
rule change would move the references to testing where each resource is 
described in the Framework.
iv. Proposed Amendments To Clarify the Description of FICC's QLR
    The proposed changes would make clear that each FICC division has 
its own Clearing Fund that includes deposits of cash. The proposed 
changes would also delete language regarding the ability of FICC to 
borrow from the Clearing Fund as that is already covered in the rules 
of each division. The proposed rule change would clarify the 
description of FICC's QLR by adding language on same day access to 
funds regarding deposits of Clearing Fund in creditworthy commercial 
banks. The proposed changes would also clarify that the rules-based 
committed Capped Contingency Liquidity Facility programs are determined 
for each FICC division per the division's respective rules.
    In addition, the Framework would make clear that for purposes of 
making FICC Clearing Fund deposits, Members are not considered 
``liquidity providers'' with reference to Rules 17Ad-22(e)(7)(iv) and 
(v) under the Act.\15\
---------------------------------------------------------------------------

    \15\ 17 CFR 240.17Ad-22(e)(7)(iv) and (v).

---------------------------------------------------------------------------

[[Page 67518]]

v. Proposed Amendments To Clarify the Description of NSCC's and DTC's 
QLR, Add Language to Reflect NSCC's and DTC's Current Due Diligence and 
Testing Processes for Their Committed Line of Credit, and Make a 
Correction to the Description of DTC's Collateral Monitor
    The proposed rule change would clarify the description of NSCC's 
QLR by deleting language regarding the ability of NSCC to borrow from 
the Clearing Fund as that is already covered in the NSCC Rules. In 
addition, the proposed changes would replace ``medium- and long-term'' 
with ``senior'' (which covers both medium- and long-term) before 
``unsecured notes'' in the description of NSCC's QLR in order to 
simplify terminology.
    The proposed changes would provide that, because the process for 
collecting Supplemental Liquidity Deposits (``SLD''), pursuant to NSCC 
Rule 4A,\16\ is the same process used for collecting required deposits 
to the NSCC Clearing Fund, and Members are aware of such process, no 
testing is required for purposes of Rule 17Ad-22(e)(7)(v) under the 
Act.\17\ In addition, the proposed changes would state that NSCC 
conducts Member outreach with those Members whose liquidity exposure 
may require them to make SLD in the future.
---------------------------------------------------------------------------

    \16\ See supra note 3.
    \17\ 17 CFR 240.17Ad-22(e)(7)(v).
---------------------------------------------------------------------------

    The proposed rule change would clarify the descriptions of DTC's 
and NSCC's QLR by adding language on same day access to funds regarding 
deposits of DTC Participants Fund and NSCC Clearing Fund in 
creditworthy commercial banks. In addition, the proposed changes would 
make clear that for purposes of making DTC Participants Fund deposits 
and NSCC Clearing Fund deposits, DTC Participants and NSCC Members, 
respectively, are not considered ``liquidity providers'' with reference 
to Rules 17Ad-22(e)(7)(iv) and (v) under the Act.\18\
---------------------------------------------------------------------------

    \18\ 17 CFR 240.17Ad-22(e)(7)(iv) and (v).
---------------------------------------------------------------------------

    The proposed changes would add language to the descriptions of 
DTC's and NSCC's QLR to reflect DTC's and NSCC's current practices of 
conducting surveillance of bank lenders to their committed credit 
facility, and testing the committed credit facility at least annually 
to confirm that the lenders, agents and respective Clearing Agency are 
operationally prepared to meet their obligations under the facility and 
are familiar with the borrowing process.
    The proposed rule change would also make a correction to the 
description of DTC's Collateral Monitor. Currently, the Framework 
states that the Liquidity Risk Product Unit verifies that the 
Collateral Monitor will not become negative if the transaction is 
processed. Because this verification is done automatically, the 
proposed rule change would correct the sentence to state that DTC 
performs this verification automatically.
vi. Proposed Amendments to Make Technical Changes
    The proposed rule changes include certain technical changes as 
follows:
     Make conforming and cross-reference changes in the 
Executive Summary;
     Delete a sentence that may be confusing in that it states 
that liquidity resources are maintained consistent with risk 
tolerances, whereas the correct statement is that liquidity resources 
are maintained consistent with Rule 17Ad-22(e)(7) under the Act,\19\ 
which is already stated elsewhere in the Framework;
---------------------------------------------------------------------------

    \19\ 17 CFR 240.17Ad-22(e)(7).
---------------------------------------------------------------------------

     Make conforming and cross-reference changes in the general 
section on ``Liquidity Resources;''
     Restate the first sentence in the section describing 
FICC's QLR so that it reads more clearly;
     Remove cross-references and phrases referencing other 
sections of the Framework where such references are no longer correct;
     Add the word ``FICC'' to the end of a sentence where it 
was inadvertently deleted; and
     Renumber the last three sections of the Framework to 
account for the deletion of the section on due diligence/testing.
2. Statutory Basis
    The Clearing Agencies believe that the proposed changes are 
consistent with Section 17A(b)(3)(F) of the Act,\20\ and Rules 17Ad-
22(e)(7) and 17Ad-22(a)(14)(ii)(B) under the Act,\21\ for the reasons 
described below.
---------------------------------------------------------------------------

    \20\ 15 U.S.C. 78q-1(b)(3)(F).
    \21\ 17 CFR 240.17Ad-22(e)(7) and 17 CFR 240.17Ad-
22(a)(14)(ii)(B).
---------------------------------------------------------------------------

    Section 17A(b)(3)(F) of the Act requires, in part, that the rules 
of a registered clearing agency be designed to promote the prompt and 
accurate clearance and settlement of securities transactions, and to 
assure the safeguarding of securities and funds which are in the 
custody or control of the clearing agency or for which it is 
responsible,\22\ for the reasons described below. The proposed changes 
described above in Items II(A)1.i. and II(A)1.ii. would update the 
Framework to (1) add a new section describing the process by which FICC 
would designate uncommitted liquidity resources as QLR; \23\ and (2) 
clarify that FICC may have access to liquidity resources that are not 
designated as QLR. By updating the Framework to reflect these changes, 
the Clearing Agencies believe the proposed rule change would make the 
Framework more effective in describing FICC's liquidity risk management 
procedures as they relate to FICC's liquidity resources. The proposed 
rule changes would introduce clarity to the Framework through the 
addition of a specific process regarding FICC's designation of 
uncommitted resources as QLR and would better explain the section 
regarding FICC's resources that are not QLR. Because FICC's liquidity 
resources support the ability of FICC to effect timely settlement, and 
because the proposed changes are designed to ensure that any 
uncommitted resource that is designated as QLR would be highly reliable 
in extreme but plausible market conditions and therefore also 
potentially facilitate timely settlement, the Clearing Agencies believe 
that the proposed changes described in Items II(A)1.i. and II(A)1.ii. 
above are consistent with Section 17A(b)(3)(F) of the Act.
---------------------------------------------------------------------------

    \22\ 15 U.S.C. 78q-1(b)(3)(F).
    \23\ See 17 CFR 240.17Ad-22(a)(14).
---------------------------------------------------------------------------

    The proposed changes described in Items II(A)1.iii. through 
II(A)1.vi. above would (1) delete the stand-alone section on due 
diligence and testing of liquidity providers, and instead add due 
diligence and testing descriptions where each liquidity resource is 
described; (2) clarify the description of FICC's QLR; (3) clarify the 
description of NSCC's and DTC's QLR, add language to reflect NSCC's and 
DTC's current due diligence and testing processes regarding their 
committed line of credit, and make a correction to the description of 
DTC's Collateral Monitor; and (4) make technical changes. These 
proposed changes would improve the clarity of the descriptions of 
various liquidity management processes of the Clearing Agencies. The 
improvement in the clarity of the descriptions of liquidity risk 
management processes within the Framework would assist the Clearing 
Agencies in carrying out these functions. Therefore, the Clearing 
Agencies believe the proposed changes are consistent with the 
requirements of Section 17A(b)(3)(F) of the Act \24\ that the rules of 
a registered clearing agency be designed to promote the prompt and 
accurate clearance and settlement of securities transactions, and to 
assure the

[[Page 67519]]

safeguarding of securities and funds which are in the custody or 
control of the clearing agency or for which it is responsible.
---------------------------------------------------------------------------

    \24\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    The Clearing Agencies believe that the proposed changes are 
consistent with Rule 17Ad-22(e)(7) under the Act,\25\ which requires a 
covered clearing agency to establish, implement, maintain and enforce 
written policies and procedures reasonably designed to, as applicable, 
effectively measure, monitor, and manage the liquidity risk that arises 
in or is borne by the covered clearing agency, including measuring, 
monitoring, and managing its settlement and funding flows on an ongoing 
and timely basis, and its use of intraday liquidity by, at a minimum, 
doing the requirements set forth in Rule 17Ad-22(e)(7). The proposed 
rule changes described above have been designed to enhance the Clearing 
Agencies' compliance with Rule 17Ad-22(e)(7) by addressing the 
designation of QLR and liquidity resources that are not QLR and 
providing various clarifications. By addressing the designation of QLR 
and liquidity resources that are not QLR and providing various 
clarifications, the proposed rule changes would reduce ambiguity and 
thus assist risk management staff in the performance of their duties 
associated with compliance of Rule 17Ad-22(e)(7).
---------------------------------------------------------------------------

    \25\ 17 CFR 240.17Ad-22(e)(7).
---------------------------------------------------------------------------

    In addition, the proposed changes are designed to ensure that any 
uncommitted resource that is designated as QLR would be highly reliable 
in extreme but plausible market conditions, in accordance with Rule 
17Ad-22(a)(14)(ii)(B) under the Act.\26\
---------------------------------------------------------------------------

    \26\ 17 CFR 240.17Ad-22(a)(14)(ii)(B).
---------------------------------------------------------------------------

(B) Clearing Agency's Statement on Burden on Competition

    The Clearing Agencies do not believe the proposed rule change would 
have any impact, or impose any burden, on competition. As described 
above, the proposed changes would update the Framework to describe the 
process by which FICC would designate uncommitted liquidity resources 
as QLR, clarify that FICC may have access to liquidity resources that 
are not designated as QLR, and improve the clarity of the descriptions 
of the Clearing Agencies' liquidity risk management functions. 
Therefore, the proposed changes relate mostly to the operation of the 
Framework and/or are technical in nature. As such, the Clearing 
Agencies do not believe that the proposed rule change would have any 
impact on competition.

(C) Clearing Agency's Statement on Comments on the Proposed Rule Change 
Received From Members, Participants, or Others

    The Clearing Agencies have not received or solicited any written 
comments relating to this proposal. If any written comments are 
received, they will be publicly filed as an Exhibit 2 to this filing, 
as required by Form 19b-4 and the General Instructions thereto.
    Persons submitting comments are cautioned that, according to 
Section IV (Solicitation of Comments) of the Exhibit 1A in the General 
Instructions to Form 19b-4, the Commission does not edit personal 
identifying information from comment submissions. Commenters should 
submit only information that they wish to make available publicly, 
including their name, email address, and any other identifying 
information.
    All prospective commenters should follow the Commission's 
instructions on how to submit comments, available at https://www.sec.gov/regulatory-actions/how-to-submit-comments. General 
questions regarding the rule filing process or logistical questions 
regarding this filing should be directed to the Main Office of the 
Commission's Division of Trading and Markets at 
[email protected] or 202-551-5777.
    The Clearing Agencies reserve the right to not respond to any 
comments received.

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 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 email to [email protected]. Please include 
File Number SR-FICC-2022-008 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE, Washington, DC 20549.

All submissions should refer to File Number SR-FICC-2022-008. 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 website (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 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 10:00 a.m. and 
3:00 p.m. Copies of the filing also will be available for inspection 
and copying at the principal office of FICC and on DTCC's website 
(http://dtcc.com/legal/sec-rule-filings.aspx). All comments received 
will be posted without change. Persons submitting comments are 
cautioned that we do not redact or edit personal identifying 
information from comment submissions. You should submit only 
information that you wish to make available publicly. All submissions 
should refer to File Number SR-FICC-2022-008 and should be submitted on 
or before November 29, 2022.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\27\
---------------------------------------------------------------------------

    \27\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-24282 Filed 11-7-22; 8:45 am]
BILLING CODE 8011-01-P