Document ID: SEC-2013-0017-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Fixed Income Clearing Corp.
Posted Date: 2013-01-07T05:00Z

[Federal Register Volume 78, Number 4 (Monday, January 7, 2013)]
[Notices]
[Pages 970-971]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-31751]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-68553; File No. SR-FICC-2012-10]

Self-Regulatory Organizations; Fixed Income Clearing Corporation; 
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change 
To Remove the Fee Related to the DTCC GCF Repo Index[supreg] From the 
Fee Structure of the Government Securities Division

December 31, 2012.
    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 21, 2012 Fixed Income Clearing Corporation (``FICC'') filed 
with the Securities and Exchange Commission (``Commission'') the 
proposed 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 change from interested 
persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    FICC proposes to remove the fee related to the DTCC GCF Repo 
Index[supreg] from the Fee Structure of the Government Securities 
Division. The text of the proposed rule change was filed with the 
Commission as Exhibit 5 to the filing.

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 these 
statements.\3\
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    \3\ The Commission has modified the text of the summaries 
prepared by FICC.
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(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 discontinue the $250.00 monthly 
fee that GCF Repo[supreg] participants are required to pay in 
connection with the DTCC GCF Repo Index[supreg].
    On October 18, 2010, FICC filed SR-FICC 2010-07 \4\ which permitted 
FICC to charge a monthly fee of $250 to all GCF Repo[supreg] 
participants. This fee covered the development and maintenance costs of 
the DTCC GCF Repo Index[supreg]. Because DTCC and NYSE Liffe have 
entered into an agreement whereby NYSE Liffe agrees to list futures 
based on the DTCC GCF Repo Index[supreg], it is no longer necessary for 
FICC to charge a monthly fee to the GCF Repo[supreg] participants. As a 
result, the fee will be discontinued as of January 2, 2013 and the GSD 
Fee Structure will be revised to reflect this change.
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    \4\ See Securities Exchange Act Release No. 34-63215 (October 
29, 2010); 75 FR 213 (November 4, 2010) (SR-FICC-2010-07).
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    FICC believes that the proposed rule is consistent with the Act and 
the rules and regulations promulgated thereunder because it promotes 
the prompt and accurate clearance and settlement of securities 
transactions by helping ensures that participants are not charged 
unnecessary fees.

(B) Self-Regulatory Organization's Statement on Burden on Competition

    FICC does not believe that the proposed rule change would 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 on the proposed rule change have not been 
solicited or received. FICC will notify the Commission of any other 
written comments received by FICC.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(ii) of the Act \5\ and Rule 19b-4(f)(2) \6\ thereunder 
because they constitute a change a due, fee, or other charge applicable 
only to a member. 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.\7\
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    \5\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \6\ 17 CFR 240.19b-4(f)(2).
    \7\ 15 U.S.C. 78s(b)(3)(C).
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Electronic Comments

     Use the Commissions Internet comment form (http://www.sec.gov/rules/sro.shtml) or Send an email to rule-comments@sec.gov. 
Please include File Number SR-FICC-2012-10 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-2012-10. 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., 
Washington, DC 20549, on official business days between the hours of 
10:00 a.m. and 3:00 p.m. Copies of such filing also will be available 
for inspection and copying at the principal office of FICC and on 
FICC's Web site at http://www.dtcc.com/downloads/legal/rule_filings/2012/ficc/SR-FICC-2012-10.pdf
    All comments received will be posted without change; the Commission 
does not edit personal identifying information from submissions. You

[[Page 971]]

should submit only information that you wish to make available 
publicly. All submissions should refer to File Number SR-FICC-2012-10 
and should be submitted on or before January 28, 2013.

    For the Commission by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012-31751 Filed 1-4-13; 8:45 am]
BILLING CODE 8011-01-P