78 FR 192 pgs. 61424-61425 - Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing of Proposed Rule Change to Decommission Its Trade Risk Pro Service
Type: NOTICEVolume: 78Number: 192Pages: 61424 - 61425
Pages: 61424, 61425Docket number: [Release No. 34-70544; File No. SR-NSCC-2013-10]
FR document: [FR Doc. 2013-24162 Filed 10-2-13; 8:45 am]
Agency: Securities and Exchange Commission
Official PDF Version: PDF Version
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-70544; File No. SR-NSCC-2013-10]
Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing of Proposed Rule Change to Decommission Its Trade Risk Pro Service
September 27, 2013.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 ("Act")1and Rule 19b-4 thereunder,2notice is hereby given that on September 16, 2013, National Securities Clearing Corporation ("NSCC") filed with the Securities and Exchange Commission ("Commission") a proposed rule change as described in Items I, II and III below, which Items have been prepared primarily by NSCC. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
Footnotes:
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b-4.
I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change
The proposed rule change consists of amendments to the Rules & Procedures ("Rules") of NSCC to decommission the DTCC Trade Risk Pro service as more fully described below.
II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, NSCC 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. NSCC has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements.
(A) Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
1. Purpose. [sic]
By this filing, NSCC proposes to decommission the DTCC Trade Risk Pro service ("Trade Risk Pro"). Trade Risk Pro was designed to allow Members to monitor intraday trading activity of their organizations and/or their correspondent firms through review of post-trade data.3While several firms participated in a pilot of Trade Risk Pro, no Members are currently enrolled in Trade Risk Pro and it is not currently cost-effective to maintain the service.
Footnotes:
3 See Securities Exchange Act Release No. 66068 (Dec. 29, 2011), 77 FR 528 (Jan. 5, 2012) (File No. SR-DTC-2011-10).
Pending approval by the Commission, NSCC will decommission Trade Risk Pro and revise its Rules to delete the current Rule 54 (Trade Risk Pro) and Procedure XVII (Trade Risk Pro). Rule 54 will be designated as reserved for future use. The effective date of the proposed rule change will be announced via an NSCC Important Notice.
2. Statutory Basis
The proposed rule change is consistent with the requirements of Section 17A(b)(3)(F) of the Act,4as amended, and the rules and regulations thereunder, because, by closing an underutilized service, it allows for the allocation of resources among other clearing agency functions, and therefore facilitates the prompt and accurate clearance and settlement of securities transactions.
Footnotes:
4 15 U.S.C. 78q-1(b)(3)(F).
(B) Self-Regulatory Organization's Statement on Burden on Competition
NSCC does not believe that the proposed rule change will have any impact, or impose any burden, on competition, as there are no Members that currently use Trade Risk Pro.
(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 not yet been solicited or received with respect to this filing.
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.
The clearing agency shall post notice on its Web site of proposed changes that are implemented.
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
• Use the Commission's Internet comment form ( http://www.sec.gov/rules/sro.shtml ); or
• Send an email to rule-comments@sec.gov. Please include File No. SR-NSCC-2013-10 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.
• Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.
[top] All submissions should refer to File No. SR-NSCC-2013-10. 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 filings also will be available for inspection and copying at the principal office of NSCC and on NSCC's Web site at http://dtcc.com/legal/rule_filings/
All submissions should refer to File No. SR-NSCC-2013-10 and should be submitted on or before October 24, 2013.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.5
Footnotes:
5 17 CFR 200.30-3(a)(12).
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-24162 Filed 10-2-13; 8:45 am]
BILLING CODE 8011-01-P