80 FR 62121 - Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing of Proposed Rule Change To Permit Trades in Eligible Fixed Income Securities Scheduled To Settle on Day After Trade Date To Be Processed for Settlement at National Securities Clearing Corporation
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 199 (October 15, 2015)
Federal Register Volume 80, Issue 199 (October 15, 2015)
| Page Range | 62121-62123 | |
| FR Document | 2015-26151 |
[Federal Register Volume 80, Number 199 (Thursday, October 15, 2015)] [Notices] [Pages 62121-62123] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-26151] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76112; File No. SR-NSCC-2015-005] Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing of Proposed Rule Change To Permit Trades in Eligible Fixed Income Securities Scheduled To Settle on Day After Trade Date To Be Processed for Settlement at National Securities Clearing Corporation October 8, 2015. Pursuant to section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (``Act'') and Rule 19b-4 \2\ thereunder, notice is hereby given that on October 7, 2015, National Securities Clearing Corporation (``NSCC'') filed with the Securities and Exchange Commission (``Commission'') [[Page 62122]] the proposed rule change as described in Items I, II and III below, which Items have been prepared by NSCC. NSCC filed the proposed rule change pursuant to section 19(b)(2) \3\ of the Act. 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. \3\ 15 U.S.C. 78s(b)(2). --------------------------------------------------------------------------- I. Clearing Agency's Statement of the Terms of Substance of the Proposed Rule Change The proposed rule change consists of amendments to NSCC's Rules & Procedures (``Rules'') in order to permit trades in fixed income securities (corporate and municipal bonds, and unit investment trusts, collectively ``CMU'') that are scheduled to settle on the day after trade date (``T+1'') to settle either through its Continuous Net Settlement (``CNS'') system, as described below, or through its Balance Order Accounting Operation on a trade-for-trade basis, as described below, when eligible for settlement through these services.\4\ --------------------------------------------------------------------------- \4\ Terms not defined herein are defined in the Rules, available at http://dtcc.com/~/media/Files/Downloads/legal/rules/ nscc_rules.pdf. --------------------------------------------------------------------------- II. Clearing Agency'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) Clearing Agency's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose CMU transactions that are effected in the over-the-counter markets and submitted to NSCC directly by Members on a bilateral basis are processed through NSCC's Real Time Trade Matching (``RTTM'') platform. Within RTTM, the buy and sell sides of a transaction are validated and matched, resulting in a compared trade that is reported to Members. This process is called ``trade comparison.'' Today, with the exception of CMU trades that are submitted to NSCC to settle on a timeframe that is shorter than T+2,\5\ CMU trades submitted to NSCC through RTTM are first compared within RTTM, and then are processed into NSCC's Universal Trade Capture (``UTC'') system, where they are checked for eligibility for settlement either through NSCC's CNS system \6\ or through its Balance Order Accounting Operation on a trade-for-trade basis.\7\ These CMU trades, those that are scheduled to settle on a T+2 or longer timeframe, are then processed for settlement through the settlement service for which they are eligible, i.e. either the CNS system or the Balance Order Accounting Operation on a trade-for-trade basis. If a CMU trade is not eligible for settlement through either CNS or the Balance Order Accounting Operation, or if it is marked as ``comparison-only'' when it is submitted to NSCC, it is only processed for trade comparison through RTTM and then it must settle away from NSCC. --------------------------------------------------------------------------- \5\ The settlement timeframe of a trade, i.e. when the trade will settle relative to the trade date, is determined by the counterparties to that trade, and is indicated on the trade record when the trade is submitted to NSCC. \6\ CNS and its operation are described in Rule 11 and Procedure VII. Rules, supra note 4. To be eligible for CNS settlement, a transaction must be in a security that is eligible for book-entry transfer on the books of The Depository Trust Company, and must be capable of being processed in the CNS system; for example, securities may be ineligible for CNS processing due to certain transfer restrictions (e.g., 144A securities) or due to the pendency of certain corporate actions. \7\ The Balance Order Accounting Operation is described in Procedure V. Rules, supra note 4. CMU trades that are processed through the Balance Order Accounting Operation are processed on a trade-for-trade basis, as described in Section B of Procedure V, such that Receive and Deliver Orders, as defined in the Rules, are created instructing the counterparties to the transaction to deliver or receive a quantity of securities to or from their counterparty to that transaction. These transactions are not netted and are not subject to NSCC's risk management measures, as NSCC's central counterparty guarantee does not attach to these trades. --------------------------------------------------------------------------- Today, all CMU trades submitted to NSCC through RTTM that are scheduled to settle on T+1 are automatically processed as comparison- only in RTTM, and must settle away from NSCC. T+1 CMU trades are processed this way because, historically, NSCC's systems were not able to adequately risk manage CMU trades that settled on this shortened timeframe. NSCC is proposing to amend its Rules so that, following trade comparison through RTTM, T+1 CMU trades would be processed into UTC, where they would be checked for eligibility to settle through either CNS or the Balance Order Accounting Operation on a trade-for- trade basis. If eligible, these CMU trades would settle through the settlement service for which they are eligible, i.e. either the CNS system or the Balance Order Accounting Operation on a trade-for-trade basis. Pursuant to Addendum K of the Rules, NSCC guarantees the completion of CNS settling trades that have reached the later of midnight of T+1 or midnight of the day they are reported to Members, and guarantees the completion of shortened process trades, such as same-day and next-day settling trades, upon comparison or trade recording processing.\8\ Therefore, for those T+1 CMU trades that are eligible for settlement through CNS, NSCC would guarantee the completion of these trades upon comparison or trade recording processing. T+1 CMU trades that settle through CNS would be subject to all appropriate risk management measures and margining, pursuant to the existing risk management methodology and policies and procedures, including the Specified Activity charge component of its Clearing Fund charges, which applies to trades settling at NSCC on a shortened processing cycle.\9\ NSCC estimates that CMU trades that are designated to settle on T+1 and would be eligible to settle through CNS represent less than half of a percent of all CMU trades processed at NSCC, and less than 2% of the total value of all CMU trades processed at NSCC.\10\ In order to implement this proposed rule change, NSCC would amend Procedure II (Trade Comparison and Recording Service). In particular, these amendments would provide that CMU T+1 transactions would be handled in the same manner as CMU T+2 trades and trades submitted for regular way (or T+3) settlement. Procedure II would also be amended to remove reference to CMU T+1 transactions from the section that identifies those trades that are accepted by NSCC for comparison-only processing. --------------------------------------------------------------------------- \8\ NSCC guarantees the completion of trades that settle through CNS pursuant to Addendum K of the Rules. Rules, supra note 4. \9\ The components of NSCC's Clearing Fund are described in Procedure XV, and the Specified Activity charge is described in section I(A)(1)(g) for trades settling through CNS. Rules, supra note 4. \10\ Based on data from the first quarter of 2015, an approximate daily average of 45,000 CMU trades are processed at NSCC, with an approximate total daily value of an average of $8.3 billion. Of the approximate daily average of 45,000 CMU trades processed at NSCC, an approximate daily average of 200 CMU trades are designated to settle on T+1 and are in securities that are eligible for settlement in CNS. Of the approximate daily value of an average of $8.3 billion in CMU trades processed at NSCC, CMU trades that are designated to settle on T+1 and are in securities that are eligible for settlement in CNS have an approximate total daily value of an average of $145 million. The average daily CMU transaction volume is less than 1% of NSCC's overall daily volume. --------------------------------------------------------------------------- Pending Commission approval of this proposed rule change, Members would be advised of the implementation date [[Page 62123]] through issuance of an NSCC Important Notice 2. Statutory Basis Section 17A(b)(3)(F) of the Act requires, in part, that NSCC's Rules be designed to promote the prompt and accurate clearance and settlement of securities transactions and to protect investors and the public interest.\11\ By permitting additional, eligible transactions to settle through CNS or the Balance Order Accounting Operation, and receive the benefit of NSCC's settlement services, including, in the case of CNS, the central counterparty trade guarantee, the proposal would offer protection to investors and the public interest by mitigating its Members' settlement risk and counterparty risk with respect to those transactions. Therefore, NSCC believes the proposed rule change would promote the prompt and accurate clearance and settlement of securities transactions by reducing these risks, consistent with the requirements of the Act, in particular section 17A(b)(3)(F), cited above. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78q-1(b)(3)(F). --------------------------------------------------------------------------- (B) Clearing Agency's Statement on Burden on Competition NSCC does not believe that the proposed rule changes would have any impact on competition because the proposal would apply equally to all NSCC Members that submit CMU trades through NSCC's RTTM service. (C) Clearing Agency's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others NSCC has not received any written comments relating to this proposal. NSCC will notify the Commission of any written comments received by NSCC. 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 CommentsUse 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 Number SR-NSCC-2015-005 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NSCC-2015-005. 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 the filing also will be available for inspection and copying at the principal office of NSCC and on DTCC's Web site (http://dtcc.com/legal/sec-rule-filings.aspx). 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-NSCC-2015-005 and should be submitted on or before November 5, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\12\ --------------------------------------------------------------------------- \12\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-26151 Filed 10-14-15; 8:45 am] BILLING CODE 8011-01-P
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(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change in Exhibit 5 Factors at ICC.9 The Commission
proposed rule change (SR–ICC–2015– should be read in conjunction with the therefore finds that the proposed rule
013) to provide the basis for ICC to clear proposed rule change in SR–ICC–2015– change is designed to promote the
additional Standard Western European 009.5 prompt and accurate clearance and
Sovereign credit default swap contracts settlement of securities transactions
(‘‘SWES Contracts’’). The proposed rule III. Discussion and Commission and, to the extent applicable, derivative
change was published for comment in Findings agreements, contracts, and transactions,
the Federal Register on July 21, 2015.3 Section 19(b)(2)(C) of the Act 6 directs and to assure the safeguarding of
The Commission did not receive the Commission to approve a proposed securities and funds which are in the
comments on the proposed rule change. rule change of a self-regulatory custody or control of the clearing agency
On September 3, 2015, the Commission organization if the Commission finds or for which it is responsible and, in
extended the time period in which to that the proposed rule change is general, to protect investors and the
either approve, disapprove, or institute consistent with the requirements of the public interest.
proceedings to determine whether to Act and the rules and regulations IV. Conclusion
disapprove the proposed rule change to thereunder applicable to such self-
October 19, 2015.4 For the reasons regulatory organization. Section On the basis of the foregoing, the
discussed below, the Commission is 17A(b)(3)(F) of the Act 7 requires, among Commission finds that the proposal is
approving the proposed rule change. other things, that the rules of a clearing consistent with the requirements of the
agency are designed to promote the Act and in particular with the
II. Description of the Proposed Rule requirements of section 17A of the
Change prompt and accurate clearance and
settlement of securities transactions Act 10 and the rules and regulations
The purpose of the proposed rule and, to the extent applicable, derivative thereunder.
change is to adopt rules that will agreements, contracts, and transactions, It is therefore ordered, pursuant to
provide the basis for ICC to clear to assure the safeguarding of securities section 19(b)(2) of the Act,11 that the
additional SWES Contracts. ICC and funds which are in the custody or proposed rule change (File No. SR–ICC–
currently clears seven SWES Contracts: control of the clearing agency or for 2015–013) be, and hereby is,
The Republic of Ireland, the Italian which it is responsible and, in general, approved.12
Republic, the Portuguese Republic, the to protect investors and the public For the Commission, by the Division of
Kingdom of Spain, the Kingdom of interest. Trading and Markets, pursuant to delegated
Belgium, the Republic of Austria, and authority.13
The Commission finds that the
the Kingdom of the Netherlands. ICC Robert W. Errett,
proposed rule change is consistent with
proposes to revise subchapter 26I Deputy Secretary.
the requirements of section 17A of the
(Standard Western European Sovereign
Act 8 and the rules and regulations [FR Doc. 2015–26152 Filed 10–14–15; 8:45 am]
(‘‘SWES’’) Single Name) of its Rules to
thereunder applicable to ICC. The BILLING CODE 8011–01–P
provide for the clearance of the
proposed rule change would provide for
additional SWES Contracts by
the clearing of additional SWES
modifying Rule 26I–102 to include the SECURITIES AND EXCHANGE
Contracts referencing Federal Republic
Federal Republic of Germany, the COMMISSION
of Germany, the French Republic, and
French Republic, and the United
Kingdom of Great Britain and Northern the United Kingdom of Great Britain [Release No. 34–76112; File No. SR–NSCC–
Ireland in the list of specific Eligible and Northern Ireland, which are similar 2015–005]
SWES Reference Entities to be cleared to the other SWES Contracts currently
cleared by ICC. ICC would clear the Self-Regulatory Organizations;
by ICC. ICC plans to offer these National Securities Clearing
additional SWES Contracts on the 2003 additional SWES Contracts using ICC’s
existing clearing arrangements and Corporation; Notice of Filing of
and 2014 ISDA Credit Derivatives Proposed Rule Change To Permit
Definitions. ICC stated in its filing that related financial safeguards, protections
and risk management procedures, Trades in Eligible Fixed Income
these additional SWES Contracts have Securities Scheduled To Settle on Day
terms consistent with the other SWES including the portfolio-level GWWR
methodology approved in SR–ICC– After Trade Date To Be Processed for
Contracts approved for clearing at ICC Settlement at National Securities
and governed by subchapter 26I of the 2015–009, which is designed to account
for the potential accumulation of Clearing Corporation
ICC Rules, namely the Republic of
Ireland, the Italian Republic, the uncollateralized portfolio WWR October 8, 2015.
Portuguese Republic, the Kingdom of exposures arising from the clearance of
Pursuant to section 19(b)(1) 1 of the
Spain, the Kingdom of Belgium, the sovereign and banking sector Risk
Securities Exchange Act of 1934 (‘‘Act’’)
Republic of Austria, and the Kingdom of and Rule 19b–4 2 thereunder, notice is
5 In SR–ICC–2015–009, ICC proposed to revise its
the Netherlands. hereby given that on October 7, 2015,
Risk Management Framework to extend its General
In addition, ICC stated in its filing Wrong Way Risk (‘‘GWWR’’) framework to the National Securities Clearing Corporation
that the proposed change is dependent portfolio level. The new GWWR methodology is (‘‘NSCC’’) filed with the Securities and
on the approval and implementation of designed to account for the potential accumulation Exchange Commission (‘‘Commission’’)
the proposed rule change in SR–ICC– of portfolio Wrong Way Risk (‘‘WWR’’) through Risk
Factor specific WWR exposures arising from the
2015–009 and therefore, the text of the clearance of credit default swaps referencing
9 See supra note 5.
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10 15 U.S.C. 78q–1.
sovereign and banking sector names. The
1 15 11 15 U.S.C. 78s(b)(2).
U.S.C. 78s(b)(1). Commission approved the proposed rule change
2 17 CFR 240.19b–4. SR–ICC–2015–009 on September 10, 2015. See 12 In approving the proposed rule change, the
3 Securities Exchange Act Release No. 34–75456 Securities Exchange Act Release No. 34–75887 Commission considered the proposal’s impact on
(July 15, 2015), 80 FR 43146 (July 21, 2015) (SR– (September 10, 2015), 80 FR 55672 (September 16, efficiency, competition and capital formation. 15
ICC–2015–013). 2015) (SR–ICC–2015–009). U.S.C. 78c(f).
4 Securities Exchange Act Release No. 34–75836 6 15 U.S.C. 78s(b)(2)(C). 13 17 CFR 200.30–3(a)(12).
7 15 U.S.C. 78q–1(b)(3)(F). 1 15 U.S.C. 78s(b)(1).
(September 3, 2015), 80 FR 54627 (September 10,
2015) (SR–ICC–2015–013). 8 15 U.S.C. 78q–1. 2 17 CFR 240.19b–4.
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through issuance of an NSCC Important IV. Solicitation of Comments For the Commission, by the Division of
Notice Trading and Markets, pursuant to delegated
Interested persons are invited to authority.12
2. Statutory Basis submit written data, views and Robert W. Errett,
Section 17A(b)(3)(F) of the Act arguments concerning the foregoing, Deputy Secretary.
requires, in part, that NSCC’s Rules be including whether the proposed rule [FR Doc. 2015–26151 Filed 10–14–15; 8:45 am]
designed to promote the prompt and change is consistent with the Act. BILLING CODE 8011–01–P
accurate clearance and settlement of Comments may be submitted by any of
securities transactions and to protect the following methods:
investors and the public interest.11 By SECURITIES AND EXCHANGE
Electronic Comments COMMISSION
permitting additional, eligible
transactions to settle through CNS or the • Use the Commission’s Internet [Release No. IA–4220/803–00225]
Balance Order Accounting Operation, comment form (http://www.sec.gov/
and receive the benefit of NSCC’s rules/sro.shtml); or Fidelity Management & Research
settlement services, including, in the Company and FMR Co., Inc.; Notice of
• Send an email to rule-comments@
case of CNS, the central counterparty Application
sec.gov. Please include File Number SR–
trade guarantee, the proposal would
offer protection to investors and the NSCC–2015–005 on the subject line. October 8, 2015.
public interest by mitigating its AGENCY: Securities and Exchange
Paper Comments
Members’ settlement risk and Commission (‘‘Commission’’).
counterparty risk with respect to those • Send paper comments in triplicate ACTION: Notice of application for an
transactions. Therefore, NSCC believes to Brent J. Fields, Secretary, Securities exemptive order under section 206A of
the proposed rule change would and Exchange Commission, 100 F Street the Investment Advisers Act of 1940
promote the prompt and accurate NE., Washington, DC 20549–1090. (the ‘‘Advisers Act’’) and rule 206(4)–
clearance and settlement of securities 5(e).
All submissions should refer to File
transactions by reducing these risks,
consistent with the requirements of the Number SR–NSCC–2015–005. This file APPLICANT: Fidelity Management &
Act, in particular section 17A(b)(3)(F), number should be included on the Research Company (‘‘FMR’’) and FMR
cited above. subject line if email is used. To help the Co., Inc. (‘‘FMRC’’ and, together with
Commission process and review your FMR, ‘‘Applicants’’).
(B) Clearing Agency’s Statement on comments more efficiently, please use RELEVANT ADVISERS ACT SECTIONS:
Burden on Competition only one method. The Commission will Exemption requested under section
NSCC does not believe that the post all comments on the Commission’s 206A of the Advisers Act and rule
proposed rule changes would have any Internet Web site (http://www.sec.gov/ 206(4)–5(e) from rule 206(4)–5(a)(1)
impact on competition because the rules/sro.shtml). Copies of the under the Advisers Act.
proposal would apply equally to all submission, all subsequent SUMMARY OF APPLICATION: Applicants
NSCC Members that submit CMU trades amendments, all written statements request that the Commission issue an
through NSCC’s RTTM service. with respect to the proposed rule order under section 206A of the
change that are filed with the Advisers Act and rule 206(4)–5(e)
(C) Clearing Agency’s Statement on Commission, and all written exempting Applicants from rule 206(4)–
Comments on the Proposed Rule 5(a)(1) under the Advisers Act to permit
communications relating to the
Change Received From Members, Applicants to receive compensation
proposed rule change between the
Participants, or Others from certain government entities for
Commission and any person, other than
NSCC has not received any written those that may be withheld from the investment advisory services provided
comments relating to this proposal. public in accordance with the to the government entities within the
NSCC will notify the Commission of any two-year period following a
provisions of 5 U.S.C. 552, will be
written comments received by NSCC. contribution by a covered associate of
available for Web site viewing and
the Applicants to an official of the
III. Date of Effectiveness of the printing in the Commission’s Public government entities.
Proposed Rule Change, and Timing for Reference Room, 100 F Street NE.,
FILING DATES: The application was filed
Commission Action Washington, DC 20549 on official
on August 28, 2014, an amended and
business days between the hours of restated application was filed on May
Within 45 days of the date of 10:00 a.m. and 3:00 p.m. Copies of the 11, 2015, and a second amended and
publication of this notice in the Federal filing also will be available for restated application was filed on
Register or within such longer period inspection and copying at the principal September 24, 2015.
up to 90 days (i) as the Commission may office of NSCC and on DTCC’s Web site
designate if it finds such longer period HEARING OR NOTIFICATION OF HEARING: An
(http://dtcc.com/legal/sec-rule- order granting the application will be
to be appropriate and publishes its filings.aspx). All comments received
reasons for so finding or (ii) as to which issued unless the Commission orders a
will be posted without change; the hearing. Interested persons may request
the self-regulatory organization Commission does not edit personal
consents, the Commission will: a hearing by writing to the
identifying information from
mstockstill on DSK4VPTVN1PROD with NOTICES
Commission’s Secretary and serving
(A) By order approve or disapprove submissions. You should submit only Applicants with a copy of the request,
such proposed rule change, or information that you wish to make personally or by mail. Hearing requests
(B) institute proceedings to determine available publicly. All submissions should be received by the Commission
whether the proposed rule change should refer to File Number SR–NSCC– by 5:30 p.m. on November 2, 2015, and
should be disapproved. 2015–005 and should be submitted on should be accompanied by proof of
or before November 5, 2015.
11 15 U.S.C. 78q–1(b)(3)(F). 12 17 CFR 200.30–3(a)(12).
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Document Created: 2018-02-27 08:52:27
Document Modified: 2018-02-27 08:52:27
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 80 FR 62121 |
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