80 FR 73028 - Self-Regulatory Organizations; National Securities Clearing Corporation; Order Approving 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 225 (November 23, 2015)

Page Range		73028-73029
FR Document		2015-29726
Federal Register, Volume 80 Issue 225 (Monday, November 23, 2015)
[Federal Register Volume 80, Number 225 (Monday, November 23, 2015)]
[Notices]
[Pages 73028-73029]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-29726]



[[Page 73028]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76458; File No. SR-NSCC-2015-005]


Self-Regulatory Organizations; National Securities Clearing 
Corporation; Order Approving 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

November 17, 2015.
    On October 7, 2015, National Securities Clearing Corporation 
(``NSCC'') filed with the Securities and Exchange Commission 
(``Commission'') proposed rule change SR-NSCC-2015-005 pursuant to 
section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ 
and Rule 19b-4 thereunder,\2\ to allow certain fixed-income securities 
trades that that are scheduled to settle on the day after trade date 
(``T+1'') to settle either through NSCC's Continuous Net Settlement 
(``CNS'') system, or through its Balance Order Accounting Operation on 
a trade-for-trade basis. The proposed rule change was published for 
comment in the Federal Register on October 15, 2015.\3\ The Commission 
did not receive any comment letters on the proposed rule change. For 
the reasons discussed below, the Commission is granting approval of the 
proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 76112 (October 8, 
2015), 80 FR 62121 (October 15, 2015) (SR-NSCC-2015-005).
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I. Description of the Proposed Rule Change

    The following is a description of the proposed rule change, as 
provided by NSCC:
    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 T+1 to settle either through its 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\
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    \4\ Terms not defined herein are defined in the Rules, available 
at http://dtcc.com/~/media/Files/Downloads/legal/rules/
nscc_rules.pdf.
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Background

    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.
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    \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.
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    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 has proposed to amend its Rules so that, following 
trade comparison through RTTM, T+1 CMU trades will be processed into 
UTC, where they will 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 will 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 will guarantee the completion of these trades upon 
comparison or trade recording processing. T+1 CMU trades that settle 
through CNS will 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 will 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

[[Page 73029]]

implement this proposed rule change, NSCC will amend Procedure II 
(Trade Comparison and Recording Service). In particular, these 
amendments will provide that CMU T+1 transactions will be handled in 
the same manner as CMU T+2 trades and trades submitted for regular way 
(or T+3) settlement. Procedure II will 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.
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    \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.
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Implementation

    The effective date of the proposed rule change will be announced 
via an NSCC Important Notice.

II. Discussion and Commission Findings

    Section 19(b)(2)(C) of the Act \11\ directs the Commission to 
approve a proposed rule change of a self-regulatory organization if it 
finds that such proposed rule change is consistent with the 
requirements of the Act and rules and regulations thereunder applicable 
to such organization. The Commission believes the proposal is 
consistent with section 17A(b)(3)(F) of the Act.\12\
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    \11\ 15 U.S.C. 78s(b)(2)(C).
    \12\ 15 U.S.C. 78q-1(b)(3)(F).
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    Section 17A(b)(3)(F) of the Act requires, among other things, that 
the rules of a clearing agency be designed to promote the prompt and 
accurate clearance and settlement of securities transactions, as well 
as, in general, protect investors and the public interest.\13\ By 
permitting T+1 CMU transactions to settle through CNS or the Balance 
Order Accounting Operation, the transactions will receive the benefit 
of NSCC's settlement services, including, in the case of CNS, a trade 
guarantee. Thus, the proposal will protect investors and the public 
interest by mitigating NSCC Members' settlement risk and counterparty 
risk. As such, the Commission believes that the proposal is consistent 
with section 17A(b)(3)(F) of the Act.\14\
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    \13\ Id.
    \14\ Id.
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III. Conclusion

    On the basis of the foregoing, the Commission finds that the 
proposal is consistent with the requirements of the Act and in 
particular with the requirements of section 17A of the Act \15\ and the 
rules and regulations thereunder.
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    \15\ 15 U.S.C. 78q-1.
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    It is therefore ordered, pursuant to section 19(b)(2) of the Act, 
that proposed rule change SR-NSCC-2015-005 be, and hereby is, 
approved.\16\
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    \16\ In approving the proposed rule change, the Commission 
considered the proposal's impact on efficiency, competition, and 
capital formation. 15 U.S.C. 78c(f).
    \17\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\17\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-29726 Filed 11-20-15; 8:45 am]
 BILLING CODE 8011-01-P
73028 Federal Register / Vol. 80, No. 225 / Monday, November 23, 2015 / Notices

SECURITIES AND EXCHANGE Background CMU trades are processed this way
COMMISSION CMU transactions that are effected in because, historically, NSCC’s systems
the over-the-counter markets and were not able to adequately risk manage
[Release No. 34–76458; File No. SR–NSCC– submitted to NSCC directly by Members CMU trades that settled on this
2015–005] on a bilateral basis are processed shortened timeframe. NSCC has
through NSCC’s Real Time Trade proposed to amend its Rules so that,
Self-Regulatory Organizations; Matching (‘‘RTTM’’) platform. Within following trade comparison through
National Securities Clearing RTTM, the buy and sell sides of a RTTM, T+1 CMU trades will be
Corporation; Order Approving transaction are validated and matched, processed into UTC, where they will be
Proposed Rule Change To Permit resulting in a compared trade that is checked for eligibility to settle through
Trades in Eligible Fixed Income reported to Members. This process is either CNS or the Balance Order
Securities Scheduled To Settle on Day called ‘‘trade comparison.’’ Accounting Operation on a trade-for-
After Trade Date To Be Processed for Today, with the exception of CMU trade basis. If eligible, these CMU trades
Settlement at National Securities trades that are submitted to NSCC to will settle through the settlement
Clearing Corporation settle on a timeframe that is shorter than service for which they are eligible, i.e.
T+2,5 CMU trades submitted to NSCC either the CNS system or the Balance
November 17, 2015. through RTTM are first compared Order Accounting Operation on a trade-
within RTTM, and then are processed for-trade basis.
On October 7, 2015, National Pursuant to Addendum K of the
Securities Clearing Corporation into NSCC’s Universal Trade Capture
(‘‘UTC’’) system, where they are Rules, NSCC guarantees the completion
(‘‘NSCC’’) filed with the Securities and of CNS settling trades that have reached
Exchange Commission (‘‘Commission’’) checked for eligibility for settlement
either through NSCC’s CNS system 6 or the later of midnight of T+1 or midnight
proposed rule change SR–NSCC–2015– of the day they are reported to Members,
005 pursuant to section 19(b)(1) of the through its Balance Order Accounting
Operation on a trade-for-trade basis.7 and guarantees the completion of
Securities Exchange Act of 1934 shortened process trades, such as same-
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 These CMU trades, those that are
scheduled to settle on a T+2 or longer day and next-day settling trades, upon
to allow certain fixed-income securities comparison or trade recording
timeframe, are then processed for
trades that that are scheduled to settle processing.8 Therefore, for those T+1
settlement through the settlement
on the day after trade date (‘‘T+1’’) to CMU trades that are eligible for
service for which they are eligible, i.e.
settle either through NSCC’s Continuous settlement through CNS, NSCC will
either the CNS system or the Balance
Net Settlement (‘‘CNS’’) system, or guarantee the completion of these trades
Order Accounting Operation on a trade-
through its Balance Order Accounting for-trade basis. If a CMU trade is not upon comparison or trade recording
Operation on a trade-for-trade basis. The eligible for settlement through either processing. T+1 CMU trades that settle
proposed rule change was published for CNS or the Balance Order Accounting through CNS will be subject to all
comment in the Federal Register on Operation, or if it is marked as appropriate risk management measures
October 15, 2015.3 The Commission did ‘‘comparison-only’’ when it is submitted and margining, pursuant to the existing
not receive any comment letters on the to NSCC, it is only processed for trade risk management methodology and
proposed rule change. For the reasons comparison through RTTM and then it policies and procedures, including the
discussed below, the Commission is must settle away from NSCC. Specified Activity charge component of
granting approval of the proposed rule Today, all CMU trades submitted to its Clearing Fund charges, which
change. NSCC through RTTM that are scheduled applies to trades settling at NSCC on a
to settle on T+1 are automatically shortened processing cycle.9 NSCC
I. Description of the Proposed Rule estimates that CMU trades that are
Change processed as comparison-only in RTTM,
and must settle away from NSCC. T+1 designated to settle on T+1 and will be
The following is a description of the eligible to settle through CNS represent
proposed rule change, as provided by 5 The settlement timeframe of a trade, i.e. when less than half of a percent of all CMU
NSCC: the trade will settle relative to the trade date, is trades processed at NSCC, and less than
determined by the counterparties to that trade, and 2% of the total value of all CMU trades
The proposed rule change consists of is indicated on the trade record when the trade is
processed at NSCC.10 In order to
amendments to NSCC’s Rules & submitted to NSCC.
6 CNS and its operation are described in Rule 11
Procedures (‘‘Rules’’) in order to permit and Procedure VII. Rules, supra note 4. To be 8 NSCC guarantees the completion of trades that

trades in fixed income securities eligible for CNS settlement, a transaction must be settle through CNS pursuant to Addendum K of the
(corporate and municipal bonds, and in a security that is eligible for book-entry transfer Rules. Rules, supra note 4.
on the books of The Depository Trust Company, and 9 The components of NSCC’s Clearing Fund are
unit investment trusts, collectively
must be capable of being processed in the CNS described in Procedure XV, and the Specified
‘‘CMU’’) that are T+1 to settle either system; for example, securities may be ineligible for Activity charge is described in Section I(A)(1)(g) for
through its CNS system, as described CNS processing due to certain transfer restrictions trades settling through CNS. Rules, supra note 4.
below, or through its Balance Order (e.g., 144A securities) or due to the pendency of 10 Based on data from the first quarter of 2015, an

Accounting Operation on a trade-for- certain corporate actions. approximate daily average of 45,000 CMU trades are
7 The Balance Order Accounting Operation is processed at NSCC, with an approximate total daily
trade basis, as described below, when described in Procedure V. Rules, supra note 4. CMU value of an average of $8.3 billion. Of the
eligible for settlement through these trades that are processed through the Balance Order approximate daily average of 45,000 CMU trades
services.4 Accounting Operation are processed on a trade-for- processed at NSCC, an approximate daily average
trade basis, as described in Section B of Procedure of 200 CMU trades are designated to settle on T+1
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1 15
V, such that Receive and Deliver Orders, as defined and are in securities that are eligible for settlement
U.S.C. 78s(b)(1). in the Rules, are created instructing the in CNS. Of the approximate daily value of an
2 17 CFR 240.19b–4. counterparties to the transaction to deliver or average of $8.3 billion in CMU trades processed at
3 See Securities Exchange Act Release No. 76112
receive a quantity of securities to or from their NSCC, CMU trades that are designated to settle on
(October 8, 2015), 80 FR 62121 (October 15, 2015) counterparty to that transaction. These transactions T+1 and are in securities that are eligible for
(SR–NSCC–2015–005). are not netted and are not subject to NSCC’s risk settlement in CNS have an approximate total daily
4 Terms not defined herein are defined in the management measures, as NSCC’s central value of an average of $145 million. The average
Rules, available at http://dtcc.com/∼/media/Files/ counterparty guarantee does not attach to these daily CMU transaction volume is less than 1% of
Downloads/legal/rules/nscc_rules.pdf. trades. NSCC’s overall daily volume.

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Federal Register / Vol. 80, No. 225 / Monday, November 23, 2015 / Notices 73029

implement this proposed rule change, proposed rule change SR–NSCC–2015– be submitted in real-time, and to
NSCC will amend Procedure II (Trade 005 be, and hereby is, approved.16 prohibit pre-netting and other practices
Comparison and Recording Service). In For the Commission, by the Division of that prevent real-time trade
particular, these amendments will Trading and Markets, pursuant to delegated submission.4
provide that CMU T+1 transactions will authority.17
Background
be handled in the same manner as CMU Robert W. Errett,
T+2 trades and trades submitted for Deputy Secretary. Requiring trades to be submitted in
regular way (or T+3) settlement. real-time facilitates efficient risk
[FR Doc. 2015–29726 Filed 11–20–15; 8:45 am]
Procedure II will also be amended to management for both NSCC and its
BILLING CODE 8011–01–P
remove reference to CMU T+1 Members, enables same-day
transactions from the section that bookkeeping and reconciliation, and,
identifies those trades that are accepted SECURITIES AND EXCHANGE therefore, significantly reduces risk to
by NSCC for comparison-only COMMISSION the industry. Receipt of trade data on a
processing. real-time basis permits NSCC’s risk
[Release No. 34–76462; File No. SR–NSCC– management processes to monitor trades
Implementation 2015–004] closer to trade execution on an intra-day
The effective date of the proposed basis, and to identify and risk manage
rule change will be announced via an Self-Regulatory Organizations;
any issues relating to exposures earlier
NSCC Important Notice. National Securities Clearing
in the day. Contract information is
Corporation; Order Approving
II. Discussion and Commission currently reported out to submitting
Proposed Rule Change To Require
Findings firms by NSCC’s Universal Trade
Real-Time Trade Submission and To
Capture (‘‘UTC’’) system upon trade
Section 19(b)(2)(C) of the Act 11 Prohibit Pre-Netting Practices Through
comparison and validation, and receipt
directs the Commission to approve a NSCC’s Correspondent Clearing
of trade data in real-time enables NSCC
proposed rule change of a self- Service
to report to Members trade data as it is
regulatory organization if it finds that received, thereby promoting intra-day
November 17, 2015.
such proposed rule change is consistent reconciliation of transactions at the
On September 30, 2015, National
with the requirements of the Act and Member level. The majority of trades
Securities Clearing Corporation
rules and regulations thereunder submitted to NSCC for clearing are
(‘‘NSCC’’) filed with the Securities and
applicable to such organization. The currently being submitted in real-time
Commission believes the proposal is Exchange Commission (‘‘Commission’’)
proposed rule change SR–NSCC–2015– on a trade-by-trade basis, and NSCC is
consistent with section 17A(b)(3)(F) of
004 pursuant to section 19(b)(1) of the operationally capable of managing trade
the Act.12
Securities Exchange Act of 1934 volumes that are multiple times larger
Section 17A(b)(3)(F) of the Act
requires, among other things, that the (‘‘Act’’),1 and Rule 19b–4 thereunder,2 than the historical peak volumes.
to require correspondent clearing trades NSCC will require that trade data
rules of a clearing agency be designed to
to be submitted in real-time. The submitted through its Correspondent
promote the prompt and accurate
proposed rule change was published for Clearing service, as described below, be
clearance and settlement of securities
comment in the Federal Register on submitted in real-time and to prohibit
transactions, as well as, in general,
October 14, 2015.3 The Commission did pre-netting and other practices that
protect investors and the public
not receive comment letters regarding prevent real-time trade submission
interest.13 By permitting T+1 CMU
the proposed change. For the reasons (‘‘pre-netting practices’’). NSCC will
transactions to settle through CNS or the
Balance Order Accounting Operation, discussed below, the Commission is exclude from this requirement position
the transactions will receive the benefit granting approval of the proposed rule movements between NSCC Members
of NSCC’s settlement services, change. that are Affiliates and Client Custody
including, in the case of CNS, a trade Movements, as described below. The
I. Description of the Proposed Rule term ‘‘real-time,’’ when used with
guarantee. Thus, the proposal will Change
protect investors and the public interest respect to trade submission, is defined
by mitigating NSCC Members’ The following is a description of the in Procedure XIII (Definitions) of the
settlement risk and counterparty risk. proposed rule change, as provided by Rules as the submission of trade data on
As such, the Commission believes that NSCC: a trade-by-trade basis promptly after
the proposal is consistent with section The proposed rule change consists of trade execution, in any format and by
17A(b)(3)(F) of the Act.14 amendments to NSCC’s Rules & any communication method acceptable
Procedures (‘‘Rules’’) in order to require to NSCC.
III. Conclusion that trade data submitted to NSCC NSCC’s UTC system receives and
On the basis of the foregoing, the through its Correspondent Clearing validates transactions that are submitted
Commission finds that the proposal is service, other than position movements to it, reports trade details back out to the
consistent with the requirements of the between NSCC Members that are submitting firm, and prepares those
Act and in particular with the Affiliates and Client Custody transactions for netting and settlement
requirements of section 17A of the Movements, as described further below, by routing transactions to netting and
Act 15 and the rules and regulations settlement systems, such as Continuous
thereunder. 16 In approving the proposed rule change, the
Net Settlement Accounting Operation,
It is therefore ordered, pursuant to Commission considered the proposal’s impact on the Balance Order Accounting
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efficiency, competition, and capital formation. 15
section 19(b)(2) of the Act, that U.S.C. 78c(f). Operation, or the Foreign Security
17 17 CFR 200.30–3(a)(12). Accounting Operation, as applicable.
11 15 U.S.C. 78s(b)(2)(C). 1 15 U.S.C. 78s(b)(1). Transactions are submitted to UTC
12 15 U.S.C. 78q–1(b)(3)(F). 2 17 CFR 240.19b–4.
13 Id. 3 See Securities Exchange Act Release No. 76099 4 Terms not defined herein are defined in the
14 Id.
(October 7, 2015), 80 FR 61860 (October 14, 2015) Rules, available at http://dtcc.com/∼/media/Files/
15 15 U.S.C. 78q–1. (SR–NSCC–2015–004). Downloads/legal/rules/nscc_rules.pdf.

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Document Created: 2018-03-01 11:18:16
Document Modified: 2018-03-01 11:18:16
Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		80 FR 73028