81 FR 54144 - Self-Regulatory Organizations; C2 Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule To Amend the Fees Schedule
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 157 (August 15, 2016)
Federal Register Volume 81, Issue 157 (August 15, 2016)
| Page Range | 54144-54146 | |
| FR Document | 2016-19313 |
[Federal Register Volume 81, Number 157 (Monday, August 15, 2016)] [Notices] [Pages 54144-54146] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-19313] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-78508; File No. SR-C2-2016-016] Self-Regulatory Organizations; C2 Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule To Amend the Fees Schedule August 9, 2016. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on August 1, 2016, C2 Options Exchange, Incorporated (the ``Exchange'' or ``C2'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. 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. Self-Regulatory Organization's Statement of the Terms of the Substance of the Proposed Rule Change The Exchange proposes to amend its Fees Schedule. The text of the proposed rule change is available on the Exchange's Web site (http://www.c2exchange.com/Legal/), at the Exchange's Office of the Secretary, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange 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 Exchange 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 The Exchange proposes to amend its Fees Schedule. Specifically, the Exchange proposes to establish a fee scale for the purchase of Market Maker Quoting and Order Bandwidth Packets (``Bandwidth Packets''), provide for an allotment scale of CMI CAS Servers, and adopt a fee for extra CMI CAS Servers. The Exchange first proposes to adopt a fee scale for Bandwidth Packets. Particularly, the Exchange proposes to provide that the first through ninth Bandwidth Packets obtained by a Trading Permit Holder (``TPH'') would cost $1,000 per packet per month, the tenth through fourteenth Bandwidth Packets obtained by that TPH would cost $500 per packet per month, and the fifteenth and each additional Bandwidth Packet obtained by that TPH would cost $250 per packet per month. The Exchange believes the proposed fee scale will encourage Market Makers to purchase additional Bandwidth Packets which will allow them to quote and trade more on the Exchange, thereby providing more trading opportunities for all market participants. The Exchange next proposes to amend its Fees Schedule with respect to Connectivity Charges. By way of background, in order to connect to CBOE Command, which allows a TPH to trade on the C2 System, a TPH must connect via either a CMI or FIX interface (depending on the configuration of the TPH's own systems). For TPHs that connect via a CMI interface, they must use CMI CAS Servers. Currently each TPH is provided one CAS Server plus access to a pool of shared backup CAS Servers. In order to ensure that a CAS Server is not overburdened by quoting activity for Market Makers, the Exchange proposes to allot each Market Maker a certain number of CASs (in addition to the shared backups) based on the amount of quoting bandwidth that they have. Quoting Bandwidth would be determined by the number of Bandwidth Packets the TPH holds in addition to 5 times the number of Market Maker Trading Permits it holds.\3\ Additionally, the Exchange will aggregate the Market Maker Trading Permits and Market Maker Quoting and Order Entry Bandwidth Packets from affiliated TPHs (TPHs with at least 75% common ownership between the firms as reflected on each firm's Form BD, Schedule A) for purposes of determining the number of Trading Permits and Market Maker Quoting and Order Entry Bandwidth Packets a TPH holds. Particularly, the Exchange proposes to add a chart listing the amounts of equivalent Bandwidth Packets and corresponding CAS Servers: --------------------------------------------------------------------------- \3\ The Exchange notes that a C2 Market Maker Quoting and Order Entry Bandwidth Packet is equivalent to 1/5th of a Market Maker Trading Permit. As such, each Market-Maker Trading Permit a TPH holds is equivalent to 5 Quoting and Order Entry Bandwidth Packet for purposes of bandwidth. Therefore, if a TPH has 2 Market Maker Trading Permits and 16 Quoting and Order Entry Bandwidth Packets, the TPH has an equivalent of 26 Bandwidth Packets. The Exchange proposes to include this example in the Fees Schedule to provide additional clarity. ------------------------------------------------------------------------ Total bandwidth packets equivalency CAS Servers ------------------------------------------------------------------------ 1-25...................................... 1 + shared backup. 26-50..................................... 2 + shared backup. 51-75..................................... 3 + shared backup. 76-100.................................... 4 + shared backup. 100+...................................... 5 + shared backup. ------------------------------------------------------------------------ Next, the Exchange proposes to provide that if a Market Maker wishes to connect via an extra CMI CAS Server (in order to segregate TPH users for business or availability purposes) beyond the TPH's allotted number of CMI CAS Servers (described above), that TPH will be assessed a fee of $2,000 per month for each extra CMI CAS Server. The purpose of this proposed change is to manage the allotment of CMI CAS Servers in a fair manner and to prevent the Exchange from being required to expend large amounts of resources (the provision and management of the CMI CAS Servers can be costly) in order to provide TPHs with an unlimited amount of CMI CAS Servers. The purpose of the fee for extra CMI CAS Servers is to cover the costs related to the provision, management and upkeep of such CMI CAS Servers. 2. Statutory Basis The Exchange believes the proposed rule change is consistent with the Securities Exchange Act of 1934 (the ``Act'') and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act.\4\ Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \5\ requirements that the rules of an exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, [[Page 54145]] processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. Additionally, the Exchange believes the proposed rule change is consistent with Section 6(b)(4) of the Act,\6\ which requires that Exchange rules provide for the equitable allocation of reasonable dues, fees, and other charges among its Trading Permit Holders and other persons using its facilities. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78f(b). \5\ 15 U.S.C. 78f(b)(5). \6\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- The Exchange believes the proposed rule change is reasonable because the proposed change provides the opportunity to have lower fees for the Market Maker Quoting and Order Entry Bandwidth Packets than previously. The proposed change is also equitable and not unfairly discriminatory because the fee scale will apply to all Market Makers uniformly. The Exchange believes it's equitable and not unfairly discriminatory to establish a discounted fee scale for Market Maker Quoting and Order Entry Bandwidth Packets because Market Makers, unlike other C2 market participants, take on a number of obligations, including quoting obligations that other market participants do not have. Further, the proposed change is intended to incent Market Makers to quote and trade more on the Exchange, thereby providing more trading opportunities for all market participants. The Exchange believes that the proposed change regarding CMI CAS Servers is reasonable because each CMI CAS Server should be capable of handling the bandwidth needs of at least the equivalent of 25 Bandwidth Packets. This proposed allotment is equitable and not unfairly discriminatory because it will be applied to all Market Makers accessing CBOE Command via a CMI connection. It is equitable and not unfairly discriminatory to provide allotment of CASs for Market Makers only, because the impact of non-quoting activity does not result in the need for more than one CAS. The proposed fee of $2,000 for each extra CMI CAS Server that a Market Maker requests is reasonable because it allows the Exchange to recoup the costs related to the provision, maintenance and upkeep of such Servers, and is equitable and not unfairly discriminatory because the fee will be applied to all Market Makers that request an extra CMI CAS Server. B. Self-Regulatory Organization's Statement on Burden on Competition C2 does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange does not believe that the proposed rule change will impose any burden on intramarket competition that is not necessary or appropriate in furtherance of the purposes of the Act because, while different fees apply to Market-Maker Quoting and Order Bandwidth Packets, Market-Makers have different obligations and different circumstances (as described in the ``Statutory Basis'' section above). Additionally, the proposed change is intended to encourage Market Makers to quote more, which provides more trading opportunities for all market participants. The Exchange does not believe that the proposed allotment of one CMI CAS Server for every equivalent 25 Market Maker Bandwidth Packets that a TPH holds (plus one shared backup) and the proposed fee of $2,000 for each extra CMI CAS Server that a TPH requests will cause an unnecessary burden on intramarket competition because while such allotment and fee will only be applied to Market Makers accessing CBOE Command via a CMI connection, Market Makers have different obligations and different circumstances (as described in the ``Statutory Basis'' section above) and because market participants that do not quote would not need additional CASs. The Exchange does not believe that the proposed change will impose any burden on intermarket competition that is not necessary or appropriate in furtherance of the purposes of the Act because it only applies to trading on the Exchange. Additionally the Exchange does not believe such proposed bandwidth scale, CAS allotment and fee will cause an unnecessary burden on intermarket competition because different exchanges have different systemic setups for connection to such exchanges and are likely not comparable or competitive. Should the proposed change make C2 a more attractive trading venue for market participants at other exchanges, such market participants may elect to become market participants at C2. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange neither solicited nor received comments on the proposed rule change. 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) of the Act \7\ and paragraph (f) of Rule 19b-4 \8\ thereunder. 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. If the Commission takes such action, the Commission will institute proceedings to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78s(b)(3)(A). \8\ 17 CFR 240.19b-4(f). --------------------------------------------------------------------------- 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-C2-2016-016 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-C2-2016-016. 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 [[Page 54146]] 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 the Exchange. 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-C2-2016-016, and should be submitted on or before September 6, 2016. --------------------------------------------------------------------------- \9\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\9\ Robert W. Errett, Deputy Secretary. [FR Doc. 2016-19313 Filed 8-12-16; 8:45 am] BILLING CODE 8011-01-P
![54144 Federal Register / Vol. 81, No. 157 / Monday, August 15, 2016 / Notices
For the Commission, by the Division of A. Self-Regulatory Organization’s Additionally, the Exchange will
Trading and Markets, pursuant to delegated Statement of the Purpose of, and aggregate the Market Maker Trading
authority.16 Statutory Basis for, the Proposed Rule Permits and Market Maker Quoting and
Robert W. Errett, Change Order Entry Bandwidth Packets from
Deputy Secretary. affiliated TPHs (TPHs with at least 75%
1. Purpose
[FR Doc. 2016–19323 Filed 8–12–16; 8:45 am] common ownership between the firms
BILLING CODE 8011–01–P The Exchange proposes to amend its as reflected on each firm’s Form BD,
Fees Schedule. Specifically, the Schedule A) for purposes of
Exchange proposes to establish a fee determining the number of Trading
SECURITIES AND EXCHANGE scale for the purchase of Market Maker Permits and Market Maker Quoting and
COMMISSION Quoting and Order Bandwidth Packets Order Entry Bandwidth Packets a TPH
[Release No. 34–78508; File No. SR–C2–
(‘‘Bandwidth Packets’’), provide for an holds. Particularly, the Exchange
2016–016] allotment scale of CMI CAS Servers, and proposes to add a chart listing the
adopt a fee for extra CMI CAS Servers. amounts of equivalent Bandwidth
Self-Regulatory Organizations; C2 The Exchange first proposes to adopt Packets and corresponding CAS Servers:
Options Exchange, Incorporated; a fee scale for Bandwidth Packets.
Notice of Filing and Immediate Particularly, the Exchange proposes to Total bandwidth CAS Servers
provide that the first through ninth packets equivalency
Effectiveness of a Proposed Rule To
Amend the Fees Schedule Bandwidth Packets obtained by a 1–25 .......................... 1 + shared backup.
Trading Permit Holder (‘‘TPH’’) would 26–50 ........................ 2 + shared backup.
August 9, 2016. cost $1,000 per packet per month, the 51–75 ........................ 3 + shared backup.
Pursuant to Section 19(b)(1) of the tenth through fourteenth Bandwidth 76–100 ...................... 4 + shared backup.
Securities Exchange Act of 1934 (the Packets obtained by that TPH would 100+ .......................... 5 + shared backup.
‘‘Act’’),1 and Rule 19b–4 thereunder,2 cost $500 per packet per month, and the
notice is hereby given that on August 1, fifteenth and each additional Bandwidth Next, the Exchange proposes to
2016, C2 Options Exchange, Packet obtained by that TPH would cost provide that if a Market Maker wishes
Incorporated (the ‘‘Exchange’’ or ‘‘C2’’) $250 per packet per month. The to connect via an extra CMI CAS Server
filed with the Securities and Exchange Exchange believes the proposed fee (in order to segregate TPH users for
Commission (the ‘‘Commission’’) the scale will encourage Market Makers to business or availability purposes)
proposed rule change as described in purchase additional Bandwidth Packets beyond the TPH’s allotted number of
Items I, II, and III below, which Items which will allow them to quote and CMI CAS Servers (described above), that
have been prepared by the Exchange. trade more on the Exchange, thereby TPH will be assessed a fee of $2,000 per
The Commission is publishing this providing more trading opportunities month for each extra CMI CAS Server.
notice to solicit comments on the for all market participants. The purpose of this proposed change is
proposed rule change from interested The Exchange next proposes to amend to manage the allotment of CMI CAS
persons. its Fees Schedule with respect to Servers in a fair manner and to prevent
I. Self-Regulatory Organization’s Connectivity Charges. By way of the Exchange from being required to
Statement of the Terms of the Substance background, in order to connect to expend large amounts of resources (the
of the Proposed Rule Change CBOE Command, which allows a TPH provision and management of the CMI
to trade on the C2 System, a TPH must CAS Servers can be costly) in order to
The Exchange proposes to amend its provide TPHs with an unlimited
connect via either a CMI or FIX interface
Fees Schedule. The text of the proposed amount of CMI CAS Servers. The
(depending on the configuration of the
rule change is available on the purpose of the fee for extra CMI CAS
TPH’s own systems). For TPHs that
Exchange’s Web site (http:// Servers is to cover the costs related to
connect via a CMI interface, they must
www.c2exchange.com/Legal/), at the the provision, management and upkeep
use CMI CAS Servers. Currently each
Exchange’s Office of the Secretary, and of such CMI CAS Servers.
TPH is provided one CAS Server plus
at the Commission’s Public Reference
access to a pool of shared backup CAS 2. Statutory Basis
Room.
Servers. In order to ensure that a CAS
The Exchange believes the proposed
II. Self-Regulatory Organization’s Server is not overburdened by quoting
rule change is consistent with the
Statement of the Purpose of, and activity for Market Makers, the
Securities Exchange Act of 1934 (the
Statutory Basis for, the Proposed Rule Exchange proposes to allot each Market
‘‘Act’’) and the rules and regulations
Change Maker a certain number of CASs (in
thereunder applicable to the Exchange
In its filing with the Commission, the addition to the shared backups) based
and, in particular, the requirements of
Exchange included statements on the amount of quoting bandwidth
Section 6(b) of the Act.4 Specifically,
concerning the purpose of and basis for that they have. Quoting Bandwidth
the Exchange believes the proposed rule
the proposed rule change and discussed would be determined by the number of
change is consistent with the Section
any comments it received on the Bandwidth Packets the TPH holds in
6(b)(5) 5 requirements that the rules of
proposed rule change. The text of these addition to 5 times the number of
an exchange be designed to prevent
statements may be examined at the Market Maker Trading Permits it holds.3
fraudulent and manipulative acts and
places specified in Item IV below. The 3 The Exchange notes that a C2 Market Maker practices, to promote just and equitable
sradovich on DSK3GMQ082PROD with NOTICES
Exchange has prepared summaries, set Quoting and Order Entry Bandwidth Packet is principles of trade, to foster cooperation
forth in sections A, B, and C below, of equivalent to 1/5th of a Market Maker Trading and coordination with persons engaged
the most significant aspects of such Permit. As such, each Market-Maker Trading Permit in regulating, clearing, settling,
statements. a TPH holds is equivalent to 5 Quoting and Order
Entry Bandwidth Packet for purposes of bandwidth.
Therefore, if a TPH has 2 Market Maker Trading include this example in the Fees Schedule to
16 17 CFR 200.30–3(a)(12). provide additional clarity.
Permits and 16 Quoting and Order Entry Bandwidth
1 15 U.S.C. 78s(b)(1). 4 15 U.S.C. 78f(b).
Packets, the TPH has an equivalent of 26
2 17 CFR 240.19b–4. Bandwidth Packets. The Exchange proposes to 5 15 U.S.C. 78f(b)(5).
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![54146 Federal Register / Vol. 81, No. 157 / Monday, August 15, 2016 / Notices
Reference Room, 100 F Street NE., Structure) of the Rules and Procedures NSCC is seeking to diversify its variable
Washington, DC 20549 on official (‘‘Rules’’) of NSCC in order to add a new revenue base with the proposed new
business days between the hours of fee that will be charged to Members and fee, which will introduce a revenue
10:00 a.m. and 3:00 p.m. Copies of such certain Limited Members 5 in source that is not dependent on trading
filing also will be available for connection with the maintenance of the volumes. The Clearing Fund
inspection and copying at the principal Clearing Fund, as described in greater Maintenance Fee will be ratably based
office of the Exchange. All comments detail below.6 Members and applicable on the member’s Clearing Fund average
received will be posted without change; Limited Members are collectively cash deposit.
the Commission does not edit personal referred to herein as ‘‘members.’’
Offset Increasing Costs and Expenses
identifying information from
II. Clearing Agency’s Statement of the NSCC seeks to achieve a target
submissions. You should submit only
Purpose of, and Statutory Basis for, the operating margin to cover operating
information that you wish to make
Proposed Rule Change expenses and fund capital expenditures
available publicly. All submissions
should refer to File Number SR–C2– In its filing with the Commission, the as well as investments in its clearing
2016–016, and should be submitted on clearing agency included statements services and risk management
or before September 6, 2016. concerning the purpose of and basis for infrastructure; however, NSCC faces
For the Commission, by the Division of
the proposed rule change and discussed continued increasing risk management
Trading and Markets, pursuant to delegated any comments it received on the costs as well as regulatory and
authority.9 proposed rule change. The text of these compliance-related expenses that need
Robert W. Errett, statements may be examined at the to be offset by revenue growth in order
Deputy Secretary. places specified in Item IV below. The to meet the target operating margin.
clearing agency has prepared Such increased costs and expenses, if
[FR Doc. 2016–19313 Filed 8–12–16; 8:45 am]
summaries, set forth in sections A, B, not offset by revenue growth, could
BILLING CODE 8011–01–P
and C below, of the most significant weaken NSCC’s financial position over
aspects of such statements. time. As such, NSCC is seeking to
SECURITIES AND EXCHANGE implement the Clearing Fund
(A) Clearing Agency’s Statement of the
COMMISSION Maintenance Fee to add an additional
Purpose of, and Statutory Basis for, the
revenue source to offset increasing costs
[Release No. 34–78525; File No. SR–NSCC– Proposed Rule Change
and expenses.
2016–002] 1. Purpose Proceeds of the Clearing Fund
The proposed rule change will add a Maintenance Fee will be used primarily
Self-Regulatory Organizations;
fee that will be charged to members in to offset risk management costs,
National Securities Clearing
connection with the maintenance of the regulatory and compliance expenses
Corporation; Notice of Filing and
Clearing Fund. and for general operating expenses.
Immediate Effectiveness of a Proposed
Rule Change To Add a Clearing Fund Clearing Fund Maintenance Fee Calculation
Maintenance Fee The amount of the monthly Clearing
Pursuant to the proposed rule change,
August 9, 2016. Fund Maintenance Fee for a member
NSCC proposes to introduce a new fee,
Pursuant to Section 19(b)(1) of the will be calculated monthly, in arrears,
to be known as the Clearing Fund
Securities Exchange Act of 1934 as the product of 0.25% and the average
Maintenance Fee, which will be charged
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 of the member’s actual cash deposit to
to members in arrears on a monthly
notice is hereby given that on July 29, the Clearing Fund as of the end of each
basis.
2016, National Securities Clearing The proposed rule change will (i) day of the month, multiplied by the
Corporation (‘‘NSCC’’) filed with the diversify NSCC’s revenue sources and number of days in that month and
Securities and Exchange Commission mitigate NSCC’s dependence on divided by 360; provided that, the
(‘‘Commission’’) the proposed rule revenues driven by trading volumes and investment rate of return on investment
change as described in Items I, II and III (ii) add a stable revenue source that will by NSCC of cash in the Clearing Fund
below, which Items have been prepared contribute to NSCC’s operating margin for that month is equal to or greater than
by the clearing agency. NSCC filed the by offsetting increasing costs and 0.25%. No fee will be charged to any
proposed rule change pursuant to expenses, as further described below. member for a month in which the
Section 19(b)(3)(A) of the Act 3 and Rule monthly rate of return on investment of
19b–4(f)(2) thereunder.4 The proposed Diversify Revenue Sources cash in the Clearing Fund is less than
rule change was effective upon filing NSCC’s current revenues are highly 0.25%.
with the Commission. The Commission variable due to the nature of the clearing Based on the 2015 average actual cash
is publishing this notice to solicit services, which are primarily driven by deposits to the Clearing Fund, the
comments on the proposed rule change trading volumes, but, as a utility, expected annual revenue to be
from interested persons. NSCC’s expenses are largely fixed. The generated by the Clearing Fund
combination of fixed costs and variable Maintenance Fee is approximately $16
I. Clearing Agency’s Statement of the revenues represents a financial risk for million.
Terms of Substance of the Proposed NSCC. To mitigate such financial risk,
Rule Change Member Impact
sradovich on DSK3GMQ082PROD with NOTICES
The proposed rule change consists of 5 The proposed new fee will be imposed on
The proposed rule change will impose
modifications to the Addendum A (Fee Limited Members that are required to make deposits the Clearing Fund Maintenance Fee on
to the Clearing Fund. Currently, those Limited all members that are required to make
9 17
Members are Mutual Fund/Insurance Services deposits to the Clearing Fund.
CFR 200.30–3(a)(12). Members and Fund Members organized under the
1 15 U.S.C. 78s(b)(1). The Clearing Fund Maintenance Fee
laws of the Republic of Ireland.
2 17 CFR 240.19b–4. 6 Capitalized terms not defined herein are defined is a monthly fee based ratably upon the
3 15 U.S.C. 78s(b)(3)(A).
in the Rules, available at www.dtcc.com/∼/media/ amount of the member’s daily actual
4 17 CFR 240.19b–4(f)(2). Files/Downloads/legal/rules/nscc_rules.pdf. cash deposited to the Clearing Fund; it
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Document Created: 2016-08-13 02:22:38
Document Modified: 2016-08-13 02:22:38
| 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 | 81 FR 54144 |
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