83 FR 12980 - Self-Regulatory Organizations; NYSE Arca, Inc.; Order Approving a Proposed Rule Change To Amend NYSE Arca Rule 1.1(ll) To Establish How the Official Closing Price Would Be Determined for an Exchange-Listed Security That Is a Derivative Securities Product if the Exchange Does Not Conduct a Closing Auction or if a Closing Auction Trade Is Less Than a Round Lot
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 58 (March 26, 2018)
Federal Register Volume 83, Issue 58 (March 26, 2018)
| Page Range | 12980-12982 | |
| FR Document | 2018-06014 |
[Federal Register Volume 83, Number 58 (Monday, March 26, 2018)] [Notices] [Pages 12980-12982] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-06014] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82907; File No. SR-NYSEArca-2018-08] Self-Regulatory Organizations; NYSE Arca, Inc.; Order Approving a Proposed Rule Change To Amend NYSE Arca Rule 1.1(ll) To Establish How the Official Closing Price Would Be Determined for an Exchange-Listed Security That Is a Derivative Securities Product if the Exchange Does Not Conduct a Closing Auction or if a Closing Auction Trade Is Less Than a Round Lot March 20, 2018. I. Introduction On January 19, 2018, NYSE Arca, Inc. (``Exchange'' or ``NYSE Arca'') filed with the Securities and Exchange Commission (``Commission'') pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to amend NYSE Arca Rule 1.1(ll) to establish how the Official Closing Price \3\ would be determined for an Exchange- listed security that is a Derivative Securities Product \4\ if the [[Page 12981]] Exchange does not conduct a Closing Auction \5\ or if a Closing Auction trade is less than a round lot. The proposed rule change was published for comment in the Federal Register on February 6, 2018.\6\ The Commission received no comment letters on the proposed rule change. This order approves the proposed rule change. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ See NYSE Arca Rule 1.1(ll) for a definition of Official Closing Price. \4\ With respect to equities traded on the Exchange, the term ``Derivative Securities Product'' means a security that meets the definition of ``derivative securities product'' in Rule 19b-4(e) under the Act. See NYSE Arca Rule 1.1(k). For purposes of Rule 19b- 4(e), a ``derivative securities product'' means any type of option, warrant, hybrid securities product or any other security, other than a single equity option or a security futures product, whose value is based, in whole or in part, upon the performance of, or interest, in, an underlying instrument. 17 CFR 240.19b-4(e). \5\ See NYSE Arca Rule 7.35-E(d) for further information on how the Closing Auctions would function on the Exchange. \6\ See Securities Exchange Act Release No. 82608 (January 31, 2018), 83 FR 5284 (``Notice''). --------------------------------------------------------------------------- II. Description of the Proposed Rule Change Current NYSE Arca Rule 1.1(ll)(1) provides how the Exchange establishes the ``Official Closing Price'' for Auction-Eligible Securities,\7\ which is used for purposes of NYSE Arca Rule 7-E.\8\ Specifically, the Official Closing Price for Auction-Eligible Securities is the price established in a Closing Auction of one round lot or more on a trading day.\9\ If there is no Closing Auction or if a Closing Auction trade is less than a round lot on a trading day, the Official Closing Price is the most recent consolidated last-sale eligible trade during Core Trading Hours \10\ on that trading day. If there were no consolidated last-sale eligible trades during Core Trading Hours on that trading day, the Official Closing Price will be the prior trading day's Official Closing Price.\11\ For a security that has transferred listing to NYSE Arca and does not have any consolidated last-sale eligible trades on its first trading day, the Official Closing Price will be the prior day's closing price disseminated by the former primary listing market.\12\ For a security that is a new listing and does not have any consolidated last-sale eligible trades on its first trading day, the Official Closing Price will be based on a derived last-sale associated with the price of such security before it begins trading on the Exchange.\13\ --------------------------------------------------------------------------- \7\ For purposes of the Closing Auction, an ``Auction-Eligible Security'' is defined to mean all securities for which the Exchange is the primary listing market and UTP Securities designated by the Exchange. See NYSE Arca Rule 7.35-E(a)(1). \8\ In NYSE Arca Rule 7-E, the Exchange uses the Official Closing Price for three purposes: (1) to determine the Auction Reference Price for a security, as provided for in NYSE Arca Rule 7.35-E(a)(8)(A); (2) to determine the Trading Collar for a security if there is no consolidated last-sale price on the same trading day, as provided for in NYSE Arca Rule 7.31-E(a)(1)(B)(i); and (3) for securities listed on the Exchange only, for purposes of determining whether to trigger a Short Sale Price Test, as defined under NYSE Arca Rule 7.16-E(f)(2). \9\ See NYSE Arca Rule 1.1(ll)(1). \10\ The term ``Core Trading Hours'' means the hours of 9:30 a.m. Eastern Time through 4:00 p.m. Eastern Time or such other hours as may be determined by the Exchange from time to time. See NYSE Arca Rule 1.1(j). \11\ See NYSE Arca Rule 1.1(ll)(1)(A). \12\ See NYSE Arca Rule 1.1(ll)(1)(B). \13\ See NYSE Arca Rule 1.1(ll)(1)(C). --------------------------------------------------------------------------- The Exchange proposes to amend how the Official Closing Price for an Exchange-listed security that is a Derivative Securities Product would be determined if the Exchange does not conduct a Closing Auction or if a Closing Auction trade is less than a round lot.\14\ The Exchange proposes that the Official Closing Price for such securities would be comprised of both a time-weighted average price (``TWAP'') of the midpoint of the NBBO \15\ over the last five minutes of trading before the end of Core Trading Hours and any last-sale eligible trades during that period. --------------------------------------------------------------------------- \14\ According to the Exchange, if a security is thinly traded or generally illiquid, the Official Closing Price for such security will currently be based on a last-sale trade that may be hours, days, or months old and may not be indicative of the true and current value of the security. See Notice, supra note 6, at 5285. \15\ The term ``NBBO'' means the national best bid or offer. See NYSE Arca Rule 1.1(dd). --------------------------------------------------------------------------- Specifically, if the Official Closing Price for an Exchange-listed security that is a Derivative Securities Product cannot be determined under proposed NYSE Arca Rule 1.1(ll)(1)(A) (i.e., if the Exchange does not conduct a Closing Auction or if a Closing Auction trade is less than a round lot), the Official Closing Price for such security would be derived by adding a percentage of the TWAP of the NBBO midpoint measured over the last five minutes before the end of Core Trading Hours and a percentage of the last consolidated last-sale eligible trade before the end of Core Trading Hours on that trading day, and the percentages assigned to each would depend on when the last consolidated last-sale eligible trade occurred.\16\ --------------------------------------------------------------------------- \16\ See proposed NYSE Arca Rule 1.1(ll)(1)(B). --------------------------------------------------------------------------- The Exchange proposes that, if the last consolidated last-sale eligible trade occurred: (i) Prior to 5 minutes before the end of Core Trading Hours, the TWAP would be given 100% weighting; (ii) between 5 minutes and 4 minutes before the end of Core Trading Hours, the TWAP will be given 40% weighting and the consolidated last- sale eligible trade would be given 60% weighting; (iii) between 4 minutes and 3 minutes before the end of Core Trading Hours, the TWAP will be given 30% weighting and the consolidated last-sale eligible trade would be given 70% weighting; (iv) between 3 minutes and 2 minutes before the end of Core Trading Hours, the TWAP will be given 20% weighting and the consolidated last- sale eligible trade would be given 80% weighting; (v) between 2 minutes and 1 minute before the end of Core Trading Hours, the TWAP will be given 10% weighting and the consolidated last- sale eligible trade would be given 90% weighting; and (vi) during the last 1 minute before the end of Core Trading Hours, the TWAP will be given 0% weighting and the consolidated last-sale eligible trade would be given 100% weighting. If the Official Closing Price cannot be determined under proposed NYSE Arca Rule 1.1(ll)(1)(A) or (B), as described above, the most recent consolidated last-sale eligible trade during Core Trading Hours on that trading day would be the Official Closing Price.\17\ If there are no consolidated last-sale eligible trades during Core Trading Hours on that trading day, the Official Closing Price will be the prior trading day's Official Closing Price, as under the current rule.\18\ --------------------------------------------------------------------------- \17\ See proposed NYSE Arca Rule 1.1(ll)(1)(C). \18\ See proposed NYSE Arca Rule 1.1(ll)(1)(D). Current NYSE Arca Rule 1.1(ll)(1)(B) and (C) will similarly continue to apply as renumbered proposed Arca Rule 1.1(ll)(1)(E) and (F). --------------------------------------------------------------------------- The Exchange states that it will implement the proposed rule change no later than 120 days after this approval of the proposed rule change and will announce the implementation date via Trader Update.\19\ --------------------------------------------------------------------------- \19\ See Notice, supra note 6, at 5285. --------------------------------------------------------------------------- III. Discussion and Commission's Findings After careful review, the Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange.\20\ In particular, the Commission finds that the proposed rule change is consistent with Section 6(b)(5) of the Act,\21\ which requires, among other things, that the rules of a national securities exchange be designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating 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, and not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. [[Page 12982]] The Commission also finds that the proposed rule change is consistent with Section 6(b)(8) of the Act,\22\ which requires that the rules of an exchange not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. --------------------------------------------------------------------------- \20\ In approving this proposed rule change, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). \21\ 15 U.S.C. 78f(b)(5). \22\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- The proposal would set forth the procedures governing how the Exchange would determine the Official Closing Price in Exchange-listed securities that are Derivative Securities Products when the Exchange does not conduct a Closing Auction or if a Closing Auction trade is less than a round lot. The Commission notes that the primary listing market's closing price for a security is relied upon by market participants for a variety of reasons, including, but not limited to, calculation of index values, calculation of the net asset value of mutual funds and exchange-traded products, the price of derivatives that are based on the security, and certain types of trading benchmarks such as volume weighted average price strategies. As the Exchange notes, the proposed calculation for the Official Closing Price is designed to utilize more recent and reliable market information to provide a closing price that more accurately reflects the true and current value of a security that may be thinly traded or generally illiquid and when the Official Closing Price for such security may otherwise be based on a potentially stale last-sale trade.\23\ The Commission further notes that this objective calculation would take into account more recent firm quotations over less recent trades, which trades may provide less information about the value of a security, and would assign less weight to the last consolidated last-sale eligible trade the farther away it occurred from the end of Core Trading Hours. The Commission therefore believes that the Exchange's proposal is reasonably designed to achieve the Act's objectives to protect investors and the public interest. Accordingly, the Commission finds that the proposed rule change is consistent with the requirements of the Act. --------------------------------------------------------------------------- \23\ See Notice, supra note 6, at 5285-86. --------------------------------------------------------------------------- IV. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act,\24\ that the proposed rule change (SR-NYSEArca-2018-08) be, and hereby is, approved. --------------------------------------------------------------------------- \24\ 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\25\ --------------------------------------------------------------------------- \25\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-06014 Filed 3-23-18; 8:45 am] BILLING CODE 8011-01-P
![12980 Federal Register / Vol. 83, No. 58 / Monday, March 26, 2018 / Notices
liquidity by, at a minimum, maintaining Interested persons are invited to office of DTC and on The Depository
sufficient liquid resources to effect submit written data, views, and Trust & Clearing Corporation’s website
same-day and, where appropriate, arguments regarding whether the (http://dtcc.com/legal/sec-rule-
intraday and multiday settlement of Proposed Rule Change should be filings.aspx). All comments received
payment obligations with a high degree approved or disapproved by April 16, will be posted without change. Persons
of confidence under a wide range of 2018. Any person who wishes to file a submitting comments are cautioned that
foreseeable stress scenarios that rebuttal to any other person’s we do not redact or edit personal
includes, but is not limited to, the submission must file that rebuttal by identifying information from comment
default of the participant family that April 30, 2018. submissions. You should submit only
would generate the largest aggregate The Commission asks that information that you wish to make
payment obligation for the covered commenters address the sufficiency of available publicly. All submissions
clearing agency in extreme but plausible DTC’s statements in support of the should refer to File Number SR–DTC–
market conditions; Proposed Rule Change, which are set 2017–022 and should be submitted on
• Rule 17Ad–22(e)(13) under the Act, forth in the Notice,46 in addition to any or before April 16, 2018. Rebuttal
which requires, in general, a covered other comments they may wish to comments should be submitted by April
clearing agency, such as DTC, to submit about the Proposed Rule Change. 30, 2018.
establish, implement, maintain and Comments may be submitted by any For the Commission, by the Division of
enforce written policies and procedures of the following methods: Trading and Markets, pursuant to delegated
reasonably designed to ensure the authority.47
covered clearing agency has the Electronic Comments
Eduardo A. Aleman,
authority and operational capacity to • Use the Commission’s internet
Assistant Secretary.
take timely action to contain losses and comment form (http://www.sec.gov/
liquidity demands and continue to meet [FR Doc. 2018–06020 Filed 3–23–18; 8:45 am]
rules/sro.shtml); or
its obligations. • Send an email to rule-comments@ BILLING CODE 8011–01–P
• Rule 17Ad–22(e)(23)(i) under the sec.gov. Please include File Number SR–
Act,39 which requires a covered clearing DTC–2017–022 on the subject line.
agency, such as DTC, to establish, SECURITIES AND EXCHANGE
implement, maintain and enforce Paper Comments COMMISSION
written policies and procedures • Send paper comments in triplicate [Release No. 34–82907; File No. SR–
reasonably designed to publicly disclose to Secretary, Securities and Exchange NYSEArca–2018–08]
all relevant rules and material Commission, 100 F Street NE,
procedures, including key aspects of its Washington, DC 20549–1090. Self-Regulatory Organizations; NYSE
default rules and procedures. All submissions should refer to File Arca, Inc.; Order Approving a
Number SR–DTC–2017–022. This file Proposed Rule Change To Amend
IV. Procedure: Request for Written
number should be included on the NYSE Arca Rule 1.1(ll) To Establish
Comments
subject line if email is used. To help the How the Official Closing Price Would
The Commission requests that Commission process and review your Be Determined for an Exchange-Listed
interested persons provide written comments more efficiently, please use Security That Is a Derivative Securities
submissions of their views, data, and only one method. The Commission will Product if the Exchange Does Not
arguments with respect to the issues post all comments on the Commission’s Conduct a Closing Auction or if a
identified above, as well as any other internet website (http://www.sec.gov/ Closing Auction Trade Is Less Than a
concerns they may have with the rules/sro.shtml). Copies of the Round Lot
Proposed Rule Change. In particular, the submission, all subsequent
Commission invites the written views of amendments, all written statements March 20, 2018.
interested persons concerning whether with respect to the Proposed Rule I. Introduction
the Proposed Rule Change is consistent Change that are filed with the
with Section 17A(b)(3)(F) of the Act,40 Commission, and all written On January 19, 2018, NYSE Arca, Inc.
Rule 17Ad–22(e)(7)(i) under the Act,41 communications relating to the (‘‘Exchange’’ or ‘‘NYSE Arca’’) filed
Rule 17Ad–22(e)(13) under the Act,42 Proposed Rule Change between the with the Securities and Exchange
Rule 17Ad–22(e)(23)(i) under the Act,43 Commission and any person, other than Commission (‘‘Commission’’) pursuant
or any other provision of the Act, or the those that may be withheld from the to Section 19(b)(1) of the Securities
rules and regulations thereunder. public in accordance with the Exchange Act of 1934 (‘‘Act’’) 1 and Rule
Although there do not appear to be any provisions of 5 U.S.C. 552, will be 19b–4 thereunder,2 a proposed rule
issues relevant to approval or available for website viewing and change to amend NYSE Arca Rule 1.1(ll)
disapproval that would be facilitated by printing in the Commission’s Public to establish how the Official Closing
an oral presentation of views, data, and Reference Room, 100 F Street NE, Price 3 would be determined for an
arguments, the Commission will Washington, DC 20549 on official Exchange-listed security that is a
consider, pursuant to Rule 19b–4(g) business days between the hours of Derivative Securities Product 4 if the
under the Act,44 any request for an 10:00 a.m. and 3:00 p.m. Copies of the
opportunity to make an oral filing also will be available for
47 17 CFR 200.30–3(a)(57).
1 15 U.S.C. 78s(b)(1).
presentation.45 inspection and copying at the principal 2 17 CFR 240.19b–4.
sradovich on DSK3GMQ082PROD with NOTICES
3 See NYSE Arca Rule 1.1(ll) for a definition of
39 17 CFR 240.17Ad–22(e)(23)(i).
40 15
proceeding—either oral or notice and opportunity Official Closing Price.
U.S.C. 78q–1(b)(3)(F).
41 17 CFR 240.17Ad–22(e)(7)(i).
for written comments—is appropriate for 4 With respect to equities traded on the Exchange,
consideration of a particular proposal by a self- the term ‘‘Derivative Securities Product’’ means a
42 17 CFR 240.17Ad–22(e)(13).
regulatory organization. See Securities Act security that meets the definition of ‘‘derivative
43 17 CFR 240.17Ad–22(e)(23)(i).
Amendments of 1975, Senate Comm. on Banking, securities product’’ in Rule 19b–4(e) under the Act.
44 17 CFR 240.19b–4(g). Housing & Urban Affairs, S. Rep. No. 75, 94th See NYSE Arca Rule 1.1(k). For purposes of Rule
45 Section 19(b)(2) of the Act grants to the Cong., 1st Sess. 30 (1975). 19b–4(e), a ‘‘derivative securities product’’ means
Commission flexibility to determine what type of 46 See Notice, supra note 4. any type of option, warrant, hybrid securities
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![12982 Federal Register / Vol. 83, No. 58 / Monday, March 26, 2018 / Notices
The Commission also finds that the For the Commission, by the Division of Certificate of Incorporation to
proposed rule change is consistent with Trading and Markets, pursuant to delegated streamline the document.
Section 6(b)(8) of the Act,22 which authority.25
Eduardo A. Aleman, A. Changes to Certain Titles, Offices,
requires that the rules of an exchange and Related Powers and Duties
not impose any burden on competition Assistant Secretary.
that is not necessary or appropriate in [FR Doc. 2018–06014 Filed 3–23–18; 8:45 am] FICC proposes changes to the titles,
furtherance of the purposes of the Act. BILLING CODE 8011–01–P
offices, and related powers and duties of
certain Board and officer personnel, as
The proposal would set forth the further described below.
procedures governing how the Exchange
SECURITIES AND EXCHANGE 1. Non-Executive Chairman of the Board
would determine the Official Closing COMMISSION
Price in Exchange-listed securities that FICC proposes to replace the title of
are Derivative Securities Products when ‘‘Chairman of the Board’’ with the title
[Release No. 34–82917; File No. SR–FICC– of ‘‘Non-Executive Chairman of the
the Exchange does not conduct a 2018–002]
Closing Auction or if a Closing Auction Board.’’ 5 FICC proposes to change its
trade is less than a round lot. The Self-Regulatory Organizations; Fixed By-Laws to reflect that this position is
Commission notes that the primary Income Clearing Corporation; Order held by a non-executive.6 Therefore,
listing market’s closing price for a Approving Proposed Rule Change To FICC would change relevant references
security is relied upon by market Amend the By-Laws in the By-Laws from ‘‘Chairman’’ and
participants for a variety of reasons, ‘‘Chairman of the Board’’ to ‘‘Non-
including, but not limited to, March 20, 2018. Executive Chairman of the Board.’’ 7
On February 2, 2018, Fixed Income FICC also would delete certain
calculation of index values, calculation
Clearing Corporation (‘‘FICC’’) filed references in the By-Laws to the Non-
of the net asset value of mutual funds
with the Securities and Exchange Executive Chairman of the Board as a
and exchange-traded products, the price
Commission (‘‘Commission’’) proposed member of FICC management because
of derivatives that are based on the the position is no longer in
security, and certain types of trading rule change SR–FICC–2018–002,
pursuant to Section 19(b)(1) of the management.8
benchmarks such as volume weighted In the proposed Section 2.8 (Non-
average price strategies. As the Securities Exchange Act of 1934
Executive Chairman of the Board), FICC
Exchange notes, the proposed (‘‘Act’’) 1 and Rule 19b–4 thereunder.2
would identify the powers and duties of
calculation for the Official Closing Price The proposed rule change was
the Non-Executive Chairman of the
is designed to utilize more recent and published for comment in the Federal
Board, including (1) general
reliable market information to provide a Register on February 14, 2018.3 The
responsibility for carrying out the
Commission did not receive any
closing price that more accurately policies of the Board, (2) general
comment letters on the proposed rule
reflects the true and current value of a supervision of the Board and its
change. For the reasons discussed
security that may be thinly traded or activities and general leadership of the
below, the Commission approves the
generally illiquid and when the Official Board, (3) presiding over stockholders’
proposed rule change.
Closing Price for such security may meetings (when present), and (4) such
otherwise be based on a potentially stale I. Description of the Proposed Rule other powers and duties as the Board
last-sale trade.23 The Commission Change may designate.9 Proposed Section 2.8
further notes that this objective (Non-Executive Chairman of the Board)
The proposed rule change would also would include a provision stating
calculation would take into account
amend the FICC By-Laws (‘‘By-Laws’’) 4 that a presiding director (as elected by
more recent firm quotations over less to (1) change certain FICC Board of
recent trades, which trades may provide the Board) shall preside at all
Directors (‘‘Board’’) titles, officer titles, stockholders and Board meetings when
less information about the value of a and offices (and their respective powers the Non-Executive Chairman of the
security, and would assign less weight and duties), (2) update the Board is absent.10 Additionally,
to the last consolidated last-sale eligible compensation section for officers, and
trade the farther away it occurred from (3) make technical changes and 5 Notice, 83 FR at 6654.
the end of Core Trading Hours. The corrections, each discussed more fully 6 Id.
Commission therefore believes that the below. The proposed rule change would 7 Id.
Exchange’s proposal is reasonably also amend the GSD Rules and the 8 Notice, 83 FR at 6655.
9 Id.
designed to achieve the Act’s objectives MBSD Rules to incorporate, by
10 Id. This provision is designed to correct an
to protect investors and the public reference, the By-Laws and the
inaccuracy in current By-Laws Section 3.3 (Powers
interest. Accordingly, the Commission Certificate of Incorporation. Finally, the and Duties of the President), which gives presiding
finds that the proposed rule change is proposed rule change would restate the authority over stockholder meetings to the
consistent with the requirements of the President when the Chairman of the Board is
absent. Proposed Section 2.8 (Non-Executive
Act. 25 17 CFR 200.30–3(a)(12).
Chairman of the Board) would be consistent with
1 15 U.S.C. 78s(b)(1). the Mission Statement and Charter of the
IV. Conclusion 2 17 CFR 240.19b–4.
Depository Trust Corporation (‘‘DTC’’), FICC,
3 Securities Exchange Act Release No. 82672
National Securities Clearing Corporation (‘‘NSCC’’),
It is therefore ordered, pursuant to (February 8, 2018), 83 FR 6654 (February 14, 2018) and the Depository Trust and Clearing Corporation
sradovich on DSK3GMQ082PROD with NOTICES
Section 19(b)(2) of the Act,24 that the (SR–FICC–2018–002) (‘‘Notice’’). (‘‘DTCC’’), which gives presiding authority over
4 As discussed below, FICC’s By-Laws and FICC’s stockholder meetings to a presiding director when
proposed rule change (SR–NYSEArca–
Certificate of Incorporation (‘‘Certificate of the Non-Executive Chairman of the Board is absent.
2018–08) be, and hereby is, approved. Incorporation’’) would each be incorporated by DTC, FICC, and NSCC are subsidiaries of DTCC,
reference into FICC’s Government Securities each having the same Board of Directors as DTCC.
22 15
Division (‘‘GSD’’) Rulebook (‘‘GSD Rules’’) and See Securities Exchange Act Release No. 74142
U.S.C. 78f(b)(8).
Mortgage-Backed Securities Division (‘‘MBSD’’) (January 27, 2015), 80 FR 5188 (January 30, 2015)
23 See Notice, supra note 6, at 5285–86. Rulebook (‘‘MBSD Rules’’), available at http:// (SR–FICC–2014–810, SR–NSCC–2014–811, SR–
24 15 U.S.C. 78s(b)(2). www.dtcc.com/legal/rules-and-procedures. DTC–2014–812).
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Document Created: 2018-03-24 00:59:46
Document Modified: 2018-03-24 00:59:46
| 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 | 83 FR 12980 |
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