83_FR_6657 83 FR 6626 - Self-Regulatory Organizations; The Depository Trust Company; Fixed Income Clearing Corporation; National Securities Clearing Corporation; Notice of Designation of Longer Period for Commission Action on Proposed Rule Changes To Amend the Loss Allocation Rules and Make Other Changes

83 FR 6626 - Self-Regulatory Organizations; The Depository Trust Company; Fixed Income Clearing Corporation; National Securities Clearing Corporation; Notice of Designation of Longer Period for Commission Action on Proposed Rule Changes To Amend the Loss Allocation Rules and Make Other Changes

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 31 (February 14, 2018)

Page Range6626-6627
FR Document2018-02983

Federal Register, Volume 83 Issue 31 (Wednesday, February 14, 2018) 
[Federal Register Volume 83, Number 31 (Wednesday, February 14, 2018)]
[Notices]
[Pages 6626-6627]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-02983]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82670; File Nos. SR-DTC-2017-022; SR-FICC-2017-022; SR-
NSCC-2017-018]


Self-Regulatory Organizations; The Depository Trust Company; 
Fixed Income Clearing Corporation; National Securities Clearing 
Corporation; Notice of Designation of Longer Period for Commission 
Action on Proposed Rule Changes To Amend the Loss Allocation Rules and 
Make Other Changes

February 8, 2018.
    On December 18, 2017, The Depository Trust Company (``DTC''), Fixed 
Income Clearing Corporation (``FICC''), and National Securities 
Clearing Corporation (``NSCC'') (collectively, ``Clearing Agencies''), 
each filed with the Securities and Exchange Commission (``Commission'') 
a proposed rule change to amend the loss allocation rules and make 
other changes (SR-DTC-2017-022, SR-FICC-2017-022, and SR-NSCC-2017-
018), respectively (``Proposed Rule Changes''), pursuant to Section 
19(b)(1) of the

[[Page 6627]]

Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 
thereunder.\2\ The Proposed Rule Changes were published for comment in 
the Federal Register on January 8, 2018.\3\ The Commission did not 
receive any comments on the Proposed Rule Changes.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 82426 (January 2, 2018), 
83 FR 913 (January 8, 2018) (SR-DTC-2017-022); Securities Exchange 
Act Release No. 82427 (January 2, 2018), 83 FR 854 (January 8, 2018) 
(SR-FICC-2017-022); Securities Exchange Act Release No. 82428 
(January 2, 2018), 83 FR 897 (January 8, 2018) (SR-NSCC-2017-018).
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    Section 19(b)(2) of the Act \4\ provides that within 45 days of the 
publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day after publication of the notices for the Proposed Rule Changes 
is February 22, 2018.
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    \4\ 15 U.S.C. 78s(b)(2).
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    The Commission is extending the 45-day time period for Commission 
action on the Proposed Rule Changes. The Commission finds that it is 
appropriate to designate a longer period within which to take action on 
the Proposed Rule Changes so that it has sufficient time to consider 
and take action on the Proposed Rule Changes.
    Accordingly, pursuant to Section 19(b)(2) of the Act \5\ and for 
the reasons stated above, the Commission designates April 8, 2018 as 
the date by which the Commission shall either approve, disapprove, or 
institute proceedings to determine whether to disapprove proposed rule 
changes SR-DTC-2017-022, SR-FICC-2017-022, and SR-NSCC-2017-018.
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    \5\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(31).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-02983 Filed 2-13-18; 8:45 am]
 BILLING CODE 8011-01-P

6626 Federal Register / Vol. 83, No. 31 / Wednesday, February 14, 2018 / Notices would increase the precision and clarity For the Commission, by the Division of self-regulatory organization consents, of the Guide. This increased precision Trading and Markets, pursuant to delegated the Commission shall either approve the authority.41 proposed rule change, disapprove the and clarity would help facilitate Participants’ ability to better understand Eduardo A. Aleman, proposed rule change, or institute their respective rights and obligations Assistant Secretary. proceedings to determine whether the regarding DTC’s clearance and [FR Doc. 2018–02977 Filed 2–13–18; 8:45 am] proposed rule change should be settlement of securities transactions. BILLING CODE 8011–01–P disapproved. The 45th day for this filing Accordingly, the Commission finds that is February 9, 2018. The Commission is extending the 45- the proposed changes would promote SECURITIES AND EXCHANGE day time period for Commission action the prompt and accurate clearance and COMMISSION on the proposed rule change. The settlement of securities transactions, Commission finds that it is appropriate consistent with the requirements of [Release No. 34–82666; File No. SR–ISE– 2017–106] to designate a longer period within Section 17A(b)(3)(F) of the Act.36 which to take action on the proposed Rule 17Ad–22(e)(23)(ii) under the Act Self-Regulatory Organizations; Nasdaq rule change so that it has sufficient time requires DTC to establish, implement, ISE, LLC; Notice of Designation of to consider and take action on the maintain and enforce written policies Longer Period for Commission Action Exchange’s proposed rule change. and procedures reasonably designed to on Proposed Rule Change To Permit Accordingly, pursuant to Section provide sufficient information to enable the Listing and Trading of NQX Index 19(b)(2) of the Act 6 and for the reasons Participants to identify and evaluate the Options on a Pilot Basis stated above, the Commission risks and material costs they incur by designates March 26, 2018, as the date participating in DTC.37 As described February 8, 2018. by which the Commission should either On December 6, 2017, Nasdaq ISE, approve or disapprove, or institute above, the proposed rule change would LLC (‘‘ISE’’ or ‘‘Exchange’’) filed with proceedings to determine whether to (1) increase the Guide’s transparency the Securities and Exchange disapprove, the proposed rule change regarding DTC’s procedures for the Commission (‘‘Commission’’), pursuant (File No. SR–ISE–2017–106). intra-month calculation of Required to Section 19(b)(1) of the Securities Deposits and (2) make other technical For the Commission, by the Division of Exchange Act of 1934 (‘‘Act’’) 1 and Rule Trading and Markets, pursuant to delegated and clarifying changes to increase the 19b–4 thereunder,2 a proposed rule authority.7 Guide’s readability. Increased change to permit the listing and trading Eduardo A. Aleman, transparency around a Participant’s of options based on 1⁄5 the value of the Assistant Secretary. required intra-month deposit to the Nasdaq-100 Index on a pilot basis. The [FR Doc. 2018–02981 Filed 2–13–18; 8:45 am] Participants Fund to satisfy a proposed rule change was published for BILLING CODE 8011–01–P Deficiency, as well as the increased comment in the Federal Register on clarity in the readability of the Guide, December 26, 2017.3 On January 31, are each changes that are designed to 2018, the Exchange filed Amendment SECURITIES AND EXCHANGE provide Participants with sufficient No. 1 to the proposed rule change.4 The COMMISSION information to identify and evaluate Commission has received no comment letters on the proposal. [Release No. 34–82670; File Nos. SR–DTC– risks and material costs in connection 2017–022; SR–FICC–2017–022; SR–NSCC– with their Required Deposit as Section 19(b)(2) of the Act 5 provides 2017–018] participants of DTC. Therefore, the that within 45 days of the publication of Commission finds that the proposed notice of the filing of a proposed rule Self-Regulatory Organizations; The rule change is consistent with Rule change, or within such longer period up Depository Trust Company; Fixed 17Ad–22(e)(23)(ii).38 to 90 days as the Commission may Income Clearing Corporation; National designate if it finds such longer period Securities Clearing Corporation; III. Conclusion to be appropriate and publishes its Notice of Designation of Longer Period reasons for so finding or as to which the for Commission Action on Proposed On the basis of the foregoing, the Rule Changes To Amend the Loss Commission finds that the proposal is 41 17 CFR 200.30–3(a)(12). Allocation Rules and Make Other consistent with the requirements of the 1 15 U.S.C. 78s(b)(1). Changes Act, in particular the requirements of 2 17 CFR 240.19b–4. 3 See Securities Exchange Act Release No. 82362 Section 17A of the Act 39 and the rules February 8, 2018. (December 19, 2017), 82 FR 61090. and regulations thereunder. 4 In Amendment No. 1, the Exchange revised its On December 18, 2017, The It is therefore ordered, pursuant to proposal to: (1) Add that raw percentage price Depository Trust Company (‘‘DTC’’), Section 19(b)(2) of the Act, that change data as well as percentage price change data Fixed Income Clearing Corporation normalized for prevailing market volatility, as (‘‘FICC’’), and National Securities proposed rule change SR–DTC–2017– measured by an appropriate index as agreed by the Clearing Corporation (‘‘NSCC’’) 024 be, and hereby is, approved.40 Commission and the Exchange, would be provided as part of the pilot data; and (2) revise the proposed (collectively, ‘‘Clearing Agencies’’), each duration of the pilot program such that the pilot filed with the Securities and Exchange would terminate on the earlier of: (i) Twelve Commission (‘‘Commission’’) a months following the date of the first listing of the proposed rule change to amend the loss options; or (ii) June 30, 2019. When the Exchange allocation rules and make other changes daltland on DSKBBV9HB2PROD with NOTICES 36 Id. filed Amendment No. 1 with the Commission, it 37 17 CFR 240.17Ad–22(e)(23)(ii). also submitted Amendment No. 1 to the public (SR–DTC–2017–022, SR–FICC–2017– 38 Id. comment file for SR–ISE–2017–106 (available at: 022, and SR–NSCC–2017–018), 39 15 https://www.sec.gov/comments/sr-ise-2017-106/ respectively (‘‘Proposed Rule Changes’’), U.S.C. 78q–1. ise2017106.htm). Because Amendment No. 1 does 40 In approving the proposed rule change, the not materially alter the substance of the proposed pursuant to Section 19(b)(1) of the Commission considered the proposals’ impact on rule change or raise unique or novel regulatory efficiency, competition, and capital formation. 15 issues, it is not subject to notice and comment. 6 15 U.S.C. 78s(b)(2). U.S.C. 78c(f). 5 15 U.S.C. 78s(b)(2). 7 17 CFR 200.30–3(a)(31). VerDate Sep<11>2014 22:07 Feb 13, 2018 Jkt 244001 PO 00000 Frm 00120 Fmt 4703 Sfmt 4703 E:\FR\FM\14FEN1.SGM 14FEN1

Federal Register / Vol. 83, No. 31 / Wednesday, February 14, 2018 / Notices 6627 Securities Exchange Act of 1934 SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s (‘‘Act’’) 1 and Rule 19b–4 thereunder.2 COMMISSION Statement of the Purpose of, and the The Proposed Rule Changes were Statutory Basis for, the Proposed Rule published for comment in the Federal [Release No. 34–82661; File No. SR– Change Register on January 8, 2018.3 The NYSEArca–2018–10] 1. Purpose Commission did not receive any Self-Regulatory Organizations; NYSE The Exchange proposes to amend the comments on the Proposed Rule Arca, Inc.; Notice of Filing and Fee Schedule, as described below, to (i) Changes. Immediate Effectiveness of Proposed modify the credits the Exchange Section 19(b)(2) of the Act 4 provides Rule Change To Amend the NYSE Arca provides for routing certain orders to the that within 45 days of the publication of Equities Fees and Charges NYSE; (ii) delete a pricing tier, the Large notice of the filing of a proposed rule Order Tier; and (iii) delete certain change, or within such longer period up February 8, 2018. obsolete dates from the Fee Schedule. to 90 days as the Commission may Pursuant to Section 19(b)(1) 1 of the The Exchange proposes to implement designate if it finds such longer period Securities Exchange Act of 1934 the fee changes on February 1, 2018. to be appropriate and publishes its (‘‘Act’’) 2 and Rule 19b–4 thereunder,3 notice is hereby given that, on February Primary Only (‘‘PO’’) Orders reasons for so finding or as to which the self-regulatory organization consents, 1, 2018, NYSE Arca, Inc. (‘‘Exchange’’ or A PO Order is designed to route to the ‘‘NYSE Arca’’) filed with the Securities primary listing market of the security the Commission shall either approve the and Exchange Commission underlying the order (i.e., NYSE, proposed rule change, disapprove the (‘‘Commission’’) the proposed rule Nasdaq Stock Market, etc.) immediately proposed rule change, or institute upon arrival and the order therefore change as described in Items I, II, and proceedings to determine whether the III below, which Items have been does not rest on the Exchange’s order proposed rule change should be prepared by the self-regulatory book. Because PO Orders do not rest on disapproved. The 45th day after organization. The Commission is the Exchange’s book, the Exchange publication of the notices for the publishing this notice to solicit charges fees or provides credits for those Proposed Rule Changes is February 22, comments on the proposed rule change orders based on the fees and credits of 2018. from interested persons. the destination primary listing market, The Commission is extending the 45- which are the non-tier fees and credits I. Self-Regulatory Organization’s that the Exchange is charged by the day time period for Commission action Statement of the Terms of Substance of on the Proposed Rule Changes. The primary listing market that receives the the Proposed Rule Change orders. For Tier 1 and Tier 2 PO Orders Commission finds that it is appropriate to designate a longer period within The Exchange proposes to amend the that are routed to the NYSE, the which to take action on the Proposed NYSE Arca Equities Fees and Charges Exchange currently provides a credit of (‘‘Fee Schedule’’) to (i) modify the $0.0014 per share for such orders. Rule Changes so that it has sufficient credits the Exchange provides for In a recent rule filing, the NYSE time to consider and take action on the routing certain orders to the New York modified its fee structure for equities Proposed Rule Changes. transactions by decreasing the level of Stock Exchange LLC (‘‘NYSE’’); (ii) Accordingly, pursuant to Section delete a pricing tier; and (iii) delete rebate that it provides to its members 19(b)(2) of the Act 5 and for the reasons certain obsolete dates from the Fee that provide liquidity from $0.0014 per stated above, the Commission Schedule. The Exchange proposes to share to $0.0012 per share.4 In order to designates April 8, 2018 as the date by implement the fee changes effective maintain the same relationship between which the Commission shall either February 1, 2018. The proposed rule the rate that the Exchange charges for a approve, disapprove, or institute change is available on the Exchange’s PO Order and the rebate provided by the proceedings to determine whether to website at www.nyse.com, at the destination venue, the Exchange is also disapprove proposed rule changes SR– principal office of the Exchange, and at amending the per share credit for PO DTC–2017–022, SR–FICC–2017–022, the Commission’s Public Reference Orders routed to the NYSE that provide and SR–NSCC–2017–018. Room. liquidity to the NYSE to $0.0012 per share. The Exchange proposes For the Commission, by the Division of II. Self-Regulatory Organization’s corresponding changes to the Basic Trading and Markets, pursuant to delegated Statement of the Purpose of, and Rates pricing section of the Fee authority.6 Statutory Basis for, the Proposed Rule Schedule. Eduardo A. Aleman, Change Large Order Tier Assistant Secretary. In its filing with the Commission, the [FR Doc. 2018–02983 Filed 2–13–18; 8:45 am] self-regulatory organization included In April 2017, the Exchange filed a BILLING CODE 8011–01–P statements concerning the purpose of, proposed rule change to adopt a new and basis for, the proposed rule change pricing tier to incentivize large order and discussed any comments it received flow (‘‘Large Order Tier’’).5 The Large 1 15 U.S.C. 78s(b)(1). on the proposed rule change. The text Order Tier adopted a lower fee of 2 17 CFR 240.19b–4. of those statements may be examined at $0.0010 per share to ETP Holders, 3 Securities Exchange Act Release No. 82426 the places specified in Item IV below. including Market Makers, that execute (January 2, 2018), 83 FR 913 (January 8, 2018) (SR– an average daily volume (‘‘ADV’’) of The Exchange has prepared summaries, daltland on DSKBBV9HB2PROD with NOTICES DTC–2017–022); Securities Exchange Act Release set forth in sections A, B, and C below, 1,250,000 shares or greater of Market No. 82427 (January 2, 2018), 83 FR 854 (January 8, 2018) (SR–FICC–2017–022); Securities Exchange of the most significant parts of such 4 See Securities Exchange Act Release No. 82563 Act Release No. 82428 (January 2, 2018), 83 FR 897 statements. (January 22, 2018), 83 FR 3799 (January 26, 2018) (January 8, 2018) (SR–NSCC–2017–018). (SR–NYSE–2018–03). 4 15 U.S.C. 78s(b)(2). 1 15 U.S.C. 78s(b)(1). 5 See Securities Exchange Act Release No. 80516 5 15 U.S.C. 78s(b)(2). 2 15 U.S.C. 78a. (April 24, 2017), 82 FR 19775 (April 28, 2017) (SR– 6 17 CFR 200.30–3(a)(31). 3 17 CFR 240.19b–4. NYSEArca–2017–43). VerDate Sep<11>2014 22:07 Feb 13, 2018 Jkt 244001 PO 00000 Frm 00121 Fmt 4703 Sfmt 4703 E:\FR\FM\14FEN1.SGM 14FEN1


Document Created: 2018-02-14 03:59:39
Document Modified: 2018-02-14 03:59:39
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation83 FR 6626 
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