[Federal Register Volume 70, Number 125 (Thursday, June 30, 2005)]
[Notices]
[Page 37878]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-3431]



[[Page 37878]]

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SECURITIES AND EXCHANGE COMMISSION

[Release 34-51911; File No. 600-23]


Self-Regulatory Organizations; Fixed Income Clearing Corporation; 
Notice of Filing and Order Approving an Extension of Temporary 
Registration as a Clearing Agency

June 23, 2005.
    The Securities and Exchange Commission (``Commission'') is 
publishing this notice and order to solicit comments from interested 
persons and to extend the Fixed Income Clearing Corporation's 
(``FICC'') temporary registration as a clearing agency through June 30, 
2006.\1\
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    \1\ FICC is the successor to MBS Clearing Corporation and 
Government Securities ClearingCorporation.
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    On May 24, 1988, pursuant to Sections 17A(b) and 19(a) of the Act 
\2\ and Rule 17Ab2-1 promulgated thereunder,\3\ the Commission granted 
the Government Securities Clearing Corporation (``GSCC'') registration 
as a clearing agency on a temporary basis for a period of three 
years.\4\ The Commission subsequently extended GSCC's registration 
through June 30, 2003.\5\
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    \2\ 15 U.S.C. 78q-1(b) and 78s(a).
    \3\ 17 CFR 240.17Ab2-1.
    \4\ Securities Exchange Act Release No. 25740 (May 24, 1988), 53 
FR 19639.
    \5\ Securities Exchange Act Release Nos. 25740 (May 24, 1988), 
53 FR 19639; 29236 (May 24, 1991), 56 FR 24852; 32385 (June 3, 
1993), 58 FR 32405; 35787 (May 31, 1995), 60 FR 30324; 36508 
(November 27, 1995), 60 FR 61719; 37983 (November 25, 1996), 61 FR 
64183; 38698 (May 30, 1997), 62 FR 30911; 39696 (February 24, 1998), 
63 FR 10253; 41104 (February 24, 1999), 64 FR 10510; 41805 (August 
27, 1999), 64 FR 48682; 42335 (January 12, 2000), 65 FR 3509; 43089 
(July 28, 2000), 65 FR 48032; 43900 (January 29, 2001), 66 FR 8988; 
44553 (July 13, 2001), 66 FR 37714; 45164 (December 18, 2001), 66 FR 
66957; and 46135 (June 27, 2002), 67 FR 44655.
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    On February 2, 1987, pursuant to Sections 17A(b) and 19(a) of the 
Act \6\ and Rule 17Ab2-1 promulgated thereunder,\7\ the Commission 
granted MBS Clearing Corporation (``MBSCC'') registration as a clearing 
agency on a temporary basis for a period of eighteen months.\8\ The 
Commission subsequently extended MBSCC's registration through June 30, 
2003.\9\
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    \6\ Supra note 2.
    \7\ Supra note 3.
    \8\ Securities Exchange Act Release No. 24046 (February 2, 
1987), 52 FR 4218.
    \9\ Securities Exchange Act Release Nos. 25957 (August 2, 1988), 
53 FR 29537; 27079 (July 31, 1989), 54 FR 34212; 28492 (September 
28, 1990), 55 FR 41148; 29751 (September 27, 1991), 56 FR 50602; 
31750 (January 21, 1993), 58 FR 6424; 33348 (December 15, 1993), 58 
FR 68183; 35132 (December 21, 1994), 59 FR 67743; 37372 (June 26, 
1996), 61 FR 35281; 38784 (June 27, 1997), 62 FR 36587; 39776 (March 
20, 1998), 63 FR 14740; 41211 (March 24, 1999), 64 FR 15854; 42568 
(March 23, 2000), 65 FR 16980; 44089 (March 21, 2001), 66 FR 16961; 
44831 (September 21, 2001), 66 FR 49728; 45607 (March 20, 2002), 67 
FR 14755; and 46136 (June 27, 2002), 67 FR 44655.
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    On January 1, 2003, MBSCC was merged into GSCC and GSCC was renamed 
FICC.\10\ The Commission subsequently extended FICC's temporary 
registration through June 30, 2005.\11\
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    \10\ Securities Exchange Act Release No. 47015 (December 17, 
2002), 67 FR 78531 (December 24, 2002) File Nos. [SR-GSCC-2002-07 
and SR-MBSCC-2002-01].
    \11\ Securities Exchange Act Release Nos. 48116 (July 1, 2003), 
68 FR 41031 and 49940 (June 29, 2004), 69 FR 40695.
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    On May 31, 2005, FICC requested that the Commission extend FICC's 
temporary registration until such time as the Commission is prepared to 
grant FICC permanent registration.\12\
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    \12\ Letter from Nikki Poulos, Vice President and General 
Counsel, FICC (May 23, 2005).
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    The Commission today is extending FICC's temporary registration as 
a clearing agency in order that FICC may continue to provide its users 
clearing and settlement services as a registered clearing agency. 
During the third quarter of 2005, the Commission expects to publish a 
release requesting comment on granting FICC permanent registration as a 
clearing agency. FICC acts as the central clearing entity for the U.S. 
Government securities trading and financing marketplaces and provides 
for the safe and efficient clearance and settlement of transactions in 
mortgage-backed securities. 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 Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to [email protected]. Please include 
File Number 600-23 on the subject line.

Paper Comments

     Send paper comments in triplicate to Jonathan G. Katz, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-9303.
    All submissions should refer to File Number 600-23. This file 
number should be included on the subject line if e-mail 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 inspection and 
copying in the Commission's Public Reference Section, 100 F Street, 
NE., Washington, DC 20549. Copies of such filing also will be available 
for inspection and copying at the principal office of FICC and on 
FICC's Web site at http://www.ficc.com. 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 600-23 and should be submitted on or before 
July 21, 2005.
    It is therefore ordered that FICC's temporary registration as a 
clearing agency (File No. 600-23) be and hereby is extended through 
June 30, 2006.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(1506).
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J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E5-3431 Filed 6-29-05; 8:45 am]
BILLING CODE 8010-01-P