[Federal Register Volume 73, Number 64 (Wednesday, April 2, 2008)]
[Notices]
[Pages 18019-18022]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-6808]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57573; File Nos. SR-DTC-2007-14 and SR-NSCC-2007-14]


Self-Regulatory Organizations; The Depository Trust Company and 
National Securities Clearing Corporation; Notice of Filing of Proposed 
Rule Changes, as Amended, To Provide for the Settlement of 
Institutional Transactions in Conjunction With Each Other Through a 
Service Called ID Net

March 27, 2008.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on October 15, 2007, The 
Depository Trust Company (``DTC'') and the National Securities Clearing 
Corporation (``NSCC'') each filed with the Securities and Exchange 
Commission (``Commission'') and on December 20, 2007, and on February 
25, 2008, each amended their proposed rule changes as described in 
Items I, II, and III below, which items have been prepared by DTC and 
NSCC. The Commission is publishing this notice to solicit comments on 
the proposed rule changes from interested parties.
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    \1\ 15 U.S.C. 78s(b)(1).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Changes

    DTC and NSCC are seeking to amend their Rules to provide a new 
service, ``ID Net Service,'' which will establish settlement netting 
functionalities for institutional transactions by leveraging the 
netting and settlement capabilities of NSCC with the existing 
processing capabilities of DTC.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Changes

    In its filing with the Commission, DTC and NSCC included statements 
concerning the purpose of and basis for the proposed rule changes and 
discussed any comments it received on the proposed rule changes. The 
text of these statements may be examined at the places specified in 
Item IV below. DTC and NSCC have prepared summaries, set forth in 
sections (A), (B), and (C) below, of the most significant aspects of 
these statements.\2\
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    \2\ The Commission has modified the text of the summaries 
prepared by DTC and NSCC.
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A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Changes

1. Background
    Unlike exchange trades and most prime broker trades, most 
institutional delivery (``ID'') transactions do not currently flow 
through NSCC's Continuous Net Settlement system (``CNS'').\3\ Rather, 
these institutional transactions are processed and settled at DTC. The 
ID Net Service will allow subscribers to the service to net all 
eligible affirmed institutional transactions at DTC against their CNS 
transactions at NSCC.
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    \3\ NSCC's CNS is an automated accounting and securities 
settlement system that centralizes and nets the settlement of 
compared and recorded securities transactions and maintains an 
orderly flow of security and money balances. CNS provides clearance 
for equities, corporate bonds, unit investment trusts, and municipal 
bonds that are eligible for book-entry transfer at DTC.
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    The ID Net Service will accept affirmed institutional transactions 
that are eligible for the ID Net Service from clearing agencies 
registered pursuant to Section 17A of the Act, other entities (such as 
Omgeo Matching Services--US LLC) which have obtained an exemption from 
clearing agency registration from the Commission, and Qualified 
Vendors, as defined in the rules of the New York Stock Exchange, the 
National Association of Securities Dealers, or other self-regulatory 
organizations (entities with exemptions from clearing agency 
registration or Qualified Vendor are collectively referred to as 
``Affirming Agencies''), and net the broker-dealer side of such 
transaction with the broker-dealer's CNS obligations.
    Eligibility for the ID Net Service will require that a broker-
dealer be an NSCC Member eligible for CNS processing and a DTC 
Participant (``ID Net Firm'') and that a bank be a DTC Participant 
(``ID Net Bank'') (collectively ``ID Net Subscribers''). In addition, 
eligibility for ID Net Service processing will be based on the 
underlying security being processed, the type of transaction submitted 
for processing, and the timing of affirmation. Participation in the ID 
Net Service will be voluntary and will be governed by the rules and 
procedures applicable to the ID Net Service as described below. All ID 
Net Subscribers will be required to enter into separate ID Net 
Subscriber agreements with NSCC and/or DTC, as applicable, governing 
their use of the ID Net Service.
2. Current Processing
    A typical ID transaction is currently processed as follows. An 
Investment Manager, acting on behalf of its Institutional client, 
executes a transaction with Firm A. The Investment Manager, or a 
Custodian acting on its behalf, and Firm A submit the transaction data 
to an Affirming Agency (for example, Omgeo) for confirmation/
affirmation. Once affirmed, the Affirming Agency's automated systems 
transmit settlement instructions for the matched transaction to DTC's 
Inventory Management System (``IMS'') to be processed. These ID 
transactions are not netted, rather they are settled on a trade-for-
trade basis at DTC.
3. Proposed Service
    In order to extend netting benefits and efficiencies to 
institutional transactions, NSCC will extend its clearance and 
settlement functionalities to net the broker-dealer's side of 
institutional transactions with the broker-dealer's broker-to-broker 
activity that is eligible for processing through NSCC's CNS service.
    Most equity securities that are currently eligible for CNS 
processing will be eligible for ID Net Service processing. However, ID 
Net Services will initially exclude the following: (1) Corporate and 
municipal bonds and unit investment trust issues; (2) new issue 
securities in their first day of IPO trading; (3) securities that are 
IPO tracked since the use of omnibus accounts would bypass the tracking 
system; (4) trades in issues that are currently undergoing a mandatory 
or voluntary reorganization; (5) trades in securities with a CNS buy-
in; and (6) trades in securities appearing on the Commission's 
Regulation SHO list.\4\
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    \4\ NSCC has determined that certain security types may have a 
relatively high rate of delivery failure or may disrupt normal 
processing of transactions in the ID Net Service. Such securities 
will initially be excluded from the service; however, as experience 
with the service grows, the status of such securities may be 
reevaluated.

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[[Page 18020]]

    To facilitate the processing of ID Net Service transactions, two 
new securities accounts will be established by NSCC at DTC on behalf of 
all ID Net Firms that have elected to use ID Net Service--the ``ID 
Netting Subscriber Deliver Account'' and the ``ID Netting Subscriber 
Receive Account'' (collectively referred to as the ``ID Netting 
Subscriber Accounts''). NSCC will be the owner of both accounts and 
will act as agent for the ID Net Firms. NSCC will process ID Net 
Service transactions through these accounts on behalf of participating 
ID Net Firms. While NSCC will direct transactions through these 
accounts on behalf of the ID Net Firms, the ID Net Firms, not NSCC, 
will be responsible for satisfying applicable DTC risk management 
controls and Participant Fund requirements for their activity in the ID 
Netting Subscriber Accounts.
    The ID Netting Subscriber Deliver Account will be maintained for 
all ID Net Firms receiving ID Net Eligible Securities from an ID Net 
Bank. The ID Netting Member Receive Account will be maintained for all 
ID Net Firms receiving ID Net Eligible Securities from CNS that are 
bound for delivery by that ID Net Firm to an ID Net Bank.\5\
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    \5\ ID Net Firms will not have the ability to direct 
transactions to either ID Netting Subscriber Account. All ID Net 
Firm positions in either the ID Netting Subscriber Deliver Account 
or the ID Netting Subscriber Receive Account will be recorded 
separately by NSCC and in no event will securities positions of one 
ID Net Firm be attributed to another ID Net Firm.
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    With the establishment of these two new ID Netting accounts, ID Net 
Service transactions will be processed as follows. Upon affirmation, 
the Affirming Agency will check that the transaction is eligible for ID 
Net Service processing. If the transaction qualifies, the Affirming 
Agency prior to submitting that affirmed transaction to IMS will flag 
the transaction by populating the delivery instructions third party 
field with the account number of the ID Netting Subscriber.
    IMS will facilitate the delivery of the securities, subject to 
DTC's risk management controls, to the ID Netting Subscriber Deliver 
Account. On the night of trade date plus two (``T+2''), the ID Net 
Firm's CNS position, if any, will be updated for the quantity and value 
of the ID Net Service transaction and an open obligation in the ID 
Netting Subscriber Deliver Account will be created.
    For transactions in which the ID Net Firm is delivering securities 
to an ID Net Bank, on the night of T+2, the ID Net Firm's CNS position, 
if any, will be updated for the quantity and value of the ID Net 
Service transaction and an open obligation in the ID Netting Subscriber 
Receive Account will be created. Once the securities are credited to 
the ID Netting Subscriber Receive Account, the securities will be 
delivered, subject to DTC's Risk Management controls, to the ID Net 
Bank's account.
    ID Net Service transactions not completed for any reason, including 
due to a party's failure to deliver or pass DTC's risk management 
controls, by 11:30 a.m. on settlement date will be ``dropped'' from ID 
Net Service and instead will be settled trade-for-trade between the 
original counterparties at DTC as if the transaction had not been 
included in the ID Net Service.
4. Eligibility Requirements
    Eligibility is based on the participants, the underlying security, 
the type of trade, and the timing of the affirmation as follows: (1) 
The broker-dealer must be both an NSCC Member and a DTC Participant; 
(2) The custodian bank must be a DTC Participant; (3) The broker-dealer 
and the custodian bank must both elect to participate in the ID Net 
Service; and (4) The security must be an equity security eligible for 
CNS. The following securities will not be eligible for the ID Net 
Service: (1) Corporate and municipal bonds; (2) unit investment trust 
issues; (3) new issue securities in their first day of trading; (4) 
securities that are IPO tracked since the use of omnibus accounts would 
bypass the tracking system; (5) securities that are undergoing a 
mandatory or voluntary reorganization; (6) securities with a pending 
CNS buy-in; and (7) Regulation SHO securities.\6\ The trade must be 
affirmed before 9 p.m. on trade date plus one (``T+1''), and the trade 
must be ``regular-way'' (i.e., scheduled for T+3 settlement).
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    \6\ Supra note 4.
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    After a transaction has been affirmed and deemed eligible for the 
ID Net Service, DTC will monitor the ID Net Service transaction's 
eligibility up until approximately 8 p.m. on the night of T+2. If the 
transaction becomes ineligible for any reason, the transaction will be 
exited from the ID Net Service processing and will be settled on a 
trade-for-trade basis between the ID Net Firm and the ID Net Bank 
outside of the ID Net Service at DTC.
5. Settlement
    Upon receipt of the affirmation of an eligible trade from the 
Affirming Agency, DTC's IMS System will automate the following: (1) For 
bank deliveries, IMS will move the ``original clearing broker'' from 
the ``receiver's field'' to the ``third party field'' of the ID 
delivery instruction and will replace it with a with the ID Netting 
Subscriber Delivery Account and (2) For bank receives, IMS will move 
the ``original clearing broker'' from the ``deliverer's field'' to the 
``third party field'' of the ID delivery instruction and will replace 
it with the ID Netting Subscriber Receive Account.
    Custodian banks will still be able to exempt or authorize ID 
deliveries in IMS before the night cycle as they do today; and trades 
that are eligible for ID Net Service but which are still in a pending 
state by 11:30 a.m. on settlement date will revert to trade-for-trade 
settlement versus the original clearing participant and will not settle 
as part of ID Net Service. Accordingly, if the bank subsequently 
authorizes the delivery, it will be sent to the original clearing 
broker instead of to the ID Netting Subscriber Deliver Account.
    ID Net Firms will still be able to exempt or cancel an ID delivery 
in IMS as they do today, but they will be limited to instructions 
transmitted through DTC's Participant Terminal Service and Participant 
Browser Service (PTS/PBS) and only on a trade-by-trade basis. 
Deliveries from the ID Netting Subscriber Receive Account will be 
attempted in random order until approximately 10 a.m. on settlement 
date. After that time, the system will attempt to complete any of the 
deliveries up until 11:30 a.m. in settlement value order with highest 
value first. ID Net Service transactions not completed for any reason 
by 11:30 a.m. due to a party's failure to deliver or pass DTC risk 
controls on settlement date will be exited from the ID Net Service and 
instead will settle trade-for-trade versus the original clearing 
broker. Deliveries that do not complete will be available for immediate 
reintroduction from the original clearing broker's account through a 
new IMS function at 11:30 a.m. Brokers can then create a profile to 
have these deliveries await authorization or to be processed 
immediately.
    If an ID Net Bank reclaims a transaction from the ID Netting 
Subscriber Receive Account, the reclaim will be processed against the 
applicable ID Net Firm and not against the ID Netting Subscriber 
Receive Account.
6. DTC Risk Management Control Updates
    In order to protect DTC from having a failure exported from NSCC, 
updates

[[Page 18021]]

to DTC's participants' net debit caps and collateral monitors will be 
necessary. A new ID Net Service collateral monitor and net debit cap 
balance will be recorded for each ID Net Firm. The ID Net Service 
collateral monitor will record the net balance of collateral generated 
for all transactions processed through the ID Net Service. If the 
balance of collateral generated by all ID Net Service receives and 
delivers is positive, the ID Net Firm's collateral monitor will not be 
increased by that amount. However, if an ID Net Service transaction 
requires collateral, the system will use the ID Net Service collateral 
surplus for that ID Net Firm before attempting to use other collateral 
from that ID Net Firm. If there is insufficient ID Net Service 
collateral for that broker, the system will look to the ID Net Firm's 
excess collateral in its account.
    Similar to collateral, the system will create a new ID Net Service 
settlement balance for each ID Net Firm. When this balance is a net 
credit from deliveries on the ID Net Firm's behalf through the ID 
Netting Subscriber Receive Account, it will only be used to offset 
incoming ID Net Services receives to the ID Netting Subscriber Deliver 
Account. If there is an insufficient ID Net Service credit to absorb 
the debit of the ID Net Service delivery to the ID Netting Subscriber 
Deliver Account for the ID Net Firm, the system will create an ID Net 
Service debit that will effectively treat the ID Net Service debit as a 
reduction of the ID Net Firm's net debit cap. The ID Net Service debit 
will only be used for net debit cap calculation purposes and will not 
represent a participant's actual settlement balance.\7\ If the broker 
has insufficient collateral or net debit cap, the transaction will pend 
until 11:30 am on settlement date.\8\
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    \7\ Currently, brokers receive market value credit for 
deliveries to CNS if the security is received versus payment (RVP) 
or collateral value (collateral value is market value less the DTC 
haircut) if the delivery to CNS was from securities in their start 
of day position or received for free. With respect to the ID Net 
Service, the system will no longer identify if a delivery would have 
come from a broker's RVP securities or not, and as such, the system 
will assume the delivery would have come from a broker's start of 
day position.
    Likewise, to the extent that ID Net Firms have a net credit for 
their ID deliveries today, an ID Net Firm's settlement balance is 
reduced. Since these credits will no longer be generated from the ID 
Net Firm's account, it may require the need to fund DTC intraday to 
prevent net debit cap blockage.
    \8\ As an example of how DTC risk controls would be applied to 
ID Net Subscribers, assume that Investment Manager A sells 10 shares 
of Common Stock X using ID Net Firm B (a broker). If B sells the 
shares on an exchange for $20, and the trade is affirmed and the 
shares are delivered by A's Custodian Bank C, then C would receive a 
credit in DTC for $20 and the ID Netting Subscriber Deliver Account 
(owned by NSCC as agent for B) would have a DTC debit of $20. In 
this case, B's net debit cap would be reduced by $20 and its 
collateral monitor is reduced by the net of the $20 debit and the 
collateral value of the securities (e.g. with a 10 percent haircut 
the collateral value would be $18), or $2. When the ID Netting 
Subscriber Deliver Account delivers the shares to CNS, it receives a 
credit for $20. This credit is offset with the DTC debit of $20 at 
end-of-day. Additionally, assume A then buys 10 shares of Commons 
Stock Y through B at $30. On the night of T+2, CNS will deliver the 
shares to the ID Netting Subscriber Receive Account and that account 
will be debited in CNS for $30. C would then receive 10 shares of Y 
from the ID Netting Subscriber Receive Account. C receives a debit 
in DTC for $30 and the ID Netting Subscriber Receive Account is 
credited at DTC for $30. B's account has its DTC net debit cap 
increased by $20 to offset the previous decrease of $20 (for the 
sale of Common Stock X) (and not $30 since the net of the ID Net 
receive relating to the sale of Common Stock X above of $20 and the 
delivery of Common Stock Y for $30 is a $10 credit and B's net debit 
cap is decremented only when the net balance is a debit. C will not 
receive a net credit, but will receive an offset of previous ID Net 
debits with ID Net credits) and the same for its collateral monitor 
which is increased only up to the amount it was debited for ID Net 
transactions (absent its participation in the ID Net service, B 
would have received a $3 credit to the collateral monitor which 
equals the net of the $30 credit and the collateral value of the 
securities $27 ($30 market value less a 10% haircut)). In this case, 
B would only receive a collateral credit of $2, but the ID Net 
credit balance of $1 will be registered to absorb future ID Net 
receives that have a collateral deficiency. If C was at its net 
debit cap or collateral monitor limit due to other receives, the ID 
Net transaction would recycle or pend in the system until the 
deficiency could be satisfied or until 11:30 am, when it would drop 
out of ID Net.
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7. NSCC Clearing Fund Offset and Mark-to-Market
    ID Net Service transactions will be used to offset the balance of 
any other CNS transactions and the ``net'' of those transactions will 
be used for purposes of determining NSCC Clearing Fund obligations 
pursuant to NSCC's current procedures with a revised mark-to-market 
calculation applicable to ID Net Firms. The revised mark-to-market 
calculation for ID Net Firms will be based on (x) the current CNS mark-
to-market component (which will exclude ID Net transactions) and (y) a 
mark-to-market component calculated with respect to ID Net Service-
related positions. However, any positive value derived from either (x) 
or (y) will be set to zero.\9\
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    \9\ Similar to the existing CNS mark-to-market component, the 
new ID Net Service mark-to-market component applicable to ID Net 
Service transactions will equal the net of each day's difference 
between the contract price of the Member's net positions relating to 
ID Net Service activity and the current market price for such 
positions.
    For example, if an ID Net Firm has a ``regular'' mark-to-market 
debit of $500,000 and an ID Net Service mark-to-market debit of 
$100,000, then these debits would be added together and the ID Net 
Firm's total mark-to-market obligation would equal a debit of 
$600,000. However, if that same ID Net Firm's ID Net mark-to-market 
calculation results in a credit of $100,000, then the value of that 
credit would be set to zero, and therefore the total mark-to-market 
would equal a debit $500,000 (i.e., the amount of the broker's 
regular mark-to-market debit).
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8. Prioritization
    In order to reduce the potential number and value of fails in the 
ID Net Service, deliveries from CNS to the ID Netting Subscriber 
Receive Account will be given a higher delivery priority pursuant to 
the allocation algorithm set forth in NSCC's Procedure VII (CNS 
Accounting Operation) than other CNS deliveries with the exception of 
buy-in deliveries, corporate action deliveries, and deliveries of 
component securities of index receipts.\10\ NSCC is also modifying this 
Procedure to clarify that deliveries of the component securities for 
index receipts shall have the same priority as deliveries to the ID 
Netting Subscriber Receive Account.
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    \10\ Currently, institutional deliveries processed through the 
DTC system from ID Net Firms to banks may be prioritized by ID Net 
Firms through IMS and/or through exempting their deliveries to CNS 
in order to ensure that available inventory will be used for such 
deliveries. Including transactions in the proposed service allows 
for the ``automation'' of such prioritization through the CNS 
Accounting Operation.
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    Any ID Net transactions that cannot be completed will be exited 
from the ID Net Service and instead will settle trade-for-trade between 
the ID Net Firm and the ID Net Bank (the original counterparties) at 
DTC.
9. DTC Fees
    ID Net Banks and ID Net Firms will be charged a reduced DTC ID Net 
Service fee of $0.025 for each completed delivery and receive processed 
versus the ID delivery or receive fee of $0.05. For deliveries that are 
exited from the ID Net Service, there will not be a ``drop'' fee 
charged. For ID Net Service deliveries cancelled by ID Net Firms from 
the ID Netting Subscriber Receive Account, the $0.45 ``pend cancel'' 
fee will be charged. For ID Net Service deliveries to and from CNS on 
behalf of the ID Net Firms, no fee will be charged.
10. NSCC Rulebook Changes
    Under the proposed rule change, a new Rule 65 and Procedure XVI 
(both titled ``ID Net Service'') will be added to NSCC's Rules, and 
additional conforming changes will be made elsewhere throughout NSCC's 
Rules to provide consistency with the new Rule 65. These additional 
changes include the following.
(a) Rule 3 (Lists To Be Maintained)
    A subsection will be added to Rule 3 to provide that NSCC will 
maintain a list of Eligible ID Net Securities and may

[[Page 18022]]

from time to time add or delete applicable CNS Securities from the 
list.
(b) Procedure VII (CNS Accounting Operation)
    Procedure VII will be revised to incorporate the processing of 
transactions in Eligible ID Net Securities into the CNS Accounting 
Operation. The revisions will also reflect: (i) That Members will not 
be able to exempt deliveries from an ID Netting Subscriber Account, 
(ii) the prioritization of ID Net Service deliveries and deliveries of 
the component securities of index receipts in the CNS allocation 
algorithm behind deliveries associated with reorganizations and buy-
ins, and (iii) that ID Net Service transactions will be recorded on the 
Miscellaneous Activity Report on the night of T+2 and removals of such 
transactions from the ID Net Service will also be recorded on that 
report.
(c) Procedure XV (Clearing Fund Formula and Other Matters)
    Procedure XV will be revised to indicate the exclusion of ID Net 
Service transactions from the ID offset process for the purposes of 
calculating the volatility component of a subscriber's Clearing Fund 
requirement. In addition language will be revised and added with 
respect to the calculation of mark-to-market to reflect the changes to 
the formula as described above.
    DTC and NSCC believe that the proposed rule changes are consistent 
with the requirements of Section 17A of the Act \11\ and the rules and 
regulations thereunder applicable to DTC and NSCC in that they promote 
the prompt and accurate clearance and settlement of securities 
transactions by leveraging the capabilities of the DTC and NSCC systems 
to provide for more streamlined securities deliveries and extend 
netting benefits and efficiencies to ID transactions.
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    \11\ 15 U.S.C. 78q-1.
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B. Self-Regulatory Organization's Statement on Burden on Competition

    DTC and NSCC do not believe that the proposed rule changes would 
have any impact or impose any burden on competition.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants or Others

    Written comments have not been solicited with respect to the 
proposed rule change, and none have been received. DTC and NSCC will 
notify the Commission of any written comments they receive.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Within thirty-five days of the date of publication of this notice 
in the Federal Register or within such longer period (i) as the 
Commission may designate up to ninety days of such date if it finds 
such longer period to be appropriate and publishes its reasons for so 
finding or (ii) as to which the self-regulatory organization consents, 
the Commission will:
    (A) By order approve such proposed rule change, or
    (B) Institute proceedings to determine whether the proposed rule 
change should be disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change, as amended, 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 Numbers SR-DTC-2007-14 and SR-NSCC-2007-14 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.

All submissions should refer to File Numbers SR-DTC-2007-14 and SR-
NSCC-2007-14. 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, on official 
business days between the hours of 10 am and 3 pm. Copies of such 
filings also will be available for inspection and copying at the 
principal offices of DTC and NSCC and on DTC's Web site at http://www.dtcc.com/downloads/legal/rule_filings/2007/dtc/2007-14.pdf and on 
NSCC's Web site at http://www.dtcc.com/downloads/legal/rule_filings/2007/nscc/2007-14.pdf. 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 Numbers 
SR-DTC-2007-14 and SR-NSCC-2007-14 and should be submitted on or before 
April 23, 2008.

    For the Commission by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E8-6808 Filed 4-1-08; 8:45 am]
BILLING CODE 8011-01-P