[Federal Register Volume 75, Number 205 (Monday, October 25, 2010)]
[Notices]
[Pages 65546-65550]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-26805]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-63126; File No. SR-NSCC-2010-11]


Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Filing of Proposed Rule Change To Enhance the 
Reconfirmation and Pricing Service, Including the Creation of the 
Obligation Warehouse

October 18, 2010.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 thereunder \2\ notice is hereby given that 
on October 5, 2010, the National Securities Clearing Corporation 
(``NSCC'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I and 
II below, which Items have been prepared primarily by NSCC.\3\ The 
Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ The text of the proposed rule change is attached as Exhibit 
5 to NSCC's filing and is available at http://www.dtcc.com/downloads/legal/rule_filings/2010/nscc/2010-11.pdf.
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I. Self-Regulatory Organization's Statement of the Terms of the 
Substance of the Proposed Rule Change

    The purpose of this proposed rule change is to enhance the 
Reconfirmation and Pricing Service (``RECAPS'') process,

[[Page 65547]]

to modify RECAPS to run on a more frequent basis, and to rename RECAPS 
as the Obligation Warehouse (``OW'') service.

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

    In its filing with the Commission, NSCC 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. NSCC has prepared summaries, set forth in sections (A), 
(B), and (C) below, of the most significant aspects of these 
statements.\4\
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    \4\ The Commission has modified the text of the summaries 
prepared by NSCC.
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(A) Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

Background
    RECAPS is NSCC's automated fail clearance system for eligible 
securities. Through RECAPS, members are provided with an opportunity on 
a quarterly basis to reconfirm and reprice compared transactions which 
remain unsettled (i.e., fail transactions). The rule change proposes to 
modify RECAPS to run on a more frequent basis, enhance the RECAPS 
process, and rename the RECAPS process the Obligation Warehouse (``OW'' 
or ``OW Service''). As more fully described below, the proposed 
enhanced service will provide: (1) Comparison of transactions that are 
not otherwise submitted by the applicable marketplaces or members 
themselves for trade comparison or recording through other NSCC trade 
capture services; (2) tracking, storage, and maintenance of unsettled 
obligations either compared through the service or forwarded to it from 
other NSCC services in accordance with NSCC rules (including securities 
exited from NSCC's Continuous Net Settlement (``CNS'') system, non-CNS 
Automated Customer Account Transfer Service (``ACATS'') items,\5\ NSCC 
Balance Order transactions and Special Trades) (collectively ``OW 
Obligations''); \6\ and (3) repricing and netting of fail obligations. 
The tracking, storage, and maintenance functionality of the OW will 
provide transparency, will make information available to its users 
while serving as a central depository of open (i.e., failed or 
unsettled) broker-to-broker obligations, and will allow users to manage 
and to resolve exceptions (e.g., ``don't know'' or ``DK'' obligations) 
in an efficient and timely manner. As proposed, OW will simultaneously 
provide on-going maintenance and servicing of open OW Obligations, such 
as adjustments for corporate actions and regular scans of OW 
Obligations for CNS eligibility.\7\
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    \5\ Only non-CNS eligible ACATS items and CNS-eligible ACATS 
items that have been designated as ex-CNS shall be forwarded to the 
OW. Non-CNS ACATS items for mutual funds, limited partnerships, and 
safekeeping items, however, will not be eligible for OW.
    \6\ Balance Orders will be forwarded to the OW after netting and 
allotting has occurred in accordance with NSCC's Procedures.
    \7\ These functionalities will be made available at a date no 
less than ten business days following announcement of implementation 
by Important Notice.
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Current RECAPS Service
    RECAPS allows members to periodically reconfirm open, aged fails 
(i.e., fails that are five days or older), reprice such fails to the 
current market value, and when possible, net the reconfirmed and 
repriced fails. All NSCC members that are also members of the Financial 
Industry Regulatory Authority (``FINRA'') are required to participate 
in the RECAPS service; \8\ however, the service is available to all 
members. As part of the RECAPS process, those CNS-eligible recompared 
fails are forwarded to CNS for processing and settlement. Transactions 
in non-CNS eligible issues are repriced, netted, and allotted, when 
applicable, and Balance Orders generated for them or they are 
designated to settle trade-for-trade.
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    \8\ FINRA Rule 11190(a).
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    RECAPS provides reject and DK capabilities for advisories received 
and requires members to effectively respond to all open fails submitted 
by a contraparty through a batch overnight submission. Advisories that 
are either ``unresponded to'' or ``DK'd'' are subject to close-out 
action under the rules of the appropriate marketplace. RECAPS provides 
for a one-day settlement capability for all compared fails.
    Currently, the RECAPS processing procedures are as follows:
    1. On a Friday evening at the time and in the manner established by 
NSCC, members submit RECAPS fail information (``RECAPS Input'').
    2. On the following Monday morning, NSCC produces RECAPS Contracts 
indicating compared, uncompared, and advisory items. Members: (i) Must 
respond to all advisories that they receive as a result of the initial 
fail submission (either by submitting an advisory, a ``DK,'' or a 
reject) and (ii) may submit an ``as-of'' trade if the member failed to 
timely submit a transaction to RECAPS. As-of trades are compared only 
if there is an exact match, and no trade resolution process is 
available. NSCC produces supplemental RECAPS Contracts showing items 
compared on Monday's input and CNS and non-CNS Compared Trade Summaries 
for those items that compared as a result of Monday's submission.
    3. Fails that compared on the Friday submission will settle on 
Monday. Fails that compared on the Monday submission will settle on 
Tuesday.
    4. A RECAPS Activity Report is made available to members at the end 
of the RECAPS cycle.
    5. The net cash adjustment (the difference between the aggregate 
value of the original fails and the aggregate value of the reconfirmed 
trades) will settle the day the underlying RECAPS Contract settles and 
is included as part of the member's daily money settlement with NSCC.
    6. Because RECAPS is not a guaranteed service of NSCC, if NSCC does 
not receive payment from a member, NSCC may, in its discretion, reverse 
in whole or part any credit previously given to a member that is the 
contra side to a trade reconfirmed and repriced through RECAPS.
Obligation Warehouse
    Currently, many of the transactions submitted to RECAPS by members 
are subject to noncentralized, manual processes for purposes of 
comparison of fail details and fail confirmation. Under this proposed 
rule change, NSCC proposes to enhance and rename the RECAPS service as 
the OW to which members may submit and may subsequently maintain and 
manage their unsettled transactions. As part of these enhancements, 
NSCC proposes to provide a trade matching and confirmation process 
pursuant to which members may submit to NSCC information on certain 
obligations that are not otherwise submitted to NSCC by the applicable 
marketplaces or members themselves through NSCC's other trade 
comparison or recording services.\9\

[[Page 65548]]

Comparison of transactions submitted through the OW will occur in real-
time. Obligations will be tracked and maintained within the OW and will 
be made available for RECAPS processing (as described below) until 
settled or otherwise cancelled. In addition, transactions exited from 
CNS, non-CNS-eligible ACATS items, and Balance Orders, and Special 
Trades will also be forwarded to the OW for storage and maintenance and 
RECAPS processing.\10\ Compared items stored in the OW (whether 
compared by the OW or forwarded to it from other NSCC services or 
systems) will be referred to as ``OW Obligations.'' As more fully 
described below, in order to further reduce manual processing by 
members, NSCC may automatically adjust any OW Obligations for certain 
mandatory reorganization events, which will initially be limited to 
adjustments for forward splits, name changes, redemptions, mergers 
(both cash and stock), and full calls with respect to bonds.\11\
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    \9\ See Procedure II (Trade Comparison and Recording Service) 
which sets forth the procedures for comparison of direct submissions 
by members and trade recording of locked-in transactions. In 
accordance with Municipal Securities Rulemaking Board (``MSRB'') 
rules, NSCC reports transactions in municipal securities compared 
through its Real-time Trade Matching (``RTTM'') service to the MSRB 
on behalf of members; however, transactions submitted through the OW 
will not be reported to the MSRB. In order to remain compliant with 
MSRB reporting requirements, members will have to continue to make 
submissions subject to MSRB rules through RTTM.
    \10\ Such items will be subject to the validation criteria of 
the systems/services that forwarded them to the OW; therefore, the 
matching/validation criteria (which are set forth in footnote 9 
below) will not apply.
    \11\ Adjustments for mandatory reorganization events are 
expected to be available shortly after February 4, 2011, or a date 
no less than 10 business days following announcement of its 
implementation by Important Notice.
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    The proposed OW Service will forward to CNS on a daily basis (or 
such other time frame as NSCC determines from time to time) OW 
Obligations in CNS-eligible securities.\12\ However, the OW will not be 
a guaranteed service, and an obligation forwarded to CNS will only be 
guaranteed to the extent that the member meets its settlement 
obligation on the date the item is originally scheduled to settle in 
CNS. Transactions eligible for submission will have to have a valid 
CUSIP or ISIN and be denominated in U.S. Dollars or such other 
currencies as NSCC may designate from time to time. NSCC may determine 
from time to time and shall announce by Important Notice which items 
are eligible for submission to OW. Initially, government, mortgage-
backed, and foreign securities will all specifically not be eligible. 
Further, cash trades will be processed by OW only after settlement 
failure of these trades.
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    \12\ This functionality is anticipated to be rolled out in early 
March 2011.
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OW Comparison and Trade Resolution Procedures
    As proposed, once a party enters the required transaction 
information,\13\ the contraparty will receive an advisory to which it 
must respond by submitting identical transaction details to facilitate 
a compared obligation or by submitting a DK.\14\ If a member does not 
act on an advisory submitted against it by the close of business on the 
day after submission, NSCC may impose a fee upon the member. If the 
deliverer and receiver submit trade data that matches in all required 
respects, the trade will be deemed compared.\15\ NSCC may permit 
uncompared trade details to be modified or cancelled by the submitter 
on the submission date through the use of the appropriate 
instruction.\16\ Upon comparison, NSCC may permit obligations to be 
cancelled if both receiver and deliverer agree by submitting a cancel 
request or if one party accepts the other party's cancel request. Each 
OW Obligation will receive an ``OW Control Number'' to facilitate 
tracking the obligation through its settlement, cancellation, or 
closure.
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    \13\ Data required for a valid submission will include security 
identification, quantity to which party is deliverer or receiver, 
contra-broker, deliverer's final money, settlement date, market 
participation identification (MPID) (if applicable), Member's unique 
reference number (``x-ref''), whether a transaction should be 
excluded from CNS processing and other identifying details as NSCC 
may require or permit.
    \14\ Obligations will be able to be submitted to the OW in real-
time. Required matching criteria will include the specific criteria 
listed in the immediately preceding footnote (except for the x-ref), 
and other identifying details as NSCC may require or permit. Any 
submission of a DK must include the applicable reason code 
pertaining to the Member's disagreement with the transaction.
    \15\ If the deliverer and receiver submit trade data that 
matches in all required respects, the trade will be deemed compared 
if it meets an initial money tolerance of $5 per million. The amount 
of the money tolerance may change from time to time following the 
filing of a proposed rule change by NSCC.
    \16\ Modification of transaction details will result in the 
cancellation of the existing entry and the opening of a new 
submission. Transaction details that have been DK'd by a contraparty 
will be deleted from processing in accordance with time frames 
specified by NSCC from time to time. Initially, such transaction 
details will be deleted on the fifth business day following 
submission of the DK by the contraparty.
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    NSCC will have no responsibility for determining whether any trade 
submission is duplicative of an earlier trade submission, and any such 
input will be treated as a separate submission. NSCC may delete trade 
input which is not matched by such time frames as it determines from 
time to time.
Maintenance and Tracking
    The proposed OW service will permit members to track each OW 
Obligation for the life of the obligation until it has been (i) 
Settled, (ii) cancelled by members party to the obligation, or (iii) 
otherwise closed in the OW Service by NSCC pursuant to NSCC Rules 
(e.g., when the obligation becomes CNS-eligible and is sent to CNS for 
settlement).
    NSCC may adjust any compared OW Obligation with respect to certain 
mandatory reorganization events, which will initially be limited to 
forward splits, name changes, redemptions, mergers (both cash and 
stock), and full calls with respect to bonds. In the case of such a 
mandatory reorganization, at such time on or after the effective date 
of the reorganization as NSCC shall determine and to the extent NSCC 
has the relevant information, the affected OW Obligation may be 
adjusted in accordance with the terms of the reorganization event. With 
respect to name changes and forward splits, OW positions in the subject 
security will be converted into the equivalent positions of the new 
securities and/or cash, and a new obligation will be created 
automatically as part of the processing in the OW. Any cash component 
associated with a mandatory reorganization will be included as part of 
the member's daily money settlement with NSCC.\17\
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    \17\ In the event that NSCC ceases to act for a member pursuant 
to Rule 18, NSCC will reverse credits and debits relating to such a 
cash adjustment.
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    Unless otherwise excluded by a member, all CNS-eligible OW 
Obligations that reach the status of settlement date minus one (``SD-
1'') or that have reached or passed their scheduled settlement date, 
may be forwarded to CNS by NSCC on a daily basis.\18\ However, the 
settlement of any such item forwarded to CNS will be guaranteed only to 
the extent that the member pays its full settlement obligation on the 
date the item is scheduled to settle in CNS. An item forwarded to CNS 
from the OW may be exited from the CNS Accounting Operation to the 
extent the member fails to complete its settlement obligation. If NSCC 
exits an item, any credits received by a member arising from the 
corresponding payment obligation shall be reversed, and settlement of 
the item shall be effected between the receiving and delivering member 
outside the facilities of NSCC.
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    \18\ This functionality is expected to be rolled out by March 
2011 or on a date no less than 10 business days following 
announcement of its implementation by Important Notice.
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    OW Obligations for which deliveries are made through The Depository 
Trust Company (``DTC'') through either The New York Window (``NYW'') or 
electronic book-entry deliver order that include the OW Control Number 
will be updated to indicate that they have settled in accordance with 
proper instructions from DTC or the member,

[[Page 65549]]

respectively. In order to give effect to such an update, members must 
provide DTC with instructions in accordance with DTC's procedures and 
must include the OW Control Number. In the event of a partial delivery 
through DTC, NSCC will update the records for the respective OW 
Obligation accordingly based on information received either from DTC or 
the member's update to their own OW Obligation records. Other items 
will be recorded as settled upon the submission of appropriate 
instructions by the counterparties. Obligations that have been 
reflected in the OW as settled may be reopened (either partially or 
fully) as a result of a delivery reclaim message sent by either party 
to the obligation to OW. Updates to reflect reclaims of settled 
transactions will be made once one party enters details of the original 
transaction and the original transaction's OW Control Number.\19\ Once 
these details are submitted, an advisory of the reclaim will be sent to 
the contraparty that must then submit either identical transaction 
details to facilitate the reclaim and reopening of the obligation in OW 
or notification that it does not accept the reclaim details entered by 
the initiating party. Updates for reclaims may only be submitted to the 
OW for a period of two business days following the actual settlement 
date of the relevant obligation. If the reclaim message is not accepted 
by the contraparty, it will be deleted from the OW, and the parties 
will need to generate a new reclaim message in OW. If the original 
obligation has been settled for longer than two business days, any 
reclaim message will be rejected.
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    \19\ Transaction details required will be identical to those 
required when comparing an obligation, set out in note 9 above.
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    Under the proposal, if NSCC ceases to act for a member, all open 
activity relating to that member will be deleted from the OW. However, 
the reports relating to such activity will be maintained in accordance 
with NSCC's record retention requirements.
Modified RECAPS Process
    As proposed, the existing RECAPS process will continue to function 
in a modified form.\20\ NSCC proposes that upon implementation of OW, 
the RECAPS process will be incorporated into OW and will require one 
day to complete. It is anticipated that the process will occur more 
frequently than the current quarterly schedule.\21\
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    \20\ It is expected that the first RECAPS process in the OW will 
run in late March or early April 2011.
    \21\ Upon implementation of the changes described herein, NSCC 
anticipates operating the RECAPS process on a monthly cycle. Members 
will be notified of changes in the processing cycle, if any, by an 
NSCC Important Notice.
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    On a day specified by NSCC, each OW Obligation eligible for RECAPS 
\22\ will be re-priced, if appropriate,\23\ renetted and allotted, if 
appropriate, the settlement date will be updated to the next business 
date, and a new OW Obligation will be opened. Securities that are not 
CNS-eligible or are designated as trade-for-trade will not be netted 
and allotted. Obligations eligible for RECAPS in the OW can be excluded 
from the RECAPS process if so designated by the member.
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    \22\ Obligations that are matched and have a settlement date of 
at least two days prior to the date on which the RECAPS process 
commences will be considered for inclusion in the RECAPS process, 
and therefore, fail items not already in the OW and eligible for 
RECAPS processing must be submitted by the Member prior to RECAPS 
processing.
    \23\ In the event that the current market price for a security 
is not available, the obligation will be priced at the amount at 
which the obligation was previously matched.
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    All new obligations arising from the RECAPS process will be tracked 
and processed in accordance with the OW procedures described above. If 
a fail was open over an interest payment date, the parties to the trade 
will be required to settle that interest payment outside of the OW. Any 
net cash adjustments resulting from the RECAPS process will be sent to 
NSCC Settlement as they are under the current process.
Reporting
    The rule change proposes that each member will receive real-time 
updates regarding its OW activity. In addition, NSCC proposes to make 
available to each member an end-of-day report that reflects all end-of-
day positions of such member in OW, which may be accessed by members 
through NSCC's systems. Accordingly, NSCC will discontinue issuance of 
all RECAPS reports (e.g., RECAPS Contracts/Supplemental Contracts and 
RECAPS Compared Trade Summaries).
Proposed Rule Changes
    The rule change also proposes that NSCC will create a new Rule 51 
(Obligation Warehouse) and Procedure IIA (Obligation Warehouse) to 
reflect the changes and enhancements as described above. Rule 51 would 
provide: (i) A general description of the OW service, (ii) a provision 
relating to the settlement of OW Obligations and the non-guaranteed 
nature of the service, and (iii) a limitation of liability on the part 
of NSCC with respect to obligations processed through the OW. 
Furthermore, the provisions of Procedure IIA will supersede those set 
forth in Procedure II, Section F (RECAPS) and thus Section F will be 
deleted.
    In addition, NSCC proposes to make conforming changes to:
    a. Rule 1 (Definitions) to add a definition for ``Obligation 
Warehouse'' and ``OW Obligation'';
    b. Rule 7 (Comparison and Trade Recording Operation) to remove 
language from the rule relating to submission of data to NSCC for 
reconfirmation and repricing of trade data with respect to transactions 
already compared through the facilities of NSCC or other facilities, as 
this service will now occur pursuant to Rule 51 and Procedure XVII;
    c. Rule 11 (CNS System) to provide that obligations arising from 
Special Trades will be automatically entered into the OW;
    d. Rule 18 (Procedures for When NSCC Ceases to Act) to reflect that 
(i) the OW Obligations that have been forwarded to CNS for settlement 
relating to a member for which NSCC has ceased to act will be removed 
from the CNS Accounting Operation and that any outstanding OW 
Obligations of the member will be removed from the OW service and (ii) 
NSCC will reverse any cash adjustments that were forwarded to 
settlement relating to the OW activity of a member for which NSCC has 
ceased to act;
    e. Rule 50 (Automated Customer Account Transfer Service) to reflect 
that non-CNS ACATS items (as well as CNS-eligible items designated to 
be delivered ex-CNS) will be automatically entered into the OW;
    e. Procedure V (Balance Order Accounting Operation) to reflect that 
Balance Orders will be automatically entered into the OW; and
    f. Procedure VII (CNS Accounting Operation) to reflect (i) the 
addition of CNS-eligible OW activity to the CNS Miscellaneous Activity 
Report and (ii) securities removed from CNS that result in a CNS 
Receive and Deliver Instructions will be entered into the Obligation 
Warehouse service.
Pilot and Participant Testing
    NSCC implemented a pilot program of the OW process in early 
February 2010 for firms that had completed systems changes necessary to 
participate in the process. This pilot program ended at the beginning 
of June 2010, as additional discussions ensued between NSCC and its 
participant members regarding the additional functionalities sought to 
be included within the service, which are described in this filing. 
Prior to implementation of OW, NSCC proposes that a participant testing 
period will

[[Page 65550]]

take place between November 2010 and January 2011. An industry-wide 
test of the OW RECAPS process would be scheduled for March 11, 2011.
Implementation Timeframe
    NSCC proposes to implement the changes set forth in this filing for 
all members during the first quarter of 2011 with the first settlement 
date expected to be on January 24, 2011. Mandatory reorganization 
events are anticipated to be applied to OW Obligations shortly after 
February 4, 2011, on a date no less than 10 business days following 
announcement of its implementation by Important Notice. Similarly, at 
the request of the industry, the functionality providing for OW 
Obligations in CNS-eligible securities to be reviewed and sent to CNS 
will be implemented several weeks after the initial launch to give 
members time to familiarize themselves with the OW settlement tracking 
functionality. Accordingly, after March 4, 2011, or on a date no less 
than 10 business days following announcement of its implementation by 
Important Notice obligations in the OW will be reviewed for CNS-
eligibility and if eligible, will be closed and sent to CNS. The first 
RECAPS process in the OW will be run in late March or early April 2011. 
Pending Commission approval, members will be advised of the 
implementation dates through issuance of NSCC's Important Notices.
    The proposed rule change is consistent with the requirements of the 
Securities Exchange Act of 1934, as amended (``Act'') and the rules and 
regulations thereunder applicable to NSCC because it facilitates the 
prompt and accurate clearance and settlement of securities transactions 
by providing for greater efficiency and transparency with respect to 
securities transaction obligations processed through the OW. In 
addition, the proposal is consistent with the CPSS/IOSCO 
Recommendations for Central Counterparties in that it facilitates the 
prompt and automated confirmation and comparison of trades, and the 
tracking of fail transactions by the parties thereto through 
settlement.

(B) Self-Regulatory Organization's Statement on Burden on Competition

    NSCC does not believe that the proposed rule change would 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 relating to the proposed rule change have not been 
solicited or received. NSCC will notify the Commission of any written 
comments received by NSCC.

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

    Within forty-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 or disapprove the 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 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 SR-NSCC-2010-11 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NSCC-2010-11. 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 Web site viewing and 
printing in the Commission's Public Reference Section, 100 F Street, 
NE., Washington, DC 20549-1090, on official business days between the 
hours of 10 a.m. and 3 p.m. Copies of such filings will also be 
available for inspection and copying at the principal office of NSCC 
and on NSCC's Web site at http://www.dtcc.com/downloads/legal/rule_filings/2010/nscc/2010-11.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 Number SR-NSCC-2010-11 and should be submitted on or before 
November 15, 2010.

    For the Commission by the Division of Trading and Markets, 
pursuant to delegated authority.\24\
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    \24\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-26805 Filed 10-22-10; 8:45 am]
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