[Federal Register Volume 78, Number 222 (Monday, November 18, 2013)]
[Notices]
[Page 69168]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-27473]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-70848; File No. SR-NSCC-2013-10]


Self-Regulatory Organizations; National Securities Clearing 
Corporation; Order Approving Proposed Rule Change To Decommission Its 
Trade Risk Pro Service

November 12, 2013.

I. Introduction

    On September 16, 2013, the National Securities Clearing Corporation 
(``NSCC'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change SR-NSCC-2013-10 pursuant to 
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ 
and Rule 19b-4 thereunder.\2\ The proposed rule change was published 
for comment in the Federal Register on October 3, 2013.\3\ The 
Commission did not receive comments on the proposed rule change. This 
order approves the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 34-70544 (Sept. 27, 
2013), 78 FR 61424 (Oct. 3, 2013) (SR-NSCC-2013-10).
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II. Description

    The proposed rule change consists of amendments to the Rules and 
Procedures (``Rules'') of NSCC to decommission the DTCC Trade Risk Pro 
service (``Trade Risk Pro''), as more fully described below. Trade Risk 
Pro was designed to allow NSCC Members to monitor intraday trading 
activity of their organizations and/or their correspondent firms 
through review of post-trade data.\4\ While several firms participated 
in a pilot of Trade Risk Pro, no Members are currently enrolled in 
Trade Risk Pro and NSCC believes it is not currently cost-effective to 
maintain the service. As a result, NSCC is revising its Rules by 
deleting the current Rule 54 (Trade Risk Pro) and Procedure XVII (Trade 
Risk Pro). The effective date of the proposed rule change will be 
announced via an NSCC Important Notice.
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    \4\ See Securities Exchange Act Release No. 66068 (Dec. 29, 
2011), 77 FR 528 (Jan. 5, 2012) (File No. SR-DTC-2011-10).
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III. Discussion

    Section 19(b)(2)(C) of the Act \5\ directs the Commission to 
approve a proposed rule change of a self-regulatory organization if it 
finds that such proposed rule change is consistent with the 
requirements of the Act and rules and regulations thereunder applicable 
to such organization. Section 17A(b)(3)(F) of the Act \6\ requires that 
rules of a clearing agency to be designed to, among other things, 
``promote the prompt and accurate clearance and settlement of 
securities transactions and . . . to assure the safeguarding of 
securities and funds which are in the custody or control of the 
clearing agency or for which it is responsible.'' \7\ The Commission 
finds that NSCC's proposed rule change is consistent with these 
requirements by discontinuing an underutilized service, which will 
enable NSCC to allocate its resources among other core clearing agency 
functions.
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    \5\ 15 U.S.C. 78s(b)(2)(C).
    \6\ 12 U.S.C. 78q-1(b)(3)(F).
    \7\ 15 U.S.C. 78q-1(b)(3)(F).
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IV. Conclusion

    On the basis of the foregoing, the Commission finds that the 
proposal is consistent with the requirements of the Act and in 
particular with the requirements of Section 17A of the Act \8\ and the 
rules and regulations thereunder.
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    \8\ 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).
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    It is therefore ordered, pursuant to Section 19(b)(2) of the Act, 
that the proposed rule change (SR-NSCC-2013-10) be, and it hereby is, 
approved.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-27473 Filed 11-15-13; 8:45 am]
BILLING CODE 8011-01-P