[Federal Register Volume 79, Number 40 (Friday, February 28, 2014)]
[Notices]
[Pages 11494-11495]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-04388]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-71605; File No. SR-NSCC-2014-01]


Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change To Modify its Fee Schedule

February 24, 2014.
    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 February 12, 2014 the National Securities Clearing Corporation 
(``NSCC'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I, II 
and III below, which Items have been prepared by NSCC. NSCC filed the 
proposed rule change pursuant to Section 19(b)(3)(A)(ii) \3\ of the Act 
and Rule 19b-4(f)(2) \4\ thereunder; the proposed rule change was 
effective upon filing with the Commission. 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\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \4\ 17 CFR 240.19b-4(f)(2).
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I. Clearing Agency's Statement of the Terms of Substance of the 
Proposed Rule Change

    The proposed rule change consists of amendments to the Rules & 
Procedures (``Rules'') of NSCC to modify its fee schedule, as more 
fully described below.

II. Clearing Agency'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 such statements.

(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change

(i) Proposed Rule Change
    The purpose of the proposed rule change is to revise NSCC's fee 
schedule (as listed in Addendum A of the Rules) in order to implement a 
fee for a new service being added to NSCC's Obligation Warehouse 
(``OW''). The new service, which will be implemented in March 2014, 
will pair off and close certain open, pending obligations, reducing the 
number of open obligations in OW (``OW Pair Off service'').\5\ NSCC is 
proposing to revise Addendum A of the Rules in order to include a fee 
for this new service, as shown on Exhibit 5 hereto.
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    \5\ See Release No. 34-71251 (January 7, 2014), 79 FR 8 (January 
7, 2014).
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Implementation Timeframe
    The proposed rules change will be implemented on a date announced 
by an NSCC Important Notice, to coincide with the effective date of the 
OW Pair Off service.
Proposed Rule Changes
    NSCC proposes to amend Addendum A as marked on Exhibit 5 hereto. No 
other changes to the Rules are contemplated by this proposed rule 
change.
(ii) Statutory Basis
    The proposed rule change will align NSCC's fees with the costs of 
delivering the OW Pair Off service, and will be applied equitably to 
the NSCC members that use that service. Therefore, NSCC believes the 
proposed rule change is consistent with the requirements of the Act and 
the rules and regulations thereunder applicable to NSCC, in particular 
Section 17A(b)(3)(D) of the Act,\6\ which requires that NSCC's Rules 
provide for the equitable allocation of reasonable dues, fees, and 
other charges among its participants.
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    \6\ 5 U.S.C. 78q-1(b)(3)(D).
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(B) Clearing Agency's Statement on Burden on Competition

    NSCC does not believe that the proposed rule change will have any 
impact, or impose any burden, on competition. As stated above, the 
proposed change will be applied equitably to the NSCC members that use 
the OW Pair Off service, and will not disproportionally impact any NSCC 
members.

(C) Clearing Agency'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 yet 
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

    The forgoing rule change has become effective pursuant to Section 
19(b)(3)(A)(ii) of the Act \7\ and Rule 19b-4(f)(2) \8\ thereunder. At 
any time within 60 days of the filing of the proposed rule change, the 
Commission summarily may temporarily suspend such rule change if it 
appears to the Commission that such action is necessary or appropriate 
in the public interest, for the protection of investors, or otherwise 
in furtherance of the purposes of the Act.
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    \7\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \8\ 17 CFR 240.19b-4(f)(2).
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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 email to [email protected]. Please include 
File No. SR-NSCC-2014-01 on the subject line.

[[Page 11495]]

Paper Comments

     Send 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 No. SR-NSCC-2014-01. This file 
number should be included on the subject line if email 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 Room, 100 F Street NE., 
Washington, DC 20549 on official business days between the hours of 
10:00 a.m. and 3:00 p.m. Copies of such filings will also be available 
for inspection and copying at the principal office of NSCC and on its 
Web site (http://www.dtcc.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 No. SR-NSCC-2014-01 and 
should be submitted on or before March 21, 2014.
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    \9\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-04388 Filed 2-27-14; 8:45 am]
BILLING CODE 8011-01-P