[Federal Register Volume 81, Number 7 (Tuesday, January 12, 2016)]
[Notices]
[Pages 1450-1454]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-00335]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76840; File No. SR-FICC-2015-005]


Self-Regulatory Organizations; Fixed Income Clearing Corporation; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Modify the Government Securities Division Fee Schedule

January 6, 2016.
    Pursuant to section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (``Act'') and Rule 19b-4 \2\ thereunder, notice is hereby given 
that on December 30, 2015, the Fixed Income Clearing Corporation 
(``FICC'') 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 by FICC. FICC filed the 
proposed rule change pursuant to section 19(b)(3)(A) \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).
    \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 Fee Schedule 
in the Government Securities Division (``GSD'') Rulebook \5\ (the ``GSD 
Rules''). The fee changes will be effective as of January 1, 2016.
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    \5\ The GSD Rulebook is available at http://www.dtcc.com/legal/rules-and-procedures.
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II. Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change

    In its filing with the Commission, FICC 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. FICC has prepared summaries, set forth in sections A, B 
and C below, of the most significant aspects of such statements.

[[Page 1451]]

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

1. Purpose
    FICC is modifying the GSD fee structure to (1) change the fees for 
the existing services that GSD provides to its Members \6\ and (2) 
permit the pass-through of new and existing fees imposed on FICC by its 
clearing banks and the Federal Reserve's Fedwire Service 
(``Fedwire[supreg]'') (collectively, ``third party'') with respect to 
the services that FICC provides to its Members.
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    \6\ The term ``Member'' means a comparison-only member or a 
Netting Member. The term ``Member'' shall include a sponsoring 
member in its capacity as a sponsoring member and a sponsored 
member, each to the extent specified in Rule 3A. GSD Rule 1, 
Definitions.
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A. Describe the Reasons for Adopting the Proposed Rule Change
    Based on the revenue that GSD generated in 2015, GSD requires fee 
modifications in order to meet the budgeted expenses associated with 
providing its services to Members. Thus, FICC is adopting the proposed 
rule changes in order to ensure that FICC can achieve and maintain 
GSD's operating margin.
B. Describe Any Problems the Proposed Rule Change Is Intended To 
Address
    GSD's ability to achieve its operating margin has been negatively 
impacted by (i) a decline in the dollar values of transactions; (ii) 
increased infrastructure costs; (iii) increased risk management costs 
and (iv) increased third party fees, which GSD has historically 
absorbed. In addition, GSD also anticipates that the clearing banks 
will impose new fees for the services that FICC provides to its 
Members.
C. Describe the Manner in Which the Proposed Rule Change Will Operate 
To Resolve Those Problems
    The proposed fee modifications to GSD's services and the pass 
through of existing and new third party fees are expected to aide 
FICC's ability to achieve and maintain its operating margin because all 
of the fees will be aligned to FICC's cost of delivering its services 
to Members.
D. Describe the Manner in Which the Proposed Rule Change Will Affect 
Various Persons (e.g., Brokers, Dealers, Issuers, and Investors)
    The proposed rule changes will establish different trade submission 
and netting fee structures for Broker Accounts and Dealer Accounts 
because Members who utilize each of these accounts represent two 
different types of functions that are performed in the market served by 
the GSD. The Broker Accounts provide the marketplace with the blind-
brokered screens through which Dealer Accounts are matched as 
counterparties (on a blind basis) to the transactions that are 
submitted to GSD. The Broker Accounts submit two sets of transaction 
details for every one set that the Dealer Account submits; for example, 
if Broker A matches Dealer A and Dealer B in a transaction to be 
submitted to the GSD, each Dealer will submit one transaction as 
between the Dealer Account and the Broker Account. However, Broker A 
will submit two transactions, one between the Broker and Dealer A and 
one between the Broker and Dealer B. The Broker Account will net out 
for purposes of GSD's processing of the transaction. However, as the 
trade submission and netting fees are currently structured, the Broker 
pays for the two sets of transactions (as opposed to the one set paid 
by the Dealer Account). FICC is proposing to recognize this difference 
between the Broker Accounts and the Dealer Accounts by charging the 
Broker Accounts less with respect to the trade submission and netting 
fees. This approach is consistent with the way in which GSD currently 
applies its Repo Transaction Processing Fee which is contained in 
Section III.E of the GSD Fee Structure; specifically, GSD charges Repo 
Brokers less than other Netting Members. FICC's pass-through of fees 
imposed on FICC by third parties will affect all Members based on their 
activity.
E. Describe Any Significant Problems Known to the Self-Regulatory 
Organization That Persons Affected Are Likely To Have in Complying With 
the Proposed Rule Change
    FICC is not aware of any significant problems that the affected 
Members are likely to have in complying with the proposed rule changes.
F. The Proposed Rule Changes Are Described Below
(1) Trade Submission
    Currently, the comparison fees for trade submissions are structured 
to reflect a uniform fee structure based on a Member's total monthly 
volume. FICC is proposing to change this approach to a structure 
whereby each incremental number of trades is charged a different price 
based on tiers with declining marginal rates. In addition, GSD is 
proposing to establish different fees for Dealer Accounts and Broker 
Accounts.
(2) Locked-In Trade Data
    In connection with the charge to Members for data received by FICC 
from a Locked-In Trade Source,\7\ FICC is proposing to eliminate the 
existing fee for the processing and reporting of this data and instead 
charge Members in accordance with the proposed trade submission 
schedule in the GSD Rules.
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    \7\ Pursuant to the GSD Rules, the term ``Locked-In Trade 
Source'' means a source of data on locked-in trades that the 
Corporation has so designated, subject to such terms and conditions 
as to which the Locked-In Trade Source and the Corporation may 
agree. GSD Rule 1, Definitions.
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    In connection with the charge to non-Inter-Dealer Broker Netting 
Members \8\ for FICC's processing and reporting of GCF Repo[supreg] 
Transactions,\9\ FICC is proposing to increase the amount of the 
onetime recording fee.
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    \8\ Pursuant to the GSD Rules, the term ``Inter-Dealer Broker 
Netting Member'' has the meaning set forth in Section 2 of GSD Rule 
2A. GSD Rule 1, Definitions.
    \9\ Pursuant to the GSD Rules, the term ``GCF Repo Transaction'' 
means a Repo Transaction involving Generic CUSIP Numbers the data on 
which are submitted to the Corporation on a locked-in-trade basis 
pursuant to the provisions of GSD Rule 6C, for netting and 
settlement by the Corporation pursuant to the provisions of GSD Rule 
20. GSD Rule 1, Definitions.
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(3) Netting Fee
    (a) For each side of a Compared Trade, Start Leg of a Repo 
Transaction, Close Leg of a Repo Transaction, Fail Deliver Obligation 
and Fail Receive Obligation, other than a GCF Repo Transaction, that is 
netted, the fee structure is currently based on a Member's total 
monthly number of sides.\10\ FICC is proposing to change this

[[Page 1452]]

approach to a structure whereby each incremental number of sides is 
charged a different price based on tiers with declining marginal rates. 
In addition, GSD is proposing to establish different fees for Dealer 
Accounts and Broker Accounts.
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    \10\ Pursuant to the GSD Rules, the terms used in the referenced 
clause are defined below. GSD Rule 1, Definitions.
    The term ``Compared Trade'' means a trade, including a Repo 
Transaction, the data on which has been compared or deemed compared 
in the Comparison System pursuant to the GSD Rules, as the result of 
any one of the following methods: (1) Bilateral comparison, which 
requires the matching by the Corporation of data submitted by two 
Members, (2) demand comparison, which requires that data to be 
submitted to the Corporation by a demand trade source, or (3) 
locked-in comparison, which requires the data to be submitted to the 
Corporation by a locked-in trade source.
    The term ``Close Leg'' means, as regards a Repo Transaction 
other than a GCF Repo Transaction, the concluding settlement aspects 
of the transaction, involving the retransfer of the underlying 
eligible netting securities by the Netting Member that is, or is 
submitting data on behalf of, the funds lender (if netting eligible, 
through satisfaction of the applicable Deliver Obligation generated 
by the Corporation) and the taking back of such eligible securities 
by the Netting Member that is, or is submitting data on behalf of, 
the funds borrower (if netting eligible, through satisfaction of the 
applicable Receive Obligation generated by the Corporation). The 
term ``Close Leg'' means, as regards a GCF Repo Transaction, the 
concluding settlement aspects of the transaction, involving the 
retransfer of the underlying eligible netting securities by the 
Netting Member that is in the GCF net funds lender position and the 
taking back of such eligible netting securities by the Netting 
Member that is in the GCF net funds borrower position.
    The term ``Fail Deliver Obligation'' means a Deliver Obligation 
with respect to a fail net short position.
    The term ``Fail Receive Obligation'' means a Receive Obligation 
with respect to a fail net long position.
    The term ``Repo Transaction'' means: (1) An agreement of a party 
to transfer eligible securities to another party in exchange for the 
receipt of cash, and the simultaneous agreement of the former party 
to later take back the same eligible securities (or any subsequently 
substituted eligible securities) from the latter party in exchange 
for the payment of cash, or (2) an agreement of a party to take in 
eligible securities from another party in exchange for the payment 
of cash, and the simultaneous agreement of the former party to later 
transfer back the same eligible securities (or any subsequently 
substituted eligible securities) to the latter party in exchange for 
the receipt of cash, as the context may indicate, the data on which 
have been submitted to the Corporation pursuant to the GSD Rules. A 
``Repo Transaction'' includes a GCF Repo Transaction, unless the 
context indicates otherwise.
    The term ``Start Leg'' means, as regards a Repo Transaction 
other than a GCF Repo Transaction, the initial settlement aspects of 
the Transaction, involving the transfer of the underlying eligible 
netting securities by the Netting Member that is, or is submitting 
data on behalf of, the funds borrower (through satisfaction of the 
applicable Deliver Obligation generated by the Corporation) and the 
taking in of such eligible securities by the Netting Member that is, 
or is submitting data on behalf of, the funds lender (if netting 
eligible, through satisfaction of the applicable Receive Obligation 
generated by the Corporation). The term ``Start Leg'' means, as 
regards a GCF Repo Transaction, the initial settlement aspects of 
the Transaction, involving the transfer of the underlying eligible 
netting securities by the Netting Member that is in the GCF net 
funds borrower position and the taking in of such eligible netting 
securities by the Netting Member that is in the GCF net funds lender 
position.
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    (b) For each one million par of a Compared Trade, Start Leg of a 
Repo Transaction, Close Leg of a Repo Transaction, Fail Deliver 
Obligation and Fail Receive Obligation, other than a GCF Repo 
Transaction, the existing fee will be applicable to Broker Accounts and 
a new fee will be established for Dealer Accounts.
    (c) For each one million par of Deliver Obligation \11\ and Receive 
Obligation \12\ created as a result of the netting process, fees will 
be increased.
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    \11\ The term ``Deliver Obligation'' means a Netting Member's 
obligation to deliver eligible netting securities to the Corporation 
at the appropriate settlement value either in satisfaction of all or 
a part of a Net Short Position or to implement a collateral 
substitution in connection with a Repo Transaction with a right of 
substitution. GSD Rule 1, Definitions.
    \12\ The term ``Receive Obligation'' means a Netting Member's 
obligation to receive eligible netting securities from the 
Corporation at the appropriate settlement value either in 
satisfaction of all or a part of a Net Long Position or to implement 
a collateral substitution in connection with a Repo Transaction with 
a right of substitution. GSD Rule 1, Definitions.
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(4) Auction Takedown Process
    In connection with the auction takedown Service, FICC is proposing 
to eliminate the existing fee for locked-in trades and charge Members 
in accordance with the proposed trade submission schedule in the GSD 
Rules.
(5) Clearance Charges
    Currently, FICC charges a flat standard charge of $2.35, a portion 
of which is used to cover the settlement fees of its Deliver 
Obligations and Receive Obligations. These fees consist of the clearing 
banks' fees and the Federal Reserve's Fedwire[supreg] fees that are 
incurred by FICC for the services that it provides to Members related 
to settling obligations at the clearing banks. At the time of this rule 
filing, the fees are as follows:
    1. Fees for the settlement of each Receive Obligation and each 
Deliver Obligation in the actual amount charged by the applicable 
clearing bank.
    2. Fedwire[supreg] fee for the settlement of each treasury security 
in an amount of $0.92 and for the settlement of each agency security in 
an amount of $0.65.
    FICC is proposing to reduce the amount of this flat charge, which 
is currently $2.35 and bill Netting Members as a separate item on their 
billing statement for the applicable clearing bank fees and 
Fedwire[supreg] fees listed above. In addition, FICC will pass-through 
to Netting Members, new fees that will be imposed by the clearing banks 
on FICC as well as other existing fees that the clearing banks have 
imposed on FICC but which FICC has not historically passed through to 
its Netting Members.
    These fees are as follows:
    1. The Bank of New York Mellon (``BNY'') fee of 1 basis point (1bp) 
per annum on each GCF Repo Deliver Obligation that FICC creates from 
its BNY account, inclusive of inter-bank.\13\
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    \13\ This is a new fee that BNY intends to charge as of January 
1, 2016.
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    This fee will be allocated to Dealer Accounts at BNY and to Dealer 
Accounts at JPMorgan Chase (``JPM''), as follows:
    a. For Dealer Accounts at BNY, a pass-through fee is calculated as 
1bp per annum on a dollar amount of such Netting Member's \14\ GCF Repo 
Receive Obligation from FICC in each Generic CUSIP Number.\15\
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    \14\ The term ``Netting Member'' means a Member that is a Member 
of the Comparison System and the Netting System. GSD Rule 1, 
Definitions.
    \15\ The term ``Generic CUSIP Number'' means a Committee on 
Uniform Securities Identification Procedures identifying number 
established for a category of securities, as opposed to a specific 
security. The Corporation shall use separate Generic CUSIP Numbers 
for general collateral Repo Transactions and GCF Repo Transactions. 
GSD Rule 1, Definitions.
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    b. For Dealer Accounts at JPM, a pass-through charge is calculated 
as 1bp per annum on a prorated dollar amount of FICC's interbank GCF 
Repo Deliver Obligation from BNY to JPM in each Generic CUSIP Number. 
The proration is calculated as follows:

(Dollar amount of such Netting Member's GCF Repo Receive Obligation in 
a given Generic CUSIP Number at JPM)
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(Aggregate dollar amount of all GCF Repo Receive Obligations in a given 
Generic CUSIP Number for all Netting Members at JPM)

    2. BNY fees for daylight over drafts for FICC's interbank GCF Repo 
Deliver Obligations.
    This pass-through fee will be charged to Dealer Accounts at BNY and 
will be calculated on a percentage of the total of all such costs 
incurred by FICC. This percentage is calculated on a monthly basis as 
follows:

(Total dollar value of GCF Repo Deliver Obligations of such Dealer 
Account at BNY)
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(Total dollar value of GCF Repo Deliver Obligations of all Dealer 
Accounts at BNY)

    3. BNY fees for daylight over drafts on securities settlement 
obligations. This pass-through fee will be charged to Dealer Accounts 
at BNY and will be calculated on a percentage of the total of all such 
costs incurred by FICC. This percentage is calculated on a monthly 
basis as follows:

(Total dollar value of Deliver and Receive Obligations of each Netting 
Member at BNY)
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(Total dollar value of Deliver and Receive Obligations in all Dealer 
Accounts at BNY)

    FICC will inform Members via Important Notice if there are any 
changes to the referenced fees and charges imposed by the clearing 
banks and/or Fedwire.

[[Page 1453]]

(6) Repo Transaction Processing Fee
    FICC is proposing to increase certain fees for its processing of 
Repo Transactions.
    The above-referenced modifications to GSD's fees are noted below.

                                            Trade Submission Schedule
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                                        Current charge                              Proposed fee per submission
 Current breakpoint schedule  (Charge         per       Proposed tiered schedule -------------------------------
   is applied to all submissions if     submission for    (Charge is applied to
        breakpoint is reached)            all netting    all submissions  within      Dealer          Broker
                                            members               tier)               account         account
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Per submission for total monthly                $0.250  Per submission for the            $0.270          $0.250
 submissions up to 49,999.                               initial 49,999
                                                         submissions per month.
Per submission for total monthly                 0.200  Per submission for those           0.190           0.150
 submissions between 50,000 to 99,999.                   submissions between
                                                         50,000 to 99,999
                                                         submissions per month.
Per submission for total monthly                 0.150  Per submission for those           0.140           0.100
 submissions between 100,000 to                          submissions between
 249,999.                                                100,000 to 249,999
                                                         submissions per month.
Per submission for total monthly                 0.125  Per submission for those           0.100           0.075
 submissions between 250,000 to                          submissions between
 399,999.                                                250,000 to 399,999
                                                         submissions per month.
Per submission for total monthly                 0.100  Per submission for those           0.080           0.035
 submissions between 400,000 to                          submissions between
 499,999.                                                400,000 to 499,999
                                                         submissions per month.
Per submission for total monthly                 0.085  Per submission for those           0.010           0.025
 submissions between 500,000 and                         submissions between
 999,999.                                                500,000 to 999,999
                                                         submissions per month.
Per submission for total monthly                 0.085  Per submission for those           0.010           0.010
 submissions 1M and greater.                             submissions at 1M or
                                                         greater submissions per
                                                         month.
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                          Locked-In Trade Data
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          Fee description             Current fee       Proposed fee
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Non-GCF Repo trade processing from         $0.16/M  In accordance with
 Locked-In Trade Data Source.                        the trade
                                                     submission fee
                                                     schedule.
GCF Repo trade comparison for non-          0.05/M  $0.07/M.
 Inter Dealer Broker Netting
 Members.
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                                              Netting Fees Schedule
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                                        Current charge                                 Proposed fee per side
 Current breakpoint schedule  (Charge    per side for   Proposed tiered schedule -------------------------------
 is applied to all sides if breakpoint    all netting     (Charge is applied to       Dealer          Broker
              is reached)                   members      all sides  within tier)      account         account
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Per side for total monthly sides up to          $0.150  Per side for the initial          $0.170          $0.150
 49,999.                                                 49,999 sides per month.
Per side for total monthly sides                 0.125  Per side for those sides           0.120           0.110
 between 50,000 to 99,999.                               between 50,000 to
                                                         99,999 sides per month.
Per side for total monthly sides                 0.125  Per side for those sides           0.100           0.090
 between 100,000 to 249,999.                             between 100,000 to
                                                         249,999 sides per month.
Per side for total monthly sides                 0.100  Per side for those sides           0.070           0.040
 between 250,000 to 399,999.                             between 250,000 to
                                                         399,999 sides per month.
Per side for total monthly sides                 0.050  Per side for those sides           0.040           0.025
 between 400,000 to 499,999.                             between 400,000 to
                                                         499,999 sides per month.
Per side for total monthly sides                 0.050  Per side for those sides           0.030           0.010
 between 500,000 and 999,999.                            between 500,000 to
                                                         999,999 sides per month.
Per side for total monthly sides 1M              0.035  Per side for those sides           0.010           0.010
 and greater.                                            at 1M or greater sides
                                                         per month.
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             Fee description                           Current fee                         Proposed fee
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Into-the-net par per month--Dealer        $0.015/M.............................  $0.016/M
 Account.
Clearance (out-of-the-net) par per month  0.17/M...............................  0.175/M
Auction takedown processing.............  0.50/50M.............................  In accordance with the trade
                                                                                  submission fee schedule.
Clearance (out-of-the-net) items per      2.35/obligation......................  0.25/obligation
 month.
Clearance (non-GSD) items per month.....  2.35/obligation......................  0.25/obligation
DVP Repo Transaction Processing Fees      .....................................  ...............................
 (cost of carry):

[[Page 1454]]

 
    Fee for gross dollar amount.........  .....................................  ...............................
Other Netting Members and Repo Brokers    0.025bps.............................  0.04bps
 with respect to their non-brokered
 transactions.
Fee for net dollar amount...............  0.060bps.............................  0.08bps
GCF Repo Processing Fees (cost of         .....................................  ...............................
 carry):
    Fee for gross dollar amount.........  .....................................  ...............................
    Netting Members that are not Repo     0.025bps.............................  0.04bps
     Brokers.
    Fee for net dollar amount...........  0.060bps.............................  0.08bps
----------------------------------------------------------------------------------------------------------------

2. Statutory Basis
    FICC believes that the proposed fees are reasonable because the 
fees are correlated to each Member's use of GSD's services and will 
allow FICC to recover the cost of providing its services to Members. In 
addition, the proposed change will allow FICC to further recover the 
cost of providing its services to its Members by passing through 
certain third-party fees that FICC is incurring and/or will be 
incurring to provide its services to its Members. Therefore, FICC 
believes the proposed rule change is consistent with the requirements 
of the Act, as amended and the rules and regulations thereunder 
applicable to FICC, in particular section 17A(b)(3)(D) of the Act,\16\ 
which requires that the GSD Rules provide for the equitable allocation 
of reasonable dues, fees, and other charges among its Members that use 
those services.
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    \16\ 5 U.S.C. 78q-1(b)(3)(D).
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 (B) Clearing Agency's Statement on Burden on Competition

    The proposed filing could have an impact on competition based on 
the fact that fees will increase for certain services, but because of 
the following reasons, FICC believes that any burden on competition 
would be necessary and appropriate in furtherance of the purposes of 
the Act. These reasons are as follows: The proposed change modifies the 
fees for existing services provided by GSD in order to meet GSD's 
budgeted expenses and allow GSD to achieve and maintain its operating 
margin and recover the cost of providing its services. The proposed 
change also allows FICC to recover the cost of providing its services 
to Members by passing through certain third-party fees that FICC is 
incurring and/or will be incurring to provide its services to its 
Members. Finally, the proposed change also establishes different 
comparison and netting fee structures for Brokers Accounts and Dealer 
Accounts for the reasons more fully described above.

 (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. FICC will notify the Commission of any 
written comments received by FICC.

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

    The foregoing rule change has become effective pursuant to section 
19(b)(3)(A)(ii) \17\ of the Act and Rule 19b-4(f)(2) \18\ 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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    \17\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \18\ 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 Number SR-FICC-2015-005 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-FICC-2015-005. 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 the filing also will be available 
for inspection and copying at the principal office of FICC and on 
DTCC's Web site (http://dtcc.com/legal/sec-rule-filings.aspx). 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-FICC-2015-005 and 
should be submitted on or before February 2, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\19\
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    \19\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-00335 Filed 1-11-16; 8:45 am]
BILLING CODE 8011-01-P