[Federal Register Volume 84, Number 78 (Tuesday, April 23, 2019)]
[Notices]
[Pages 16921-16925]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-08099]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-85676; File No. SR-FICC-2019-001]
Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Filing of Proposed Rule Change To Amend the GSD and MBSD
Methodology Documents and the MBSD Clearing Rules
April 17, 2019.
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 April 5, 2019, Fixed Income Clearing Corporation (``FICC'') 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 the clearing agency. 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.
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I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change
The proposed rule change \3\ consists of amendments to the GSD
Methodology Document--GSD Initial Market Risk Margin Model (``GSD QRM
Methodology Document'') \4\ and the MBSD Methodology and Model
Operations Document--MBSD Quantitative Risk Model \5\ (``MBSD QRM
Methodology Document,'' and together with the GSD QRM Methodology
Document, the ``QRM Methodology Documents'') to remove specific
references (and explanations relating thereto) to the look-back periods
for (1) the alternative volatility calculation (``Margin Proxy'') \6\
of GSD and MBSD and (2) the two haircut rates that form the basis of
the GSD haircut charge.\7\ FICC would replace the specific references
to the look-back periods with more general language that would (i)
refer to a monthly parameter report, (ii) specify the governance around
changing the look-back periods, and (iii) state that the look-back
period would not be less than one year. FICC is also proposing to make
certain clarifications, corrections, and technical changes to the GSD
QRM Methodology Document, and a clarification and certain technical
changes to the MBSD QRM Methodology Document.
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\3\ Capitalized terms used herein and not defined shall have the
meaning assigned to such terms in the FICC Government Securities
Division (``GSD'') Rulebook (``GSD Rules'') and the FICC Mortgage-
Backed Securities Division (``MBSD,'' and together with GSD, the
``Divisions'') Clearing Rules (``MBSD Rules''), as applicable,
available at http://www.dtcc.com/legal/rules-and-procedures.aspx.
\4\ The GSD QRM Methodology Document was filed as a confidential
exhibit in the rule filing and advance notice for GSD sensitivity
VaR. See Securities Exchange Act Release No. 83362 (June 1, 2018) 83
FR 26514 (June 7, 2018) (SR-FICC-2018-001) (``GSD Approval Order'')
and Securities Exchange Act Release No. 83223 (May 11, 2018) 83 FR
23020 (May 17, 2018) (SR-FICC-2018-801) (``GSD Advance Notice'').
\5\ The MBSD QRM Methodology Document was filed as a
confidential exhibit in the rule filing and advance notice for MBSD
sensitivity VaR. See Securities Exchange Act Release No. 79868
(January 24, 2017) 82 FR 8780 (January 30, 2017) (SR-FICC-2016-007)
(``MBSD Approval Order'') and Securities Exchange Act Release No.
79843 (January 19, 2017) 82 FR 8555 (January 26, 2017) (SR-FICC-
2016-801) (``MBSD Advance Notice'').
\6\ FICC has adopted procedures that would govern in the event
that the vendor fails to provide risk analytics data used by FICC to
calculate the VaR Charge (which is defined in GSD Rule 1 and MBSD
Rule 1). Supra note 3. These procedures include the application of
the Margin Proxy. Specifically, each Division's Margin Proxy would
be applied as an alternative volatility calculation for the VaR
Charge (subject to the VaR Floor) if FICC determines that the data
disruption will extend beyond five (5) business days. See GSD
Approval Order and MBSD Approval Order, supra notes 4 and 5.
\7\ Occasionally, portfolios contain classes of securities that
reflect market price changes that are not consistently related to
historical risk factors. The value of these securities is often
uncertain because the securities' market volume varies widely, thus
the price histories are limited. Because the volume and price
information for such securities is not robust, a historical
simulation approach would not generate VaR Charge amounts that
adequately reflect the risk profile of such securities. FICC
utilizes a haircut method (hereinafter referred to as the ``GSD
haircut charge'') based on the volatility of historic index returns
for any security that lacks sufficient historical data to be
incorporated into the sensitivity approach. See GSD Approval Order
and MBSD Approval Order, supra notes 4 and 5. The GSD haircut charge
consists of two haircut rates: (i) The haircut rate for mortgage-
backed securities (``MBS'') pools without sensitivity analytics data
and (ii) the haircut rate for Treasury and Agency bonds without
sensitivity analytics data (hereinafter, the ``GSD Haircut Rates'').
The proposal applies to the look-back periods for the GSD Haircut
Rates.
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FICC is also proposing to make certain clarifications to the MBSD
Rules. Specifically, FICC would add a definition of ``Margin Proxy''
and use
[[Page 16922]]
such term in the definition of ``VaR Charge,'' as described below. In
addition, FICC would clarify the definition of ``VaR Charge'' in the
MBSD Rules by adding the word ``Clearing'' before the word ``Members.''
FICC is requesting confidential treatment of the QRM Methodology
Documents and has filed them separately with the Secretary of the
Commission.\8\
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\8\ See 17 CFR 240-24b-2.
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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, the clearing agency 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. The clearing agency 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
1. Purpose
The purpose of this rule filing is to amend the QRM Methodology
Documents to remove specific references (and explanations relating
thereto) to the look-back periods for the (1) Margin Proxy of GSD and
MBSD and (2) GSD Haircut Rates. FICC would replace these specific
references to the look-back periods with more general language as
described below. FICC is also proposing to make certain clarifications,
corrections and technical changes to the GSD QRM Methodology Document,
and a clarification and certain technical changes to the MBSD QRM
Methodology Document.
FICC is also proposing to make certain clarifications to the MBSD
Rules. Specifically, FICC would add a definition of ``Margin Proxy''
and use such term in the definition of ``VaR Charge,'' as described
below. In addition, FICC is proposing to clarify the definition of
``VaR Charge'' in the MBSD Rules by adding the word ``Clearing'' before
the word ``Members.''
(A) Replacing Specific References to the Look-Back Periods for the
Margin Proxy of GSD and MBSD and the GSD Haircut Rates With More
General Language in the QRM Methodology Documents
Each of the QRM Methodology Documents provides the methodology by
which FICC calculates the GSD and MBSD VaR Charges. The QRM Methodology
Documents specify model inputs, parameters and assumptions, among other
information. With respect to the Margin Proxy, each of the QRM
Methodology Documents refers to the specific look-back periods that are
in use today. Similarly, the GSD QRM Methodology Document refers to the
specific look-back periods for the GSD Haircut Rates. FICC is proposing
to amend the QRM Methodology Documents to remove the specific
references to the current look-back periods in use and replace them
with general language that would refer to a monthly parameter report
(that would contain the specific look-back periods).
FICC has the discretion to change the look-back periods that are
the subject of this proposal. Specifically, with respect to the GSD
haircut charge, the GSD QRM Methodology Document provides that certain
key model parameters, including the look-back periods for the GSD
Haircut Rates, are subject to periodic review and recalibration.\9\
With respect to the Margin Proxy, the rule filings for GSD sensitivity
VaR and MBSD sensitivity VaR state that if FICC observes material
differences between the Margin Proxy calculations and the aggregate
Clearing Fund requirement calculated using the proposed VaR model
(i.e., the sensitivity approach), or if the Margin Proxy's backtesting
results do not meet FICC's 99 percent confidence level, management may
recommend remedial actions to the Model Risk Governance Committee
(``MRGC''), and to the extent necessary the Management Risk Committee
(``MRC''), such as increasing the look-back period and/or applying an
appropriate historical stressed period to the Margin Proxy
calibration.\10\ By replacing specific references to the look-back
periods in the QRM Methodology Documents with general language, FICC
would be acting within its existing discretion and would no longer need
to submit subsequent rule filings to change these look-back periods
unless such changes require an advance notice.
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\9\ Supra note 4.
\10\ See Securities Exchange Act Release No. 82588 (January 26,
2018) 83 FR 4687, 4692 (February 1, 2018) (SR-FICC-2018-001)
(``Notice of GSD Rule Filing''); Securities Exchange Act Release No.
79491 (December 7, 2016) 81 FR 90001, 90005 (December 13, 2016) (SR-
FICC-2016-007) (``Notice of MBSD Rule Filing''); and MBSD Approval
Order, supra note 5, at 8782-8783.
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Under the proposal, the QRM Methodology Documents would provide
that the look-back periods for the Margin Proxy and the two GSD Haircut
Rates would be tracked in a monthly parameter report. The QRM
Methodology Documents would also provide that these look-back periods
shall not be less than one year. Finally, the QRM Methodology Documents
would state that any changes to these look-back periods would be
subject to the governance process set forth in the Clearing Agency
Model Risk Management Framework (the ``Framework).\11\ The Framework
provides that the Model Validation and Control Group (``MVC'') prepares
Model performance monitoring reports on both a monthly and daily basis.
On a monthly basis, MVC (i) performs sensitivity analysis on each of
FICC's Models,\12\ (ii) reviews key parameters and assumptions for
backtesting, and (iii) considers modifications to ensure that the
backtesting practices of FICC are appropriate for determining the
adequacy of its applicable margin resources.\13\ The Framework states
that MRGC will review the Model performance monitoring, which includes
review of risk-based Models used to calculate margin requirements and
relevant parameters/threshold indicators, sensitivity analysis, and
Model backtesting results. Serious performance concerns will be
escalated to the MRC.\14\
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\11\ Securities Exchange Act Release No. 81485 (August 25, 2017)
82 FR 41433 (August 31, 2017) (SR-DTC-2017-008; SR-FICC-2017-014;
SR-NSCC-2017-008) (``Framework Approval Order''). In general, the
Framework describes the model risk management practices adopted by
FICC, National Securities Clearing Corporation and The Depository
Trust Company. The Framework is designed to help identify, measure,
monitor, and manage the risks associated with the design,
development, implementation, use, and validation of quantitative
models. The Framework describes (i) governance of the Framework;
(ii) key terms; (iii) model inventory procedures; (iv) model
validation procedures; (v) model approval process; and (vi) model
performance procedures. Id.
\12\ The term ``Model'' refers to a quantitative method, system,
or approach that applies statistical, economic, financial, or
mathematical theories, techniques, and assumptions to process input
data into quantitative estimates. Id.
\13\ Id. at 41435.
\14\ Id.
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(B) Clarifications, Corrections, and Technical Changes to the GSD QRM
Methodology Document, and a Clarification and Technical Changes to the
MBSD QRM Methodology Document
FICC is proposing to make certain clarifications, corrections, and
technical changes to the GSD QRM Methodology Document, and a
clarification and certain technical changes to the MBSD QRM Methodology
Document, as described in detail below.
[[Page 16923]]
(1) GSD QRM Methodology Document
a. Clarifications
FICC would make certain clarifications to the GSD QRM Methodology
Document, as described below.
In the section of the GSD QRM Methodology Document that describes
key parameters (where the look-back periods are currently listed), FICC
proposes to rearrange the list so that the look-back periods associated
with sensitivity VaR are grouped together and the look-back periods for
GSD Haircut Rates are grouped together. FICC also proposes to add sub-
headings to enhance readability and clarity.
In addition, in the section of the GSD QRM Methodology Document
that describes key parameters, FICC would amend the language describing
the GSD Haircut Rates to correspond to the language used in later
sections for clarity and consistency.
Where the GSD QRM Methodology Document references the governance
practice regarding the review and recalibration of the look-back
periods, FICC also proposes to specifically reference the Framework.
FICC would provide additional clarity by adding language describing
types of data that would be used to determine key model parameters.\15\
FICC would also clarify the GSD QRM Methodology Document by adding
language stating that management may implement any approved changes.
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\15\ Supra note 11.
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With respect to the descriptions of some of the GSD Haircut Rates,
FICC would (i) add clarifying terminology and (ii) delete duplicative
explanations and replace them with a cross-reference to the appendix,
which contains the same explanation.
b. Corrections
FICC also proposes to make certain corrections to the GSD QRM
Methodology Document. FICC would correct a typographical error in the
description of key parameters by revising a reference from MBSD to MBS.
In addition, to correct an omission in the GSD QRM Methodology
Document, FICC would add that if FICC observes material differences
between the Margin Proxy calculations and the aggregate Clearing Fund
requirement calculated using the VaR model, management may recommend
remedial actions (as was stated in the GSD sensitivity VaR rule
filing).\16\
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\16\ See Notice of GSD Rule Filing, supra note 10, at 4692.
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c. Technical Changes
Finally, FICC proposes to make certain technical changes (e.g.,
word usage, spacing corrections, grammar changes, and revising certain
references from singular to plural) to the GSD QRM Methodology
Document. For example, for consistency, FICC proposes to revise a
reference from ``window'' to ``period'' in the description of key
parameters and all references from ``lookback'' to ``look-back'' and
from ``TBA/pool'' to ``Pool-TBA.''
(2) MBSD QRM Methodology Document
a. Clarification
FICC proposes to clarify the MBSD Methodology Document by adding
language stating that management may implement any approved changes.
b. Technical Changes
FICC proposes to make certain technical changes to the MBSD QRM
Methodology Document (e.g., grammar changes and revising certain
references from singular to plural). FICC would also revise a reference
from ``lookback'' to ``look-back'' for consistency. In addition, FICC
would remove the revision history because it is solely administrative
and would not affect the calculation of margin or Clearing Members'
substantive rights or obligations.
(C) Clarifications to the MBSD Rules
FICC is also proposing to make certain clarifications to the MBSD
Rules. Specifically, FICC would add a definition of ``Margin Proxy''
and use such term in the definition of ``VaR Charge.'' In addition,
FICC would clarify the definition of ``VaR Charge'' in the MBSD Rules
by adding the word ``Clearing'' before the word ``Members.''
2. Statutory Basis
FICC believes that this proposal is consistent with the
requirements of the Act and the rules and regulations thereunder
applicable to a registered clearing agency. Specifically, FICC believes
that the proposed changes to the QRM Methodology Documents and the MBSD
Rules described above are consistent with Section 17A(b)(3)(F) of the
Act, for the reasons described below.\17\ FICC also believes that the
proposed changes to the MBSD Rules are consistent with Rule 17Ad-
22(e)(23)(ii), as promulgated under the Act, for the reasons described
below.\18\
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\17\ 15 U.S.C. 78q-1(b)(3)(F).
\18\ 17 CFR 240.17Ad-22(e)(23)(ii).
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Section 17A(b)(3)(F) of the Act requires, in part, that the rules
of a clearing agency be designed ``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.'' \19\
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\19\ 15 U.S.C. 78q-1(b)(3)(F).
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FICC believes that amending the QRM Methodology Documents to remove
specific references (and explanations relating thereto) to the look-
back periods for the (1) Margin Proxy of GSD and MBSD and (2) the GSD
Haircut Rates and replace them with more general language as described
above would enhance clarity and consistency for FICC. Specifically, the
proposed changes would ensure that the QRM Methodology Documents (which
have been filed confidentially) are in line with the understanding of
FICC's risk management group (``FICC Risk Management'') that, if FICC
observes material differences between the Margin Proxy calculations and
the aggregate Clearing Fund requirement calculated using the VaR model,
or if the Margin Proxy's backtesting results do not meet FICC's 99
percent confidence level, then, subject to its MRGC/MRC governance
process described above, FICC may change the look-back periods for the
GSD and MBSD Margin Proxy as long as the look-back periods are not less
than one year. Similarly, if FICC observes that the asset class
backtesting performance associated with the GSD Haircut Rates is not at
the 99% confidence level, then, subject to its MRGC/MRC governance
process described above, FICC may change the look-back periods for the
GSD Haircut Rates as long as the look-back periods are not less than
one year. FICC believes that enhancing clarity and consistency within
FICC with respect to changes to the aforementioned look-back periods
would help to ensure that FICC calculates and collects adequate margin
from its Clearing Members and Netting Members and would thereby assure
the safeguarding of securities and funds which are in the custody or
control of FICC or for which it is responsible, consistent with Section
17A(b)(3)(F) the Act.\20\
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\20\ Id.
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FICC believes that the proposed changes, which constitute certain
clarifications, corrections, and technical changes to the GSD QRM
Methodology Document, and a clarification and certain technical changes
to the MBSD QRM Methodology Document, would also enhance the clarity of
the QRM Methodology Documents for FICC. As the QRM Methodology
Documents are used by FICC Risk Management personnel regarding the
calculation of
[[Page 16924]]
margin requirements, it is important for the accurate and smooth
functioning of the margining process that FICC Risk Management
understands when look-back periods can change and the governance
process associated with them. The changes referenced in this paragraph
would promote such understanding. This would, in turn, allow FICC Risk
Management to charge an appropriate level of margin. As such, FICC
believes that enhancing the clarity of the QRM Methodology Documents
would assure the safeguarding of securities and funds which are in the
custody or control of FICC or for which it is responsible, consistent
with Section 17A(b)(3)(F) the Act.\21\
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\21\ Id.
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FICC believes the proposed clarifications to Rule 1 of the MBSD
Rules would help ensure that the calculation of margin is clear and
transparent to Clearing Members and FICC, and thereby, help ensure that
FICC calculates and collects adequate margin from Clearing Members and
that Clearing Members understand the relevant definition. As such, FICC
believes that the proposed clarifications to Rule 1 of the MBSD Rules
would also assure the safeguarding of securities and funds which are in
the custody and control of FICC or for which it is responsible,
consistent with Section 17A(b)(3)(F) the Act.\22\
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\22\ Id.
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Rule 17Ad-22(e)(23)(ii) under the Act requires FICC to establish,
implement, maintain and enforce written policies and procedures
reasonably designed to provide sufficient information to enable
participants to identify and evaluate the risks, fees, and other
material costs they incur by participating in the covered clearing
agency.\23\ FICC believes the proposed clarifications to Rule 1 of the
MBSD Rules would help ensure that the calculation of margin is
transparent and clear to Clearing Members, thereby enabling Clearing
Members to better understand the calculation of margin as well as
providing them with increased predictability and certainty regarding
their obligations. As such, FICC believes that the proposed rule
changes are consistent with Rule 17Ad-22(e)(23)(ii) under the Act.\24\
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\23\ 17 CFR 240.17Ad-22(e)(23)(ii).
\24\ Id.
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(B) Clearing Agency's Statement on Burden on Competition
FICC believes that the proposed changes to amend the QRM
Methodology Documents to remove specific references (and explanations
relating thereto) to the look-back periods for the (1) Margin Proxy of
GSD and MBSD and (2) GSD Haircut Rates and replace them with more
general language (as described above) could have an impact on
competition. Specifically, FICC believes that the proposed change could
burden competition because changes to the look-back periods could
result in larger Required Fund Deposits amounts for some Members than
the amount currently calculated.
When the proposal results in a larger Required Fund Deposit for
Members, the proposed changes could burden competition for Members that
have lower operating margins or higher costs of capital compared to
other Members. Whether such burden on competition would be significant
would depend on each Member's financial status and the specific risks
presented by each Member's portfolio. Regardless of whether the burden
on competition would be significant, FICC believes that any burden on
competition imposed by the proposed changes would be both necessary and
appropriate in furtherance of FICC's efforts to mitigate risks and meet
the requirements of the Act,\25\ as described in this filing and
further below.
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\25\ 15 U.S.C. 78q-1(b)(3)(I).
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FICC believes the above-described burden on competition that may be
created by the proposed changes to amend the QRM Methodology Documents
to remove specific references (and explanations relating thereto) to
the look-back periods for the (1) Margin Proxy of GSD and MBSD and (2)
GSD Haircut Rates and replace them with more general language would be
necessary in furtherance of the Act.\26\ As stated above, with respect
to the Margin Proxy, the proposed change would address situations where
FICC observes material differences between the Margin Proxy
calculations and the aggregate Clearing Fund requirement calculated
using the VaR model, or where the Margin Proxy's backtesting results do
not meet FICC's 99 percent confidence level. Similarly, with respect to
the GSD Haircut Rates, the proposed changes would address situations
where FICC observes that asset class backtesting performance is not at
the 99% confidence level. Specifically, the proposed changes would help
ensure that the QRM Methodology Documents (which have been filed
confidentially) are in line with FICC Risk Management's understanding
that, in those circumstances, FICC may change the look-back periods for
the GSD and MBSD Margin Proxy and GSD Haircut Rates as long as the
look-back periods are not less than one year. FICC believes that
enhancing clarity and consistency within FICC with respect to changes
to the aforementioned look-back periods would help to ensure that FICC
calculates and collects adequate margin from its Clearing Members and
Netting Members and would thereby assure the safeguarding of securities
and funds which are in the custody or control of FICC or for which it
is responsible, consistent with Section 17A(b)(3)(F) the Act.\27\
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\26\ Id.
\27\ 15 U.S.C. 78q-1(b)(3)(F).
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FICC also believes that the above-described burden on competition
that could be created by the proposed change to amend the QRM
Methodology Documents to remove specific references (and explanations
relating thereto) to the look-back periods for the (1) Margin Proxy of
GSD and MBSD and (2) GSD Haircut Rates and replace them with more
general language would be appropriate in furtherance of the Act.\28\
FICC believes these proposed changes would be appropriate in
furtherance of the Act because they have been designed to assure the
safeguarding of securities and funds which are in the custody or
control of FICC or for which it is responsible. The proposal achieves
this purpose by providing for FICC to act in circumstances where the
99% confidence level is not being met. Specifically, FICC would only
change the look-back periods in certain circumstances (i.e., where FICC
observes material differences between the Margin Proxy calculations and
the aggregate Clearing Fund requirement calculated using the
sensitivity VaR model, or where the Margin Proxy's backtesting results
do not meet FICC's 99 percent confidence level), and/or where FICC
observes that the asset class backtesting performance is not at the 99%
confidence level. Furthermore, FICC believes these proposed changes are
appropriate because they would be consistent with the discretion
(subject to FICC's governance) that FICC has to make changes to the
look-back periods consistent with the GSD and MBSD sensitivity VaR
filings and GSD QRM Methodology Document.\29\ As such, FICC believes
these proposed changes would help to ensure that FICC calculates and
collects adequate margin from its Clearing Members and Netting Members,
and therefore, are designed to assure the safeguarding of securities
and funds, consistent with Section 17A(b)(3)(F) the Act.\30\
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\28\ 15 U.S.C. 78q-1(b)(3)(I).
\29\ Supra notes 4, 5, and 10.
\30\ 15 U.S.C. 78q-1(b)(3)(F).
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[[Page 16925]]
In addition, FICC does not believe the proposed clarifications,
corrections, and technical changes to the GSD QRM Methodology Document
and the proposed clarification and technical changes to the MBSD QRM
Methodology Document described above would have any impact on
competition because these proposed changes would enhance the clarity
and accuracy of the QRM Methodology Documents and would not affect the
substantive rights of Netting Members and Clearing Members.
FICC also does not believe that the proposed clarifications to the
MBSD Rules would have any impact on competition because these proposed
changes would enhance the clarity and accuracy of the MBSD Rules and
would not affect the substantive rights of Clearing Members.
(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants, or Others
FICC has not received or solicited any written comments relating to
this proposal. 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
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate 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 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 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-2019-001 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549.
All submissions should refer to File Number SR-FICC-2019-001. 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 website (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 website 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 website
(http://dtcc.com/legal/sec-rule-filings.aspx). All comments received
will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-FICC-2019-001 and should be submitted on
or before May 14, 2019.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\31\
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\31\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-08099 Filed 4-22-19; 8:45 am]
BILLING CODE 8011-01-P