[Federal Register Volume 75, Number 123 (Monday, June 28, 2010)]
[Notices]
[Pages 36723-36724]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-15537]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62348; File No. 600-23]
Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Notice of Filing and Order Approving an Extension of Temporary
Registration as a Clearing Agency
June 22, 2010.
The Securities and Exchange Commission (``Commission'') is
publishing this notice and order to solicit comments from interested
persons and to extend the Fixed Income Clearing Corporation's
(``FICC'') temporary registration as a clearing agency through June 30,
2011.\1\
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\1\ FICC is the successor to MBS Clearing Corporation and
Government Securities Clearing Corporation.
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On February 2, 1987, pursuant to Sections 17A(b) and 19(a) of the
Securities Exchange Act of 1934 (``Act'') \2\ and Rule 17Ab2-1
promulgated thereunder,\3\ the Commission granted the MBS Clearing
Corporation (``MBSCC'') registration as a clearing agency on a
temporary basis for a period of eighteen months.\4\ The Commission
subsequently extended MBSCC's registration through June 30, 2003.\5\
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\2\ 15 U.S.C. 78q-1(b) and 78s(a).
\3\ 17 CFR 240.17Ab2-1.
\4\ Securities Exchange Act Release No. 24046 (February 2,
1987), 52 FR 4218.
\5\ Securities Exchange Act Release Nos. 25957 (August 2, 1988),
53 FR 29537; 27079 (July 31, 1989), 54 FR 34212; 28492 (September
28, 1990), 55 FR 41148; 29751 (September 27, 1991), 56 FR 50602;
31750 (January 21, 1993), 58 FR 6424; 33348 (December 15, 1993), 58
FR 68183; 35132 (December 21, 1994), 59 FR 67743; 37372 (June 26,
1996), 61 FR 35281; 38784 (June 27, 1997), 62 FR 36587; 39776 (March
20, 1998), 63 FR 14740; 41211 (March 24, 1999), 64 FR 15854; 42568
(March 23, 2000), 65 FR 16980; 44089 (March 21, 2001), 66 FR 16961;
44831 (September 21, 2001), 66 FR 49728; 45607 (March 20, 2002), 67
FR 14755; 46136 (June 27, 2002), 67 FR 44655.
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On May 24, 1988, pursuant to Sections 17A(b) and 19(a) of the Act
\6\ and Rule 17Ab2-1 promulgated thereunder,\7\ the Commission granted
the Government Securities Clearing Corporation (``GSCC'') registration
as a clearing agency on a temporary basis for a period of three
years.\8\ The Commission subsequently extended GSCC's registration
through June 30, 2003.\9\
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\6\ Supra note 2.
\7\ Supra note 3.
\8\ Securities Exchange Act Release No. 25740 (May 24, 1988), 53
FR 19839.
\9\ Securities Exchange Act Release Nos. 25740 (May 24, 1988),
53 FR 19639; 29236 (May 24, 1991), 56 FR 24852; 32385 (June 3,
1993), 58 FR 32405; 35787 (May 31, 1995), 60 FR 30324; 36508
(November 27, 1995), 60 FR 61719; 37983 (November 25, 1996), 61 FR
64183; 38698 (May 30, 1997), 62 FR 30911; 39696 (February 24, 1998),
63 FR 10253; 41104 (February 24, 1999), 64 FR 10510; 41805 (August
27, 1999), 64 FR 48682; 42335 (January 12, 2000), 65 FR 3509; 43089
(July 28, 2000), 65 FR 48032; 43900 (January 29, 2001), 66 FR 8988;
44553 (July 13, 2001), 66 FR 37714; 45164 (December 18, 2001), 66 FR
66957; 46135 (June 27, 2002), 67 FR 44655.
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On January 1, 2003, MBSCC was merged into GSCC, and GSCC was
renamed FICC.\10\ The Commission subsequently extended FICC's temporary
registration through June 30, 2010.\11\
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\10\ Securities Exchange Act Release No. 47015 (December 17,
2002), 67 FR 78531 (December 24, 2002) [File Nos. SR-GSCC-2002-07
and SR-MBSCC-2002-01].
\11\ Securities Exchange Act Release Nos. 48116 (July 1, 2003),
68 FR 41031; 49940 (June 29, 2004), 69 FR 40695; 51911 (June 23,
2005), 70 FR 37878; 54056 (June 28, 2006), 71 FR 38193; 55920 (June
18, 2007), 72 FR 35270; 57949 (June 11, 2008), 73 FR 34808; and
60189 (June 29, 2009), 74 FR 32198.
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On April 27, 2010, FICC requested that the Commission grant FICC
permanent registration as a clearing agency or in the alternative
extend FICC's temporary registration until such time as the Commission
is prepared to grant FICC permanent registration.\12\
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\12\ Letter from Nikki Poulos, Managing Director and General
Counsel, FICC (April 27, 2010).
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On March 12, 2008, FICC filed a proposed rule change pursuant to
Section 19(b)(1) of the Act and Rule 19b-4 thereunder to introduce
central counterparty (``CCP'') and guarantee settlement services to its
MBS Division.\13\ Currently, FICC acts as the CCP and provides
guarantee settlement services for its Government Securities Division
members' eligible U.S. Government securities transactions but does not
act as the CCP or provide guarantee settlement services for its MBS
Division members' eligible mortgage-backed securities transactions.
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\13\ The filed proposed rule change can be viewed at http://www.dtcc.com/downloads/legal/rule_filings/2008/ficc/2008-01.pdf.
See also FICC White Paper: ``A Central Counterparty For Mortgage-
Backed Securities: Paving The Way'' at http://www.dtcc.com/downloads/leadership/whitepapers/ccp.pdf.
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Pursuant to this Notice and Order, the Commission is extending
FICC's temporary registration as a clearing agency in order that FICC
may continue to operate as a registered clearing agency and may
continue to provide uninterrupted clearing and settlement services to
its users. The Commission will consider permanent registration of FICC
at a future date after the Commission has acted upon FICC's proposed
rule change to introduce CCP and guarantee settlement services to its
MBS Division.
Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing. 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 600-23 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 600-23. 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
[[Page 36724]]
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 on official
business days between the hours of 10 a.m. and 3 p.m. Copies of such
filing also will be available for inspection and copying at the
principal office of FICC and on FICC's Web site at http://www.ficc.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 Number 600-23 and should
be submitted on or before July 19, 2010.
It is therefore ordered that FICC's temporary registration as a
clearing agency (File No. 600-23) be and hereby is extended through
June 30, 2011.
For the Commission by the Division of Trading and Markets
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(50)(i).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-15537 Filed 6-25-10; 8:45 am]
BILLING CODE 8010-01-P