98-3367. Self-Regulatory Organizations; Delta Clearing Corp.; Notice of Filing of Proposed Rule Change Relating to the Clearing of Repurchase Agreement Instrument Transactions  

  • [Federal Register Volume 63, Number 28 (Wednesday, February 11, 1998)]
    [Notices]
    [Pages 7022-7026]
    From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
    [FR Doc No: 98-3367]
    
    
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    SECURITIES AND EXCHANGE COMMISSION
    
    [Release No. 34-39623; File No. SR-DCC-97-10]
    
    
    Self-Regulatory Organizations; Delta Clearing Corp.; Notice of 
    Filing of Proposed Rule Change Relating to the Clearing of Repurchase 
    Agreement Instrument Transactions
    
    February 5, 1998.
        Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
    (``Act''),\1\ notice is hereby given that on December 31, 1997. Delta 
    Clearing Corp. (``DCC'') 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 primarily by 
    DCC. The Commission is publishing this notice to solicit comments from 
    interested persons on the proposed rule change.
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        \1\ 15 U.S.C. 78s(b)(1).
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    I. Self-Regulatory Organization's Statement of the Terms of Substance 
    of the Proposed Rule Change
    
        The proposed rule change will revise DCC's rules to authorize DCC 
    to clear and to settle repurchase agreement instrument transactions 
    (``RAIT'').
    
    II. Self-Regulatory Organization's Statement of the Purpose of, and 
    Statutory Basis for, the Proposed Rule Change
    
        In its filing with the Commission, DCC 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. DCC has prepared summaries, set forth in sections (A), 
    (B), and (C) below, of the most significant aspects of such 
    statements.\2\
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        \2\ The Commission has modified the text of the summaries 
    prepared by DCC.
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    (A) Self-Regulatory Organization's Statement of the Purpose of, and 
    Statutory Basis for, the Proposed Rule Change
    
        A RAIT is a transaction pursuant to which the counterparties agree 
    to pay each other interest on an agreed upon amount (``notional 
    amount'')\3\ for the agreed term of the RAIT. One counterparty 
    (``selling member'') will pay interest that is based on the market rate 
    of interest for a repurchase agreement (``repo'') with treasury 
    securities as the underlying collateral and that is adjusted on a daily 
    basis throughout the term of the transaction (``floating rate''). The 
    other counterparty (``purchasing member'') will pay interest based on a 
    rate of interest that remains constant throughout the term of the 
    transaction (``fixed rate''). This proposed rule change will permit DCC 
    to clear and to settle RAITs.
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        \3\ The notional amount must be $1 million or a multiple 
    thereof. The notional amount is used solely as reference and is not 
    exchanged between the parties.
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    1. Structure of the Transaction
        The parties will negotiate between themselves: (1) The notional 
    amount, (2) the type of repo to be referenced for the floating rate, 
    (3) the fixed rate, (4) the date the RAIT will start (``commencement 
    date''), (5) the date the RAIT will end (``expiration date''), and (6) 
    any premium that may be paid to one counterparty as consideration for 
    entering into the transaction.
    
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        On the trade date,\4\ the parties will report the agreed upon 
    transaction terms to DCC either directly or through a broker authorized 
    by DCC.\5\
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        \4\ Trade date will be defined as the date on which members or 
    their broker report a RAIT to DCC.
        \5\ Section 3 of this notice contains a description of the trade 
    reporting requirements.
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        The parties' payment obligations will begin on the commencement 
    date and will end on the day before the expiration date. The 
    commencement date may be prior to or after the trade date. However, 
    RAITs with a commencement date which is prior to the trade date will 
    only be permitted to allow one party to enter into a RAIT with a new 
    counterparty to close out its existing RAIT position.\6\ Any premium 
    will be paid on the later of the first business day following the 
    commencement date or the first business day following the trade 
    date.\7\
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        \6\ Such transaction is referred to as a closing transaction and 
    is discussed below in Section 4 of this notice.
        \7\ Premium payments must be made to DCC by the later of 11:00 
    a.m. or the opening of FedWire and will be paid by DCC six hours 
    later. Members' obligations to pay premiums will be netted with 
    their right to receive premiums.
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        The expiration date (also referred to as the settlement sum payment 
    date) may not be earlier than the later of the second business day 
    following the trade date or the second business day following the 
    commencement date.\8\ In addition, the expiration date may not be later 
    than the earlier of the first anniversary of the trade date or the 
    first anniversary of the commencement date.
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        \8\ This time period will give DCC an opportunity to collect 
    margin on all RAITs on the day after the RAIT is accepted by DCC for 
    clearance.
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        Prior to 8:00 a.m. on the expiration date, DCC will notify each 
    member of any amount required to be paid by or to such member with 
    respect to RAITs expiring on such date (``settlement sum'').\9\ This 
    information will be included on the daily RAIT activity reports sent to 
    members. Members will be required to make any payment indicated on the 
    daily reports prior to the settlement time on the expiration date.\10\
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        \9\ Section 2 of this notice sets forth the formula that will be 
    used to determine the settlement sum.
        \10\ Settlement time is defined as the later of 11:00 a.m. or 
    the opening of FedWire.
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        The failure of a member to pay any premium or any settlement sum 
    will constitute a violation of the procedures. The defaulting member 
    will be suspended in accordance with Article 4 of DCC's procedures 
    (subject to deferral for up to two hours) and may be sanctioned in 
    accordance with Article 5.
    2. Calculation of Payment
        The members must select as the floating rate one of the five 
    special collateral rates or the general collateral rate. The special 
    collateral rates will equal the rate of interest for repos in which the 
    treasury securities underlying such agreements are the most recently 
    issued treasury security with an original maturity of two years, three 
    years, five years, ten years, or thirty years. The general collateral 
    rate will be the rate of interest for repos in which the treasury 
    securities underlying such agreements are any securities other than the 
    most recently issued treasury securities with an original maturity of 
    two, three, five, ten, or thirty years.\11\
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        \11\ Participants in the treasury repo market finance other 
    treasury securities at a rate (i.e., the general collateral rate) 
    which does not otherwise distinguish the maturity date of the 
    collateral underlying such treasury repos. For example, market 
    participants finance a treasury security with a remaining term to 
    maturity of 8.5 years and a treasury security with a remaining term 
    to maturity of 1.5 years at the same overnight repo rate unless 
    either of these treasury securities is the most recently issued 
    treasury security of the applicable maturity in which event 
    participants would finance that treasury security at the applicable 
    special collateral rate for newly-issued treasury securities of that 
    maturity.
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        Each special collateral rate and the general collateral rate will 
    be determined by DCC at the close of business on each business day upon 
    a reputable pricing source selected by DCC.\12\ DCC will then multiply 
    the applicable floating rate by the notional amount and divide by 360 
    to determine the floating rate amount. Any daily floating rate amount 
    determined for a business day will apply to any following nonbusiness 
    day.\13\
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        \12\ Prior to the commencement of clearing RAITs, DCC will 
    notify its members of the pricing source to be used. (DCC initially 
    intends to contract with GovPX, Inc. [``GovPX''] as its pricing 
    source for determining the special and general collateral rates.) 
    DCC will also notify members of any change in the pricing source. 
    Any change in DCC's pricing source will not be applicable to RAITs 
    entered into based upon a previous pricing source unless otherwise 
    agreed to by the members to any such transaction.
        \13\ For example, the daily floating rate amount calculated for 
    each Friday during the term of the transaction also will apply for 
    the immediately following weekend days.
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        The fixed rate will be a fixed percentage carried out to three 
    decimal points. As a result, the fixed rate amount will remain constant 
    each day during the term of a transaction. The daily fixed rate amount 
    will be obtained by multiplying the fixed rate by the notional amount 
    and dividing that amount by 360.
        At the end of a RAIT, DCC will calculate the sum of the daily 
    floating rate amounts and the sum of the daily fixed rate amounts in 
    each case calculated from and including the commencement date through 
    and excluding the expiration date. The difference between these amounts 
    is the settlement sum. If the sum of the daily floating rate amount is 
    in excess of the sum of the daily fixed rate amount, the selling member 
    will be required to pay the settlement sum to DCC for payment to the 
    purchasing member. If the sum of the daily fixed rate amounts is in 
    excess of the sum of the daily floating rate amounts, the purchasing 
    member will be required to pay the settlement sum to DCC for payment to 
    the selling member.
    3. Trade Reporting and Acceptance
        The trade reporting procedure for RAITs will be similar to the 
    trade reporting procedures for option transactions cleared by DCC.\14\ 
    The transactions may be reported to DCC by the member counterparties or 
    by the broker for the transaction. Members will be required to report 
    RAITs to DCC on the date upon which the members agree to the trades. 
    RAITs made between 9:00 a.m. and 12:00 p.m. on any business day will 
    have to be reported to DCC by telephone prior to 12:30 p.m. of that 
    business day.\15\ RAITS agreed to between 12:00 noon and 5:00 p.m. on 
    any business day will have to be reported to DCC by telephone prior to 
    5:30 p.m. of that business day. Members or their broker will have to 
    submit written trade reports for all trades by 5:30 p.m. of that 
    business day.
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        \14\ Trade reporting for options transactions is described in 
    Article 23 of DCC's procedures.
        \15\ All references to time are Eastern Time (``ET'').
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        Both the verbal and written trade report for each transaction will 
    need to report (a) The identities of the purchasing member and the 
    selling member, (b) the trade date, (c) the commencement date, (d) 
    whether any party is required to pay a premium and if so the party 
    required to pay such premium and the amount, (e) the notional amount, 
    (f) the fixed rate, (g) the floating rate, (h) the expiration date, (i) 
    whether a selling or purchasing transaction, (j) whether an opening or 
    closing transaction,\16\ and (k) such other information as may be 
    prescribed.\17\
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        \16\ An opening transaction creates or increases a member's 
    short or long position. A closing transaction decreases a member's 
    short or long position.
        \17\ Records maintained by members with respect to RAITs will 
    need to show the trade date, any premium, the party required to pay 
    the premium, the notional amount, the fixed rate, the floating rate, 
    the expiration date, and whether an opening or closing transaction.
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        DCC will orally confirm that submitted trade reports contain the 
    required information and that the parties agreed as to the terms of the
    
    [[Page 7024]]
    
    transaction. As with option and repo transactions, DCC may reject a 
    RAIT for various reasons, including if the RAIT causes a member to 
    exceed its exposure limit established by DCC.\18\ If DCC rejects a RAIT 
    for any reason, it will promptly notify the members by telephone. If 
    DCC rejects a RAIT because the members' trade reports do not match, the 
    members are required to cooperate with DCC to reconcile any 
    differences. When DCC accepts a RAIT for clearance, DCC will enter into 
    matching transactions with each member so that DCC will act as the 
    counterparty to the purchasing and selling members with respect to 
    their rights and obligations under the RAIT.
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        \18\ Note 21 contains a definition of exposure limit.
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    4. Netting
        A long position with respect to RAITs will be defined as the 
    aggregate rights and obligations of a member as the purchaser of one or 
    more RAITs. A short position with respect to RAITs will be defined as 
    the aggregate rights and obligations of a member as the seller of one 
    or more RAITs. A member's long position or short position will be 
    determined by reference to the applicable notional amount.\19\
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        \19\ For example, if a member is the purchaser of a RAIT with a 
    notional amount of $3,000,000, the member will have a long position 
    in that RAIT for a notional amount of $3,000,000. Similarly, if a 
    member is the seller of a RAIT with a notional amount of $2,000,000, 
    the member will have a short position in that RAIT for a notional 
    amount of $2,000,000.
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        Transactions entered into by a member with the same commencement 
    date, floating rate, fixed rate, and expiration date will be defined in 
    the procedures as being part of the same ``series of instruments.'' To 
    the extent that a member is the seller of one RAIT and the purchaser of 
    another RAIT in the same series of instruments, such member's long and 
    short positions in such RAITs will be netted.\20\
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        \20\ For example, if the two transactions described in note 19 
    involved the same commencement date, floating rate, fixed rate, and 
    expiration date and were entered into by the same member, the 
    members's long and short positions in those RAITs would be netted 
    and the member would have a net long position of $1,000,000 in that 
    series of instruments.
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        If a member wants to close out an existing position, it must enter 
    into a RAIT that has the same commencement date as that existing 
    position (i.e., a date that is prior to the trade date). If the RAIT is 
    the same series of instruments as the earlier RAIT and the member's 
    position is on the opposite side (e.g., the member was the selling 
    member and is now the purchasing member), the new RAIT will be netted 
    against the old RAIT. If the notional amount of the two RAITs is the 
    same, the member will no longer have a position with DCC in this series 
    of instruments. Such a transaction will be referred to as a closing 
    transaction.
    5. Margin
        At present, DCC has established exposure limits for each 
    member.\21\ These exposure limits apply to exposure for option 
    transactions and term repos on an aggregate basis. DCC also calculates 
    a member's margin requirements for options transactions and term repos 
    on an aggregate basis,\22\ and members are required to maintain such 
    margin with DCC's clearing bank in the form required by DCC.\23\
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        \21\ Exposure limit currently is defined as the limit prescribed 
    for each member on the aggregate incremental margin due to DCC for 
    that day that the member may incur or carry in respect of its short 
    position in options, the settlement of exercised options, and its 
    positions in repos.
        \22\ Overnight repos are subject to separate margin 
    requirements. Section 2203 of DCC's procedures.
        \23\ Provisions relating to margin are set forth in Article 22 
    of DCC's procedures.
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        Under the proposed rule, a member's exposure for options 
    transactions, term repos, and RAITs will be determined by aggregating a 
    member's exposure with respect to each transaction type. The member's 
    margin requirement will be reduced by a net positive position with 
    respect to a transaction type and will be increased by a net negative 
    position with respect to a transaction type.
        Under the proposed rule change, margin provisions now applicable to 
    options and repo positions will become applicable to RAIT positions. 
    For example, DCC will have the right to collect intraday margin if DCC 
    determines such action is appropriate to reflect the change of the 
    value of a member's positions in RAITs during the day. In addition, 
    members will be able to borrow from DCC up to 35% of their net positive 
    exposure, if any, aggregating all their transactions in DCC's clearing 
    system.\24\
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        \24\ To the extent that members with negative exposures to DCC 
    have not made required margin payments to DCC, DCC will not permit 
    members with positive exposure to borrow against their positive 
    exposures.
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        Margin will be collected on a daily basis prior to the settlement 
    time on each business day. Margin for RAITs will be collected for the 
    first time on the first business day following the trade date. This is 
    true even in the case of transactions with a future commencement date 
    (``forward-start'') where margin will be collected prior to the 
    commencement date based on mark-to-market and performance margin 
    exposure. During this period prior to the commencement date, margin 
    will also be collected to cover any premium payments which may be 
    required to be made on the premium settlement date.
        A member's margin requirement with respect to RAITs will be the sum 
    of accrual margin, mark-to-market margin, and performance margin.\25\ 
    All payment obligations of accrual margin, mark-to-market margin, and 
    performance margin will be discounted at the then prevailing general 
    collateral rate to calculate the member's margin requirement.\26\
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        \25\ Accrual margin, mark-to-market margin, and performance 
    margin are explained later in this notice.
        \26\ DCC believes that discounting is appropriate in order to 
    reflect the current value of the payment obligation. DCC believes 
    the general collateral rate accurately reflects the time value of 
    money under circumstances in which the payment obligations are 
    linked to and secured by treasury securities and that discounting by 
    another interest rate such as the overnight rate on federal funds or 
    the London interbank offered rate (``LIBOR'') would result in too 
    steep a discount to the future payment obligation thus leaving DCC 
    unnecessarily exposed to a member.
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        a. Accrual Margin. Accrual margin will take into account the 
    positive or negative interest amounts accrued with respect to a RAIT 
    based upon the daily fixed and floating rate amounts through the date 
    on which margin is calculated discounted at the current general 
    collateral rate. In the case of a forward-start RAIT, accrual margin 
    will not be applied during the period between the trade date and the 
    commencement date.
        b. Mark-to-Market. Mark-to-market margin involves a mark-to-market 
    valuation of a member's RAIT positions based upon a comparison of the 
    daily fixed rate amount for the transaction and the current interest 
    rates on comparable repos.\27\ The calculation
    
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    with respect to such mark-to-market value will be: (notional size) 
    times (number of days to end of RAIT/360) times (difference between the 
    fixed rate and current repo rate). The calculation, after discounting 
    the resulting value at the prevailing general collateral rate through 
    the applicable expiration date, produces the mark-to-market value for 
    both members to a RAIT. The payor of the fixed rate will incur an 
    obligation to deposit mark-to-market margin in the event that the 
    comparable interest rates are less than the RAIT's fixed rate. 
    Conversely, the floating rate payor will incur an obligation to deposit 
    mark-to-market margin in the event that the comparable repo rates are 
    greater than the RAIT's fixed rate. In the case of a forward-start 
    RAIT, mark-to-market margin also will take into account the premium 
    required to be paid or received by the member on the premium settlement 
    date for the RAIT.\28\
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        \27\ DCC intends to solicit members with respect to selecting 
    comparable repos for each of the six indexes. During the course of 
    each business day, the marketplace establishes the applicable 
    interest rates for repos for each of the six indices based upon the 
    number of days from the current business day to the prospective 
    expiration date for each such repo agreement. The number of days 
    between the current business day and prospective expiration date are 
    quoted in standard units of time starting with weekly increments for 
    the most immediate prospective expiration dates and eventually 
    quoted in months for the most distant expiration date structures. 
    For example, market participants will quote fixed rates for repos 
    for each of the following time units: one week, two weeks, three 
    weeks, one month, two months, and three months through to one year, 
    inclusive. Such term structure of interest rates are established and 
    routinely quoted for each of the five special collateral rates and 
    the general collateral rate. Such term structures are supplied by 
    the market on a continuous basis. In identifying such term 
    structures, DCC will be able to establish benchmark pricing. In the 
    event a RAIT's remaining term to maturity falls between two quoted 
    time units, DCC will interpolate between the two time units on a 
    linear basis to derive the appropriate rate for the comparable term 
    structure for such RAIT. For example, the interpolated rate for a 
    RAIT with forty days remaining to its expiration date would be 3.44% 
    assuming the one month rate was 3.40% and the two month rate was 
    3.52% [(3.52%-3.40%) (10/30) + 3.40%]. Such benchmark pricing would 
    be equivalent to ``end of day'' pricing for outstanding RAITs with 
    respect to calculating DCC's exposures to members and will be 
    utilized in the margining process.
        \28\ On the first business day following the trade date of a 
    forward-start RAIT, the member required to pay premium on the 
    premium settlement date will be required to deposit margin in an 
    amount equal to such premium obligation. Conversely, the member 
    entitled to receive premium will have a net positive value with 
    respect to the premium payment until the premium payment is made on 
    the premium settlement date.
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        c. Performance Margin. Performance margin will adjust a member's 
    margin requirement based on a hypothetical three standard deviation 
    movement adverse to the member in the fixed rates on comparable 
    repos.\29\ For each period to maturity and reference rate, DCC will 
    determine the volatility of the rates on the comparable repos based 
    upon the changes in such rates during the immediately preceding 100-day 
    period. The calculation for performance margin will be (notional size) 
    times (# of days to end of RAIT/360) times (# of basis points 
    representing three standard deviations).
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        \29\ Note 27 contains a description of comparable repos.
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        d. Application of Margin in Event of Default. If a DCC member 
    becomes insolvent or otherwise defaults on a payment obligation, DCC 
    will attempt to transfer that member's positions to other DCC members. 
    If DCC cannot locate a third party willing to accept the transaction, 
    DCC will be required to liquidate the transaction based upon the RAITs' 
    values as calculated for accrual and mark-to-market margins. To the 
    extent that DCC would be required to pay a third party to assume a RAIT 
    or would be required to pay the nondefaulting counterparty upon the 
    liquidation of a RAIT, DCC will pay the third party or the 
    nondefaulting counterparty, as applicable, the equivalent of the 
    accrual and mark-to-market margin for the RAIT.
    6. Maximum Potential System Exposure (``MPSE'')
        DCC is required to ensure that MPSE does not at any time exceed 
    one-third of the coverage provided by DCC's credit enhancement 
    facility.\30\ To the extent necessary to ensure that MPSE does not 
    exceed the prescribed limit, a member may be restricted from entering 
    into opening transactions, may be required to reduce or eliminate 
    existing positions through closing transactions, and may be required to 
    pay additional margin.
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        \30\ MPSE represents the liability to DCC of its members' 
    positions reduced by margin on hand or to be collected by the next 
    day.
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        With respect to RAITs, DCC will calculate MPSE by adjusting all 
    member positions by a hypothetical adverse six standard deviation 
    movement in the repo rates for comparable repos.\31\ The standard 
    deviation for MPSE will be determined by reference to the most volatile 
    100-day period from the earliest date from which repo rate information 
    is available to DCC to the present.\32\
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        \31\ Note 27 contains a definition of comparable repos.
        \32\ Pricing data for at least a five-year period for each repo 
    rate is available from the dealer community, and DCC intends to 
    obtain such data. DCC intends to file with the Commission a 
    supplemental information report which will show the applicable 
    reference periods and other relevant data for determining volatility 
    for MPSE purposes. DCC acknowledges that the Commission's receipt of 
    the supplemental information report in a form which is acceptable to 
    the Commission will be a condition to the Commission's approval of 
    this filing.
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    7. Operational Implications
        DCC believes its current operating environment is sufficiently 
    robust and appropriately configured to accommodate RAITs. DCC's current 
    arrangements with its clearing bank with respect to the payment and the 
    receipt of margin and premium payments and the prospective arrangements 
    with respect to the payment of funds with respect to expired RAITs are 
    within DCC's existing capabilities. DCC's systems will be adapted to 
    incorporate RAIT related exposure management requirements into DCC's 
    established mechanism regarding exposure management. Such other 
    necessary system enhancements will be introduced as DCC consults with 
    the user community during the RAIT development and implementation 
    process.
        DCC believes that the proposed rule change is consistent with the 
    requirements of Section 17A of the Act \33\ and the rules and 
    regulations thereunder which require that a clearing agency be 
    organized and its rules be designed to promote the prompt and accurate 
    clearance and settlement of securities transactions, to safeguard funds 
    and securities in DCC's possession and control, and to remove 
    impediments to and to perfect the mechanism of a national system for 
    the prompt and accurate clearance and settlement of securities 
    transactions. DCC believes that the amendment contemplated by the 
    proposed rule change will permit wider utilization of the clearing 
    system by members and will provide a clearing service which addresses 
    market needs.
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        \33\ 15 U.S.C. 78q-1.
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    (B) Self-Regulatory Organization's Statement on Burden on Competition
    
        DCC does not believe that the proposed rule change will impose any 
    burden on competition that is not necessary or appropriate in 
    furtherance of the purposes of the Act.
    
    (C) Self-Regulatory Organization's Statement on Comments on the 
    Proposed Rule Change Received from members, or Others
    
        No comments on the proposed rule change were solicited or received.
    
    III. Date of Effectiveness of the Proposed Rule Change and Timing for 
    Commission Action
    
        Within thirty-five days of the date of publication of this notice 
    in the Federal Register or within such longer periods: (i) As the 
    Commission may designate up to ninety days of such date 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 the 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. Persons making written submissions 
    should file six copies thereof with the Secretary, Securities and 
    Exchange Commission, 450 Fifth Street, N.W., Washington, D.C. 20549. 
    Copies of the submission, all subsequent amendments, all written 
    statements with respect to the proposed rule change that are filed with 
    the
    
    [[Page 7026]]
    
    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 inspection and copying in the 
    Commission's Public Reference Section, 450 Fifth Street, N.W., 
    Washington, D.C. 20549. Copies of such filing also will be available 
    for inspection and copying at the principal office of DCC. All 
    submissions should refer to File No. SR-DCC-97-10 and should be 
    submitted by March 4, 1998.
    
        For the Commission by the Division of Market Regulation, 
    pursuant to delegated authority.\34\
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        \34\ 17 CFR 200.30-3(a)(12).
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    Margaret H. McFarland,
    Deputy Secretary.
    [FR Doc. 98-3367 Filed 2-10-98; 8:45 am]
    BILLING CODE 8010-01-M
    
    
    

Document Information

Published:
02/11/1998
Department:
Securities and Exchange Commission
Entry Type:
Notice
Document Number:
98-3367
Pages:
7022-7026 (5 pages)
Docket Numbers:
Release No. 34-39623, File No. SR-DCC-97-10
PDF File:
98-3367.pdf