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Federal Register / Vol. 86, No. 156 / Tuesday, August 17, 2021 / Notices margin maintained by these Members is sufficient to cover NSCCs potential future exposure to Members in the interval between the last margin collection and the close out of positions following a Member default.
One commenter states the increase in margin is unwarranted because NSCCs Clearing Fund backtesting results from the Impact Study Results show that NSCCs current minimum Required Fund Deposit amount is sufficient to cover the risks presented by smaller Members.69 As summarized in Section II.B above, the Impact Study Results show that the proposed $250,000
minimum requirement would have increased NSCCs twelve-month rolling Clearing Fund coverage by 0.14% to 99.41% resulting from decreased backtesting deficiencies, which the commenter argues does not warrant the proposed increase in the minimum Required Fund Deposit amount.
However, as discussed above and based on the Commissions review, the Impact Study Results show that certain Members who maintained Required Fund Deposits of less than $250,000
experienced repeat backtesting deficiencies that resulted in those Members individual margin levels falling below the 99% confidence level.
In other words, these Members individual margin levels were not sufficient 99% of the time during the study period. For that reason, the Commission is not persuaded by the commenters argument.
Therefore, the Commission concludes NSCCs Proposed Rule Change should better ensure NSCC maintains sufficient margin to cover its potential future exposure to its Members in the interval between the last margin collection and the close out of positions following a Member default, thereby reducing the likelihood NSCC or non-defaulting Members would incur losses as a result.
Accordingly, the Commission finds that NSCCs proposed increase to its minimum Required Fund Deposit would be consistent with Rule 17Ad 22e6iii.70

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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, as modified by Partial Amendment No. 1, is consistent with the Exchange Act. Comments may be
Electronic Comments Use the Commissions internet comment form http www.sec.gov/
rules/sro.shtml; or Send an email to rule-comments@
sec.gov. Please include File Number SR
NSCC2021005 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 SRNSCC2021005. 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 Commissions 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 Commissions Public Reference Room, 100 F Street NE, Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filing also will be available for inspection and copying at the principal office of NSCC and on DTCCs website http dtcc.com/legal/sec-rulefilings.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 SRNSCC
2021005 and should be submitted on or before September 7, 2021.
V. Accelerated Approval of the Proposed Rule Change, as Modified by Partial Amendment No. 1
The Commission finds good cause, pursuant to Section 19b2 of the Exchange Act,71 to approve the
69 See 70 17

Alpine Letter, supra note 4, at 56.
CFR 240.17Ad22e6iii.

submitted by any of the following methods:

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proposed rule change prior to the 30th day after the date of publication of Partial Amendment No. 1 in the Federal Register. As discussed above, in Partial Amendment No. 1, NSCC updates its proposed rule text to include a legend to indicate a delayed implementation date, specifically that the rule change would be implemented no later than 20
business days after Commission approval of the Proposed Rule Change.
Partial Amendment No. 1 improves the efficiency of the filing process by obviating the need for NSCC to propose another change to its rules to resolve the omitted legend in the future, while not changing the purpose of or basis for the Proposed Rule Change.
For similar reasons as discussed above, the Commission finds that Partial Amendment No. 1 is consistent with the requirement that NSCCs rules be designed, in part, 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 under Section 17Ab3F
of the Exchange Act.72 Accordingly, the Commission finds good cause for approving the Proposed Rule Change, as modified by Partial Amendment No. 1, on an accelerated basis, pursuant to Section 19b2 of the Exchange Act.73
VI. Conclusion On the basis of the foregoing, the Commission finds that the Proposed Rule Change is consistent with the requirements of the Act and in particular with the requirements of Section 17A of the Act 74 and the rules and regulations promulgated thereunder.
It is therefore ordered, pursuant to Section 19b2 of the Act 75 that Proposed Rule Change SRNSCC2021
005, as modified by Partial Amendment No. 1, be, and hereby is, approved.76
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.77
J. Matthew DeLesDernier, Assistant Secretary.
FR Doc. 202117541 Filed 81621; 8:45 am BILLING CODE 801101P
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76 In approving the Proposed Rule Change, the Commission considered the proposals impact on efficiency, competition, and capital formation. 15
U.S.C. 78cf. See discussion supra Section III.B.
77 17 CFR 200.303a12.
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