Jun. 27, 2021
From: Claude Bingham Sent: Sunday, June 27, 2021 To: Rule-Comments <Rule-Comments@SEC.GOV> Subject: SR-DTC-2021-011 Hello, I am writing today to try and understand how pending SR-DTC-2021-011 affects existing DTC by-laws, and what ramifications are expected. Clarification would be appreciated. My main focus is on the changes to Rule 38 of the DTC Rules. Should Rule 38(A) be approved and implemented as written, how does that affect Rule 4(3),(4),(5) Rule 9(B)(2), Rule 10(5),(6), Rule 12, and Rule 18? Are there any foreseen issues, changes or modifications to clearing and settlement procedures, should Rule 38 (and by extension Rule 4(3)) be necessary? If so, is the DTC still liable for shortfalls between settlement debits of Defaulting/Insolvent Participants and counterparties? And if so, could Rule 14 be used to make up the shortfall. I thank you for your time and look forward to your answers, C