On July 25th, the SEC provided notice of the Fixed Income Clearing Corporation's proposed rule change regarding the GCF Repo service to adopt changes recommended by the Tri-Party Repo Infrastructure Reform Task Force ("TPR"). Because the GCF Repo service operates as a tri-party mechanism, FICC has been requested to incorporate changes to the service to align it with other changes recommended by the TPR for the overall tri-party repo market. FICC is proposing to initially implement the changes in a pilot program to run for one year. If FICC decides to extend the Pilot Program or to implement the changes in the Pilot Program permanently, FICC shall submit a proposed rule change filing to the Commission for that purpose. Comments should be submitted on or before August 19, 2011. SEC Release No. 34-64955.