[ ] The first step requires a carrying broker-dealer to maintain physical possession or control over customers' fully paid and excess margin securities. [ ]Under the customer reserve computation, the broker-dealer adds up customer credit items (for example, credit balances in customer securities accounts and cash obtained through the use of customer margin securities) and subtracts customer debit items (for example, margin loans). [ ]In its Application, SIFMA stated that one well-established model for facilitating omnibus-based intermediary clearing activity is the customer clearing structure used by the OCC. Qualified Clearing Agency Rulebook Amendments: The rules of the qualified clearing agency must comply with the conditions of any exemptive order the Commission may issue in response to the Application. Is the relief requested in the Application more relevant to a particular type of U.S. Treasury securities transaction ( e.g., cash U.S. Treasury securities transactions or U.S. Treasury securities repurchase and reverse repurchase agreements, etc.)?