,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #hihi  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,decemb] #af1         
#bjbj,mr4 ,lyn* 7= himself & ,mr4 ,emm]7
 introduc$ ! foll[+ bill2 :i* 0 ref]r$  
to ! ,committee on ,f9ancial ,s]vices   
,a ,,bill  ,to require ! ,securities &  
,ex*ange ,commission to conduct a /udy  
on ! feasibility1 b5efits1 & co/s ( us+ 
a di/ribut$ l$g] sy/em 9 ! po/-trade    
cle>+ & settlem5t process1 & = o!r      
purposes4  #a4 ,/udy on ! use ( a       
di/ribut$ l$g] sy/em  7a7 ,9 g5]al ,n   
lat] ?an #a ye> aft] ! date ( ! enactm5t
 ( ?is ,act1 ! ,securities & ,ex*ange   
,commission %all conduct a /udy on !    
feasibility1 b5efits1 & co/s ( us+ a    
di/ribut$ l$g] sy/em 9 ! po/-trade cle>+
 & settlem5t process4  7b7 ,consultation
 ,9 conduct+ ! /udy "u subsection 7a71 !
 ,commission /aff %all consult ) dome/ic
 & int]national /akehold]s4  7c7        
,cont5ts ( ! /udy ,! /udy requir$ "u    
subsection 7a7 %all include-- 7#a7 an   
id5tification ( ! key op]ational &      

regulatory *all5ges & opportunities t   
c\ld be caus$ by ! use ( a di/ribut$    
l$g] sy/em 9 ! po/-trade cle>+ &        
settlem5t process2  7#b7 an             
id5tification ( practices f dome/ic &   
int]national models t use a di/ribut$   
l$g] sy/em 9 ! cle>+ & settlem5t        
process2  7#c7 an id5tification ( !     
processes & entities t c\ld be          
dis9t]m$iat$ by ! use ( su* sy/em 9 su* 
processes2  7#d7 an id5tification ( !   
pot5tial /eps = e/abli%+ int]national   
/&>ds =1 & global cont9uity ( s]vice 9 !
 transition to1 ! use ( su* sy/em 9 su* 
processes2  7#e7 an id5tification ( !   
implications ( ! use ( su* sy/em 9 su*  
processes on-- 7,a7 inve/or protection1 
capital =mation1 & m>ket effici5cy2 &   
7,b7 ! e/abli%m5t ( int]national /&>ds2 
&  7#f7 an assessm5t ( :e!r !           
,commission %\ld implem5t a pilot       
program to use su* sy/em 9 su*          
processes4  7d7 ,report requir$  7#a7 ,9
 g5]al ,n lat] ?an #a ye> aft] ! date ( 
! enactm5t ( ?is ,act1 ! ,commission    

%all submit to ,congress a report on !  
f9d+s & det]m9ations ( ! /udy requir$ "u
 subsection 7a74  7#b7 ,update ,n lat]  
?an #a ye> aft] ! date on :i* ! report  
"u p>agraph 7#a7 is submitt$1 !         
,commission %all submit to ,congress a  
report t updates ! f9d+s & det]m9ations 
( ! report submitt$ "u su* p>agraph4    
7#c7 ,cont5t ,9 submitt+ ! reports      
requir$ "u p>agraphs 7#a7 & 7#b71 !     
,commission may n include confid5tial   
in=mation4