[Federal Register Volume 59, Number 31 (Tuesday, February 15, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-3478]


[[Page Unknown]]

[Federal Register: February 15, 1994]


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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-33596; File No. SR-NSCC-93-15]

 

Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Filing and Immediate Effectiveness of a Proposed 
Rule Change Relating to a Reduction of NSCC's Trade Comparison and 
Trade Recording Service Fees

February 8, 1994.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on December 28, 1993, the 
National Securities Clearing Corporation (``NSCC'') filed with the 
Securities and Exchange Commission (``Commission'') the proposed rule 
change as described in Items I, II, and III below, which Items have 
been prepared substantially by NSCC. NSCC amended the proposal on 
December 19, 1993.\2\ The Commission is publishing this notice to 
solicit comments on the proposed rule change from interested persons.
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    \1\15 U.S.C. 78s(b)(1) (1988).
    \2\Letter from Susan J. Miller, Associate Counsel, NSCC, to 
Jerry Carpenter, Branch Chief, Division of Market Regulation, 
Commission (December 28, 1993).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The proposed rule change reduces NSCC's trade comparison and trade 
recording service fees.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, NSCC included statements 
concerning the purpose of, and basis for, the proposed rule change and 
discussed any comments received on the proposed rule change. The text 
of these statements may be examined at the places specified in Item IV 
below. NSCC prepared summaries, set forth in sections (A), (B), and (C) 
below, of the most significant aspects of such statements.

(A) Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    Under the proposal, NSCC is reducing its trade comparison and trade 
recording service fees and the associated minimum and maximum fees 
participants will be charged. Currently, the trade comparison and trade 
recording fees are $.025 and $.020 per 100 shares, respectively. Under 
the revised fee structure, the fees will be $.018 and $.015, 
respectively. The minimum trade comparison fee is reduced from $.10 to 
$.072 and the minimum trade recording from $.08 to $.06. The maximum 
trade comparison fee is reduced from $1.875 to $1.35 and the minimum 
trade recording from $1.50 to $1.125. All fee changes became effective 
January 1, 1994. Higher trading volumes have resulted in significantly 
increased discounts being paid by NSCC to members. NSCC's discount has 
been averaging 41.6%. With the foregoing changes, the expected discount 
will be approximately 32.2%.
    The proposed rule change relates to the equitable allocation of 
reasonable dues, fees, and other charges among members and is therefore 
consistent with the Act and in particular with Section 17A thereunder.

(B) Self-Regulatory Organization's Statement on Burden on Competition

    NSCC does not believe that the proposed rule change will have an 
impact on or impose a burden on competition.

(C) Self-Regulatory Organization's Statement on Comments on the 
Proposed Rule Change Received from Members, Participants, or Others

    No written comments have been solicited or received. NSCC will 
notify the Commission of any written comments it receives.

III. Date of Effectiveness of the Proposed Rule Change and Timing 
for Commission Action

    The foregoing rule change became effective pursuant to section 
19(b)(3)(A)(ii) of the Act\3\ and Rule 19b-4(e)(2)\4\ thereunder 
because it establishes or changes a due, fee, or other charge of the 
self-regulatory organization. At any time within sixty days of the 
filing of such proposed rule change, the Commission may summarily 
abrogate such rule change if it appears to the Commission that such 
action is necessary or appropriate in the public interest, for the 
protection of investors, or otherwise in furtherance of the purpose of 
the Act.
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    \3\15 U.S.C. 78s(b)(3)(A)(ii) (1988).
    \4\17 CFR 240.19b-4(e)(2) (1993).
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing. Persons making written submissions 
should file six copies thereof with the Secretary, Securities and 
Exchange Commission, 450 Fifth Street, NW., Washington, DC 20549. 
Copies of the submissions, all subsequent amendments, all written 
statements with respect to the proposed rule change that are filed with 
the Commission, and all written communication relating to the proposed 
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 inspection and copying in the 
Commission's Public Reference Section, 450 Fifth Street, NW., 
Washington, DC 20549. Copies of such filing will also be available for 
inspection and copying at the principal offices of NSCC. All 
submissions should refer to file number SR-NSCC-93-15 and should be 
submitted by March 8, 1994.

    For the Commission by the Division of Market Regulation, 
pursuant to delegate authority.\5\
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    \5\17 CFR 200.30-3a(a)(12) (1993).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-3478 Filed 2-14-94; 8:45 am]
BILLING CODE 8010-01-M