[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] ----------------------------------------------------------------------- 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. --------------------------------------------------------------------------- \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). --------------------------------------------------------------------------- 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. --------------------------------------------------------------------------- \3\15 U.S.C. 78s(b)(3)(A)(ii) (1988). \4\17 CFR 240.19b-4(e)(2) (1993). --------------------------------------------------------------------------- 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\ --------------------------------------------------------------------------- \5\17 CFR 200.30-3a(a)(12) (1993). --------------------------------------------------------------------------- Margaret H. McFarland, Deputy Secretary. [FR Doc. 94-3478 Filed 2-14-94; 8:45 am] BILLING CODE 8010-01-M