[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: 94-3480]


[[Page Unknown]]

[Federal Register: February 15, 1994]


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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-33599; File No. SR-SCCP-93-06]

 

Self-Regulatory Organization; Stock Clearing Corporation of 
Philadelphia; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change to Modify Recording Fees for PACE Trades

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 21, 1993, the 
Stock Clearing Corporation of Philadelphia (``SCCP'') 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 primarily by SCCP, a self-regulatory organization. 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).
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I. Self-Regulatory Organization's Statement of the Terms of 
Substance of the Proposed Rule Change

    The proposed rule change amends SCCP's trade recording fees for 
PACE trades.\2\ The current PACE recording fees consist of a sliding 
scale with volume discounts. The proposed charge, effective January 3, 
1994, is a flat fee of $0.30 per trade side with no volume discounts. 
SCCP has stated that the purpose of the fee change is to simplify its 
billing and to reflect more accurately its operating expenses in 
recording PACE trades.
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    \2\PACE, an acronym for the Philadelphia Stock Exchange 
Automated Communication and Execution System, is a real-time order 
routing and execution system.
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II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, SCCP included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. SCCP has 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

    SCCP seeks to simplify its billing schedule by amending its trade 
recording fees for PACE trades by SCCP participants to a flat $0.30 per 
trade side. The new fee schedule is to become effective upon the 
monthly billing cycle that commences January 3, 1994. The current PACE 
recordation fees are $0.30 per side for participants with 1 to 1,000 
PACE trades per month, $0.27 per side for participants with 1,001 to 
3,000 PACE trades per month, $0.24 per side for participants with 3,001 
to 5,000 PACE traces per month, and $0.20 per side for participants 
with 5,001 or more PACE trades per month. SCCP states that the 
elimination of the discount schedule will simplify its fee structure 
and billing process and that it will reflect more accurately the 
operating expenses of the recording service.
    SCCP states that the proposed rule change is consistent with 
section 17A of the Act\3\ and particularly with Section 17A(b)(3)(D) of 
the Act\4\ in that it provides for the equitable allocations of 
reasonable dues, fees, and other charges among participants.
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    \3\15 U.S.C. 78q-1 (1988).
    \4\15 U.S.C. 78q-1(b)(3)(D) (1988).
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(B) Self-Regulatory Organization's Statement on Burden on Competition

    SCCP believes that the proposed rule change will neither have any 
impact on competition nor impose any burden on competition.

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

    SCCP has neither solicited nor received comments on the proposed 
rule change.

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

    The foregoing rule change has become effective pursuant to section 
19(b)(3)(A)(ii) of the Act\5\ and Rule 19b-4(e)(2) thereunder\6\ 
because the proposal establishes or changes a due, fee, or other 
charge. At any time within sixty days of the filing of the 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, the public interest, for the 
protection of investors, or otherwise in furtherance of the purposes of 
the Act.
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    \5\15 U.S.C. 78s(b)(3)(A)(ii) (1988).
    \6\17 CFR 240.19b-4(e)(4) (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 submission, all subsequent amendments, all written statements 
with respect to the proposed rule change that are filed with the 
Commission, and all written communications relating to the proposed 
rule 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 office of SCCP. All submissions 
should refer to File No. SR-SCCP-93-06 and should be submitted by March 
8, 1994.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\7\
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    \7\17 CFR 200.30-3(a) (12) (1993).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-3480 Filed 2-14-94; 8:45 am]
BILLING CODE 8010-01-M