[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: 94-3482]
[[Page Unknown]]
[Federal Register: February 15, 1994]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-33601; File No. SR-MCC-93-10]
Self-Regulatory Organizations; Midwest Clearing Corporation;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
To Extend the Waiver of Certain Fees Associated With the Chicago Basket
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 23, 1993, the
Midwest Clearing Corporation (``MCC'') 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 MCC. 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
MCC proposes to amend a portion of its Services and Schedule of
Charges by extending the waiver of certain fees for trades in the
Chicago Basket product\2\ through March 31, 1994.\3\ The text of the
proposed rule changed is as follows with additions underlined and
deletions bracketed:
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\2\Securities Exchange Act Release No. 33053 (October 15, 1993),
58 FR 54610 [File No. SR-CHX-93-18] (order approving proposal to
allow for and govern the trading of standardized baskets and to
trade the Chicago Basket).
\3\Securities Exchange Act Release No. 33156 (November 4, 1993),
58 FR 60076 [File No. SR-MCC-93-06] (notice of filing and immediate
effectiveness of a proposed rule change to waive certain fees for
basket trades through December 31, 1993).
Account Maintenance
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Charge/
Month
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Participant Account Maintenance Fee:
(Local and Our of Town Accounts)........................... $170.00
(Specialist, Trading and Market Maker Accounts)............ 160.00
Secondary Account:
(Specialist, Trading and Market Maker Accounts)............ 125.00
MCC Only Settlement Fee...................................... 200.00
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Secondary Account Maintenance Fees for market maker accounts
opened for trading in the Chicago Basket (``CXM'') shall be waived
through [December 31, 1993] March 31, 1994.
Trade Recording
In addition, a discount of $0.15 per trade side recorded will be
applied to the trade recording fees for trades of 1,000 shares and
larger when a participant exceeds 10,000 recorded trade sides each
month (excluding inbound RIO trades).
All trade recording fees shall be waived for trades in the
Chicago Basket (``CXM'') through [December 31, 1993] March 31, 1994.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the commission, MCC included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on 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. MCC has prepared summaries, set forth in section (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
The purpose of the proposed rule change is to extend the waiver of
account maintenance and trade recording fees for trades in the Chicago
Basket through March 31, 1994. The proposed rule change is consistent
with Section 17A of the Act in that it provides for the equitable
allocation of reasonable fees and other charges among participants
using MSTC's facilities.
(B) Self-Regulatory Organization's Statement on Burden on Competition.
MCC believes that no burden will be placed on competition as a
result of the proposed rule change.
(C) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received from Members, Participants, or Others
No comments were received.
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)\4\ of the Act and subparagraph (e)(2) of Rule 19b-4\5\
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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\4\15 U.S.C. 78s(b)(3)(A)(ii) (1988).
\5\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 submission
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 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 MCC. All submissions
should refer to File No. SR-MCC-93-10 and should be submitted by March
8, 1994.
For the Commission by the Division of Market Regulation,
Pursuant to delegated authority.\6\
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\6\17 CFR 200.30-3(a)(12) (1993).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-3482 Filed 2-14-94; 8:45 am]
BILLING CODE 8010-01-M