[Federal Register Volume 59, Number 65 (Tuesday, April 5, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-8083]
[[Page Unknown]]
[Federal Register: April 5, 1994]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-33828; File No. SR-MCC-94-05]
Self-Regulatory Organizations; Midwest Clearing Corporation;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
To Waive Certain Fees
March 28, 1994.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'')\1\, notice is hereby given that on March 17, 1994, the
Midwest Clearing Corporation (``MCC'') filed with the Securities and
Exchange Commission (``Commission'') the proposed rule change (File No.
SR-MCC-94-05) as described in Items I, II, and III below, which Items
have been prepared primarily 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
The purpose of the proposed rule change is to continue to waive
through June 30, 1994, (1) trade recording fees for trades in the
Chicago Stock Exchange's Chicago Basket (``CXM'') product and (2)
secondary account maintenance fees for market-maker accounts opened for
trading in the CXM.\2\
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\2\Securities Exchange Act Release Nos. 33156 (November 4,
1993), 58 FR 60076 [File No. SR-MCC-93-06] (waiver of fees through
December 31, 1993) and 33601 (February 8, 1994), 59 FR 7275 [File
No. SR-MCC-93-10] (waiver of fees through March 31, 1994).
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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, 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. The
text of these statements may be examined at the places specified in
Item IV below. MCC 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
MCC proposes to amend a portion of its Services and Schedule of
Charges by waiving certain fees associated with trades in the CXM
through June 30, 1994. Proposed additions are italicized and proposed
deletions are bracketed:
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Charge/
Account maintenance month
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Participant Account Maintenance Fee:
(Local and Out of Town Accounts).......................... $170
(Specialist, Trading and Market Maker Accounts)........... 160
Secondary Account (Specialist, Trading and Market Maker
Accounts).................................................... 125
MCC Only Settlement Fee....................................... 200
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Secondary Account Maintenance Fees for market maker accounts opened
for trading in the Chicago Basket (``CXM'') shall be waived through
[March 31, 1994] June 30, 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 [March 31, 1994] June 30, 1994.
The proposed rule change is consistent with section 17A of the
Act\3\ in that it provides for the equitable allocation of a reasonable
fee among MCC's clearing members as required by section 17A(b)(3)(D) of
the Act.\4\
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\3\15 U.S.C. 78q-1.
\4\15 U.S.C. 78q-1(b)(3)(D)
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(b) Self-Regulatory Organization's Statement on Burden on Competition
MCC does not believe that the proposed rule change will impose any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
(C) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received From Members, Participants or Others
Comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective on filing pursuant
to section 19(b)(3)(A)(ii)\5\ of the Act and pursuant to Rule 19b-
4(e)(2)\6\ promulgated thereunder because the proposed rule change
establishes or changes a due, fee, or other charge imposed by MCC. At
any time within sixty days of the filing of this 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 purposes of the Act.
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\5\15 U.S.C. 78s(b)(3)(A)(ii).
\6\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 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 10549. Copies of such filings will also be available for
inspection and copying at the principal offices of MCC. All submissions
should refer to File No. SR-MCC-94-05 and should be submitted by April
26, 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. 94-8083 Filed 4-4-94; 8:45 am]
BILLING CODE 8010-01-M