[Federal Register Volume 59, Number 211 (Wednesday, November 2, 1994)]
[Notices]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-27167]


[[Page Unknown]]

[Federal Register: November 2, 1994]


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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-34895; File Nos. SR-MCC-94-10 and SR-MSTC-94-11]

 

Self-Regulatory Organizations; Midwest Clearing Corporation and 
Midwest Securities Trust Company; Notices of Filing and Immediate 
Effectiveness of Proposed Rule Changes That Modify Certain MST 
Communications System Fees

October 25, 1994.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on September 16, 1994, the 
Midwest Clearing Corporation (``MCC'') and Midwest Securities Trust 
Company (``MSTC'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule changes (File Nos. SR-MCC-94-10 and 
SR-MSTC-94-11) as described in Items I, II, and III below, which Items 
have been prepared mainly by MCC and MSTC, self-regulatory 
organizations. The Commission is publishing this notice to solicit 
comments on the proposed rule changes from interested persons.

    \1\15 U.S.C. Sec. 78s(b)(1) (1988).
I. Self-Regulatory Organizations' Statement of the Terms of Substance 
of the Proposed Rule Changes

    MCC and MSTC propose to amend the portions of their services and 
schedules of charges relating to the MST Communications System\2\ by: 
(1) changing the name of the system from the ``MST Communications 
System'' to the ``MST Link''; (2) merging and repricing the services 
previously available and priced under the MSTC Link Service into the 
general list of services and fees under the MST Link Service;\3\ and 
(3) imposing a charge for terminal IDs of $25 per terminal ID for all 
terminal IDs after the initial ID.\4\ Refer to Exhibit A for the text 
of the proposed fee changes.

    \2\The MST Communications System is a combined computer system 
used by MCC and MSTC and is their primary computer system. Telephone 
conversation between David T. Rusoff, Attorney, Foley & Lardner, and 
Thomas C. Etter, Jr., Senior Counsel, Division of Market Regulation, 
Commission (September 19, 1994).
    \3\The MSTC Link Service, part of an existing telecommunications 
system, will be consolidated into the new MST Link. id.
    \4\The abbreviation ``ID'' in this context refers to computer 
identification numbers. Id.
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II. Self-Regulatory Organizations' Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Changes

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

(A) Self-Regulatory Organizations' Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Changes

    MCC and MSTC state that the purpose of the proposed changes is to 
change the pricing structure of portions of the MST Communications 
System Service. MCC and MSTC further state that the proposed rule 
changes are consistent with Section 17A(b)(3)(D) of the Act because 
they provide for the equitable allocation of reasonable fees and other 
charges among participants using their facilities.\5\

    \5\15 U.S.C. Sec. 78q-1(b)(3)(D) (1988).
(B) Self-Regulatory Organizations' Statement on Burden on Competition

    MCC and MSTC believe that the proposed rule changes will not have 
any impact on competition and that they will not impose any burden on 
competition.

(C) Self-Regulatory Organizations' Statment on Comments on the Proposed 
Rule Change From Members, Participants or Others

    MCC and MSTC have not solicited or received any comments on the 
proposed rule changes.

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

    The foregoing rule changes have become effective pursuant to 
Section 19(b)(3)(A)(ii) of the Act\6\ and Rule 19b-4(e)(2) 
thereunder\7\ because the proposals establish or change dues, fees, or 
other changes imposed by the self-regulatory organizations. At any time 
within sixty days of the filing of such rule changes, the Commission 
may summarily abrogate such rule changes 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.

    \6\15 U.S.C. Sec. 78s(b)(3)(A)(ii) (1988).
    \7\17 CFR 240.19b-4(e)()4) (1994).
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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 Commisison, 450 Fifth Street, N.W., Washington D.C. 120549. 
Copies of the submissions, all subsequent amendments, all written 
statements with respect to the proposed rule changes that are filed 
with the commission, and all written communications relating to the 
proposed rule changes 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. Sec. 552, will be available for inspection and 
copying at the principal offices of MCC and MSTC. All submissions 
should refer to File Nos. SR-MCC-94-10 and SR-MSTC-94-11 and should be 
submitted by November 23, 1994.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\8\

    \8\17 CFR 200.30-3(a)(12) (1994).
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Jonathan G. Katz,
Secretary.
Exhibit A

    The text of the proposed rule changes are as follows:

(Additions italicized; deletions [bracketed])

MST [COMMUNICATIONS SYSTEM] LINK

    Participants may use the MST [Communications System] Link to 
obtain information regarding current MCC/MSTC positions (Inquiry); 
retrieve MST System reports in house (Report Retrieval); and input 
instructions to MCC/MSTC. Participants may use the MST 
[Communications System] Link either via a Leased Line or a Dial Up 
interface.

Services:                                                                                                       
    [Full Access Service:]                            Leased Line                       Dial Up                 
                                                                                                                
        *                  *                  *                  *                  *                  *        
                                                        *                                                       
    Dedicated Line Charge...........................  $440.00/month...................  [$86.00/mo.]            
                                                                                                                
        *                  *                  *                  *                  *                  *        
                                                        *                                                       
    Dial Up [Additional Port Charge[s]..............  ................................  $86.00/mo.              
    Dial Up [Back Up] Connect Time [Charge].........  ................................  $5.25/hr.               
                                                                                                                
        *                  *                  *                  *                  *                  *        
                                                        *                                                       
    Terminal ID (first ID free--included with         $25.00/term ID..................  $25.00/term ID          
     access).                                                                                                   
                                                                                                                


[MSTC Link                                                              
    Access Fee (Dial Back Up incl.).........  $494.00                   
    Line Charge.............................  $440.00                   
    Long Distance Line Charge...............  $0.43/road mile           
    Terminal Charge.........................  $200.00/terminal]         
                                                                        
       *                  *                  *                  *       
                  *                  *                  *               
                                                                        

    All Printer IDs are included in the price of the access fee. 
Multiple User IDs may be associated with Terminal ID. However, 
simultaneous access is restricted to the number of Terminal IDs.

[FR Doc. 94-27167 Filed 11-1-94; 8:45 am]
BILLING CODE 8010-01-M