[Federal Register Volume 60, Number 146 (Monday, July 31, 1995)]
[Notices]
[Pages 39040-39042]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-18703]



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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-36012; File No. SR-SCCP-95-02]


Self-Regulatory Organizations; Stock Clearing Corporation of 
Philadelphia; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change Relating to Fees and Charges

July 24, 1995.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (``Act''), notice is hereby given that on July 10, 1995, 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. The Commission is publishing this 
notice to solicit comments from interested persons on the proposed rule 
change.

    \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

    SCCP is filing the proposed rule change in order to revise, 
consolidate, and restate its published schedule of fees and charges 
(attached as Exhibit 1).

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. Summaries of the most significant aspects of such 
statements are set forth in sections (A), (B), and (C) below.

(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 revise, consolidate, 
and restate SCCP's published schedule of fees and charges. It has been 
nearly four years since SCCP filed a comprehensive fee schedule. SCCP 
has deleted from its published fee schedule certain charges for 
services no longer offered to SCCP participants. Such services include 
draft services, physical deliveries and receives, national transfer 
services, signature guarantees, and correspondent delivery collection 
services.\2\ SCCP also has modified the New York office transactions 
fee schedule section from the previous five general categories, which 
excluded pass through costs, to seventeen individual fees which reflect 
the inclusion of such pass through costs. Finally, SCCP has 
consolidated and restated all other existing fees and charges and 
hereafter annually will file a comprehensive schedule of all fees and 
charges.

    \2\ SCCP also is eliminating the separate charge for daily 
transmission of T+4 settling trades information. SCCP participants 
will still be able to obtain information for purchase and sale 
trades plus T+2 settling trades for one charge.
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    The proposed rule change is consistent with the requirements of 
Section 17A of the Act and the rules and regulations thereunder because 
it provides for the equitable allocation of dues, fees, and other 
charges among SCCP's participants.

(B) Self-Regulatory Organization's Statement on Burden on Competition

    SCCP does not perceive any burdens 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

    A SCCP participant bulletin will notify participants of the fee 
schedule changes and will advise them to whom they may direct questions 
upon receipt of the new fee schedule.

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) \3\ of the Act and pursuant to Rule 19b-4(e)(2) \4\ 
promulgated thereunder because the proposal establishes or changes a 
due, fee, or other charge imposed by SCCP. At any time within sixty 
days of the filing of such 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.

    \3\ 15 U.S.C. 78s(b)(3)(A)(ii) (1988).
    \4\ 17 CFR 240.19b-4(e)(2) (1994).

[[Page 39041]]

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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. Sec. 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-95-02 and should be submitted by 
August 21, 1995.

    For the Commission by the Division of Market Regulation pursuant 
to delegated authority.\5\

    \5\ 17 CFR 200.30-3(a)(12) (1994).
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Margaret H. McFarland,
Deputy Secretary.
Exhibit 1

SR-SCCP-95-02

                  Stock Clearing Corporation of Philadelphia Consolidated Restatement of Fees 1                 
----------------------------------------------------------------------------------------------------------------
                                          Service                                                    Fee        
1. Account fees:                                                                                                
    a. Maintenance Fee....................................................................  $150.00 per month   
                                                                                             (20 or fewer trades
                                                                                             per month).        
                                                                                            $250.00 per month   
                                                                                             (over 20 trades per
                                                                                             month).            
                                                                                            $650.00 per month   
                                                                                             (specialist).      
    b. Additional Suffix..................................................................  $32.00 per month per
                                                                                             suffix.            
2. Trade recording fees:                                                                                        
    a. Regular Trades.....................................................................  $0.47 per side.     
    b. PACE Trades........................................................................  $0.30 per side.     
    c. Municipal Bonds Trades.............................................................  $1.00 per compared  
                                                                                             side.              
    d. Yellow Tickets (between two accounts)..............................................  $0.47 per side.     
    e. Basket Trades......................................................................  $0.60 per side for 1-
                                                                                             1,000 trades per   
                                                                                             month.             
                                                                                            $0.54 per side for  
                                                                                             1,001-3,000 trades 
                                                                                             per month.         
                                                                                            $0.48 per side for  
                                                                                             3,001-5,000 trades 
                                                                                             per month.         
                                                                                            $0.40 per side for  
                                                                                             more than 5,000    
                                                                                             trades per month.  
3. Value fees:                                                                                                  
    a. CNS Accounts.......................................................................  $0.05 per $1,000 of 
                                                                                             contract value.    
    b. Margin Accounts....................................................................  $0.035 per $1,000 of
                                                                                             contract value.    
    c. PACE Trades........................................................................  None.               
    d. Maximum Value Charge...............................................................  $25.00 per trade per
                                                                                             side.              
4. Volume discounts (trade recording fees and value charges):                                                   
    a. CNS Trades settling at SCCP (utilizing PACE).......................................  $0.77 per side      
                                                                                             maximum with 4,000 
                                                                                             or more PACE trades
                                                                                             per month.         
5. Specialist discounts for trades cleared through a SCCP margin account:                                       


                                                                                                                                                        
                                                                                                                                                Discount
                                                                                                   Volume level (including PACE trades)         per side
                                                                                            2,501 to 10,000 sides per month..................      $0.05
                                                                                            10,001 to 15,000 sides per month.................      $0.10
                                                                                            15,001 to 20,000 sides per month.................      $0.15
                                                                                            20,001 to 25,000 sides per month.................      $0.20
                                                                                            25,001 to 30,000 sides per month.................      $0.25
                                                                                            30,001 to 35,000 sides per month.................      $0.30
                                                                                            35,001 to 40,000 sides per month.................      $0.35
                                                                                            40,001 and over..................................      $0.40


6. Municipal bond margin service..........................................................  $500.00 per month   
                                                                                             with activity.     
7. Treasury transactions:                                                                                       
    a. Per trade transaction..............................................................  $40.00 (plus pass   
                                                                                             through costs).    
    b. Per withdrawal--Bearer.............................................................  $15.00.             
    c. Per withdrawal--Registered.........................................................  $10.00.             
    d. Per transfer.......................................................................  $10.00.             
8. Margin account pledge fees.............................................................  $1.00.              
9. New York office transactions:                                                                                
    a. Over the Window Delivery Clearing House............................................  $5.00.              
    b. Over the Window Delivery Paid or Suspended.........................................  $5.00.              
    c. Over the Window Delivery ``Don't Know''............................................  $10.00.             
    d. Over the Window Receive Clearing House.............................................  $6.00.              
    e. Dividend Settlement Service........................................................  $5.00.              
    f. Envelope Settlement Service/InterCity/Funds Only Settlement Service................  $5.00.              
    g. Over the Window Delivery Fed Funds.................................................  $22.50.             
    h. Over the Window Receive Fed Funds..................................................  $22.50.             
    i. Syndicate Re-Delivery Paid.........................................................  $14.00.             
    j. Syndicate Re-Delivery ``Don't Know''...............................................  $17.00.             

[[Page 39042]]
                                                                                                                
    k. Securities Hold....................................................................  $5.00.              
    l. Reorganization Pick-up.............................................................  $5.00.              
    m. Reorganization Reject..............................................................  $10.00.             
    n. Reorganization Agent Delivery......................................................  $15.00.             
    o. Syndicate Pick-Up..................................................................  $17.00.             
    p. Miscellaneous......................................................................  $5.00.              
    q. Deliveries to New Jersey...........................................................  $12.00 per item     
                                                                                             (plus costs).      
10. Margin account interest:                                                                                    
    Charge on net debit balances..........................................................  \1/2\% above bank   
                                                                                             broker call rate.  
11. Research fees:                                                                                              
    a. Per photocopy of input forms.......................................................  $4.00.              
    b. Per microfiche copy................................................................  $4.00.              
    c. Items less than 90 days old........................................................  No charge.          
    d. Items 1 year old or less...........................................................  $15.00 per hour.    
    e. Items over 1 year old..............................................................  $15.00 per hour,    
                                                                                             $25.00 minimum,    
                                                                                             plus archive       
                                                                                             retrieval costs.   
12. Computer transmission/tapes:                                                                                
    a. Purchase and Sale Trade Data (daily)...............................................  $100.00 per month.  
    [b. T+4 Settling Trades (daily).......................................................  $100.00 per month]. 
    [c.]b. Purchase and Sale Trades plus T+[4]2 Settling Trades (daily)...................  $150.00 per month.  
    [d.]c. Miscellaneous..................................................................  $150.00 per month;  
                                                                                             includes 6 tapes/  
                                                                                             transmission.      
                                                                                            $25.00 per          
                                                                                             additional tape/   
                                                                                             transmission.      
13. Lost and stolen securities program....................................................  $100.00 per year,   
                                                                                             $2.50 per inquiry. 
14. P&L statement charges.................................................................  $0.01 per line.     
15. Buy-ins...............................................................................  $5.00 per item      
                                                                                             submitted.         
16. Member to member envelope service.....................................................  $5.00 per envelope  
                                                                                             (charged to        
                                                                                             sender), plus      
                                                                                             carrier costs.     
[17. Draft fees...........................................................................  $6.50 per item, plus
                                                                                             additional bank    
                                                                                             charge].           
[18. Physical deliveries/receives.........................................................  $5.00 per item (plus
                                                                                             costs)].           
[19. National transfer service (NTS):                                                                           
    a. Per envelope for delivery to New York, New Jersey, Boston, Hartford and Providence.  $1.50 (plus costs). 
    b. Per envelope for delivery to all other areas (plus $0.05 per $1,000 value)]........  $1.00 (plus costs). 
[20. Signature guarantee program:                                                                               
    a. Less than $26.00/mo. in over the window deposit activity...........................  $21.00 per month.   
    b. $26.01 to $130.00/mo. in over the window deposit activity..........................  $50.00 per month.   
    c. $130.00 and over/mo. in over the window deposit activity]..........................  $100.00 per month.  
[21. Correspondent delivery collection service (CDCS):                                                          
    a. Per item...........................................................................  $5.00 (plus costs). 
    b. Per reclamation....................................................................  $6.00 (plus costs). 
    c. Per item overnight.................................................................  $6.00 (plus costs). 
\1\ June 29, 1995 Board resolved amendments denoted--deletions bracketed, additions italicized.                 


[FR Doc. 95-18703 Filed 7-28-95; 8:45 am]
BILLING CODE 8010-01-M