[Federal Register Volume 60, Number 146 (Monday, July 31, 1995)]
[Notices]
[Pages 39034-39035]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-18704]



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[[Page 39035]]


SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-36008; File No. SR-NSCC-95-08]


Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Filing and Immediate Effectiveness of a Proposed 
Rule Change Regarding a Technical Correction to its Fee Schedule

July 21, 1995.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on July 5, 1995, National 
Securities Clearing Corporation (``NSCC'') filed with the Securities 
and Exchange Commission (``Commission'') the proposed rule change (File 
No. SR-NSCC-95-08) as described in Items I, II, and III below, which 
items have been prepared primarily by NSCC. The Commission is 
publishing this notice to solicit comment on the proposed rule change 
from interested persons.

    \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 makes a technical correction to NSCC's fee 
schedule to include a fee inadvertently deleted when changes were made 
to NSCC's rules and fees to accommodate three day settlement of 
securities transactions (``T+3'').

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, NSCC 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. NSCC has prepared summaries, set forth in sections (A), 
(B), and (C) below, of the most significant aspects of such 
statements.\2\

    \2\ The Commission has modified parts of these statements.
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(A) Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    Prior to the recent amendments to its rules and fees to accommodate 
T+3 settlement, NSCC's fee structure had a category labeled Basket 
Trades in the Trade Comparison and Recording Fee section and a 
separated basket fee in the Pass Through and Other Fees section. Within 
the Trade Comparison section, NSCC had two charges, a $30 charge for 
the processing of baskets (i.e. processing of a basket includes such 
things as the bursting of the basket into the underlying security 
components) and a $10 charge for the processing of mini baskets. The 
$30 fee category also was used to charge members for the creation and 
redemption of index receipts. The fee schedule also had a separate 
charge of $125 per month which covered the production of the 
composition file for baskets and index receipts. When NSCC revised its 
rules and fees for T+3, it deleted references to and fees for baskets 
because NSCC does not process these items any longer. This resulted in 
the unintentional deletion of the fee category used for the creation 
and redemption of index products. It did not delete the $125 charge for 
the production of a composition file for baskets.
    The purpose of the proposed rule change is to restore and to rename 
the $30 fee that NSCC charges to process index receipts (i.e., to 
accept creation and redemption instructions) and to rename the fee 
associated with the production of the composition file. The new names 
will reflect the fact that the fees are for services provided in 
connection with index receipts.
    The proposed rule change is consistent with Section 17A(b)(3)(D) 
\3\ of the Act, as amended, which requires that the rules of a 
registered clearing agency provide for the equitable allocation of 
reasonable fees for the services which it provides to participants.

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

    NSCC does not perceive that the proposed rule change will have an 
impact on or impose a burden on competition.

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

    No written comments have been solicited or received. NSCC will 
notify the Commission of any written comments 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) \4\ of the Act and pursuant to Rule 19b-
4(e)(2) \5\ in that the proposed rule change establishes or changes a 
due, fee, or other charge imposed by NSCC. 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.

    \4\ 15 U.S.C. 78s(b)(3)(A)(ii) (1988).
    \5\ 17 CFR 240.19b-4(e)(2) (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 submissions 
should file six copies thereof with the Secretary, Securities and 
Exchange Commission, 450 Fifth Street, N.W., Washington, D.C. 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. Sec. 552, will be available for inspection and copying in 
the Commission's Public Reference Section, 450 Fifth Street, N.W. 
Washington D.C. 20549. Copies of such filing will also be available for 
inspection and copying at the principal offices of NSCC.
    All submissions should refer to File No. SR-NSCC-95-08 and should 
be submitted by August 21, 1995.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\6\

    \6\ 17 CFR 200.30-3(a)(12) (1993).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-18704 Filed 7-28-95; 8:45 am]
BILLING CODE 8010-01-M