[Federal Register Volume 61, Number 45 (Wednesday, March 6, 1996)]
[Notices]
[Page 8991]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-5150]



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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-36901; File No. SR-DGOC-96-02]]


Self Regulatory Organizations; Delta Government Options Corp.; 
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change 
Relating to the Addition of Euro Brokers Maxcor Inc. as an Interdealer 
Broker for Delta Government Options Corp.'s Repurchase Agreement 
Clearance System

February 28, 1996
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\, notice is hereby given that on January 30, 1996, Delta 
Government Options Corp. (``DGOC'') 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 DGOC. The Commission is publishing this notice to solicit 
comments 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 purpose of the proposed rule change is to accommodate Euro 
Brokers Maxcor Inc. (``Euro Brokers'') as an interdealer broker in 
DGOC's over-the-counter clearance and settlement system for U.S. 
Treasury repurchase agreement (``repo'') transactions.

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

    In its filing with the Commission, DGOC 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. DGOC 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

    The System clears repo agreements that have been agreed to through 
the facilities of interdealer brokers that have been specially 
authorized by DGOC (``Authorized Brokers'') to offer their services to 
DGOC participants.\3\ Currently, Liberty Brokerage, Inc. and RMJ 
Special Brokerage Inc. are Authorized Brokers. The purpose of the 
proposed rule change is to accommodate Euro Brokers as an Authorized 
Broker in DGOC's clearance and settlement system for repo trades.

    \3\ For a complete description of the DGOC's repo clearance 
system, see Securities Exchange Act Release No. 36367 (October 13, 
1995), 60 FR 54095.
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    The proposed rule change will facilitate the prompt and accurate 
clearance and settlement of securities transactions, and therefore, the 
proposed rule change is consistent with the requirements of the Act, 
specifically Section 17A of the Act, and the rules and regulations 
thereunder.\4\

    \4\ 15 U.S.C. 78q-1 (1988).
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(B) Self-Regulatory Organization's Statement on Burden on Competition

    DGOC 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 Propose 
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 pursuant to Section 
19(b)(3)(A)(iii) of the Act \5\ and Rule 19b-4(e)(4),\6\ in that the 
proposal effects a change in an existing service of a registered 
clearing agency that does not adversely affect the safeguarding of 
securities or funds in the custody or control of the clearing agency or 
for which it is responsible and does not significantly affect the 
respective rights or obligations of the clearing agency or persons 
using the service. At any time within sixty days of the filing of the 
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.

    \5\ 15 U.S.C. 78s(b)(3)(A)(iii) (1988).
    \6\ 17 CFR 240.19b-4(e)(4) (1995).
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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 submission, 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, N.W., 
Washington, D.C. 20549. Copies of such filing also will be available 
for inspection and copying at DGOC. All submissions should refer to 
File No. SR-DGOC-96-02 and should be submitted by March 27, 1996.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\7\

    \7\ 17 CFR 200.30-3(a)(12) (1995).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-5150 Filed 3-5-96; 8:45 am]
BILLING CODE 8010-01-M