[Federal Register Volume 61, Number 50 (Wednesday, March 13, 1996)]
[Notices]
[Pages 10416-10417]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-5963]



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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-36969; File No. SR-Philadep-95-13]


Self-Regulatory Organizations; Philadelphia Depository Trust 
Company; Notice of Filing and Immediate Effectiveness of Proposed Rule 
Change Implementing Institutional Delivery System Features in the 
Philanet Terminal System

March 7, 1996.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on December 26, 1995, the 
Philadelphia Depository Trust Company (``Philadep'') 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 Philadep. The Commission is publishing this 
notice to solicit comments on the proposed rule change from interested 
parties.

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

    Philadep proposes to provide its participants with access to 
several additional Institutional Delivery (``ID'') system features 
through their Philanet terminals.\2\

    \2\ Philanet is an on-line terminal network system. Philanet 
allows participants to access information affecting their accounts 
through an on-site terminal located at the participants' offices.
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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, Philadep included statements 
concerning the purpose of and the 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. Philadep has prepared summaries, as set forth in 
sections (A), (B), and (C) below, of the most significant aspects of 
these statements.\3\

    \3\ The Commission has modified the text of the summaries 
prepared by Philadep.
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(A) Self-Regulatory Organization's Statement of the Purpose of, and the 
Statutory Basis for, the Proposed Rule Change

    The purpose of the proposed rule change is to make several features 
of Philadep's ID system available to ID participants through their 
Philanet terminals. These features currently exist in the form of 
hardcopy reports or instructions and are available to participants upon 
request.
    The first feature of the proposed rule change allows Philadep 
participants to cancel all affirmed trades through their Philanet 
terminals. Currently, participants cancel ID trades affirmed prior to 
the settlement date by faxing a form to Philadep indicating the trades 
to be cancelled. Philadep then processes the cancellations and cancels 
the trade delivery. The enhancement to the Philanet system will allow 
Philadep participants to cancel trades directly through their Philanet 
terminals by selecting the ``Cancel Affirmed ID Trades'' function.
    The second feature of the proposed rule change allows participants 
to use Philanet to inquire about the status of their ID trades. To make 
the inquiry, participants will select the ``ID Trades Inquiry'' 
function. Using this inquiry screen, participants may view any single 
trade, a particular CUSIP, the settlement date, processing date, or 
trade date.

[[Page 10417]]
Also, participants may view the status of their trades (i.e., 
unaffirmed, affirmed, or cancelled).
    The third feature of the proposed rule change allows participants 
to use Philanet to verify the receipt of their transmissions by 
Philadep and the total number of the respective trades associated with 
each transmission.
    Philadep believes its proposed rule change is consistent with the 
requirements of Section 17A the Act because it fosters cooperation and 
coordination with person engaged in the clearance and settlement of 
securities transactions and further assures the safeguarding of 
securities which are in the custody and control of Philadep.

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

    Philadep does not believe 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

    Written comments were neither solicited nor received with respect 
to the proposed rule change.

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) \4\ of the Act and pursuant to Rule 19b-4(e)(4) \5\ 
promulgated thereunder because the proposal effects a change in an 
existing service of Philadep that does not adversely affect the 
safeguarding of securities or funds in the custody or control of 
Philadep and does not significantly affect the respective rights or 
obligations of Philadep or persons using the service. 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.

    \4\ 15 U.S.C. Sec. 78s(b)(3)(A)(iii) (1988).
    \5\ 17 CFR Sec. 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, NW, 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 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 provision 
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, D.C. 20549. Copies of such filing will also be available 
for inspection and copying at the principal office of Philadep. All 
submissions should refer to File Number SR-Philadep-95-13 and should be 
submitted by April 1, 1996.

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

    \6\ 17 CFR Sec. 200.30-3(a)(12) (1994).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-5963 Filed 3-12-96; 8:45 am]
BILLING CODE 8010-01-M