[Federal Register Volume 61, Number 158 (Wednesday, August 14, 1996)]
[Notices]
[Page 42297]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-20716]


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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-37537; File No. SR-BSE-96-9]


Self-Regulatory Organization; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the Boston Stock Exchange, 
Incorporated Relating to Elimination of Clearing Support Fees

August 7, 1996.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''), 15 U.S.C. 78s(b)(1), notice is hereby given that on July 23, 
1996 the Boston Stock Exchange, Incorporated (``BSE'' or ``Exchange'') 
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 by the Exchange. The Commission is publishing 
this notice to solicit comments on the proposed rule change from 
interested persons.

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend its fee schedule pertaining to 
support services fees, eliminating fees which are obsolete due to the 
discontinuation of the Boston Stock Exchange Clearing Corporation as a 
support facility for the Depository Trust Company. The text of the 
proposed rule change is as follows [deleted text is in brackets]:

Membership and Other Fees

(1) Membership                                                          
Membership Dues...........................  $400.00 per membership per  
                                             quarter.                   
Clearing Corporation Deposit..............  $6,000.00 (refundable).     
Account Maintenance.......................  $200.00 per month.          
Transfer of Membership....................  $500.00 for intra-firm or   
                                             inter-firm.                
BSE Rules and Guides......................  CCH annual subscription     
                                             rate.                      
(2) [Support Services]                                                  
  [    DTC Facility.......................                              
    Deposit Sheets........................  $4.00 per item.             
    Deposit Items.........................  $1.00 per item.             
    ID Activity...........................                              
    ID Trades.............................  $1.00 per item.             
    ID Account Set-Up.....................  $1.00 per item.             
    ID Account Maintenance................  $.50 per item.              
    Envelope Processing...................  $25.00 per envelope.        
    Distribution..........................  $300.00 per month.          
    Check Issuance/Deposit................  $300.00 per month    ].     
  [3)] Electronic Fee Access and                                        
   Processing.                                                          
    Open Order Match......................  $200.00 per month.          
    Trade Files...........................  $100.00 per month.          
    P & S Blotters........................  $100.00 per month.          
    Equity Reports........................  $100.00 per month.          
    Remote BEACON Access..................  Greater of $100.00 or       
                                             monthly transaction fees   
                                             for trades routed through  
                                             terminal.                  
    ADP User's Fee........................  Greater of $1,200.00 or     
                                             monthly transaction fees.  
    Late Fees.............................  1.5% will be charged on     
                                             outstanding balances as of 
                                             the last calendar day of   
                                             the month.                 
                                                                        

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

    In its filing with the Commission, the Exchange 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. The Exchange has prepared summaries, set forth in 
Sections A, B, and C below, of the most significant aspects of such 
statements.

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

1. Purpose
    The purpose of the proposed rule change is to eliminate fees 
pertaining to support services made obsolete by the discontinuation of 
the Boston Stock Exchange Clearing Corporation as a support facility 
for the Depository Trust Company.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b)(4) of the 
Act in that it provides for the equitable allocation of reasonable 
dues, fees and other charges among its members and issuers and persons 
using its facilities.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The BSE does not believe that the proposed rule change will impose 
any 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 were solicited or 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 establishes or changes a due, fee, or 
other charge imposed by the Exchange and, therefore, has become 
effective pursuant to Section 19(b)(3)(A)(ii) of the Act and 
subparagraph (e) of Rule 19b-4 \1\ thereunder. At any time within 60 
days of the filing of such 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.
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    \1\ 17 CFR 240.19b-4.
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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. 552, will be available for inspection and copying at the 
Commission's Public Reference Room. Copies of such filing will also be 
available for inspection and copying at the principal office of the 
Exchange. All submissions should refer to File No. SR-BSE-96-9 and 
should be submitted by September 4, 1996.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\2\
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    \2\ 17 CFR 200.30(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-20716 Filed 8-13-96; 8:45 am]
BILLING CODE 8010-01-M