[Federal Register Volume 61, Number 173 (Thursday, September 5, 1996)]
[Notices]
[Pages 46888-46889]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-22627]


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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-37622; File No. SR-OCC-96-10]


Self-Regulatory Organizations; the Options Clearing Corporation; 
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change 
Relating to a Laptop Version of the Enhanced Clearing Member Interface 
Platform

August 29, 1996.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on July 18, 1996, The Options 
Clearing Corporation (``OCC'') 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 
OCC. The Commission is publishing this notice to solicit comments on 
the proposed rule change from interested persons.
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    \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 would amend OCC's rules and schedule of 
fees to provide a laptop version of the Enhanced Clearing Member 
Interface (``ECMI'') platform.

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

    In its filing with the Commission, OCC included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments that it received on the proposed rule change. 
The text of these

[[Page 46889]]

statements may be examined at the places specified in Item IV below. 
OCC has prepared summaries, set forth in sections (A), (B), and (C) 
below, of the most significant aspects of such statements.\2\
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    \2\ The Commission has modified such summaries.
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(A) Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    OCC currently leases ECMI equipment \3\ to clearing members which 
is configured so that clearing members may interface with OCC via OCC's 
Clearing/Management and Control System (``C/MACS'').\4\ That equipment 
currently operates on a desktop platform, and OCC's rules require that 
the equipment used to enter information to OCC and to receive reports 
from OCC be located in a clearing member's office. Clearing members 
have now requested that they be permitted to interface with OCC via 
laptop computers, and OCC has determined to permit the use of laptop 
computers outside of a clearing member's office. Because expirations 
require clearing members' personnel to perform C/MACS entry and 
approval after normal business hours, the ability to sign on from home 
and to complete the entry and approval process would produce both cost 
savings and convenience for clearing members. OCC proposes to lease 
such equipment to clearing members for a monthly fee of $250 per laptop 
and $50 per month for an optional printer. These proposed fees are 
based on OCC's costs of obtaining the equipment. Accordingly, OCC would 
amend its schedule of fees to reflect these monthly fees.
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    \3\ ECMI permits clearing members, among other things, to input 
post-trade transactions via OCC's Clearing Management and Control 
System, to retrieve clearing reports via OCC's on-line report 
inquiry service, and to review information memoranda and other 
notices via OCC's Option News Network service. Securities Exchange 
Act Release No. 32366 (May 25, 1993), 58 FR 31435 [File No. SR-OCC-
93-11] (notice of filing and immediate effectiveness of proposed 
rule change).
    \4\ C/MACS is an on-line, menu-driven system that allows OCC 
member firms to access or input trade information directly from or 
to OCC's clearing systems.
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    OCC believes that the proposed rule change is consistent with the 
requirements of Section 17A of the Act \5\ in that it creates the 
opportunity for more efficient means of communication between OCC and 
its clearing members, and it allocates reasonable fees in an equitable 
manner among OCC's clearing members in that the proposed fees reflect 
OCC's current costs of providing the ECMI configuration to its clearing 
members.
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    \5\ 15 U.S.C. 78q-1 (1988).
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(B) Self-Regulatory Organization's Statement on Burden on Competition

    OCC 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

    Written comments were not and are not intended to be solicited with 
respect to the proposed rule change, and none have been 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) of the Act \6\ and Rule 19b-4(e)(2) \7\ 
thereunder in that the proposed rule change establishes or changes a 
due, fee, or other charge imposed by OCC. At any time within sixty 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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    \6\ 15 U.S.C. 78s(b)(3)(A)(ii) (1988).
    \7\ 17 CFR 240.19.b-4(e)(2) (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 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 in the 
Commission's Public Reference Room, 450 Fifth Street, NW., Washington, 
DC 20549. Copies of such filing will also be available for inspection 
and copying at the principal office of OCC. All submissions should 
refer to File No. SR-OCC-96-10 and should be submitted by September 26, 
1996.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-22627 Filed 9-4-96; 8:45 am]
BILLING CODE 8010-01-M