[Federal Register Volume 61, Number 213 (Friday, November 1, 1996)]
[Notices]
[Pages 56592-56593]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-28009]


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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-37862; File No. SR-MBSCC-96-05]


Self-Regulatory Organizations; MBS Clearing Corporation; Notice 
of Filing and Immediate Effectiveness of Proposed Rule Change Relating 
to Fees and Charges

October 24, 1996.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (``Act''), notice is hereby given that on September 25, 1996, the 
MBS Clearing Corporation (``MBSCC'') 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 MBSCC. The Commission is publishing this notice to solicit 
comments from interested persons on the proposed rule change.
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    \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

    The text of the proposed rule change consists of modifications to 
the Electronic Pool Notification (``EPN'') schedule of charges, which 
is attached as Exhibit 1.

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

    In its filing with the Commission, MBSCC 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. MBSCC 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 the text of the summaries 
prepared by MBSCC.
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(A) Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    The purpose of the proposed rule change is to modify the access 
fees and to make technical changes to the schedule of charges for the 
EPN service. MBSCC currently accommodates connectivity to the EPN 
service by leased lines and charges an access fee depending on the type 
of connection used by a participant. The proposed rule change 
establishes an access fee to accommodate the use of dial-up lines in 
conjunction with or as an alternative to leased lines for connection to 
the EPN service.\3\ Dial-up access to the EPN service is intended to 
reduce a participant's monthly telephone company communication charges. 
Therefore, the proposed rule change modifies the EPN schedule of 
charges to add an access fee for CTCI TCP/IP via dial-up of $30.00/
month. The proposed rule change also makes a technical modification to 
the EPN schedule of charges to identify the access fees to accommodate 
connectivity by leased line or dial-up, leased line, and dial-up.\4\ 
MBSCC will implement these changes effective immediately.
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    \3\ Leased lines are billed on a flat rate regardless of usage 
whereas dial-up access is billed based on usage plus a small 
maintenance fee.
    \4\ One type of connection (i.e., CTCI SNA LU6.2) accommodates 
leased or dial-up access to the EPN service.
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    MBSCC believes that the proposed rule change is consistent with the 
requirements of Section 17A of the Act \5\ and the rules and 
regulations thereunder because it provides for the equitable allocation 
of dues, fees, and other charges among MBSCC's participants.
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    \5\ 15 U.S.C. Sec. 78q-1 (1988).
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(B) Self-Regulatory Organization's Statement on Burden on Competition

    MBSCC does not believe that the proposed rule change will impact 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. MBSCC will 
notify the Commission of any written comments received by MBSCC.

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)(ii) \6\ of the Act and pursuant to Rule 19b-4(e)(2) \7\ 
promulgated thereunder because the proposal establishes or changes a 
due, fee, or other charge imposed by MBSCC. 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

[[Page 56593]]

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. Sec. 78s(b)(3)(A)(ii) (1988).
    \7\ 17 CFR 240.19b-4(e)(2) (1996).
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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 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 also will be available 
for inspection and copying at the principal office of MBSCC. All 
submissions should refer to File No. SR-MBSCC-96-05 and should be 
submitted by November 22, 1996.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12) (1996).
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Margaret H. McFarland,
Deputy Secretary.

Exhibit 1--Modifications to MBSCC's EPN Schedule of Charges

                    MBSCC EPN Schedule of Charges \9\                   
------------------------------------------------------------------------
                                                                        
------------------------------------------------------------------------
                        Account Maintenance Fees                        
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Direct Account...............  $250.00/month (per account).             
Omnibus Account..............  $250.00/month (per account) plus $25.00/ 
                                month (per customer account up to a     
                                maximum of $250.00/month/per account).  
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                        Message Processing Fees                         
------------------------------------------------------------------------
ON Send......................  $.25/million Current Face (8:00 a.m. to  
                                1:00 p.m.).                             
                               $1.25/million Current Face (1:00 p.m. to 
                                2:00 p.m.).                             
                               $1.50/million Current Face (2:00 p.m. to 
                                3:00 p.m.).                             
                               $1.25/million Current Face (3:00 p.m. to 
                                5:00 p.m.).                             
ON Receive...................  $.50/million Current Face (8:00 a.m. to  
                                1:00 p.m.).                             
                               $.25/million Current Face (1:00 p.m. to  
                                2:00 p.m.).                             
                               $.25/million Current Face (2:00 p.m. to  
                                3:00 p.m.).                             
                               No Charge (3:00 p.m. to 5:00 p.m.).      
DK Send or Receive...........  No Charge.                               
Cancel Send or Receive.......  No Charge.                               
Retransmission Request.......  No Charge.                               
AutoLink Request.............  No Charge.                               
------------------------------------------------------------------------
                              Access Fees                               
------------------------------------------------------------------------
CTCI SNA LU6.2 via leased      $71.00/month (per circuit to MetroTech). 
 line or Dial-up.                                                       
CTCI TCP/IP leased line via    $120.00/month (per circuit to MetroTech).
 Wellfleet (MBSCC).                                                     
CTCI TCP/IP leased line via    $190.00/month (per circuit to MetroTech).
 Cisco (MBSCC).                                                         
CTCI TCP/IP via Dial-up......  $30.00/month (per circuit to MetroTech). 
 EPN Terminal Service........  No Charge (first 9.6 Kbps connection).   
EPN Terminal Service.........  $12.75/month (each additional            
                                connection).                            
EPN Dial-up Terminal Service.  $12.75/month (each 9.6 Kbps connection). 
In addition to the above, telecommunication circuit charges from Sector 
 (or your vendor of choice) will apply.                                 
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\9\ Additions to the text are denoted by italics, deleted text is       
  bracketed.                                                            

[FR Doc. 96-28009 Filed 10-31-96; 8:45 am]
BILLING CODE 8010-01-M