[Federal Register Volume 62, Number 13 (Tuesday, January 21, 1997)]
[Notices]
[Pages 3068-3069]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-1362]


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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-38151; File No. SR-DCC-96-15]


Self-Regulatory Organizations; Delta Clearing Corp.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change Relating 
to the Amendment of Fees Charged for Options

January 10, 1997.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on December 11, 1996, Delta 
Clearing Corp. (``DCC'') 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 
DCC. 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).
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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 amend DCC's fee 
schedule for the clearance of options on U.S. Government Securities.

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

    In its filing with the Commission, DCC included statements 
concerning the purpose of and statutory basis for the proposed rule 
change. The text of these statements may be examined at the places 
specified in Item IV below. DCC 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 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 purpose of the proposed rule change is to amend DCC's fee 
schedule for the clearance of options on U.S. Treasury Securities as 
follows:

------------------------------------------------------------------------
             Options maturity                            Fee            
------------------------------------------------------------------------
Overnight up to 14 days...................  $5 per option contract per  
                                             participant.               
15 days up to 90 days.....................  $10 per option contract per 
                                             participant.               

[[Page 3069]]

                                                                        
91 days up to 2 years.....................  $15 per option contract per 
                                             participant.               
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    The proposed rule change complies with Section 17A(b)(3)(D) of the 
Act \3\, which requires that the rules of a registered clearing agency 
provide for equitable allocation of reasonable dues, fees, and other 
charges for services which it provides to its participants. DCC 
believes the proposed rule change will result in increased utilization 
of its clearing services thereby resulting in more securities 
transactions being cleared and settled through a registered clearing 
agency environment.
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    \3\ 15 U.S.C. 78q-1(b)(3)(D).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    DCC 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. Comments were neither solicited 
nor received.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants or Others

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing rule change establishes or changes a due, 
fee, or other charge imposed by DCC, it has become effective pursuant 
to Section 19(b)(3)(A)(ii) of the Act \4\ and Rule 19b-4(e)(2) 
thereunder.\5\ 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.
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    \4\ 15 U.S.C. 78q-1(b)(3)(A).
    \5\ 17 CFR 240.19b-4(e)(2).
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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. 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 will also be available 
for inspection and copying at DCC. All submissions should refer to the 
File No. SR-DCC-96-15 and should be submitted by February 11, 1997.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-1362 Filed 1-17-97; 8:45 am]
BILLING CODE 8010-01-M