[Federal Register Volume 64, Number 131 (Friday, July 9, 1999)]
[Notices]
[Page 37181]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-17463]



[[Page 37181]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-41590; File No. SR-EMCC-99-6]


Self-Regulatory Organizations; The Emerging Markets Clearing 
Corporation; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change Establishing a New Fee Related to Bond Trade Data Submitted 
to EMCC

July 1, 1999.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on May 28, 1999, Emerging 
Markets Clearing Corporation (``EMCC'') 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 EMCC. 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. 78s(b)(1).
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I. Self-Regulatory Organization's Statement of the Terms of 
Substance of the Proposed Rule Change

    The proposed rule change establishes a new fee related to bond 
trade data submitted directly to EMCC by a member.

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

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

    Under the proposed rule change EMCC will charge a fee of $1.75 per 
side for bond trade data submitted directly to EMCC by members.\3\ This 
fee will be used to meet the minimum monthly fee imposed by GE for the 
Match-EM service until the Emerging Markets Traders Association's 
contract with GE terminates on October 31, 1999. This new fee is 
effective on June 1, 1999, and will expire on October 31, 1999.
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    \3\ The Commission recently approved an EMCC proposed rule 
whereby EMCC may accept trade data directly from either members or 
service bureaus. Securities Exchange Act Release No. 41247 (April 2, 
1999) 64 FR 17705.
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    The proposed rule change is consistent with the requirements of 
Section 17A of the Act \4\ and the rules and regulations thereunder 
applicable to EMCC, since it provides for the equitable allocation of 
dues, fees and other charges among EMCC's participants.
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    \4\ 15 U.S.C. 78q-1.
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(B) Self-Regulatory Organization's Statement on Burden on Competition

    EMCC does not believe that the proposed rule change will have an 
impact or 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 relating to the proposed rule change have been 
solicited or received. EMCC will notify the Commission of any written 
comments received by EMCC.

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) \5\ of the Act and pursuant to Rule 19b-4(f)(2) \6\ 
promulgated thereunder because the proposal establishes or changes a 
due, fee, or other charge imposed by EMCC. 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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    \5\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \6\ 17 CFR 240.19b-4(f)(2).
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Persons making written submissions 
should file six copies thereof with the Secretary, Securities and 
Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. 
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, NW, 
Washington, DC 20549. Copies of such filing also will be available for 
inspection and copying at the principal office of EMCC. All submissions 
should refer to File No. SR-EMCC-99-6 and should be submitted by July 
30, 1999.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-17463 Filed 7-8-99; 8:45 am]
BILLING CODE 8010-01-M