[Federal Register Volume 64, Number 204 (Friday, October 22, 1999)]
[Notices]
[Pages 57168-57169]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-27606]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-42020; File No. SR-DTC-99-21]


Self-Regulatory Organizations; The Depository Trust Corporation; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Relating to Fees and Charges

October 15, 1999.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (``Act''), notice is hereby given that on September 29, 1999, The 
Depository Trust Corporation (``DTC'') 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 DTC. 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).
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I. Self-Regulatory Organization's Statement of the Terms of 
Substance of the Proposed Rule Change

    The proposed rule change revises DTC's fee schedule to add a fee 
for training customers on DTC's TradeSuite software at the 
customer's office.

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

    In its filing with the Commission, DTC 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. DTC 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 DTC.
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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 establish fees for 
training customers at the customers' sites on DTC's 
TradeSuite software.\3\ DTC's windows-based TradeSuite 
software is available for investment managers,

[[Page 57169]]

broker-dealers, and custodians. The software enables them to utilize 
various features of the DTC TradeSuite family of products. The proposed 
fees are designed to recover DTC's estimated service costs and will be 
effective October 1, 1999.
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    \3\ The TradeSuite training fee will be $650 for the 
first training day at the customer's site and $350 for each 
subsequent training day at the customer's site.
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    The proposed rule change is consistent with the requirements of the 
Act \4\ and the rules and regulations thereunder because it provides 
for the equitable allocation of dues, fees, and other charges among 
DTC'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

    DTC does not believe that the proposed rule change will impact or 
impose a burden on competition that is necessary or appropriate in 
furtherance of the purposes of the Act.

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

    No comments on the proposed rule change were solicited or received. 
DTC will notify the Commission of any written comments received by DTC.

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 DTC. 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. Sec. 78s(b)(3)(A)(ii).
    \6\ 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, including whether the proposal 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. 
Sec. 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 DTC's principal office. All submissions 
should refer to File No. SR-DTC-99-21 and should be submitted by 
November 12, 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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Jonathan G. Katz,
Secretary.
[FR Doc. 99-27606 Filed 10-21-99; 8:45 am]
BILLING CODE 8010-01-M