[Federal Register Volume 65, Number 68 (Friday, April 7, 2000)]
[Notices]
[Page 18401]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-8491]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-42598; File No. SR-EMCC-99-11]


Self-Regulatory Organizations; Emerging Markets Clearing 
Corporation; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change Relating to Revisions in Fee Schedule

March 30, 2000.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\notice is hereby given that on November 22, 1999, the 
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 on the proposed rule change from interested 
parties.
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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 consists of changes to EMCC's fee 
schedule.

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 these 
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

    EMCC has determined to charge its trade input fee so that inter-
dealer broker members pay $1.50 per compared bond side and dealer 
members pay $2.00 per compared bond side.
    The proposed rule change is consistent with the requirements of 
Section 17A(b)(3)(D) of the Act \3\and the rules and regulations 
thereunder applicable to EMCC because it provides for the equitable 
allocation of dues, fees, and other charges among EMCC's participants.
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    \3\ 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 any 
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

    One comment was received by EMCC.\4\ The commenter stated its 
belief that EMCC's additional fee makes it cost prohibitive to be a 
member of EMCC.\5\
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    \4\ Letter from Vincent G. Rayano, Vice President, Tullett and 
Tokyo Securities, Inc., to Karen Saperstein, General Counsel and 
Secretary, EMCC (November 23, 1999).
    \5\ In its reply letter, EMCC responded to the commenter by 
stating that interdealer broker members, such as the commenter, will 
pay a lower fee under the revised fee schedule than it previously 
was paying. Letter from Keith C. Kanaga, Managing Director, EMCC, to 
Vincent G. Rayano, Vice President, Tullet and Tokyo Securities, Inc. 
(December 7, 1999).
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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 Rule 19b-4(f)(2) \7\ promulgated 
thereunder because the proposal establishes or changes a due, fee, or 
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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    \6\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \7\ 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-99-11 and should be submitted by April 
28, 2000.
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    \8\ 17 CFR 200.30-3(a)(12).

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\8\
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 00-8491 Filed 4-6-00; 8:45 am]
BILLING CODE 8010-01-M