[Federal Register Volume 66, Number 220 (Wednesday, November 14, 2001)]
[Notices]
[Pages 57144-57145]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-28492]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-45026; File No. SR-OCC-2001-10]


Self-Regulatory Organizations; The Options Clearing Corporation; 
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change 
Relating to Clearing Fees for Security Futures

November 6, 2001.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on August 10, 2001, The 
Options Clearing Corporation (``OCC'' 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 OCC. 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 proposed rule change provides for the fees that OCC will charge 
for clearing security futures contracts. OCC is proposing to charge the 
same clearing fees for security futures as it does for options.\2\
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    \2\ A copy of the text of OCC's proposed rule change and current 
fee schedule for options is available at the Commission's Public 
Reference Room or through OCC.

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[[Page 57145]]

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

    In its filing with the Commission, OCC 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. OCC has prepared summaries, set forth in sections (A), 
(B), and (C) below, of the most significant aspects of such 
statements.\3\
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    \3\ 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 this rule change is to provide for the fees to be 
charged for clearing security futures contracts. OCC proposes to charge 
the same clearing fees for security futures as it charges for options. 
As with new options products, clearing fees for security futures will 
be abated through the first full calendar month of trading on each 
exchange and discounted for the second through the first full calendar 
month of trading on each exchange and discounted for the second and 
third calendar months.
    The proposed rule change is consistent with Section 17A of the Act, 
as amended, because it provides for the equitable allocation of 
reasonable fees among clearing members.

(B) Self-Regulatory Organization's Statement on Burden on Competition

    OCC does not believe that the proposed rule change would impose any 
burden on competition.

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

    Written comments were not and are not intended to be solicited with 
respect to the proposed rule change and none have been received.

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

    Because the foregoing rule change establishes fees to be imposed by 
OCC upon clearing members, it has become effective pursuant to Section 
19(b)(3)(A)(ii) of the Act \4\ and Rule 19b-4(f)(2).\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. 78s(b)(3)(A)(ii).
    \5\ 17 CFR 240.19b-(f)(2).
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VI. Solicitation of Comments

    Interested persons are invited to submit written data, views, 
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 will also be available for 
inspection and copying at the principal office of OCC. All submissions 
should refer to the File No. SR-OCC-2001-10 and should be submitted by 
December 5, 2001.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\6\

    diana\6\ 17 CFR 200.30-3(a)(12).

Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 01-28492 Filed 11-13-01; 8:45 am]
BILLING CODE 8010-01-M