[Federal Register Volume 67, Number 55 (Thursday, March 21, 2002)]
[Notices]
[Pages 13203-13204]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-6827]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-45558; File No. SR-OCC-2002-01]


Self-Regulatory Organizations; The Options Clearing Corporation; 
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change 
Eliminating Clearing Fees

March 14, 2002.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on January 11, 2002, 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 amends OCC's fee schedule to eliminate 
certain fees for discontinued or soon to be discontinued services.

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.\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 this rule change is to amend OCC's fee schedule in 
two respects. First, OCC is eliminating ONN Fees, effective January 1, 
2002. ONN is an electronic bulletin board service operated by OCC for 
clearing members and other subscribers to access pertinent information 
posted by OCC and the options exchanges.\3\ Information posted on ONN 
includes information memos on contract adjustments, other notices to 
clearing members, statistical and volume information, and certain 
reports. Most of the information made available via ONN is now 
available on OCC's public web site, www.optionsclearing.com. Other 
information not currently available on OCC's web site will be made 
available via MyOCC,TM a new web site portal that OCC is 
creating for use by clearing members and other subscribers. When 
MyOCCTM is launched, ONN will no longer be offered and 
MyOCCTM will become the principal vehicle for disseminating 
options related information. At this time, OCC has determined not to 
charge fees to access MyOCC,TM and it would be inconsistent 
with that policy to continue to charge fees for ONN in the meantime.
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    \3\ Securities Exchange Act Release No. 28669 (December 3, 
1990), 55 FR 50793 [Filed No. SR-OCC-09-12].
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    Second, OCC is eliminating off-site microfiche retrieval charges. 
In 1996, OCC converted the media on which historical reports were made 
available to subscribing clearing members from microfiche to CD-ROM and 
amended its fee schedule to reflect the associated charges.\4\ As 
stated in Filing SR-OCC-96-14, microfiche charges were to be eliminated 
after the conversion was completed. The conversion was finished some 
time ago, and accordingly, OCC is updating its fee schedule.
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    \4\ Securities Exchange Act Release No. 37993 (November 27, 
1996), 61 FR 64407 [File No. SR-OCC-96-14].
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    OCC believes the proposed rule change is consistent with Section 
17A of the Act because it eliminates fees charged to clearing members 
and other subscribers for discontinued or soon to be discontinued 
services.

(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.

[[Page 13204]]

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

    Because the foregoing rule change eliminates fees charged clearing 
members by OCC, it has become effective pursuant to Section 
19(b)(3)(A)(ii) of the Act \5\ and Rule 19b-4(f)(2) \6\ thereunder. 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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    \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 will also be available for inspection 
and copying at the principal office of OCC. All submissions should 
refer to the File No. SR-OCC-2002-01 and should be submitted by April 
11, 2002.

    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. 02-6827 Filed 3-20-02; 8:45 am]
BILLING CODE 8010-01-P