[Federal Register Volume 61, Number 21 (Wednesday, January 31, 1996)]
[Notices]
[Pages 3513-3515]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-1884]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-36764; File No. SR-SCCP-95-07]
Self-Regulatory Organization; Stock Clearing Corporation of
Philadelphia; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Restate Schedule of Fees and Charges
January 24, 1996.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on December 26, 1995, the
Stock Clearing Corporation of Philadelphia (``SCCP'') 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 SCCP. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
\1\ 15 U.S.C. 78s(b)(1) (1988).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The proposed rule change will restate SCCP's schedule of fees and
charges.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, SCCP included statements
concerning the purpose of and statutory basis for the proposed rule
change. The text of these statements may be examined at the places
specified in Item IV below. SCCP has prepared summaries, set forth in
sections (A), (B), and (C) below, of the most significant aspects of
such statements.\2\
\2\ The Commission has modified parts of these statements.
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(A) Self-Regulatory Organization's Statements of the Purpose of, and
Statutory Basis for the Proposed Rule Change
SCCP last filed amendments to its fee schedule in July 1995.\3\
Although no amendments to the schedule filed in July 1995 are being
made, SCCP hereby consolidates and restates all existing fees and
charges in the schedule. This filing is being made in accordance with
SCCP's policy to file annually a comprehensive schedule of all existing
fees and charges.
\3\ Securities Exchange Act Release No. 36012 (July 24, 1995),
60 FR 39041.
[[Page 3514]]
Consolidated Restatement of Fees
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Service Fee
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1. Account fees:
a. Maintenance fee................. $150.00 per month (20 or fewer
trades per month).
$250.00 per month (over 20
trades per month).
$650.00 per month (specialist).
b. Additional suffix............... $32.00 per month per suffix.
2. Trade recording fees:
a. Regular trades.................. $0.47 per side.
b. PACE trades..................... $0.30 per side.
c. Municipal bonds trades.......... $1.00 per compared side.
d. Yellow tickets (between two $0.47 per side.
accounts).
e. Basket trades (graduated fees).. $0.60 per side for 1-1,000
trades per month.
$0.54 per side for 1,001-3,000
trades per month.
$0.48 per side for 3,001-5,000
trades per month.
$0.40 per side for more than
5,000 trades per month.
3. Value fees:
a. CNS account..................... $0.05 per $1,000 of contract
value.
b. Margin accounts................. $0.035 per $1,000 of contract
value.
c. PACE trades..................... None.
d. Maximum value charge............ $25.00 per trade per side.
4. Volume discounts (trade recording
fees and value charges):
a. CNS trades setting at SCCP $0.77 per side maximum with
(utilizing PACE). 4,000 or more PACE trades per
month.
5. Specialist discounts for trades
cleared through a SCCP margin account
(graduated fees):
Volume level (sides per month) Discount per side
(including PACE trades)
2,501 to 10,000.............. $0.05.
10,001 to 15,000............. $0.10.
15,001 to 20,000............. $0.15.
20,001 to 25,000............. $0.20.
25,001 to 30,000............. $0.25.
30,001 to 35,000............. $0.30.
35,001 to 40,000............. $0.35.
40,001 and over.............. $0.40.
6. Municipal bond margin service....... $500.00 per month with
activity.
7. Treasury transactions:
a. Per trade transaction........... $40.00 (plus pass through
costs).
b. Per withdrawal--bearer.......... $15.00.
c. Per withdrawal--registered...... $10.00.
d. Per transfer.................... $10.00.
8. Margin account pledge fees.......... $1.00.
9. New York Office transactions:
a. Over the window delivery $5.00.
clearing house.
b. Over the window delivery paid or $5.00.
suspended.
c. Over the window delivery ``Don't $10.00.
know''.
d. Over the window receive clearing $6.00.
house.
e. Dividend settlement service..... $5.00.
f. Envelope settlement service/ $5.00.
intercity/funds only settlement
service.
g. Over the window delivery Fed $22.50.
funds.
h. Over the window receive Fed $22.50.
funds.
i. Syndicate re-delivery-paid...... $14.00.
j. Syndicate re-delivery ``don't $17.00.
know''.
k. Securities hold................. $5.00.
l. Reorganization pick-up.......... $5.00.
m. Reorganization reject........... $10.00.
n. Reorganization agent delivery... $15.00.
o. Syndicate pick-up............... $17.00.
p. Miscellaneous................... $5.00.
q. Deliveries to New Jersey........ $12.00 per item (plus costs).
10. Margin account interest:
Charge on net debit balances....... \1/2\% above bank broker call
rate.
11. Research fees:
a. Per photocopy of input forms.... $4.00.
b. Per microfiche copy............. $4.00.
c. Items less than 90 days old..... No charge.
d. Items 1 year old or less........ $15.00 per hour.
e. Items over 1 year old........... $15.00 per hour, $25.00
minimum, plus archive
retrieval costs.
12. Computer transmission/tapes:
a. Purchase and sale trade data $100.00 per month.
(daily).
b. Purchase and sale trades plus $150.00 per month.
T+2 settling trades (daily).
c. Miscellaneous................... $150.00 per month; includes 6
tapes/transmission.
$25.00 per additional tape/
transmission..
13. Lost and stolen securities program. $100.00 per year, $2.50 per
inquiry.
[[Page 3515]]
14. P&L statement charges.............. $0.01 per line.
15. Buy-ins............................ $5.00 per item submitted.
16. Member to member envelope service.. $5.00 per envelope (charged to
sender), plus carrier costs.
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The proposed rule change is consistent with Section 17A(b)(3)(D) of
the Act \4\ in that it provides for equitable allocations of reasonable
dues, fees, and other charges among participants.
\4\ 15 U.S.C. 78q-1(b)(3)(D) (1988).
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(B) Self-Regulatory Organization's Statement on Burden on Competition
SCCP does not perceive any burdens on competition as a result of
the proposed rule change
(C) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received From Members, Participants or Others
A SCCP participant bulletin will notify participants of the fee
schedule and advise them to whom they may direct questions upon receipt
of the fee schedule.
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\ and Rule 19b-4(e)(2) \6\ promulgated thereunder
because the proposed rule change establishes or changes a due, fee, or
other charge imposed by SCCP. 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.
\5\ 15 U.S.C. 78s(b)(3)(A)(ii) (1988).
\6\ 17 CFR 240.19b-4(e)(2) (1994).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing. Persons making written submissions
should file six copies thereof with the Secretary, Securities and
Exchange Commission, 450 Fifth Street NW., Washington, DC 20549. 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 SCCP. All submissions should refer to File
No. SR-SCCP-95-07 and should be submitted by February 21, 1996.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\7\
\7\ 17 CFR 200.30-3(a)(12) (1994).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-1884 Filed 1-30-96; 8:45 am]
BILLING CODE 8010-01-M
