[Federal Register Volume 59, Number 247 (Tuesday, December 27, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-31655]
[[Page Unknown]]
[Federal Register: December 27, 1994]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-35119; File No. SR-NSCC-94-20]
Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Making Technical Modifications to Procedures Relating to
the Consolidated Trade Summary
December 19, 1994.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of
1934\1\ (``Act''), notice is hereby given that on November 16, 1994,
the National Securities Clearing Corporation (``NSCC'') 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 NSCC. 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) (1988).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
NSCC proposes to amend language in NSCC's Procedures to conform
with recent changes regarding NSCC's Consolidated Trade Summary.\2\
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\2\The Commission recently approved NSCC's proposed rule change
which facilitates NSCC's daily distribution of a Consolidated Trade
Summary that reports both Continuous Net Settlement (``CNS'') and
Non-CNS trades due for settlement the next day. NSCC continues to
distribute each day its current CNS and non-CNS Compared Trade
Summaries which also report in greater detail the trades due to
settle the next day. On December 31, 1994, NSCC intends to eliminate
the CNS and non-CNS Compared Trade Summaries and distribute only the
Consolidated Trade Summary. Securities Exchange Act Release No.
34825 (October 12, 1994), 59 FR 52563 [File No. SR-NSCC-94-15]
(order approving proposed rule change relating to the Consolidated
Trade Summary).
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II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, NSCC 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. NSCC has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of such statements.
(A) Self-Regulatory Organization's Statement of the Purpose of and
Statutory Basis for, the Proposed Rule Change
The primary purpose of the proposed rule change is to change all
references to the Continuous Net Settlement (``CNS'') and Non-CNS
Compared Trade Summaries contained in NSCC's Procedures Section II(D),
governing the Trade Comparison Service for debt securities, Section
II(E), governing the Trade Comparison Service for when-issued
securities, and Section V(C), governing net balance orders, to
references to the Consolidated Trade Summary. The proposed rule is
necessary because such changes were inadvertently omitted from NSCC's
recently approved rule change regarding the Consolidated Trade Summary.
The proposed rule corrects and conforms NSCC's procedures regarding
the Consolidated Trade Summary. The proposed rule change, therefore, is
consistent with the requirements of Section 17A of the Act\3\ and the
rules and regulations thereunder because it will facilitate the prompt
and accurate clearance and settlement of securities transactions.
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\3\15 U.S.C. 78q-1 (1998).
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(B) Self-Regulatory Organization's Statement on Burden on Competition
NSCC does not believe that the proposed rule change will have an
impact on or impose a burden on competition.
(C) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received from Members, Participants or Others
NSCC has not solicited or received comments on the proposed rule
change.
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)(i)\4\ of the Act and pursuant to Rule 19b-4(e)(1)\5\
promulgated thereunder because the proposal constitutes a stated policy
or interpretation with respect to the meaning or administration of an
existing rule. The Commission believes that the proposed rule change
does not adversely affect the rights of persons using the services of
NSCC. At any time within sixty days of the filing of such 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)(i) (1988).
\5\17 CFR 240.19b-4(e)(1) (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 will also be available for
inspection and copying at the principal office of NSCC. All submissions
should refer to File No. SR-NSCC-94-20 and should be submitted by
January 17, 1995.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\6\
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\6\17 CFR 200.30-3(a)(12) (1994).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-31655 Filed 12-23-94; 8:45 am]
BILLING CODE 8010-01-M
