[Federal Register Volume 61, Number 22 (Thursday, February 1, 1996)]
[Notices]
[Pages 3746-3747]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-2014]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-36771; File No. SR-NSCC-96-02]
Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Relating To Fees and Charges
January 25, 1996.
Pursuant to Section 19(b)(1)\1\ of the Securities Exchange Act of
1934 (``Act''), notice is hereby given that on January 5, 1996, 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 II below, which items have been
prepared primarily by NSCC. The Commission is publishing this notice to
solicit comments from interested persons on the proposed rule change.
\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 revises NSCC's New York Window Service Fee
Schedule which is attached as Exhibit 1.
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.\2\
\2\ The Commission has modified the text of the summaries
prepared by NSCC.
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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 the proposed rule change is to reduce two existing
service fees and introduce three new service fees in connection with
NSCC's New York Window Service. The revisions to the New York Window
Service fee schedule are being made as a result of the increase in
usage of the New York Window Service. A sliding scale for over-the-
window receives and deliveries is being introduced whereby high volume
users will realize economies of scale based upon usage. Custody fees
are being reduced to allow users that have significant physical
inventory with the New York Window to realize an economic benefit from
outsourcing their vault functions. Fees for branch receives, The
Depository Trust Company receives and deliveries, and internal triparty
receives and deliveries are being introduced. These new fees became
effective for transactions as of January 1, 1996.
The proposed rule change is consistent with the requirements of
Section 17A of the Act \3\ and the rules and regulations thereunder
because it provides for the equitable allocation of dues, fees, and
other charges among NSCC's participants.
\3\ 15 U.S.C. 78q-1 (1988).
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(B) Self-Regulatory Organization's Statement on Burden on Competition
NSCC does not believe that the proposed rule change will impact 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
No written comments have been solicited or received. NSCC will
notify the Commission of any written comments received by NSCC.
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) \4\ of the Act and pursuant to Rule 19b-4(e)(2) \5\
promulgated thereunder because the proposal establishes or changes a
due, fee, or other charge imposed by 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.
\4\ 15 U.S.C. 78s(b)(3)(A)(ii) (1988).
\5\ 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
[[Page 3747]]
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 NSCC. All submissions should refer to File No. SR-
NSCC-96-02 and should be submitted by February 22, 1996.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\6\
\6\ 17 CFR 200.30-3(a)(12) (1994).
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Margaret H. McFarland,
Deputy Secretary.
Exhibit 1--Modifications to Addendum A to NSCC's Rules and Procedures
\7\
IV. OTHER SERVICE FEES
* * * * *
R. NEW YORK WINDOW
1. Over the Window-Receives/Deliveries. [$12.00 per item].
a. 1-50 daily...................... $12.00 per item.
b. 51-100 daily.................... $10.00 per item.
c. 101-and up daily................ $8.00 per item.
2. Branch Receives:
a. With SIC validation............. $3.50 per item.
b. Without validation.............. $2.50 per item.
[2]3. Envelope Settlement Service/
Receives:
a. 1-100 daily..................... $6.00 per item.
b. 101-150 daily................... $5.00 per item.
c. 151-and up daily................ $4.00 per item.
[3]4. Envelope Settlement Services/ $6.00 per item.
Deliveries.
[4]5. FOSS/DSS-Receives/Deliveries $3.50 per item.
(Money Only).
[5]6. Transfers........................ $15.00 per item.
[6]7. Reorganizations:
a. One-Way......................... $15.00 per item.
b. Two-Way......................... $18.00 per item.
[7]8. Underwritings (Coordinating $35.00 per hour.
Distribution).
[8]9. Special Handling................. $35.00 per hour.
[9]10. Custody (Per [Position Per $[.10].05 per day.
Issue] CUSIP).
[10]11. Return to Firm (Securities).... $.10 per item.
[11]12. Internal Cross-Receives/ $7.00 per item.
Deliveries.
[12]13. Messenger Service $7.50 per hour.
(Accommodation).
[13]14. Accomodation Handling.......... $3.50 per item.
15. DTC Receives/Deliveries............ $3.00 per item.
16. Internal Tri-Party-Receives/ $7.00 per transaction plus 1.00
Deliveries. per security.
[14]17. Settlement Reconciliation...... $25.00 per day.
* * * * *
\7\ Additions to the text are denoted by italics, deleted text is
bracketed.
[FR Doc. 96-2014 Filed 1-31-96; 8:45 am]
BILLING CODE 8010-01-M
