[Federal Register Volume 59, Number 31 (Tuesday, February 15, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-3478]
[[Page Unknown]]
[Federal Register: February 15, 1994]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-33596; File No. SR-NSCC-93-15]
Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Filing and Immediate Effectiveness of a Proposed
Rule Change Relating to a Reduction of NSCC's Trade Comparison and
Trade Recording Service Fees
February 8, 1994.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on December 28, 1993, 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 substantially by NSCC. NSCC amended the proposal on
December 19, 1993.\2\ 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).
\2\Letter from Susan J. Miller, Associate Counsel, NSCC, to
Jerry Carpenter, Branch Chief, Division of Market Regulation,
Commission (December 28, 1993).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The proposed rule change reduces NSCC's trade comparison and trade
recording service fees.
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 received on the proposed rule change. The text
of these statements may be examined at the places specified in Item IV
below. NSCC 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
Under the proposal, NSCC is reducing its trade comparison and trade
recording service fees and the associated minimum and maximum fees
participants will be charged. Currently, the trade comparison and trade
recording fees are $.025 and $.020 per 100 shares, respectively. Under
the revised fee structure, the fees will be $.018 and $.015,
respectively. The minimum trade comparison fee is reduced from $.10 to
$.072 and the minimum trade recording from $.08 to $.06. The maximum
trade comparison fee is reduced from $1.875 to $1.35 and the minimum
trade recording from $1.50 to $1.125. All fee changes became effective
January 1, 1994. Higher trading volumes have resulted in significantly
increased discounts being paid by NSCC to members. NSCC's discount has
been averaging 41.6%. With the foregoing changes, the expected discount
will be approximately 32.2%.
The proposed rule change relates to the equitable allocation of
reasonable dues, fees, and other charges among members and is therefore
consistent with the Act and in particular with Section 17A thereunder.
(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
No written comments have been solicited or received. NSCC will
notify the Commission of any written comments it receives.
III. Date of Effectiveness of the Proposed Rule Change and Timing
for Commission Action
The foregoing rule change became effective pursuant to section
19(b)(3)(A)(ii) of the Act\3\ and Rule 19b-4(e)(2)\4\ thereunder
because it establishes or changes a due, fee, or other charge of the
self-regulatory organization. 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 purpose of
the Act.
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\3\15 U.S.C. 78s(b)(3)(A)(ii) (1988).
\4\17 CFR 240.19b-4(e)(2) (1993).
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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 submissions, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communication relating to the proposed
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 offices of NSCC. All
submissions should refer to file number SR-NSCC-93-15 and should be
submitted by March 8, 1994.
For the Commission by the Division of Market Regulation,
pursuant to delegate authority.\5\
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\5\17 CFR 200.30-3a(a)(12) (1993).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-3478 Filed 2-14-94; 8:45 am]
BILLING CODE 8010-01-M
