[Federal Register Volume 61, Number 45 (Wednesday, March 6, 1996)]
[Notices]
[Page 8991]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-5150]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-36901; File No. SR-DGOC-96-02]]
Self Regulatory Organizations; Delta Government Options Corp.;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
Relating to the Addition of Euro Brokers Maxcor Inc. as an Interdealer
Broker for Delta Government Options Corp.'s Repurchase Agreement
Clearance System
February 28, 1996
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\, notice is hereby given that on January 30, 1996, Delta
Government Options Corp. (``DGOC'') 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 DGOC. 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 purpose of the proposed rule change is to accommodate Euro
Brokers Maxcor Inc. (``Euro Brokers'') as an interdealer broker in
DGOC's over-the-counter clearance and settlement system for U.S.
Treasury repurchase agreement (``repo'') transactions.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, DGOC 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. DGOC 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 Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
The System clears repo agreements that have been agreed to through
the facilities of interdealer brokers that have been specially
authorized by DGOC (``Authorized Brokers'') to offer their services to
DGOC participants.\3\ Currently, Liberty Brokerage, Inc. and RMJ
Special Brokerage Inc. are Authorized Brokers. The purpose of the
proposed rule change is to accommodate Euro Brokers as an Authorized
Broker in DGOC's clearance and settlement system for repo trades.
\3\ For a complete description of the DGOC's repo clearance
system, see Securities Exchange Act Release No. 36367 (October 13,
1995), 60 FR 54095.
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The proposed rule change will facilitate the prompt and accurate
clearance and settlement of securities transactions, and therefore, the
proposed rule change is consistent with the requirements of the Act,
specifically Section 17A of the Act, and the rules and regulations
thereunder.\4\
\4\ 15 U.S.C. 78q-1 (1988).
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(B) Self-Regulatory Organization's Statement on Burden on Competition
DGOC does not believe that the proposed rule change will impose any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
(C) Self-Regulatory Organization's Statement on Comments on the Propose
Rule Change Received from Members, Participants or Others
Comments were neither solicited nor received.
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)(iii) of the Act \5\ and Rule 19b-4(e)(4),\6\ in that the
proposal effects a change in an existing service of a registered
clearing agency that does not adversely affect the safeguarding of
securities or funds in the custody or control of the clearing agency or
for which it is responsible and does not significantly affect the
respective rights or obligations of the clearing agency or persons
using the service. 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.
\5\ 15 U.S.C. 78s(b)(3)(A)(iii) (1988).
\6\ 17 CFR 240.19b-4(e)(4) (1995).
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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, N.W., Washington, D.C. 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 communication 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, N.W.,
Washington, D.C. 20549. Copies of such filing also will be available
for inspection and copying at DGOC. All submissions should refer to
File No. SR-DGOC-96-02 and should be submitted by March 27, 1996.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\7\
\7\ 17 CFR 200.30-3(a)(12) (1995).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-5150 Filed 3-5-96; 8:45 am]
BILLING CODE 8010-01-M
