[Federal Register Volume 62, Number 93 (Wednesday, May 14, 1997)]
[Notices]
[Pages 26601-26602]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-12639]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-38582; File No. SR-DCC-97-05]
Self-Regulatory Organizations; Delta Clearing Corp.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change Relating
to the Addition of Adams, Viner, and Mosler, Ltd. as an Interdealer
Broker for Delta Clearing Corp.'s Repurchase Agreement Clearance System
May 7, 1997.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
[[Page 26602]]
(``Act''),\1\ notice is hereby given that on March 21, 1997, Delta
Clearing Corp. (``DCC'') 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
DCC. 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
The purpose of the proposed rule change is to give notice that DCC
has authorized Adams, Viner, and Mosler, Ltd. (``AVM'') to act as an
interdealer broker in DCC's over-the-counter clearance and settlement
system for repurchase agreement and reverse repurchase agreement
(``repos'') transactions involving U.S. Treasury securities.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, DCC 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. DCC has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of such
statements.\2\
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\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
Through its repo clearing system, DCC clears repo transactions that
have been agreed to by DCC participants through the facilities of
interdealer brokers that have been authorized by DCC to offer their
services to DCC participants.\3\ The purpose of the proposed rule
change is to give notice that DCC has authorized AVM to act as a broker
in DCC's clearance and settlement system for repo trades.
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\3\ For a complete description of the DCC'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; 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\
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\4\ 15 U.S.C. 78q-1 (1988).
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(B) Self-Regulatory Organization's Statement on Burden on Competition
DCC 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
Proposed 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) thereunder \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.
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\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, 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 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, NW.,
Washington, DC 20549. Copies of such filing also will be available for
inspection and copying at DCC. All submissions should refer to File No.
SR-DCC-97-05 and should be submitted by June 4, 1997.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\7\
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\7\ 17 CFR 200.30-3(a)(12) (1995).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-12639 Filed 5-13-97; 8:45 am]
BILLING CODE 8010-01-M
