[Federal Register Volume 61, Number 88 (Monday, May 6, 1996)]
[Notices]
[Pages 20298-20299]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-11141]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-37149; File No. SR-DCC-96-05]
Self-Regulatory Organizations; Delta Clearing Corp.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change Relating
to a Change in Interdealer Brokers
April 29, 1996.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on April 17, 1996, 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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1) (1988).
---------------------------------------------------------------------------
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 revise the procedures
for DCC's Over-The-Counter Options Trading System by including in the
definition of ``RMJ'' a statement that all references to RMJ in the
procedures shall be deemed to be references to the broker then
performing the duties and responsibilities of RMJ under the procedures.
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
[[Page 20299]]
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\
---------------------------------------------------------------------------
\2\ The Commission has modified parts of these statements.
---------------------------------------------------------------------------
(A) Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
Through its options clearing system, DCC clears trades in over-the-
counter options that have been agreed to through the facilities of RMJ
Options Trading Corp. (``RMJ'').\3\ RMJ has informed DCC that it
intends to eliminate its options trading business. The purpose of the
proposed rule change is to allow DCC to replace RMJ with Euro Broker
Maxcor Inc. The proposed rule change amends the definition of RMJ
contained in Article I of the DCC's procedures to state that all
references to RMJ in the procedures shall be deemed references to the
broker then performing the duties and responsibilities of RMJ under the
procedures.
---------------------------------------------------------------------------
\3\ For a complete description of the DCC's options clearance
system, refer to Securities Exchange Act Release No. 26450 (January
18, 1989), 54 FR 2010 (Order granting DCC temporary registration as
a clearing agency).
---------------------------------------------------------------------------
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\
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78q-1 (1988).
---------------------------------------------------------------------------
(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.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(3)(A)(iii) (1988).
\6\ 17 CFR 240.19b-4(e)(4) (1995).
---------------------------------------------------------------------------
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-96-05 and should be submitted by May 28, 1996.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\7\
---------------------------------------------------------------------------
\7\ 178 CFR 200.30-3a(a)(12) (1995).
---------------------------------------------------------------------------
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-11141 Filed 5-3-96; 8:45 am]
BILLING CODE 8010-01-M
