[Federal Register Volume 60, Number 134 (Thursday, July 13, 1995)]
[Notices]
[Page 36170]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-17205]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-35941; File No. SR-OCC-95-06]
Self-Regulatory Organizations; the Options Clearing Corporation;
Filing and Immediate Effectiveness of Proposed Rule Change to Establish
a Monthly Fee for the Use of a New Telecommunications Platform
July 6, 1995.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
\1\ (``Act''), notice is hereby given that on May 23, 1995, The Options
Clearing Corporation (``OCC'') 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
OCC. 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
OCC proposes to charge a monthly fee to OCC members using the
Transmission Control Program/Interconnect Protocol (``TCP/IP''), a new
telecommunications platform.
II. Self-Regulatory Organization's Statement of the Purpose of and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, OCC 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. OCC 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 OCC.
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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 establish a monthly
fee to be charged to OCC members using the new TCP/IP
telecommunications platform. OCC proposes to provide the TCP/IP
platform to facilitate the transmission of data between OCC and its
members that implement systems based upon client server technology.\3\
OCC proposes to charge a fee of $495.00 per month for the new
telecommunications platform. The fee is based upon OCC's costs of
providing the new platform.
\3\ The platform will not provide new information to those
members using TCP/IP. Rather, it simply will provide OCC with a
faster means to disseminate information, such as risk-based hair-cut
information, data service and price information, clearing member
reports, and series file information, to its members. Telephone
conversation between Jean M. Cawley, Special Counsel, OCC, and
Cheryl R. Oler, Staff Attorney, Division of Market Regulation,
Commission (June 20, 1995).
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OCC believes the proposed rule change is consistent with the
requirements of section 17A of the Act and the rules and regulations
thereunder because the proposal provides for the equitable allocation
of reasonable dues, fees, and other charges among OCC's participants.
(B) Self-Regulatory Organization's Statement on Burden on Competition
OCC 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. OCC will
notify the Commission of any written comments received by OCC.
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) and (iii) \4\ of the Act and pursuant to Rule 19b-4(e)
(2) and (4) \5\ promulgated thereunder because the proposal effects a
change in an existing service of OCC that does not adversely affect the
safeguarding of securities or funds in the custody or control of OCC or
for which it is responsible and does not significantly affect the
respective rights or obligations of OCC or persons using the service
and establishes or changes a due, fee or other charge imposed by OCC.
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) and (iii) (1988).
\5\ 17 CFR 240.19b-4(e) (2) and (4) (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 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 will also be available for
inspection and copying at the principal office of OCC. All submissions
should refer to File No. SR-OCC-95-06 and should be submitted by August
3, 1995.
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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Jonathan G. Katz,
Secretary.
[FR Doc. 95-17205 Filed 7-12-95; 8:45 am]
BILLING CODE 8010-01-M
