[Federal Register Volume 70, Number 153 (Wednesday, August 10, 2005)]
[Notices]
[Pages 46565-46566]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-4311]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-52201; File No. SR-SCCP-2004-03]
Self-Regulatory Organizations; Stock Clearing Corporation of
Philadelphia; Notice of Filing of Proposed Rule Change by Relating
Anonymous Features on Trading Systems
August 3, 2005.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder \2\ notice is hereby given that
on September 7, 2004, Stock Clearing Corporation of Philadelphia
(``SCCP``) 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 by SCCP. 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).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The proposed rule change would allow SCCP to processes trades
executed on a trading system that provides for anonymous trading.\3\
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\3\ The proposed rule change is similar to a rule change
approved by the Commission in 2003 that allowed the National
Securities Clearing Corporation (``NSCC'') to accommodate the
reporting of trades executed on a system that provides trading
anonymity. Securities Exchange Act Release No. 48526 (September 23,
2003), 68 FR 56367 (September 30, 2003) [File No. SR-NSCC-2003-14].
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II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, SCCP 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. SCCP has 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
Currently, SCCP receives and processes its participants' trades. In
the future, SCCP may receive locked-in trade data from a trading system
that provides anonymity. In such a situation, SCCP would report such
trades to its participants using an anonymous acronym instead of naming
or identifying the actual contra side account number.
In the event that SCCP ceases to act for a participant in an
anonymous trade, the operator of the trading system shall have the
responsibility to identify to its users the trades, which are generally
included in reports produced by SCCP, involving the affected
participant. SCCP would forward to the operator of the trading system
the appropriate information to facilitate its notification of its
users. In addition, should SCCP receive information from NSCC that NSCC
had ceased to act for an NSCC member that is an unidentified contra
side of any such trade, SCCP would also forward this information to the
operator of the trading system.\4\
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\4\ NSCC's anonymous trading rule includes similar notification
requirements.
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SCCP believes that its proposed rule change is consistent with the
requirements of section 17A(b)(3)(F) of the Act because it is designed
to promote the prompt and accurate clearance and settlement of
securities transactions and to remove impediments to and perfect the
mechanism of a national system for the prompt and accurate clearance
and settlement of securities transactions in that the proposed rule
change should allow SCCP to accommodate trades executed on an anonymous
trading system and should provide for the prompt and accurate clearance
of those trades.
B. Self-Regulatory Organization's Statement on Burden on Competition
SCCP does not believe that the proposed rule change will impose any
inappropriate 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 were either solicited or received.
III. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (http://
www.sec.gov/rules/sro.shtml); or
[[Page 46566]]
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-SCCP-2004-03 on the subject line.
Paper Comments
Send paper comments in triplicate to Jonathan G. Katz,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-9303.
All submissions should refer to File Number SR-SCCP-2004-03. This
file number should be included on the subject line if e-mail is used.
To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (http://www.sec.gov/
rules/sro.shtml). 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, 100 F Street,
NE., Washington, DC 20549-9303. Copies of such filing also will be
available for inspection and copying at the principal office of SCCP
and on SCCP's Web site at http://www.phlx.com/SCCP. All comments
received will be posted without change; the Commission does not edit
personal identifying information from submissions. You should submit
only information that you wish to make available publicly. All
submissions should refer to File Number SR-SCCP-2004-03 and should be
submitted on or before August 31, 2005.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\5\
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\5\ 17 CFR 200.30-3(a)(12).
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J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E5-4311 Filed 8-9-05; 8:45 am]
BILLING CODE 8010-01-P