[Federal Register Volume 59, Number 211 (Wednesday, November 2, 1994)]
[Notices]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-27167]
[[Page Unknown]]
[Federal Register: November 2, 1994]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-34895; File Nos. SR-MCC-94-10 and SR-MSTC-94-11]
Self-Regulatory Organizations; Midwest Clearing Corporation and
Midwest Securities Trust Company; Notices of Filing and Immediate
Effectiveness of Proposed Rule Changes That Modify Certain MST
Communications System Fees
October 25, 1994.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on September 16, 1994, the
Midwest Clearing Corporation (``MCC'') and Midwest Securities Trust
Company (``MSTC'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule changes (File Nos. SR-MCC-94-10 and
SR-MSTC-94-11) as described in Items I, II, and III below, which Items
have been prepared mainly by MCC and MSTC, self-regulatory
organizations. The Commission is publishing this notice to solicit
comments on the proposed rule changes from interested persons.
\1\15 U.S.C. Sec. 78s(b)(1) (1988).
I. Self-Regulatory Organizations' Statement of the Terms of Substance
of the Proposed Rule Changes
MCC and MSTC propose to amend the portions of their services and
schedules of charges relating to the MST Communications System\2\ by:
(1) changing the name of the system from the ``MST Communications
System'' to the ``MST Link''; (2) merging and repricing the services
previously available and priced under the MSTC Link Service into the
general list of services and fees under the MST Link Service;\3\ and
(3) imposing a charge for terminal IDs of $25 per terminal ID for all
terminal IDs after the initial ID.\4\ Refer to Exhibit A for the text
of the proposed fee changes.
\2\The MST Communications System is a combined computer system
used by MCC and MSTC and is their primary computer system. Telephone
conversation between David T. Rusoff, Attorney, Foley & Lardner, and
Thomas C. Etter, Jr., Senior Counsel, Division of Market Regulation,
Commission (September 19, 1994).
\3\The MSTC Link Service, part of an existing telecommunications
system, will be consolidated into the new MST Link. id.
\4\The abbreviation ``ID'' in this context refers to computer
identification numbers. Id.
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II. Self-Regulatory Organizations' Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Changes
In their filings with the Commission, MCC and MSTC included
statements concerning the purpose of and basis for the proposed rule
changes and discussed any comments they received on the proposed rule
changes. The text of these statements may be examined at the places
specified in Item IV below. MCC and MSTC have prepared summaries, set
forth in sections (A), (B) and (C) below, of the most significant
aspects of such statements.
(A) Self-Regulatory Organizations' Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Changes
MCC and MSTC state that the purpose of the proposed changes is to
change the pricing structure of portions of the MST Communications
System Service. MCC and MSTC further state that the proposed rule
changes are consistent with Section 17A(b)(3)(D) of the Act because
they provide for the equitable allocation of reasonable fees and other
charges among participants using their facilities.\5\
\5\15 U.S.C. Sec. 78q-1(b)(3)(D) (1988).
(B) Self-Regulatory Organizations' Statement on Burden on Competition
MCC and MSTC believe that the proposed rule changes will not have
any impact on competition and that they will not impose any burden on
competition.
(C) Self-Regulatory Organizations' Statment on Comments on the Proposed
Rule Change From Members, Participants or Others
MCC and MSTC have not solicited or received any comments on the
proposed rule changes.
III. Date of Effectiveness of the Proposed Rule Changes and Timing
for Commission Action
The foregoing rule changes have become effective pursuant to
Section 19(b)(3)(A)(ii) of the Act\6\ and Rule 19b-4(e)(2)
thereunder\7\ because the proposals establish or change dues, fees, or
other changes imposed by the self-regulatory organizations. At any time
within sixty days of the filing of such rule changes, the Commission
may summarily abrogate such rule changes 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.
\6\15 U.S.C. Sec. 78s(b)(3)(A)(ii) (1988).
\7\17 CFR 240.19b-4(e)()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 submission
should file six copies thereof with the Secretary, Securities and
Exchange Commisison, 450 Fifth Street, N.W., Washington D.C. 120549.
Copies of the submissions, all subsequent amendments, all written
statements with respect to the proposed rule changes that are filed
with the commission, and all written communications relating to the
proposed rule changes 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. Sec. 552, will be available for inspection and
copying at the principal offices of MCC and MSTC. All submissions
should refer to File Nos. SR-MCC-94-10 and SR-MSTC-94-11 and should be
submitted by November 23, 1994.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\8\
\8\17 CFR 200.30-3(a)(12) (1994).
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Jonathan G. Katz,
Secretary.
Exhibit A
The text of the proposed rule changes are as follows:
(Additions italicized; deletions [bracketed])
MST [COMMUNICATIONS SYSTEM] LINK
Participants may use the MST [Communications System] Link to
obtain information regarding current MCC/MSTC positions (Inquiry);
retrieve MST System reports in house (Report Retrieval); and input
instructions to MCC/MSTC. Participants may use the MST
[Communications System] Link either via a Leased Line or a Dial Up
interface.
Services:
[Full Access Service:] Leased Line Dial Up
* * * * * *
*
Dedicated Line Charge........................... $440.00/month................... [$86.00/mo.]
* * * * * *
*
Dial Up [Additional Port Charge[s].............. ................................ $86.00/mo.
Dial Up [Back Up] Connect Time [Charge]......... ................................ $5.25/hr.
* * * * * *
*
Terminal ID (first ID free--included with $25.00/term ID.................. $25.00/term ID
access).
[MSTC Link
Access Fee (Dial Back Up incl.)......... $494.00
Line Charge............................. $440.00
Long Distance Line Charge............... $0.43/road mile
Terminal Charge......................... $200.00/terminal]
* * * *
* * *
All Printer IDs are included in the price of the access fee.
Multiple User IDs may be associated with Terminal ID. However,
simultaneous access is restricted to the number of Terminal IDs.
[FR Doc. 94-27167 Filed 11-1-94; 8:45 am]
BILLING CODE 8010-01-M