[Federal Register Volume 59, Number 247 (Tuesday, December 27, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-31655]


[[Page Unknown]]

[Federal Register: December 27, 1994]


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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-35119; File No. SR-NSCC-94-20]

 

Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change Making Technical Modifications to Procedures Relating to 
the Consolidated Trade Summary

December 19, 1994.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 
1934\1\ (``Act''), notice is hereby given that on November 16, 1994, 
the National Securities Clearing Corporation (``NSCC'') 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 NSCC. 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

    NSCC proposes to amend language in NSCC's Procedures to conform 
with recent changes regarding NSCC's Consolidated Trade Summary.\2\
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    \2\The Commission recently approved NSCC's proposed rule change 
which facilitates NSCC's daily distribution of a Consolidated Trade 
Summary that reports both Continuous Net Settlement (``CNS'') and 
Non-CNS trades due for settlement the next day. NSCC continues to 
distribute each day its current CNS and non-CNS Compared Trade 
Summaries which also report in greater detail the trades due to 
settle the next day. On December 31, 1994, NSCC intends to eliminate 
the CNS and non-CNS Compared Trade Summaries and distribute only the 
Consolidated Trade Summary. Securities Exchange Act Release No. 
34825 (October 12, 1994), 59 FR 52563 [File No. SR-NSCC-94-15] 
(order approving proposed rule change relating to the Consolidated 
Trade Summary).
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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, NSCC 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. NSCC 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

    The primary purpose of the proposed rule change is to change all 
references to the Continuous Net Settlement (``CNS'') and Non-CNS 
Compared Trade Summaries contained in NSCC's Procedures Section II(D), 
governing the Trade Comparison Service for debt securities, Section 
II(E), governing the Trade Comparison Service for when-issued 
securities, and Section V(C), governing net balance orders, to 
references to the Consolidated Trade Summary. The proposed rule is 
necessary because such changes were inadvertently omitted from NSCC's 
recently approved rule change regarding the Consolidated Trade Summary.
    The proposed rule corrects and conforms NSCC's procedures regarding 
the Consolidated Trade Summary. The proposed rule change, therefore, is 
consistent with the requirements of Section 17A of the Act\3\ and the 
rules and regulations thereunder because it will facilitate the prompt 
and accurate clearance and settlement of securities transactions.
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    \3\15 U.S.C. 78q-1 (1998).
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(B) Self-Regulatory Organization's Statement on Burden on Competition

    NSCC 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

    NSCC has not solicited or received comments on the proposed rule 
change.

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)(i)\4\ of the Act and pursuant to Rule 19b-4(e)(1)\5\ 
promulgated thereunder because the proposal constitutes a stated policy 
or interpretation with respect to the meaning or administration of an 
existing rule. The Commission believes that the proposed rule change 
does not adversely affect the rights of persons using the services of 
NSCC. 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.
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    \4\15 U.S.C. 78s(b)(3)(A)(i) (1988).
    \5\17 CFR 240.19b-4(e)(1) (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 NSCC. All submissions 
should refer to File No. SR-NSCC-94-20 and should be submitted by 
January 17, 1995.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\6\
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    \6\17 CFR 200.30-3(a)(12) (1994).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-31655 Filed 12-23-94; 8:45 am]
BILLING CODE 8010-01-M