[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] ----------------------------------------------------------------------- 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. --------------------------------------------------------------------------- \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 NSCC proposes to amend language in NSCC's Procedures to conform with recent changes regarding NSCC's Consolidated Trade Summary.\2\ --------------------------------------------------------------------------- \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). --------------------------------------------------------------------------- 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. --------------------------------------------------------------------------- \3\15 U.S.C. 78q-1 (1998). --------------------------------------------------------------------------- (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. --------------------------------------------------------------------------- \4\15 U.S.C. 78s(b)(3)(A)(i) (1988). \5\17 CFR 240.19b-4(e)(1) (1994). --------------------------------------------------------------------------- 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\ --------------------------------------------------------------------------- \6\17 CFR 200.30-3(a)(12) (1994). --------------------------------------------------------------------------- Margaret H. McFarland, Deputy Secretary. [FR Doc. 94-31655 Filed 12-23-94; 8:45 am] BILLING CODE 8010-01-M