[Federal Register Volume 60, Number 82 (Friday, April 28, 1995)]
[Notices]
[Page 21017]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-10486]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-35639; File No. SR-OCC-95-04]
Self-Regulatory Organizations; The Options Clearing Corporation;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to Enhanced Clearing Member Interface Fees
April 24, 1995.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of
1934\1\ (``Act''), notice is hereby given that on April 11, 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 from interested persons on the proposed rule change.
\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 is filing the proposed rule change to revise its monthly lease
fee charged to clearing members using the Enhanced Clearing Member
Interface (``ECMI'') configuration.
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. Summaries of the most significant aspects of such
statements are set forth in sections (A), (B), and (C) below.
(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 adjust the monthly
lease fee charged to OCC clearing members using ECMI. ECMI consists of
equipment and software designed to enhance the ability of OCC's
clearing members to interface with OCC's mainframe and local area
network systems.\2\ The lease fees for ECMI were based on OCC's leasing
and other overhead costs and were originally set at $200.00 per month.
At this time, OCC's costs associated with providing ECMI to its
clearing members have decreased on a per unit basis. Accordingly, as of
January 1, 1995, OCC proposes to reduce to $150.00 per month its
monthly lease fees charged to clearing members.\3\
\2\ECMI permits clearing members, among other things, to input
post-trade transactions via OCC's Clearing Management and Control
System, to retrieve clearing reports via OCC's on-line report
inquiry service, and to review information memoranda and other
notices via OCC's Options News Network service. Securities Exchange
Act Release No. 32366 (May 25, 1993) 58 FR 31435 [File No. SR-OCC-
93-11] (notice of filing and immediate effectiveness of proposed
rule change).
\3\OCC will make the fee reduction retroactive to January 1,
1995, and will credit members' accounts for the reduction of the
fee. Telephone conversation between Jean M. Cawley, Special Counsel,
OCC, and Peter R. Geraghty, Senior Counsel, Division of Market
Regulation, Commission (April 18, 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 it provides for the equitable allocation of dues,
fees, and other charges among OCC's clearing members.
(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.
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)\4\ of the Act and pursuant to Rule 19b-4(e)(2)\5\
promulgated thereunder because the proposal 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) (1988).
\5\17 CFR 240.19b-4(e)(2) (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-95-04 and should be submitted by May 19, 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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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-10486 Filed 4-27-95; 8:45 am]
BILLING CODE 8010-01-M