[Federal Register Volume 61, Number 50 (Wednesday, March 13, 1996)]
[Notices]
[Pages 10416-10417]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-5963]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-36969; File No. SR-Philadep-95-13]
Self-Regulatory Organizations; Philadelphia Depository Trust
Company; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change Implementing Institutional Delivery System Features in the
Philanet Terminal System
March 7, 1996.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on December 26, 1995, the
Philadelphia Depository Trust Company (``Philadep'') 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 Philadep. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
parties.
\1\ 15 U.S.C. Sec. 78s(b)(1) (1988).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Philadep proposes to provide its participants with access to
several additional Institutional Delivery (``ID'') system features
through their Philanet terminals.\2\
\2\ Philanet is an on-line terminal network system. Philanet
allows participants to access information affecting their accounts
through an on-site terminal located at the participants' offices.
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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, Philadep included statements
concerning the purpose of and the 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. Philadep has prepared summaries, as set forth in
sections (A), (B), and (C) below, of the most significant aspects of
these statements.\3\
\3\ The Commission has modified the text of the summaries
prepared by Philadep.
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(A) Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
The purpose of the proposed rule change is to make several features
of Philadep's ID system available to ID participants through their
Philanet terminals. These features currently exist in the form of
hardcopy reports or instructions and are available to participants upon
request.
The first feature of the proposed rule change allows Philadep
participants to cancel all affirmed trades through their Philanet
terminals. Currently, participants cancel ID trades affirmed prior to
the settlement date by faxing a form to Philadep indicating the trades
to be cancelled. Philadep then processes the cancellations and cancels
the trade delivery. The enhancement to the Philanet system will allow
Philadep participants to cancel trades directly through their Philanet
terminals by selecting the ``Cancel Affirmed ID Trades'' function.
The second feature of the proposed rule change allows participants
to use Philanet to inquire about the status of their ID trades. To make
the inquiry, participants will select the ``ID Trades Inquiry''
function. Using this inquiry screen, participants may view any single
trade, a particular CUSIP, the settlement date, processing date, or
trade date.
[[Page 10417]]
Also, participants may view the status of their trades (i.e.,
unaffirmed, affirmed, or cancelled).
The third feature of the proposed rule change allows participants
to use Philanet to verify the receipt of their transmissions by
Philadep and the total number of the respective trades associated with
each transmission.
Philadep believes its proposed rule change is consistent with the
requirements of Section 17A the Act because it fosters cooperation and
coordination with person engaged in the clearance and settlement of
securities transactions and further assures the safeguarding of
securities which are in the custody and control of Philadep.
(B) Self-Regulatory Organization's Statement on Burden on Competition
Philadep 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
Written comments were neither solicited nor received with respect
to 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)(iii) \4\ of the Act and pursuant to Rule 19b-4(e)(4) \5\
promulgated thereunder because the proposal effects a change in an
existing service of Philadep that does not adversely affect the
safeguarding of securities or funds in the custody or control of
Philadep and does not significantly affect the respective rights or
obligations of Philadep or persons using the service. 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. Sec. 78s(b)(3)(A)(iii) (1988).
\5\ 17 CFR Sec. 240.19b-4(e)(4) (1995).
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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, D.C. 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 provision
of 5 U.S.C. Sec. 552, will be available for inspection and copying in
the Commission's Public Reference Section, 450 Fifth Street, NW,
Washington, D.C. 20549. Copies of such filing will also be available
for inspection and copying at the principal office of Philadep. All
submissions should refer to File Number SR-Philadep-95-13 and should be
submitted by April 1, 1996.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\6\
\6\ 17 CFR Sec. 200.30-3(a)(12) (1994).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-5963 Filed 3-12-96; 8:45 am]
BILLING CODE 8010-01-M