Federal Register / Vol. 65, No. 14 / Friday, January 21, 2000 / Notices 3515

3 15 U.S.C. 78q–1.

4 15 U.S.C. 78s(b)(3)(A)(ii).

5 17 CFR 240.19b-4(f)(2)

1 6 17 CFR 200.30–3(a)(12).

1 15 U.S.C. 78s(b)(1).

2 17 CFR 240.19b–4.

3See Securities Exchange Act Release Nos. 35139

(Dec. 22, 1994), 60 FR 156 (Jan. 3, 1995) (notice of

filing of proposed rule change, including

Amendment No. 1); 36015 (July 21, 1995), 60 FR

38875 (July 28, 1995) (notice of filing of

Amendment No. 2); 37428 (July 11, 1996), 61 FR

37523 (July 18, 1996) (notice of filing of

Amendment No. 3); 39634 (Feb. 9, 1998), 63 FR

8244 (Feb. 18, 1998) (notice of filing of Amendment

No. 4); and 42224 (Dec. 13, 1999), 64 FR 71160

(Dec. 20, 1999) (notice of Amendment No. 5).

4 15 U.S.C. 78s(b)(2).

5 17 CFR 200.30–3(a)(12).

1 15 U.S.C. 78s(b)(1).

The proposed rule change is

consistent with the requirements of

Section 17A of the Act,3 as amended,

and the rules and regulations

thereunder because it provides for the

equitable allocation of dues, fees, and

other charges among NSCC’s

participants.

(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 Receive From

Members, Participants or Others

No written comments relating to the

proposed rule change have been

solicited or received. NSCC will notify

the Commission of any written

comments received by NSCC.

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 Rule 19-

4(b)(2) 5 promulgated thereunder

because the proposal establishes or

changes a due, fee, or other charge

imposed by NSCC. At any time within

sixty days of the filing of such proposed

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.

IV. Solicitation of Comments

Interested persons are invited to

submit written data, views, and

arguments concerning the foregoing,

including whether the proposed rule

change is consistent with the Act.

Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, N.W.,

Washington, D.C. 20549–0609. 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, N.W.,

Washington, D.C. 20549. Copies of such

filing also will be available for

inspection and copying at the principal

office of NSCC. All submissions should

refer to File No. SR–NSCC–99–13 and

should be submitted by February 11,

2000.

For the Commission by the Division

of Market Regulation, pursuant to

delegated authority. 6

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–1466 Filed 1–20–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–42330; File No. SR–NYSE–

94–34]

Self-Regulatory Organizations; Notice

of Extension of the Comment Period

for the Proposed Rule Change by the

New York Stock Exchange, Inc. To

Revise Exchange Rule 92, ‘‘Limitations

on Members’ Trading Because of

Customers’ Orders’’

January 11, 2000.

On September 27, 1994, the New York

Stock Exchange, Inc. (‘‘Exchange’’ or

‘‘NYSE’’) filed with the Securities and

Exchange Commission (‘‘Commission’’)

a proposed rule change pursuant to

Section 19(b)(1) of the Securities

Exchange Act of 1934 (‘‘Act’’) 1 and Rule

19b–4 thereunder 2 to revise Exchange

Rule 92, ‘‘Limitations on Members’

Trading Because of Customers’ Orders.’’

A complete description of the proposed

rule change and Amendment Nos. 1, 2,

3, 4, and 5 to the proposal may be found

in the notices of filing previously

published in the Federal Register.3

Given the public’s interest in the

proposed rule change and the

Commission’s desire to give the public

sufficient time to consider Amendment

No. 5 to the proposal, the Commission

has decided to extend the comment

period pursuant to Section 19(b)(2) of

the Act.4 Accordingly, the comment

period shall be extended from January

10, 2000, to January 24, 2000.

Interested persons are invited to

submit written data, views, and

arguments concerning the foregoing,

including whether the proposed rule

change, as revised by Amendment No.

5, is consistent with the Act. Persons

making written submissions should file

six copies thereof with the Secretary,

Securities and Exchange Commission,

450 Fifth Street, N.W., Washington, D.C.

20549–0609. Copies of the submissions,

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 persons, 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

Room, 450 Fifth Street, N.W.,

Washington, D.C. 20549–0609. Copies of

such filing will also be available for

inspection and copying at the principal

office of the Exchange. All submissions

should refer to File No. SR–NYSE–94–

34 and should be submitted by January

24, 2000.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority. 5

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–1477 Filed 1–20–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–42337; File No. SR–OCC–

99–10]

Self-Regulatory Organizations;

Options Clearing Corporation; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change Relating to

Fees and Changes

January 12, 2000.

Pursuant to Section 19(b)(1) of the

Securities Exchange Act of 1934

(‘‘Act’’),1 notice is hereby given that on

September 30, 1999, The Options

Clearing Corporation (‘‘OCC’’) filed with

the Securities and Exchange

Commission (‘‘Commission’’) the

3516 Federal Register / Vol. 65, No. 14 / Friday, January 21, 2000 / Notices

2The Commission has modified the text of the

summaries prepared by OCC.

3Refer to Securities Exchange Act Release No.

41736 (August 19, 1999), 64 FR 45295 [File No. SR–

OCC–99–8] for fees in effect before July 1, 1999.

4 15 U.S.C. 78q 1.

5 15 U.S.C. 78s(b)(3)(A)(ii).

6 17 CFR 240.19b–4(f)(2).

7 17 CFR 200.30–3(a)(12).

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 on the

proposed rule change from interested

parties.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

Under the proposed rule change, OCC

will reduce the clearing fees it charges

to clearing members.

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. OCC has prepared

summaries, set forth in sections (A), (B),

and (C) below, of the most significant

aspects of these statements.2

(A) Self-Regulatory Organization’s

Statement of the Propose of, and

Statutory Basis for, the Proposed Rule

Change

Under the proposed rule change, OCC

reduced the levels of clearing fees that

it charges for established products for

the last quarter of 1999. During the first

three quarters of 1999, OCC experienced

a record volume of options cleared. As

a result, OCC proposes to reduce its

levels of clearing fees beginning on

October 1, 1999, as follows:

Contract trade level

Current discounted

clearing fee (as of July

1, 1999)

Proposed clearing fee

1–500 ............................................................................................................................................ $0.075 ......................... $0.065.

501–1000 ...................................................................................................................................... 0.06 ............................. 0.055.

1001–2000 .................................................................................................................................... 0.0525 ......................... 0.045.

>2000 ............................................................................................................................................ 100.00 flat fee ............. 80.00 flat fee.

OCC believes that the foregoing fee

change will assure each clearing

member a discount on clearing fees. The

proposed discounted fee schedule

change will ensure that clearing

members can immediately realize the

benefits of reduced fees (rather than

waiting for OCC’s rebate of clearing fees)

without adversely affecting OCC’s

ability to maintain an acceptable level of

retained earnings. Commencing the first

trading day of 2000, these clearing fees

will revert to the 1999 levels in effect

before July 1, 1999. 3

OCC believes that the proposed rule

change is consistent with the

requirements of Section 17A(b0(30(D) of

the Act 4 and the rules and regulations

thereunder applicable to OCC, because

it provides for the equitable allocation

of reasonable dues, fees, and other

charges among OCC’s participants.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

OCC does not believe that the

proposed rule change will have any

impact or impose any burden on

competition.

(C) Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants or Others

Written comments relating to the

proposed rule change have not yet been

solicited or received. OCC will notify

the Commission of any written

comments recieved by OCC.

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) 5 of the Act and Rule

19b 4(f)(2) 6 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 proposed

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.

IV. Solicitation of Comments

Interested persons are invited to

submit written data, views, and

arguments concerning the foregoing,

including whether the proposed rule

change is consistent with the Act.

Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, N.W.,

Washington, D.C. 20549–0609. 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, N.W.,

Washington, D.C. 20549. Copies of such

filing also will be available for

inspection and copying at the principal

office of OCC. All submissions should

refer to File No. SR–OCC–99–10 and

should be submitted by February 11,

2000.

For the Commission by the Division

of Market Regulation, pursuant to

delegated authority.7

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–1465 Filed 1–20–00; 8:45 am]

BILLING CODE 8010–01–M