3514 Federal Register / Vol. 65, No. 14 / Friday, January 21, 2000 / Notices

6For example, an investor requesting a report

containing 12 fields of information for a three

trading day period would be charged $21.

7After assessing the demand for this service,

Nasdaq may offer volume discounts to purchasers

of multiple reports if it determines that volume

discounts are economically feasible.

8 In approving this proposal, the Commission has

considered the proposed rule’s impact on

efficiency, competition and capital formation. 15

U.S.C. 78c(f).

9 15 U.S.C. 78o–3(b)(5).

10 15 U.S.C. 78o–3(b)(6).

11 15 U.S.C. 78s(b)(2).

12 17 CFR 200.30–3(a)(12).

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

2The Commission has modified the text of the

summaries prepared by NSCC.

day requested.6 Those reports with more

than 15 fields would cost $5 per

pertrading day of information. Some

reports may be available for purchase on

a single day basis, while others may be

available only as multiple-day packages

with a corresponding charge based on

the number of days provided. Fees for

Summary Level Activity Reports would

be fixed at $25 per report.

Nasdaq believes that this pricing

structure is a suitable assessment

method that will facilitate the creation

of an inexpensive and effective service

for investors. Furthermore, Nasdaq has

been testing this product and the

Internet delivery system (on

OTCBB.com) for several months by

providing selected reports to investors

at no charge and has found a high level

of satisfaction and interest among

investors for their continued

availability.

The second category of reports

available through Nasdaq Trader.com

and/or OTCBB.com, termed

‘‘Administrative Reports,’’ will be

available to NASD member firms only.

These reports are generally composed of

firm specific information which is

currently provided on an informal basis.

One example of this group of reports is

the ‘‘SEC 31(a) Report’’ which provides

member firms with the number of trades

transacted on a daily basis and the

anticipated SEC 31(a) fees that will be

assessed at the end of the month.

Another proposed report that could be

provided would estimate the total

Nasdaq monthly transaction fees for the

member firm based on the firm’s

historical volume.

These Administrative Reports would

assist members in auditing their own

internal systems, verifying back-end

processing, and projecting monthly

costs. The reports, which are provided

presently by Nasdaq in CD ROM form,

would be available through this secure

web site connection in a more costeffective and timely manner.

Subscribing member firms would be

charged a $25 fee per user, per month,

for access to each administrative

report.7

III. Discussion

The Commission finds the proposed

rule change is consistent with the Act

and the rules and regulations

promulgated thereunder.8 Specifically,

the Commission finds that approval of

the proposed rule change is consistent

with Sections 15A(b)(5) 9 and (6) 10 of

the Act. Specifically, Section 15A(b)(5)

requires the equitable allocation of

reasonable fees and charges among

members and other users of facilities

operated or controlled by a national

securities association. The Commission

finds that the fees which Nasdaq has

proposed for the historical research and

administrative reports delineated in the

proposal are reasonable, given the

reliability and accessibility of the

information.

Furthermore, Section 15A(b)(6)

requires rules that foster cooperation

and coordination with persons engaged

in facilitating transactions in securities

and that are not designed to permit

unfair discrimination between

customers, issuers, brokers or dealers.

Because the fees which Nasdaq

proposes to charge for the specified

historical research and administrative

reports will be assessed only to users of

the service, the Commission finds that

the proposal is both nondiscriminatory

and reasonable. The Commission also

believes that the proposal may help to

foster cooperation and coordination

with persons engaged in facilitating

transactions in securities by providing

beneficial information to subscribers on

a non-discriminatory basis for a

reasonable fee. In doing so, the proposal

may boost investor confidence, while

contributing to the integrity of the

securities markets.;

IV. Conclusion

For the above reasons, the

Commission finds that the proposed

rule change is consistent with the

Provisions of the Act, in general, and

with Sections 15A(b)(5) and (6), in

particular.

It is therefore ordered, pursuant to

Section 19(b)(2) of the Act,11 that the

proposed rule change (SR-NASD-99-70),

be and hereby is approved.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.12

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00-1467 Filed 1-20-00; 8:45 am]

BILLING CODE 8010-01-M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–42336; File No. SR–NSCC–

99–13]

Self-Regulatory Organizations;

National Securities Clearing

Corporation; Notice of Filing and

Immediate Effectiveness of Proposed

Rule Change Relating to a Change in

Fees for its Insurance Processing

Service

January 12, 2000.

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

Securities Exchange Act of 1934

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

December 30, 1999, 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

parties.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The proposed rule change consists of

changes to NSCC’s fee schedule relating

to its Insurance Processing Service

(‘‘IPS’’).

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 its 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 these statements.2

(A) Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

NSCC has determined to charge

members using its IPS transaction and

file fees for the transmission of IPS test

and production files. In addition, IPS

membership fees will be payable from

the date an applicant is approved for

membership using IPS. These charges

will be effective January 3, 2000.

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