54668 Federal Register / Vol. 62, No. 203 / Tuesday, October 21, 1997 / Notices

5 15 U.S.C. 78q–1.

6 15 U.S.C. 78s(b)(3)(A)(iii).

7 17 CFR 240.19b–4(e).

8 17 CFR 200.30–3(a)(12).

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

2The Commission has modified parts of these

statements.

3Securities Exchange Act Release No. 39096

(September 19, 1997), 62 FR 50416 (order approving

proposed rule change).

4 15 U.S.C. 78q–1(b)(3)(D).

CUSIP numbers will be assigned

based on the same factors as currently

used for class codes. Standard & Poor’s

anticipates publishing CUSIPs for

eligible securities no later than

December 31, 1997.

MBSCC believes that the proposed

rule change is consistent with the

requirements of Section 17A of the Act 5

and the rules and regulations

thereunder because it promotes

efficiencies in the clearance and

settlement of securities transactions.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

MBSCC does not believe that the

proposed rule change will impose any

burden on competition that is not

necessary or appropriate in furtherance

of the purposes of the Act.

(C) Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants or Others

No comments on the proposed rule

change were solicited or received.

MNSCC will notify the Commission of

any written comments its receives.

III. Date for 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) 6 of the Act and pursuant

to Rule 19b–4(e) 7 promulgated

thereunder because the proposal effects

a change in an existing service of a

registered clearing agency that (i) does

not adversely affect the safeguarding of

securities or funds in the custody or

control of MBSCC or for which it is

responsible and (ii) does not

significantly affect the respective rights

or obligations of MBSCC 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.

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, N.W.,

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

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 MBSCC. All submissions

should refer to File No. SR–MBSCC–97–

7 and should be submitted by November

12, 1997.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.8

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–27759 Filed 10–20–97; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–39233; File No. SR–NSCC–

97–09]

Self-Regulatory Organizations;

National Securities Clearing

Corporation; Notice of Filing and

Immediate Effectiveness of a Proposed

Rule Change Establishing Fees for the

Annuities Processing Service

October 10, 1997.

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

Securities Exchange Act of 1934

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

August 14, 1997, 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.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The purpose of the proposed rule

change is to establish fees for NSCC’s

annuities processing service (‘‘APS’’).

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 statutory basis for

the proposed rule change and discussed

any comments it received on the

proposed rule change. The test of these

statements may be examined at the

places specified in Item IV below. Set

forth in sections (A), (B), and (C) below,

are the most significant aspects of such

statements.2

(A) Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

NSCC has filed and had approved by

the Commission its APS.3 APS is a

centralized communication link that

connects participating insurance

carriers with broker-dealers, banks, and

the broker-dealers’ or banks’ affiliated

life insurance agencies where

appropriate.

The purpose of this proposed rule

change is to establish fees for NSCC’s

APS. Three categories of fees will be

established. Membership fees will be

$335 per month. Transaction fees will

be $0.60 per 1,000 full positions, $0.50

per 1,000 focused positions, and $8.50

per 1,000 commission items. File fees

will be $15.00 per file per day for

sending or receiving APS related files.

The new fees became effective upon

implementation of APS.

NSCC believes that the proposed rule

change is consistent with Section

17A(b)(3)(D) of the Act.4 which requires

that the rules of a registered clearing

agency provide for an equitable

allocation of reasonable dues, fees, and

other charges for services which it

provides to its participants.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

NSCC does not believe that the

proposed rule change will impact or

impose a burden on competition.

(C) Self-Regulatory Organization’s

Statement of Comments on the

Proposed Rule Change Received From

Members, Participants, or Others

No written comments have been

solicited or received. NSCC will notify

the Commission of any written

comments received by NSCC.
Federal Register / Vol. 62, No. 203 / Tuesday, October 21, 1997 / Notices 54669

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

6 17 CFR 240.19b–4(e)(2).

7 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 OCC.

3Such fees consist of a $1.00 exercise fee, $269.00

per month for leased line direct data service,

$355.00 per month for dial up data service, and

$250.00 per month for service bureau data service.

4OCC is considering applying the proposed

introductory fee structure for the DJIA to all new

contracts introduced in the future.

5See Letter to James C. Yong, Vice President,

OCC (July 23, 1993).

6 15 U.S.C. 78q–1.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Because the foregoing rule change

establishes or changes a due, fee, or

other charge imposed by NSCC, it has

become effective pursuant to Section

19(b)(3)(A)(ii) of the Act 5 and Rule 19b–

4(e)(2) thereunder.6 At any time within

sixty days of the filing of the proposed

rule change, the Commission may

summarily abrogate such rule change if

it appears to the 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.

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. 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 will also be available for

inspection and copying at the principal

office of the NSCC. All submissions

should refer to the File No. SR–NSCC–

97–09 and should be submitted by

November 12, 1997.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.7

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–27757 Filed 10–20–97; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–39231; File No. SR–OCC–

97–16]

Self-Regulatory Organizations; the

Options Clearing Corporation; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change Relating to

Fees and Charges

October 10, 1997.

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

Securities Exchange Act of 1934

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

September 2, 1997, 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.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The proposed rule change revises

OCC’s fees for its clearing service and

introduces an interim and regular fee for

the Dow Jones Industrial Average

(‘‘DJIA’’) index option contract service.

4II. 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 such statements.2

(A) Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

During the first half of 1997, OCC

experienced a record volume of options

cleared. OCC currently refunds a

portion of clearing fees collected during

the year to its clearing members when

it experiences high volume levels. The

practice of refunding clearing fees at the

end of OCC’s fiscal year creates a gap

between when it realizes record clearing

fees and when the clearing member

realizes its year-end discount.

The purpose of the proposed rule

change is to revise OCC’s per contract

clearing fee from $.10 to $.068 for the

remainder of 1997 for all contracts

cleared between September 1, 1997,

through December 31, 1997. In addition,

OCC will not bill clearing members for

data services fees and exercise fees from

July 1, 1997, through December 31,

1997.3 OCC believes a reduction in fees

allows members to realize an immediate

reduction in costs rather than having to

wait for OCC to disburse refunds at the

end of the fiscal year.

The purpose of the rule change is also

to introduce an interim discounted and

regular fees for the DJIA index option

contract which is scheduled to begin

trading in October 1997. OCC believes

that the DJIA fee structure will

encourage trading and clearance of this

new contract. OCC is offering an

introductory clearing fee of $.00 per

contract per side for the first month the

DJIA is traded, $.025 per contract per

side for the second month, $.05 per

contract per side for the third month,

and $.10 per contract per side (i.e., the

normal OCC rate) thereafter.4

OCC has received approval to store

media on CD–ROM to replace the

practice of storage on microfiche.5

While OCC no longer stores new media

or data on microfiche, there remains

historic data stored on microfiche.

Because both the need for retrieval of

data stored on microfiche and the costs

associated with its retrieval remain, the

fees associated with microfiche retrieval

will remain on the schedule.

OCC believes that the proposed rule

change is consistent with the

requirements of Section 17A of the Act 6

and the rules and regulations

thereunder because it provides for the

equitable allocation of dues, fees, and

other charges among OCC’s participants

and other parties that use OCC’s

services.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

OCC does not believe that the

proposed rule change will impose any

burden on competition that is not

necessary or appropriate in furtherance

of the purposes of the Act.