53684 Federal Register / Vol. 62, No. 199 / Wednesday, October 15, 1997 / Notices

11 15 U.S.C. 78q–1. 12 17 CFR 200.30–3(a)(12).

services no longer to be offered. SCCP

also will charge RIO Accounts the

applicable value fees of $0.05 per $1,000

of contract value.

SCCP believes the proposed rule

change is consistent with the

requirements of Section 17A of the

Act 11 and the rules and regulations

thereunder because the restructuring of

SCCP’s business as contemplated by the

proposed rule change will promote the

prompt and accurate clearance and

settlement of securities transactions by

integrating and consolidating clearing

services available to the industry and

will assure the safeguarding of securities

and funds in the custody or control of

SCCP or for which SCCP is responsible.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

SCCP does not believe that the

proposed rule change will impose any

burden on competition not necessary or

appropriate in furtherance of the

purposes of the Act. Securities clearing

agencies registered under Section 17A

of the Act are not conventional

businesses but utilities created to serve

members of the securities industry for

the purpose of providing certain

services that are ancillary to the

businesses in which industry members

compete with one another. Operating a

securities clearing agency requires a

substantial and continuing investment

in infrastructure including

telecommunications links with users,

data centers, and disaster recovery

facilities in order to meet the increasing

needs of participants and respond to

regulatory requirements. To date, other

exchanges, including the Boston Stock

Exchange, the Pacific Exchange, and the

Chicago Stock Exchange have

substantially terminated the operation

of their securities clearing corporations.

After consummation of the proposed

arrangements, securities industry

members shall continue to have access

to high quality, low cost clearing

services provided under the mandate of

the Act. The overall cost to the industry

of having such services available may be

reduced thereby permitting a more

efficient and productive allocation of

industry resources. Furthermore,

because most of a clearing corporation’s

interface costs must be mutualized,

thereby requiring some participants to

subsidize costs incurred by others,

SCCP’s withdrawal from maintaining

clearing facilities should reduce costs to

participants and thereby should remove

impediments to competition. Finally,

PHLX’s ability to focus its resources on

the operations of the Exchange should

help enhance competition among

securities markets.

(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

Within thirty-five days of the date of

publication of this notice in the Federal

Register or within such longer period (i)

as the Commission may designate up to

ninety days of such date if it finds such

longer period to be appropriate and

publishes its reasons for so finding or

(ii) as to which SCCP consents, the

Commission will:

(A) By order approve such proposed

rule change or

(B) Institute proceedings to determine

whether the proposed rule change

should be disapproved.

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 SCCP. All submissions should

refer to File No. SR–SCCP–97–04 and

should be submitted by November 5,

1997.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.12

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–27278 Filed 10–14–97; 8:45 am]

BILLING CODE 8010–01–M

U.S. SMALL BUSINESS

ADMINISTRATION

[Declaration of Disaster #2983]

State of Florida

Hillsborough County and the

contiguous Counties of Hardee,

Manatee, Pasco, Pinellas, and Polk in

the State of Florida constitute a disaster

area as a result of damages caused by

severe thunderstorms, excessive rains,

and flooding which occurred September

26 through 28, 1997. Applications for

loans for physical damage may be filed

until the close of business on December

4, 1997 and for economic injury until

the close of business on July 6, 1998 at

the address listed below or other locally

announced locations: U.S. Small

Business Administration, Disaster Area

2 Office, One Baltimore Place, Suite

300, Atlanta, GA 30308.

The interest rates are:

Percent

For Physical Damage

Homeowners With Credit Available Elsewhere ........................ 8.000

Homeowners Without Credit

Available Elsewhere ................ 4.000

Businesses With Credit Available

Elsewhere ................................ 8.000

Businesses and Non-Profit Organizations Without Credit Available Elsewhere ........................ 4.000

Others (Including Non-Profit Organizations) With Credit Available Elsewhere ........................ 7.250

For Economic Injury: Businesses

and Small Agricultural Cooperatives Without Credit Available

Elsewhere 4.000

The number assigned to this disaster

for physical damage is 298306 and for

economic injury the number is 961500.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008.)

Dated: October 5, 1997.

Aida Alvarez,

Administrator.

[FR Doc. 97–27166 Filed 10–14–97; 8:45 am]

BILLING CODE 8025–01–P

SMALL BUSINESS ADMINISTRATION

[Declaration of Economic Injury Disaster

#9612]

State of Idaho; (And Contiguous

Counties in Montana and Washington)

Bonner County and the contiguous

Counties of Boundary, Kootenai, and

Shoshone in the State of Idaho; Lincoln

and Sanders Counties in the State of

Montana; and Pend Oreille and Spokane

Counties in the State of Washington

constitute an economic injury disaster