Federal Register / Vol. 62, No. 37 / Tuesday, February 25, 1997 / Notices 8485

20 15 U.S.C. 78s(b)(2).

21 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 SCCP.

3This is not a graduated rate schedule. Once a

volume threshold is reached, all trades receive such

volume discount rate.

4 15 U.S.C. 78q–1

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

6 17 CFR 240.19b–4(e)(2).

things, Amendment No. 4 amends

PHLX’s rules to allow the number of

interbank exchange participants to be

chosen from a pool of twenty-five

participants or more, rather than a pool

of only twenty-five, by adding the words

‘‘at least.’’ The Commission believes

good cause exists to accelerate approval

of Amendment No. 4 because this

amendment may provide a more

accurate final settlement value, by

providing more quotes for the

calculation. The algorithm will still

replace any quotes that are updated five

minutes or more with more frequently

updated quotes if they are available. In

addition, in approving the 3D Japanese

Yen options, the Commission

understood that PHLX may use more

than twenty-five interbank foreign

exchange participants. Also, the

amendment further explains the process

for calculating the settlement value for

3D Options and clarifies the Exchange’s

purpose for the proposed rule change.

Further, the proposal to change the

formula for calculating the settlement

value for 3D options was noticed

previously in the Federal Register for

the full statutory period and the

Commission did not receive any

comments. Accordingly, the

Commission believes that it is

consistent with Sections 6 and 19(b)(2)

of the Act to approve Amendment No.

4 to the proposal on an accelerated

basis.

IV. Solicitation of Comments

Interested persons are invited to

submit written data, views and

arguments concerning Amendment No.

4 to the proposed rule change. 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

rules change that are filed with the

Commission, and all written

communications relating to the

Amendment No. 4 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. Copies of such filing will also be

available at the principal office of the

Exchange. All submissions should refer

to File No. SR–PHLX–96–44 and should

be submitted by March 18, 1997.

V. Conclusion

It is therefore ordered, pursuant to

Section 19(b)(2) of the Act 20 that the

proposed rule change (SR–PHLX–96–

44), as amended, is approved.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.21

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–4528 Filed 2–24–97; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–38306; File No. SR–SCCP–

96–13]

Self-Regulatory Organizations; Stock

Clearing Corporation of Philadelphia;

Notice of Filing and Immediate

Effectiveness of a Proposed Rule

Change to Consolidate and Restate its

Fee Schedule

February 19, 1997.

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

Securities Exchange Act of 1934

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

December 23, 1996, the Stock Clearing

Corporation of Philadelphia (‘‘SCCP’’)

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 SCCP.

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 consolidate and restate

SCCP’s schedule of fees and charges

(Exhibit A).

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission,

SCCP included statements concerning

the purpose of and basis for the

proposed rule change and discussed any

comments it received on the proposed

rule changes. The text of these

statements may be examined at the

places specified in Item IV below. SCCP

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

The purpose of the proposed rule

change is to consolidate and restate

SCCP’s schedule of fees and charges.

SCCP proposes to revise its volume

discounts applicable to trade recording

fees and value charges for PACE CNS

trades settling at SCCP. SCCP currently

provides a flat $0.77 per side discount

for 4,000 or more trades per month.

SCCP’s discounts have been revised into

the following schedule: $0.77 per side

for 4,000 to 6,000 trades per month;

$0.55 per side for 6,001 to 8,000 trades

per month; and $0.35 per side for over

8,000 trades per month.3

Additionally, SCCP proposes to

consolidate and restate existing fees and

charges. This filing is being made in

accordance with SCCP’s policy to

annually file a comprehensive schedule

of all existing fees and charges.

SCCP believes the proposed rule

change is consistent with Section 17A of

the Act 4 and the rules and regulations

thereunder because it will provide for

the equitable allocation of dues, fees,

and other charges among participants.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

SCCP does not believe the proposed

rule change will 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 Sections

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

to Rule 19b–4(e)(2) 6 promulgated

thereunder because the proposal

establishes a due, fee, or other charge.

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,
8486 Federal Register / Vol. 62, No. 37 / Tuesday, February 25, 1997 / Notices

7 17 CFR 200.30–3(a)(12).

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

Room, 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 SCCP. All submissions should

refer to File No. SR–SCCP–96–13 and

should be submitted by March 18, 1997.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.7

Margaret H. McFarland,

Deputy Secretary.

Exhibit A—SR–SCCP–96–13

[Deleted text bracketed, new text italicized]

STOCK CLEARING CORPORATION OF PHILADELPHIA, CONSOLIDATED RESTATEMENT OF FEES

Service Fee

1. Account Fees:

a. Maintenance Fee ............................. $150.00 per month (20 or fewer trades per month)

$250.00 per month (over 20 trades per month)

$650.00 per month (specialist)

b. Additional Suffix ............................... $32.00 per month per suffix

2. Trade Recording Fees:

a. Regular Trades ................................ $0.47 per side

b. PACE Trades ................................... $0.30 per side

c. Municipal Bonds Trades .................. $1.00 per compared side

d. Yellow Tickets (between two accounts).$0.47 per side

e. Basket Trades .................................. 0.60 per side for 1–1,000 trades per month

0.54 per side for 1,001–3,000 trades per month

0.48 per side for 3,001–5,000 trades per month

0.40 per side for more than 5,000 trades per month

3. Value Fees:

a. CNS Accounts .................................. 0.05 per $1,000 of contract value

b. Margin Accounts .............................. 0.035 per $1,000 of contract value

c. PACE Trades ................................... None

d. Maximum Value Charge .................. 25.00 per trade per side

4. Volume Discounts (Trade Recording

Fees and Value Charges):

a. CNS Trades settling at SCCP (utilizing PACE).[$0.77 per side maximum with 4,000 or more PACE trades per month]

$0.77 per side—4000–6000 PACE trades per month**

$0.55 per side—6001–8000 PACE trades per month**

$0.35 per side—over 8000 PACE trades per month**

5. Specialist Discounts for Trades Cleared

Through a SCCP Margin Account:

Volume level (including PACE trades) Discount

per side

2,501 to 10,000 sides per month .................................................................................. 0.05

10,001 to 15,000 sides per month ................................................................................ 0.10

15,001 to 20,000 sides per month ................................................................................ 0.15

20,001 to 25,000 sides per month ................................................................................ 0.20

25,001 to 30,000 sides per month ................................................................................ 0.25

30,001 to 35,000 sides per month ................................................................................ 0.30

35,001 to 40,000 sides per month ................................................................................ 0.35

40,001 and over ............................................................................................................. 0.40

6. Municipal Bond Margin Service .............. $500.00 per month with activity

7. Treasury Transactions:

a. Per trade transaction ....................... $40.00 (plus pass through costs)

b. Per withdrawal—Bearer ................... $15.00

c. Per withdrawal—Registered ............. $10.00

d. Per transfer ...................................... $10.00

8. Margin Account Pledge Fees .................. $1.00

9. New York Office Transactions:

a. Over the Window Delivery Clearing

House.

$5.00

b. Over the Window Delivery Paid or

Suspended.

$5.00
Federal Register / Vol. 62, No. 37 / Tuesday, February 25, 1997 / Notices 8487

STOCK CLEARING CORPORATION OF PHILADELPHIA, CONSOLIDATED RESTATEMENT OF FEES—Continued

Service Fee

c. Over the Window Delivery ‘‘Don’t

Know’’.

$10.00

d. Over the Window Receive Clearing

House.

$6.00

e. Dividend Settlement Service ............ $5.00

f. Envelope Settlement Service/InterCity/Funds Only Settlement Service.$5.00

g. Over the Window Delivery Fed

Funds.

$22.50

h. Over the Window Receive Fed

Funds.

$22.50

i. Syndicate Re-Delivery-Paid .............. $14.00

j. Syndicate Re-Delivery ‘‘Don’t Know’’ $17.00

k. Securities Hold ................................. $5.00

l. Reorganization Pick-up ..................... $5.00

m. Reorganization Reject ..................... $10.00

n. Reorganization Agent Delivery ........ $15.00

o. Syndicate Pick-Up ............................ $17.00

p. Miscellaneous .................................. $5.00

q. Deliveries to New Jersey ................. $12.00 per item (plus costs)

10. Margin Account Interest:

Charge on net debit balances .............. 1⁄2% above bank broker call rate

11. Research Fees:

a. Per photocopy of input forms .......... $4.00

b. Per microfiche copy ......................... $4.00

c. Items less than 90 days old ............. No charge

d. Items 1 year old or less ................... $15.00 per hour

e. Items over 1 year old ....................... $15.00 per hour, $25.00 minimum, plus archive retrieval costs

12. Computer Transmission/Tapes:

a. Purchase and Sale, Trade Data

(daily).

$100.00 per month

b. Purchase and Sale, Trades plus

T+2 Settling Trades (daily).

$150.00 per month

c. Miscellaneous ................................... $150.00 per month; includes 6 tapes/transmission

$25.00 per additional tape/transmission

13. Lost and Stolen Securities Program ..... $100.00 per year, $2.50 per inquiry

14. P&L Statement Charges ....................... $0.01 per line

15. Buy-ins .................................................. $5.00 per items submitted

16. Member to Member Envelope Service $5.00 per envelope (charged to sender), plus carrier costs

**This is not a graduated rate schedule. Once this volume threshold is reached, all trades from the first trade receive such volume discount

rate.

[FR Doc. 97–4609 Filed 2–24–97; 8:45 am]

BILLING CODE 8010–01–M

UNITED STATES SENTENCING

COMMISSION

Sentencing Guidelines for United

States Courts

AGENCY: United States Sentencing

Commission.

ACTION: Notice of: (1) Promulgation of a

temporary, ‘‘emergency’’ guideline

amendment generally increasing the

offense levels for List I chemicals by two

levels and a proposal to re-promulgate

such amendment as a non-emergency

amendment; (2) deferred action until the

March 19, 1997, meeting on previously

proposed temporary, ‘‘emergency’’

guideline amendments increasing

penalties for alien smuggling, fraudulent

use of government-issued documents,

and involuntary servitude, peonage, and

slave trade offenses; (3) other proposed

non-emergency amendments to

sentencing guidelines and commentary;

(4) proposed conforming amendments

relating to proposed amendment 18,

published in 62 FR 151 (January 2,

1997); and (5) proposed conforming

amendment relating to proposed

amendment 12, published in 62 FR 151

(January 2, 1997). Request for comment.

SUMMARY: The Sentencing Commission

hereby gives notice of the following

actions: (1) Pursuant to section 302 of

the Comprehensive Methamphetamine

Control Act of 1996, the Commission is

promulgating a temporary, emergency

amendment to § 2D1.11 and

accompanying commentary; pursuant to

section 217(a) of the Comprehensive

Crime Control Act of 1984 (28 U.S.C.

994(a) and (p)), the Commission further

proposes to re-promulgate such

amendment as a non-emergency

amendment; (2) the Commission has

deferred action on promulgating

amendments to §§ 2L1.1, 2L2.1, 2L2.2,

and 2H4.1 relating to sections 203, 211,

and 218 of the Illegal Immigration

Reform and Immigrant Responsibility

Act of 1996 until the meeting on March

19, 1997; and (3) pursuant to section

217 (a) of the Comprehensive Crime

Control Act of 1984 (28 U.S.C. 994 (a)

and (p)), the Commission is considering

promulgating certain other nonemergency amendments to the

sentencing guidelines and commentary.

The Commission may submit the nonemergency amendments to the Congress

not later than May 1, 1997.

This notice sets forth the emergency

and other proposed amendments and a

synopsis of the issues addressed by the

amendments, as well as additional

issues for comment. The proposed

amendments are presented in this notice

in one of two formats. First, some of the