25538 Federal Register / Vol. 63, No. 89 / Friday, May 8, 1998 / Notices

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. 39630

(February 17, 1998), 63 FR 7848.

4PACE, an acronym for the Philadelphia Stock

Exchange Automated Communication and

Execution System, is a real time order routing and

execution system.

5 15 U.S.C. 78q–1(b)(3)(D).

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

7 17 CFR 240.19b–4(e)(2).

8 17 CFR 200.30–3(a)(12).

inspection and copying at the principal

office of the NASD. All submissions

should refer to File No. SR–NASD–98–

29 and should be submitted by May 29,

1998.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.8

Jonathan G. Katz,

Secretary.

[FR Doc. 98–12264 Filed 5–7–98; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–39948; File No. SR–SCCP–

98–02]

Self-Regulatory Organizations; Stock

Clearing Corporation of Philadelphia;

Notice of Filing and Immediate

Effectiveness of a Proposed Rule

Change Reducing Certain Trade

Recording Fees

May 4, 1998.

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

Securities Exchange Act of 1934

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

April 23, 1998, 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

parties.

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 extend on a pilot basis for

two months through June 30, 1998, a

reduction in SCCP’s fee schedule for

trade recording fees for certain

specialists.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

In its filing with the Commission,

SCCP included statements concerning

the propose of a statutory basis for the

proposed rule change. 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

SCCP proposes to extend, for a two

month period, its pilot program

reducing SCCP’s trade recording fees for

certain specialists. On February 9, 1998,

the Commission temporarily approved

the trade recording fee reduction

effective for trades settling January 2,

1998, through April 30, 1998.3

Prior to the approval and

implementation of the pilot program,

SCCP charged a trade recording fee of

$.47 per side for regular trades. The

proposed pilot program bifurcates the

category of trade recording fees for

regular trades into trades not matching

with PACE orders and trades matching

with PACE orders.4 The trade recording

fees for trades not matching with PACE

orders remains $.47 per side. The

proposed pilot program reduces SCCP’s

trade recording fees for trades matching

with PACE orders. For these trades, the

trade recording fee is reduced to: (i) $.27

per side for the first 2,500 trades per

month (a reduction of $.20 per trade)

and (ii) $.10 per side for trades in excess

of 2,500 per month (a reduction of $.37

per trade).

SCCP has been working closely with

the Philadelphia Stock Exchange, Inc.

(‘‘PHLX’’) to reevaluate its fees. In

connection with this effort, SCCP is

proposing to extend the pilot program

reducing these trade recording fees on a

temporary basis through June 30, 1998.

SCCP believes that the proposed rule

change is consistent with Section

17A(b)(3)(D) of the Act,5 which requires

that the rules of a registered clearing

agency provide for 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

SCCP does not believe that the

proposed rule change will impact or

impose a burden on competition.

(C) Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received from

Members, Participants, or Others

No written comments have been

solicited or received.

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 SCCP, it has

become effective pursuant to Section

19(b)(3)(A)(ii) of the Act 6 and Rule 19b–

4(e)(2) thereunder.7 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 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. 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 SCCP. All

submissions should refer to the File No.

SR–SCCP–98–02 and should be

submitted by May 29, 1998.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.8

Jonathan G. Katz,

Secretary.

[FR Doc. 98–12262 Filed 5–7–98; 8:45 am]

BILLING CODE 8010–01–M