[Federal Register Volume 63, Number 114 (Monday, June 15, 1998)]
[Notices]
[Pages 32688-32690]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-15828]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-40071; File No. SR-DTC-98-10]


Self-Regulatory Organizations; The Depository Trust Company; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Relating to Fees and Charges

June 4, 1998.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (``Act''), notice is hereby given that on

[[Page 32689]]

May 15, 1998, The Depository Trust Company (``DTC'') 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 DTC. The Commission is publishing this 
notice to solicit comments from interested persons on the proposed rule 
change.
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    \1\ 15 U.S.C. 78s(b)(1).
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I. Self-Regulatory Organization's Statement of the Terms of 
Substance of the Proposed Rule Change

    The proposed rule change adjusts the fees charged by DTC for copies 
of software used to access its Institutional Delivery (``ID'') system. 
The revised fee schedule is attached as Exhibit 1.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, DTC 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. DTC has prepared summaries, set forth in sections (A), 
(B), and (C) below, of the most significant aspects of such 
statements.\2\
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    \2\ The Commission has modified the text of the summaries 
prepared by DTC.
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(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 revise the fees that 
DTC charges for providing copies of software used to access its ID 
system. The present fees were filed as part of a previous proposed rule 
change.\3\
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    \3\ Securities Exchange Act Release No. 39946 (May 4, 1998), 63 
FR 26235.
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    DTC continually strives to align service fees with estimated 
service costs, and the subject revisions are part of that effort. DTC 
believes that the proposed rule change is consistent with the 
requirements of Section 17A of the Act \4\ and the rules and 
regulations thereunder because it provides for the equitable allocation 
of dues, fees, and other charges among users of DTC's ID system.
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    \4\ 15 U.S.C. 78q-1.
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(B) Self-Regulatory Organization's Statement on Burden on Competition

    DTC does not believe that the proposed rule change will impose any 
burden on competition that is not necessary or appropriate in 
furtherance of the purpose 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.

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) \5\ of the Act and pursuant to Rule 19b-4(e)(2) \6\ 
promulgated thereunder because the proposal establishes or changes a 
due, fee, or other charge imposed by DTC. 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.
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    \5\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \6\ 17 CFR 240.19b-4(e)(2).
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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, NW., Washington, DC 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, NW., 
Washington, DC 20549. Copies of such filing also will be available for 
inspection and copying at the principal office of DTC. All submissions 
should refer to File No. SR-DTC-98-10 and should be submitted by July 
6, 1998.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3-(a)(12).
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Margaret H. McFarland,
Deputy Secretary.

                                Exhibit 1.--Participant Operating Procedures Fees                               
               Institutional Delivery (ID) System: [other ID system fees are not reprinted here.]               
                                                                                                                
                          Present fee                                             Proposed fee                  
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Dial-in Terminal Service:                                       Dial-in Terminal                                
                                                                 Service:                                       
    --Ability to dial in to DTC's ID   $800.00 per year            --Ability to dial in  No change.             
     System via personal computer to    communications charge.      to DTC's ID System                          
     receive reports.                                               via personal                                
                                                                    computer.                                   
    --Ability to dial in to DTC's ID                               --Ability to dial in                         
     System via personal computer to                                to DTC's ID System                          
     access ID services (per                                        via personal                                
     location).                                                     computer using                              
                                                                    DTC's Tradesuite<SUP>TM                          
                                                                    software.                                   
        <bullet> Connection charge...  500.00 per year........       <bullet> Connectio  No change.             
                                                                      n charge.                                 
        <bullet> For access to ID                                    <bullet> For                               
         services based on number of                                  access to ID                              
         copies of software obtained.                                 services based on                         
                                                                      number of copies                          
                                                                      of software                               
                                                                      obtained.                                 
            --one....................  500.00 per year........         --one...........  No change.             
            --two....................  800.00 per year........         --two...........  No change.             
            --three..................  1,000.00 per year......         --three.........  No change.             
            --four...................  1,300.00 per year......         --four..........  $1,350.00 per year.    

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            --five...................  1,500.00 per year......         --five..........  1,600.00 per year.     
            --more than five.........  1,800.00 per year......         --more than five  1,600.00 per year and  
                                                                                          an additional $200 per
                                                                                          year for each copy    
                                                                                          beyond five.          
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[FR Doc. 98-15828 Filed 6-12-98; 8:45 am]
BILLING CODE 8010-01-M