21016 Federal Register / Vol. 60, No. 82 / Friday, April 28, 1995 / Notices

17Securities Exchange Act Release No. 25740

(May 24, 1988), 53 FR 19639. 1 15 U.S.C. 78s(b)(1) (1988).

2Securities Exchange Act Release No. 34980,

(November 16, 1994), 59 FR 60177 [File No. SR–

ISCC–94–05].

3 15 U.S.C. 78s(b)(3)(A)(ii) (1988).

4 17 CFR 240.19b–4(e)(2) (1994).

enumerate all of the statutory categories

of membership. In addition, GSCC’s

rules did not include applicant and

membership financial standards as

contemplated by Section 17A(b)(4)(B) of

the Act. In its initial temporary

registration order,17 the Commission

stated that in developing member

financial and operation standards, GSCC

should ensure that the standards would

allow GSCC to allocate losses resulting

from member defaults in order to

support GSCC’s netting system. The

Commission believes that GSCC’s

experience in operating a clearing and

settlement facility for government

securities transactions has provided

GSCC with the necessary guidance to

develop applicant and continuing

membership standards for insurance

companies that are both fair and

adequate to protect GSCC and its

participants from unreasonable risk.

The proposals also limits Netting

System membership to the largest

insurance companies in existence. The

Standards Release notes that a clearing

agency may discriminate among persons

in the admission to the clearing agency

if such discrimination is based on

standards of financial responsibility,

operational capability, experience, and

competence. The Division believes that,

at least initially, the limitations on the

basis of capital appear to be reasonable

as demonstrations of greater financial

responsibility, operational capacity,

experience and competence.

III. Conclusion

For the reasons stated above, the

Commission finds that the proposed

rule change is consistent with Section

17A of the Act.

It is therefore ordered, pursuant to

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

proposed rule change (File No. SR–

GSCC–94–07) be and hereby is

approved.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–10485 Filed 4–27–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–35638; File No. SR–ISCC–

95–2]

Self-Regulatory Organizations;

International Securities Clearing

Corporation; Notice of Filing and

Immediate Effectiveness of Proposed

Rule Change Relating to Service Fees

April 24, 1995.

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

Securities Exchange Act of 1934 1

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

April 3, 1995, International Securities

Clearing Corporation (‘‘ISCC’’) 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 ISCC.

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

ISCC is filing the proposed rule

change to revise its fee schedule in

accord with its current service costs and

to make certain technical corrections

thereto.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission,

ISCC 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. Summaries are set

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

of the most significant aspects of such

statements.

(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 adjust certain fees charged

to ISCC participants for services to

accurately reflect ISCC’s current cost of

providing such services. Fees for receipt

of transaction instructions have been

increased from $1.50 to $2.25 per item

for instructions transmitted by a

participant via computer platform and

from $3.00 to $5.00 per item for

instructions transmitted by a participant

via mail, facsimile, or telex. Reporting

fees for machine readable output, print

image output, and hardcopy (via telex or

mail) have doubled to $10.00, $20.00,

and $50.00 per report, respectively, and

duplicate copies of prior day reports

also have doubled to $50.00 per report

requested. Participants will be charged

for services in accordance with the new

fee structure effective April 1, 1995. In

addition, ISCC is deleting all references

to ‘‘PORTAL’’ in the fee schedule which

references should have been previously

removed in connection with the

elimination of the PORTAL program in

1994.2

The proposed rule change is

consistent with the requirements of

Section 17A of the Act and the rules and

regulations thereunder because it

provides for the equitable allocation of

dues, fees, and other charges among

ISCC’s participants.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

ISCC does not believe that the

proposed rule change will have an

impact on 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. ISCC will notify

the Commission of any written

comments 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) 3 of the Act, and pursuant

to Rule 19b–4(e)(2) 4 promulgated

thereunder, insofar as the proposed rule

change establishes or changes a due, fee,

or other charge imposed by a selfregulatory organization. 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
Federal Register / Vol. 60, No. 82 / Friday, April 28, 1995 / Notices 21017

5 17 CFR 200.30–3(a)(12) (1994).

1 15 U.S.C. 78s(b)(1) (1988).

2ECMI permits clearing members, among other

things, to input post-trade transactions via OCC’s

Clearing Management and Control System, to

retrieve clearing reports via OCC’s on-line report

inquiry service, and to review information

memoranda and other notices via OCC’s Options

News Network service. Securities Exchange Act

Release No. 32366 (May 25, 1993) 58 FR 31435 [File

No. SR–OCC–93–11] (notice of filing and immediate

effectiveness of proposed rule change).

3OCC will make the fee reduction retroactive to

January 1, 1995, and will credit members’ accounts

for the reduction of the fee. Telephone conversation

between Jean M. Cawley, Special Counsel, OCC,

and Peter R. Geraghty, Senior Counsel, Division of

Market Regulation, Commission (April 18, 1995).

4 15 U.S.C. 78s(b)(3)(A)(ii) (1988).

5 17 CFR 240.19b–4(e)(2) (1994).

6 17 CFR 200.30–3(a)(12) (1994).

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, N.W.,

Washington, D.C. 20549. Copies of such

filing will also be available for

inspection and copying at the principal

office of ISCC. All submissions should

refer to File No. SR–ISCC–95–2 and

should be submitted by May 19, 1995.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.5

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–10484 Filed 4–27–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–35639; File No. SR–OCC–

95–04]

Self-Regulatory Organizations; The

Options Clearing Corporation; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change Relating to

Enhanced Clearing Member Interface

Fees

April 24, 1995.

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

Securities Exchange Act of 1934 1

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

April 11, 1995, 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

OCC is filing the proposed rule

change to revise its monthly lease fee

charged to clearing members using the

Enhanced Clearing Member Interface

(‘‘ECMI’’) configuration.

II. 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. Summaries of the

most significant aspects of such

statements are set forth in sections (A),

(B), and (C) below.

(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 adjust the monthly lease fee

charged to OCC clearing members using

ECMI. ECMI consists of equipment and

software designed to enhance the ability

of OCC’s clearing members to interface

with OCC’s mainframe and local area

network systems.2 The lease fees for

ECMI were based on OCC’s leasing and

other overhead costs and were originally

set at $200.00 per month. At this time,

OCC’s costs associated with providing

ECMI to its clearing members have

decreased on a per unit basis.

Accordingly, as of January 1, 1995, OCC

proposes to reduce to $150.00 per

month its monthly lease fees charged to

clearing members.3

OCC believes the proposed rule

change is consistent with the

requirements of Section 17A of the Act

and the rules and regulations

thereunder because it provides for the

equitable allocation of dues, fees, and

other charges among OCC’s clearing

members.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

OCC does not believe that the

proposed rule change will have an

impact on 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. OCC will notify

the Commission of any written

comments 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) 4 of the Act and pursuant

to Rule 19b–4(e)(2) 5 promulgated

thereunder because the proposal

establishes or changes a due, fee, or

other charge imposed by OCC. 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 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 will also be available for

inspection and copying at the principal

office of OCC. All submissions should

refer to File No. SR–OCC–95–04 and

should be submitted by May 19, 1995.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.6

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–10486 Filed 4–27–95; 8:45 am]

BILLING CODE 8010–01–M