[Federal Register Volume 60, Number 101 (Thursday, May 25, 1995)]
[Notices]
[Pages 27800-27801]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-12805]



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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-35733; File No. SR-NSCC-95-05]


Self-Regulatory Organizations; National Securities Clearing 
Corporation; Notice of Filing of a Proposed Rule Change Modifying 
Procedures Relating to the Trade Comparison Service for Debt Securities

May 18, 1995.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
[[Page 27801]] (``Act''),\1\ notice is hereby given that on April 19 
1995, the National Securities Clearing Corporation (``Commission'') the 
proposed rule change (File No. SR-NSCC-95-05) as described in Items I, 
II, and III below, which items have been prepared primarily by NSCC. On 
April 24, 1995, NSCC filed an amendment to the proposed rule change 
requesting the Commission to consider the rule filing pursuant to 
Section 19(b)(2) \2\ of the Act rather than under Section 19(b)(3)(A) 
\3\ of the Act as originally filed.\4\ The Commission is publishing 
this notice to solicit comments on the proposed rule change from 
interested persons.

    \1\ 15 U.S.C. 78s(b)(1) (1988).
    \2\ 15 U.S.C. 78s(b)(2) (1988).
    \3\ 15 U.S.C. 78s(b)(3)(A) (1988).
    \4\ Letter from John P. Barry, Associate Counsel, NSCC, to Peter 
Geraghty, Senior Counsel, Division of Market Regulation, Commission 
(April 24, 1995).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The purpose of the proposed rule is to modify NSCC's procedures 
relating to the trade comparison service for debt securities. 
Specifically, NSCC is proposing to expand the parameters for trade 
input and trade comparison for transactions in debt securities.

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

    In its filing with the Commission, NSCC 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. Set forth in sections (A), (B), and (C) below, are the 
most significant aspects of such statements.\5\

    \5\ The Commission has modified parts of these statements.
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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 expand the parameters 
for trade input and comparison of transactions in debt securities. The 
proposed rule change will increase the initial trade date comparison 
rate for debt securities by expanding the comparison parameters from 
$.05 per $1,000 of contract amount to a net $10 difference per trade 
for trades of $100,000 or less and to $.10 per $1,000 of contract 
amount for trades greater than $100,000. If approved by the Commission, 
NSCC expects to implement the proposed rule change during late second 
quarter 1995. Participants will be notified of the exact date of this 
change by an NSCC Important Notice.
    NSCC believes the proposed rule change is consistent with the 
requirements of Section 17A of the Act and the rules and regulations 
thereunder because the rule proposal will facilitate the prompt and 
accurate clearance and settlement of securities transactions.

(B) Self-Regulatory Organization's Statement on Burden on Competition

    NSCC 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 relating to the proposed rule change have been 
solicited or received. NSCC will notify the Commission of any written 
comments received by NSCC.

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 NSCC 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. Sec. 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 NSCC. All 
submissions should refer to the file number SR-NSCC-95-05 and should be 
submitted by June 15, 1995.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\6\

    \6\ 17 CFR 200.30-3(a)(12) (1994).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-12805 Filed 5-24-95; 8:45 am]
BILLING CODE 8010-01-M