[Federal Register Volume 60, Number 37 (Friday, February 24, 1995)]
[Notices]
[Pages 10416-10417]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-4517]



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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-35390; File No. SR-MBS-95-02]


Self-Regulatory Organizations; MBS Clearing Corporation; Notice 
of Filing and Immediate Effectiveness of Proposed Rule Change 
Establishing Fees for the Electronic Pool Notification Service

February 16, 1995.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on February 8, 1995, the MBS 
Clearing Corporation (``MBS'') filed with the Securities and Exchange 
Commission (``Commission'') the proposed rule change (File No. SR-MBS-
95-02) as described in Items I, II, and III below, which Items have 
been prepared primarily by MBS. 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).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The proposed rule change establishes fees for the Electronic Pool 
Notification (``EPN'') service (attached as Exhibit A) and makes 
certain technical changes to the EPN procedures to accommodate the 
establishment of EPN fees.

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

    In its filing with the Commission, MBS 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. MBS has prepared summaries, 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 establish fees for 
the EPN service and make certain technical changes to the EPN 
procedures to accommodate the establishment of EPN fees. Specifically, 
MBS is establishing three separate types of fees for EPN users: message 
processing fees, access fees, and telecommunication circuit charges. 
EPN users will be charged for EPN services in accordance with the EPN 
Schedule of Charges effective February 9, 1995, which is the Public 
Securities Association Class A pool notification day. The fees are 
payable monthly on the appropriate PSA Class Settlement Date as 
determined by MBS from time to time.
    MBS believes that the proposed rule change is consistent with 
Section 17A(b)(3)(D) of the Act\2\ and the rules and regulations 
thereunder in that it provides for the equitable allocation of 
reasonable dues, fees, and other charges among its participants.

    \2\15 U.S.C. 78q-1(b)(3)(D) (1988).
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(B) Self-Regulatory Organization's Statements on Burden on Competition

    MBS does not believe that the proposed rule change will impose any 
burden on competition not necessary or appropriate in furtherance of 
the purposes of the Act.

(C) Self-Regulatory Organization's Statement on Comments on the 
Proposed Rule Change Received From Members, Participants, or Others

    MBS advised EPN users of the proposed rule change at a meeting held 
on January 25, 1995. No written comments have been received. MBS will 
notify the Commission of any written comments received by MBS.

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) of the Act\3\ and pursuant to Rule 19b-4(e)(2) 
promulgated thereunder\4\ because the proposed rule change establishes 
a due, fee, or other charge imposed by MBS. 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 purpose of 
the Act.

    \3\15 U.S.C. 78s(b)(3)(A)(ii) (1988).
    \4\17 CFR 240.19b-4(e)(2) (1994).
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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 [[Page 10417]] 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 MBS. 
All submissions should refer to File No. SR-MBS-95-02 and should be 
submitted by March 17, 1995.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\5\

    \5\17 CFR Sec. 200.30-3(a)(12) (1994).
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Margaret H. McFarland,
Deputy Secretary.

                 Exhibit A.--MBS-EPN Schedule of Charges                
                                                                        
                                                                        
      Message Processing Fees                                           
                                                                        
Account Maintenance................  $250.00/month (per account).       
ON Send or Receive.................  0.75/million Current Face.         
DK Send or Receive.................  No Charge.                         
Cancel Send or Receive.............  No Charge.                         
Retransmission Request.............  No Charge.                         
AutoLink Request...................  No Charge.                         
                                                                        
            Access Fees                                                 
                                                                        
CTCI SNA LU6.2.....................  71.00/month (per circuit to        
                                      MetroTech).                       
CTCI TCP/IP via Wellfleet (MBSCC)..  120.00/month (per circuit to       
                                      MetroTech).                       
CTCI TCP/IP via Cisco (MBSCC)......  190.00/month (per circuit to       
                                      MetroTech).                       
EPN Terminal Service...............  No Charge (first 9.6 Kbps          
                                      connection).                      
EPN Terminal Service...............  12.75/month (each additional       
                                      connection).                      
EPN Dial-up Terminal Service.......  12.75/month (each 9.6 Kbps         
                                      connection).                      

    In addition to the above, telecommunication circuit charges from 
Sector (or your vendor of choice) will apply.
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[FR Doc. 95-4517 Filed 2-23-95; 8:45 am]
BILLING CODE 8010-01-M