Federal Register / Vol. 60, No. 52 / Friday, March 17, 1995 / Notices 14475

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

2For a description of the transaction, refer to

Securities Exchange Act Release No. 34512 (August

10, 1994), 59 FR 42320 [File No. SR–MBSCC–94–

3] (order granting accelerated approval of corporate

governance changes to facilitate the sale of MBSCC).

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

4 17 CFR 240.19b–4(e)(3) (1994).

5 17 CFR 200.30–3(a)(12) (1994).

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

[Release No. 34–35468; File No. SR–

MBSCC–95–01]

Self-Regulatory Organizations; MBS

Clearing Corporation; Notice of Filing

and Immediate Effectiveness of

Proposed Rule Change Relating to

Billing Procedures

March 10, 1995.

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

Securities Exchange Act of 1934

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

February 1, 1995, the MBS Clearing

Corporation (‘‘MBSCC’’) 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 MBSCC. 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

MBSCC proposes to modify its Source

Book billing procedures to implement a

pricing policy that enables MBSCC to

apply discounts and surcharges to

participants’ invoices.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission,

MBSCC 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. MBSCC 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

On August 12, 1994, the Chicago

Stock Exchange, Incorporated (‘‘CHX’’)

sold all of its ownership interest in

MBSCC, a wholly-owned subsidiary of

CHX, to MBSCC’s participants and the

National Securities Clearing

Corporation.2 The Board of Directors of

the newly-owned MBSCC has now

determined to establish a pricing policy

for MBSCC’s clearing services. The

purpose of the proposed rule change is

to modify MBSCC’s Source Book,

Procedure IX, Billing, to implement a

pricing policy that enables MBSCC to

apply discounts and surcharges to

participants’ invoices. The proposed

rule change enables MBSCC’s Board of

Directors to apply the pricing policy on

a monthly, yearly, or other basis as

determined by MBSCC’s Board of

Directors from time to time. This pricing

policy will more accurately reflect the

approximate costs of MBSCC’s actual

operations. MBSCC will implement the

pricing policy commencing with

participants’ invoices for January 1995.

Additionally, the proposed rule makes a

technical change to MBSCC’s Source

Book to delete all references to Midwest

Securities Trust Company.

MBSCC believes the proposed rule

change is consistent with the

requirements of the Act, specifically

Section 17A of the Act, and the rules

and regulations thereunder because it

will facilitate the prompt and accurate

clearance and settlement of securities

transactions.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

MBSCC 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. MBSCC will notify

the Commission of any written

comments received by MBSCC.

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)(iii) 3 of the Act and pursuant

to Rule 19b–4(e)(3) 4 promulgated

thereunder because the proposed rule

change is concerned solely with the

administration of MBSCC. 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

argument 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 MBSCC. All submissions

should refer to File No. SR–MBSCC–95–

01 and should be submitted by April 7,

1995.

For the Commission by the Division

of Market Regulation, pursuant to

delegated authority.5

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–6573 Filed 3–16–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–35472; File No. SR–OCC–

95–01]

Self-Regulatory Organizations; the

Options Clearing Corporation; Notice

of Filing of a Proposed Rule Change

Clarifying Rules Regarding the

Unavailability of Current Index Values

March 10, 1995.

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

Securities Exchange Act of 1934

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

January 23, 1995, The Options Clearing

Corporation (‘‘OCC’’) filed with the

Securities and Exchange Commission

(‘‘Commission’’) the proposed rule

change (File No. SR–OCC–95–01) 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 on the proposed rule change

from interested persons.

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 clarify the respective rights