[Federal Register Volume 61, Number 98 (Monday, May 20, 1996)]
[Notices]
[Pages 25258-25259]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-12539]



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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-37210; File No. SR-Philadep-96-04]


Self-Regulatory Organizations; Philadelphia Depository Trust 
Company; Notice of Filing and Immediate Effectiveness of Proposed Rule 
Change Modifying the Fee Schedule for Position Listings To Incorporate 
a Quantity Discount for Multiple Municipal Bond Listing Requests

May 14, 1996.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on March 8, 1996, the 
Philadelphia Depository Trust Company (``Philadep'') 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 Philadep. On April 15, 1996, Philadep 
supplemented the filing.\2\ The Commission is publishing this notice to 
solicit comments on the proposed rule change from interested parties.
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    \1\ 15 U.S.C. 78s(b)(1) (1988).
    \2\ Letter from J. Keith Kessel, Compliance Officer, Philadep, 
to Peter R. Geraghty, Senior Counsel, Division of Market Regulation, 
Commission (April 10, 1996).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    Philadep proposes to modify its fee schedule for position listing 
requests to incorporate a quantity discount for multiple municipal bond 
listing requests.\3\
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    \3\ A position listing indicates the participant holders of a 
certain security and the number of shares Philadep holds on their 
behalf.
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II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, Philadep included statements 
concerning the purposes of and the 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. Philadep has prepared summaries, as set forth in 
sections (A), (B), and (C) below, of the most significant aspects of 
these statements.\4\
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    \4\ The Commission has modified the text of the summaries 
prepared by Philadep.
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(A) Self-Regulatory Organization's Statement of the Purpose of, and the 
Statutory Basis for, the Proposed Rule Change

    Currently, Philadep charges $45 for each position listing request 
per date, per issuer, and per CUSIP number. Philadep charges a flat fee 
of $360 for twelve monthly dates per CUSIP number (i.e., twelve end-of-
month listings of a particular CUSIP) or $1,300 for fifty-two weekly 
dates per CUSIP number (i.e., fifty-two end-of-week listings of a 
particular CUSIP). Philadep proposes to modify its position listing fee 
schedule to provide a quantity discount for multiple municipal bond 
listing requests. The discount will be available only if the requests 
pertain to the same issuer for the same position listing date and if 
Philadep has at least ten business days from the date of the initial 
request by the municipality or its agent to provide the requested

[[Page 25259]]

information. Accordingly, Philadep will charge $20 per CUSIP for the 
first one hundred municipal bond listing requests, $15 per CUSIP for 
the second one hundred listings, and $10 per CUSIP for the third one 
hundred listings. For listing requests in excess of 300 CUSIP numbers, 
Philadep will charge $7.50 per CUSIP.
    Philadep notes that requests for municipal bond positions are 
unique in that municipal issuers have numerous CUSIP numbers relating 
to securities which they have issued which gives rise to substantial 
requests for position listings in such securities. The proposed 
discount is designed to recognize the unique nature of municipalities' 
needs to request multiple CUSIP numbers for a single date and to 
contain the related costs to the municipalities.
    Philadep believes its proposed rule change is consistent with the 
requirements of Section 17A(b)(3)(D) \5\ of the Act because it provides 
for the equitable allocation of reasonable dues, fees, and other 
charges among Philadep participants.
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    \5\ 15 U.S.C. 78q-1(b)(3)(D) (1988).
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(B) Self-Regulatory Organization's Statement on Burden on Competition

    Philadep 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

    Written comments were neither solicited nor received with respect 
to the proposed rule change.

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) \6\ of the Act and pursuant to Rule 19b-4(e)(2) \7\ 
promulgated thereunder because the proposal establishes a due, fee, or 
other charge imposed by Philadep. 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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    \6\ 15 U.S.C. 78s(b)(3)(A)(ii) (1988).
    \7\ 17 CFR 240.19b-4(e)(2) (1995).
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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, NW, 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. 552, will be available for inspection and copying in the 
Commission's Public Reference Section, 450 Fifth Street, NW, 
Washington, D.C. 20549. Copies of such filings will also be available 
for inspection and copying at the principal office of Philadep. All 
submissions should refer to File Number SR-Philadep-96-04 and should be 
submitted by June 10, 1996.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority. \8\
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    \8\ 17 CFR 200.30-3 (a)(12) (1995).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-12539 Filed 5-17-96; 8:45 am]
BILLING CODE 8010-01-M