73 FR 133 pgs. 39758-39759 - Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Lower Fees for Certain NSCC Services
Type: NOTICEVolume: 73Number: 133Pages: 39758 - 39759
Docket number: [Release No. 34-58104; File No. SR-NSCC-2008-05]
FR document: [FR Doc. E8-15706 Filed 7-9-08; 8:45 am]
Agency: Securities and Exchange Commission
Official PDF Version: PDF Version
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-58104; File No. SR-NSCC-2008-05]
Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Lower Fees for Certain NSCC Services
July 7, 2008.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 ("Act"),1notice is hereby given that on June 26, 2008, National Securities Clearing Corporation ("NSCC") filed with the Securities and Exchange Commission ("Commission") the proposed rule change described in Items I, II, and III below, which items have been prepared primarily by NSCC. The Commission is publishing this notice to solicit comments on the proposed rule change from interested parties.
Footnotes:
1 15 U.S.C. 78s(b)(1).
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 revise NSCC's fee schedule to lower fees for certain NSCC services.
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. NSCC has prepared summaries, set forth in sections (A), (B), and (C) below, of the most significant aspects of these statements.2
Footnotes:
2 The Commission has modified the text of the summaries prepared by NSCC.
(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 lower fees for certain services provided by NSCC to align them with the costs of delivering the services. These changes are:3
Footnotes:
3 The specific changes to NSCC's fee schedule are attached as an exhibit to the filing.
(1) A decrease in the unit-based equity trade recording fee from $.001436 per side to $.000402 per side.
(2) A decrease in the unit-based equity netting fee from $.000916 per side to $.000256 per side.
(3) A decrease in both the trade comparison fee and the trade recording fee for corporate bonds, municipal bonds, and unit investment trusts from $1.00 per side to $0.65 per side.
The effective date for these fee adjustments was July 1, 2008.
NSCC believes that the proposed rule change is consistent with the requirements of Section 17A(b)(3)(D) of the Act4and the rules and regulations thereunder applicable to NSCC because it provides for the equitable allocation of reasonable dues, fees, and other charges among NSCC's participants.
Footnotes:
4 15 U.S.C. 78q-1.
(B) Self-Regulatory Organization's Statement on Burden on Competition
NSCC does not believe that the proposed rule change will have any impact on or impose any 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
The foregoing rule change has become effective upon filing pursuant to Section 19(b)(3)(A)(ii) of the Act5and Rule 19b-4(f)(2)6thereunder because the proposed rule change establishes or changes a due, fee, or other charge applicable only to a participant. At any time within sixty days of the filing of the proposed 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.
Footnotes:
5 15 U.S.C. 78s(b)(3)(A)(ii).
6 17 CFR 240.19b-4(f)(2).
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods:
Electronic Comments
• Use the Commission's Internet comment form ( http://www.sec.gov/rules/sro.shtml ) or
• Send an e-mail to rule-comments@sec.gov. Please include File Number SR-NSCC-2008-05 on the subject line.
Paper Comments
• Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-NSCC-2008-05. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site ( http://www.sec.gov/rules/sro.shtml ). 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, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office of NSCC and on NSCC's Web site at http://www.dtcc.com/legal/rule_filings/nscc/2008.php . All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly.
All submissions should refer to File Number SR-NSCC-2008-05 and should be submitted on or before July 31, 2008.
For the Commission by the Division of Trading and Markets, pursuant to delegated authority.7
Footnotes:
7 17 CFR 200.30-3(a)(12).
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-15706 Filed 7-9-08; 8:45 am]
BILLING CODE 8010-01-P