Self-Regulatory Organizations; the National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to the Fee Schedule, 11970-11971 [E8-4171]

Download as PDF 11970 Federal Register / Vol. 73, No. 44 / Wednesday, March 5, 2008 / Notices Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–ISE–2008–18 on the subject line. Paper Comments jlentini on PROD1PC65 with NOTICES • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57385; File No. SR–NSCC– 2007–17] Self-Regulatory Organizations; the National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to the Fee Schedule February 27, 2008. Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 notice is hereby given that on December 31, 2007, the National Securities Clearing Corporation All submissions should refer to File (‘‘NSCC’’) filed with the Securities and Number SR–ISE–2008–18. This file Exchange Commission (‘‘Commission’’) number should be included on the subject line if e-mail is used. To help the the proposed rule change as described in Items I, II, and III below, which items Commission process and review your have been prepared primarily by NSCC. comments more efficiently, please use The Commission is publishing this only one method. The Commission will notice to solicit comments on the post all comments on the Commission’s proposed rule change from interested Internet Web site (https://www.sec.gov/ persons. rules/sro.shtml). Copies of the I. Self-Regulatory Organization’s submission, all subsequent Statement of the Terms of Substance of amendments, all written statements the Proposed Rule Change with respect to the proposed rule change that are filed with the The proposed rule change modifies Commission, and all written NSCC’s fee schedule. communications relating to the II. Self-Regulatory Organization’s proposed rule change between the Statement of the Purpose of, and Commission and any person, other than Statutory Basis for, the Proposed Rule those that may be withheld from the Change public in accordance with the In its filing with the Commission, provisions of 5 U.S.C. 552, will be NSCC included statements concerning available for inspection and copying in the purpose of and basis for the the Commission’s Public Reference proposed rule change and discussed any Room, 100 F Street, NE., Washington, comments it received on the proposed DC 20549, on official business days rule change. The text of these statements between the hours of 10 a.m. and 3 p.m. may be examined at the places specified Copies of the filing also will be available in Item IV below. NSCC has prepared for inspection and copying at the summaries, set forth in sections (A), (B), principal office of the Exchange. All and (C) below, of the most significant comments received will be posted aspects of such statements.2 without change; the Commission does (A) Self-Regulatory Organization’s not edit personal identifying Statement of the Purpose of, and information from submissions. You Statutory Basis for, the Proposed Rule should submit only information that you wish to make available publicly. All Change The purpose of the proposed rule submissions should refer to File Number SR–ISE–2008–18 and should be change is to revise fees for certain services provided by NSCC. These submitted on or before March 26, 2008. revisions include the following fee For the Commission, by the Division of changes to align fees with costs of Trading and Markets, pursuant to delegated delivering services: 11 authority. 1. Implementation of a restructured Florence E. Harmon, clearing fee model, changing from the Deputy Secretary. current solely transaction-based pricing [FR Doc. E8–4177 Filed 3–4–08; 8:45 am] structure to a methodology that combines the number of transactions BILLING CODE 8011–01–P 1 15 U.S.C. 78s(b)(1). Commission has modified parts of these statements. 2 The 11 17 CFR 200.30–3(a)(12). VerDate Aug<31>2005 18:03 Mar 04, 2008 Jkt 214001 PO 00000 Frm 00112 Fmt 4703 Sfmt 4703 processed with the value of those transactions; 2. reductions in Automated Customer Account Transfer Services (ACATS) fee; 3. reductions in Fund/SERV and Networking fees; 4. elimination of Insurance and Retirement Processing Services file fees; and 5. introduction of new fees for a new Funds Transfers service to be introduced in 2008 under NSCC’s Insurance and Retirement Processing Services product line. NSCC’s fee schedule as it is being modified by this proposed rule change is attached as Exhibit 5 to NSCC’s filing.3 Unless otherwise noted in Exhibit 5, the proposed fee changes became effective on January 2, 2008. The proposed rule change is consistent with the requirements of Section 17A of the Act and the rules and regulations thereunder, because it provides for the equitable allocation of fees among its participants. (B) Self-Regulatory Organization’s Statement on Burden on Competition NSCC does not believe that the proposed rule change will have any impact, 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 Written comments relating to the proposed rule change have not yet 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 Because the foregoing rule change changes fees charged by NSCC, it has become effective pursuant to section 19(b)(3)(A)(ii) of the Act 4 and Rule 19b– 4(f)(2) 5 thereunder. 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. 3 File No. SR–NSCC–2007–17, including Exhibit 5, can be viewed at https://www.dtcc.com/ downloads/legal/rule_filings/2007/nscc/200717.pdf. 4 15 U.S.C. 78s(b)(3)(A)(ii). 5 17 CFR 240.19b–4(f)(2). E:\FR\FM\05MRN1.SGM 05MRN1 Federal Register / Vol. 73, No. 44 / Wednesday, March 5, 2008 / Notices 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: BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NSCC–2007–17 on the subject line. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. jlentini on PROD1PC65 with NOTICES For the Commission by the Division of Trading and Markets, pursuant to delegated authority.6 Florence E. Harmon, Deputy Secretary. [FR Doc. E8–4171 Filed 3–4–08; 8:45 am] [Release No. 34–57390; File No. SR–NSX– 2008–02] Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change and Amendment No. 1 Thereto Relating to the Pass-Through of Certain Costs to ETP Holders February 27, 2008. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on February 5, 2008, the National Stock Exchange, All submissions should refer to File Inc. (‘‘NSX’’ or the ‘‘Exchange’’) filed Number SR–NSCC–2007–17. This file with the Securities and Exchange number should be included on the subject line if e-mail is used. To help the Commission (‘‘Commission’’) the proposed rule change as described in Commission process and review your Items I, II, and III below, which Items comments more efficiently, please use only one method. The Commission will have been prepared substantially by the post all comments on the Commission’s Exchange. On February 27, 2008, NSX filed Amendment No. 1 to the proposed Internet Web site (https://www.sec.gov/ rule change to make certain clarifying rules/sro.shtml). Copies of the changes to the description of its submission, all subsequent proposal. NSX has designated this amendments, all written statements proposal as one establishing or changing with respect to the proposed rule a member due, fee, or other charge change that are filed with the imposed by NSX under Section Commission, and all written 19(b)(3)(A)(ii) of the Act 3 and Rule 19b– communications relating to the 4(f)(2) thereunder,4 which renders the proposed rule change between the proposal effective upon filing with the Commission and any person, other than Commission. The Commission is those that may be withheld from the publishing this notice to solicit public in accordance with the comments on the proposed rule change, provisions of 5 U.S.C. 552, will be as amended, from interested persons. available for inspection and copying in I. Self-Regulatory Organization’s the Commission’s Public Reference Statement of the Terms of Substance of Room, 100 F Street, NE., Washington, the Proposed Rule Change DC 20549, on official business days NSX proposes to amend the NSX between the hours of 10 a.m. and 3 p.m. BLADE SM Fee and Rebate Schedule to Copies of such filing also will be give the Exchange the explicit authority available for inspection and copying at to pass through to a specific ETP Holder the principal office of NSCC. All costs that are assessed to the Exchange comments received will be posted by a third party that are attributable to without change; the Commission does that particular ETP Holder for its use of not edit personal identifying the facilities of the Exchange. The text information from submissions. You of the proposed rule change is available should submit only information that at www.nsx.com, the principal offices of you wish to make available publicly. All submissions should refer to File 6 17 CFR 200.30–3(a)(12). Number SR–NSCC–2007–17 and should 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. be submitted on or before March 26, 3 15 U.S.C. 78s(b)(3)(A)(ii). 2008. 4 17 VerDate Aug<31>2005 18:03 Mar 04, 2008 Jkt 214001 PO 00000 CFR 240.19b–4(f)(2). Frm 00113 Fmt 4703 Sfmt 4703 11971 the Exchange, and the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange 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. NSX 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 1. Purpose With this rule change, the Exchange is proposing that the NSX BLADE Fee Schedule be amended to give the Exchange the explicit authority to pass through to a specific ETP Holder 5 costs that are assessed to the Exchange by a third party vendor that are attributable to that particular ETP Holder for its use of the facilities of the Exchange. These costs include line connectivity and other technological charges and/or upgrades assessed for the ETP Holder’s communications with the Exchange, in connection with the Cross Connect service defined below. The Exchange currently offers ETP Holders the option of connecting to the Exchange through a direct connection, a service provider or through an extranet provider. ETP Holders electing a direct connection to the Exchange that do not utilize a circuit/line obtained from the third party vendor that houses the Exchange’s data center must be connected to the Exchange through a line or circuit provided by that vendor (hereinafter the ‘‘Cross Connect’’ service). The third party vendor charges fees associated with this Cross Connect service (the ‘‘Cross Connect Fee Schedule’’). It should be noted that the third party vendor does not charge a Cross Connect fee for any ETP Holder that utilizes the vendor’s circuits. The Cross Connect Fee Schedule includes a one-time installation charge per circuit or line, and monthly fees which vary depending on the different 5 An ETP Holder is a registered broker or dealer that has been issued an Equity Trading Permit (‘‘ETP’’) by NSX. An ETP Holder will have the status of a ‘‘member’’ of the Exchange as that term is defined in Section 3(a)(3) of the Act (15 U.S.C. 78c(a)(3)). E:\FR\FM\05MRN1.SGM 05MRN1

Agencies

[Federal Register Volume 73, Number 44 (Wednesday, March 5, 2008)]
[Notices]
[Pages 11970-11971]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-4171]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57385; File No. SR-NSCC-2007-17]


Self-Regulatory Organizations; the National Securities Clearing 
Corporation; Notice of Filing and Immediate Effectiveness of a Proposed 
Rule Change Relating to the Fee Schedule

February 27, 2008.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on December 31, 2007, the 
National Securities Clearing Corporation (``NSCC'') 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 NSCC. 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).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The proposed rule change modifies NSCC's fee schedule.

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 such 
statements.\2\
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    \2\ 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 revise fees for 
certain services provided by NSCC. These revisions include the 
following fee changes to align fees with costs of delivering services:
    1. Implementation of a restructured clearing fee model, changing 
from the current solely transaction-based pricing structure to a 
methodology that combines the number of transactions processed with the 
value of those transactions;
    2. reductions in Automated Customer Account Transfer Services 
(ACATS) fee;
    3. reductions in Fund/SERV and Networking fees;
    4. elimination of Insurance and Retirement Processing Services file 
fees; and
    5. introduction of new fees for a new Funds Transfers service to be 
introduced in 2008 under NSCC's Insurance and Retirement Processing 
Services product line.
    NSCC's fee schedule as it is being modified by this proposed rule 
change is attached as Exhibit 5 to NSCC's filing.\3\ Unless otherwise 
noted in Exhibit 5, the proposed fee changes became effective on 
January 2, 2008.
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    \3\ File No. SR-NSCC-2007-17, including Exhibit 5, can be viewed 
at https://www.dtcc.com/downloads/legal/rule_filings/2007/nscc/2007-
17.pdf.
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    The proposed rule change is consistent with the requirements of 
Section 17A of the Act and the rules and regulations thereunder, 
because it provides for the equitable allocation of fees among its 
participants.

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

    NSCC does not believe that the proposed rule change will have any 
impact, 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

    Written comments relating to the proposed rule change have not yet 
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

    Because the foregoing rule change changes fees charged by NSCC, it 
has become effective pursuant to section 19(b)(3)(A)(ii) of the Act \4\ 
and Rule 19b-4(f)(2) \5\ thereunder. 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.
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    \4\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \5\ 17 CFR 240.19b-4(f)(2).

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[[Page 11971]]

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 (https://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-NSCC-2007-17 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NSCC-2007-17. 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 (https://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 Room, 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. 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-2007-17 and should be 
submitted on or before March 26, 2008.

    For the Commission by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E8-4171 Filed 3-4-08; 8:45 am]
BILLING CODE 8011-01-P
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