[Federal Register: March 21, 2002 (Volume 67, Number 55)]
[Notices]
[Page 13203-13204]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr21mr02-89]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-45558; File No. SR-OCC-2002-01]
Self-Regulatory Organizations; The Options Clearing Corporation;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
Eliminating Clearing Fees
March 14, 2002.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on January 11, 2002, The
Options Clearing Corporation (``OCC'') 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 OCC. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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\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 amends OCC's fee schedule to eliminate
certain fees for discontinued or soon to be discontinued 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, OCC 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. OCC 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 this rule change is to amend OCC's fee schedule in
two respects. First, OCC is eliminating ONN Fees, effective January 1,
2002. ONN is an electronic bulletin board service operated by OCC for
clearing members and other subscribers to access pertinent information
posted by OCC and the options exchanges.\3\ Information posted on ONN
includes information memos on contract adjustments, other notices to
clearing members, statistical and volume information, and certain
reports. Most of the information made available via ONN is now
available on OCC's public web site, www.optionsclearing.com. Other
information not currently available on OCC's web site will be made
available via MyOCC,TM a new web site portal that OCC is
creating for use by clearing members and other subscribers. When
MyOCCTM is launched, ONN will no longer be offered and
MyOCCTM will become the principal vehicle for disseminating
options related information. At this time, OCC has determined not to
charge fees to access MyOCC,TM and it would be inconsistent
with that policy to continue to charge fees for ONN in the meantime.
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\3\ Securities Exchange Act Release No. 28669 (December 3,
1990), 55 FR 50793 [Filed No. SR-OCC-09-12].
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Second, OCC is eliminating off-site microfiche retrieval charges.
In 1996, OCC converted the media on which historical reports were made
available to subscribing clearing members from microfiche to CD-ROM and
amended its fee schedule to reflect the associated charges.\4\ As
stated in Filing SR-OCC-96-14, microfiche charges were to be eliminated
after the conversion was completed. The conversion was finished some
time ago, and accordingly, OCC is updating its fee schedule.
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\4\ Securities Exchange Act Release No. 37993 (November 27,
1996), 61 FR 64407 [File No. SR-OCC-96-14].
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OCC believes the proposed rule change is consistent with Section
17A of the Act because it eliminates fees charged to clearing members
and other subscribers for discontinued or soon to be discontinued
services.
(B) Self-Regulatory Organization's Statement on Burden on Competition
OCC does not believe that the proposed rule change would 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 were not and are not intended to be solicited with
respect to the proposed rule change, and none have been received.
[[Page 13204]]
III. Date of Effectiveness of the Proposed Rule Change and Timing
for Commission Action
Because the foregoing rule change eliminates fees charged clearing
members by OCC, it has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act \5\ and Rule 19b-4(f)(2) \6\ 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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\5\ 15 U.S.C. 78s(b)(3)(A)(ii).
\6\ 17 CFR 240.19b-4(f)(2).
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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. Persons making written submissions
should file six copies thereof with the Secretary, Securities and
Exchange Commission, 450 Fifth Street NW, Washington, DC 20549-0609.
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 OCC. All submissions should
refer to the File No. SR-OCC-2002-01 and should be submitted by April
11, 2002.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\7\
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\7\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 02-6827 Filed 3-20-02; 8:45 am]
BILLING CODE 8010-01-P