Self-Regulatory Organization; Stock Clearing Corporation of Philadelphia; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Provide for a Thirty-Three Percent Discount on Service Fees for the Period of November 29, 1993, to December 31, 1993

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-33600; File No. SR-SCCP-93-05]

Self-Regulatory Organization; Stock Clearing Corporation of

Philadelphia; Notice of Filing and Immediate Effectiveness of Proposed

Rule Change to Provide for a Thirty-Three Percent Discount on Service

Fees for the Period of November 29, 1993, to December 31, 1993

February 8, 1994.

Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934

(``Act''),\1\ notice is hereby given that on December 21, 1993, the

Stock Clearing Corporation of Philadelphia (``SCCP'') 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 SCCP, a self-regulatory organization. The

Commission is publishing this notice to solicit comments on the

proposed rule change form interested persons.

---------------------------------------------------------------------------

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

---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of

Substance of the Proposed Rule Change

The proposed rule change provides a discount of thirty-three

percent for SCCP service fees for the billing period of November 29,

1993, to December 31, 1993. The discount applies to all SCCP service

fees.

II. Self-Regulatory Organization's Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule Change

In its filing with the Commission, SCCP 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. SCCP 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

SCCP seeks to discount by thirty-three percent all service fees

charged by SCCP to its participants for the period of November 27,

1993, to December 31, 1993, which is SCCP's final billing cycle for

1993. The discount is being provided in anticipation of continued

record trading volume and related net revenues being achieved by SCCP

through December.

The proposed thirty-three percent discount will apply to all

service fees billable in December 1993, which will include all

transaction related fees. The discount will not apply to fees that are

not service related such as margin account interest, draft fees, and

fees associated with the signature guarantee program or the lost and

stolen securities program.

SCCP states that the proposed rule change is consistent with

section 17A of the Act\2\ and particularly with Section 17A(b)(3)(D) of

the Act\3\ in that it provides for the equitable allocations of

reasonable dues, fees, and other charges among participants.

---------------------------------------------------------------------------

\2\15 U.S.C. 78q-1 (1988).

\3\15 U.S.C. 78q-1(b)(3)(D) (1988).

---------------------------------------------------------------------------

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

SCCP believes that the proposed rule change will neither have any

impact nor impose any burden on competition.

(C) Self-Regulatory Organization's Statement on Comments on the

Proposed Rule Change Received from Members, Participants or Others

SCCP has neither solicited nor received comments on 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) of the Act\4\ and Rule 19b-4(e)(2) thereunder\5\

because the proposal establishes or changes a due, fee, or other

charge. 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.

---------------------------------------------------------------------------

\4\15 U.S.C. 78s(b)(A)(ii) (1988).

\5\17 CFR 240.19b-4(e)(4) (1993).

---------------------------------------------------------------------------

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, 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 SCCP. All submissions

should refer to File No. SR-SCCP-93-05 and should be submitted by March

8, 1994.

For the Commission by the Division of Market Regulation,

pursuant to delegated authority.\6\

---------------------------------------------------------------------------

\6\17 CFR 200.30-3(a)(12) (1993).

---------------------------------------------------------------------------

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 94-3481 Filed 2-14-94; 8:45 am]

BILLING CODE 8010-01-M