| A# |
5738 |
| P&S #: |
5308 |
| DATE: |
December 24, 2003 |
| TO: |
ALL PARTICIPANTS |
| ATTENTION: |
MANAGING PARTNER/OFFICER; OPERATIONS PARTNER/OFFICER |
| SUBJECT: | FEE RULE CHANGE |
National Securities Clearing Corporation ("NSCC" or "the Corporation") has filed a rule change with the Securities and Exchange Commission ("SEC") pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934. The rule change adjusts the fees that NSCC charges for various services. The Trade Recording fee for stock, warrants or other rights entered for settlement is being reduced from $0.003 to $0.0025 per 100 shares, with a minimum fee of $0.0075 and a maximum fee of $0.15 (reduced from $0.009 and $0.18 respectively). In addition, the Cost Basis Reporting Service, which had been operating on a pilot basis, during which no fee was charged, will institute a fee of $0.09 per asset. The Archival Microfiche fees are being eliminated because, due to alternative means for providing archival reports, this format is no longer provided. Participants were previously notified of the proposed elimination and the alternative means of receiving archival reports in an Important Notice (A #5671, P&S #524) dated August 29, 2003. These fee changes will be effective for transactions occurring on or after January 2, 2004.
The full text of the rule change (SR-NSCC-2003-23) may be obtained by visiting our web site at www.nscc.com. Written comments on the proposed rule filing may be addressed to Lisa T. Siebold, Assistant Secretary, National Securities Clearing Corporation, 55 Water Street, New York, New York 10041, and your comments will be forwarded to the SEC. You may also address your written comments to the Secretary of the Commission, Securities and Exchange Commission, 450 Fifth Street NW, Washington, D.C. 20549. We request that you provide NSCC with a copy of your comments.
Questions regarding the above filing should be directed to Jane Klueger at (212) 855-3330. Questions regarding the revised fee schedule should be directed to your account manager.
Karen L. Saperstein
Managing Director and General Counsel