Emerging Markets Clearing Corporation
IMPORTANT NOTICE
No: 365
Date: September 29, 2003
TO: All Members
FROM:Karen L. Saperstein
SUBJECT: RULE CHANGE - Clearing Fund
Emerging Markets Clearing Corporation ("EMCC" or the “Corporation”) filed a rule change on September 26, 2003 with the Securities and Exchange Commission ("SEC") regarding the return of excess Clearing Fund.
The purpose of this filing is to modify EMCC’s Rules to eliminate the current limitation where the Corporation returns excess Clearing Fund to participants on a monthly basis, and provide that such return may take place on a daily basis.
The full text of the rule change (SR-EMCC-2003-05) may be obtained by visiting our web site at www.e-m-c-c.com. Written comments on the proposed rule filing may be addressed to Karen L. Saperstein, General Counsel and Secretary, Emerging Markets 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 EMCC with a copy of your comments.
Questions regarding the rule filing should be directed to the undersigned at (212) 855-3203.
Karen L. Saperstein
General Counsel and Secretary