File No. SR-EMCC-03-8

The purpose of the proposed rule change (which is being made pursuant to Section 19(b)(3)(A) of the Act) will establish a capped, as opposed to fixed, clearing fund requirement of $50 Million to be deposited by Special Members.

Rule Filing Approval Notice (SEC Release No. 34-49221; File No. SR-EMCC-2003-08) - From the Federal Register (Vol. 69, No. 33 - February 19, 2004)

File No. SR-EMCC-03-7

The proposed rule change (which is being made pursuant to Section 19(b)(2) of the Act – requesting accelerated approval) consists of revisions to EMCC Rule 7 (Novation and Guaranty of Obligations and Receive, Deliver and Settlement Obligations), Sections 18 (Buy-In) and 19 (Sell-Out) to conform them to the industry’s anticipated shortened time frames with regard to Buy-Ins and Sell-Outs.

Rule Filing Approval Notice (SEC Release No. 34-49011; File No. SR-EMCC-2003-07) - From the Federal Register (Vol. 69, No. 3 - January 6, 2004)

File No. SR-EMCC-03-6

The purpose of the proposed rule change (which is being made pursuant to Section 19(b)(3)(A) of the Act) is to make a technical correction to EMCC’s Rule 2, Section 6 (Admission Criteria for Members), to eliminate erroneous references to “Excess” Net Capital regarding the calculation of the aggregate indebtedness to Net Capital ratio and the Net Capital to aggregate debit item ratio as set forth in the rule.

Rule Filing Approval Notice (SEC Release No. 34-49196; File No. SR-EMCC-2003-06) - From the Federal Register (Vol. 69, No. 29 - February 12, 2004)

File No. SR-EMCC-03-5

The text of the proposed rule change consists of revisions to Emerging Markets Clearing Corporation's ("EMCC" or the "Corporation") Rules relating to return of clearing fund deposits.

Rule Filing Approval Notice (SEC Release No. 34-48615; File No. SR-EMCC-2003-05) - From the Federal Register (Vol. 68, No. 201 - October 17, 2003)

File No. SR-EMCC-03-4

The text of the proposed rule change consists of an additional section to EMCC's Rule 2 (Members) to create a category of Inactive Member.

Rule Filing Approval Notice (SEC Release No. 34-49150; File No. SR-EMCC-2003-04) - From the Federal Register (Vol. 69, No. 24 - February 5, 2004)

File No. SR-EMCC-03-3

The text of the proposed rule establishes a temporary rebate for IDB members or members whose only use of EMCC is to clear for IDB ’s.

Rule Filing Approval Notice (SEC Release No. 34-48367; File No. SR-EMCC-2003-03) - From the Federal Register (Vol. 68, No. 165 - August 26, 2003)

File No. SR-EMCC-03-2

The text of the proposed rule change consists of revisions to Emerging Markets Clearing Corporation's ("EMCC" or the "Corporation") to modify the clearing fund deposit requirement for certain EMCC members.

Rule Filing Approval Notice (SEC Release No. 34-48366; File No. SR-EMCC-2003-02) - From the Federal Register (Vol. 68, No. 165 - August 26, 2003)

File No. SR-EMCC-2003-01

The text of the proposed rule change consists of revisions to Emerging Markets Clearing Corporation’s ("EMCC" or the "Corporation") Rule 2 - Members.

Rule Filing Approval Notice (SEC Release No. 34-48465; File No. SR-EMCC-2003-01) - From the Federal Register (Vol. 68, No. 108 - September 17, 2003)