Proposed Rule Change to amend the 2007 NSCC fee schedule.

The rule change (filed with the Securities and Exchange Commission ("SEC"), pursuant to Section 19(b)(2) of the Securities Exchange Act of 1934) proposes to reorganize NSCC's Rules related to membership standards and membership requirements, conform them to current practice and (where practicable and/or beneficial) harmonize them with similar rules of NSCC's affiliate, the Fixed Income Clearing Corporation ("FICC").

Amendment No. 1 to NSCC SR-2006-17

This rule change (filed pursuant to Section 19(b)(3)(a) of the Securities Exchange Act of 1934) will become effective on December 15, 2006, and modifies NSCC's Rules to permit NSCC's use of the Federal Reserve Bank's National Settlement Service ("NSS") to distribute net-net credits.

Amendment to Certain Administrative Provisions of the NSCC Rules.

This rule change (filed pursuant to Section 19(b)(2) of the Securities Exchange Act of 1934), proposes to modify NSCC's Rules and Procedures with respect to Clearing Fund collateral, to 1) expand the types of instruments ("Eligible Clearing Fund Securities") which NSCC may accept in securing a Member's open account Clearing Fund indebtedness and establish concentration requirements with regard to their use, 2) create a correlating range of haircuts to be applied to these expanded types of Eligible Clearing Fund Securities, and 3) eliminate letters of credit as a generally acceptable form of collateral.

Amendment No. 1 to SR-NSCC-2006-11 (Submitted on October 25, 2006)

This rule change (filed pursuant to Section 19(b)(2) of the Securities Exchange Act of 1934) proposes to modify the procedures for equity trade processing to enable cash, next day and seller's option equity trades received on a locked-in basis from self-regulatory organizations and Qualified Special Representatives to be processed in CNS. In conjunction with this proposed change, NSCC is also proposing to add a new element to its Clearing Fund formula to cover shortened process cycle trades.

Modification to make clarifying and technical changes to NSCC's Rules, principally as they related to funds which are eligible for processing on Fund/Serv, NSCC's mutual fund processing system.

Affecting Rule 1 - Definitions, Rule 3 - Lists to be Maintained; Rule 50 - Automated Customer Account Transfer Service; Rule 51 - Fund Member; Rule 52 - Mutual Fund Services; Rule 60 - TPA Member; and Addendum A - Fee Structure (filed 6/5/06)

The purpose of the rule filing is to amend NSCC's Rules & Procedures to add a rule addressing the situation where an NSCC Member intends to wind down its activities.

Amendment No. 1 to SR-NSCC-2006-05 (Submitted on September 28, 2006)

Clearing Fund Premium Relating to a Member's Ratio of Clearing Fund Requirement to Capital.

Amendment No. 1 to SR-NSCC-2006-03 (Submitted on July 28, 2006)

The proposed rule change was filed with the Securities and Exchange Commission on February 9, 2006, pursuant to Section 19(b)(2) of the Securities Exchange Act of 1934. The filing consists of modifications to NSCC's Rules & Procedures to exclude non-U.S. based central securities depositories from the definition of "Mandatory Purchaser Participants" set forth in Rule 64 - DTCC Shareholders Agreement.