Federal Register / Vol. 65, No. 81 / Wednesday, April 26, 2000 / Notices 24529

10 In reviewing this proposal, the Commission has

considered its impact on efficiency, competition,

and capital formation. 15 U.S.C. 78c(f).

11 17 CFR 200.30–3(a)(12).

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

2 17 CFR 240.19b–4.

3See April 12, 2000 letter from Nandita Yagnik,

Exchange, to Rebekah Liu, Special Counsel,

Division of Market Regulation, SEC (‘‘Amendment

No. 1’’). In Amendment No. 1, the Exchange

requested that the proposed rule change be filed

under Section 19(b)(3)(A) of the Act and Rule 19b–

4(f)(6) thereunder. 15 U.S.C. 78s(b)(3)(A) and 17

CFR 240.19b–4(f)(6). The Exchange also requested

that the Commission waive the 5-day notice of its

intent to file the proposal by treating the original

proposed rule change as the prefiling notice

required under Rule 19b–4(f)(6); and requested that

the Commission waive the 30-day period before the

proposal becomes effective to permit the proposed

rule change to become immediately effective.

4 15 U.S.C. 78s(b)(3)(A).

5 17 CFR 240.19B–4(F)(6).

6The Exchange has filed a proposed rule change

to change the name of VTS to ‘‘eVWAP.’’ See SR–

Phlx–00–19.

7See Securities Exchange Act Release No. 41210

(March 24, 1999), 64 FR 15857 (April 1, 1999)(SR–

Phlx–96–14).

8The Commission requested that the Exchange

provide a report that: (i) Addresses the overall

reliability of the System and identifies any System

outages or other technical problems; (ii) provides a

summary of the Exchange’s surveillance efforts; (iii)

discusses the strategies employed by the users and

committers and evaluates whether the system is

useful to market participants; (iv) provides feedback

from Exchange members and non-members

regarding their experience with the system; and (v)

measures the system’s impact and effect on the

primary market of eligible securities. The Exchange

proposes to submit its report by September 1, 2000.

9 15 U.S.C. 78f(b)(5).

designate. At any time within 60 days

of the filing of such 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. The Commission

finds that the proposed rule change does

not affect the substantive operation of

the Volume Weighted Average Price

Trading System. In addition, the

Commission finds that the Exchange

provided the required prefiling written

notice of its intent to file this proposed

rule change when it filed the original

proposed rule change.10

IV. Solicitation of Comments

Interested persons are invited to

submit written data, views and

arguments concerning the foregoing

including whether the proposed rule

change is consistent with the Act.

Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, NW.,

Washington, DC 20549–0609. 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

Room. Copies of such filing will also be

available for inspection and copying at

the principal office of the Exchange. All

submissions should refer to File No.

SR–Phlx–00–19 and should be

submitted by May 17, 2000.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.11

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–10369 Filed 4–25–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–42701; File No. SR–Phlx–

00–26]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Philadelphia Stock Exchange, Inc.

Amending PHLX Rule 237 To Extend

the Pilot Program for VTS Until

November 1, 2000

April 19, 2000.

Pursuant to section 19(b)(1) of the

Securities Exchange Act of 1934

(‘‘Act’’) 1 and Rule 19b–4 thereunder,2

notice is hereby given that on March 24,

2000, the Philadelphia Stock Exchange,

Inc. (‘‘PHLX’’ or ‘‘Exchange’’), filed a

proposed rule change with the

Securities and Exchange Commission

(‘‘SEC’’ or ‘‘Commission’’). The

proposed rule change is described in

Items I, II, and III below, which Items

have been prepared by Exchange. On

April 12, 2000, the Exchange filed

Amendment No. 1 to the proposed rule

change.3 The Exchange filed the

proposed rule change, as amended,

pursuant to section 19(b)(3)(A) of the

Act,4 and Rule 19b–4(f)(6) thereunder,5

which renders the proposed rule change

effective upon filing with the

Commission. The Commission is

publishing this notice to solicit

comment son the proposed rule change,

as amended, from interested persons.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The Exchange proposes to extend the

pilot program for the Volume Weighted

Average Price (‘‘VWAP’’) Trading

System (‘‘VTS’’ or ‘‘System’’) 6 under

November 1, 2000.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission, the

Exchange 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. The

Exchange 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

1. Purpose

VTS is a pre-opening order matching

session for the electronic execution of

large-sized stock orders at the volume

weighted average price (‘‘VWAP’’). The

Exchange received Commission

approval to operate VTS as a one year

pilot on March 24, 1999.7 The VTS

became operational on August 27, 1999.

As a condition to the pilot program, the

Commission requested that the

Exchange prepare a comprehensive

report pertaining to the operation and

effectiveness of the VTS.8

The Exchange now proposes to extend

the current pilot program until

November 1, 2000 in order to have a

complete year of trading information

through the VTS. This will allow the

Exchange to issue the required report

based on a full year of trading which

should provide a more comprehensive

assessment of the VTS.

2. Statutory Basis

The Exchange believes that the

proposed rule change is consistent with

section 6(b)(5) of the Act 9 in that it is

designed to prevent fraudulent and

manipulative acts and practices, to

promote just and equitable principles of

trade, to remove impediments to and

24530 Federal Register / Vol. 65, No. 81 / Wednesday, April 26, 2000 / Notices

10 15 U.S.C. 78s(b)(3)(A).

11 17 CFR 240.19b–4(f)(6).

12 In reviewing this proposal, the Commission has

considered its impact on efficiency, competition,

and capital formation. 15 U.S.C. 78c(f).

13 17 CFR 200.30–3(a)(12).

perfect the mechanism of a free and

open market and a national market

system, and, in general, to protect

investors and the public interest. By

extending the period of time that VTS

is operational, the Exchange can

evaluate the VTS for its impact on

investors as well as the market as a

whole as it prepares the Commission’s

requested report.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange does not believe that

the proposed rule change, as amended,

will result in any burden on

competition that is not necessary or

appropriate in furtherance of the

purposes of the Act.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants or Others

The Exchange has neither solicited

nor received written comments on the

proposed rule change, as amended.

III. Date of Effectiveness of the

Proposed rule Change and Timing for

Commission Action

The foregoing rule change has become

effective upon filing pursuant to section

19(b)(3)(A)(iii) of the Act 10 and Rule

19b–4(f)(6) 11 thereunder because the

proposed rule change does not (i)

significantly affect the protection of

investors or the public interest; (ii)

impose any significant burden on

competition; and (iii) become operative

for 30 days from the date on which the

proposed rule change was filed, or such

shorter time as the Commission may

designate. At any time within 60 days

of the filing of such 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 furthernance of the

purposes of the Act.

The Commission finds that it is

appropriate to accelerate the effective

date of the proposed rule change and to

permit the proposed rule change to

become immediately effective because

the proposal simply extends a

previously approved pilot program. By

extending the pilot program, the

Commission will enable the Exchange to

continue to offer the System without

interruption, and will allow the

Exchange to collect and analyze the

information necessary to produce the

report requested by the Commission. In

addition, the Commission finds that the

Exchange provided the required

prefiling written notice of its intent to

file this proposed rule change when it

filed the original proposed rule

change.12

IV. Solicitation of Comments

Interested persons are invited to

submit written data, views and

arguments concerning the foregoing

including whether the proposed rule

change is consistent with the Act.

Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, NW.,

Washington, DC 20549–0609. 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

Room. Copies of such filing will also be

available for inspection and copying at

the principal office of the Exchange. All

submissions should refer to File No.

SR–Phlx–00–26 and should be

submitted by May 17, 2000.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.13

Margaret M. McFarland,

Deputy Secretary.

[FR Doc. 00–10370 Filed 4–25–00; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF TRANSPORTATION

Office of the Secretary

Reports, Forms and Recordkeeping

Requirements; Agency Information

Collection Activity Under OMB Review

AGENCY: Office of the Secretary, DOT.

ACTION: Notice.

SUMMARY: In compliance with the

Paperwork Reduction Act of 1995 (44

U.S.C. 3501 et seq.), this notice

announces that the Information

Collection Request, ICR abstracted

below has been forwarded to the Office

of Management and Budget, OMB for

renewal and comment. The ICR

describes the nature of the information

collection and its expected cost and

burden. The Federal Register Notice

with a 60-day comment period soliciting

comments on the following collection of

information was published on February

3, 2000 (66 FR 5386) and there were no

responses to the initial Notice.

DATES: Comments must be submitted on

or before May 26, 2000.

FOR FURTHER INFORMATION CONTACT:

Charlotte Hackley; M–61, U.S.

Department of Transportation, 400

Seventh Street SW., Washington, DC

20590, telephone (202) 366–4267 or

email to charlotte.hackley@ost.dot.gov.

SUPPLEMENTARY INFORMATION:

Office of the Secretary, OST

Title: Extension of information

collection authority under

Transportation Acquisition Regulation

TAR.

OMB Control Number: 2105–0517.

Affected Public: Individuals or

households and business or other forprofit organizations.

Abstract: The requested extension of

the approved control number covers the

TAR which includes forms DOT F

4220.4, DOT F 4220.7, DOT F 4220.43,

DOT F 4220.45, DOT F 4220.46, and

Form DD 882.

Annual Estimated Burden: 33,115.*

*The annual estimated burden is

increased to 33,115 as a result of Section

101(g)(1) of the Motor Carrier Safety

Improvement Act of 1999, which

requires the Secretary of Transportation

to insert (TAR) 48 CFR 1252.209–70 in

all Department of Transportation

requests for proposal and contracts for

research.

Comments are invited on: whether the

proposed collection of information is

necessary for the proper performance of

the functions of the Department,

including whether the information will

have practical utility; the accuracy of

the Department’s estimate of the burden

of the proposed information collection;

ways to enhance the quality, utility and

clarity of the information to be

collected; and ways to minimize the use

of automated collection techniques or

other forms of information technology.

Issued in Washington, DC, on the 20th day

of April, 2000.

Michael Robinson,

Clearance Officer, United States Department

of Transportation.

[FR Doc. 00–10398 Filed 4–25–00; 8:45 am]

BILLING CODE 4910–62–P