30154 Federal Register / Vol. 65, No. 91 / Wednesday, May 10, 2000 / Notices

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

2 17 CFR 240.19–4.

(ii) OPRA will calculate the capacity

allocation specified in paragraph (d)(i)

as soon as possible after the end of the

Relevant Calendar Quarter. OPRA will

use data to make this calculation that is

provided to it by the OPRA participants.

Alternatively, OPRA can contract with

its processor or with another third party

to perform this calculation. OPRA will

notify the OPRA participants and the

Commission of the capacity allocation

for peak periods promptly after such

calculation is made.

(e) [d] Indemnification.

(i)–(ii) No change.

* * * * *

Alternative B

* * * * *

III. Definitions

(a)–(k) No change.

(l) Relevant Calendar Quarter.

(i) For the capacity allocation

commencing on May 1 of each year, the

Relevant Calendar Quarter shall mean

the months of January, February, and

March.

(ii) For the capacity allocation

commencing on August 1 of each year,

the Relevant Calendar Quarter shall

mean the months of April, May, and

June.

(iii) For the capacity allocation

commencing on November 1 of each

year, the Relevant Calendar Quarter

shall mean the months of July, August

and September.

(iv) For the capacity allocation

commencing on February 1 of each year,

the Relevant Calendar Quarter shall

mean the months of October, November

and December.

(m) ‘‘Quotes-to-Contract Volume’’ for

an OPRA participant means the average

daily quotes in options classes listed for

more than 3 calendar months generated

during the Relevant Calendar Quarter

by a participant divided by the average

daily contract volume traded in options

classes listed for more than 3 calendar

months by that participant during the

same calendar quarter.

(n) ‘‘Average Quotes-to-Contract

Volume’’ means the average Quote-toContract Volume of all OPRA

participants during the Relevant

Calendar Quarter computed by adding

together the Quotes-to-Contract Volume

for each participant and dividing by the

number of participants.

(o) ‘‘Quotes-to-Contract Volume

Deviation’’ for an OPRA participant is

calculated using the following formula:

(1—(Quotes-to-Contract Volume for

that OPRA participant/ Average Quotesto-Contract Volume)) * Dampening

Factor.

(d) ‘‘Equal Share’’ means one divided

by the number of OPRA participants

that are operating an options market.

(d) No Change

(d) (a)–(c) No change.

(d) Quarterly Calculation of Capacity

Allocation

(i) On the first of February, May,

August, and November of each year,

each OPRA participant that operates an

options exchange will receive an

allocation of OPRA’s systems capacity

in an amount equal to the sum of the

Equal Share and such participant’s

Quotes-to-Contract Volume Deviation.

For purposes of calculating the Quoteto-Contract Volume Deviation, the

Dampening Factor shall equal 10%.

(ii) Notwithstanding paragraph (d)(i),

in no event shall an OPRA participant

that operates an options exchange

receive a capacity allocation that is less

than 15% of OPRA’s systems capacity.

If the initial calculation of the Quote-toContract Volume Deviation results in an

options exchange receiving an

allocation of less than 15% of the total

OPRA system’s capacity, the Quote-toContract Volume Deviation will be

recalculated as follows:

a. The first recalculation shall consist

of a downward adjustment of the

Dampening Factor by 1% (i.e., to 9%)

applied to all OPRA participants.

b. If after the first recalculation, any

OPRA participant that operates an

options exchange still receives less than

15% of OPRA’s systems capacity, the

recalculations shall continue by

adjusting the Dampening Factor

downward by 1% until all OPRA

participants have at least 15% of

OPRA’s systems capacity.

(iii) OPRA will calculate the capacity

allocation specified in paragraph (d)(i)

as soon as possible after the end of the

Relevant Calendar Quarter. OPRA will

use data to make this calculation that is

provided to it by the OPRA participants.

Alternatively, OPRA can contract with

its processor or with another third party

to perform this calculation. OPRA will

notify the OPRA participants and the

Commission of the capacity allocation

for peak periods promptly after such

calculation is made.

(e) [d] Indemnification.

(i)–(ii) No change.

* * * * *

By the Commission.

Dated: May 4, 2000.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–11680 Filed 5–9–00; 8:45 am]

BILLING CODE 8010–01–P

SECURITIES AND EXCHANGE

COMMISSION

[File No. 500–1]

In the Matter of Asthma Disease

Management, Inc.; Order of

Suspension of Trading

It appears to the Securities and

Exchange Commission that there is a

lack of current and accurate information

concerning the securities of Asthma

Disease Management, Inc., a Nevada

corporation, with its principal place of

business in Berlin, New Jersey.

Questions have been raised about the

adequacy and accuracy of publicly

disseminated information, concerning,

among other things, purported contracts

between Asthma Disease Management,

Inc. and three health maintenance

organizations: Cape Health Plan (f/k/a

Cape Medical) of Detroit, Michigan;

Horizon Mercy of Trenton, New Jersey;

and HMA of Philadelphia,

Pennsylvania.

The Commission is of the opinion that

the public interest and the protection of

investors require a suspension of trading

in the securities of the above-listed

company.

Therefore, it is ordered, pursuant to

section 12(k) of the Securities Exchange

Act of 1934, that trading in the abovelisted company is suspended for the

period from 9:30 a.m. EDT, May 8, 2000,

through 11:59 p.m. EDT, on May 19,

2000.

By the Commission.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–11798 Filed 5–8–00; 12:15 pm]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–42752; File No. SR–Amex–

00–18]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the American Stock Exchange LLC

Relating to Options Transaction Fees

for Non-Member Broker-Dealers

May 3, 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 give that on April 7,

2000, the American Stock Exchange LLC

(‘‘Amex’’ or ‘‘Exchange’’) filed with the

Securities and Exchange Commission

(‘‘Commission’’) the proposed rule

Federal Register / Vol. 65, No. 91 / Wednesday, May 10, 2000 / Notices 30155

3The current caps are set at 2000 contracts for

customer trades and 3000 contracts for member firm

proprietary, non-member broker-dealer, specialist,

and market maker trades.

4See Securities Exchange Act Release No. 42675,

(April 13, 2000). 65 FR 21223 (April 20, 2000).

5LEAPS are Long Term Equity Anticipation

Securities or options with durations of up to 36

months. See Amex Rule 903C.

6FLEX options are customized options with

individually specified terms such as strike price,

expiration date, and exercise style. See Amex Rule

900G.

7 15 U.S.C. 78f(b).

8 15 U.S.C. 78f(b)(4). 9 17 CFR 200.30–3(a)(12).

change as described in Items I, II, and

III below, which Items have been

prepared by the Exchange. The

Commission is publishing this notice to

solicit comments on the proposed rule

change from interested persons.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The Amex proposes to increase equity

options transaction fees for non-member

broker dealer orders.

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 aspect of such

statements.

A. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

1. Purpose

The Amex proposes to increase equity

options transaction fees for non-member

broker-dealer orders. The Amex

currently imposes a transaction charge

on options trades executed on the

Exchange. The charges vary depending

on whether the transaction involves an

equity or index option and whether the

transaction is executed for a specialist

or market maker account, a member

firm’s proprietary account, a nonmember broker-dealer, or a customer

account. The Amex also imposes a

charge for clearance of options trades

and an options floor brokerage charge,

which also depends upon the type of

account for which the trade is executed.

In addition, all three types for charges—

transaction, options clearance, and

options floor brokerage—are subject to

caps on the number of options contracts

subject to the charges on a given day.3

Recently, the Amex eliminated all

options transaction, clearance, and floor

brokerage fees for customer equity

options orders.4 To offset the

elimination of these fees for customer

equity options orders, the Exchange

raised the equity options transaction fee

from $0.07 to $0.19 per contract side for

member firm proprietary orders and

from $0.08 to $0.17 per contract side for

specialist and market maker orders.

Now, to further offset the elimination of

options transaction, clearance and

brokerage fees for customer equity

option orders, the Exchange proposes to

increase the equity options transaction

fee for non-member broker-dealer orders

from $0.07 to $0.19 per contract side.

This revised fee will also apply to both

LEAPS 5 and FLEX 6 options. Equity

options clearance and floor brokerage

fees for non-member-dealers will remain

unchanged at $0.04 and $0.03 per

contract side, respectively.

2. Statutory Basis

The Exchange believes that the

proposed rule change is consistent with

Section 6(b) of the Act 7 in general, and

furthers the objectives of Section

6(b)(4) 8 in particular, in that it provides

for the equitable allocation of reasonable

dues, fees, and other charges among its

members and other persons using its

facilities.

B. Self-Regulatory Organization’s

Statements on Burden on Competition

The Amex does not believe that the

proposed rule change will impose any

burden on competition.

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 comments on the proposed

rule change.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Within 35 days of the date of

publication of this notice in the Federal

Register or within such longer period (i)

as the Commission may designate up to

90 days of such date if it finds such

longer period to be appropriate and

publishes its reasons for so finding, or

(ii) as to which the Exchange consents,

the Commission will:

(A) By order approve such rule

change, or

(B) Institute proceedings to determine

whether the proposed rule change

should be disapproved.

IV. Solicitation of Comments

Interested person 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, N.W.,

Washington, D.C. 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 at

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 the File No.

SR–Amex–00–18 and should be

submitted by May 31, 2000.

For the Commission, by the Division on

Market Regulation, pursuant to delegated

authority.9

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–11607 Filed 5–9–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–42748; International Series

Release No. 1222; File No. SR–Amex–98–

49]

Self-Regulatory Organizations;

American Stock Exchange LLC; Order

Approving Proposed Rule Change and

Amendment Nos. 1 and 2 Thereto and

Notice of Filing and Order Granting

Accelerated Approval of Amendment

Nos. 3, 4, and 5 to the Proposed Rule

Change Relating to Listing Additional

Series of World Equity Benchmark

Shares TM

May 2, 2000.

I. Introduction

On December 23, 1998, the American

Stock Exchange LLC (‘‘Amex’’ or

‘‘Exchange’’) filed with the Securities

and Exchange Commission