30180 Federal Register / Vol. 65, No. 91 / Wednesday, May 10, 2000 / Notices

34The spread between the best bid and offer is

an indication of the premium that must be paid by

investors seeking liquidity and therefore of the

efficiency of the market. See Concept Release, note

3 above, at n.20 and accompanying text.

35See Concept Release, note 3 above, section

IV.C.2.b.

36After the end of the comment period, the

Commission intends to review expeditiously the

comments submitted in response to the Concept

Release and determine what, if any, further action

is necessary. 37 15 U.S.C. 78s(b)(2).

market structure fails to promote

vigorous price competition.34 Similarly,

the depth of trading interest at the best

displayed prices may be very thin, so

that prices will be more volatile than

they otherwise would be if a market

structure does not reward traders for

displaying multiple orders (and thereby

adding depth) at the best prices. In

addition, some market centers offer

investors an opportunity for price

improvement—an execution at a price

better than the best displayed prices. To

meet their best execution

responsibilities, brokers must take these

price improvement opportunities into

consideration in deciding where to

route customers orders.

Several commenters believed that the

Commission should not approve the

rescission of Rule 390 until it had

addressed market fragmentation

concerns. The Commission does not

believe, however, that the potential

fragmentation of the listed market due

to an increase in internalization and

payment for order flow arrangement

warrants a delay in approving the

proposed rule change. First, the

Commission already has commenced its

review of market fragmentation issues,

and the comment period for the Concept

Release ends on May 12, 2000. Several

of the six potential options to address

fragmentation set forth in the Concept

Release would address internalization

and payment for order flow

arrangements.35 The Concept Release

also requests comment on any

additional options, or modifications of

any of the six options, that commenters

believe would be useful in addressing

fragmentation.36 Second, the

Commission intends to monitor any

significant changes in the order-routing

practices of NYSE members resulting

from the rescission of Rule 390,

particularly decisions to internalize

their customer order flow. To comply

with the duty of best execution owed

their customers, brokers would need to

assure that such changes further their

customers’ interests and not merely

their own.

IV. Conclusion

It is Therefore Ordered, pursuant to

Section 19(b)(2) of the Act,37 that the

proposed rule change (SR–NYSE–99–

48) is approved.

By the Commission.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–11682 Filed 5–9–00; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster #3241]

State of Ohio; Amendment #1

In accordance with information

received from the Federal Emergency

Management Agency, the abovenumbered Declaration is hereby

amended to extend the deadline for

filing applications for physical damage

as a result of this disaster from May 6,

2000 to May 8, 2000.

All other information remains the

same, i.e., the deadline for filing

applications for economic injury is

December 7, 2000.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008)

Dated: April 28, 2000.

Bernard Kulik,

Associate Administrator for Disaster

Assistance.

[FR Doc. 00–11644 Filed 5–9–00; 8:45 am]

BILLING CODE 8025–01–P

DEPARTMENT OF STATE

[Public Notice 3307]

Culturally Significant Objects Imported

for Exhibition Determinations:

‘‘Painting on Light: Drawings and

Stained Glass in the Age of Durer and

Holbein’’

DEPARTMENT: United States Department

of State.

ACTION: Notice.

SUMMARY: Notice is hereby given of the

following determinations: Pursuant to

the authority vested in me by the Act of

October 19, 1965 (79 Stat. 985, 22 U.S.C.

2459), the Foreign Affairs Reform and

Restructuring Act of 1998 (112 Stat.

2681, et seq.), Delegation of Authority

No. 234 of October 1, 1999, and

Delegation of Authority No. 236 of

October 19, 1999, as amended, I hereby

determine that the objects to be

included in the exhibition ‘‘Painting on

Light: Drawings and Stained Glass in

the Age of Durer and Holbein,’’

imported from abroad for the temporary

exhibition without profit within the

United States, are of cultural

significance. These objects are imported

pursuant to loan agreements with

foreign lenders. I also determine that the

exhibition or display of the exhibit

objects at the J. Paul Getty Museum in

Los Angeles, CA, from July 11, 2000

through September 24, 2000, and at the

St. Louis Museum of Art in St. Louis,

MO from November 4, 2000 through

January 7, 2001 is in the national

interest. Public Notice of these

Determinations is ordered to be

published in the Federal Register.

FOR FURTHER INFORMATION CONTACT: For

further information, including a list of

exhibit objects, contact Jacqueline

Caldwell, Attorney-Adviser, Office of

the Legal Adviser, U.S. Department of

State (telephone: 202/619–6982). The

address is U.S. Department of State, SA–

44, 301 4th Street, SW., Room 700,

Washington, DC 20547–0001.

Dated: May 4, 2000.

William B. Bader,

Assistant Secretary for Educational and

Cultural Affairs, United States Department

of State.

[FR Doc. 00–11701 Filed 5–9–00; 8:45 am]

BILLING CODE 4710–08–P

DEPARTMENT OF TRANSPORTATION

Office of the Secretary

Aviation Proceedings, Agreements

Filed During the Week Ending April 7,

2000

The following Agreements were filed

with the Department of Transportation

under the provisions of 49 U.S.C.

Sections 412 and 414. Answers may be

filed within 21 days after the filing of

the application.

Docket Number: OST–2000–7203.

Date Filed: April 5, 2000.

Parties: Members of the International

Air Transport Association.

Subject:

PTC COMP 0609 dated 31 March 2000

Mail Vote 074—Resolution 024j

Special Construction Rules

(Amending)

Intended effective date: 15 April 2000

Andrea M. Jenkins,

Federal Register Liaison.

[FR Doc. 00–11687 Filed 5–9–00; 8:45 am]

BILLING CODE 4910–62–P