2998 Federal Register / Vol. 65, No. 12 / Wednesday, January 19, 2000 / Notices

1 17 CFR 240.11Aa3–2.

2OPRA is a National Market System Plan

approved by the Commission pursuant to Section

11A of the Act and Rule 11Aa3–2 thereunder. See

Securities Exchange Act Release No. 17638 (Mar.

18, 1981).

The Plan provides for the collection and

dissemination of last sale and quotation information

on options that are traded on the member

exchanges. The five exchanges which agreed to the

OPRA Plan are the American Stock Exchange

(‘‘AMEX’’); the Chicago Board Options Exchange

(‘‘CBOE’’); the New York Stock Exchange (‘‘NYSE’’);

the Pacific Exchange (‘‘PCX’’); and the Philadelphia

Stock Exchange (‘‘PHLX’’).

3OPRA has determined to treat this proposed

capacity allocation as an amendment to its national

market system plan and, accordingly, to file the

proposed capacity allocation for Commission

review and approval pursuant to paragraph (b) of

Rule 11Aa3–2. Any determination made by OPRA

to continue the effectiveness of the proposed

capacity allocations or any revised capacity

allocations beyond January 30, 2000 will be the

subject of a separate filing under the same Rule.

collections, the Railroad Retirement

Board (RRB) will publish periodic

summaries of proposed data collections.

Comments Are Invited On

(a) Whether the proposed information

collection is necessary for the proper

performance of the functions of the

agency, including whether the

information has practical utility; (b) the

accuracy of the RRB’s estimate of the

burden of the collection of the

information; (c) ways to enhance the

quality, utility, and clarity of the

information to be collected; and (d)

ways to minimize the burden related to

the collection of information on

respondents, including the use of

automated collection techniques or

other forms of information technology.

Title and Purpose of Information

Collection

Nonresident Questionnaire; OMB 3220–

0145

Under Public Laws 98–21 and 98–76,

benefits under the Railroad Retirement

Act payable to annuitants living outside

the United States may be subject to

taxation under United States income tax

laws.

Whether the social security equivalent

and non-social security equivalent

portions of Tier I, Tier II, vested dual

benefit, or supplemental annuity

payments are subject to tax withholding,

and whether the same or different rates

are applied to each payment, depends

on a beneficiary’s citizenship and legal

residence status, and whether

exemption under a tax treaty between

the United States and the country in

which the beneficiary is a legal resident

has been claimed. To effect the required

tax withholding, the Railroad

Retirement Board (RRB) needs to know

a nonresidents citizenship and legal

residence status.

To secure the required information,

the RRB–1001, Nonresident

Questionnaire, as a supplement to an

application as part of the initial

application process, and as an

independent vehicle for obtaining the

needed information when an

annuitant’s residence or tax treaty status

changes. Completion is voluntary. One

response is requested of each

respondent.

The RRB estimates that 1,500 Form

RRB–1001’s are completed annually.

The completion time for Form RRB–

1001 is estimated at 30 minutes. No

change are proposed to Form RRB–1001.

FOR FURTHER INFORMATION CONTACT: To

request more information or to obtain a

copy of the information collection

justification, forms, and/or supporting

material, please call the RRB Clearance

Officer at (312) 751–3363. Comments

regarding the information collection

should be addressed to Ronald J.

Hodapp, Railroad Retirement Board, 844

N. Rush Street, Chicago, Illinois 60611–

2092. Written comments should be

received within 60 days of this notice.

Chuck Mierzwa,

Clearance Officer.

[FR Doc. 00–1204 Filed 1–18–00; 8:45 am]

BILLING CODE 7905–01–M

RAILROAD RETIREMENT BOARD

Agency Forms Submitted for OMB

Review

SUMMARY: In accordance with the

Paperwork Reduction Act of 1995. (44

U.S.C. Chapter 35), the Railroad

Retirement Board (RRB) has submitted

the following proposal(s) for the

collection of information to the Office of

Management and Budget for review and

approval.

Summary of Proposals

(1) Collection title: Employer’s

Quarterly Report of Contributions Under

the RUIA.

(2) Form(s) submitted: DC–1.

(3) OMB Number: 3220–0012.

(4) Expiration date of current OMB

clearance: 3/31/2000.

(5) Type of request: Extension of a

currently approved collection.

(6) Respondents: Business or other

for-profit.

(7) Estimated annual number of

respondents: 550

(8) Total annual responses: 2,200.

(9) Total annual reporting hours: 917.

(10) Collection description: Railroad

employers are required to make

contributions to the Railroad

Unemployment Insurance fund

quarterly or annually equal to a

percentage of the creditable

compensation paid to each employee.

The information furnished on the report

accompanying the remittance is used to

determine correctness of the amount

paid.

FOR FURTHER INFORMATION CONTACT:

Copies of the forms and supporting

documents can be obtained from Chuck

Mierzwa, the agency clearance officer

(312–751–3363). Comments regarding

the information collection should be

addressed to Ronald J. Hodapp, Railroad

Retirement Board, 844 North Rush

Street, Chicago, Illinois, 60611–2092

and the OMB reviewer, Wendy Taylor

(202–395–7316), Office of Management

and Budget, Room 10230, New

Executive Office Building, Washington,

DC 20503.

Chuck Mierzwa,

Clearance Officer.

[FR Doc. 00–1202 Filed 1–18–00; 8:45 am]

BILLING CODE 7905–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–42328; File No. SR–OPRA–

00–01]

Options Price Reporting Authority;

Notice of Filing and Order Granting

Accelerated Effectiveness of

Amendment to OPRA Plan Adopting a

Temporary Capacity Allocation Plan

Pursuant to Rule 11Aa3–2 under the

Securities Exchange Act of 1934

(‘‘Act’’),1 notice is hereby given that on

January 7, 2000, the Options Price

Reporting Authority (‘‘OPRA’’) 2

submitted to the Securities and

Exchange Commission (‘‘SEC’’ or

‘‘Commission’’) an amendment to the

Plan for Reporting of Consolidated

Options Last Sale Reports and

Quotation Information (‘‘Plan’’). The

amendment proposes to allocate the

message handling capacity of OPRA’s

processor among the participant

exchanges for a temporary period

ending January 30, 2000, to minimize

the likelihood that during this period

the total number of messages generated

by the participants will exceed the

processor’s (i.e., Securities Industry

Automation Corporation) aggregate

message handling capacity.3 The

Commission is publishing this notice

and order to solicit comments from

interested persons on the proposed Plan

amendment, and to grant accelerated

Federal Register / Vol. 65, No. 12 / Wednesday, January 19, 2000 / Notices 2999

4 Due to its cut-over to a TCP/IP system, which

is scheduled to occur in the coming days, the PHLX

anticipates requiring additional messages per

second. To evaluate whether there should be any

future adjustments to the proposed allocations, on

January 24 and 25, 2000, PHLX will be permitted

to input up to 500 messages per second.

5See Exchange Act Release No. 41843 (September

8, 1999) in which the Commission issued an order

authorizing the options exchanges, OPRA, OPRA’s

processor and other parties to act jointly in

planning, developing and discussing approaches

and strategies with respect to options quote message

traffic and related matters (‘‘September 1999

Order’’).

6Any such continued allocation of OPRA

capacity that might be approved by OPRA would

be the subject of a separate filing under Rule

11Aa3–2. 17 CFR 240.11Aa3–2. See note 3, supra.

7 15 U.S.C. 78k–1(a)(1)(C)(iii).

8 17 CFR 240.11Aa3–2(c)(4).

9 In approving this proposed Plan amendment,

the Commission has considered the proposal’s

impact on efficiency, competition, and capital

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

approval to the proposed Plan

amendment through January 30, 2000.

I. Description and Purpose of the

Amendment

As discussed above, OPRA proposes

to allocate the message handling

capacity of its processor among the

participant exchanges for a temporary

period ending January 30, 2000, to

minimize the likelihood that during this

period the total number of messages

generated by the participants will

exceed the processor’s aggregate

message handling capacity. During this

period, the processor’s aggregate

message-handling capacity, which is

estimated by the processor to be 3,000

messages per second, will be allocated

among the participants by automatically

limiting the number of messages that

each participant may input to the

processor as follows:

American Stock Exchange: 870

messages per second

Chicago Board Options Exchange:

1,200 messages per second

Pacific Exchange: 525 messages per

second

Philadelphia Stock Exchange: 405

messages per second 4

OPRA proposes to allocate the

message handling capacity of its

processor in response to significant

increases in the number of options

quotations that have recently been

experienced by all of the participant

exchanges as a result of the greater

number of options series being traded

on the exchanges and the heightened

volatility in the underlying securities.

Although the aggregate amount of

options market information messages is

generally still within the capacity of the

OPRA processor, the aggregate options

message traffic is now so close to

reaching the processor’s maximum

message-handling capacity that some

short-term solution to the problem is

necessary to avoid risking unacceptable

delays and queuing in the dissemination

of real-time options market information.

Although some long-term solutions have

been proposed in the course of the

Options Capacity Planning and Quote

Mitigation Program that has been taking

place over the past several months,

these may not be in place soon enough

to deal with the current expansion of

message traffic.5 Accordingly, as part of

that Program, OPRA’s participant

exchanges, in the presence of

Commission staff pursuant to the

September 1999 Order, have agreed

upon the capacity allocation that is

proposed in this filing. Because this

allocation is based upon an assumed

maximum processor capacity of 3,000

messages per second, which the

processor advises is a realistic number,

OPRA believes that it should serve the

intended purpose of avoiding delays

and queues in OPRA’s real-time stream

of market information. To retain

sufficient flexibility to deal with

changed circumstances within and

among the options markets, including

the planned commencement of options

trading by the International Securities

Exchange, the proposed allocations will

remain in effect only until January 30,

2000, unless OPRA decides that the

proposed allocation or some revised

allocation should be continued beyond

that date.6

II. Implementation of the Plan

Amendment

OPRA believes the temporary

implementation of the proposed

capacity allocation program is essential

to avoid delays and queues in the

dissemination of options market

information, which in turn is necessary

to achieve the objective of Section

11A(a)(1)(C)(iii),7 including to assure

the availability to brokers, dealers and

investors of information with respect to

quotations for and transactions in

securities. Accordingly, OPRA requests

the Commission to permit the proposed

allocation program to be put into effect

summarily upon publication of notice of

this filing, on a temporary basis,

pursuant to paragraph (c)(4) of Rule

11Aa3–2,8 based on a finding by the

Commission that such action is

necessary or appropriate in the public

interest, for the protection of investors

or the maintenance of fair and orderly

markets, to remove impediments to, and

perfect the mechanisms of, a national

market system, or is otherwise in

furtherance of the purposes of the Act.

III. Solicitation of Comments

Interested persons are invited to

submit written data, views, and

arguments concerning the foregoing,

including whether the proposed Plan

amendment 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, and 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 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 the filing also will be available

at the principal offices of OPRA. All

submissions should refer to file number

SR–OPRA–00–01 and should be

submitted by February 9, 2000.

IV. Commission’s Findings and Order

Granting Accelerated Approval of

Proposed Plan Amendment

After careful review, the Commission

finds that the proposed amendment is

consistent with the requirements of the

Act and the rules and regulations

thereunder.9 Specifically, the

Commission believes that the proposed

amendment, which allocates the limited

capacity of the OPRA system among the

options markets, is consistent with Rule

11Aa3–2 in that it will contribute to the

maintenance of fair and orderly markets

and remove impediments to and perfect

the mechanisms of a national market

system. The Commission notes that the

aggregate message traffic generated by

the options exchanges is rapidly

approaching the outside limit of OPRA’s

systems capacity. OPRA’s processor has

informed the Commission that current

plans to enhance OPRA’s systems are

not expected to be completed before the

end of the first quarter of this year, at

the earliest. Consequently, the

Commission is concerned that, absent

an agreed-to program to allocate systems

capacity among the options markets that

is put in place immediately, systems

queuing of options quotes may be the

norm, to the detriment of all investors

and other participants in the options

markets. The Commission believes that

the agreed-upon allocation proposal is a

reasonable means for addressing

potential strains on capacity that may

3000 Federal Register / Vol. 65, No. 12 / Wednesday, January 19, 2000 / Notices

10 15 U.S.C. 78k–1.

11 17 CFR 240.11Aa3–2.

12 17 CFR 200.30–3(a)(29).

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

2 17 CFR 240.19b–4.

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

4The Commission approved, on a pilot basis, the

implementation of the Exchange’s E-Session. See

Securities Exchange Act Release No. 42004 (October

13, 1999), 64 FR 56548 (October 20, 1999), (SR–

CHX–99–16). The E-Session takes place from 3:30

p.m. to 5:30 p.m., Central Time, Monday through

Friday. The E-Session is approved to continue

through March 1, 2000.

5According to the Exchange, the vast majority of

the vast majority of the securities that trade during

the E-Session are already subject to order

processing and transaction fee waivers under the

current fee schedule because they are either

NASDAQ/NMS issues or issues within the S&P 500.

Waiving fees on the very few remaining securities

and on floor broker transactions in all securities

simplifies the Exchange’s fee-related

communications with its members.

6 15 U.S.C. 78f(b)(4).

occur between now and January 30,

2000.

The Commission finds good cause to

accelerate the proposed Plan

amendment prior to the thirtieth day

after the day of publication in the

Federal Register. The Commission notes

that the proposed Plan amendment is

intended to allocate OPRA system

capacity for a short period of time to

mitigate potential disruption to the

orderly dissemination of options market

information caused by the inability of

the OPRA system to handle the

anticipated quote message traffic. The

Commission believes that approving the

proposed capacity allocation will

provide the options exchanges and

OPRA with an immediate, short-term

solution to a pressing problem, while

giving the Commission and the options

markets additional time to evaluate and

possibly, implement, other quote

mitigation strategies. In addition, the

limited time frame of the applicability

of the capacity allocation program

should provide the Commission and the

options exchanges with greater

flexibility to modify the program, as

necessary, to ensure the fairness of the

allocation process to all of the options

markets going forward. The Commission

finds, therefore, the granting accelerated

approval of the proposed Plan

amendment is appropriate and

consistent with Section 11A of the

Act.10

V. Conclusion

It is therefore ordered, pursuant to

Rule 11Aa3–2 of the Act,11 that the

proposed Plan amendment (SR–OPRA–

00–010 is approved on an accelerated

basis through January 30, 2000.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.12

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–1170 File 1–18–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–42329; File No. SR–CHX–

99–29]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Chicago Stock Exchange, Incorporated

Restating and Amending Membership

Dues and Fees Schedule

January 11, 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 December

27, 1999, the Chicago Stock Exchange,

Incorporated (‘‘CHX’’ or ‘‘Exchange’’)

filed with the Securities and Exchange

Commission (‘‘Commission’’) the

proposed rule change as described in

Items, I, II, and III below, which Items

have been prepared by the Exchange.

The Exchange has designated this

proposal as one establishing or changing

a due, fee, or other charge imposed by

the CHX under Section 19(b)(3)(A)(ii) of

the Act,3 which renders the proposal

effective upon filing with the

Commission. 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 Exchange proposes to restate and

amend its membership dues and fees

schedule (‘‘Schedule’’) to better organize

and define the charges included in the

Schedule; delete references to obsolete

charges and confirm specific charges

rebilled to members and member firms;

and continue, through March 1, 2000,

the waiver of all transaction, order

processing and floor broker fees for

transactions that occur during the

Exchange’s after-hours trading session

(‘‘E-Session’’). The text of the proposed

rule change is available upon request

from the CHX or the Commission.

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

The proposed rule change restates and

amends the Schedule. The proposal

primarily reorganizes individual items

by grouping them under more

descriptive and more appropriate

headings, and changes descriptions to

better define the charges assessed or

rebilled by the Exchange. The proposed

changes to the Schedule also delete

references to obsolete charges and

identify specific charges rebilled to

members and member firms by the

Exchange. Finally, the proposal

includes provisions to eliminate,

through March 1, 2000, order

processing, transaction and floor broker

fees for transactions that occur during

the E-Session.4 This last portion of the

proposal is designed to allow CHX

members to participate in the E-Session

without incurring the fees normally

associated with their CHX transactions.5

2. Statutory Basis

The Exchange believes the proposed

rule change is consistent with section

6(b)(4) of the Act 6 in that it provides for

the equitable allocation of reasonable

dues, fees and other charges among its

members.

B. Self-Regulatory Organization’s

Statement of Burden on Competition

The Exchange does not believe that

the proposed rule change will impose

any inappropriate burden on

competition.