Federal Register / Vol. 65, No. 118 / Monday, June 19, 2000 / Notices 38015

5 15 U.S.C. 78s(b)(3)(A).

6 17 CFR 240.19b–4(f)(2).

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

2 17 CFR 240.19b–4.

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

4 17 CFR 240.19b–4(f)(6).

5The Exchange provided the Commission with

written notice of its intent to file the proposal on

May 24, 2000, pursuant to Rule 19b–4(f)(6). 17 CFR

240.19b–4(f)(6).

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange 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

No written comments were solicited

or received with respect to the proposed

rule change.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The foregoing rule change, which

establishes or changes a due, fee or

other charge imposed by the Exchange,

has become effective pursuant to

Section 19(b)(3)(A) of the Act 5 and

subparagraph (f)(2) of Rule 19b–4

thereunder.6 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 the furtherance of the

purposes of the Act.

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 in Washington, D.C.

Copies of such filing will also be

available for inspection and copying at

the principal office of the Amex. All

submissions should refer to File No.

SR–AMEX–00–28 and should be

submitted by July 10, 2000.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–15345 Filed 6–16–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–42916; File No. SR–CHX–

00–17]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Chicago Stock Exchange, Incorporated

Relating to Entry and Execution of

‘‘Immediate or Cancel’’ Limit Orders

During the E-Session

June 9, 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 June 1,

2000, the Chicago Stock Exchange,

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

filed with the Securities and Exchange

Commission (‘‘Commission’’ or ‘‘SEC’’)

the proposed rule change as described

in Items I, II and III below, which Items

have been prepared by the Exchange.

The Exchange filed the proposal

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

Act,3 and Rule 19b–4(f)(6) thereunder,4

which renders the proposal effective

upon filing with the Commission.5 The

Commission is publishing this notice to

solicit comments on the proposed rule

change from interested person.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposal

The Exchange proposes to amend

Article XXA, Rules 8 and 12 of the

Exchange’s rules, to permit entry and

execution of ‘‘immediate or cancel’’

(‘‘IOC’’) limit orders during the

Exchange’s extended trading hours

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

proposed rule is below. Additions are in

italics.

Chicago Stock Exchange Rules

Article XXA

Trading Rules and Procedures

Applicable to Equity Trading During

the Extended Trading Session

* * * * *

Manner of Making Bids and Offers

Rule 8. The only orders eligible to be

entered during the E-Session are

unconditional limit orders or immediate

or cancel limit orders for E-Session

Eligible Securities. These orders shall be

electronically and directly transmitted,

via MAX, to the specialist’s limit order

book; except that Floor Brokers (1) may

route limit orders via MAX to the

specialist’s limit order book or, where

permissible, transmit them to another

market; or (2) may, after receiving a

limit order to buy and a limit order to

sell an equivalent amount of the same

security (a) execute the orders at the

specialist’s post pursuant to Article XX,

Rule 23 or (b) route the orders via MAX

to the specialist’s limit order book.

NASDAQ System market makers, acting

in their capacities as market makers,

shall have direct telephone access to the

specialist post in each NASDAQ/NM

Security in which that market maker is

registered as market maker to transmit

orders for execution on the Exchange.

Rule 9. No change in text.

Rule 10. No change in text.

Rule 11. No change in text.

Rule 12. No member or member

organization may accept an order from

a non-member for execution in the ESession without first disclosing to that

non-member that: (1) Orders for ESession Eligible Securities are eligible

only for a single E-Session and, if not

executed during that E-Session, shall

automatically be canceled; (2)

unconditional limit orders and

immediate or cancel limit orders are the

only orders that are eligible for

execution in the E-Session; (3) there is

likely to be less liquidity during trading

that occurs once normal trading hours

have ended and, as a consequence, there

may be greater fluctuations in securities

prices; and (4) distinct systems and

facilities trade securities after normal

trading hours have ended and, as a

consequence, at any particular time,

quotations and transaction prices for a

security may vary among those systems.

* * * Interpretations and Policies

.01 For purposes of this article

‘‘immediate or cancel’’ orders are limit

orders requiring the broker or specialist

to purchase or sell as much of the order

as can be executed as soon as the order

is received, with the unexecuted balance

of the order to be canceled immediately,

38016 Federal Register / Vol. 65, No. 118 / Monday, June 19, 2000 / Notices

6See Securities Exchange Act Release No. 42004

(October 13, 1999), 64 FR 56548 (October 20, 1999).

7CHX quotes would continue to be publicly

displayed as required by the CTA and CQ plans.

8 15 U.S.C. 78f(b).

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

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

11 17 CFR 240.19b–4(f)(6).

12For purposes only of accelerating the operative

date of this proposal, the Commission has

considered the proposed rule’s impact on

efficiency, competition, and capital formation. 15

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

II. Self-Regualtory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission, the

CHX included statements concerning

the purpose of and basis for its proposal

and discussed any comments it received

regarding the proposal. The text of these

statements may be examined at the

places specified in Item IV below. The

CHX 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 Exchange proposes to amend

Article XXA, Rules 8 and 12 of the

Exchange’s rules to permit entry and

execution of IOC limit orders during the

E-Session. The Exchange proposes that

this change take effect on or after June

15, 2000.

On October 13, 1999, the Commission

approved rules allowing the Exchange

to implement the E-Session.6 During the

E-Session, which operate between 3:30

p.m. and 5:30 p.m., Central Time,

Exchange specialists and floor brokers

currently may only accept and execute

unconditional limit orders in selected

eligible securities. The Exchange

proposes to amend its rules to permit

CHX specialists and floor brokers to

execute both unconditional limit orders

and IOC limit orders. IOC limit orders

are limit orders that require the

executing broker or specialist to

purchase or sell as much of the order as

can be executed as soon as the order is

received, with the unexecuted balance

of the order to be canceled immediately.

For example, if a specialist is quoting a

market of 50/ 501⁄4 3000 shares up, and

the specialist receives an IOC limit

order to buy 500 shares at 501⁄4, the

specialist would fill the order up to 300

shares and cancel the remainder of the

order. Similarly, if a specialist with the

same quote receives an immediate or

cancel limit order to buy 500 shares at

501⁄8, a price away from the market, the

specialist would not fill any portion of

the order and it would be canceled

immediately.

The Exchange seeks to add IOC limit

orders to the E-Sesson to facilitate an

anticipated linkage with other

participants in the after-hours trading

environment. Beginning June 15, 2000,

the Exchange hopes to have in place a

linkage with a group of electronic

communications networks (‘‘ECNs’’ that

would allow CHX quotes to be

displayed and accessible to

participating markets.7 In this new

environment, an order handling system

maintained by one of the ECNs would

seek out the best bid or offer among

participating ECNs and the Exchange,

and would route an order to that market.

Because many ECNs accept IOC limit

orders during their after-hours trading

sessions, the Exchange can participate

in this linkage only if it has the ability

to accept and execute IOC limit orders.

Given the anticipated benefits of this

linkage, and the relative lack of risk to

investors if IOC limit orders are

rendered eligible for the E-Session, the

Exchange believes that the proposed

rule change is warranted.

Statutory Basis

The CHX believes the proposed rule

change is consistent with the

requirements of the Act and the rules

and regulations thereunder that are

applicable to a national securities

exchange, and, in particular, with the

requirements of Section 6(b) of the Act.8

The Exchange believes the proposed

rule change is consistent with Section

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

to promote just and equitable principles

of trade, to remove impediments to, and

to perfect the mechanism of, a free and

open market and a national market

system, and, in general, to protect

investors and the public interest.

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.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants or Others

No written comments were either

solicited or received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Because the foregoing 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 it was filed, or

such shorter time as the Commission

may designate, it has become effective

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

Act 10 and Rule 19b–4(f)(6)

thereunder.11 At any time within 60

days of the filing of the 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 Exchange has requested that the

Commission accelerate the operative

date. The Commission finds that it is

appropriate to designate the proposal to

become operative as of June 15, 2000

because such designation is consistent

with the protection of investors and the

public interest. Acceleration of the

operative date will allow the CHX to

participate in a linkage with other

participants in the after-hours trading

environment, thereby improving

transparency in the after-hours

environment, and allowing investors

greater choices with regard to the types

of orders they may place after-hours. For

these reasons, the Commission finds

good cause to designate that the

proposal become operative as of June

15, 2000.12

IV. Solicitation of Comments

Interested persons are invited to

submit written data, views, and

arguments concerning the foregoing,

including whether the proposal 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 provision

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 CHX. All

Federal Register / Vol. 65, No. 118 / Monday, June 19, 2000 / Notices 38017

13 17 CFR 200.30–3(a)(12).

submissions should refer to file number

SR–CHX–00–17 and should be

submitted by July 10, 2000.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.13

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–15346 Filed 6–16–00; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

Reporting and Recordkeeping

Requirements Under OMB Review

AGENCY: Small Business Administration.

ACTION: Notice of Reporting

Requirements Submitted for OMB

Review.

SUMMARY: Under the provisions of the

Paperwork Reduction Act (44 U.S.C.

Chapter 35), agencies are required to

submit proposed reporting and

recordkeeping requirements to OMB for

review and approval, and to publish a

notice in the Federal Register notifying

the public that the agency has made

such a submission.

DATES: Submit comments on or before

July 19, 2000. If you intend to comment

but cannot prepare comments promptly,

please advise the OMB Reviewer and

the Agency Clearance Officer before the

deadline.

COPIES: Request for clearance (OMB 83–

1), supporting statement, and other

documents submitted to OMB for

review may be obtained from the

Agency Clearance Officer.

ADDRESSES: Address all comments

concerning this notice to: Agency

Clearance Officer, Jacqueline White,

Small Business Administration, 409 3rd

Street, S.W., 5th Floor, Washington,

D.C. 20416; and OMB Reviewer, Office

of Information and Regulatory Affairs,

Office of Management and Budget, New

Executive Office Building, Washington,

D.C. 20503.

FOR FURTHER INFORMATION CONTACT:

Jacqueline White, Agency Clearance

Officer, (202) 205–7044.

SUPPLEMENTARY INFORMATION:

Title: Survey of Job Creation and

Retention in the DELTA Program.

No.: 1989.

Frequency: On Occasion.

Description of Respondents: Small

firms that receive a SBA DELTA Loan.

Annual Responses: 35.

Annual Burden: 8.25.

Jacqueline White,

Chief, Administrative Information Branch.

[FR Doc. 00–15419 Filed 6–16–00; 8:45 am]

BILLING CODE 8025–01–P

SMALL BUSINESS ADMINISTRATION

[Declaration of Economic Injury Disaster

#9H52]

State of New York

Albany County and the contiguous

counties of Columbia, Greene,

Schoharie, Schenectady, Saratoga, and

Rensselaer in the State of New York

constitute an economic injury disaster

loan area due to an embankment failure

(landslide) that occurred on May 16,

2000 in the Town of Bethlehem, as a

result of heavy rainfall. Eligible small

businesses and small agricultural

cooperatives without credit available

elsewhere may file applications for

economic injury assistance as a result of

this disaster until the close of business

on March 9, 2001 at the address listed

below or other locally announced

locations: U.S. Small Business

Administration, Disaster Area 1 Office,

360 Rainbow Blvd, South, 3rd Floor,

Niagara Falls, NY 14303.

The interest rate for eligible small

businesses and small agricultural

cooperatives is 4 percent.

(Catalog of Federal Domestic Assistance

Program No. 59002)

Dated: June 9, 2000.

Kris Swedin,

Acting Administrator.

[FR Doc. 00–15423 Filed 6–16–00; 8:45 am]

BILLING CODE 8025–01–P

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster #3263]

State of Tennessee

Cheatham County and the contiguous

counties of Davidson, Dickson,

Montgomery, Robertson, and

Williamson in the State of Tennessee

constitute a disaster area due to

damages caused by severe

thunderstorms, tornadoes, and heavy

rains that occurred May 23–31, 2000.

Applications for loans for physical

damage as a result of this disaster may

be filed until the close of business on

August 11, 2000 and for economic

injury until the close of business on

March 12, 2001 at the address listed

below or other locally announced

locations: U.S. Small Business

Administration, Disaster Area 2 Office,

One Baltimore Place, Suite 300, Atlanta,

GA 30308.

The interest rates are:

Percent

For Physical Damage:

HOMEOWNERS WITH CREDIT AVAILABLE ELSEWHERE ......................................................................................................... 7.375

HOMEOWNERS WITHOUT CREDIT AVAILABLE ELSEWHERE .................................................................................................. 3.687

BUSINESSES WITH CREDIT AVAILABLE ELSEWHERE ............................................................................................................. 8.000

BUSINESSES AND NON-PROFIT ORGANIZATIONS WITHOUT CREDIT AVAILABLE ELSEWHERE ...................................... 4.000

OTHERS (INCLUDING NON-PROFIT ORGANIZATIONS) WITH CREDIT AVAILABLE ELSEWHERE ....................................... 6.750

For Economic Injury:

BUSINESSES AND SMALL AGRICULTURAL COOPERATIVES WITHOUT CREDIT AVAILABLE ELSEWHERE D4.000%.

The numbers assigned to this disaster

are 326306 for physical damage and

9H5300 for economic injury.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008)

Dated: June 12, 2000.

Aida Alvarez,

Administrator.

[FR Doc. 00–15422 Filed 6–16–00; 8:45 am]

BILLING CODE 8025–01–P

DEPARTMENT OF STATE

[Public Notice 3337]

Bureau for International Narcotics and

Law Enforcement Affairs; International

Demand Reduction Program (IDR)

AGENCY: Office of Europe, NIS, and

Training; Bureau for International