36850 Federal Register / Vol. 65, No. 113 / Monday, June 12, 2000 / Notices

3AEU’s principal assets are to 44MW generation

units in Springdale, Pennsylvania.

1 15 U.S.C. 78l(d).

2 17 CFR 240.12d2–2(d).

3 15 U.S.C. 78l(b).

4 17 CFR 200.30–3(a)(1).

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

2 17 CFR 240 19b–4.

3The current proposal replaces an earlier

proposed (file No. SR–Amex–98–19) that the Amex

withdrew. See Securities Exchange Act Release No.

41864 No. 41864 (September 10, 1999), 64 FR 50843

(September 20, 1999).

4See Securities Exchange Act Release No. 41985

(October 7, 1999), 64 FR 55998.

5The modifications made by these amendments

are incorporated in the description of the proposal

in Section II below, and are further discussed in

Section III below.

Hydro obtain the necessary permits and

licenses to operate the Generating

Assets and the Virginia Hydros,

respectively. These services will be

rendered at cost, in accordance with

rules 90 and 91 under the Act. Further,

Applicants request authority for AE

Units 1 and 2, LLC (‘‘AEU’’), a public

utility subsidiary of Allegheny, to merge

with Genco in exchange for Genco

assuming the former company’s

outstanding debt.3

For the Commission by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–14717 Filed 6–9–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

Issuer Delisting; Notice of Application

To Withdraw From Listing and

Registration; (Reunion Industries, Inc.,

Common Stock, $.01 Par Value) File

No. 1–15739

June 5, 2000.

Reunion Industries, Inc. (‘‘Company’’)

has filed an application with the

Securities and Exchange Commission

(‘‘Commission’’), pursuant to Section

12(d) of the Securities Exchange Act of

1934 (‘‘Act’’) 1 and Rule 12d2–2(d)

thereunder,2 to withdraw its Common

Stock, $.01 par value (‘‘Security’’), from

listing and registration on the Pacific

Exchange, Inc. (‘‘PCX’’).

Following the completion of its

merger with Chatwins Group, Inc., on

March 16, 2000, the Company, whose

Security has been listed on the PCX,

additionally effected its listing and

registration on the American Stock

Exchange (‘‘Amex’’). Trading in the

Security on the Amex began on March

23, 2000. The Company’s board of

directors subsequently determined that

the Security’s limited trading volume on

the PCX, compared with that on the

Amex, did not justify the cost of

maintaining such listing. On March 27,

2000, therefore, the Company’s board

passed a resolution authorizing the

withdrawal of the Security from listing

and registration on the PCX.

The PCX, having determined that the

Company complied with the rules of the

PCX governing the withdrawal of the

Security from listing and registration,

has indicated by letter to the Company

that it shall not interpose any objection

to the proposed withdrawal. The matter

was considered and decided by the

Equity Listings Committee of the PCX at

a meeting held on May 2, 2000.

The Company’s application relates

solely to the withdrawal of the Security

from listing and registration on the PCX

and shall have no effect upon the

Security’s continued listing and

registration on the Amex under Section

12(b) of the Act.3

Any interested persons may, on or

before June 26, 2000, submit by letter to

the Secretary of the Securities and

Exchange Commission, 450 Fifth Street,

NW., Washington, DC 20549–0609, facts

bearing upon whether the application

has been made in accordance with the

rules of the PCX and what terms, if any,

should be imposed by the Commission

for the protection of investors. The

Commission, based on the information

submitted to it, will issue an order

granting the application after the date

mentioned above, unless the

Commission determines to order a

hearing on the matter.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.4

Jonathan G. Katz,

Secretary.

[FR Doc. 00–14719 Filed 6–9–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–42894; File No. SR–Amex–

99–36]

Self-Regulatory Organizatons: Orders

Approving a Proposed Rule Change

and Notice of Filing and Order

Granting Accelerated Approval to

Amendment Nos. 1, 2, and 3 to the

Proposed Rule Change by the

American Stock Exchange LLC

Relating to Facilitation, Solicitation,

and Crossing Transactions

June 2, 2000.

I. Introduction

On September 2, 1999, the American

Stock Exchange LLC (‘‘Amex’’ or

‘‘Exchange’’) filed with the Securities

and Exchange Commission (‘‘SEC’’ or

‘‘Commission’’) pursuant to Section

19(b)(1) of the Securities Exchange Act

of 1934 (‘‘Act’’),1 and Rule 19–4

thereunder,2 a proposed rule change to

amend its rules by adopting

Commentary .02(d) and Commentary .04

to Amex Rule 950(d).3 The proposed

rule change was published for comment

in the Federal Register on October 15,

1999.4 On November 1, 1999, May 26,

2000, and May 31, 2000, the Amex filed

Amendment Nos. 1, 2, and 3,

respectively, to the proposal.5 No

comments were received regarding the

proposed rule change. This order

approves the portion of the proposal, as

amended, adopting Commentary .04 to

Amex Rule 950(d); this order also

approves the portion of the proposal

adopting Commentary .02(d) to Amex

Rule 950(d) on a pilot basis until August

31, 2000. Finally, this order accelerates

approval of Amendment Nos. 1, 2 and

3, and solicits comments from interested

persons on those amendments.

II. Description of the Proposal

A. Proposed New Commentary .02(d)

Commentary .02 to Amex Rule 950(d)

generally sets forth the procedures by

which a floor broker representing the

order of a public customer of a member

firm may cross that order with a contra

side order from the firm’s proprietary

account. In these circumstances, the

firm is said to be ‘‘facilitating’’ the

customer order, and the transaction is

called a ‘‘facilitation cross.’’

Under the current version of the rule,

a floor broker seeking to execute a

facilitation cross must first bring the

transaction to the trading floor and

request a market from the trading

crowd. After receiving bids and offers

from the crowd, the floor broker must

propose a price at which to cross the

order that improves upon the price

provided by the crowd. However, before

the floor broker can effect the cross, the

market makers in the crowd are given

the opportunity to take all or part of the

transaction at the proposed price.

Under the current rule, if the crowd

does not want to participate in the trade,

the floor broker may proceed with the

cross. If the crowd wants to take part of

the order, however, the crowd has

precedence and the floor broker may

cross only that amount remaining after

the crowd has taken its portion. If the

crowd wants to take the entire order, the

floor broker will not be able to cross any

part of the order.