Federal Register / Vol. 65, No. 14 / Friday, January 21, 2000 / Notices 3517

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

2 17 CFR 240.19b–4.

1Only Exchange member organizations are

permitted to enter orders on AUTOM and are

charged the relevant fees by the Exchange.

Therefore, only members of the Exchange will be

directly affected by this proposed rule change.

Telephone conversation between Murray Ross,

Secretary, and Madge M. Hamilton on January 4,

2000.

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

5 15 U.S.C. 78f(b)(4).

6 In reviewing this proposal, the Commission has

considered its impact on efficiency, competition,

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

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–42332; File No. SR–Phlx–

99–59]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Philadelphia Stock Exchange, Inc.

Relating to Exemptions for Certain

Customer Executions Via AUTOM and

Increases to Options Transaction

Charges for Firms, ROTs and

Specialists

January 12, 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 Philadelphia Stock

Exchange, Inc. (‘‘Phlx’’ or ‘‘Exchange’’)

filed with the Securities and Exchange

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

the proposed rule 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 Phlx proposes to amend its

schedule of dues, fees and charges to

exempt from customer per contract

transaction and comparison fees,

customer executions on orders of 250

contracts or less delivered through the

Exchange’s Automated Options Market

(‘‘AUTOM’’) electronic delivery and

execution system. The Exchange also

proposes to increase transaction charges

by $.02 per contract for firm and

registered options trade transactions and

$.04 per contract for specialist

transactions. The proposed effective

date of these amended charges is at the

opening of business, January 3, 2000.

The text of the proposed rule change

follows. New text is italicized and

deleted text is bracketed.

SUMMARY OF EQUITY OPTION CHARGES

Option Comparison Charge (applicable to all trades—except specialist

trades):

Per contract

Registered Option Trader ........... $.03

Firm ([Property] Proprietary

[and Customer Execution]) ..... $.04

x Customer Executions ............... $.04

Option Transaction Charge:

13 xCustomer Executions:

Market value less than $1.00 * $.10

Market value $1.00 or over * ... $.10

Firm ** ......................................... $.0[6]8

Registered Option Trader [and

Specialist] ................................ $.1[4]6

Specialist ..................................... $.18

Option Floor Brokerage Assessment

5% of net floor brokerage income.

Floor Brokerage Transaction Fee

$.05 per contract, for floor brokers executing transactions for

their own member firms

See Appendix A for additional fees.

* Block transaction for customer executions of 500 to 999 contracts and 1000 contracts and more are eligible for a discount to

such charges of 15% and 25% repsectively

from the stated rates upon submission to the

PHLX of a customer option block discount

request form with supportive documentation

within thirty (30) days of monthly billing

date.

** Non-clearing firm members’ proprietary

transactions are eligible for the ‘‘firm’’ rate

based upon submission of a PHLX rebate request form with supportive documentation

within thirty (30) days of invoice date.

x Customer executions on orders delivered

through the Exchange’s Automated Options

Market (‘‘AUTOM’’) electronic delivery and

execution system of 250 contracts or less are

exempt from these charges.

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

self-regulatory organization 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 self-regulatory organizations 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 purpose of this proposed rule

change is to amend the Phlx’s fee

schedule to exempt all customer

executions on orders delivered through

AUTOM electronic delivery and

execution system of 250 contracts or

less from equity option transaction and

comparison charges and to offset the fee

exemption by imposing increased per

contract option transaction charges on

firm, registered options traders and

specialist executions to achieve a

revenue neutral effect. The proposed

amended schedule of equity option

charges is designed to promote the

Exchange’s reputation as a cost effective

environment for both customers and

traders to transact their options

business.3

The Phlx believes that the amended

equity option charges are reasonable

and equitable and will encourage

customer order flow to be executed over

the Exchange’s AUTOM electronic

delivery and execution system by

exempting customer transactions from

per contract transaction and comparison

charges. The amended schedule of

equity options charges affords retail

broker/dealers cost savings respecting

electronic delivery and executions of

customer orders.

The Exchange believes that these

changes will help it to meet the

changing needs of customers in the

marketplace and give the Exchange

better means of competing with other

options exchanges for order flow,

particularly in multiply traded issues.

The Exchange also believes the changes

will allow the Exchange to enhance its

operational efficiency.

2. Statutory Basis

The Exchange represents that the

proposed rule change is consistent with

Section 6(b) of the Act 4 in general and

furthers the objectives of Section

6(b)(4) 5 in particular because it

provides for the equitable allocation of

reasonable dues, fees and other charges

among its members.6

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Phlx 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

The Exchange neither solicited nor

received written comments.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The foregoing rule change establishes

or changes a due, fee, or other charge

and, therefore, has become effective

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

3518 Federal Register / Vol. 65, No. 14 / Friday, January 21, 2000 / Notices

7 15 U.S.C. 78s(b)(3)(A).

8 17 CFR 240.19b–4(f)(2).

9 17 CFR 200.30–3(a)(12).

Act 7 of Rule 19b–4 thereunder.8ays 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.

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 at

the Commission’s Public Reference

Room. Copies of such filing also will be

available for inspection and copying at

the principal office of the Exchange. All

submissions should refer to File No.

SR–Phlx–99–59 and should be

submitted by February 11, 2000.

For the Commission, by the Division

of Market Regulation, pursuant to

delegated authority.9

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–1476 Filed 1–20–00; 8:45am]

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

February 22, 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, SW, 5th Floor, Washington, DC

20416; and OMB Reviewer, Office of

Information and Regulatory Affairs,

Office of Management and Budget, New

Executive Office Building, Washington,

DC 20503.

FOR FURTHER INFORMATION CONTACT:

Jacqueline White, Agency Clearance

Officer, (202) 205–7044.

SUPPLEMENTARY INFORMATION:

Title: Disaster Home Business Loan

Inquiry Record.

Form No: 700.

Frequency: On Occasion.

Description of Respondents: Victims

in Presidentially declared disasters.

Annual Responses: 53,478.

Annual Burden: 13,370.

Jacqueline White,

Chief, Administrative Information Branch.

[FR Doc. 00–1436 Filed 1–20–00; 8:45 am]

BILLIING CODE 8025–01–U

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

March 21, 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: Disaster Declaration Governor’s.

Form No: N/A.

Frequency: On Occasion.

Description of Respondents: States

requesting a Presidential Disaster

Declaration.

Annual Responses: 57.

Annual Burden: 1,140.

Jacqueline White,

Chief, Administrative Information Branch.

[FR Doc. 00–1437 Filed 1–20–00; 8:45 am]

BILLING CODE 8025–01–U

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

March 21, 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,