Federal Register / Vol. 62, No. 153 / Friday, August 8, 1997 / Notices 42849

6Amendment No. 1 indicates that while doubling

the price of the Index will not impact the volatility

of the Index, it will serve to increase the absolute

price movements of the Index.

7Phlx will issue a circular to its membership one

week prior to the effective date of the change,

which will advise members of the increase in value

of the OSX. Telephone conversation with Nandita

Yagnick, Phlx, and Margaret Blake, Division of

Market Regulation, Commission (July 31, 1997).

8 15 U.S.C. 78f.

9 15 U.S.C. 78f(b)(5). 10 17 CFR 200.30–3(a)(12).

investors regarding the value of the

existing index options. Phlx notes that

OSX investors believe the value of the

index ($101.46 as of July 16, 1997) is a

detriment to attracting order flow,

because, (1) hedgers are required to

purchase (or sell) a larger number of

options against a lower priced index

thereby increasing transaction costs, and

(2) given that the Index was priced to

resemble a share of common stock,

order flow is being lost to equity options

on these individual issues due to their

higher reflection of volatility.

The purpose of this proposal is to

allow the Exchange to offer for trading

options on the Phlx Oil Service Index

which has an index value twice the

value of the current index. The

proposed new index options would

have the same contract specifications as

the existing index options with the

exception that the index value would be

doubled.6 The new index options would

trade under the current symbol OSX.

The symbol for the existing index

options would be changed to OSB. The

new index would be subject to the same

maintenance standards that were

approved for the existing index in

accordance with the generic

maintenance standards set forth in Phlx

Rule 1009A.

The Exchange will allow the OSB

options to continue to trade until the

listed series expire or no longer have

open interest but trading will be limited

to closing only transactions. No new

options series of OSB options will be

opened after the new index options

begin trading. Options on OSX and

options on OSB will not be fungible,

however, positions will be aggregated

for position limit and exercise limit

purposes. The Exchange will provide

notice to its membership and the public

prior to the effectiveness of this filing by

way of memoranda.7

Phlx believes that the proposed rule

change is consistent with Section 6 of

the Act 8 in general, and in particular,

with Section 6(b)(5),9 in that it is

designed to promote just and equitable

principles of trade, facilitate

transactions in securities while

protecting investors and the public

interest. Specifically, the Exchange

believes that providing a higher valued

index will allow option traders and

investors to take advantage of the higher

volatility. In addition the Exchange

believes that current OSX investors will

not be disadvantaged by this proposal,

because the Exchange will provide

adequate notice and an orderly

procedure, in order to phase out the

existing index options which are

currently trading.

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

Comments were neither solicited nor

received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Within 35 days of the date of

publication of this notice in the Federal

Register or within such longer period (i)

as the Commission may designate up to

90 days or such date if it finds such

longer period to be appropriate and

publishes its reasons for so finding or

(ii) as to which the Phlx consents, the

Commission will:

(A) By order approve such proposed

rule change or

(B) Institute proceedings to determine

whether the proposed rule change

should be disapproved.

IV. Solicitation of Comments

Interested persons are invited to

submit written data, views, and

arguments concerning the foregoing.

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. 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

Section, 450 Fifth Street, N.W.,

Washington, D.C. 20549. Copies of such

filing will also be available for

inspection and copying at the principal

office of Phlx. All submissions should

refer to File No. SR–Phlx–97–30 and

should be submitted by August 29,

1997.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.10

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–20911 Filed 8–7–97; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

Reporting and Recordkeeping

Requirements Under OMB Review

ACTION: Notice of reporting requirements

submitted for 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: Comments should be submitted

on or before September 8, 1997. 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. Submit

comments to the Agency Clearance

Officer and the OMB Reviewer.

FOR FURTHER INFORMATION CONTACT:

Agency Clearance Officer: Jacqueline

White, Small Business Administration,

409 3rd Street, S.W., 5th Floor,

Washington, D.C. 20416, Telephone:

(202) 205–6629.

Omb Reviewer: Victoria Wassmer,

Office of Information and Regulatory

Affairs, Office of Management and

Budget, New Executive Office Building,

Washington, D.C. 20503.

Title: Voluntary Customer Surveys in

Accordance with E.O. 12862.

Form No: N/A.

Frequency: On Occasion.

Description of Respondents: SBA

Participants.

Annual Responses: 85,614.

Annual Burden: 13,102.

Dated: August 4, 1997.

Jacqueline White,

Chief, Administrative Information Branch.

[FR Doc. 97–20924 Filed 8–7–97; 8:45 am]

BILLING CODE 8025–01–M