Federal Register / Vol. 62, No. 178 / Monday, September 15, 1997 / Notices 48333

12 In approving this rule, the Commission has

considered the proposed rule’s impact on

efficiency, competition, and capital formation. 15

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

13See Original Split Approval Order, supra note

6.

14 15 U.S.C. 78s(b)(2).

15 17 CFR 200.30–3(a)(12).

rules of an exchange be designed to

promote just and equitable principles of

trade, to prevent fraudulent and

manipulative acts, and, in general, to

protect investors and the public

interest.12

The Exchange has represented that

the enhanced parity split for 3D FCOs

is not frequently used and has not

served as an effective means of

attracting order flow to the Exchange.

When the enhanced parity split for 3D

FCOs was initially approved, the

Commission stated that it was

reasonable for the Exchange to grant

these benefits to specialists as long as

they did not unreasonably restrain

competition or harm investors. In

addition, the Commission believed that

granting these benefits to specialists was

within the business judgement of the

Exchange.13 Similarly, the Commission

believes that it is within the business

judgement of the Exchange to eliminate

these benefits to specialists, provided

that competition is not unreasonably

restrained nor investors harmed.

Accordingly, the Commission believes

that it is reasonable for the Exchange to

rescind the enhanced parity split and

examine other potential methods of

attracting order flow to the Exchange.

The Commission finds good cause for

approving Amendment No. 1 to the

proposed rule change prior to the

thirtieth day after the date of

publication of notice of filing thereof in

the Federal Register. Amendment No. 1

does not change the nature of the

proposal, but merely conforms Options

Floor Procedure Advice B–7 to reflect

the elimination of the enhanced

specialist split for 3D FCOs. Further, the

Commission notes that the original

proposal was published for the full 21-

day comment period and no comments

were received by the Commission.

Accordingly, the Commission believes it

is appropriate to approve Amendment

No. 1 to the Exchange’s proposal on an

accelerated basis.

IV. Solicitation of Comments

Interested persons are invited to

submit written data, views and

arguments concerning Amendment No.

1. Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, NW.,

Washington, DC 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 at

the Commission’s Public Reference

Room. Copies of such filing will also be

available for inspection and copying at

the principal office of the abovementioned self-regulatory organization.

All submissions should refer to File No.

SR–Phlx–97–25 and should be

submitted by October 6, 1997.

V. Conclusion

It is therefore ordered, pursuant to

Section 19(b)(2) of the Act,14 that the

proposed rule change (SR–Phlx–97–25)

is approved, as amended.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.15

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–24304 Filed 9–12–97; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF TRANSPORTATION

Surface Transportation Board

[Finance Docket No. 32760]

Union Pacific Railroad Company—

Control and Merger—Southern Pacific

Transportation Company: Reno

Mitigation Study, Preliminary

Mitigation Plan

AGENCY: Surface Transportation Board,

Transportation.

ACTION: Issuance of Preliminary

Mitigation Plan (PMP), request for

public comment, and notice of public

meetings.

SUMMARY: The Surface Transportation

Board’s (Board) Section of

Environmental Analysis (SEA) will

issue the Preliminary Mitigation Plan

(PMP) for the Reno, NV Mitigation

Study on September 15, 1997, for public

review and comment. On August 12,

1996, in Decision No. 44, the Board

approved the Union Pacific/Southern

Pacific merger. As part of its approval,

the Board directed SEA to conduct a

mitigation study to develop additional

tailored environmental mitigation

measures (beyond those already

imposed in Decision No. 44) to address

unique local conditions in Reno and

Washoe County regarding the potential

environmental impacts of increased rail

traffic. The preliminary results of this

study and SEA’s preliminary

recommendations for additional

environmental mitigation measures are

reflected in the PMP. SEA encourages

public comment on the PMP during the

30-day review period, which will end

on October 15, 1997. SEA will distribute

copies of the PMP to interested parties.

In addition, copies of the PMP will be

available at the Reno and Sparks

branches of the Washoe County Public

Library, or by request by calling (202)

565–1539.

SEA will hold two public information

meetings on October 9, 1997, to provide

the public with further opportunity to

comment on the PMP and receive

additional information. SEA will

consider all public comments and issue

a Final Mitigation Plan (FMP) for public

review and comment. Based on the

PMP, FMP, and public comments, SEA

will then make its final

recommendations to the Board. The

public information meetings will be

held on October 9, 1997, at Reno City

Hall, 490 South Center Street, Reno, NV.

The afternoon meeting will include an

informal open house from 1:30 p.m.–

2:30 p.m., followed by a presentation

and formal public meeting beginning at

2:30 p.m. The evening meeting will

include an informal open house from

6:00 p.m.–7:00 p.m., and a formal public

meeting beginning at 7:00 p.m.

Public comments should be submitted

in writing (one original plus 10 copies),

no later than October 15, 1997, to: Office

of the Secretary, Case Control Unit,

Finance Docket No. 32760, Surface

Transportation Board, 1925 K Street,

NW., Washington, DC 20423–0001.

Mark the lower left hand corner of the

envelope: Attention: Elaine K. Kaiser,

Chief, Section of Environmental

Analysis, Environmental Filing—Reno.

FOR FURTHER INFORMATION CONTACT:

Harold McNulty, Section of

Environmental Analysis, Room 500,

Surface Transportation Board, 1925 K

Street, NW., Washington, DC 20423,

(202) 565–1539, TDD for the hearing

impaired: (202) 565–1695.

By the Board, Elaine K. Kaiser, Chief,

Section of Environmental Analysis.

Vernon A. Williams,

Secretary.

[FR Doc. 97–24406 Filed 9–12–97; 8:45 am]

BILLING CODE 4915–00–P