[Federal Register Volume 62, Number 183 (Monday, September 22, 1997)]
[Notices]
[Pages 49553-49554]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-25026]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-39080; International Series Release No. 1100; File No. 
SR-ODD-97-1]


Self-Regulatory Organizations; OMLX, The London Securities and 
Derivatives Exchange Limited; Order Approving Proposed Options 
Disclosure Document, as Amended

September 15, 1997.
    On June 30, 1997, OMLX, The London Securities and Derivatives 
Exchange

[[Page 49554]]

Limited submitted to the Securities and Exchange Commission (``SEC'' or 
``Commission''), pursuant to Rule 9b-1 under the Securities Exchange 
Act of 1934 (``Act''),\1\ five preliminary copies of its options 
disclosure document (``ODD''), which describes the risks and 
characteristics of OMLX exchange-traded put and call options available 
to American investors.
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    \1\ 17 CFR 240.9b-1.
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    On August 15, the OMLX exchange submitted an amendment to the ODD 
providing that the National Association of Securities Dealers, Inc. 
(the ``NASD''), will not serve as a U.S. custodian of OMLX's Rulebook, 
ODD, and registration statement, which includes a prospectus.\2\
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    \2\ These documents will be available by request to OMLX, The 
London Securities and Derivatives Exchange, Limited, 107 Cannon 
Street, London EC4N 5AD, or by accessing OMLX's Internet address at: 
http:\\omgroup.com\.
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    Rule 9b-1 provides that an options market must file five 
preliminary copies of an ODD with the Commission at least 60 days prior 
to the date definitive copies of the ODD are furnished to customers, 
unless the Commission determines otherwise, having due regard to the 
adequacy of information disclosed and the protection of investors. In 
addition, Rule 9b-1 requires an options market to file five copies of 
an amendment to the ODD with the Commission at least 30 days prior to 
the date definitive copies are furnished to customers, unless the 
Commission determines otherwise, having due regard to the adequacy of 
information disclosed and the protection of investors. The Commission 
has reviewed the OMLX exchange's ODD, as amended, and finds that it is 
consistent with the protection of investors and in the public interest 
to allow the distribution of the disclosure document as of the date of 
this order.\3\
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    \3\ Rule 9b-1 provides that the use of an ODD shall not be 
permitted unless the options class to which the document relates is 
the subject of an effective registration statement on Form S-20 
under the Securities Act of 1933. On September 12, 1997, the 
Commission, pursuant to delegated authority, declared effective, 
OMLX's Form S-20 registration statement. See File No. 333-34519.
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    It is therefore ordered, pursuant to Rule 9b-1 under the Act,\4\ 
that the proposed OMLX ODD, as amended, is approved, on an accelerated 
basis.

    \4\ 17 CFR 240.9b-1.
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    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\5\
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    \5\ 17 CFR 200.30-3(a)(39).
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by Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-25026 Filed 9-19-97 8:45 am]
BILLING CODE 8010-01-M