[Federal Register Volume 62, Number 176 (Thursday, September 11, 1997)]
[Notices]
[Pages 47865-47869]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-24037]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-39000; File No. SR-Phlx-97-23]


Self-Regulatory Organizations; Notice of Filing of Proposed Rule 
Change and Amendment No. 1 Thereto by the Philadelphia Stock Exchange, 
Inc. Relating to the Treatment of PACE Orders in Double-up/Double-Down 
Tick Situations

September 2, 1997.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''), 15 U.S.C. 78s(c)(1), notice is hereby given that on May 2, 
1997, the Philadelphia Stock Exchange, Inc. (``Phlx'' or ``Exchange'') 
filed with the Securities and Exchange Commission (``Commission'') the 
proposed rule change, and on August 4, 1997 filed with the Commission 
Amendment No. 1 thereto,\1\ as described in Items I, II, and III below, 
which Items have been prepared by the self-regulatory organization. The 
Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
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    \1\ See Letter from Philip H. Becker, Senior Vice President and 
Chief Regulatory Officer, Phlx, to Michael Walinskas, Senior Special 
Counsel, Division of Market Regulation, SEC, dated August 1, 1997 
(``Amendment No. 1''). The substance of amendment No. 1 has been 
incorporated into this notice.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Phlx, pursuant to Rule 19b-4 of the Act, proposes to adopt 
paragraph (c) to Supplementary Material .07 of Rule 229, Philadelphia 
Stock Exchange Automatic Communication and Execution (``PACE'') System, 
relating to automatic double-up/double-down price improvement and 
manual double-up/double-down price protection. The operation of the 
PACE System, which is the Exchange's automatic order routing and 
execution system for equity securities, is governed by Phlx Rule 229 
(``PACE Rule'').
    Proposed paragraph (c)(i), Automatic Double-up/Double-down Price 
Improvement, would state that where the specialist voluntarily agrees 
to provide automatic double-up/double-down price improvement to all 
customers and all eligible orders in a security, in any instance where 
the bid/ask spread of the PACE Quote \2\ is a \1/4\ point or greater, 
market and marketable limit orders \3\ in NYSE-listed or Amex-listed 
securities for 599 shares or less that are received through PACE in 
double-up/double-down situations shall be provided with automatic price 
improvement of \1/8\ of a point, beginning at 9:45 a.m. Moreover, a 
specialist voluntarily may agree to provide automatic double-up/double-
down price improvement to larger orders in a particular security to all 
customers under this provision. Automatic double-up/double-down price 
improvement will not occur where the execution price would be outside 
the primary market high/low range for the day, if out-of-range 
protection was elected by the member organization entering the order 
pursuant to Supplementary Material .07(a) of the PACE Rule. In 
addition, the Exchange proposes to adopt a corollary provision in 
Supplementary Material .10(a) to the PACE Rule respecting automatic 
double-up/double-down price improvement for marketable limit orders.
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    \2\ The PACE Quote consists of the best bid/offer among the 
American Stock Exchange (``Amex''), New York Stock Exchange 
(``NYSE''), Pacific Exchange, Phlx, Boston, Cincinnati, and Chicago 
Stock Exchanges, as well as the Intermarket Trading System/Computer 
Assisted Execution System (``ITS/CAES''). See PACE Rule.
    \3\ A market order is an order to buy or sell a stated amount of 
a security at the best price obtainable when the order is received. 
A marketable limit order is an order to buy or sell a stated amount 
of a security at a specified price, which is received at a time when 
the market is trading at or better than such specified price.
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    The Exchange also proposes to adopt an alternative to automatic 
double up/double-down price improvement. Specifically, proposed 
Supplementary Material .07(c)(ii), Manual Double-up/Double-down Price 
Protection would state that where the specialist does not agree to 
provide automatic double-up/double-down price improvement in a 
security, in any instance where the bid/ask spread of the PACE Quote is 
\1/8\ of a point or greater, beginning at 9:45 a.m., the specialist 
must provide manual double-up/double-down price protection to all 
customers and all eligible orders in a security. The manual double-up/
double-down price protection feature causes eligible market and 
marketable limited orders of 599 shares or less in NYSE-listed and 
Amex-listed securities that are received through PACE in double-up/
double-down situations to be stopped at the PACE Quote at the time of 
their entry into PACE. Moreover, a specialist may voluntarily agree to 
provide manual double-up/double-down price protection to larger orders 
in a particular security to all customers under this provision. 
However, if the execution price of an order would be outside the 
primary market high/low range for the day, where out-of-range 
protection is elected by the member organization entering the order, 
the order would be stopped for manual handling by the specialist, 
regardless of the existence of a double-up/double-down situation. 
Manual double-up/double-down price protection does not provide an 
automatic execution or automatic price improvement. Instead, this 
feature stops orders to provide an opportunity for manual price 
improvement in double-up/double-down situations.
    Finally, proposed paragraph (c)(iii) would provide that both 
automatic double-up/double-down price improvement and manual double-up/
double-down price protection may be disengaged in a security or 
floorwide in extraordinary circumstances with the approval of two Floor 
Officials of the Exchange.

[[Page 47866]]

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 organization 
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
    a. Background. As stated above, the PACE System is the Exchange's 
automated order routing and execution system on its equity trading 
floor. The PACE System accepts orders for automatic or manual execution 
in accordance with the provisions of the PACE Rule, which governs the 
operation of the PACE System and defines its objectives and parameters. 
Agency orders received through PACE are subject to certain minimum 
execution parameters and non-agency orders are subject to the 
provisions of Supplementary Material .02 of the PACE Rule. The PACE 
Rule establishes execution parameters for order depending on type 
(market or limit), size, and the guarantees offered by specialists.\4\
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    \4\ The Commission recently approved a number of amendments to 
the execution parameters and guarantees of the PACE Rule. See 
Securities Exchange Act Release No. 38898 (August 1, 1997), 62 FR 
42616 (August 7, 1997) (File No. SR-Phlx-97-11).
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    With respect to market orders, Supplementary Material .05 of the 
PACE Rule currently provides that round-lot market orders up to 500 
shares and partial round-lot (``PRL'') market orders of up to 599 
shares, which combine a round-lot with an odd-lot, are stopped at the 
PACE Quote at the time of their entry into PACE (``Stop Price'') for a 
15 second delay to provide the Phlx specialist with the opportunity to 
effect price improvement when the spread between the PACE Quote exceeds 
\1/8\ of a point. This feature is known as the Public Order Exposure 
System (``POES'') ``window.\5\ If such orders are not executed within 
the POES window, the order is automatically executed at the Stop Price.
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    \5\ The Exchange recently has filed a proposed rule change to 
amend this provision to increase the duration of the POES window to 
30 seconds. See Securities Exchange Act Release No. 38864 (July 23, 
1997), 62 FR 40882 (July 30, 1997) (File No. SR-Phlx-97-32).
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    b. Automatic double-up/double-down price improvement. At this time, 
the Exchange proposes to adopt a double-up/double-down provision 
respecting PACE orders. The proposal consists of two alternatives: 
automatic double-up/double-down price improvement and manual double-up/
double-down price protection. Thus, one purpose of the proposal is to 
provide automatic price improvement to eligible orders. As part of a 
continued effort to improve its execution parameters and promote the 
principle of best execution, the Exchange is proposing to adopt an 
automatic price improvement feature affording eligible orders price 
improvement of an \1/8\ of a point from the PACE Quote when received, 
in double-up/double-down situations.
    Under the proposal, a ``double-up/double-down'' situation is 
defined as a trade that would be at least: (i) \1/4\ point (up or down) 
from the last regular way sale on the primary market; or (ii) \1/4\ 
point from the regular way sale that was the previous intra-day change 
on the primary market. The term ``double'' originated with two \1/8\ 
point ticks, meaning \1/4\ of a point. Under the proposal, a down tick 
of \1/16\ of a point followed by a down tick of \3/16\ of a point would 
be a double-down situation, because it equals \1/4\ of a point.
    As an example of the part (i) of the definition of a double-up/
double-down situation, assuming that the specialist has agreed to 
participate in this feature, where the PACE Quote is 22\1/2\-22\3/4\, 
if the last sales on the primary market were 22\3/4\ followed by a down 
tick at 22\5/8\, a double-up/double-down situation would not occur for 
a market order to buy, because buying at 22\3/4\ is a single up tick of 
\1/8\ of a point and, thus, does not meet the \1/4\ point requirement. 
Under the proposal, because no double-up/double-down situation 
occurred, no automatic price improvement would be afforded. However, 
applying part (ii) of the definition, a double-up/double-down situation 
would occur for a sell order, because a sale at 22\1/2\ is a \1/4\ 
point away from the next to last intra-day change, executed at 22\3/4\. 
Under the proposal, the market order to sell would be automatically 
executed at 22\5/8\, providing an \1/8\ point price improvement over 
the otherwise-automatic execution at 22\1/2\.
    Where the PACE Quote is 22\1/4\-22\3/4\, with the last sale at 
22\1/2\, part (i) of the definition would apply to a market order to 
buy or sell, because buying at 22\3/4\ creates a double-up tick (\1/4\ 
of a point away from 22\1/2\) and selling at 22\1/4\ creates a double-
down tick (also \1/4\ of a point away from 22\1/2\).
    If the last sale was at 22\3/4\ and the next-to-last sale was at 
22\1/2\, part (i) of the definition would apply to a market order to 
sell, because selling at 22\1/4\ creates a double-down tick (\1/2\ of a 
point away from 22\3/4\), and part (ii) of the definition would apply 
to a buy order, because buying at 22\3/4\, although not an up or down 
tick from the last sale of 22\3/4\, is \1/4\ of a point away from the 
next to last change, executed at 22\1/2\.
    If the last sale was at 22\5/8\ and the next to last sale was at 
22\1/2\, part (ii) of the definition would apply to a market order to 
buy, because buying at 22\3/4\ creates a double-up tick of (\1/4\ of a 
point away) from 22\1/2\, as well as to a market order to sell, because 
selling at 22\1/4\ creates a double-down tick (\1/4\ of a point away) 
from 22\1/2\.
    Pursuant to part (ii) of the definition of a double-up/double-down 
situation, this term includes qualifying changes from the last change, 
not just the two previous last sales. For example, where the last sales 
on the primary market were: 32\1/2\; 32\3/8\; and 32\3/8\, with the 
PACE Quote at 32\1/4\-32\1/2\, a market order to sell that would 
otherwise be executable at 32\1/4\ should be price-improved to 32\3/8\, 
because it is a double-down tick (\1/4\ of a point away) from the last 
``change'' or sale that was the previous change (meaning the change 
from 22\1/2\ to 22\3/8\).\6\ Under part (i) of the definition, this 
order would not qualify as a double-up/double-down situation, because 
an execution at 22\1/4\ would be only \1/8\ of a point away from the 
last sale of 22\3/8\.
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    \6\ The first down tick was from 32\1/2\ to 32\3/8\, and the 
second down tick would have been from 32\3/8\ to 32\1/4\ had the 
order been executed. The intervening sale at 32\3/8\ does not change 
this result.
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    To explain the interaction between the POES window and the proposal 
at hand, assuming that the PACE Quote is 15\1/2\-\3/4\ and the last 
sale was at 15\1/2\, an order by buy 500 shares would be subject to 
automatic double-up/double-down price improvement, because buying at 
15\3/4\ creates a double up tick (\1/4\ of a point away) from the last 
sale at 15\1/2\. The order would be automatically executed under the 
proposal at 15\5/8\ (giving \1/8\ of a point price improvement over the 
PACE Quote of 15\3/4\) and no POES window would occur. The proposed 
automatic double-up/double-down price improvement feature results in an 
automatic execution, with no window,

[[Page 47867]]

timer or delay. If, on the other hand, the order was to sell 500 
shares, a double-up/double-down situation would not occur, because 
selling at 15\1/2\ is not an up or down tick (not \1/4\ of a point away 
from the last sale); this order would be POES-eligible such that the 
POES window would apply. At the expiration of the POES window, absent 
manual specialist intervention, this order would be manually executed 
at 15\1/2\, its Stop Price.
    This proposal would also apply to marketable limit orders. As an 
example, assuming that the specialist has agreed to participate in the 
automatic double-up/double-down price improvement feature, where the 
PACE Quote is 15\1/2\-15\3/4\, and the last sale was at 15\1/2\, an 
order to buy 500 shares at 15\3/4\ would be subject to automatic 
double-up/double-down price improvement, because buying at 15\3/4\ 
creates a double up tick (\1/4\ of a point away) from the last sale at 
15\1/2\. The order to buy 500 shares at 15\3/4\ is a marketable limit 
order, because it is executable on the offer. Under this proposal, this 
order would be automatically executed at 15\5/8\, receiving price 
improvement of \1/8\ of a point.
    The Exchange notes that the execution resulting from the automatic 
price improvement feature can create a double-up/double-down situation; 
for instance, where the PACE Quote is 31-32\1/4\ and the last sale was 
at 32\3/8\, a sell order that would be executable at 32 would be 
improve to 32\1/8\, which is a double-down tick (\1/4\ point from 32\3/
8\ to 32\1/8\).
    The Exchange proposes to clarify that automatic double-up/double-
down price improvement will not occur where the execution price before 
or after the application of automatic price improvement would be 
outside the primary market high/low range for the day, if so elected by 
the entering member organization. The following example illustrates how 
the execution price before automatic price improvement can be out-of-
range. Where the low for the day is 22\1/4\ and the high is 22\1/2\, 
the last sale was at 22\3/8\ and the PACE Quote is 22\5/8\-22\7/8\, an 
incoming sell order executable at 22\5/8\ would be stopped due to out-
of-range protection (i.e., an execution at 22\5/8\ would have been at a 
price above the 22\1/2\ high for the day) and thus would not be subject 
to automatic price improvement (to 22\3/4\, which also would have been 
out-of-range). An execution at 22\5/8\ would have created a double-up/
double-down situation, because 22\5/8\ is \1/4\ of a point away from 
the last sale at 22\3/8\.
    The next example illustrates how the execution price could be out-
of-range as a result of automatic price improvement. Where the low for 
the day is 22\1/4\ and the high is 22\5/8\, the last sale was at 22\3/
8\ and the PACE Quote is 22\5/8\-22\7/8\, an incoming sell order 
executable at 22\5/8\ would not be improved to 22\3/4\, because such 
price would be out-of-range (i.e., an execution at 22\3/4\ would have 
been at a price above the 22\5/8\ high for the day). Instead, the order 
would revert to manual status, and the specialist would either stop the 
order or execute it at 22\5/8\. Absent out-of-range protection, the 
22\5/8\ execution would have been a double-up situation (\1/4\ of a 
point away from the last sale of 22\3/8\).
    The Exchange is proposing to extend its price improvement 
initiative to double-up/double-down situations, because these are 
particularly suitable for price improvement. Specifically, when the 
current market is \1/4\ of a point away from the last sale price, with 
this trend continuing, as evidenced by consecutive up or down ticks, it 
is consistent with the role of the specialist to enter into stabilizing 
transactions on behalf of public customers.<SUP>7</SUP> Instead of 
affording an automatic execution at the PACE Quote, the proposal 
results in an automatic execution that improves on that price by an \1/
8\ of a point. Thus, automatically executed orders continue to receive 
the important benefits of speedy automatic execution and reporting, 
while also receiving price improvement. Heretofore, price improvement 
was synonymous with delay. Now, price improvement would be automatic 
for eligible orders. The proposal enables specialist to extend this 
innovative price improvement procedure to larger orders.
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    \7\ See Phlx Rule 203(d).
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    The Exchange has determined that, as with many PACE features and 
participation in the PACE System itself, automatic double-up/double-
down price improvement should be made available on a voluntary, symbol-
by-symbol basis, so that specialists can determine which securities are 
suitable for the program. The availability of a price improvement 
feature benefits the specialist function, especially in high-volume 
securities, where stopping orders and manual intervention are time-
consuming, delay execution and do not necessarily result in price 
improvement. The proposed feature triggers a superior result--an 
immediate automatic execution, with no specialist intervention or 
delay.
    c. Manual double-up/double-down price protection. Second, the 
Exchange proposes to adopt a manual double-up/double-down price 
protection provision as Supplemental Paragraph .07(c)(ii) of the PACE 
Rule. Currently, a form of such price protection is a feature of the 
Pace System, but is neither mandatory, nor available in all 
securities.\8\ Nor has it been incorporated into Exchange rules. Thus, 
the Exchange is proposing to replace the existing voluntary feature 
with the proposed mandatory feature. This aspect of the proposal is 
intended to require a double-up/double-down feature of specialists who 
do not choose to participate in the automatic price improvement 
feature.
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    \8\ The current double-up/down price protection feature has been 
in use since 1991. If elected by the entering member organization in 
a security selected by the specialist as eligible for this feature, 
orders within the specialist's automatic execution guarantee size 
are stopped in double-up/down situations.
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    Manual price protection is proposed to be a mandatory requirement 
floor-wide in all Phlx non-primary PACE-eligible stocks. Manual price 
protection would apply in \1/8\ point-wide markets or greater; thus, 
unlike automatic price improvement, which is triggered by \1/4\ point-
wide markets, a \3/16\ point-wide market would trigger manual price 
protection.
    The proposed manual double-up/double-down price protection 
provision would stop eligible orders for an opportunity for manual 
price improvement by the specialist. Under this proposal, an order 
would be ``stopped'' by the specialist at the PACE Quote at the time of 
its entry into PACE, meaning that the order is guaranteed to receive at 
least that price by the end of the trading day. Consistent with Phlx 
Floor Procedure Advice A-2, specialists are required to display stopped 
orders at the improved price and any contra-side orders received by the 
specialist will be taken into account for purposes of determining when 
to execute a stopped order and at what price. The purpose of stopping 
an order is to seek a better price for the order, by probing the market 
further or facilitating the order in a proprietary account at that 
better price.
    Thus, the purpose of a manual price protection provision is to 
provide an alternative double-up/double-down feature, which allows for 
price improvement, albeit not automatic, for securities which the 
specialist has determined are not appropriate for the automatic 
feature, due to, for example, liquidity, trading patterns and 
volatility. Less liquid stocks may trade in sizes that render it unfair 
to specialists to afford automatic price improvement to such orders and 
manage the resulting positions. The reference to trading

[[Page 47868]]

patterns may cover stocks where the spread between the bid and offer is 
very narrow, with little trading occurring between such bid/offer 
spread, or very wide, with most trading on the bid/offer. Low 
volatility stocks may not be appropriate for automatic price 
improvement, because little movement in the stock may also indicate 
little trading in between the bid/offer. Recognizing that not all 
stocks should be treated the same, the Exchange notes that different 
automatic execution sizes are permissible under the PACE Rule (with a 
minimum of 599 shares).\9\ The Exchange believes that offering an 
opportunity for manual price improvement promotes the goal of best 
execution on the Phlx.
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    \9\ The Exchange also notes that all stocks on the CHX are not 
eligible for SuperMAX, the CHX's automatic price improvement 
program. Article XX, Rule 37(c) of the CHX Rules states that 
specialists may choose to participate on a stock-for-stock basis.
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    d. Both features. For both automatic price improvement and manual 
price protection, specialists may establish higher sizes than the 599 
share minimum (but less than or equal to the specialist's automatic 
execution guarantee), which may be changed effective the next day. 
Member organizations entering PACE orders (``PACE Users'') will be 
notified of any such changes.
    Specialists choosing to activate the automatic feature would also 
be subject to the procedure described above (i.e., it would become 
effective the next day). In addition, switching between the automatic 
and manual features triggers this procedure. Signing up for the manual 
price protection feature is not required, because all specialists will 
be required to participate.
    The Exchange notes that PACE Users may choose whether to receive 
the protections offered by the double-up/double-down features (both, 
not a particular one). In reality, most PACE Users today have elected 
to receive at least manual protection, which is proposed to be 
mandatory for all specialists. However, some PACE Users may determine 
not to participate in either double-up/double-down feature. For 
instance, a PACE User may determine that the certainty and speed of an 
automatic execution--a factor in a broker-dealer's decision respecting 
best execution obligations--outweigh the delay associated with being 
stopped for potential manual price improvement.
    The Exchange notes that odd-lots are not eligible for either 
double-up/double-down price improvement or price protection. The 
Exchange also notes that the double-up/double-down features are 
available for orders that are eligible for automatic execution only. 
For instance, non-marketable limit orders and orders exceeding a 
specialist's automatic execution guarantee are not eligible for either 
feature, because the features depend upon either stopping or 
automatically improving orders guaranteed a certain automatic execution 
price.
    Pursuant to proposed subparagraph .07(c)(iii) to the PACE Rule, 
both automatic double-up/double-down price improvement and manual 
double-up/double-down price protection may be disengaged in a security 
or floor-wide in extraordinary circumstances. In addition to fast 
market conditions, for purposes of this paragraph, extraordinary 
circumstances also include systems malfunctions and other circumstances 
that limit the Exchange's ability to disseminate or update market 
quotations in a timely and accurate manner.
2. Statutory Basis
    In sum, the Exchange believes that the proposed price improvements 
features enhance the many benefits of the PACE System. For the reasons 
discussed above, the Exchange believes that the proposed rule change is 
consistent with Section 6 of the Act in general,\10\ and in particular, 
with Section 6(b)(5), in that it is designed to promote just and 
equitable principles of trade, remove impediments to and perfect the 
mechanism of a free and open market and a national market system, as 
well as to protect investors and the public interest by providing an 
opportunity for price improvement for eligible orders, whether 
automatic or manual. In order to champion the principle of best 
execution, the Exchange has listened and responded to its PACE 
customers and members by developing these innovation price improvement 
features. The Exchange also believes that the proposal is consistent 
with Section 11A of the Act,\11\ and paragraph (a)(1) thereunder, which 
encourages the use of new data processing and communication techniques 
that create the opportunity for more efficient and effective market 
operations. Specifically, the proposal is consistent with the public 
interest and investor protection purposes of Section 11A, in that it 
should assure the practicability of executing customer orders in the 
best market as well as an opportunity for investors' orders being 
executed without the participation of a dealer.
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    \10\ 15 U.S.C. Sec. 78(f).
    \11\ 15 U.S.C. Sec. 78k-1.
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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

    No written comments were either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Within 35 days of the publication of this notice in the Federal 
Register or within such longer period (i) as the Commission may 
designate up to 90 days of such date if it finds such longer period to 
be appropriate and publishes its reasons for so finding or (ii) as to 
which the self-regulatory organization consents, the Commission will:
    (A) By order approve the 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 at 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 the Exchange. All 
submissions should refer to File No. SR-Phlx-97-23 and should be 
submitted by October 2, 1997.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(12).

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[[Page 47869]]

Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-24037 Filed 9-10-97; 8:45 am]
BILLING CODE 8010-01-M