Federal Register / Vol. 62, No. 190 / Wednesday, October 1, 1997 / Notices 51499

10The Display Rule, which requires the display

of customer limit orders priced better than a market

maker or specialist’s quote, and adopted

amendments to the Quote Rule to enhance the

quality of published quotations for securities, and

competition and pricing efficiency in U.S. securities

markets. These rules (collectively, ‘‘Order Handling

Rules’’) were designed to address growing concerns

about the handling of customer orders for securities.

See Securities Exchange Act Release No. 37619A

(September 6, 1996), 61 FR 48290 (September 12,

1996) (‘‘Adopting Release’’). See also Securities

Exchange Act Release Nos. 38110 (January 2, 1997),

62 FR 1279 (January 9, 1997) (order revising the

effective date of the Order Execution Rules to

January 13, 1997); and 38139 (January 8, 1997)

(order revising the effective date of the Order

Execution Rules until January 20, 1997).

11The NYSE proposal requires that specialists

publish certain bids or offers ‘‘immediately (i.e., as

soon as practicable, which under normal market

conditions means no later than 30 seconds from

time of receipt).’’ The Commission notes that some

industry participants have developed automated

systems to ensure that customer limit orders are

displayed no later than 30 seconds from receipt.

Users of such systems, however, should use caution

when relying on these systems for compliance.

While ‘‘default’’ systems that ensure display no

later than 30 seconds after receipt in situations

where a market maker or specialist cannot

otherwise attend to an order are not inappropriate,

market makers or specialists that routinely allow

such a system to display customer limit orders at

the 30th second after receipt would not be deemed

to be in compliance with the Display Rule. The

Display Rule requires immediate display. See Letter

from Richard Lindsey, Director, Division of Market

Regulation, SEC to James F. Duffy, Executive Vice

President and General Counsel, American Stock

Exchange, dated April 1, 1997. 12 17 CFR 200.30–3(a)(12).

transparency objectives of the Order

handling Rules.10 In adopting the Order

Handling Rules, the Commission

increased investor protection by

ensuring that customer limit orders

were immediately displayed in the

markets and by providing investors

information about and access to

superior prices that specialists and

market makers displayed in ECNs.

Although the Order handling Rules

supersede existing NYSE rules, the

proposed rule change will help provide

consistency among Commission and

NYSE rules.11 Consequently, the

proposed changes submitted by the

NYSE will help remove impediments to

the operation of a free and open market

and a national market system, enhance

the protection of investors and the

public interest, and produce fair and

informative quotations.

The Commission finds good cause for

approving the proposed rule change

prior to the thirtieth day after the date

of publication of notice of filing thereof

in the Federal Register in order to

ensure consistency between NYSE rules

and the Order Handling Rules.

It is therefore ordered, pursuant to

Section 19(b)(2) of the Exchange Act,

that the proposed rule change (SR–

NYSE–97–16) be, and hereby is,

approved.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.12

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–25991 Filed 9–30–97; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

Interest Rates

The Small Business Administration

publishes an interest rate called the

optional ‘‘peg’’ rate (13 CFR 120.214) on

a quarterly basis. This rate is a weighted

average cost of money to the

government for maturities similar to the

average SBA direct loan. This rate may

be used as a base rate for guaranteed

fluctuating interest rate SBA loans. This

rate will be 63⁄8 percent for the October–

December quarter of FY 98.

Pursuant to 13 CFR 120.932, the

maximum legal interest rate for a

commercial loan which funds any

portion of the cost of a project (see 13

CFR 120.801) shall be the greater of 6%

over the New York prime rate of the

limitation established by the

constitution or laws of a given State.

The initial rate for a fixed rate loan shall

be the legal rate for the term of the loan.

LeAnn Oliver,

Acting Associate Administrator for Financial

Assistance.

[FR Doc. 97–26027 Filed 9–30–97; 8:45 am]

BILLING CODE 8025–01–M

DEPARTMENT OF TRANSPORTATION

Office of the Secretary

Fitness Determination of Austin

Express, Inc.

AGENCY: Department of Transportation.

ACTION: Notice of Commuter Air Carrier

Fitness Determination—Order 97–9–25,

Order to Show Cause.

SUMMARY: The Department of

Transportation is proposing to find

Austin Express, Inc., fit, willing, and

able to provide commuter air service

under 49 U.S.C. 41738.

RESPONSES: All interested persons

wishing to respond to the Department of

Transportation’s tentative fitness

determination should file their

responses with the Air Carrier Fitness

Division, X–56, Department of

Transportation, 400 Seventh Street,

SW., Room 6401, Washington, DC

20590, and serve them on all persons

listed in Attachment A to the order.

Responses shall be filed no later than

October 8, 1997.

FOR FURTHER INFORMATION CONTACT:

Carol Woods, Air Carrier Fitness

Division (X–56, Room 6401), U.S.

Department of Transportation, 400

Seventh Street, SW., Washington, DC

20590, (202) 366–2340.

Dated: September 23, 1997.

Patrick V. Murphy,

Deputy Assistant Secretary for Aviation and

International Affairs.

[FR Doc. 97–25906 Filed 9–30–97; 8:45 am]

BILLING CODE 4910–62–P

DEPARTMENT OF TRANSPORTATION

[Docket 37554]

Notice of Order Adjusting the Standard

Foreign Fare Level Index

Section 41509(e) of Title 49 of the

United States Code requires that the

Department, as successor to the Civil

Aeronautics Board, establish a Standard

Foreign Fare Level (SFFL) by adjusting

the SFFL base periodically by

percentage changes in actual operating

costs per available seat-mile (ASM).

Order 80–2–69 established the first

interim SFFL, and Order 97–7–32

established the currently effective twomonth SFFL applicable through

September 30, 1997.

In establishing the SFFL for the twomonth period beginning October 1,

1997, we have projected non-fuel costs

based on the year ended June 30, 1997

data, and have determined fuel prices

on the basis of the latest available

experienced monthly fuel cost levels as

reported to the Department.

By Order 97–9–32 fares may be

increased by the following adjustment

factors over the October 1979 level:

Atlantic—1.3355

Latin America—1.3927

Pacific—1.4779

For further information contact: Keith

A. Shangraw (202) 366–2439.

By the Department of Transportation:

Dated September 25, 1997.

Patrick V. Murphy,

Deputy Assistant Secretary for Aviation and

International Affairs.

[FR Doc. 97–25979 Filed 9–30–97; 8:45 am]

BILLING CODE 4910–62–P