5502 Federal Register / Vol. 62, No. 24 / Wednesday, February 5, 1997 / Notices

1 15 U.S.C. 78s(b)(1).

2The Commission notes that any imposition of

transaction charges for Flex Equity Options would

have to be submitted to the Commission pursuant

to Section 19(b) of the Act.

3 15 U.S.C. 78f(b).

4 15 U.S.C. 78f(b)(5).

5 15 U.S.C. 78s(b)(3)(A).

6 17 CFR 19b–4(e).

7 17 CFR 200.30–3(a)(12).

1 15 U.S.C. 78s(b)(1).

2Securities Exchange Act Release No. 38048

(December 13, 1996) 61 FR 67371.

[Release No. 34–38216; File No. SR–Amex–

97–03]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by American

Stock Exchange, Inc. Relating to the

Waiver of Transaction Charges for

FLEX Equity Options

January 29, 1997.

Pursuant to Section 19(b)(1) of the

Securities Exchange Act of 1934

(‘‘Act’’),1 notice is hereby given that on

January 22, 1997, the American Stock

Exchange, Inc. ‘‘(Amex’’ or ‘‘Exchange’’)

filed with the Securities and Exchange

Commission (‘‘Commission’’) the

proposed rule change as described in

Items I, II, and III below, which Items

have been prepared by the Amex. The

Commission is publishing this notice to

solicit comments on the proposed rule

change from interested persons.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The Amex proposes to extend its

waiver of transaction charges for FLEX

Equity Options traded on the Exchange

until further notice. The text of the

proposed rule change is available at the

Office of the Secretary, Amex and at the

Commission.

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

Amex 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 Amex 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 the

Statutory Basis for, the Proposed Rule

Change

1. Purpose

In conjunction with the

commencement of trading FLEX Equity

Options, the Exchange waived

transaction charges for the first ninety

days of trading. The ninety day period

is due to expire on January 24, 1997 and

the Exchange has determined to extend

the waiver. The Exchange continues to

believe that waiving transaction charges

is a meaningful factor in encouraging

trading in FLEX Equity Options.

The Exchange intends to establish a

transaction charge for FLEX Equity

Options in the near future. However,

until it is ready to do so it proposes to

extend the waiver of transaction charges

until further notice.2 The waiver of the

imposition and collection of transaction

charges for FLEX Equity Option orders

executed on the Exchange will be for all

account types, e.g., the accounts of floor

traders, specialists and customer and

firm proprietary off-floor orders.

2. Statutory Basis

The proposed rule change is

consistent with Section 6(b) 3 of the Act

in general and furthers the objectives of

Section 6(b)(5) 4 in particular in that it

is designed to prevent fraudulent and

manipulative acts and practices, to

promote just and equitable principles of

change, to foster cooperation and

coordination with persons engaged in

facilitating transactions in securities,

and to remove impediments to and

perfect the mechanism of a free and

open market and a national market

system.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange believes the proposed

rule change will impose no 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 solicited

or received with respect to the proposed

rule change.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The foregoing rule change establishes

or changes a due, fee, or other charge

imposed by the Exchange and therefore,

has become effective pursuant to

Section 19(b)(3))A) of the Act 5 and

subparagraph (e) of the Rule 19b–4 6

thereunder. At any time within 60 days

of the filing of such a proposed rule

change, the Commission may summarily

abrogate such rule change if it appears

to the Commission that such action is

necessary or appropriate in the public

interest, for the protection of investors,

or otherwise in furtherance of the

purposes of the Act.

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 the Amex. All submissions

should refer to File No. SR–Amex–97–

03 and should be submitted by February

26, 1997.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.7

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–2779 Filed 2–4–97; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–38215; File No. SR–GSCC–

96–13]

Self-Regulatory Organizations;

Government Securities Clearing

Corporation; Order Approving a

Proposed Rule Change Relating to the

Eligibility of Treasury Inflation Indexed

Securities for Netting Services

January 29, 1997.

On November 21, 1996, the

Government Securities Clearing

Corporation (‘‘GSCC’’) filed with the

Securities and Exchange Commission

(‘‘Commission’’) a proposed rule change

(File No. SR–GSCC–96–13) pursuant to

Section 19(b)(1) of the Securities

Exchange Act of 1934 (‘‘Act’’).1 Notice

of the proposal was published in the

Federal Register on December 20,

1996.2 No comment letters were

received. For the reasons discussed