Federal Register / Vol. 62, No. 26 / Friday, February 7, 1997 / Notices 5875

language that referred to the applicable DJIA trigger

levels. Instead, the CBOE proposes the adoption of

new language that would impose circuit breaker

trading halts on the CBOE whenever such halts are

in effect on the NYSE. See supra note 5. The

Commission notes that because the CBOE has

determined to adopt this piggyback approach, and

their circuit breaker rule is currently approved on

a permanent basis, it should generally not be

necessary for the CBOE to file conforming rule

changes to revise specific circuit breaker trigger

levels after the adoption of its current proposal.

34 15 U.S.C. 78s(b)(2). 35 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1).

2Securities Exchange Act Release No. 38015

(December 3, 1996), 61 FR 65099 (December 10,

1996). 3 15 U.S.C. 78f(b)(5).

Commission expects the markets to

continually reevaluate the circuit

breaker trigger levels in order to prevent

imposing cross-market trading halts that

are not justified by the overall

magnitude of a market decline.

Accordingly, the Commission will work

with the markets to develop procedures

for reevaluating the circuit breaker

triggers on at least an annual basis. In

this connection, the Commission

requests that within ten months of the

date of this order the markets submit

their respective recommendations for

the trigger levels that will be used upon

expiration of the 350/550 levels one

year from this order.

V. Solicitation of Comments

Interested persons are invited to

submit written data, views, and

arguments concerning BSE Amendment

No. 2, SR–Phlx–97–03, and CBOE

Amendment No. 1. 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 changes that are filed with the

Commission, and all written

communications relating to the

proposed rule changes 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 Exchanges. All submissions

should refer to BSE Amendment No. 2,

SR–Phlx–97–03, and CBOE Amendment

No. 1 and should be submitted by

February 28, 1997.

VI. Conclusion

For the reasons discussed above, the

Commission believes the proposals by

the Exchanges to amend their circuit

breaker trigger levels are consistent with

Section 6(b)(5) of the Act.

It is therefore ordered, pursuant to

Section 19(b)(2) of the Act, 34 that the

proposed rule changes (SR–NYSE–96–

38, SR–Amex–96–49, SR–BSE–96–12,

SR–CBOE–96–78, SR–CHX–96–33, and

SR–Phlx–97–03) are hereby approved to

become effective on February 1, 1997

and will remain in force until January

31, 1998.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.35

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–3032 Filed 2–6–97; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–38225; File No. SR–NYSE–

96–32]

Self-Regulatory Organizations; New

York Stock Exchange, Incorporated;

Approval of Proposed Rule Change

Relating to the Exchange’s Policy on

Tape Indications

January 31, 1997.

I. Introduction

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

Securities Exchange Act of 1934

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

November 26, 1996, the New York Stock

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

filed with the Securities and Exchange

Commission (‘‘SEC’’ or ‘‘Commission’’)

a proposed rule change relating to the

Exchange’s policy on tape indications.

The proposal was published for

comment in the Federal Register on

December 10, 1996.2 No comments were

received on the proposed rule change.

The Commission is approving the

proposed rule change.

II. Description of the Proposal

The NYSE proposed to amend the

Exchange Policy on Indications,

Openings and Reopenings, which will

be issued as an Information

Memorandum. Indications are price

ranges published on the tape before or

during a trading halt to display the

probable price range in which a stock

will open or reopen.

The Exchange’s policy on

dissemination of tape indications

currently requires a minimum of 15

minutes elapse between the first

indication and the opening or reopening

of a stock. In addition, when multiple

indications are used, a minimum of 10

minutes must elapse after the last

indication when it does not overlap the

prior indication; a minimum of 5

minutes must elapse after the last

indication when it overlaps the prior

indication. In all cases, a minimum of

15 minutes must elapse between the

first indication and the opening or

reopening of a stock.

The Exchange proposed that these

minimum time periods before opening

or reopening a stock be compressed

from 15 to 10 minutes after the first

indication; and to 5 minutes after the

last indication, regardless of whether it

overlaps the prior indication, provided

that a minimum of 10 minutes elapse

between the first indication and the

opening or reopening of a stock. The

Exchange indicated that it believes that

a minimum time period of 10 minutes

for dissemination has proven sufficient

in other contexts, such as the

publication of imbalances of 50,000

shares or more of market-on-close orders

on trading days other than expiration

days.

The Exchange stated that over the

years, in developing procedures for

openings, it has focused on providing a

balance between timeless and

appropriateness of price, i.e., achieving

a price that reflects an appropriate

equilibrium of buying and selling

interest at the time. The Exchange noted

that since current procedures were

formulated, the speed of

communications has increased, meaning

that relevant market information can be

disseminated and responded to very

quickly. The Exchange believes that the

proposed rule change would shorten the

time period for indications, thereby

allowing the opening or reopening of a

stock in a more expeditious fashion,

while still providing sufficient time for

appropriate pricing of orders.

The Exchange believes that the

revised procedures for tape indications

strike an appropriate balance between

preserving the price discovery process

while providing timely opportunities for

investors to participate in the market.

III. Discussion

After careful review, the Commission

finds that the proposed rule change is

consistent with the requirements of the

Act and the rules and regulations

thereunder applicable to a national

securities exchange and, in particular,

the requirements of Section 6(b)(5) of

the Act.3 The proposed rule change is

designed to promote just an equitable

principles of trade, to remove

impediments to, and perfect the

mechanism of a free and open market,
5876 Federal Register / Vol. 62, No. 26 / Friday, February 7, 1997 / Notices

4Telephone Conversation between Don Siemer,

Director of Rule Development, Market Surveillance

Division, NYSE, and Janet W. Russell-Hunter,

Special Counsel, Office of Market Supervision,

Division of Market Regulation, SEC, on January 23,

1997. See Plan for the Purpose of Creating and

Operating an Intermarket Communications Linkage

Pursuant to Section 11A(a)(3)(B) of the Securities

Exchange Act of 1934 [Composite: Amendments

Through May 21, 1991].

5 15 U.S.C. 78s(b)(2).

6 17 CFR 200.30–3(a)(12).

and, in general, to protect investors and

the public interest.

Specifically, the Exchange proposed

that minimum time periods before

opening or reopening a stock be

compressed from 15 to 10 minutes after

the first indication; and to 5 minutes

after the last indication, regardless of

whether it overlaps the prior indication,

provided that a minimum of 10 minutes

elapse between the first indication and

the opening or reopening of a stock. For

example, if only 3 minutes had elapsed

from the time of the first indication to

the second indication, the minimum

waiting period after the second

indication would be 7 minutes.

The Commission agrees with the

Exchange that due to increases in the

speed of communications, relevant

market information can be disseminated

and responded to very quickly. The

Commission finds reasonable the

Exchange’s determination that the

proposed rule change will allow the

opening or reopening of a stock in more

expeditious fashion while still

providing sufficient time for appropriate

pricing of orders. The Commission finds

that in the rule change, the Exchange

has made a reasonable determination

that balances the preservation of the

price discovery process while providing

timely opportunities for investors to

participate in the market. Exchange staff

has represented that the change in the

timing of tape indications is consistent

with Intermarket Trading System reopening procedures.4

IV. Conclusion

It is therefore ordered, pursuant to

Section 19(b)(2) of the Act,5 that the

proposed rule change (File No. SR–

NYSE–96–32) is approved.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.6

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–3066 Filed 2–6–97; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF STATE

International Telecommunications

Advisory Committee (ITAC) Ad Hoc on

Preparations for the 1997 World

Radiocommunications Conference

(WRC–97) and Conference Preparatory

Meetings; Meeting Notice

The Department of State announces

the recovening, under the U.S.

International Telecommunications

Advisory Committee (ITAC), of an Ad

Hoc Group to carry out preparations for

the next World Radiocommunications

Conference (WRC), and related

Conference Preparatory Meeting (CPM),

of the International Telecommunication

Union (ITU). The WRC will be held

October 27 to November 21, 1997, and

the CPM May 6–16, 1997, in Geneva.

The primary purpose of the AD Hoc

Group will be to advise the Department

on preparations for these and related

meetings.

The Ad Hoc Group is chaired by

Warren Richards, Department of State,

who will also serve as Chairman of the

U.S. Delegation to the CPM. The initial

task of the Ad Hoc will be to complete

U.S. national preparations for the CPM,

which will develop a draft report to

WRC–97 at the May meeting. To

facilitate work, the Ad Hoc will consist

of two Working Groups with the

following areas of responsibility:

Working Group 1—Regulatory and

Associated Issues (regulatory and procedural

matters, HF broadcasting, maritime and

aeronautical services, appendices S7, S30

and S30A, adaptive MF/HF systems, review

of Resolutions and Recommendations), under

the chairmanship of Frank Williams, Federal

Communications Commission (FCC);

Working Group 2—Allocations and

Associated Issues (aeronautical, mobilesatellite, fixed-satellite, and space sciences

services, spurious emissions, wind profilers,

and fixed service above 30 GHz), chaired by

Mr. Richards.

Meeting schedules are as follows:

Working Group 1 will meet February 27,

9:30√Noon, at the FCC, 2000 M Street,

N.W., in Room 847 (meetings are also

planned for March 13 and 27, and April

24); Working Group 2 will meet

February 25, 1:30–5 p.m., at State

Department, 2201 C Street, N.W., in

Room 1912 (meetings are also planned

for March 4 and 18, April 1, 15 and 22).

The agenda for both Working Groups

includes a review of recent ITU–R

reports and identification of U.S. input

documents, position papers and

authors. Questions regarding Ad Hoc

activities in general or Working Group

2 may be directed to Warren Richards,

Department of State (202–647–0049; Fx:

647–7407). Questions about Working

Group 1 should be directed to Frank

Williams, FCC (202–418–0731; Fx: 418–

0233).

Members of the general public may

attend the meetings and join in the

discussions, subject to the instructions

of the chair. In this regard, entry to the

Department of State is controlled. If you

wish to attend meetings at State, please

send a fax to Christine Plunkett (202–

647–7407) at least 24 hours before the

scheduled meeting, with your name,

company, date of birth, SSN, and the

meeting name/date. One of the

following valid photo ID’s will be

required for admittance: driver’s license

with picture, U.S. passport, government

ID (company ID’s are no longer accepted

by Diplomatic Security). Enter from the

‘‘C’’ Street Main Lobby.

Dated: January 22, 1997.

Richard E. Shrum,

ITAC Executive Director.

[FR Doc. 97–3075 Filed 2–6–97; 8:45 am]

BILLING CODE 4710–45–M

DEPARTMENT OF TRANSPORTATION

Office of the Secretary

Reports, Forms and Recordkeeping

Requirements; Agency Information

Collection Activity Under OMB Review

AGENCY: Department of Transportation

(DOT).

ACTION: Notice.

SUMMARY: In compliance with the

Paperwork Reduction Act 1995 (44 USC

Chapter 35), this notice announces that

the Information Collection Request (ICR)

abstracted below has been forwarded to

the Office of Management and Budget

(OMB) for review and comment. The

ICR describes the nature of the

information collection and its expected

burden. The Federal Register Notice

with a 60-day comment period soliciting

comments on the following collection of

information was published on August

28, 1996 [FR 61, page 44385]

DATES: Comments must be submitted on

or before March 10, 1997.

FOR FURTHER INFORMATION CONTACT: Mr.

Peter Chandler, Office of Motor Carriers,

(202) 366–5763, Federal Highway

Administration, Department of

Transportation, 400 Seventh Street,

SW., Washington, DC 20590.

SUPPLEMENTARY INFORMATION:

Federal Highway Administration

(FHWA)

Title: Endorsement for Motor Carrier

Policies of Insurance.

Type of Request: Reinstatement.

Without change, of a previously