8292 Federal Register / Vol. 62, No. 36 / Monday, February 24, 1997 / Notices

6 15 U.S.C. 78f(b).

7 15 U.S.C. 78f(b)(5).

8 In approving this rule, the Commission notes

that it has considered the proposed rule’s impact on

efficiency, competition, and capital formation. 15

U.S.C. 78c(f).

9See letter from Thomas A. Wittman, Vice

President, Trading Systems Development, Phlx, to

George Jenkins, Division of Market Regulation, SEC,

dated November 20, 1996; telephone conversation

between Thomas A. Wittman, Vice President,

Trading Systems Development, Phlx, and Anthony

P. Pecora, Attorney, Division of Market Regulation,

SEC, November 22, 1996 (representing that ICE is

capable of acting as a primary system despite the

fact that it originally was designed as a backup

system).

10The proposal allows the Phlx to utilize the ICE

system as the official reporting authority whenever

the designated reporting authority is experiencing

operating difficulties, but only until such

difficulties are resolved. As soon as the problem is

corrected, the Phlx must switch back to the

designated reporting authority. If the reporting

authority’s problems occur on a regular basis, the

Phlx can designate a different reporting authority,

including ICE, by submitting a filing with the

Commission pursuant to Section 19(b)(1) of the Act

and Rule 19b–4 thereunder.

11 15 U.S.C. 78f, 78s(b)(2).

12 15 U.S.C. 78s(b)(2).

13 17 CFR 200.30–3(a)(12).

requirements of Section 6(b).6

Specifically, the Commission believes

the proposal is consistent with the

Section 6(b)(5) 7 requirements that the

rules of an exchange be designated to

promote just and equitable principles of

trade, to facilitate transactions in

securities, to prevent fraudulent and

manipulative acts, and, in general, to

protect investors and the public

interest.8

The Commission believes it is

appropriate to allow the temporary use

of the ICE system value as the official

index value when the designated

reporting authority is experiencing

operating difficulties. Utilizing the ICE

system as a backup in such situations

will add stability to the affected options

market because it will ensure the

continued availability of current index

values, which are essential to

investment decisions in index options,

while the designated reporting authority

identifies and corrects the problems

prohibiting the dissemination of an

accurate index value.

The Commission also believes it is

appropriate to provide the Phlx with the

option of designating the ICE system as

the reporting authority for its

proprietary index options as long as

prior Commission approval pursuant to

Section 19 of the Act is obtained.

Permitting the Phlx to act as the

reporting authority for its proprietary

index options should benefit investors

by reducing the response time needed in

the event there is a problem

disseminating index values. Moreover,

the Phlx has represented that the ICE

system has been tested fully and that

this system is capable of handling the

proposed tasks.9

The Commission finds good cause for

approving Amendment No. 1 prior to

the thirtieth day after the date of

publication of notice thereof in the

Federal Register. Amendment No. 1

simply clarifies that designation of ICE

as the reporting authority must be filed

pursuant to Section 19(b) of the Act,

explains that the Phlx’s request for

using ICE as the reporting authority for

FLEX options will be proposed in the

FLEX options proposal (SR–Phlx–96–

38), and removes the previous request

for interim authority to utilize ICE

which was deemed to be unnecessary

given the Exchange’s ability to use ICE

until a problem in the designated

reporting authority has been corrected.10

Therefore, the Commission believes

that granting accelerated approval to

Amendment No. 1 is appropriate and

consistent with Section 6 and Section

19(b)(2) of the Act.11

Interested persons are invited to

submit written data, views and

arguments concerning Amendment No.

1 to the proposed rule change. 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

rules change that are filed with the

Commission, and all written

communications relating to Amendment

No. 1 between the Commission and any

persons, 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 Room. Copies of such filing

will also be available at the principal

office of the Phlx. All submissions

should refer to File No. SR–Phlx–96–36

and should be submitted by March 17,

1997.

It is therefore ordered, pursuant to

Section 19(b)(2) of the Act,12 that the

proposed rule change (SR–Phlx–96–36),

as amended by Amendment No. 1, is

approved.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.13

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–4447 Filed 2–21–97; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

[Declaration of Economic Injury Disaster

Loan Area Number 9378]

North Dakota (And Contiguous

Counties in Minnesota, South Dakota &

Montana); Declaration of Disaster Loan

Area

All counties in the State of North

Dakota except Billings, Bowman,

Golden Valley, and Slope; Clay, Kittson,

Marshall, Norman, Polk, Traverse, and

Wilkin Counties in Minnesota; Brown,

Campbell, Corson, Marshall,

McPherson, Perkins, and Roberts

Counties in South Dakota; and

Richland, Roosevelt, and Sheridan

Counties in Montana constitute an

economic injury disaster loan area as a

result of severe winter storms and

blizzard conditions during the period of

January 3 through January 31, 1997.

Eligible small businesses without credit

available elsewhere and small

agricultural cooperatives without credit

available elsewhere may file

applications for economic injury

assistance until the close of business on

November 12, 1997 at the address listed

below: U.S. Small Business

Administration, Disaster Area 3 Office,

4400 Amon Carter Blvd., Suite 102, Fort

Worth, TX 76155, or other locally

announced locations. The interest rate

for eligible small businesses and small

agricultural cooperatives is 4 percent.

(Catalog of Federal Domestic Assistance

Program No. 59002)

Dated: February 11, 1997.

Philip Lader,

Administrator.

[FR Doc. 97–4431 Filed 2–21–97; 8:45 am]

BILLING CODE 8025–01–P

[Declaration of Economic Injury Disaster

Loan Area # 9382]

Commonwealth of Pennsylvania;

Declaration of Disaster Loan Area

Allegheny County and the contiguous

counties of Armstrong, Beaver, Butler,

Washington, and Westmoreland in the

Commonwealth of Pennsylvania

constitute an economic injury disaster

loan area as a result of damages caused

by a fire which occurred on January 31,

1997 in the Glassport Industrial Park.

Eligible small businesses without credit

available elsewhere and small

agricultural cooperatives without credit

available elsewhere may file

applications for economic injury

assistance until the close of business on

November 14, 1997 at the address listed

below: U.S. Small Business

Administration, Disaster Area 1 Office,