Federal Register / Vol. 62, No. 32 / Tuesday, February 18, 1997 / Notices 7285

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.

3The fees may actually be less than these

amounts pursuant to the Exchange’s Prospective

Fee Reduction Schedule, the Customer Large Trade

Discount Program, and rebate programs that have

been filed with the Commission as part of the

Exchange’s fee schedule.

and Exchange Commission

(‘‘Commission’’), pursuant to Section

12(d) of the Securities Exchange Act of

1934 (‘‘Act’’) and Rule 12d2–2(d)

promulgated thereunder, to withdraw

the above specified security (‘‘Security’’)

from listing and registration on the

Chicago Stock Exchange, Inc. (‘‘CHX’’).

The reasons alleged in the application

for withdrawing the Security from

listing and registration include the

following:

According to the Company, the

Security is currently listed both on the

Chicago Stock Exchange and the New

York Stock Exchange. The Security

involved is the common stock of the

Company traded on the CHX. The

Company filed this application because

it no longer wishes its Security to be

listed on the CHX. The reasons alleged

in the application include the fact that

the Company wishes to avoid the direct

and indirect costs of dual listings.

Any interested person may, on or

before March 6, 1997, submit by letter

to the Secretary of the Securities and

Exchange Commission, 450 Fifth Street,

N.W., Washington, D.C. 20549, facts

bearing upon whether the application

has been made in accordance with the

rules of the exchanges and what terms,

if any, should be imposed by the

Commission for the protection of

investors. The Commission, based on

the information submitted to it, will

issue an order granting the application

after the date mentioned above, unless

the Commission determines to order a

hearing on the matter.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Jonathan G. Katz,

Secretary.

[FR Doc. 97–3914 Filed 2–14–97; 8:45 am]

BILLING CODE 8010–01–M

Sunshine Act Meeting

Notice is hereby given, pursuant to

the provisions of the Government in the

Sunshine Act, Pub. L. 94–409, that the

Securities and Exchange Commission

will hold the following open meeting

during the week of February 17, 1997.

An open meeting will be held on

Tuesday, February 18, 1997, at 10 a.m.,

in Room 1C30.

The subject matter of the open

meeting scheduled for Tuesday,

February 18, 1997, at 10 a.m., will be:

(1) The commission will consider

whether to issue a release adopting

amendments shortening the holding

periods under Rule 144.

FOR FURTHER INFORMATION, PLEASE

CONTACT: Martin P. Dunn or Elizabeth

M. Murphy, Office of Chief Counsel,

Division of Corporation Finance, at

(202) 942–2900.

(2) The Commission will consider

whether to issue a release proposing

amendments to the Regulation S safe

harbor procedures and related changes

for offshore sales of equity securities.

FOR FURTHER INFORMATION, PLEASE

CONTACT: Paul M. Dudek or Walter G.

Van Dorn, Jr., Office of International

Corporate Finance, Division of

Corporation Finance, at (202) 942–2990.

Commissioner Hunt, as duty officer,

determined that no earlier notice thereof

was possible.

At times, changes in Commission

priorities require alterations in the

scheduling of meeting items. For further

information and to ascertain what, if

any, matters have been added, deleted

or postponed, please contact: The Office

of the Secretary at (202) 942–7070.

Dated: February 13, 1997.

Jonathan G. Katz,

Secretary.

[FR Doc. 97–4090 Filed 2–13–97; 3:57 pm]

BILLING CODE 8010–01–M

SECRUTIES AND EXCHANGE

COMMISSION

[Release No. 34–38262; File No. SR–CBOE–

97–05]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Chicago Board Options Exchange,

Incorporated Relating to Waiver of

Transaction Charges for FLEX Equity

Options

February 10, 1997.

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

Securities Exchange Act of 1934

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

January 30, 1997, the Chicago Board

Options Exchange, Incorporated

(‘‘CBOE’’ or ‘‘Exchange’’) filed with the

Securities and Exchange Commission

(‘‘Commission’’ or ‘‘SEC’’) the proposed

rule change as described in Items I, II,

and III below, which Items have been

prepared by the CBOE. 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 CBOE proposes to extend its

waiver of Exchange fees on transactions

in Equity FLEX options traded on the

Exchange until further notice. The text

of the proposed rule change is available

at the Office of the Secretary, CBOE 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

CBOE 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 CBOE 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, Proposed Rule

Change

Purpose

In conjunction with the start of

trading of FLEX Equity options, the

Exchange waived Exchanges fees related

to transactions in Equity FLEX until

January 31, 1997. The Exchange has

now determined to extend the waiver of

the transaction fees because the

Exchange believes that the waiver will

encourage trading in this new product

and will place the Exchange in a

position to compete effectively for

business in Equity FLEX options with

other exchanges trading the same

product.

The Exchange intends to establish

transaction charges for FLEX Equity

options at some time in the future.2

However, the Exchange is now

proposing to waive the transaction fees

until further notice. The fees affected

and the amount of the fees absent any

reduction or rebate 3 are: (1) Exchange

transaction fees, which are $.05 per

contract side for market-makers, $.06 for

member firm proprietary trades, $.15 for

customer trades for options under $1,

and $.30 for customer trade for options

of $1 or more; (2) trade match fees,

which are $.04 per contract side for all

trades; and (3) floor broker fees, which

are $.03 per contract side for all trades.

The forgoing fee changes are being
7286 Federal Register / Vol. 62, No. 32 / Tuesday, February 18, 1997 / Notices

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

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

6 15 U.S.C. 78s(b)(3)(A).

7 17 CFR 240.19b–4(e).

8 17 CFR 200.30–3(a)(12).

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

2 17 CFR 240.19b–4.

implemented by the Exchange pursuant

to CBOE Rule 2.22.

2. Statutory Basis

The Exchange believes that the

proposed rule change is consistent with

Section 6(b) of the Act 4 in general, and

furthers the objectives of Section 6(b)(5)

of the Act 5 in particular, in that it is

designed to promote just and equitable

principles of trade, 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 does not believe that

the proposed rule change will impose

any 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

Because the foregoing rule change

establishes or changes a due, fee, or

other charge imposed by the Exchange,

it has become effective pursuant to

Section 19(b)(3)(A) 6 of the Act and

subparagraph (e) of Rule 19b–4 7

thereunder. At any time within 60 days

of the filing of the 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 CBOE. All submissions

should refer to File No. SR–CBOE–97–

05 and should be submitted by March

11, 1997.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.8

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–3918 Filed 2–14–97; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–38270; File No. SR–PSE–

97–02]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the Pacific Stock Exchange

Incorporated Relating to Proprietary

Brokerage Order Routing Terminals

February 11, 1997.

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

Securities Exchange Act of 1934

(‘‘Act’’) 1 and Rule 19b–4 thereunder,2

notice is hereby given that on January

17, 1996, the Pacific Stock Exchange

Incorporated (‘‘PSE’’ or ‘‘Exchange’’)

filed with the Securities and Exchange

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

the proposed rule change as described

in Items I, II and III below, which Items

have been prepared by the selfregulatory organization. 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 PSE is proposing to adopt a

formal policy governing the use by PSE

Members and Member Organizations

(‘‘Members’’) of any proprietary

brokerage order routing terminals

(‘‘Terminals’’) on the Options Floor of

the Exchange. The text of the proposed

policy is available at the Office of the

Secretary, the Exchange, 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

Exchange 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

Exchange 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

The Exchange is proposing to adopt a

policy governing proprietary brokerage

order routing terminals that Members

may use on the Options Floor of the

Exchange. The Policy includes specific

provisions on Exchange approval of

Terminals; Restrictions on Members’

use of Terminals; Exchange Inspection

and Audit; Exchange Liability;

Termination of Exchange Approval; and

pilot status of the program.

Exchange Approval

The proposed Policy specifies that

Members must obtain prior Exchange

approval to use any proprietary

brokerage order routing terminals on the

Options Floor. It states that the

Exchange may grant such approval for

use on an issue-by-issue basis. To

request such approval, Members must

submit a letter of application to the

Exchange specifying the make, model

number, functions and intended use of

the equipment, and must also provide

additional information upon the request

of the Exchange. The policy further

provides that the format of any orders to

be transmitted over the Terminals must

also be pre-approved by the Exchange.

The Exchange believes that it should

have the flexibility to permit the use of

Terminals on an issue-by-issue basis so

that it will have an opportunity to

observe the use of Terminals in

particular trading crowds and to

consider the benefits and any

unforeseen problems that may result

before floor-wide implementation

occurs.

Paragraph 2 of the Policy states that,

in considering the approval of an

application, as well as whether a

previously issued approval should be

withdrawn, the Exchange will take into