Federal Register / Vol. 65, No. 190 / Friday, September 29, 2000 / Notices 58583

1 15 U.S.C. 78k–1(a)(3).

2 17 CFR 240.11Aa3–2.

3On July 28, 2000, the Commission approved a

national market system plan for the purpose of

creating and operating an intermarket options

market linkage proposed by the American Stock

Exchange LLC (‘‘Amex’’), the Chicago Board

Options Exchange, Inc. (‘‘CBOE’’), and the

International Securities Exchange LLC (‘‘ISE’’). See

Securities Exchange Act Release No. 43086 (July 28,

2000), 65 FR 48023 (August 4, 2000).

4The Plan defines an ‘‘eligible exchange’’ as a

national securities exchange registered with the

Commission pursuant to Section 6(a) of the Act, 15

U.S.C. 78f(a), that is a participant in the Options

Clearing Corporation and a party to the Options

Price Reporting Authority Plan.

5 In approving this proposed Linkage Plan

amendment, the Commission has considered the

proposal’s impact on efficiency, competition, and

capital formation. 15 U.S.C. 78c(f).

6 15 U.S.C. 78k–1(a)(1)(D).

7 17 CFR 240.11Aa3–2.

Subsidiaries, and other Subsidiaries.

KENG would be staffed by transferring

certain existing personnel from KUS.

The capitalization of each of KCS, KUS,

and KENG would consist of no more

than 10% equity.

In order to allow time to develop all

required systems, Applicants seek

authority to delay the full

implementation of its proposed service

company plan until January 1, 2001.

During the period between completion

of the Merger and that date, KeySpan

states that it would use certain interim

measures for allocating costs and

assigning services within the combined

registered holding company system.

B. Other Affiliate Transactions

Applicants request authority for the

Nonutility subsidiaries to provide

certain construction, goods or services a

fair market value, under certain

circumstances, to any nonutility

associate company in the KeySpan

system. In addition, certain Nonutility

Subsidiaries of KeySpan currently

participate in certain transactions with

affiliates at rates that may exceed cost

under existing arrangements. KeySpan

requests an interim exemption from the

cost standards of rules 90 and 91 under

the Act to allow these Nonutility

Subsidiaries to continue participating in

these arrangements for a period of not

longer than 12 months following the

date of the Commission’s order in this

matte. Specifically, KeySpan requests

this interim approval for Northeast Gas

Markets LLC, a wholly owned nonutility

subsidiary of KeySpan, to continue to

provide contract administrative services

at market rates to two nonutility affiliate

companies, Alberta Northeast Gas

Limited and Boundary Gas Inc., for the

specified 12-month period: KeySpan

also requests an exemption from the

cost standards of rules 90 and 91 under

the Act to allow another Nonutility

Subsidiary, Transgas, Inc., to continue

providing gas transportation services to

the Utility Subsidiaries to the extent

that these services are not exempt under

rule 81.

For the Commission by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–24975 Filed 9–28–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–43310, File No. 4–429]

Joint Industry Plan; Notice of Filing

and Order Granting Temporary

Effectiveness of Amendment to the

Options Intermarket Linkage Plan

September 20, 2000.

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

Securities and Exchange Act of 1934

(‘‘Act’’) 1 and rule 11Aa3–2 thereunder,2

notice is hereby given that on

September 18, 2000, the Pacific

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

submitted to the Securities and

Exchange Commission (‘‘SEC’’ or

‘‘Commission’’) an amendment to the

Options Intermarket Linkage Plan

(‘‘Linkage Plan’’).3 The amendment

proposes to add the PCX as a participant

to the Linkage Plan. The Commission is

publishing this notice and order to

solicit comments from interested

persons on the proposed Linkage Plan

amendment, and to grant temporary

effectiveness to the proposed Linkage

Plan amendment through January 18,

2001.

I. Description and Purpose of the

Amendment

The current participants to the

Linkage Plan are Amex, CBOE, and ISE.

The proposed amendment to the

Linkage Plan would add the PCX as a

participant to the Linkage Plan. The

PCX has submitted a singed copy of the

Linkage Plan to the Commission in

accordance with the procedures set

forth in the Linkage Plan regarding new

participants. Sections 4(c) and 5(c)(ii) of

the Linkage Plan provide for the

admission of new participants, in which

eligible exchanges 4 may become a party

to the plan by: (i) executing a copy of

the plan, as then in effect; (ii) effecting

an amendment to the plan reflecting the

addition of the new participant’s name

and obtaining the Commission’s

approval of the plan as amended to

reflect the new participant; and (iii)

paying the applicable fee.

II. Solicitation of Comments

Interested persons are invited to

submit written data, views, and

arguments concerning the foregoing,

including whether the proposed Linkage

Plan amendment is consistent with the

Act. Persons making written

submissions should file six copies

thereof with the Secretary, Securities

and Exchange Commission, 450 Fifth

Street, NW., Washington, DC 20549–

0609. Copies of the submission, all

subsequent amendments, and all written

statements with respect to the proposed

Linkage Plan amendment that are filed

with the Commission, and all written

communications relating to the

proposed Linkage Plan amendment

between the Commission and any

person, other than those 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 the filing also will be

available at the principal offices of the

PCX. All submissions should refer to

File No. 4–429 and should be submitted

by October 30, 2000.

III. Commission’s Findings and Order

Granting Accelerated Approval of

Proposed Plan Amendment

After careful review, the Commission

finds that the proposed Linkage Plan

amendment is consistent with the

requirements of the Act and the rules

and regulations thereunder.5

Specifically, the Commission believes

that the proposed amendment, which

permits PCX to become a participant to

the Linkage Plan, is consistent with

Section 11A(a)(1)(D) of the Act,6 in

which Congress found that the linking

of all markets for qualified securities

through communication and data

processing facilities will foster

efficiency, enhance competition,

increase the information available to

brokers, dealers, and investors, facilitate

the offsetting of investors’ orders, and

contribute to best execution of such

orders. The Commission believes the

proposed amendment to include PCX as

a participant in the Linkage Plan is also

consistent with Rule 11Aa3–2 7 in that

it will contribute to the maintenance of

fair and orderly markets and remove

impediments to and perfect the

mechanisms of a national market system

58584 Federal Register / Vol. 65, No. 190 / Friday, September 29, 2000 / Notices

8 15 U.S.C. 78k–1.

9 15 U.S.C. 78k–1.

10 17 CFR 240.11Aa3–2.

11 17 CFR 200–30–3(a)(29).

1 15 U.S.C. 78k–1(a)(3).

2 17 CFR 240.11Aa3–2.

3On July 28, 2000, the Commission approved a

national market system plan for the purpose of

creating and operating an intermarket options

market linkage proposed by the American Stock

Exchange LLC (‘‘Amed’’), the Chicago Board

Options Exchange, Inc. (‘‘CBOE’’), and the

International Securities Exchange LLC (‘‘ISE’’). See

Securities Exchange Act Release No. 43086 (July 28,

2000), 65 FR 48023 (August 4, 2000).

4The Plan defines an ‘‘eligible exchange’’ as a

national securities exchange registered with the

Commission pursuant to Section 6(a) of the Act, 15

U.S.C. 78f(a), that is a participant in the Options

Clearing Corporation and a party to the Options

Price Reporting Authority Plan.

5 In approving this proposed Linkage Plan

amendment, the Commission has considered the

proposal’s impact on efficiency, competition, and

capital formation. 15 U.S.C. 78c(f).

6 15 U.S.C. 78k–1(a)(1)(D).

7 17 CFR 240.11Aa3–2.

8 15 U.S.C. 78k–1.

9 15 U.S.C. 78k–1.

10 17 CFR 240.11Aa3–2.

by allowing the linked markets to more

easily access better prices available on

the participant exchanges.

The Commission finds good cause to

grant temporary effectiveness to the

proposed Linkage Plan amendment, for

120 days, until January 18, 2001. The

Commission believes that it is necessary

and appropriate in the public interest,

for the maintenance of fair and orderly

markets, to remove impediments to, and

perfect mechanisms of, a national

market system to allow the PCX to

become a participant in the Linkage

Plan. The commission finds, therefore,

that granting temporary effectiveness of

the proposed Linkage Plan amendment

is appropriate and consistent with

Section 11A of the Act.8

IV. Conclusion

It Is Therefore Ordered, pursuant to

Section 11A of the Act 9 and Rule

11Aa3–2 thereunder,10 that the

proposed Linkage Plan amendment is

approved for 120 days, through January

18, 2001.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.11

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–25024 Filed 9–28–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–43311, File No. 4–429]

Joint Industry Plan; Notice of Filing

and Order Granting Temporary

Effectiveness of Amendment to the

Options Intermarket Linkage Plan

September 20, 2000.

Pursuant to section 11A(a)(3) of the

Securities Exchange Act of 1934

(‘‘Act’’) 1 and Rule 11Aa3–2

thereunder,2 notice is hereby given that

on September 20, 2000, the Philadelphia

Stock Exchange, Inc. (‘‘Phlx’’ or

‘‘Exchange’’) submitted to the Securities

and Exchange Commission (‘‘SEC’’ or

‘‘Commission’’) an amendment to the

Options Intermarket Linkage Plan

(‘‘Linkage Plan’’).3 The amendment

proposes to add the Phlx as a

participant to the Linkage Plan. The

Commission is publishing this notice

and order to solicit comments from

interested persons on the proposed

Linkage Plan amendment, and to grant

temporary effectiveness to the proposed

Linkage Plan amendment through

January 18, 2001.

I. Description and Purpose of the

Amendment

The current participants to the

Linkage Plan are Amex, CBOE, and ISE.

The proposed amendment to the

Linkage Plan would add the Phlx as a

participant to the Linkage Plan. The

Phlx has submitted a signed copy of the

Linkage Plan to the Commission in

accordance with the procedures set

forth in the Linkage Plan regarding new

participants. Section 4(c) and 5(c)(ii) of

the Linkage Plan provide for the

admission of new participants, in which

eligible exchanges 4 may become a party

to the plan by: (i) executing a copy of

the plan, as then in effect; (ii) effecting

an amendment to the plan reflecting the

addition of the new participant’s name

and obtaining the Commission’s

approval of the plan as amended to

reflect the new participant; and (iii)

paying the applicable fee.

II. Solicitation of Comments

Interested persons are invited to

submit written data, views, and

arguments concerning the foregoing,

including whether the proposed Linkage

Plan amendment is consistent with the

Act. Persons making written

submissions should file six copies

thereof with the Secretary, Securities

and Exchange Commission, 450 Fifth

Street, NW., Washington, DC 20549–

0609. Copies of the submission, all

subsequent amendments, and all written

statements with respect to the proposed

Linkage Plan amendment that are filed

with the Commission, and all written

communications relating to the

proposed Linkage Plan amendment

between the Commission and any

person, other than those 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 the filing also will be

available at the principal offices of the

Phlx. All submissions should refer to

File No. 4–429 and should be submitted

by October 30, 2000.

III. Commission’s Findings and Order

Granting Accelerated Approval of

Proposed Plan Amendment

After careful review, the Commission

finds that the proposed Linkage Plan

amendment is consistent with the

requirements of the Act and the rules

and regulations thereunder.5

Specifically, the Commission believes

that the proposed amendment, which

permits Phlx to become a participant to

the Linkage Plan, is consistent with

Section 11A(a)(1)(D) of the Act,6 in

which Congress found that the linking

of all markets for qualified securities

through communication and data

processing facilities will foster

efficiency, enhance competition,

increase the information available to

brokers, and investors, facilitate the

offsetting of investors’ orders, and

contribute to best execution of such

orders. The Commission believes the

proposed amendment to include Phlx as

a participant in the Linkage Plan is also

consistent with Rule 11Aa3–2 7 in that

it will contribute to the maintenance of

fair and orderly markets and remove

impediments to and perfect the

mechanisms of a national market system

by allowing the linked markets to more

easily access better prices available on

the participant exchanges.

The Commission finds good cause to

grant temporary effectiveness to the

proposed Linkage Plan amendment, for

120 days, until January 18, 2001. The

Commission believes that it is necessary

and appropriate in the public interest,

for the maintenance of fair and orderly

markets, to remove impediments to, and

perfect mechanisms of, a national

market system to allow the Phlx to

become a participant in the Linkage

Plan. The Commission finds, therefore,

that granting temporary effectiveness of

the proposed Linkage Plan amendment

is appropriate and consistent with

Section 11A of the Act.8

IV. Conclusion

It Is Therefore Ordered, pursuant to

Section 11A of the Act 9 and Rule

11Aa3–2 thereunder,10 that the

proposed Linkage Plan amendment is