[Federal Register Volume 65, Number 198 (Thursday, October 12, 2000)]
[Notices]
[Pages 60703-60704]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-26185]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-43414; File No. SR-OPRA-00-09]


Options Price Reporting Authority; Notice of Filing and Immediate 
Effectiveness of a Proposal To Amend the Options Price Reporting 
Authority Plan To Increase the Professional Subscriber Information Fees

October 4, 2000.
    Pursuant to Rule 11Aa3-2 under the Securities Exchange Act of 1934 
(``Act'') \1\ notice is hereby given that on October 3, 2000, the 
Options Price Reporting Authority (``OPRA'') \2\ submitted to the 
Securities and Exchange Commission (``SEC'' or ``Commission'') an 
amendment to the Plan for Reporting of Consolidated Options Last Sale 
Reports and Quotation Information (``Plan''). The proposed Plan 
amendment would increase the professional subscriber information fees 
charged by OPRA in respect of its Basic Service.
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    \1\ 17 CFR 240.11 Aa3-2.
    \2\ OPRA is a National Market System Plan approved by the 
Commission pursuant to Section 11A of the Act and Rule 11Aa3-2 
thereunder. See Securities Exchange Act Release No. 17638 (March 18, 
1981).
    The Plan provides for the collection and dissemination of last 
sale and quotation information on options that are traded on the 
member exchanges. The six exchanges that are participants to the 
Plan are the American Stock Exchange, the Chicago Board Options 
Exchange, the International Securities Exchange, the New York Stock 
Exchange, the Pacific Exchange, and the Philadelphia Stock Exchange.
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I. Description and Purpose of the Amendment

    The purpose of the amendment is to increase by approximately five 
percent the device-based information fees payable to OPRA by 
professional subscribers to OPRA's Basic Service, which consists of 
market data and related information pertaining to equity and index 
options (``OPRA Data'').\3\ OPRA does not propose to make any changes 
to OPRA's nonprofessional subscriber fee or to OPRA's usage-based fees 
that apply to dial-up market data services (which may include Internet 
services), radio paging services, and voice-synthesized market data 
services.
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    \3\ No changes are proposed to be made at this time to fees 
charged to vendors and subscribers for access to information 
pertaining to foreign currency options (``FCO'') provided through 
OPRA's FCO Service.
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    The proposed increase of device-based professional subscriber fees 
ranges from 4.35% to 6.06% of the existing fees. Professional 
subscriber fees charged to members will continue to be discounted by 
two percent for members who preauthorize payment by electronic funds 
transfer through an automated clearinghouse system. OPRA estimates that 
the overall effect of the proposed increase in professional subscriber 
fees will be to increase revenues derived from professional subscriber 
fees by approximately five percent. Professional subscribers are those 
persons who subscribe to OPRA Data and do not qualify for the reduced 
fees charged to nonprofessional subscribers. As an alternative to 
device-based fees, professional subscribers may pay an enterprise rate 
fee based on the number of their U.S. registered representatives. No 
changes are proposed to be made to the enterprise rate fee.
    The proposed increase in the amount of the professional subscriber 
fees is intended to generate additional OPRA revenues derived from 
device-based subscriber fees in order to cover actual and anticipated 
increases in the costs of collecting, consolidating, processing, and 
disseminating options market data. These increases for the most part 
reflect the costs of major enhancements to and upgrades of the OPRA 
system to enable it to handle expanded multiple trading of options, 
overall greater trading volume, and the move to decimal pricing for 
options.

II. Implementation of the Plan Amendment

    Pursuant to paragraph (c)(3)(i) of Rule 11Aa3-2,\4\ OPRA designates 
this amendment as establishing or changing a fee or other charge 
collected on behalf of all of the OPRA participants in connection with 
access to or use of OPRA facilities, thereby qualifying for 
effectiveness upon filing. In order to give subscribers advance notice 
of the revised fees, they are proposed to be put into effect commencing 
January 1, 2001. The Commission may summarily abrogate the amendment 
within 60 days of filing and require refiling and approval of the 
amendment by Commission order pursuant to Rule

[[Page 60704]]

11Aa3-2(c)(2),\5\ if it appears to the Commission that such action is 
necessary or appropriate in the public interests, for the protection of 
investors and the maintenance of fair and orderly markets, to remove 
impediments to, and perfect the mechanisms of, a national market 
system, or otherwise in furtherance of the purposes of the Exchange 
Act.\6\
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    \4\ 17 CFR 240.11Aa3-2(c)(3)(i).
    \5\ 17 CFR 240.11Aa3-2(c)(2).
    \6\ 17 CFR 240.11Aa3-2.
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II. Solicitation of Comments

    Interested person are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed 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, N.W., Washington, 
D.C. 20549-0609. Copies of the Submission, all subsequent amendments, 
and all written statements with respect to the proposed Plan amendment 
that are filed with the Commission, and all written communications 
relating to the proposed 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 OPRA. All 
submissions should refer to File No. SR-OPRA-00-09 and should be 
submitted by November 2, 2000.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(29).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 00-26185 Filed 10-11-00; 8:45 am]
BILLING CODE 8010-01-M