67030 Federal Register / Vol. 65, No. 217 / Wednesday, November 8, 2000 / Notices

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

7 17 CFR 240.196b–4(F)(6)

8For purposes of accelerating the operative date

of this proposal, the Commission has considered

the proposed rule’s impact on efficiency,

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

9 17 CFR 200.30–3(a)(12).

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

2 17 CFR 240.19b–4.

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 proposed rule:

(1) Does not significantly affect the

protection of investors or the public

interest; (2) does not impose any

significant burden on competition; and

(3) does not become operative for 30

days or such shorter time as the

Commission may designate, the

proposed rule change has become

effective pursuant to Section 10(b)(3)(A)

of the Act 6 and subparagraph (f)(6) of

Rule 19b–4 thereunder. 7

The Commission notes that under

Rule 19b–4(f)(6)(iii), the proposal does

not become operative for 30 days after

date of its filing, or such shorter time as

the Commission may designate if

consistent with the protection of

investors and the public interest. The

Exchange requested a waiver of this 30-

day period to extend the pilot programs

before they are due to expire on

November 20, 2000. The Commission

believes that the waiver of the 30-day

period is consistent with the protection

of investors and the public interest. 8

Any time within 60 days of the filing

of the proposed rule change, as

amended, 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,

including whether the proposed rule

change is consistent with the Act.

Persons making written submissions

should file six copies there of with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, NW,

Washington, DC 20549–0609. 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

Room. Copies of such filing will also be

available for inspection and copying at

the principal office of the NYSE. All

submissions should refer to File No.

SR–NYSE–00–44 and should be

submitted by November 29, 2000.

For the Commission, by the Division of

Market Regulation, Pursuant to delegated

authority. 9

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–28652 Filed 11–7–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–43505; File No. SR–PCX–

00–27]

Self-Regulatory Organizations; Notice

of Filing of a Proposed Rule Change by

the Pacific Exchange, Inc., Relating to

Options Trade Reporting

November 1, 2000.

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 August 5,

2000, the Pacific Exchange, Inc. (‘‘PCX’’

or ‘‘Exchange’’) filed with the Securities

and Exchange Commission

(‘‘Commission’’) the proposed rule

change as described in Items, I, II and

III below, which Items have been

prepared by the PCX. 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 PCX proposes to amend Exchange

Rule 6.69 to require Exchange options

transactions to be reported immediately

upon execution and no later than 90

seconds following execution of the

trade. The PCX also proposes to amend

Exchange Rule 10.13 to include

Exchange Rule 6.69 in the Exchange’s

Minor Violation Plan (‘‘Plan’’).

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

PCX 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

1. Purpose

The purpose of the proposed rule

change is to require options transactions

to be reported within 90 seconds to the

Options Price Reporting Authority

(‘‘OPRA’’), which disseminates trade

information to the investing public

through vendors. Specifically, proposed

Rule 6.69(a) would require all Exchange

members and member organization’s

who are required to report trades either

directly to OPRA or to another party

responsible for reporting trades to

OPRA, to immediately report all trades

to the Exchange for disseminations to

OPRA within the required 90 second

time frame.

Currently, Commentary .01 to

Exchange Rule 6.69 states that trade

must be immediately reported at the

time of execution. The Exchange

proposes to require immediate trade

reporting, and in any event, no later

than 90 seconds following execution.

This would serve as a specific time limit

for trade participants and should enable

the Exchange’s Market Surveillance

Department and Enforcement

Department to monitor for violations of

the rule. The Exchange also believes

that the proposed rule change should

facilitate transparency and help to

create an accurate picture of market

activity and enable the Exchange to

better monitor compliance with the

order handling and transparency rules,

including limit order protection,

priority, and best execution.

The Exchange also proposes to amend

Rule 10.13 to include violations of

proposed Rule 6.69(a) in the Plan. The

Exchange believes that the proposed

rule is consistent with and furthers the

goals and objectives of the Plan. The

Federal Register / Vol. 65, No. 217 / Wednesday, November 8, 2000 / Notices 67031

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

4 15 U.S.C. 78f(b)(5).

5 15 U.S.C. 78f(b)(6).

6 17 CFR 200.30–3(a)(12).

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

2 17 CFR 240.19b–4.

Exchange believes that the proposed

fine schedule of $100.00, $250.00 and

$500.00 for the first, second, and third

violations, respectively, is reasonable

and will serve as an effective deterrent

of future violations.

2. Statutory Basis

The Exchange believes that the

proposed rule change is consistent with

Section 6(b) of the Act 3 in general, and

furthers the objectives of Section

6(b)(5) 4 in particular, in that it is

designed to promote just and equitable

principles of trade. The Exchange

believes that the proposed rule also

furthers the objectives of Section

6(b)(6),5 in that it is designed to

appropriately discipline members who

violate the rules of the Exchange.

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 that is not

necessary or appropriate in furtherance

of the purposes of the Act.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants, or Others

The Exchange did not solicit or

receive written comments on the

proposed rule change.

III. Date of Effectiveness of the of the

Proposed Rule Change and Timing for

Commission Action

Within 35 days of the date of

publication of this notice in the Federal

Register or within such longer period (i)

as the Commission may designate up to

90 days of such date if it finds such

longer period to be appropriate and

publishes its reasons for so finding or

(ii) as to which the Exchange consents,

the Commission will:

(A) By order approve such proposed

rule change, or

(B) institute proceedings to determine

whether the proposed rule change

should be disapproved.

IV. Solicitation of Comments

Interested persons are invited to

submit written data, views, and

arguments concerning the foregoing,

including whether the proposed rule

change is consistent with the Act.

Persons making written submissions

should file six copies thereof the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, NW,

Washington, DC 20549–0609. 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

Room. Copies of the filing will also be

available for inspection and copying at

the principal office of the PCX. All

submissions should refer to the File No.

SR–PCX–00–27 and should be

submitted by November 29, 2000.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.6

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–28651 Filed 11–7–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–43489; File No. SR–Phlx–

00–64]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the Philadelphia Stock Exchange, Inc.

Relating to Late Charges and Penalties

for Non-Payment

October 27, 2000.

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

September 18, 2000, the Philadelphia

Stock Exchange, Inc. (‘‘Phlx’’ or

‘‘Exchange’’) filed with the Securities

and Exchange Commission (‘‘SEC’’ or

‘‘Commission’’) the proposed rule

change as described in Items I and II

below, which Items have been prepared

by the Exchange. 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 Exchange proposes to amend its

By-Law Article XIV, Section 14–5,

‘‘Penalty for Non-Payment,’’ and Phlx

Rule 50, ‘‘Late Charge,’’ to clarify and

provide consistent time periods for

reporting delinquent accounts to the

Phlx’s Finance Committee and the

Phlx’s Board of Governors (‘‘Board’’).

Specifically, the Phlx proposes to

amend Phlx Rule 50 to (1) Impose a late

charge on accounts unpaid 30 days after

the date of the original invoice, rather

than accounts unpaid 40 days after the

date of the original invoice; (2) reduce

the amount of the late charge from 2%

simple interest to 1% simple interest for

each 30-day period or fraction thereof,

calculated on a daily basis, during

which the accounts payable to the Phlx

remain outstanding; and (3) provide that

the Phlx’s Finance Committee may

waive the amount of the late charge, or

a portion thereof, if the amount falls

within guidelines established by the

Board. The Phlx also proposes to

eliminate from Phlx Rule 50 the

requirements that the Phlx’s Controller

notify the Board when an amount due

to the Exchange remains outstanding for

90 days. Instead, Phlx Rule 50, as

amended, requires the Phlx’s controller

to notify the Finance Committee when

an amount due to the Phlx remains

unpaid 50 days after the date of the

original invoice. The Finance

Committee will refer the matter to the

Board if the amount due exceeds

$10,000.

For amounts in excess of $10,000,

Phlx By-Law Article XIV, Section 14–5,

as amended, requires the Phlx’s

Controller, rather than the Secretary, to

report to the Board: (1) a fine and/or

other monetary sanction unpaid 20 days

after the amount becomes payable; and

(2) a due, FCO user’s fee, fee, other

charge or other amount due to the Phlx

that is unpaid 50 days from the date of

the original invoice. The proposed

amendments to Phlx By-Law Section

14–5 replace current provisions

requiring the Secretary of the Phlx to

report to the Board a due or fee not paid

within three months and a fine not paid

within 20 days.

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.