Federal Register / Vol. 65, No. 237 / Friday, December 8, 2000 / Notices 77059

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

2 17 CFR 240.19b–4.

3See Letter from Richard S. Rudolph, Counsel,

Phlx, to Nancy J. Sanow, Assistant Director,

Division of Market Regulation, Commission, dated

November 24, 2000 (‘‘Amendment No. 1’’). In

Amendment No. 1, the Phlx clarified certain aspects

of the proposed rule change. Among other things,

Amendment No. 1: (i) Specifies the number of, and

selection criteria for, options selected for the pilot

program; (ii) represents that the Exchange will post

on its website a list of options included in the

program and will issue a circular to this effect; (ii)

clarifies that orders received by AUTO–X that

exceed the minimum guarantee will receive a

partial automatic execution; and (iv) clarifies that

upon the implementation of quotes with size,

initially size will not be decremented, and the

specialist will be responsible to fill orders at its

disseminated quote up to the disseminated size.

4AUTOM is the Exchange’s electronic order

delivery and reporting system, which provides for

the automatic entry and routing of equity option

and index option orders to the Exchange trading

floor. Orders delivered through AUTOM may be

executed manually, or certain orders are eligible for

AUTOM’s automatic execution feature, AUTO–X.

Equity option and index option specialists are

required by the Exchange to participate in AUTOM

and its features and enhancements. Option orders

entered by Exchange members into AUTOM are

routed to the appropriate specialist unit on the

Exchange trading floor.

5See Amendment No. 1, supra note 3.

6See Amendment No. 1, supra note 3.

7Exchange Rule 1080(c) provides, in relevant

part, that ‘‘[t]he Options Committee may for any

period restrict the use of AUTO–X on the Exchange

in any option series.’’ See Securities Exchange Act

Release No. 38792 (June 30, 1997), 62 FR 36602

(July 8, 1997) (SR–Phlx–97–24).

8Any orders delivered in excess of the minimum

AUTO–X guarantee will be executed to the

guaranteed amount and the excess will be dropped

to the specialist for manual execution. See

Amendment No. 1, supra note 3.

450 Fifth Street, NW., Washington, DC

20549. Copies of such filing also will be

available for inspection and copying at

the principal office of OCC. All

submissions should refer to File No.

SR–OCC–00–11 and should be

submitted by December 29, 2000.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–31276 Filed 12–7–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–43652; File No. SR–Phlx–

00–96]

Self Regulatory Organizations; Notice

of Filing and Order Granting

Accelerated Approval of Proposed

Rule Change and Amendment No. 1

Thereto by the Philadelphia Stock

Exchange, Inc. To Disengage Its

Automatic Execution System (‘‘AUTO–

X’’) for a Period of Thirty Seconds

After the Number of Contracts

Automatically Executed in a Given

Option Meets the AUTO-X Minimum

Guarantee for That Option

December 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 October

30, 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.

On November 27, 2000, the Phlx filed

Amendment No. 1 to the proposed rule

change.3 The Commission is publishing

this notice to solicit comments on the

proposed rule change, as amended, from

interested persons and to approve the

amended proposal on an accelerated

basis.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The Phlx proposes a systems change

to ‘‘AUTO–X,’’ the automatic execution

feature of the Exchange’s Automated

Options Market System (‘‘AUTOM’’),4

that would disengage AUTO–X for a

period of thirty seconds after the

number of contracts automatically

executed in a given option meets the

AUTO–X minimum guarantee for that

option. During such thirty-second

period, all orders received via AUTOM

would be executed manually by the

specialist. The Exchange proposes to

implement the systems change on a sixmonth pilot basis initially involving

fifteen to thirty options approved by the

Exchange’s Options Committee.5

AUTOM users would be notified of the

systems change and of the options

included in the pilot program through

the issuance of a regulatory circular and

on the Exchange’s website.6

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 III 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 enable the Exchange to take

a first step towards the implementation

of the dissemination of options

quotations with size, as expected to be

made available by the Options Price

Reporting Authority (‘‘OPRA’’) in

January, 2001. It is anticipated that the

systems change would assist specialists

in maintaining fair and orderly markets

during peak market activity, by allowing

specialists to execute orders delivered

via AUTOM manually for a limited

period of time after the AUTO–X

minimum guarantee is met.

The Exchange’s Options Committee,

pursuant to its authority under

Exchange Rule 1080(c),7 has determined

to propose the implementation of a

limited pilot program that would

include the following features:

• Once an automatic execution occurs

via AUTO–X in an option, the system

would begin a ‘‘counting’’ program,

which would count the number of

contracts executed automatically for

that option, up to the AUTO–X

guarantee, regardless of the number of

executions.

• When the number of contracts

executed automatically for that option

meets the AUTO–X guarantee (for

example, fifty contracts executed)

within a fifteen second time frame, the

system would cease to automatically

execute for that option, and would drop

all AUTO–X eligible orders in that

option for manual handling by the

specialist for a period of thirty seconds

to enable the specialist to refresh quotes

in that option.8

• Upon the expiration of thirty

seconds, automatic executions would

resume and the ‘‘counting’’ program

would be set to zero and begin counting

the number of contracts executed

automatically within a fifteen second

time frame again, up to the AUTO–X

guarantee.

• Again, when the number of

contracts automatically executed meets

the AUTO–X guarantee within a fifteen

second time frame, the system would

drop all subsequent AUTO–X eligible

orders for manual handling by the

specialist for a period of thirty seconds.

The Exchange believes that the pilot

program set forth above would enable

the Exchange to take a first step towards

the implementation of options

quotations that include size (i.e., the

number of contracts generally available

77060 Federal Register / Vol. 65, No. 237 / Friday, December 8, 2000 / Notices

9Currently, Exchange specialists and registered

options traders (‘‘ROTs’’) are required to fill orders

at the best market to a minimum of ten contracts.

See Exchange Rule 1015(a). Exchange Rule 1080(c)

provides that orders with a size of up to seventyfive contracts, subject to the approval of the Options

Committee, are eligible for automatic execution via

AUTO–X. However, quotations disseminated for

options do not currently reflect the minimum

AUTO–X size guarantee for a given option, or any

size. Rather, AUTOM customers are advised of the

minimum size guarantee by way of regularly

published memoranda that include a list of all

AUTO–X eligible options and the minimum

guaranteed AUTO–X size for each such option. A

major OPRA enhancement to the dissemination of

quotations, to include size, is anticipated in

January, 2001.

10Specialists will be required to fill orders up to

the AUTO–X guarantee size. Upon the

implementation of quotes with size, initially size

will not be decremented, and the specialist will be

responsible to fill orders at the disseminated quote

up to the disseminated size. See Amendment No.

1, supra note 3.

11 15 U.S.C. 78f(b).

12 15 U.S.C. 78f(b)(5). 13 15 U.S.C. 78f(b)(5).

14 15 U.S.C. 78s(b)(2).

15 In approving this proposal, the Commission has

considered its impact on efficiency, competition,

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

16 15 U.S.C. 78s(b)(2).

17 Id.

at the posted bid and ask for a given

option). Currently, options quotations

are disseminated without size.9 The

‘‘counting’’ feature of the proposed

system change would function to

disengage AUTO–X for a period of thirty

seconds in a given option once the

number of contracts automatically

executed meets the AUTO–X guarantee

for that option within a fifteen-second

time frame. A similar ‘‘counting’’

mechanism is expected to be utilized

upon the implementation of the

dissemination of options quotations

with size. Thus, the proposed pilot

program should allow the Exchange to

begin the process of moving towards the

implementation of quotations with

size.10

It is also anticipated that the system

change would assist specialists in

maintaining fair and orderly markets

during peak market activity, by allowing

specialists to execute orders delivered

via AUTOM manually for a limited

period of time after the AUTO–X

minimum guarantee is met to enable

specialists to refresh their quotes.

2. Statutory Basis

The Exchange believes that the

proposed rule change is consistent with

section 6 of the Act 11 in general, and

with section 6(b)(5) in particular,12 in

that it is designed to perfect the

mechanism of a free and open market

and a national market system, protect

investors and the public interest and

promote just and equitable principles of

trade by enabling the Exchange to

prepare for the dissemination of option

quotes with size, and by enabling

Exchange specialists to maintain fair

and orderly markets during periods of

peak market activity.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange does not believe that

the proposed rule change will impose

any inappropriate burden on

competition.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants, or Others

The Exchange did not receive or

solicit any written comments on the

proposed rule change.

III. Solicitation of Comments

Interested persons are invited to

submit written data, views, and

arguments concerning the foregoing,

including whether the proposed rule

change, as amended, 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, 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 thay may be withheld from the

public in accordance with the

provisions of 5 U.S.C. 552, will be

available for inspection and copying at

the Commission’s Public Reference

Room. Copies of such filing will also be

available for inspection and copying at

the principal office of the Exchange. All

submissions should refer to the File No.

SR–Phlx–00–96 and should be

submitted by December 29, 2000.

IV. Commission’s Findings and Order

Granting Accelerated Approval of

Proposed Rule Change

The Commission finds that the

proposed rule change is consistent with

the requirements of the Act and the

rules and regulations thereunder

applicable to a national securities

exchange. In particular, the Commission

finds that the proposed rule change is

consistent with section 6(b)(5) of the

Act, which requires that the rules of an

exchange be designed to promote just

and equitable principles of trade,

remove impediments to and perfect the

mechanism of a free and open market

and a national securities system, and

protect investors and the public

interest.13 The Commission believes

that the proposed rule change should

help the Exchange to prepare for

disseminating its options quotes with

size. In addition, the Commission

believes that the proposal may assist

specialists in maintaining fair and

orderly markets during periods of peak

market activity.

The Commission notes that the

Exchange is implementing the proposed

systems change to AUTO–X on a pilot

basis in a limited number of options,

which should enable the Phlx to

evaluate the program’s effectiveness

with respect to dissemination of

quotations with size, and whether the

change is assisting its specialists in

maintaining a fair and orderly market.

Specifically, the Commission notes that

the Exchange has represented that it

will evaluate the pilot program by

reviewing specialists’ performance in

the selected options, and by monitoring

and complaints relating to the pilot

program. Furthermore, the Commission

believes that the Phlx has provided

adequate notice of the proposed change

to AUTO–X to members, member

organizations, and the public. The

Commission notes that the Exchange

has represented that it will post on its

website a list of options included in the

pilot program, as well as issue a circular

to this effect to members, member

organizations, participants, and

participant organizations.

Finally, the Commission, pursuant to

section 19(b)(2) of the Act,14 finds good

cause for approving the proposed rule

change prior to the thirtieth day after

the date of publication of notice thereof

in the Federal Register.15 The

Commission believes that granting

accelerated approval to this pilot

program will allow Phlx to evaluate,

without delay, the effectiveness of this

systems change to AUTO–X and

whether the change allows Phlx

specialists the opportunity to update

their quotes and maintain a fair and

orderly market. Accordingly, the

Commission finds that there is good

cause, consistent with section 19(b)(2)

of the Act,16 to approve the proposal on

an accelerated basis.

V. Conclusion

It is therefore ordered, pursuant to

section 19(b)(2) of the Act,17 that the

proposed rule change (SR–Phlx–00–96)

and Amendment No. 1 thereto, are

hereby approved on an accelerated

basis.

Federal Register / Vol. 65, No. 237 / Friday, December 8, 2000 / Notices 77061

18 17 CFR 200.30–3(a)(12).

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.18

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–31299 Filed 12–7–00; 8:45 am]

BILLING CODE 8010–01–M

SOCIAL SECURITY ADMINISTRATION

Agency Information Collection

Activities: Proposed Request and

Comment Request

The Social Security Administration

(SSA) publishes a list of information

collection packages that will require

clearance by the Office of Management

and Budget (OMB) in compliance with

Pub. L. 104–13 effective October 1,

1995, The Paperwork Reduction Act of

1995. SSA is soliciting comments on the

accuracy of the agency’s burden

estimate; the need for the information;

its practical utility; ways to enhance its

quality, utility and clarity; and on ways

to minimize burden on respondents,

including the use of automated

collection techniques or other forms of

information technology.

Written comments and

recommendations regarding the

information collection(s) should be

submitted to the SSA Reports Clearance

Officer and to the OMB Desk Officer at

the following addresses:

(OMB)

Attn: Desk Officer for SSA, New

Executive Office Building, Room

10230, 725 17th St., NW.,

Washington, DC 20503

(SSA)

Social Security Administration,

DCFAM, Attn: Frederick W.

Brickenkamp, 1–A–21 Operations

Bldg., 6401 Security Blvd., Baltimore,

MD 21235

I. The information collection listed

below will be submitted to OMB within

60 days from the date of this notice.

Your comments should be submitted to

SSA within 60 days from the date of this

publication. You can obtain a copy of

the collection instrument by calling the

SSA Reports Clearance Officer at 410–

965–4145, or by writing to him at the

address listed above.

Application Statement for Child’s

Insurance Benefits—0960–0010. Title II

of the Social Security Act provides for

payment of monthly benefits to the

children of an insured retired, disabled

or deceased worker, if certain

conditions are met. The form SSA–4–BK

is used by the Social Security

Administration to collect information

needed to determine whether the child

or children are entitled to benefits. The

respondents are children of the worker

or individuals who complete this form

on their behalf.

Life

claims

Death

claims

Number of Respondents ....................... 925,000 815,000

Frequency of Response ................... 1 1

Average Burden Per

Response (minutes) ...................... 10.5 15.5

Estimated Annual

Burden (hours) ...... 161,875 210,542

II. The information collections listed

below have been submitted to OMB for

clearance. Your comments on the

information collections would be most

useful if received by OMB and SSA

within 30 days from the date of this

publication. You can obtain a copy of

the OMB clearance packages by calling

the SSA Reports Clearance Officer on

(410) 965–4145, or by writing to him at

the address listed above.

1. Application for Lump Sum Death

Payment—0960–0013. The information

collected on form SSA–8 by the Social

Security Administration is required to

authorize payment of a lump-sum death

benefit to a widow, widower, or

children as defined in section 202(i) of

the Social Security Act. The

respondents are widows, widowers or

children who apply for a lump-sum

death payment.

Number of Respondents: 43,850.

Frequency of Response: 1.

Average Burden Per Response: 10

minutes.

Estimated Annual Burden: 7,308

hours.

2. Request for Replacement SSA–

1099/SSA–1042S Social Security

Benefits Statement—0960–0583. The

information requested by the Social

Security Administration (SSA) via the

Internet will be used to verify identity

and to provide replacement copies of

Form SSA–1099/SSA–1042, which are

needed to prepare Federal tax returns.

This Internet option to request a

replacement SSA–1099/SSA–1042 will

eliminate the need for a phone call to

a teleservice center or a visit to a field

office. The respondents are beneficiaries

who request a replacement SSA–1099/

1042 via the Internet.

Number of Respondents: 7,000.

Frequency of Response: 1.

Average Burden Per Response: 5

minutes.

Estimated Average Burden: 583 hours.

Dated: December 4, 2000.

Frederick W. Brickenkamp,

Reports Clearance Officer.

[FR Doc. 00–31307 Filed 12–7–00; 8:45 am]

BILLING CODE 4191–02–U

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Public Notice of Waiver of Aeronautical

Land-Use Assurance Lebanon

Municipal Airport, West Lebanon, NH

AGENCY: Federal Aviation

Administration (FAA), DOT.

ACTION: Request for public comments.

Notice of intent of waiver with respect

to land.

SUMMARY: The FAA is considering a

proposal that a portion of airport

property (approximately 2.06 acres

located on the South side of the

Terminal Road) is no longer needed for

aeronautical use, as shown on the

Airport Layout Plan. There appear to be

no impacts to the airport by allowing

the disposal of the property. The land

was acquired under FAA Project No. 9–

27–006–6002 (portion of Parcel No. 7)

on September 2, 1960.

In accordance with section 47107(h)

of title 49, United States Code, this

notice is required to be published in the

Federal Register thirty (30) days before

modifying the land-use assurance which

requires that the property be used for an

aeronautical purpose. The purpose of

the release of land will provide the

abutting developer more flexibility in

construction of his facility by allowing

the set-back lines to be closer to Airport

Road.

DATES: Comments must be received on

or before January 8, 2001.

FOR FURTHER INFORMATION CONTACT:

Donna R. Witte, Airports Division, 12

New England Executive Park,

Burlington, Massachusetts 01803.

Telephone No. 781–238–7624/Fax 781–

238–7608. Documents reflecting the

proposed FAA action may be reviewed

in person at 16 New England Executive

Park, Burlington, Massachusetts or at

the Lebanon Municipal Airport, West

Lebanon, New Hampshire.

SUPPLEMENTARY INFORMATION: This

notice announces that the FAA in

considering the release of the subject

airport property at Lebanon Municipal

Airport, West Lebanon, New

Hampshire. The disposition of proceeds

from the disposal of airport property

will be in accordance with FAA’s Policy

and Procedures Concerning the Use of

Airport Revenue, published in the

Federal Register on February 16, 1999.