10106 Federal Register / Vol. 62, No. 43 / Wednesday, March 5, 1997 / Notices

2Only limit orders that are marketable at the time

they are received by the Exchange are considered

in calculating price improvement savings. See letter

from Michele R. Weisbaum, Vice President and

Associate General Counsel, Phlx, to Anthony P.

Pecora, Attorney, Division of Market Regulation,

SEC, dated February 7, 1997 (‘‘Amendment No. 1’’).

3Tick sensitive orders and orders entered on the

Floor are not included in the U–SAVE program. Id.

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

5 15 U.S.C. 78s(b)(3)(A)(iii).

6 17 CFR 240.19b–4(e)(5).

7The Commission notes that Amendment No. 1

substantively modifies the proposed rule change.

Therefore, the time period within which the

Commission may act to summarily abrogate this

rule change began on February 11, 1997, the date

Amendment No. 1 was received. 8 17 CFR 200.30–3(a)(12).

way affect the actual execution of PACE

orders. The Exchange is proposing to

refer to this calculated dollar savings as

the ‘‘U–SAVE’’ program.

The U–SAVE program is proposed to

be made available for intraday round lot

and partial round lot market and

marketable limit orders 2 entered via the

Exchange’s PACE system.3 The U–SAVE

(almost of price improvement) is

calculated in comparison to the best bid

and offer displayed in the national

market system at the time the order is

received. For buy side orders, only

orders executed at a price lower than

the national best offer price will receive

a U–SAVE indicator. For sell side

orders, only orders executed at a price

higher than the national best bid price

will receive a U–SAVE indicator.

The following examples illustrate

how U–SAVE is proposed to work.

Example 1—Assume the national market

quote is 50–501⁄4. A market order to sell

1,000 shares, entered on the Phlx, is stopped

at 50, meaning it is guaranteed a price at 50

or a better price. The order is subsequently

executed at 501⁄8. This is an 1⁄8 point savings

over the national bid price of 50, which

translates into $125 savings over the

guaranteed price. Thus, the execution report

would display U–SAVE $125.

Example 2—Assume the national market

quote is 50–501⁄4. A marketable limit order to

sell 800 shares at 50 or better is entered on

the Phlx. The order is subsequently executed

at 501⁄8. This is an 1⁄8 point savings over

taking the prevailing bid of 50. The execution

report would display U–SAVE $100.

Example 3—Assume the national market

quote is 50–501⁄8. A market order to buy

1,000 shares, entered on the Phlx, is executed

at 50. This is an 1⁄8 point savings over taking

the prevailing offer of 501⁄8. The execution

report would display U–SAVE $125.

If no price improvement was provided

or if the firm has not requested to

participate in the program then no price

improvement information would be

displayed on the execution report to the

entering firm.

The Exchange believes that the U–

SAVE program may be expected to

enhance the information made available

to investors and improve their

understanding of the auction market.

2. Statutory Basis

The proposed rule change is

consistent with Section 6(b)(5) 4 of the

Act in that it is designed to promote just

and equitable principles of trade, to

remove impediments and to perfect the

mechanism of a free and open market

and a national market system, and, in

general, to protect investors and the

public interest. This rule change is

designed to perfect the mechanism of a

free and open market in that it enhances

the information provided to investors by

displaying to them the dollar value of

the price improvement their orders may

have received when executed on the

Phlx.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The proposed rule change does not

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 has neither solicited

nor received written comments on the

proposed rule change.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Because the foregoing proposed rule

change: (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 have the effect of limiting

access to or availability of any Exchange

order entry or trading system, the U–

SAVE program has become effective

pursuant to Section 19(b)(3)(A)(iii) 5 of

the Act and Rule 19b–4(e)(5) 6

thereunder.

At any time within sixty days of the

filing of such 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.7

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 at

the Commission’s Public Reference

Section, 450 Fifth Street, N.W.,

Washington, D.C. 20549. Copies of such

filing also will be available for

inspection and copying at the principal

office of the Phlx. All submissions

should refer to File No. SR–Phlx–97–01

and should be submitted by March 26,

1997.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.8

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–5374 Filed 3–4–97; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

[Declaration of Economic Injury Disaster

Loan Area #9378]

North Dakota; (and Contiguous

Counties in Minnesota, South Dakota &

Montana); Declaration of Disaster Loan

Area; Amendment #1

The above-numbered Declaration,

approved on February 11, 1997, is

hereby amended to include Bowman

County and the contiguous Counties of

Slope in the State of North Dakota, and

Fallon in the State of Montana as

economic injury disaster loan areas as a

result of severe winter storms and

blizzard conditions during the period of

January 3 through January 31, 1997. All

other contiguous counties not listed

herein have already been included in

previous declarations.

All other information remains the

same, i.e., the termination date for filing

applications for economic injury

assistance is November 12, 1997.

(Catalog of Federal Domestic Assistance

Program No. 59002)

Dated: February 25, 1997.

Aida Alvarez,

Administrator.

[FR Doc. 97–5318 Filed 3–4–97; 8:45 am]

BILLING CODE 8025–01–M