13424 Federal Register / Vol. 62, No. 54 / Thursday, March 20, 1997 / Notices

7The Commission notes that any substantive

amendment to a proposed rule change filed under

Rule 19b–4(e)(6) causes the 30 day delayed

implementation period to be restarted from the date

of the filing of the amendment. See Securities

Exchange Act Release No. 35123 (Dec. 20, 1994), 59

FR 66692 (Dec. 28, 1994).

8 17 CFR 240.19b–4(e)(6).

9See supra note 7.

10The 60 day abrogation period commences from

March 3, 1997, the date of the submission of

Amendment No. 1.

11 17 CFR 200.30–3(a)(12).

1 15 U.S.C. 78s(b)(1) (1988).

2 17 CFR 240.19b–4 (1991).

it was filed, or such shorter time as the

Commission may designate if consistent

with the protection of investors and the

public interest; 7 and (4) the Exchange

provided the Commission with written

notice of its intent to file the proposed

rule change at least five business days

prior to the filing date, it has become

effective pursuant to Section 19(b)(3)(A)

of the Act and Rule 19b–4(e)(6)

thereunder.8

The Commission finds good cause for

accelerating the operative date of the

proposed rule change from the thirtieth

day following the date of the amended

filing on March 3, 1997 consistent with

investor protection and the public

interest.9 By accelerating the operative

date of the proposed rule change to

March 7, 1997, the NYSE will be able

to provide issuers, whose stock will be

listed on the Exchange, with the ability

to make the final selection of a specialist

unit from among three to five units

selected by the Allocation Committee.

This will prevent newly listed

companies from delaying their listing on

the Exchange until such time as they

may avail themselves of the alternative

approaches described herein. Moreover,

the Commission notes that the proposal

is only being implemented on a pilot

basis for a period of seven months

ending on October 7, 1997. Based on the

above, the Commission believes that

accelerating the operative date for

implementation of the proposal to

March 7, 1997 is consistent with the

protection of investors and the public

interest.

In furtherance of the public interest

and investor protection, the

Commission expects the NYSE to

provide the Commission with a report

describing its experience with the pilot

program. This report should include, for

the period in which the pilot is in

operation, the following information:

the total number of allocations; the total

number of allocations in which the

issuer chose its own specialist unit from

a list of three to five; the total number

of allocations in which the Allocation

Committee chose the specialist unit; the

number of units provided to the issuer

by the Allocation Committee in those

cases where the issuer selects for each

such allocation; and, for each allocation,

the number of specialist units applying

for the allocations in both issuerselected and Allocation Committeeselected allocations. The Exchange also

should include in the report information

that would permit the Commission to

evaluate whether the number of units

applying for allocations increased or

decreased when compared to the period

prior to the adoption of the pilot. The

Exchange also should include in the

report any other information that may

be useful to the Commission in

evaluating the program. The report

should be submitted to the Commission

at least two months prior to the

expiration of the pilot (by August 7,

1997) along with any request to modify,

extend, or permanently approve the

pilot.

At any time within 60 days of the

filing of the amended proposed rule

change,10 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.

Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, NW.,

Washington, DC 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, NW.,

Washington, DC 20549. Copies of such

filing also will be available for

inspection and copying at the principal

office of the New York Stock Exchange.

All submissions should refer to File No.

SR–NYSE–97–04 and should be

submitted by May 12, 1997.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.11

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–6968 Filed 3–19–97; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–38403; File No. SR–PSE–

97–08]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Pacific Exchange Relating to Changing

the Corporate Name From Pacific

Exchange to Pacific Exchange, Inc.

March 14, 1997.

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 March 10,

1997, the Pacific Exchange

(‘‘Exchange’’) filed with the Securities

and Exchange Commission

(‘‘Commission’’ or ‘‘SEC’’) the proposed

rule change as described in Items I, II

and III 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 is proposing to amend

its Article I, Section 1 of the

Constitution and the first Section of the

Certificate of Incorporation to reflect a

change in the corporate name from

Pacific Exchange to Pacific Exchange,

Inc.

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.

A. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

The purpose of the proposed rule

change is to effect a change in the

corporate name of the Exchange from
Federal Register / Vol. 62, No. 54 / Thursday, March 20, 1997 / Notices 13425

3 17 CFR 240.19b–4(e)(3).

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

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

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

7 17 CFR 240.19b–4(e).

8 17 CFR 200.30–3(a)(12).

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

2The Commission has modified the text of the

summaries prepared by SCCP.

Pacific Exchange to Pacific Exchange,

Inc. This proposed modification to the

corporate name will correct the

Exchange’s Constitution and Certificate

of Incorporation so that they properly

reflect the legal name of the Exchange.

The Exchange recently filed an

amendment to these provisions

reflecting the name change,

inadvertently omitting the corporate

indicator. Therefore, the only difference,

as a result of this filing, is the addition

of a corporate indicator ‘‘Inc.’’ to

comply with state corporate law

requirements.

Basis

Pursuant to Rule 19b–4(e)(3), 3 this

proposed rule change is concerned

solely with the administration of the

Exchange. The proposed rule change is

consistent with Section 6(b) of the Act, 4

in general, and Section 6(b)(5), 5 in

particular, in that it is designed to

promote just and equitable principles of

trade.

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

Written comments on the proposed

rule change were neither solicited nor

received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The foregoing rule change has become

effective pursuant to Section 19(b)(3)(A)

of the Act 6 and subparagraph (e) of Rule

19b–4 thereunder,7 because it is

concerned solely with the

administration of the Exchange. At any

time within 60 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.

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 in

the Commission’s Public Reference

Room, 450 Fifth Street, N.W.,

Washington, D.C. 20549. Copies of such

filing will also be available for

inspection and copying at the principal

office of the Exchange. All submissions

should refer to File No. SR–PSE–97–08

and should be submitted by April 10,

1997.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.8

Jonathan G. Katz,

Secretary.

[FR Doc. 97–7046 Filed 3–19–97; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–38405; File No. SR–SCCP–

97–01]

Self-Regulatory Organizations; Stock

Clearing Corporation of Philadelphia;

Notice of Filing and Immediate

Effectiveness of Proposed Rule

Change Relating to Over-the-Counter

Trade Corrections

March 14, 1997.

Pursuant to Section 19(b)(1) 1 of the

Securities Exchange Act of 1934

(‘‘Act’’), notice is hereby given that on

February 26, 1997, the Stock Clearing

Corporation of Philadelphia (‘‘SCCP’’)

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 primarily by SCCP.

The Commission is publishing this

notice to solicit comments from

interested persons on the proposed rule

change.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The proposed rule change provides

SCCP participants an additional method

of forwarding over-the-counter (‘‘OTC’’)

trade corrections to SCCP.

II. Self-Regulatory Organization’s

Statement of the Purpose of and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission,

SCCP 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. SCCP has prepared

summaries, set forth in sections (A), (B),

and (C) below, of the most significant

aspects of such statements.2

(A) Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

The purpose of the proposed rule

change is to provide to SCCP’s

participants that have access to

Philadep’s Philanet system an

additional method of forwarding OTC

corrections to SCCP. OTC trade

submissions for trades that are not

looked in are submitted separately by

the buyer and seller. The submissions

are matched by National Stock Clearing

Corporation (‘‘NSCC’’) as the central

processor for OTC transactions. The

primary matching criteria used by NSCC

are buyer, seller, number of shares,

cusip number, settlement date, and the

dollar amount of the trade. When the

buy and sell submissions match based

on the matching criteria the trade is

considered ‘‘compared.’’ When the buy

and sell submissions do not match or

either the buyer or seller does not

submit any data, an ‘‘uncompared’’

trade results. Both buyer and seller are

notified of the uncompared trade and

are then able to use a series of trade

correcting entries to make necessary

changes to the original buy and sell

entries or to enter a buy or sell

transaction that was inadvertently not

entered.

Currently, OTC corrections are

forwarded to SCCP by one of two

methods. First, the submitting

participant may forward its OTC

corrections via facsmilie. The

corrections are then entered into the

system by data entry personnel at SCCP.

The corrections are then appended to