Federal Register / Vol. 62, No. 59 / Thursday, March 27, 1997 / Notices 14715

3 15 U.S.C. § 78f(b). 4 17 CFR 200.30–3(a)(12). 1 15 U.S.C. § 78s(b)(1).

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

Amex specialists disseminate

indications of interest to the

consolidated tape prior to the opening

or reopening of trading in a previously

halted stock or in the event of a delayed

opening. These indications

communicate the probably price range

where the stock will open or reopen.

The Amex’s policy on dissemination

of tape indications currently requires a

minimum of 15 minutes to elapse

between the first indication and the

opening or reopening of a stock. In

addition, when multiple indications are

used, a minimum of 10 minutes must

elapse after the last indication when it

does no overlap the prior indication,

and a minimum of 5 minutes must

elapse after the last indication when it

overlaps the prior indication.

The Exchange is proposing that these

minimum time periods before opening

or reopening a stock be compressed

from 15 to 10 minutes after the first

indication; and to 5 minutes after the

last indication, regardless of whether it

overlaps the prior indication, provided

that a minimum of 10 minutes elapses

between the first indication and the

opening or reopening of a stock. The

proposed rule shortens the time period

for indications and strikes an

appropriate balance between preserving

the price discovery process while

providing timely opportunities for

investors to participate in the market.

2. Statutory Basis

The proposed rule change is

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

Act 3 in that it is designed to prevent

fraudulent and manipulative acts and

practices and to perfect the mechanism

of a free and open market.

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

No written comments were either

solicited or received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Within 35 days of the 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 self-regulatory organization

consents, the Commission will:

(A) by order approve the 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.

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 will also be available for

inspection and copying at the principal

office of the Exchange. All submissions

should refer to File No. SR–AMEX–97–

13 and should be submitted by April 17,

1997.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.4

Jonathan G. Katz,

Secretary.

[FR Doc. 97–7782 Filed 3–26–97; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–38422; File No. SR–PHLX

97–08]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Philadelphia Stock Exchange, Inc.

Relating to Minimum Exercise Amount

for Customized Foreign Currency

Options

March 19, 1997.

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

Securities Exchange Act of 1934

(‘‘Act’’),1 notice is hereby given that on

March 11, 1997, 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, II, and III below, which Items

have been prepared by the selfregulatory organization. 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, pursuant to Rule 19b–

4 of the Act, proposes to amend

Exchange Rule 1069(i) to revise the

minimum exercise amount for

customized foreign currency options

from 100 to 50 contracts. The text of the

proposed rule change follows (new text

is italicized, deleted text is in brackets):

Customized Foreign Currency Options

Rule 1069.

A foreign currency option participant

(‘‘participant’’) may request and obtain

quotes and execute trades in any foreign

currency option contract listed on the

Exchange with a non-listed exercise

price in accordance with this rule.

Participants may also request and obtain

quotes and execute trades in foreign

currency options contracts with

European-terms (inverses) or as a crossrate. To the extent that the provisions of

this rule are inconsistent with other

Exchange rules, this rule takes

precedence in relation to customized

foreign currency options.

(a)–(h) No change.

(i) Exercise of Customized Options.

When exercising customized options,

the lesser of [100] 50 contracts or the

remaining number of contracts must be

exercised and the exercise limits in Rule

1002 will apply.

(j)–(k) No change.
14716 Federal Register / Vol. 62, No. 59 / Thursday, March 27, 1997 / Notices

2See Securities Exchange Act Release No. 38113

(January 3, 1997), 62 FR 442 (January 9, 1997).

3 15 U.S.C. § 78f.

4 15 U.S.C. § 78(b)(5). 5 17 CFR 240.19b–4(e)(6). 6 17 CFR 200.30–3(a)(12).

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

self-regulatory organization 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 self-regulatory organization 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

On January 3, 1997, the Exchange

received approval to reduce the

minimum transaction size for opening

and closing transactions in customized

foreign currency options from 100

contracts to 50 contracts.2 In an

oversight, the Exchange unintentionally

did not make a conforming change to

the provision in subsection (i) of Rule

1069. That provision currently states

that ‘‘when exercising customized

options, the lesser of 100 contracts or

the remaining number of contracts must

be exercised and the exercise limits in

Rule 1002 will apply.’’ The minimum

exercise amount should also have been

reduced to 50 contracts. As the rule

currently is written, an investor who

only purchases 50 contracts and holds

them until expiration could exercise all

50 contracts pursuant to the ‘‘remaining

number of contracts’’ clause, however,

the Exchange did not intend to impose

a higher minimum exercise requirement

than the minimum trading requirement.

Accordingly, pursuant to this filing, the

Phlx proposes to reduce the minimum

exercise amount to the lesser of 50

contracts or the remaining number of

contracts in the holder’s position.

2. Statutory Basis

The proposed rule change is

consistent with Section 6 of the Act 3 in

general, and in particular, with Section

6(b)(5),4 in that it is designed to promote

just and equitable principles of trade,

prevent fraudulent and manipulative

acts and practices, facilitate transactions

in securities, remove impediments to

and perfect the mechanism of a free and

open market and a national market

system, and protect investors and the

public interest by imposing an exercise

minimum which is consistent with the

trading size minimums for the product.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The PHLX 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

No written comments were either

solicited or received.

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 become operative for 30

days from March 11, 1997, the date on

which it was filed, and 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, the rule change

proposal has become effective pursuant

to Section 19(b)(3)(A) of the Act and

Rule 19b–4(e)(6) thereunder.5

At any time within 60 days of the

filing of the 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, 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 in

the Commission’s Public Reference

Section, 450 Fifth Street, NW,

Washington, DC 20549. Copies of such

filing will also be available for

inspection and copying at the principal

office of the Phlx. All submissions

should refer to File No. SR–Phlx–97–08

and should be submitted by April 17,

1997.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.6

Jonathan G. Katz,

Secretary.

[FR Doc. 97–7783 Filed 3–26–97; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Notice of Intent To Rule on Application

To Use the Revenue From a Passenger

Facility Charge (PFC) at Palm Beach

International Airport, West Palm

Beach, Florida

AGENCY: Federal Aviation

Administration (FAA), DOT.

ACTION: Notice of intent to rule on

application.

SUMMARY: The FAA proposes to rule and

invites public comment on the

application to use the revenue from a

PFC at Palm Beach International Airport

under the provisions of the Aviation

Safety and Capacity Expansion Act of

1990 (Title IX of the Omnibus Budget

Reconciliation Act of 1990) (Pub. L.

101–508) and Part 158 of the Federal

Aviation Regulations (14 CFR Part 158).

DATES: Comments must be received on

or before April 28, 1997.

ADDRESSES: Comments on this

application may be mailed or delivered

in triplicate to the FAA at the following

address: Orlando Airports District

Office, 5950 Hazeltine National Dr.,

Suite 400, Orlando Florida 32822.

In addition, one copy of any

comments submitted to the FAA must

be mailed or delivered to Mr. Bruce V.

Pelly, Director of Airports of the Palm

Beach County Department of Airports at

the following address: Palm Beach

International Airport, Building 846,

West Palm Beach, Florida 33406–1491.

Air carriers and foreign air carriers

may submit copies of written comments

previously provided to the Palm Beach

County Department of Airports under

section 158.23 of Part 158.

FOR FURTHER INFORMATION CONTACT: