Federal Register / Vol. 63, No. 81 /Tuesday, April 28, 1998 / Notices 23307

Counsel, U.S. Nuclear Regulatory

Commission, Washington, DC 20555,

and to General Counsel, Tennessee

Valley Authority, 400 West Summit Hill

Drive, ET 10H, Knoxville, Tennessee

37902, attorney for the licensee.

For further details with respect to this

action, see (1) the application for

amendment dated December 11, 1996,

and (2) the Commission’s letter to the

licensee dated April 22, 1998.

These documents are available for

public inspection at the Commission’s

Public Document Room, the Gelman

Building, 2120 L Street, NW.,

Washington, DC, and at the local public

document room located at the Athens

Public Library, 405 E. South Street,

Athens, Alabama.

Dated at Rockville, Maryland, this 22 day

of April 1998.

For The Nuclear Regulatory Commission.

Frederick J. Hebdon,

Director, Project Directorate II–3, Division of

Reactor Projects—I/II, Office of Nuclear

Reactor Regulation.

[FR Doc. 98–11246 Filed 4–27–98; 8:45 am]

BILLING CODE 7590–01–P

NUCLEAR REGULATORY

COMMISSION

Sunshine Act Meeting

AGENCY HOLDING THE MEETING: Nuclear

Regulatory Commission.

DATE: Weeks of April 27, May 4, 11, and

18, 1998.

PLACE: Commissioners’ Conference

Room, 11555 Rockville Pike, Rockville,

Maryland.

STATUS: Public and Closed.

MATTERS TO BE CONSIDERED:

Week of April 27

Wednesday, April 29

11:30 a.m.—Affirmation Session

(PUBLIC MEETING)

a: Final Rule: Requirements for

Shipping Packages Used to

Transport Vitrified High-Level

Waste

Thursday, April 30

9:00 a.m.—Briefing on Investigative

Matters (Closed—Ex. 5 and 7)

2:00 p.m.—Discussion of Management

Issues (Closed—Ex. 2 and 6)

Friday, May 1

8:30 a.m.—*Briefing on Selected Issues

Related to Proposed Restart of

Millstone Unit 3. (PUBLIC

MEETING), (Contact: Bill Travers,

301–415–1200)

1:00 p.m.—Continuation of Millstone

meeting

Week of May 4—Tentative

There are no meetings the week of

May 4.

Week of May 11—Tentative

Wednesday, May 13

10:30 a.m.—Affirmation Session

(PUBLIC MEETING), (if needed)

*Note: A follow-on meeting to discuss the

remaining issues related to Millstone Unit 3

restart will be held at a later date.

Week of May 18—Tentative

Thursday, May 21

11:30 a.m.—Affirmation Session

(PUBLIC MEETING), (if needed)

*The Schedule for Commission meetings

is subject to change on short notice. To verify

the status of meetings call (recording)—(301)

415–1929. Contact person for more

information: Bill Hill (301) 415–1661.

* * * * *

The NRC Commission Meeting

Schedule can be found on the Internet

at:

http://www.nrc.gov/SECY/smj/

schedule.htm

* * * * *

This notice is distributed by mail to

several hundred subscribers: if you no

longer wish to receive it, or would like

to be added to it, please contact the

Office of the Secretary, Attn: Operations

Branch, Washington, D.C. 20555 (301–

415–1661). In addition, distribution of

this meeting notice over the Internet

system is available. If you are interested

in receiving this Commission meeting

schedule electronically, please send an

electronic message to wmh@nrc.gov or

dkw@nrc.gov.

* * * * *

Dated: April 24, 1998.

William M. Hill, Jr.,

SECY Tracking Officer, Office of the

Secretary.

[FR Doc. 98–11403 Filed 4–24–98; 3:04 pm]

BILLING CODE 7590–01–M

RAILROAD RETIREMENT BOARD

Agency Forms Submitted for OMB

Review

SUMMARY: In accordance with the

Paperwork Reduction Act of 1995 (44

U.S.C. Chapter 35), the Railroad

Retirement Board (RRB) has submitted

the following proposal(s) for the

collection of information to the Office of

Management and Budget for review and

approval.

Summary of Proposal(s)

(1) Collection title: Placement Service.

(2) Form(s) submitted: ES–2, ES–20a,

ES–20b, ES–21, ES–21c, UI–35, and Job

Vacancies Report.

(3) OMB Number: 3220–0057.

(4) Expiration date of current OMB

clearance: 7/31/1998.

(5) Type of request: Revision of a

currently approved collection.

(6) Respondents: Individuals or

households, Business or other for profit.

(7) Estimated annual number of

respondents: 13,750.

(8) Total annual responses: 27,000.

(9) Total annual reporting hours:

1,494.

(10) Collection description: Under the

RUIA, the Railroad Retirement Board

provides job placement assistance for

unemployed railroad workers. The

collection obtains information from job

applicants, railroad and non-railroad

employers, and State Employment

Service offices for use in placement, for

providing referrals for job openings,

reports of referral results, and for

verifying and monitoring claimant

eligibility.

ADDITIONAL INFORMATION OR COMMENTS:

Copies of the form and supporting

documents can be obtained from Chuck

Mierzwa, the agency clearance officer

(312–751–3363). Comments regarding

the information collection should be

addressed to Ronald J. Hodapp, Railroad

Retirement Board, 844 North Rush

Street, Chicago, Illinois 60611–2092 and

the OMB reviewer, Laura Oliven (202–

395–7316), Office of Management and

Budget, Room 10230, New Executive

Officer Building, Washington, DC

10503.

Chuck Mierzwa,

Clearance Officer.

[FR Doc. 98–11223 Filed 4–27–98; 8:45 am]

BILLING CODE 7905–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–39890; File No. SR–BSE–

97–04]

Self-Regulatory Organizations; Boston

Stock Exchange, Inc.; Order Approving

a Proposed Rule Change and Notice of

Filing and Order Granting Accelerated

Approval to Amendment No. 2 Thereto

Relating to Stop Orders and Stop Limit

Orders in Solely Listed Issues

April 20, 1998.

On September 4, 1997, the Boston

Stock Exchange, Inc. (‘‘BSE’’ or

‘‘Exchange’’) submitted to the Securities

and Exchange Commission (‘‘SEC’’ or

‘‘Commission’’), pursuant to Section

19(b)(1) of the Securities Exchange Act
23308 Federal Register / Vol. 63, No. 81 /Tuesday, April 28, 1998 / Notices

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

2 17 CFR 240.19b–4.

3Amendment No. 1 revised the text of the

proposed Supplementary Material to Section 3 of

Chapter 1 of the Exchange Rules to clarify that it

only applies to the trading of issues listed solely on

the Exchange and that the proposal also applies to

stop limit orders. See letter from Karen A. Aluise,

Assistant Vice President, BSE, to Michael

Walinskas, Senior Special Counsel, Division of

Market Regulation, SEC (September 15, 1997)

(‘‘Amendment No. 1’’).

4Exchange Act Release No. 39187 (Oct. 1, 1997),

65 FR 52601.

5Amendment No. 2 clarified that the Exchange

uses the term ‘‘Nasdaq’’ to include Nasdaq/NMS or

Nasdaq Small Cap markets, but not to include the

OTC Bulletin Board. Accordingly, stop orders and

stop limit orders for issues listed solely on the

Exchange, but that are also traded through Nasdaq/

NMS or the Nasdaq Small Cap market, may be

triggered based on trades occurring through

Nasdaq/NMS or the Nasdaq Small Cap market. See

letter from Karen A. Aluise, Vice President, BSE, to

Michael Walinskas, Senior Special Counsel,

Division of Market Regulation, SEC (November 7,

1997) (‘‘Amendment No. 2’’).

6As noted above, the Exchange uses the term

‘‘Nasdaq’’ to include both the Nasdaq/NMS and

Nasdaq Small Cap markets. However, the term is

not intended to include the OTC Bulletin Board.

See Amendment No. 2.

7Telephone conversation between Karen Aluise,

Vice President, BSE, and Christine Richardson,

Attorney, SEC, March 13, 1998.

8 In the case of stop limit orders, the Exchange

permits the stop price and the limit price to be

different. Id.

9 15 U.S.C. 78f(b).

10 15 U.S.C. 78f(b)(5).

11 In approving this rule, the Commission has

considered the proposed rule’s impact on

efficiency, competition, and capital formation. 15

U.S.C. 78c(f).

12See Section 11A(a)(1), of the Exchange Act, 15

U.S.C. 78k–1. In addition to the goals set out in

Section 11A, Congress also found that the linking

of qualified securities markets through

communication and data processing facilities will

foster efficiency; enhance competition; increase the

information available to brokers, dealers, and

investors; facilitate the offsetting of investors’

orders and contribute to best execution of such

orders. See Market 2000: An Examination of

Current Equity Market Developments, Division of

Market Regulation, Commission, January 1994,

III–4 (‘‘Market 2000 Study’’).

13See Market 2000 Study, supra note 10, at

V–2.

of 1934 (‘‘Exchange Act’’ or ‘‘Act’’) 1 and

Rule 19b–4 thereunder,2 a proposed rule

change to adopt a new Supplementary

Material to Section 3 of Chapter 1 of the

Exchange Rules of govern the activation

criteria for stop orders and stop limit

orders in sole listed issues where the

triggering executions do not occur on

the Exchange. The Exchange

subsequently filed Amendment No. 1 to

the proposed rule change on September

15, 1997.3

The proposed rule change, including

Amendment No. 1, was published for

comment in the Federal Register on

October 8, 1997.4 No comments were

received on the proposal. The Exchange

subsequently filed Amendment No. 2 to

the proposed rule change on November

7, 1997.5 This order approves the

proposal, as amended.

The BSE is proposing to adopt a new

Supplementary Material to guide

Exchange specialists and customers in

the appropriate activation stop orders

and stop limit orders in sole listed

issues. Due to the frequency with which

the Exchange’s sole listed issues trade

through Nasdaq,6 it is likely that

transactions will occur in that market at

prices which would activate Exchangeresident stop orders and stop limit

orders, were such transactions to occur

in the Exchange’s market. At such times,

customers may look for an execution

report based on trading that occurs

through Nasdaq. In these circumstances,

Exchange specialists may be placed at

significant market risk if a customer is

permitted to determine after the fact that

a stop order or stop limit order in a sole

listed issue was, or was not, due based

on a sale reported in the Nasdaq market.

The Exchange proposes to adopt this

new interpretation to remove any

ambiguity regarding the appropriate

activation of stop orders and stop limit

orders in sole listed issues by

necessitating the inclusion of reported

regular way round-lot Nasdaq sales in

determining the activation of Exchangeresident stop orders and stop limit

orders in sole listed issues. Under the

proposed rule, a customer’s stop or stop

limit order for a BSE sole listed security

will be triggered upon a round-lot sales

transaction at or through the stop price

that is executed either on the Exchange

or through Nasdaq. Once triggered, a

stop order to buy or sell will become a

market order executable at the most

advantageous price obtainable after the

order is represented at the specialist’s

post. A customer’s triggered stop order

generally will be executed at the best

available price, including the best

Nasdaq price. The actual execution of

the order will occur on the Exchange

under all circumstances.7 Exchangeresident stop limit orders will be

triggered in a manner identical to stop

orders (i.e., the occurrence of a roundlot transaction at or through the stop

price on the Exchange or through

Nasdaq).8 Once triggered, a stop limit

order to buy or sell will become a

marketable order executable at the limit

price or better, if obtainable, after the

order is represented at the specialist’s

post. Similar to the treatment of stop

orders, Nasdaq prices will be utilized to

determine the best available price.

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, and, in particular, with the

requirements of Section 6(b).9

Specifically, the Commission believes

the proposal is consistent with the

Section 6(b)(5) 10 requirements that the

rules of an exchange be designed to

promote just and equitable principles of

trade, to prevent fraudulent and

manipulative acts, and, in general, to

protect investors and the public

interest.11

The Commission believes that the

proposed rule change is appropriate in

that it promotes further linkage between

the regulated U.S. equities markets and

ensures that a customer’s stop or stop

limit order will be triggered upon the

sooner to occur of an appropriate

execution on the Exchange or through

Nasdaq. This additional linkage is

consistent with the principals contained

in Section 11A of the Exchange Act and

reflects the Congressional intent of

creating a national market system for

securities.12 The Commission also

believes that the proposed rule change

helps to assure the best execution of

customer orders, and is consistent with

the maintenance of fair and orderly

markets by ensuring that a customer’s

stop or stop limit order will be triggered

based upon transactions occurring on

either the Exchange or Nasdaq.13

The Commission notes that the

inclusion of the Nasdaq/NMS and

Nasdaq Small Cap trades in determining

when to activate stop and stop limit

orders is likely to result in quicker

executions of these orders on the BSE.

The Commission also believes that by

including Nasdaq/NMS and Nasdaq

Small Cap transactions in the activation

criteria of Exchange resident stop and

stop limit orders in BSE solely listed

issues, the proposed rule change

clarifies any ambiguity under the

Exchange’s existing rules as to when

these orders will become marketable.

The Commission also notes that the

Exchange has proposed adequate

surveillance procedures to monitor the

activation and execution of stop and

stop limit orders based on Nasdaq/NMS

and Nasdaq Small Cap transactions.

The Commission finds good cause for

approving Amendment No. 2 to the

proposed rule change prior to the

thirtieth day after the date of

publication of notice thereof in the

Federal Register. Amendment No. 2

narrows the scope of the proposal by

clarifying that stop and stop limit orders

on the Exchange may be triggered only

by transactions occurring in the Nasdaq/

NMS and Nasdaq Small Cap markets,

and not transactions occurring on the
Federal Register / Vol. 63, No. 81 /Tuesday, April 28, 1998 / Notices 23309

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

15 17 CFR 200.30–3(a)(12).

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

2 17 CFR 240.19b–4.

3See Letter from Stephanie C. Mullins, Attorney,

CBOE to David Sieradzki, Attorney, SEC dated

March 23, 1998 (‘‘Amendment No. 2’’). In

Amendment No. 2, the Exchange adds option class

and series to the definition of ‘‘Terms and

Conditions of an Order.’’ In addition, the Exchange

adds language to the rule that indicates that the

class of the option would be deemed disclosed if

it is apparent that the crowd is aware of which

option class is being traded.

4Securities Exchange Act Release No. 39308

(Nov. 6, 1997), 62 FR 61419 (Nov. 17, 1997). 5 15 U.S.C. 78f(b).

OTC Bulletin Board. The Commission

also notes that no comments were

received on the original BSE proposal,

which was subject to the full 21-day

comment period. Therefore, the

Commission believes that is consistent

with Section 6(b)(5) of the Act to

approve Amendment No. 2 to the

proposed rule change on an accelerated

basis.

Interested persons are invited to

submit written data, views and

arguments concerning Amendment No.

2 to the proposed rule change, including

whether the amendment is consistent

with the Act. 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

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 File No.

SR–BSE–97–04 and should be

submitted by May 19, 1998.

For the foregoing reasons, the

Commission finds that BSE’s proposal,

as amended, is consistent with the

requirements of the Act and the rules

and regulations thereunder.

It is therefore ordered, pursuant to

Section 19(b)(2) of the Act,14 that the

proposed rule change (SR–BSE–97–04)

is approved.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.15

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–11167 Filed 4–27–98; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–39891; File No. SR–CBOE–

97–40]

Self-Regulatory Organizations;

Chicago Board Options Exchange,

Inc.; Order Granting Approval to

Proposed Rule Change and Notice of

Filing and Order Granting Accelerated

Approval to Amendment No. 2 to the

Proposed Rule Change Relating to the

‘‘Terms and Conditions of an Order’’

for Purposes of the Exchange’s Rules

on Solicited Trades and Crossed

Trades

April 21, 1998.

I. Introduction

On August 25, 1997, the Chicago

Board Options Exchange, Inc. (‘‘CBOE’’

or ‘‘Exchange’’) submitted to the

Securities and Exchange Commission

(‘‘SEC’’ or ‘‘Commission’’), pursuant to

Section 19(b)(1) of the Securities

Exchange Act of 1934 (‘‘Act’’) 1 and Rule

19b–4 thereunder,2 a proposed rule

change to define the phrase ‘‘Terms and

Conditions of an Order’’ for purposes of

the Exchange’s rules on solicited trades

and crossed trades. On March 23, 1998,

the Exchange filed Amendment No. 2 to

the proposed rule change with the

Commission.3

The proposed rule change, and

Amendment No. 1 thereto were

published for comment in the Federal

Register on November 17, 1997.4 No

comments were received on the

proposal. This order approves the

proposal as amended.

II. Description of the Proposal

The purpose of the proposed rule

change is to define and clarify the

meaning of the phrase ‘‘terms and

conditions’’ of an order as used in

Exchange Rules 6.9 and 6.74. Pursuant

to Rule 6.9, Solicited Transactions, a

member or member organization

representing an order respecting an

option traded on the Exchange (an

‘‘original order’’), including a spread,

combination, or straddle order as

defined in Rule 6.53 and a stock-option

order as defined in Rule 1.1(ii), may

solicit a member or member

organization or a non-member customer

or broker-dealer (the ‘‘solicited person’’)

to transact in-person or by order (a

‘‘solicited order’’) with the original

order.

Pursuant to Rule 6.74(b), a floor

broker may effect a cross of a customer

order and a facilitation order subject to

satisfaction of certain conditions,

including disclosure on an order ticket

for the public customer order which is

subject to facilitation, all of the terms of

such order, including any contingency

involving, and all related transactions

in, either options or underlying or

related securities. A facilitation order is

defined in Rule 6.53(m) as an order

which is only to be executed in whole

or in part in a cross transaction with an

order for a public customer of the

member organization and which is

clearly designated as a facilitation order.

The rules relating to both facilitation

‘‘solicited’’ and ‘‘crossing’’ transactions

are designed to ensure that all market

participants have an equal opportunity

to participate in trades, fostering the

objective of open outcry in a

competitive market. The proposed rule

amendment defines what is meant by

the phrase ‘‘terms and conditions’’ as

used in these two rules: the class; the

series; the volume; the price; and

contingencies; and any components

related to the order. Components are

related stock, options, futures or any

other instruments or interests. A

contingency order is a limit or market

order to buy or sell that is contingent

upon a condition being satisfied while

the order is at the post. Contingent

orders include: market-if-touched

orders; market-on-close-orders; stop

(stop-loss) orders; and stop-limit orders.

The Exchange believes that the

proposed Interpretations will enable

those who solicit and those who wish to

effect ‘‘facilitation’’ crosses to

understand and abide by their

disclosure obligations. In addition, the

proposed change will aid in achieving

uniformity with regard to trading crowd

expectations, as well as to the type and

amount of information disclosed on

crossed and solicited orders.

III. Discussion

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, and, in particular, with the

requirements of Section 6(b).5

Specifically, the Commission believes