Federal Register / Vol. 63, No. 96 /Tuesday, May 19, 1998 / Notices 27611

3 15 U.S.C. 78f(b)(5). 4 17 CFR 200.30–3(a)(12).

aggregate may not exceed the number of

shares required to rebalance an index

portfolio.

The Exchange believes the proposed

exceptions in paragraphs (b)(5) and

(b)(6) to facilitate certain customer

transactions are appropriate because

these types of transactions are effected

to accommodate a customer. The

Exchange further believes the proposed

exception in paragraph (b)(7) for

additions to, or increased weigh in, an

index is appropriate because such

purchases are usually made at the close

of trading to obtain the closing price of

the index and therefore are indifferent

to the price level so long as it represents

the closing valuation.

The proposal also would expand the

Rule’s Supplementary Material, Section

.10, ‘‘Definitions,’’ to provide

definitions for the terms ‘‘basket’’ and

‘‘index,’’ which terms are used in

proposed paragraphs (b)(5), (b)(6), and

(b)(7). The term ‘‘basket’’ would be

defined as a group of 15 or more stocks

having a total market value of $1 million

or more. The Exchange has represented

that this definition is consistent with

the use of ‘‘basket’’ in the definition of

program trading that appears in

Exchange Rule 80A. The proposal

would define ‘‘index’’ as a publicly

disseminated statistical composite

measure based on the price or market

value of the component stocks in a

group of stocks. The Exchange believes

this definition would preclude the

possibility of a firm creating an ‘‘index’’

for the purpose of circumventing the

restrictions of the Rule.

2. Statutory Basis

The Exchange believes the proposed

rule change is consistent with Section

6(b)(5) of the Act 3 in that it is designed

to facilitate transactions in securities,

and remove impediment to and perfect

the mechanism of a free and open

market. The Exchange believes the

proposed rule change would permit

trading by member organizations, when

appropriate, to facilitate customer

trading, and would thereby add depth,

liquidity, and quality to the market for

Exchange-traded securities.

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

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

Within 35 days of the date of

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 Exchange 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,

including whether the proposed rule

change 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

submissions, 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 persons, 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 in 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–NYSE–98–

11 and should be submitted by June 9,

1998.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.4

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–13182 Filed 5–18–98; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF TRANSPORTATION

Office of the Secretary

Application of Servant Air, Inc. for New

Certificate Authority

AGENCY: Department of Transportation.

ACTION: Notice of order to show cause

(Order 98–5–21) Docket OST–97–3022.

SUMMARY: The Department of

Transportation is directing all interested

persons to show cause why it should

not issue an order (1) finding Servant

Air, Inc., fit, willing, and able, and (2)

awarding it a certificate of public

convenience and necessity to engage in

interstate scheduled air transportation

of persons, property, and mail, using

aircraft with no more than nine

passenger seats.

DATES: Persons wishing to file

objections should do so no later than

June 2, 1998.

ADDRESSES: Objections and answers to

objections should be filed in Docket

OST–97–3022 and addressed to the

Department of Transportation Dockets

SVC–124.1, Room PL–401), U.S.

Department of Transportation, 400

Seventh Street, SW., Washington, DC

20590 and should be served upon the

parties listed in Attachment A to the

order.

FOR FURTHER INFORMATION CONTACT: Mrs.

Kathy Lusby Cooperstein, Air Carrier

Fitness Division (X–56, Room 6401),

U.S. Department of Transportation, 400

Seventh Street, SW., Washington, DC

20590, (202) 366–2337.

Dated: May 13, 1998.

Charles A. Hunnicutt,

Assistant Secretary for Aviation and

International Affairs.

[FR Doc. 98–13181 Filed 5–18–98; 8:45 am]

BILLING CODE 4910–62–P

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

FAA Approval of Noise Compatibility

Program and Determination on

Revised Noise Exposure Maps

AGENCY: Federal Aviation

Administration.

ACTION: Notice.

SUMMARY: The Federal Aviation

Administration (FAA) announces its

findings on a new noise compatibility

program for Charlotte/Douglas

International Airport submitted by the

City of Charlotte, North Carolina, under

the provisions of Title I of the Aviation

Safety and Noise Abatement act of 1979