Federal Register / Vol. 63, No. 114 / Monday, June 15, 1998 / Notices 32693

10 17 CFR 200.30–3(a)(12).

1New text is italicized, deleted test is bracketed.

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, NW,

Washington, DC 20549. Copies of the

submissions, 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 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

Section, 450 Fifth Street, NW,

Washington, DC 20549. Copies of such

filings will also be available for

inspection and copying at the principal

office of the PCX. All submissions

should refer to File No. SR–PCX–98–19

and should be submitted by July 6,

1998.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.10

Margaret H. McFarland,

Deputy Secretary.

Exhibit A

Test of the Proposed Rule Change 1

LEAD MARKET MAKERS

¶ 5181 Lead Market Makers

Rule 6.82(a)–(b)—No change.

(c) Obligations of Lead Market Makers

Each LMM must [shall] meet the following

obligations:

(1)–(10)—No change.

(11) Maintain a cash or liquid asset

position [in the amount] of at least $350,000,

plus $25,000 for each issue over 8 issues that

have been allocated to the LMM. [$100,000

or in an amount sufficient to assume a

position of twenty (20) trading units of the

security underlying the option the LMM has

been allocated, whichever amount is greater.]

In the event that two or more LMMs are

associated with each other and deal for the

same LMM account, this requirement will

[shall] apply to such LMMs collectively,

rather than to each LMM individually;

(12)–(13)—No change.

(d) Rights of Lead Market Makers:

(1)—No change.

(2) Guaranteed Participation—No change.

(A) Multiply-traded Issues. If the average

daily trading volume in a multiply-traded

issue reaches 3,000 contracts at the Exchange

during any three-calendar-month period

(measured on a rolling three-calendar-month

basis), [for three consecutive months] and if:

(i) in the case of an issue traded by two

options exchanges, the Exchange’s monthly

share of the total multi-exchange customer

trading volume in an issue drops from above

70% to below 70%; or

(ii) in the case of an issue traded by three

or more options exchanges, the Exchange’s

monthly share of the total multi-exchange

customer trading volume in the issue drops

from above 45% to below 45%; the Options

Allocation Committee will [shall] evaluate

the LMM’s performance in that issue and,

based on that evaluation, may reduce the

LMM’s guaranteed participation in that issue

from 50% to 40%.

(B) Non-multiply-traded Issues. If the

average daily trading volume in a nonmultiply-traded issue reaches 3,000 contracts

at the Exchange during any three-calendarmonth period (measured on a ‘‘rolling’’ threecalendar-month basis) [for three consecutive

months,] the Options Allocation Committee

will [shall] evaluate the LMM’s performance

in that issue and, based on that evaluation,

may reduce the LMM’s guaranteed

participation in that issue from 50% to 25%.

(C) Return to Previous Levels of

Guaranteed Participation. If the Options

Allocation Committee has reduced an LMM’s

guaranteed participation in an issue

pursuant to subsections (A) or (B) above, and

average daily trading volume in the issue

falls below 3,000 contracts at the Exchange

during any three-calendar-month period

(measured on a ‘‘rolling’’ three calendar

month basis), the Options Allocation

Committee will evaluate the LMM’s

performance in that issue and, based on that

evaluation, may raise the LMM’s guaranteed

participation in that issue from 40% to 50%

(in a multiply-traded issue) or from 25% to

50% (in a non-multiply-traded issue).

(e)–(g)—No change.

Commentary: .01–.04—No change.

[FR Doc. 98–15824 Filed 6–12–98; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF TRANSPORTATION

Aviation Proceedings, Agreements

Filed During the Week Ending June 5,

1998

The following Agreements were filed

with the Department of Transportation

under the provisions of 49 U.S.C.

Sections 412 and 414. Answers may be

filed within 21 days of date of filing.

Docket Number: OST–98–3898.

Date Filed: June 2, 1998.

Parties: Members of the International

Air Transport Association.

Subject: PTC31 S/CIRC PAC 0047

dated May 29, 1998 Expedited South

Pacific Resos 002L (r1) & 015v (r2)

Tables—PTC31 S/CIRC Fares 0016

dated May 29, 1998 Intended effective

date: expedited July 1, 1998.

Docket Number: OST–98–3929.

Date Filed: June 5, 1998.

Parties: Members of the International

Air Transport Association.

Subject: PTC31 Telex Mail Vote 938,

Las Vegas-Japan fares r1–10,

Correction—Telex TE651, Voting

Result—Telex TE654, Intended effective

date: July 1, 1998.

Docket Number: OST–98–3930.

Date Filed: June 5, 1998.

Parties: Members of the International

Air Transport Association.

Subject: CSC/Reso/001 Dated April 1,

1998, Book of adopted Resos/RPs r1–9,

Minutes—CSC/Minutes/002 dated May

12, 1998, Intended effective date:

October 1, 1998.

Dorothy W. Walker,

Federal Register Liaison.

[FR Doc. 98–15847 Filed 6–12–98; 8:45 am]

BILLING CODE 4910–62–P

DEPARTMENT OF TRANSPORTATION

Notice of Applications for Certificates

of Public Convenience and Necessity

and Foreign Air Carrier Permits Filed

Under Subpart Q During the Week

Ending June 5, 1998

The following Applications for

Certificates of Public Convenience and

Necessity and Foreign Air Carrier

Permits were filed under Subpart Q of

the Department of Transportation’s

Procedural Regulations (See 14 CFR

302.1701 et. seq.). The due date for

Answers, Conforming Applications, or

Motions to Modify Scope are set forth

below for each application. Following

the Answer period DOT may process the

application by expedited procedures.

Such procedures may consist of the

adoption of a show-cause order, a

tentative order, or in appropriate cases

a final order without further

proceedings.

Docket Number: OST–98–3895.

Date Filed: June 1, 1998.

Due Date for Answers, Conforming

Applications, or Motions to Modify

Scope: June 29, 1998.

Description: Application of Reliant

Airlines, Inc. pursuant to 49 U.S.C.

Section 41102 and Subpart Q of the

Regulations, applies for a certificate of

public convenience and necessity

authorizing Reliant to conduct interstate

charter air transportation of property

and mail between points in the United

States beginning on or about September

1, 1998.

Docket Number: OST–98–3896.

Date Filed: June 1, 1998.

Due Date for Answers, Conforming

Applications, or Motions to Modify

Scope June 29, 1998.

Description: Application of Reliant

Airlines, Inc. pursuant to 49 U.S.C.

Section 41102 and Subpart Q of the