[Federal Register Volume 60, Number 80 (Wednesday, April 26, 1995)]
[Notices]
[Pages 20541-20542]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-10224]



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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-35630; File No. SR-BSE-95-06]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the Boston Stock Exchange, 
Inc. Relating to the Clarification of Its Fee Schedule

April 19, 1995.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''), 15 U.S.C. 78s(b)(1), notice is hereby given that on March 
13, 1995, the Boston Stock Exchange, Inc. (``BSE'' or ``Exchange'') 
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 by the self-regulatory organization. On April 
17, 1995, the Exchange submitted to the Commission Amendment No. 1 to 
the proposed rule change.\1\ The Commission is publishing this notice 
to solicit comments on the proposed rule change from interested 
persons.

    \1\See letter from Karen Aluise, Assistant Vice President, BSE, 
to Jennnifer Choi, Attorney, SEC, dated April 12, 1995. In Amendment 
No. 1, the Exchange explains that certain language regarding trade 
recording and comparison charges that had been changed previously 
was inadvertently included in the last several fee filings submitted 
to the Commission. The Exchange explains that this rule filing is 
intended to cleanup the language of the rule to reflect accurately 
the current trade recording and comparison charges. In addition, 
Amendment No. 1 proposes non-substantive, stylistic changes to the 
language describing value charges.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange seeks to amend certain provisions of its fee schedule. 
The text of the proposed rule change is as follows [new text is 
italicized; deleted text is bracketed]:

Transaction Fees

Trade Recording and Comparison Charges

*BSE executions [Trades] up to and including 2,000 shares: No Charge

[(all trades accumulate for volume discounts)]
*All other executions [Trades above 2,000 shares]
First 2,500 trades per month: $.29 per 100 shares
Next 2,500 trades per month: $.25 per 100 shares
Next 2,500 trades per month: $.15 per 100 shares
Over 7,500 trades per month: $.05 per 100 shares
    Maximum charge per side (non-cross): $50.00
    Maximum charge per side (cross): $25.00

(all trades accumulate for volume discounts)
*Beacon subscriber Credits: $.25 per trade
    All non-self-directed, electronically routed trades (credit is 
limited to total monthly layoff transaction fees)

Value Charges

*BSE executions up to and including 2,000 shares: $.20 per 100 shares

[(contract value accumulates for volume discounts)]
*All other execution (BSE [includes] trades over 2,000 shares and ITS 
trades)
First $10 million per month: $.16 per $1,000 contract value
Next $40 million per month: $.13 per $1,000 contract value
Next $50 million per month: $.10 per $1,000 contract value
Next $100 million per month: $.08 per $1,000 contract value
Next $300 million per month: $.05 per $1,000 contract value
$500.1 + million per month: $.01 per $1,000 contract 
value [[Page 20542]] 
    Maximum charge per side (non-cross): $100.00
    Maximum charge per side (cross): $75.00

(contract value accumulates for volume discounts)

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    It 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
    The purpose of the proposed rule change is to clarify certain 
provisions of the fee schedule. The trade recording and comparison 
charges are being amended to reflect that all trades up to and 
including 2,000 shares executed on the Exchange will not be charged, 
and that all other executions will be charged under the current scale 
applicable to trades over 2,000 shares.\2\ The value charges are being 
amended to add explanatory language that the contract value of trades 
will accumulate for the volume discounts and to clarify that all other 
executions pertain to BSE trades over 2,000 shares and ITS trades.

    \2\The scale also applies to all ITS trades.
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2. Statutory Basis
    The proposed rule change is consistent with Section 6(b)(5) of the 
Act in that it furthers the objectives to promote just and equitable 
principles of trade, to foster cooperation and coordination with 
persons engaged in regulating, clearing, settling, processing 
information with respect to, and facilitating transactions in 
securities, to remove impediments to and perfect the mechanisms of a 
free and open market and a national market system, and in general, to 
protect investors and the public interest, and is not designed to 
permit unfair discrimination between customers, issuers, brokers, or 
dealers.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The fee change will impose no 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 solicited or received with respect to the 
fee change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change establishes or changes a due, fee, or 
other charge imposed by the Exchange and, therefore, has become 
effective pursuant to Section 19(b)(3)(A) of the Act and subparagraph 
(e) of Rule 19b-4 thereunder. 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 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-BSE-95-06 and should be 
submitted by May 17, 1995.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-10224 Filed 4-25-95; 8:45 am]
BILLING CODE 8010-01-M