Federal Register / Vol. 60, No. 80 / Wednesday, April 26, 1995 / Notices 20541

1See 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.

REQUEST FOR COMMENTS: You are invited

to comment on proposed amendments

by 5 p.m. on June 15, 1995. Please label

comments ‘‘Resident Fish and Wildlife

Amendments’’ and submit them to

Steve Crow, Director of Public Affairs at

851 S.W. 6th Avenue, Suite 1100,

Portland, Oregon 97204.

FOR FURTHER INFORMATION CONTACT:

For a full copy of the proposed

amendments or for further information,

please contact the Council’s Public

Affairs Division 851 S.W. Sixth Avenue,

Suite 1100, Portland, Oregon 97204 or

(503) 222–5161, toll free 1–800–222–

3355. Copies of amendment

recommendations previously submitted

to the Council (document 95–1) are

available on request. Please specify if

you are interested in a particular

recommendation(s), as the

recommendations are in several

volumes and we may be able to send

you a particular volume instead of the

entire set. The Council has also

prepared a paper (document 95–3) that

discusses the amendment

recommendations on which the

proposed amendments are based, and

issues raised by the recommendations.

The paper is available on request.

Edward W. Sheets,

Executive Director.

[FR Doc. 95–10213 Filed 4–25–95; 8:45 am]

BILLING CODE 0000–00–M

SECURITIES AND EXCHANGE

COMMISSION

[Release Nos. 33–7163; 34–35632; File No.

265–20]

Advisory Committee on the Capital

Formation and Regulatory Processes

AGENCY: Securities and Exchange

Commission.

ACTION: Notice of meeting.

SUMMARY: This is to give notice that the

Securities and Exchange Commission

Advisory Committee on the Capital

Formation and Regulatory Processes

will meet on May 8, 1995 in room 1C30

at the Commission’s main offices, 450

Fifth Street, N.W., Washington, D.C.,

beginning at 2:00 p.m. The meeting will

be open to the public, and the public is

invited to submit written comments to

the Committee.

ADDRESSES: Written comments should

be submitted in triplicate and should

refer to File No. 265–20. Comments

should be submitted to Jonathan G.

Katz, Secretary, Securities and Exchange

Commission, 450 Fifth Street, N.W.,

Washington, D.C. 20549.

FOR FURTHER INFORMATION CONTACT:

David A. Sirignano, Committee Staff

Director, at 202–942–2870; Securities

and Exchange Commission, 450 Fifth

Street, N.W., Washington, D.C. 20549.

SUPPLEMENTARY INFORMATION: In

accordance with section 10(a) of the

Federal Advisory Committee Act, 5

U.S.C. App. 10a, notice is hereby given

that the Committee will meet on May 8,

1995 in room 1C30 at the Commission’s

main offices, 450 Fifth Street, N.W.,

Washington, D.C., beginning at 2:00

p.m. The meeting will be open to the

public.

The Committee was formed in

February 1995, and its responsibilities

include advising the Commission

regarding the informational needs of

investors and the regulatory costs

imposed on the U.S. securities markets.

The purpose of this meeting will be to

discuss the progress of the Committee’s

work, hear presentations on the need for

reform of the capital formation and

regulatory processes, as well as possible

alternative approaches, and general

organizational matters.

Dated: April 20, 1995.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–10225 Filed 4–25–95; 8:45 am]

BILLING CODE 8010–01–M

[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.

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
20542 Federal Register / Vol. 60, No. 80 / Wednesday, April 26, 1995 / Notices

2The scale also applies to all ITS trades.

1 15 U.S.C. 78s(b)(1) (1988).

2 17 CFR 240.19b–4 (1994).

3See Securities Exchange Act Release No. 35192

(January 4, 1995), 60 FR 3012.

4 In Amendment No. 1, the CBOE provides

information comparing its method of assigning

classes of options to that of the American Stock

Exchange (‘‘Amex’’), describes the effect of

increasing the number of trading stations to which

a market maker’s appointment may relate from five

to ten, provides further rationale for this increase;

and states that future changes respecting the

number of applicable trading stations would be

made pursuant to a filing under Section 19(b)(3)(A)

under the Act, 15 U.S.C. 78s(b)(3)(A) (1988). See

letter from Michael L. Meyer, Schiff, Hardin &

Waite, to Francois Mazur, Attorney, Division of

Market Regulation (‘‘Division’’), Commission, dated

February 17, 1995. The reference in Amendment

No. 1 regarding the means by which future changes

will be effected is superseded by Amendment Nos.

2 and 3, infra notes 5 and 6, respectively.

5Amendment No. 2 states that the CBOE will

discuss with Commission staff the appropriate

manner in which to file future changes in the

maximum number of designated trading stations

prior to making any such filing with the

Commission. See letter from Mary L. Bender, Senior

Vice President, Division of Regulatory Services,

CBOE to Francois Mazur, Attorney, Division,

Commission, dated February 23, 1995.

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. 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

[Release No. 34–35629; File No. SR–CBOE–

94–44]

Self-Regulatory Organizations;

Chicago Board Options Exchange,

Inc.; Order Approving and Notice of

Filing and Order Granting Accelerated

Approval of Amendments to a

Proposed Rule Change Relating to

Market Maker Appointments

April 19, 1995.

I. Introduction

On November 14, 1994, the Chicago

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

or ‘‘Exchange’’) filed with the Securities

and Exchange Commission

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

Section 19(b)(1) of the Securities

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

19b–4 thereunder,2 a proposal to amend

CBOE Rule 8.3(c) concerning the

number of trading stations at which a

single market maker’s appointed classes

of options are traded. The proposed rule

change was published for comment and

appeared in the Federal Register on

January 12, 1995.3 on February 21, 1995,

the CBOE filed Amendment No. 1 to its

proposal,4 on February 24, 1995, the

CBOE filed Amendment No. 2 to its

proposal,5 and on April 11, 1995, the

CBOE filed Amendment No. 3 to its