24940 Federal Register / Vol. 60, No. 90 / Wednesday, May 10, 1995 / Notices

8 17 CFR 200.30–3(a)(12) (1994).

1On May 4, 1995, the PHLX clarified its proposal

by eliminating references to tie-dyed clothing and

sneakers, which, under the proposal, are no longer

specifically prohibited. The clarification makes the

PHLX’s description of its proposal consistent with

the text of the proposed rule change. See Letter

from Edith Hallahan, Special Counsel, Regulatory

Services, PHLX, to Michael Walinskas, Branch

Chief, Office of Market Supervision, Division of

Market Regulation, Commission, dated May 4, 1995.

2Under Exchange By-Law 10–15, ‘‘Floor

Procedure Committee,’’ the Exchange’s Floor

Procedures Committee supervises the dealings of

PHLX members on the equity trading floor. Under

Exchange By-Law 10–16, ‘‘FCO Committee,’’ the

PHLX’s FCO Committee supervises the dealings of

Exchange members on the FCO trading floor. Under

Exchange By-Law 10–18, ‘‘Options Committee,’’ the

Exchange’s Options Committee supervises PHLX

members on the equity and index option trading

floor.

participants to become familiar with

and utilize the new functions available

through MSTC’s expanded interface

with DTC’s IID system prior to the

implementation of T+3 settlement.

IV. Solicitation of Comments

Interested persons are invited to

submit written data, views, and

arguments concerning the foregoing.

Persons making written submission

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 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 in

the Commission’s Public Reference

Section, 450 5th Street NW.,

Washington, DC 20549. Copies of such

filings will also be available for

inspection and copying at the principal

office of MSTC. All submissions should

refer to the file number SR–MSTC–95–

06 and should be submitted by May 31,

1995.

It is therefore ordered, pursuant to

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

proposed rule change (File No. SR–

MSTC–95–06) be, and hereby is,

approved.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.8

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–11442 Filed 5–9–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–35673; File No. SR–PHLX–

95–24]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Philadelphia Stock Exchange, Inc.,

Relating to the Modification of the

Dress Code

May 4, 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 May 1, 1995, the

Philadelphia Stock Exchange, Inc.

(‘‘PHLX’’ or ‘‘Exchange’’) filed with the

Securities and Exchange Commission

(‘‘SEC’’ or ‘‘Commission’’) the proposed

rule change as described in Items I, II

and III below, which Items have been

prepared by the self-regulatory

organization.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

PHLX Regulation 6, ‘‘Dress,’’ which

was adopted pursuant to Exchange Rule

60, ‘‘Assessments for Breach of

Regulations,’’ is a regulation of order

and decorumn applicable to all three

trading floors on the Exchange (equity,

foreign currency option (‘‘FCO’’), and

equity option/index option). The PHLX

proposes to amend PHLX Regulation 6

to update the Exchange’s dress code and

allow the appropriate floor standing

committee 2 to waive the Exchange’s

dress code for a specific period of time.

Specifically, the PHLX proposes to

amend PHLX Regulation 6 to: (1)

Prohibit members from wearing clothing

with words or pictures that detract from

a professional atmosphere; (2) allow the

appropriate floor committee to

determine whether males must wear

dress shirts with collars and neckties;

(3) prohibit members from wearing golf,

polo, or T-shirts, shorts, sweats, sandals,

and any shoes that are dirty, frayed,

faded, or torn; and (4) remove the

provision prohibiting members from

wearing denim garments, other than

blue jeans.

The text of the proposed rule change

is available at the Office of the

Secretary, PHLX, and at the

Commission.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In 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

The purpose of the proposal is to

amend PHLX Regulation 6 to update the

dress code to eliminate outdated terms

and reflect changes in acceptable types

of dress. For example, under the

proposal, sneakers and denim garments,

other than blue jeans, are no longer

expressly prohibited. However, the

proposal expressly prohibits golf, polo,

and T-shirts, shorts, sweats, and

sandals, as well as words or pictures on

clothing that draw excessive attention or

detract from a professional atmosphere.

Regulation 6 continues to prohibit

clothing that is dirty, frayed, torn, or

attracts excessive attention.

Under the proposal, males will no

longer necessarily be required to wear

ties; the applicable floor standing

committee will determine whether ties

are required on that particular trading

floor. With respect to acceptable

footwear, although sandals are still

prohibited, sneakers (running/gym

shoes) are permitted. The Exchange

believes that the proposed changes

continue to establish a reasonable dress

code subject to objective enforcement.

The PHLX states that the proposed

amendments are also designed to

incorporate a waiver provision into

Regulation 6. Specifically, the

chairperson of the standing floor

committee (the Options Committee, the

Floor Procedure Committee, or the FCO

Committee) or his designee may waive

any part of the dress code for a specified

period of time. The purpose of this

change is to permit flexibility in the

dress code when deemed necessary by

the floor committee chairperson. For

example, severe weather conditions may

warrant relaxing the dress code until the

conditions abate. The Exchange states

that it will provide prior notice to the

trading floor of any such waiver or
Federal Register / Vol. 60, No. 90 / Wednesday, May 10, 1995 / Notices 24941

3See Securities Exchange Act Release No. 34249

(June 23, 1994), 59 FR 33565 (June 29, 1994) (order

approving File No. SR–PHLX–94–13). 4 17 CFR 200.30–3(a)(12) (1994).

1More specifically, customized FCOs provide

investors with the ability, within specified limits,

to trade FCOs with customized strike prices, crossrate FCOs on any two approved currencies, and

FCOs where the U.S. dollar is the underlying

currency. In addition, FCO participants may

express quotes for customized FCOs as a percentage

of the underlying currency, in addition to quoting

in terms of the base currency per unit of the

underlying currency. See Securities Exchange Act

Release No. 34925 (November 1, 1994), 59 FR 55720

(November 8, 1995) (‘‘Exchange Act Release No.

34925).

reinstatement of the dress code. The

PHLX notes that this waiver provision is

similar to a provision enacted recently

into PHLX Regulation 2, ‘‘Food, Liquids,

and Beverages,’’ regarding the ability of

the floor committee chairperson to

waive the general prohibition against

food and beverages on the Exchange’s

trading floors.3

Accordingly, the PHLX believes that

the proposal is consistent with Section

6(b) of the Act, in general, and, in

particular, with Section 6(b)(5), in that

it is designed to promote just and

equitable principles of trade by

maintaining a decorous atmosphere on

the Exchange’s trading floor.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

The PHLX does not believe that the

proposed rule change will impose any

inappropriate 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 either

solicited or received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Because the foregoing rule change: (1)

does not significantly affect the

protection of investors or the public

interest; (2) does not impose any

significant burden on competition; (3)

was provided to the Commission for its

review at least five days prior to the

filing date; and (4) does not become

operative for 30 days after May 1, 1995,

it has become effective pursuant to

Section 19(b)(3)(A) of the Act and Rule

19b–4(e)(6) thereunder. In particular,

the Commission believes that the

proposal does not significantly affect the

protection of investors or the public

interest and does not impose any

significant burden on competition. 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. Copies of such filing

will also be available for inspection and

copying at the principal office of the

above-mentioned self-regulatory

organization. All submissions should

refer to the file number in the caption

above and should be submitted by May

31, 1995.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.4

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–11507 Filed 5–9–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–35677; International Series

Release No. 808; File No. SR–Phlx–95–21]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the Philadelphia Stock Exchange, Inc.,

Relating to the Trading of Customized

Foreign Currency Options on the

Spanish Peseta

May 4, 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 April 5, 1995, the

Philadelphia Stock Exchange, Inc.

(‘‘Phlx’’ 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 Phlx. 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 Phlx, pursuant to Rule 19b–4 of

the Act, proposes to trade customized

foreign currency options (‘‘FCOs’’) on

the Spanish peseta. The text of the

proposed rule change is available at the

Office of the Secretary, the Phlx, and at

the Commission.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission, the

Phlx included statements concerning

the purpose of and basis for the 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 Phlx 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 the

Statutory Basis for, the Proposed Rule

Change

Currently the Phlx offers listed FCOs

on the British pound, French franc,

Swiss franc, Japanese yen, Canadian

dollar, Australian dollar, German mark

and European Currency Unit. Since

November 1994, the Exchange has

offered the ability to trade ‘‘customized’’

FCOs on all of these currencies.1 The

Exchange now proposes to add the

Spanish peseta to the list of approved

currencies on which customized FCO’s

may be listed and traded pursuant to

Exchange Rule 1069. Thus, there would

be no continuously quoted series of

Spanish peseta contracts. Rule

1069(a)(1) provides that customized

FCOs may be traded on any approved

underlying foreign currency pursuant to

Exchange Rule 1009, so the Exchange

proposes to amend Rule 1009 to add the

Spanish peseta to the list of approved

underlying foreign currencies.

The Exchange represents that the

Spanish peseta accounts for a significant

portion of the inter-bank foreign

exchange market turnover. According to

the Bank for International Settlements

(‘‘BIS’’), the Spanish peseta represents

the twelfth most active inter-bank

currency traded against the U.S. dollar,

accounting for 1.7% or more of inter-