Federal Register / Vol. 60, No. 90 / Wednesday, May 10, 1995 / Notices 24937

1 17 CFR 200.30–3(a)(12) (1994).

1A Designated Dealer is a proprietary member

who maintains a minimum net capital of at least the

greater of $100,000 or the amount required under

Rule 15c3–1 of the Act, and who has been approved

by the Exchange’s Securities Committee to perform

market functions by entering bids and offers for

securities designated by the Securities Committee to

be traded in the CSE’s National Securities Trading

System (‘‘designated issue’’) into that System. See

CSE Rule 11.9(a)(3).

2The CSE’s Rules provide that if there are two or

more Designated Dealers in a designated issue,

unless the Exchange’s Securities Committee has

approved one member as a primary Designated

Dealer, the guarantee obligations under the Rules

rotate among such Designated Dealers on a daily

basis. See CSE Rule 11.9(c)(iv).

3A Preferencing Dealer is an Approved Dealer

who enters principal bids and offers into the

National Securities Trading System for execution

against public agency orders that such Approved

Dealer is representing as agent pursuant to CSE

Rule 11.9(u). An Approved Dealer is a Designated

Dealer, a Contributing Dealer, or a specialist or

market maker registered as such with another

exchange with respect to any designated issue. See

CSE Rule 11.9(a)(2).

4A Contributing Dealer is a proprietary member

who maintains a minimum net capital of at least the

greater of $50,000 or the amount required under

Rule 15c3–1 of the Act, is registered with the

Exchange with respect to one or more designated

Continued

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 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 self-regulatory organization

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.

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 CBOE. All submissions should

refer to File No. SR–CBOE–95–21 and

should be submitted by May 31, 1995.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.1

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–11443 Filed 5–9–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–35668; File No. SR–CSE–

95–05]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Cincinnati Stock Exchange, Inc.,

Relating to National Securities Trading

System Fees

May 3, 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 24, 1995, the

Cincinnati Stock Exchange, Inc. (‘‘CSE’’

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. 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 hereby amends Rule

11.10 regarding fees imposed by the

Exchange. The text of the proposed rule

change is as follows [new text is

italicized; deleted text is bracketed]:

Rule 11.10 NATIONAL SECURITIES

TRADING SYSTEM FEES

G. PROPRIETARY (principal)

TRANSACTIONS

1. Designated Dealers will be charged

$0.0075 per share ($0.75/100 shares) for

principal transactions unless acting as Dealer

of the Day, a Preferencing Dealer or a

Contributing Dealer except, ITS Transactions

will be billed $0.0050 per share on outbound

trades and $0.0000 per share on inbound

trades subject to paragraph 5 below. (Billable

shares shall not exceed 650,000 shares times

the number of trading days in any given

month.)

2. Designated Dealers acting as ‘‘Dealer of

the Day’’ will be charged $0.005 per share

($0.50/100 shares) for principal transactions.

3. Contributing Dealers will be charged

$0.02 per share ($2.00/100 shares) for

principal transactions.

4. Members executing principal

transactions in securities for which they are

not registered as a Designated or Contributing

Dealer will be charged $0.02 per share

($2.00/100 shares).

5. Designated Dealers (DD) shall have the

following minimum average per share charge

applied to their aggregate monthly DD

transactions using the DD’s average volume

per trading day:

Designated dealer’s

average share volume per day

Per share

minimum

charge

[1 to 1,350,000] ....... [$0.0046]

Designated dealer’s

average share volume per day

Per share

minimum

charge

[1,350,000] 1 to

2,000,000 ............. [$0.0040] $0.0038

2,000,001 and higher .......................... $0.0030

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

1. Purpose

The Exchange has determined to

adjust its inter-market transaction fees

as they relate to Designated Dealers 1 to

reflect costs for similar trading on other

markets. The fee changes impact

Designated Dealer trades (other than

those transacted as Dealer of the Day,2

Preferencing Dealer 3 or Contributing

Dealer 4 and place the Exchange’s fees in
24938 Federal Register / Vol. 60, No. 90 / Wednesday, May 10, 1995 / Notices

issues, and provides to all users (members of the

Exchange or Approved Dealers) through the

National Securities Trading System, during

Exchange trading hours, regular bids and offers for

round lots of designated issues for which he is

registered. See CSE Rule 11.9(a)(4). 1 15 U.S.C. 73s(b)(1) (1988).

2The Commission has modified the text of the

summaries prepared by MSTC.

3Securities and Exchange Act Release No. 33023

(October 6, 1993), 58 FR 52891 (adoption of Rule

15c6–1). Rule 15c6–1 will be effective June 7, 1995.

Securities Exchange Act Release No. 34952

(November 9, 1994), 59 FR 59137 (changing the

effective date of Rule 15c6–1).

line with those of other markets. The

fees are effective on settlement date May

1, 1995.

2. Statutory Basis

The proposed rule change is

consistent with Section 6(b) of the Act

in general and furthers the objectives of

Section 6(b)(5) in that it is designed to

protect investors and the public interest.

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 NW.,

Washington, DC 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 NW.,

Washington, DC 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–CSE–95–05

and should be submitted by May 31,

1995.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–11446 Filed 5–9–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 35–35656; File No. SR–MSTC–

95–06]

Self-Regulatory Organizations;

Midwest Securities Trust Company;

Notice of Filing and Order Granting

Accelerated Approval of Proposed

Rule Change Relating to the Expansion

of an Interface With the Depository

Trust Company’s Interactive

Institutional Delivery System

April 28, 1995.

Pursuant to Section 19(b)(1) of the

Securities and Exchange Act of 1934

(‘‘Act’’),1 notice is hereby given that on

April 6, 1995, the Midwest Securities

Trust Company (‘‘MSTC’’) filed with the

Securities and Exchange Commission

(‘‘Commission’’) the proposed rule

change (File No. SR–MSTC–95–06) as

described in Items I and II below, which

items have been prepared primarily by

MSTC. The Commission is publishing

this notice and order to solicit

comments on the proposed rule change

from interested persons and to grant

accelerated approval of the proposed

rule change.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

MSTC proposes to expand its

interface with The Depository Trust

Company’s (‘‘DTC’’) Interactive

Institutional Delivery (‘‘IID’’) system to

include an interactive inquiry and

affirmation capability and to facilitate

access to DTC’s standing instruction

database (‘‘SID’’).

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission,

MSTC 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.2

(A) Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

MSTC proposes to make certain

changes to its National Institutional

Delivery System (‘‘NIDS’’) to comply

with the accelerated settlement cycle

mandated by Commission Rule 15c6–1 3

and to provide uniformity in depository

processing for institutional trade

recording and settlement. To

accomplish those goals, MSTC is

expanding its interface with DTC’s IID

system to include an interactive inquiry

and affirmation capability and to

facilitate access to DTC’s SID. As a

result, MSTC’s NIDS system also will be

known as the Interactive Institutional

Delivery System.

Currently, MSTC provides its own

screens and functions; however, through

the new on-line interface, MSTC will

provide its participants with DTC’s

functions and screens. For example, the

current MSTC National Institutional

Delivery Affirmation (‘‘NIDA’’) function

for affirmation input will be replaced by

the IID system’s affirmation function

menu (‘‘IDAA’’). The IDAA function is

currently part of DTC’s IID system and

MSTC intends to use this function to

replace the current end of day

transmission of data accumulated via

the NIDA screen. The IDAA function

will provide MSTC participants with

on-line access to the following trade

affirmation processing options: (1)

Affirm all trades, (2) affirm all trades

with exemptions, (3) affirm individual

trade, and (4) individual exceptions.

DTC’s Institutional Delivery Global

Inquiry Menu, (‘‘IDGI’’) function also

will be made available to MSTC

participants through MSTC’s on-line

interface with DTC’s IID system. The

IDGI function will provide on-line

inquiry capability on the following data,

most of which was previously available

in hard copy reports: (1) Single trade