Federal Register / Vol. 60, No. 94 / Tuesday, May 16, 1995 / Notices 26057

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

2Securities Exchange Act Release No. 33900

(April 12, 1994), 59 FR 18585. SPDRs are PDRs

based on the S&P 500 Composite Stock Price Index.

3Securities Exchange Act Release No. 31794

(January 29, 1993), 58 FR 7272.

4Securities Exchange Act Release No. 35534

(March 24, 1995), 60 FR 16686.

1. Assess the effectiveness of the

Licensee’s corrective actions for

previous audit findings as well as any

violations identified by the NRC in

subsequent inspections;

2. Assess the overall effectiveness of

the Licensee’s management oversight of

licensed activities to assure compliance

with all NRC requirements;

3. Make recommendations as

necessary for improvements in

management oversight or corrective

actions to restore compliance with NRC

requirements; and

4. Perform unannounced field audits

of at least 50 percent of the radiography

personnel authorized to perform

radiography at the time of the audit,

including some personnel from both the

Great Falls and Billings offices.

The Regional Administrator, Region

IV, may, in writing, relax or rescind this

order upon demonstration by the

Licensee of good cause.

V

In accordance with 10 CFR 2.202, the

Licensee must, and any other person

adversely affected by this Order may,

submit an answer to this Order, and

may request a hearing on this Order,

within 20 days of the date of this Order.

The answer may consent to this Order.

Unless the answer consents to this

Order. the answer shall, in writing and

under oath of affirmation, specifically

admit or deny each allegation or charge

made in this order and set forth the

matters of fact and law on which the

Licensee or other person adversely

relies and the reasons as to why the

Order should not have been issued. Any

answer or request for a hearing shall be

submitted to the Secretary, U.S. Nuclear

Regulatory Commission, ATTN: Chief,

Docketing and Service Section,

Washington, D.C. 20555. Copies of

hearing request also should be sent to

the Director, Office of the Enforcement,

U.S. Nuclear Regulatory Commission,

Washington, D.C. 20555, to the

Assistant General Counsel for Hearings

and Enforcement at the same address, to

the Regional Administrator, NRC Region

IV, 611 Ryan Plaza Drive, Suite 400,

Arlington, Texas 76011, and to the

Licensee if the hearing request is by a

person other than the Licensee. If a

person other than the Licensee requests

a hearing, that person shall set forth

with particularly the manner in which

his interest is adversely affected by this

Order and shall address the criteria set

forth in 10 CFR 2.714(d).

If a hearing is requested by the

Licensee or a person whose interest is

adversely affected, the Commission will

issue an Order designating the time and

place of any hearing. If a hearing is held,

the issue to be considered at such

hearing shall be whether this Order

should be sustained.

Pursuant to 10 CFR 2.202(c)(2)(i), the

Licensee, or any other person adversely

affected by this Order, may, in addition

to demanding a hearing, at the time the

answer is filed or sooner, move the

presiding officer to set aside the

immediate effectiveness of the Order on

the ground that the Order, including the

need for immediate effectiveness, is not

based on adequate evidence but on mere

suspicion, unfounded allegations, or

error.

In the absence of any request for

hearing, the provisions specified in

Section IV above shall be final 20 days

from the date of this Order without

further order or proceedings. AN

ANSWER OR A REQUEST FOR

HEARING SHALL NOT STAY THE

IMMEDIATE EFFECTIVENESS OF THIS

ORDER.

Dated at Rockville, Maryland, this 5th day

of May 1995.

For the Nuclear Regulatory Commission.

Hugh L. Thompson, Jr.,

Deputy Executive Director for Nuclear

Materials Safety, Safeguards and Operations

Support.

[FR Doc. 95–11988 Filed 5–15–95; 8:45 am]

BILLING CODE 7590–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–35689; File No. SR–Amex–

95–16]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

American Stock Exchange, Inc.,

Relating to Minimum Fractions of

Trading in Standard & Poor’s MidCap

400 Depositary Receipts

May 8, 1995.

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

Securities Exchange Act of 1934

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

May 3, 1995, the American Stock

Exchange, Inc. (‘‘Amex’’ 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 selfregulatory 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 Amex proposes to amend its Rule

127, Commentary .01 to provide that the

minimum fractional change applicable

to trading of Standard & Poor’s MidCap

400 Depositary Receipts (‘‘MidCap

SPDRs’’) shall be 1⁄64 of $1.00.

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

Amex Rule 127 provides parameters

for the minimum fractional change for

dealings in securities on the Exchange.

Commentary .01 to Rule 127 provides

that for securities listed under Amex

Rule 1000 et seq., which relate to

Portfolio Depositary Receipts (‘‘PDRs’’),

the minimum fractional change shall be

1⁄32 of $1.00. Since April 1994, Standard

and Poor’s Depositary Receipts

(‘‘SPDRs’’), which have been trading on

the Exchange since January 1993, have

had a minimum fractional change of 1⁄64

of $1.00.2

In initially approving trading of PDRs

in 1⁄32’s, the Commission stated that

such trading would enhance market

liquidity and should promote more

accurate pricing, tighter quotations, and

reduced price fluctuations. The

Commission also noted that such

trading should allow customers to

receive the best possible execution of

their transactions in these securities.3

The Commission has approved

Exchange listing and trading of S&P

MidCap 400 Depositary Receipts with a

minimum fractional change of 1⁄32 of

$1.00.4 The Exchange, however,
26058 Federal Register / Vol. 60, No. 94 / Tuesday, May 16, 1995 / Notices

5As the Commission noted in approving the

trading of SPDRs in 1⁄64’s, another market could

seek to commence trading in PDRs; however, the

Intermarket Trading System (‘‘ITS’’) does not

currently accommodate quotes in 1⁄64’s. See

Securities Exchange Act Release No. 33900, supra

note 2. The Exchange would discuss with the ITS

Operating Committee or other ITS participants

appropriate modifications to ITS to permit trading

of PDRs in fraction of 1⁄64’s, should another market

seek to initiate such trading. The Exchange notes,

however, that other regulatory issues (e.g., the need

for a market seeking to trade PDRs to adopt a rule

comparable to Amex Rule 1000, Commentary .01)

would also need to be addressed prior to the

commencement of PDR trading in other markets.

6As noted above, ITS currently is not capable of

accommodating quotes in 1⁄64’s. See id.

Consequently, if other securities exchanges or

national securities associations desire to list and

trade MidCap SPDRs, the Commission expects the

Amex to discuss with ITS and other ITS

participants the means by which ITS would be

modified to accommodate such trading. 7 17 CFR 200.30–3(a)(12) (1994).

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

2 17 CFR 240.19b–4.

3See Securities Exchange Act Release No. 35388

(February 16, 1995), 60 FR 10134 (February 23,

1995).

4RAES automatically executes public customer

market and marketable orders of a certain size

against participating market makers in the CBOE

trading crowd at the best bid or offer reflected in

the CBOE quotation system. A more detailed

description of RAES is provided in Securities

Exchange Act Release No. 22015 (May 6, 1985), 50

FR 19832 (May 10, 1985).

believes the benefits identified by the

Commission in connection with trading

PDRs in 1⁄32’s will be further enhanced

by trading MidCap SPDRs in 1⁄64’s.5 The

Amex believes that trading MidCap

SPDRs in 1⁄64’s should further reduce

price fluctuations based on the

underlying index for the particular

issuance (i.e., the S&P MidCap 400

Index). According to the Exchange,

trading MidCap SPDRs in 1⁄64’s should

benefit retail customers, institutions,

and other market participants that

invest in or trade these PDRs. In

addition, the expected result of a

narrower quotation spread in MidCap

SPDRs should make such securities

more useful instruments for

institutional arbitragers and other

market professionals who may hedge

their positions in futures or other

derivative markets.6

The Exchange will issue an

‘‘Information Circular’’ to members and

member organizations relating to trading

MidCap SPDRs in 1⁄64’s prior to

commencement of such trading.

The Exchange believes that the

proposed rule change is consistent with

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

Section 6(b)(5) in particular, in that it is

designed to promote just and equitable

principles of trade, to facilitate

transactions in securities, and to protect

investors and the public interest.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

The Amex believes that the proposed

rule 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

Written comments on the proposed

rule change were neither solicited nor

received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Because the proposed rule change

constitutes a stated policy, practice, or

interpretation with respect to the

meaning, administration, or

enforcement of Amex Rule 127, it 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 in

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 File No. SR–Amex–95–16 and

should be submitted by June 6, 1995.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.7

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–12001 Filed 5–15–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–35695; File No. SR–CBOE–

95–06]

Self-Regulatory Organizations; Order

Approving a Proposed Rule Change by

the Chicago Board Options Exchange,

Incorporated, Relating to the CBOE

Retail Automatic Execution System

May 9, 1995.

I. Introduction

On January 18, 1995, the Chicago

Board Options Exchange, Incorporated

(‘‘CBOE’’ or ‘‘Exchange’’) filed a

proposed rule change with the

Securities and Exchange Commission

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

Section 19(b)(1) of the Securities

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

19b–4 thereunder,2 to modify the

operation of the CBOE’s Retail

Automatic Execution System (‘‘RAES’’).

The proposed rule change would grant

senior staff in the Exchange’s Control

Room the authority to turn off RAES in

the event of a system malfunction that

affects the Exchange’s ability to

disseminate or update market quotes.

Notice of the proposal was published

for comment and appeared in the

Federal Register on February 23,1995.3

No comment letters were received on

the proposed rule change. This order

approves the Exchange’s proposal.

II. Description of the Proposal

CBOE proposes to grant the

Exchange’s Control Room the authority

to turn off RAES 4 if there is a system

malfunction that affects the Exchange’s

ability to disseminate or update market

quotes. Specifically, the proposal would

add Interpretation .01 to CBOE Rule

24.15, and Interpretation .03 to Rule 6.8

to grant the senior person then in charge

of the Exchange’s Control Room the

authority to turn off RAES if there is a

system malfunction that affects the

Exchange’s ability to disseminate or

update market quotes. The proposed

language for both Interpretation .01 to

Rule 24.15, and Interpretation .03 to

Rule 6.8 is identical.

When an order is entered on RAES,

the system automatically attaches to the

order an execution price, determined by

the prevailing market quote at the time