21840 Federal Register / Vol. 60, No. 85 / Wednesday, May 3, 1995 / Notices

4The term ‘‘expiration days’’ refers to both (1) the

trading day, usually the third Friday of the month,

when some stock index options, stock index futures

and options on stock index futures expire or settle

concurrently (‘‘Expiration Fridays’’) and (2) the

trading day on which end of calendar quarter index

options expire (‘‘QIX Expiration Days’’).

5The Expiration Friday pilot stocks consist of the

50 most highly capitalized Standard & Poors

(‘‘S&P’’) 500 stocks and any component stocks of

the Major Market Index (‘‘MMI’’) not included

therein. The QIX Expiration Day pilot stocks consist

of the 50 most highly capitalized S&P 500 stocks,

any component stocks of the MMI not included

therein and the 10 highest weighted S&P Midcap

400 stocks.

6See Securities Exchange Act Release No. 33706

(March 3, 1994), 59 FR 11093.

7Currently, MOC imbalances are published for

pilot stocks on expiration days and non-expiration

days. In addition, on non-expiration days, MOC

imbalances are published for stocks that are being

added to or dropped from an index and, upon the

request of a specialist, any other stock with the

approval of a Floor Official. See Securities

Exchange Act Release No. 35589 (April 10, 1995),

60 FR 19313.

8 Given the limited use of the LOC order type in

the current pilot for five stocks, the Exchange

proposes that the existing pilot be replaced with the

one year pilot for LOCs in all stocks proposed

herein.

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 expand the universe of

stocks in which LOC orders may be

entered to all stocks for which MOC

imbalances are published pursuant to

such procedures regarding time of order

entry and order cancellation as the

Exchange may establish from time to

time. The Exchange intends to keep the

3:55 p.m. cutoff time for the entry of

LOC orders, except to correct a bona

fide error. On expiration days,4 LOC

orders will continue to be irrevocable

after 3:40 p.m., except to correct a bona

fide error. For non-expiration days,

cancellation of LOC orders would be

prohibited after 3:55 p.m., except to

correct errors.

In SR–NYSE–92–37, the Exchange

filed a proposed amendment to

Exchange Rule 13 to provide that LOC

orders may be entered to offset

published imbalances of MOC orders of

50,000 shares or more in stocks selected

from the expiration day pilot stocks.5

The Commission approved this proposal

on a 15-month pilot basis through July

15, 1995.6

The LOC pilot currently consists of

only five of the expiration day ‘‘pilot

stocks.’’ Thus far, the LOC order type

has been used rarely. Members cite the

limited number of stocks for which this

order type may be entered as a primary

reason for not committing resources to

effect system program changes

necessary to support this order type.

The Exchange believes that by

expanding the universe of eligible LOC

stocks, the Exchange will make it more

feasible for member firms to effect the

systems changes required to use this

order type. The Exchange is therefore

proposing to expand the pilot to permit

the entry of LOC orders to offset a MOC

order imbalance of 50,000 shares or

more in all stocks for which MOC order

imbalances are published.7

The Exchange believes that the LOC

order type may be a useful means to

help address the prospect of excess

market volatility that may be associated

with an imbalance of MOC orders at the

close. Therefore, the Exchange believes

it is appropriate to expand the current

pilot for LOC orders to all stocks for

which MOC imbalances are published

and to extend the pilot for LOC orders

one year from the date of approval of

this proposed rule change.8

2. Statutory Basis

The basis under the Act for this

proposed rule change is the requirement

under Section 6(b)(5) that an Exchange

have rules that are designed to promote

just and equitable principles of trade, to

remove impediments to and perfect the

mechanism of a free and open market

and a national market system and, in

general, to protect investors and the

public interest. The proposed rule

change perfects the mechanism of a free

and open market by providing investors

with the ability to use LOC orders as a

vehicle for managing risk at the close.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange does not believe that

the proposed rule change will impose

any burden on competition that is not

necessary or appropriate in furtherance

of the proposes of the Act.

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 other 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 date, 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 NYSE. All submissions

should refer the File No. SR–NYSE–95–

09 and should be submitted by May 24,

1995.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–10853 Filed 5–2–95; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster Loan Area #2769]

Oklahoma; Declaration of Disaster

Loan Area

As a result of the President’s major

disaster declaration on April 26, 1995,

I find that Oklahoma County in the State

of Oklahoma constitutes a disaster area

due to damages caused by an explosion

at the Alfred P. Murrah Federal Building

in Oklahoma City on April 19, 1995.

Applications for loans for physical

damages may be filed until the close of

business on June 24, 1995, and for loans

for economic injury until the close of

business on January 26, 1996, at the

address listed below:

U.S. Small Business Administration,

Disaster Area 3 Office, 4400 Amon
Federal Register / Vol. 60, No. 85 / Wednesday, May 3, 1995 / Notices 21841

1An earlier statement of international air

transportation policy and our request for comments

on the statement was published at 59 FR 55523,

Nov. 7, 1994.

2Our request for comments on the code sharing

study was published at 60 FR 2171, Jan. 6, 1995.

Carter Blvd., Suite 102, Ft. Worth, TX

76155

or other locally announced locations. In

addition, applications for economic

injury loans from small businesses

located in the contiguous counties of

Canadian, Cleveland, Kingfisher,

Lincoln, Logan and Pottawatomie in the

State of Oklahoma may be filed until the

specified date at the above location.

The interest rates are:

Percent

For Physical Damage:

Homeowners With Credit Available

Elsewhere.

8.000

Homeowners Without Credit Available Elsewhere.4.000

Businesses With Credit Available

Elsewhere.

8.000

Businesses and Non-Profit Organizations Without Credit Available

Elsewhere.

4.000

Others (Including Non-Profit Organizations) With Credit Available

Elsewhere.

7.125

For Economic Injury: Businesses and

Small Agricultural Cooperatives

Without Credit Available Elsewhere.

4.000

The number assigned to this disaster

for physical damage is 276904 and for

economic injury the number is 850400.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008).

Dated: April 26, 1995.

Bernard Kulik,

Associate Administrator for Disaster

Assistance.

[FR Doc. 95–10805 Filed 5–2–95; 8:45 am]

BILLING CODE 8025–01–M

DEPARTMENT OF TRANSPORTATION

Office of the Secretary

[Docket No. 49844]

RIN 2105–AC19

Statement of United States

International Air Transportation Policy

AGENCY: Office of the Secretary,

Department of Transportation.

ACTION: Notice.

SUMMARY: This notice sets forth a

statement of U.S. international air

transportation policy.

FOR FURTHER INFORMATION CONTACT:

William Boyd, Office of International

Aviation, Office of the Assistant

Secretary for Aviation and International

Affairs, U.S. Department of

Transportation, 400 7th Street SW.,

Room 6412, Washington, DC 20590,

(202) 366–4870; or Patricia N. Snyder,

Office of International Law, Office of the

General Counsel, U.S. Department of

Transportation, 400 7th Street SW.,

Room 10105, Washington, DC 20590.

(202) 366–9179.

SUPPLEMENTARY INFORMATION: This

statement of U.S. international air

transportation policy, which was

developed by the Department of

Transportation in consultation with the

Department of State and other executive

agencies, sets forth objectives and

guidelines for use by U.S. Government

officials in carrying out U.S.

international air transportation policy. It

was first published in the Federal

Register on November 7, 1994 to enable

interested persons to comment.1 On

January 6, 1995, the Department asked

for comments on a related report

prepared for the Office of the Secretary

titled ‘‘A Study of International Airline

Code Sharing.’’ 2 After reviewing the

comments received on the policy

statement and on the code sharing

study, the Department of Transportation

and other agencies have adopted the

following final international air

transportation policy statement.

United States International Air

Transportation Policy

Introduction

The availability of efficient

international air transportation will

greatly enhance the future expansion of

international commerce and the

development of the emerging global

marketplace. Worldwide, travelers and

shippers are demanding more and better

quality service to more places. U.S. and

foreign airlines are responding to this

demand by expanding traditional forms

of service and by developing new and

innovative services. Increased demand

and the variety of carrier responses to it

challenge the existing

intergovernmental system’s ability to

ensure the development of a

competitive air transportation system

that meets the needs of the rapidly

evolving, expanding and increasingly

integrated international aviation

marketplace. In many cases, existing

bilateral agreements impede the growth

of the marketplace.

We must address the challenges

presented by these rapid changes to

meet our future civil and military air

transportation needs, and to provide our

aviation industry with the environment

and the opportunities that will enable it

to grow and compete effectively in the

world market. This policy statement

outlines our approach to addressing

those challenges.

Our Goal

Safe, Affordable, Convenient and

Efficient Air Service for Consumers

As established in our last aviation

policy statement in 1978, our overall

goal continues to be to foster safe,

affordable, convenient and efficient air

service for consumers. We continue to

believe that the best way to achieve this

goal is to rely on the marketplace and

unrestricted, fair competition to

determine the variety, quality, and price

of air service. We believe that this

approach will provide consumers and

shippers with more and better service

options at costs that reflect

economically efficient operations and

work best to:

• Expand the international aviation

market;

• Increase airlines’ opportunities to

expand their operations;

• Increase productivity and highquality job opportunities within the

aviation industry;

• Address the nation’s defense air

transportation needs; and

• Promote aerospace exports and

general economic growth.

Changing Environment

Growing economic interdependence

among nations—the ‘‘globalization’’ of

the world economy—has expanded

demand for convenient, reliable and

affordable international air service.

Demand for international service is

growing faster than demand for U.S.

domestic service, and most major U.S.

airlines are now providing and planning

to expand international operations.

Between 1983 and 1993, the

international component of U.S.

airlines’ route networks, measured in

revenue passenger miles (RPMs), grew

from around 16% to over 27%. U.S.

airline revenues from international air

service nearly tripled from $6.3 billion

to $17.6 billion. Moreover, forecasts

indicate that U.S. carrier international

traffic, measured by RPMs, will increase

to almost one-third of their total system

traffic by the year 2000.

Just as important, the pattern of

demand for international service has

changed considerably. First, the regional

distribution of U.S. carriers’

international revenues has changed

dramatically, as the primary focus of

carriers’ expansion moved beyond

Europe to meet new demand in the

emerging markets of Asia, the Pacific