3690 Federal Register / Vol. 60, No. 11 / Wednesday, January 18, 1995 / Notices

3 15 U.S.C. 78o–3(g)(3) (1988).

4 15 U.S.C. 78s(b)(2) (1988).

5 17 CFR 200.30–3(a)(12).

1The Commission has approved the NYSE’s

auxiliary closing procedures for handling MOC

orders on expiration days on a pilot basis until

October 31, 1995. See Securities Exchange Act

Release No. 34916 (October 31, 1994), 59 FR 55507

(November 7, 1994) (File No. SR–NYSE–94–32).

The NYSE has requested that the revised

procedures for expiration days, as proposed herein,

be approved as part of the pilot program that is

currently in effect. See letter from Donald Siemer,

Director, Market Surveillance, NYSE, to Beth

Stekler, Attorney, Division of Market Regulation,

SEC, dated December 22, 1994 (‘‘December 22nd

letter’’).

2The Commission has approved the NYSE’s

closing procedures for non-expiration days on a

permanent basis. See Securities Exchange Act

Release No. 31291 (October 6, 1992), 57 FR 47149

(October 14, 1992) (File No. SR–NYSE–92–12). The

NYSE has requested that the revised procedures for

non-expiration days, as proposed herein, be

approved on a permanent basis. See December 22nd

letter, supra, note 1.

3See supra, note 1.

4The 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.

Section 15A(g)(3) of the Act.3 Section

15A(g)(3) provides that a registered

securities association may deny

membership to, or condition the

membership of, a registered broker or

dealer if such broker or dealer does not

meet the requisite levels of knowledge

and competence.

The Commission believes that

revising the Series 8 Examination,

Specifications and Content Outline

should help to ensure that only those

securities sales supervisors with a

comprehensive knowledge of current

NASD rules, as well as an

understanding of the Act, will be able to

supervise general securities branch

offices and registered representatives.

The Commission believes that the

revised areas covered by the

Examination, Specifications and

Content Outline are appropriate subject

matters and include a sufficiently broad

range of topics to ensure an appropriate

level of expertise by supervisors.

Additionally, the revised examination

tests relevant subject matters in view of

changes in applicable laws, rules,

regulations, products, and industry

practices. By ensuring this requisite

level of knowledge, the NASD can

remain confident that securities sales

supervisors have demonstrated an

acceptable level of securities knowledge

to carry out their responsibilities.

The approval is contingent upon the

filing of the Examination Specifications

and Content Outline by the other

appropriate SROs and the approval of

those filings by the Commission.

The Commission finds good cause for

approving the proposed rule change

prior to the 30th day after the date of

publication of notice of filing thereof in

the Federal Register. The Commission

believes that accelerated approval is

appropriate given that the Commission

recently approved two parallel and

substantively identical filings by the

NYSE, and the importance of

implementing the revised Content

Outline and Series 8 Examination as

soon as practicable.

It is therefore ordered, pursuant to

Section 19(b)(2) 4 that the proposed rule

change is approved contingent upon the

filing of the Examination Specifications

and Content Outline by the other

appropriate SROs and the approval of

those filings by the Commission.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.5

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–1109 Filed 1–17–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–35210; File No. SR–NYSE–

94–44]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

New York Stock Exchange, Inc.

Relating to Amendments to Market-atthe-Close Order Handling

Requirements for Expiration and NonExpiration Days

January 10, 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 December 5, 1994,

the New York Stock Exchange, Inc.

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

Securities and Exchange Commission

(‘‘Commission’’ or ‘‘SEC’’) 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 proposed rule change consists of

modifications to the order entry and

imbalance display procedures for

market-at-the-close (‘‘MOC’’) orders on

expiration and non-expiration days, as

described in two separate Information

Memos. The Information Memo for

expiration days would be issued before

each application of the pilot program

that allows the NYSE to use auxiliary

closing procedures for handling MOC

orders on expiration days (subject to

Commission approval);1 the Information

Memo for non-expiration days would be

issued once this filing is approved.2 The

term ‘‘expiration days’’ refers

collectively to the last trading day

before the one day a month that

standardized contracts in stock index

futures, stock index options and options

on stock index futures expire

(‘‘Expiration Friday’’), and the last

trading day of each calendar expiration

(‘‘QIX’’) options (‘‘QIX Expiration Day’’).

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

Under the current pilot program for

expiration days,3 NYSE procedures

require that MOC orders in any stock

related to a strategy involving expiring

index derivative products be entered for

execution by 3:40 p.m., and that no

cancellation or reduction of any MOC

order in any stock take place after 3:40

p.m. For the pilot stocks on expiration

days,4 imbalances of 50,000 shares or

more are published as soon as

practicable after 3:40 p.m. After the

imbalance publication, MOC orders in

the pilot stocks may be entered only to

offset a published imbalance. MOC

orders may not be entered if there is no

imbalance publication. The Exchange

proposes that all MOC orders in all

stocks (regardless of strategy) be

required to be entered by 3:40 p.m. on

expiration days, except orders to offset

imbalance publications.

Currently, on non-expiration days,

imbalances of 50,000 shares or more in
Federal Register / Vol. 60, No. 11 / Wednesday, January 18, 1995 / Notices 3691

5See supra, note 4.

6A LOC order is a limited price order entered for

execution at the closing price if the closing price

is within the limit specified. The Commission has

approved LOC order entry on a pilot basis until July

15, 1995. See Securities Exchange Act Release No.

33706 (March 3, 1994), 59 FR 11093 (March 9,

1994) (File No. SR–NYSE–92–37). Under that pilot

program, LOC orders may be entered only to offset

a published imbalance of MOC orders. The deadline

for LOC order entry is 3:55 p.m. LOC orders are

irrevocable on expiration days; on non-expiration

days, cancellation of LOC orders is prohibited after

3:55 p.m. Currently, the NYSE permits LOC order

entry in five of the pilot stocks.

the pilot stocks 5 or in stocks being

added to or dropped from an index are

published as soon as practicable after

3:45 p.m. In contrast to the expiration

day procedures described above, there is

no deadline for the entry or cancellation

of MOC orders on non-expiration days.

Imbalance publications on nonexpiration days are for information

purposes only and do not preclude the

entry or cancellation of MOC orders on

either side of the market in such stocks.

The Exchange is proposing to set a

deadline of 3:50 p.m. for the entry of all

MOC orders in all stocks on nonexpiration days, except orders to offset

imbalance publications. Brokers in the

crowd would be required to make their

MOC interest known to the specialist by

this time. Imbalance publications of

50,000 shares or more in the pilot

stocks, or in stocks being added to or

dropped from an index, would be

published as soon as practicable after

3:50 p.m. After 3:50 p.m., MOC orders

may be entered only to offset published

imbalances. The purpose of setting this

deadline is to minimize excess market

volatility that may be associated with

large-size MOC orders that are entered

very near the close on non-expiration

days. MOC orders would be irrevocable

after 3:50 p.m. on non-expiration days.

The pilot for limit-at-the-close

(‘‘LOC’’) orders would continue to

require that such orders be entered by

3:55 p.m. in response to a published

imbalance in one of the LOC pilot

stocks.6 Information Memos would be

issued to announce these changes to the

Exchange membership.

2. Statutory Basis

The basis under the Act for the

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, in general, to protect investors and

the public interest. The proposed rule

change does so by preventing a lastminute influx or disappearance of MOC

orders which could potentially add to

volatility 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 purposes 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 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 NYSE. All submissions

should refer to File No. SR–NYSE–94–

44 and should be submitted by February

8, 1995.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–1197 Filed 1–17–95; 8:45 am]

BILLING CODE 8010–01–M

Issuer Delisting; Notice of Application

To Withdraw From Listing and

Registration; (Century

Communications Corp., Class A

Common Stock, $.01 Par Value) File

No. 1–9676

January 10, 1995.

Century Communications Corp.

(‘‘Company’’) has filed an application

with the Securities and Exchange

Commission (‘‘Commission’’), pursuant

to Section 12(d) of the Securities

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

12d2–2(d) promulgated thereunder, to

withdraw the above specific security

(‘‘Security’’) from listing and

registration on the American Stock

Exchange, Inc. (‘‘Amex’’).

The reasons alleged in the application

for withdrawing the security from

listing and registration include the

following:

According to the Company, in

addition to being listed on the Amex,

the Security is listed on the NASDAQ

National Market System (‘‘NASDAQ/

NMS’’). The Security commenced

trading on the NASDAQ/NMS at the

opening of business on January 5, 1995

and concurrently therewith the Security

was suspended from trading on the

Amex.

The Company’s decision to withdraw

the Security from Listing on the Amex

was based upon the Company’s belief:

(1) that the NASDAQ/NMS system of

competing market makers will result in

increased visibility and sponsorship for

its common stock than is presently the

case with the single specialist on the

Amex;

(2) that the NASDAQ/NMS system

will offer the Company’s shareholders

more liquidity than is presently

available on the Amex and less

volatility in quoted prices per share

when trading volume is slight;

(3) that the NASDAQ/NMS system

will offer the opportunity for the

Company to secure its own group of

market makers and expand the capital

base available for trading in the

common stock; and

(4) that the firms making a market in

the Company’s common stock on the

NASDAQ/NMS system will also be

inclined to issue research reports

concerning the Company, thereby

increasing the number of firms