28008 Federal Register / Vol. 60, No. 102 / Friday, May 26, 1995 / Notices

4See letter from David Rusoff, Foley & Lardner,

to Glen Barrentine, Senior Counsel, SEC, dated

April 12, 1995. Amendment No. 1 amends the text

of the proposed rule change and clarifies its intent

and scope.

5 17 CFR 240.11Ac1–1 (1994).

6The Dual Trading System of the Exchange

allows the execution of both round-lot and add-lot

orders in certain issues assigned to specialists on

the Exchange and listed on either the New York

Stock Exchange or the American Stock Exchange.

7Some examples provided by the Exchange of the

different options that may be available to specialists

include SuperMAX and, if reactivated, Enhanced

MAX. See letter from David Rusoff, Foley &

Lardner, to Glen Barrentine, Senior Counsel, SEC,

dated April 12, 1995.

8 15 U.S.C. 78f(b) (1988 & Supp. v 1993).

9See Securities Exchange Act Release No. 35547

(Mar. 29, 1995), 60 FR 17375 (Apr. 5, 1995).

10 15 U.S.C. 78s(b)(2) (1988).

11 17 CFR 200.30–34(a)(12) (1004).

The proposed rule change was

published for comment in Securities

Exchange Act Release No. 35547 (Mar.

29, 1995), 60 FR 17375 (Apr. 5, 1995).

No comments were received on the

proposal. On April 13, 1995, the

Exchange submitted Amendment No. 1

to the proposed rule change.4 This order

approves the proposed rule change,

including Amendment No. 1 on an

accelerated basis.

II. Description of Proposal

At the present time, under the BEST

Rule, Exchange specialists are required

to guarantee executions of market and

limit orders under certain

circumstances. Under the rule,

specialists must accept and guarantee

execution of all agency orders, other

than limit orders in Nasdaq/NMS

Securities, from 100 up to and including

2099 shares. For all agency market

orders, the specialist must fill the orders

at the best bid or best offer disseminated

pursuant to Rule 11Ac1–1 under the

Act.5 For all agency limit orders in Dual

Trading System issues,6 the specialist

must fill the order if the bid or offer at

the limit price has been exhausted in

the primary market, there has been a

price penetration of the limit in the

primary market (trade through of a CHX

limit order), or the issue is trading at the

limit price on the primary market unless

it can be demonstrated that such order

would not have been executed if it had

been transmitted to the primary market

or the broker and specialist agree to a

specific volume related or other criteria

for requiring a fill.

Moreover, pursuant to current Rule

37(b), Article XX, the Exchange’s MAX

system provides for the automatic

execution of orders that are eligible for

execution under the Exchange’s BEST

Rule as discussed above and certain

other orders as long as such orders are

less than or equal to the auto-execution

threshold. The specialist must set the

auto-execution threshold at 1099 shares

or greater on a stock-by-stock basis.

The Exchange proposes to amend

Rule 37, Article XX by adding new

subsection (d) to allow specialists to

provide guarantees that are more

favorable than those required under the

BEST Rule. Moreover, under Rule 37(d),

the Exchange, at the request of a

specialist, may provide for automatic

execution of orders through MAX in

accordance with the additional

guarantees that the specialists decide to

provide. The Exchange expects to file

with the Commission at a later time the

specific modifications to the parameters

of the automated execution system that

are required to implement the

additional guarantees.7

III. Discussion

The Commission finds that the

proposed rule change is consistent with

the requirements of the Act and the

rules and regulations thereunder

applicable to a national securities

exchange, and, in particular, with the

requirements of Section 6(b).8 The

Commission believes the proposal is

consistent with the Section 6(b)(5)

requirements that the rules of an

exchange be designed to promote just

and equitable principles of trade, to

prevent fraudulent and manipulative

acts, and, in general, to protect investors

and the public interest.

The Commission believes that the

proposed rule change to allow

specialists to provide more favorable

guarantees than those currently required

under CHX’s Best Rule will benefit

investors. For example, public

customers may benefit by receiving

executions at a better price or for a

greater size than the minimum

requirements under the Best Rule. The

Commission believes that the proposal

also would enhance competition on the

Exchange by providing specialists with

the opportunity to compete based upon

the additional guarantees they offer.

The Commission notes, however, that

the Exchange has indicated that this

proposal is intended to be an ‘‘enabling

rule.’’ Accordingly, the Commission

expects that the future filings proposing

further modifications to MAX will

describe in detail the more favorable

guarantees being offered. Moreover, the

Commission will review such proposals

to ensure that they do not detract from

order exposure.

The Commission finds good cause for

approving amendment No. 1 to the

proposed rule change prior to the

thirteenth day after the date of

publication of notice of filing thereof.

The Exchange’s original proposal was

published in the Federal Register for

the full statutory period and no

comments were received.9 Amendment

No. 1 amends the text of the rule to

delete extraneous language and to make

clear that the guarantee is not

‘‘promised’’ to a particular individual,

but provided for issues chosen by the

specialist. Moreover, Amendment No. 1

clarifies the intent and scope of the

proposed rule change and the options

that the Exchange anticipates for the

automated system.

IV. Solicitation of Comments

Interested persons are invited to

submit written data, views, and

arguments concerning Amendment No.

1. Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street NW.,

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 NW.,

Washington, D.C. 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–CHX–95–08

and should be submitted by June 16,

1995.

V. Conclusion

It Is Therefore Ordered, pursuant to

Section 19(b)(2) of the Act,10 that the

proposed rule change (SR–CHX–95–08)

is approved.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.11

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–12981 Filed 5–25–95; 8:45 am]

BILLING CODE 8010–01–M
Federal Register / Vol. 60, No. 102 / Friday, May 26, 1995 / Notices 28009

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster Loan Area #2777]

Texas, Declaration of Disaster Loan

Area

Dallas, Parker, and Tarrant Counties

and the contiguous counties of Collin,

Dention, Ellis, Hood, Jack, Johnson,

Kaufman, Palo Pinto, Rockwall, and

Wise in the State of Texas constitute a

disaster area as a result of damages

caused by severe storms and flooding

which occurred on May 5–8, 1995.

Applications for loans for physical

damage as a result of this disaster may

be filed until the close of business on

July 20, 1995 and for economic injury

until the close of business on February

20, 1996 at the address listed below:

U.S. Small Business Administration,

Disaster Area 3 Office, 4400 Amon

Carter Blvd., Suit 102, FT. Worth, TX

76155, or other locally announced

locations.

The interest rates are:

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 277706 and for

economic injury the number is 852600.

(Catalog of Federal domestic Assistance

Program Nos. 59002 and 59008)

Dated: May 19, 1995.

Philip Lader,

Administrator.

[FR Doc. 95–12968 Filed 5–25–95; 8:45 am]

BILLING CODE 8025–01–M

DEPARTMENT OF STATE

[Public Notice 2212]

Overseas Security Advisory Council;

Closed Meeting

The Department of State announces a

meeting of the U.S. State Department—

Overseas Security Advisory Council on

Wednesday, June 14, 1995, at the

Marriott Hotel in Salt Lake City, Utah.

Pursuant to section 10(d) of the Federal

Advisory Committee Act and 5 U.S.C.

552b(c) (1) and (4), it has been

determined the meeting will be closed

to the public. Matters relative to

classified national security information

as well as privileged commercial

information will be discussed. The

agenda calls for the discussion of

classified and corporate proprietary/

security information as well as private

sector physical and procedural security

policies and protective programs at

sensitive U.S. Government and private

sector locations overseas.

For more information contact Marsha

Thurman, Overseas Security Advisory

Council, Department of State,

Washington, DC 20522–1003, phone:

202–663–0869.

Dated: May 11, 1995.

Mark Mulvey,

Director of the Diplomatic Security Service.

[FR Doc. 95–12917 Filed 5–25–95; 8:45 am]

BILLING CODE 4710–24–M

DEPARTMENT OF TRANSPORTATION

Coast Guard

[CGD 95–045]

Merchant Marine Personnel Advisory

Committee; Meetings

AGENCY: Coast Guard, DOT.

ACTION: Notice of meetings.

SUMMARY: The Merchant Marine

Personnel Advisory Committee

(MERPAC) and working groups will

meet to discuss various issues. Agenda

items include discussions of certified

instructors, approved training, the

National Research Council report,

‘‘Minding the Helm: Marine Navigation

and Piloting’’, and manning on U.S.

vessels. All meetings will be open to the

public.

DATES: The working groups will meet on

July 13, 1995, from 8:30 a.m. to 4 p.m.

The full committee will meet on July 14,

1995, from 9 a.m. to 4 p.m. Written

material should be submitted not later

than July 5, 1995.

ADDRESSES: The meetings will be held

in Room 2415, U.S. Coast Guard

Headquarters, 2100 Second Street, SW.,

Washington, DC 20593. Written material

should be submitted to CDR Scott J.

Glover, MERPAC Executive Director,

Commandant (G–MVP), U.S. Coast

Guard, 2100 Second Street SW.,

Washington, DC 20593.

FOR FURTHER INFORMATION CONTACT:

Commander Scott J. Glover,

Commandant (G–MVP), U.S. Coast

Guard Headquarters, 2100 Second

Street, SW., Washington, DC 20593,

telephone (202) 267–0224.

SUPPLEMENTARY INFORMATION: Notice of

this meeting is given pursuant to the

Federal Advisory Committee Act, 5

U.S.C. App. 2 § 1 et seq. The agenda will

include discussion of the following

topics:

(1) ‘‘Licensing 2000 and Beyond’’

recommendations to certify instructors

and designated examiners, and to

increase the focus on approved training

as one of the Coast Guard’s guarantors

of competency;

(2) National Research Council report,

Minding the Helm: Marine Navigation

and Piloting; and,

(3) Revision of federal laws affecting

watchkeeping and manning on U.S.

vessels.

Attendance is open to the public.

With advance notice, and the

Chairman’s discretion, members of the

public may make oral presentations

during the meeting. Persons wishing to

make oral presentations should notify

the Executive Director, listed above

under ‘‘ADDRESSES’’, no later than the

day before the meeting. Written material

may be submitted at any time for

presentation to the Committee.

However, to ensure advance distribution

to each Committee member, persons

submitting written material are asked to

provide 20 copies to the Executive

Director no later than July 5, 1995.

Dated: May 22, 1995.

J.C. Card,

Rear Admiral, U.S. Coast Guard, Chief, Office

of Marine Safety, Security and Environmental

Protection.

[FR Doc. 95–13023 Filed 5–25–95; 8:45 am]

BILLING CODE 4910–14–M

Notice of Applications for Certificates

of Public Convenience and Necessity

and Foreign Air Carrier Permits Filed

Under Subpart Q During the Week

Ended May 19, 1995

The following Applications for

Certificates of Public Convenience and

Necessity and Foreign Air Carrier

Permits were filed under Subpart Q of

the Department of Transportation’s

Procedural Regulations (see 14 CFR

302.1701 et seq.). The due date for

Answers, Conforming Applications, or

Motions to Modify Scope are set forth

below for each application. Following

the Answer period DOT may process the

application by expedited procedures.

Such procedures may consist of the

adoption of a show-cause order, a

tentative order, or in appropriate cases

a final order without further

proceedings.

Docket Number: 50354.

Date filed: May 15, 1995.