Federal Register / Vol. 66, No. 86 / Thursday, May 3, 2001 / Notices 22281

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

2 17 CFR 240.19b–4.

3 17 CFR 240.19b–4(f)(6).

4The Nasdaq-100, and Nasdaq-100 Index, and

Nasdaq are trade or service marks of The Nasdaq

Stock Market, Inc. (with its affiliates, the

‘‘Corporations’’) and are licensed for use by the

Exchange. Options on Nasdaq-100 Index Tracking

Stock (the ‘‘Products’’) have not been passed on by

the Corporations as to their legality or suitability.

The Products are not issued, endorsed, sold, or

promoted by the Corporations. The Corporations

make no warranties and bear no liability with

respect to the Products. The Corporations do not

guarantee the accuracy and/or uninterrupted

calculation of the Nasdaq-100 Index or any data

included therein. The Corporations make no

warranty, expressed or implied, as to results to be

obtained by Licensee, owners of the Products, or

any other person or entity from the use of the

Nasdaq-100 Index or any data included therein.

The Corporations make no express or implied

warranties, and expressly disclaim all warranties of

merchantability or fitness for a particular purpose

or use with respect to the Nasdaq-100 Index or any

data included therein. Without limiting any of the

foregoing, in no event shall the Corporations have

any liability for any lost profits or special,

incidental, punitive, indirect, or consequential

damages, even if notified of the possibility of such

damages.

5See Securities Exchange Act Release No. 44025

(February 28, 2001), 66 FR 13986 (March 8, 2001)

(Order approving SR–PCX–01–12).

6See Securities Exchange Act Release No. 40157

(July 1, 1998), 63 FR 37426 (July 10, 1998) (Order

approving SR–Amex–96–44).

7See Securities Exchange Act Release No. 44055

(March 8, 2001), 66 FR 15310 (March 16, 2001)

(Order approving SR–Phlx–01–32).

8 15 U.S.C. 78f(b).

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–44231; File No. SR–PCX–

2001–20]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Pacific Exchange, Inc. Relating to One

Point Strike Price Intervals for Options

on Exchange-Traded Fund Shares and

the Hours of Trading for Options on

the Nasdaq-100 Index Tracking Stock

April 27, 2001.

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

Securities Exchange Act of 1934 (the

‘‘Act’’)1 and Rule 19b–4 thereunder,2

notice is hereby given that on April 5,

2001, the Pacific Exchange, Inc. (‘‘PCX’’

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 Exchange. The

Exchange has designated the proposed

rule change as constituting a ‘‘noncontroversial’’ rule change under

paragraph (f)(6) of Rule 19b–4 under the

Act.3 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 proposes to amend PCX

Rule 6.4 by adding Commentary .04 to

create one point strike price intervals for

options on Exchange-Traded Fund

Shares. The PCX also proposes to

amend PCX Rule 4.2 by adding

Commentary .02 to establish the hours

of trading for options on the Nasdaq-100

Index Tracking Stock, which is a

particular type of Exchange-Traded

Fund Shares,4 from 6:30 a.m. to 1:15

p.m. Pacific Time (‘‘PT’’), except the last

trading day of each calendar month,

when trading in options on Nasdaq-100

Index Tracking Stock will end at 1:05

p.m. PT. Below is the text of the

proposed rule change. Proposed new

language is italicized, and proposed

deletions are in brackets.

* * * * *

¶ 3703 Trading Sessions

Rule 4.2—No change.

Commentary:

.01—No change.

.02 The hours for trading options on

Nasdaq-100 Index Tracking Stock will

commence at 6:30 a.m. and end at 1:15

p.m. each business day, except the last

trading day of each calendar month,

when trading in options on Nasdaq-100

Index Tracking Stock will end at 1:05

p.m.

* * * * *

¶ 4745 Series of Options Open for

Trading

Rule 6.4(a)–(e)—No change.

Commentary:

.01–.03—No change.

.04 The interval of strike prices of

series of options on Exchange-Traded

Fund Shares will be $1 or greater where

the strike price is $200 or less.

* * * * *

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

Exchange 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

Exchange has prepared summaries, set

forth in sections A, B, and C below, of

the most significant parts of such

statements.

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 provide one point strike

price intervals for options on ExchangeTraded Fund Shares and to establish the

hours of trading in options on the

Nasdaq-100 Index Tracking Stock from

6:30 a.m. to 1:15 p.m. PT, except the last

trading day of each calendar month,

when trading in options on the Nasdaq100 Index Tracking Stock will end at

1:05 p.m. PT.

The PCX received approval from the

Commission to trade options on

Exchange-Traded Fund Shares on

February 28, 2001.5 The PCX proposes

to amend Rule 6.4 by adding

Commentary .04 regarding strike price

intervals for options on ExchangeTraded Fund Shares to bracket the Fund

Shares at one point intervals up to a

share price of $200. This proposed

amendment is consistent with the strike

price interval established for options on

Exchange-Traded Fund Shares on the

American Stock Exchange, LLC

(‘‘Amex’’)6 and by the Philadelphia

Stock Exchange, Inc. (‘‘Phlx’’).7

The PCX also proposes to amend its

hours of business to trade options on the

Nasdaq-100 Index Tracking Stock in

PCX Rule 4.2 from 6:30 a.m. to 1:15 p.m.

PT, except the last trading day of a

calendar month, when trading in

options on the Nasdaq-100 Index

Tracking Stock will end at 1:05 p.m. PT.

These hours are consistent with the

trading of options on Nasdaq-100 Index

Tracking Stock on the Amex and the

Phlx.

The PCX believes that these

amendments will increase investor

protection by allowing options on

Exchange-Traded Fund Shares and, in

particular, options on the Nasdaq-100

Index Tracking Stock to trade at the

same strike price intervals and trading

hours on the PCX as on other exchanges.

The PCX believes that these

amendments will enable the PCX to

compete with other exchanges in these

products.

2. Statutory Basis

The Exchange believes that the

proposed rule change will assist in

allowing the Exchange to offer investors

another choice of venue to conduct

trading in these products. Thus, the

Exchange believes that the proposed

rule change is consistent with Section

6(b) of the Act,8 in general, and furthers

22282 Federal Register / Vol. 66, No. 86 / Thursday, May 3, 2001 / Notices

9 15 U.S.C. 78f(b)(5).

10 15 U.S.C. 78s(b)(3)(A).

11 17 CFR 240.19b–4(f)(6).

12 15 U.S.C. 78s(b)(3)(A).

13 17 CFR 240.19b–4(f)(6). 14 17 CFR 200.30–3(a)(12).

the objectives of Section 6(b)(5) 9 in

particular, in that it is designed to

promote just and equitable principles of

trade, to remove impediments to and

perfect the mechanism of free and open

market and a national market system,

and, in general, to protect investors and

the public interest.

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 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

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

The proposed rule change has been

filed by the Exchange as a ‘‘noncontroversial’’ rule change pursuant to

Section 19(b)(3)(A) of the Act 10 and

subparagraph (f)(6) of Rule 19b–4

thereunder.11 Because the foregoing

proposed rule change: (i) Does not

significantly affect the protection of

investors or the public interest; (ii) does

not impose any significant burden on

competition; and (iii) by its terms, does

not become operative for 30 days after

the date of the filing, it has become

effective pursuant to Section 19(b)(3)(A)

of the Act 12 and Rule 19b–4(f)(6).13 The

Exchange also provided the Commission

with written notice of its intent to file

the proposed rule change, along with a

brief description and text of the

proposed rule change, at least five

business days prior to the date of the

filing of the proposed rule change. 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,

including whether the proposed rule

change is consistent with the Act.

Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, NW.,

Washington, DC 20549–0609. 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. Copies of such filing will also

be available for inspection and copying

at the principal office of the PCX. All

submissions should refer to File No.

SR–PCX–2001–20 and should be

submitted by May 24, 2001.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.14

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–11088 Filed 5–2–01; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF TRANSPORTATION

Federal Highway Administration

Environmental Impact Statement:

Shelby County, Tennessee and Desoto

County, Mississippi

AGENCY: Federal Highway

Administration (FHWA), DOT.

ACTION: Notice of intent.

SUMMARY: The FHWA is issuing this

notice to advise the public that an

Environmental Impact Statement (EIS)

will be prepared for Section 9 of

proposed Interstate 69 in Desoto

County, MS and Shelby County, TN

beginning near Hernando, MS and

extending to Millington, TN.

FOR FURTHER INFORMATION CONTACT: Mr.

Mark Doctor, Field Operations Team

Leader, Federal Highway

Administration, 640 Grassmere Park,

Suite 112, Nashville, Tennessee 37211,

Telephone: (615) 781–5788

SUPPLEMENTARY INFORMATION: The

FHWA, in cooperation with the

Tennessee Department of

Transportation and Mississippi

Department of Transportation will

prepare an Environmental Impact

Statement (EIS) on a proposal to provide

a divided freeway facility from

Interstate 55 (I–55) and State Route

(S.R.) 304 near Hernando in Desoto

County, Mississippi to US 51/S.R. 385

near Millington in Shelby County,

Tennessee. Two general corridors, A

and B, are being studied. Corridor A

will pass through the city of Memphis

and will generally follow the existing

interstate system from I–55/S.R. 304 in

Hernando, MS to US 51/S.R. 385 near

Millington. Corridor B will be east of

Memphis and will begin at I–55/S.R.

304 in Hernando, MS and end at US 51/

S.R. 385 near Millington. The proposed

project will be 64 to 96 kilometers (40

to 60 miles) in length depending on

which alternative alignment is selected.

This proposed improvement is a

section of independent utility of the

Congressionally-designated High

Priority Corridor 18, or future Interstate

69 which proposes to construct

Interstate 69 from Port Huron, Michigan

to the lower Rio Grande Valley in Texas.

The overall purpose of this corridor is

to improve international and interstate

trade and to facilitate economic

development.

Alternatives to be considered are: (1)

Taking no action (no-build); (2) three

build alternatives in Corridor A and

three build alternatives in Corridor B.

All alternatives will have a full control

of access freeway design and will be on

both existing and new location and (3)

other alternatives that may arise from

public and agency input. Incorporated

into and studied with the build

alternatives will be design variations of

grade and alignment.

Initial coordination letters describing

the proposed action and soliciting

comments will be sent to appropriate

Federal, State and local agencies, and to

private organizations and citizens who

have previously expressed or are known

to have an interest in this proposal. A

public hearing will be held upon

completion of the Draft EIS and public

notice will be given of the time and

place of the hearing. The Draft EIS will

be available for public and agency

review and comment prior to the public

hearing. A formal scoping meeting and

public involvement meetings are

planned for late Spring 2001.

To ensure that the full range of issues

related to this proposed action are

addressed and all significant issues

identified, comments and suggestions

are invited from all interested parties.

Comments or questions concerning this

proposed action and the EIS should be

directed to the FHWA at the address

provided above.