27184 Federal Register / Vol. 66, No. 95 / Wednesday, May 16, 2001 / Notices

1 15 U.S.C. 78k–1(a)(3)(B).

2 17 CFR 240.11Aa3–2.

3See Plan for the Purpose of Developing and

Implementing Procedures Designed to Facilitate the

Listing and Trading of Standardized Options

Submitted Pursuant to Section 11A(a)(3)(B) of the

Securities Exchange Act of 1934, dated January 11,

2001. The OLPP is available at the Commission’s

Public Reference Room.

4Letter dated March 2, 2001, from Claire P.

McGrath, Vice President and Special Counsel,

Amex, to Elizabeth King, Associate Director,

Division of Market Regulation (‘‘Division’’),

Commission (‘‘Amendment No. 1’’). Amendment

No. 1 provided information required by Rule

11Aa3–2(b)(4) under the Act, 17 CFR 240.11Aa3–

2(b)(4), regarding implementation of the proposed

OLPP, the proposed OLPP’s impact on competition,

and written agreements or understandings among

the Sponsors of the plan.

5Letter dated May 4, 2001, from Clair P. McGrath,

Vice President and Special Counsel, Amex, to

Elizabeth King, Associate Director, Division,

Commission (‘‘Amendment No. 2’’). Amendment

No. 2 would add procedures for new eligible

exchanges to become Sponsors of the Plan and a

provision for Sponsors that are no longer eligible to

participate in the Plan.

6 17 CFR 240.11Aa3–2(c)(1).

7See Securities Exchange Act Release No. 29698

(September 17, 1991), 56 FR 48954 (September 25,

1991). The JEOP provides specific procedures

governing the selecting, listing, challenging, and

arbitrating the eligibility of new equity options

overlying both exchange-traded an over-the-counter

listed securities.

8The NYSE later sold its options business to the

CBOE. See Securities Exchange Act Release No.

38542 (April 23, 1997), 62 FR 23521 (April 30,

1997).

9The parties filed, and the Commission approved

the JEOP as identical proposed rule changes. The

OLPP would not replace these rules. The parties

would have to file proposed rule changes to amend

their rules.

10 15 U.S.C. 78s(h)(1).

11See Order Instituting Public Administrative

Proceeding Pursuant to Section 19(h)(1) of the

Securities Exchange Act of 1934, Making Findings

and Imposing Remedial Sanctions. Securities

Exchange Act Release No. 43268 (September 11,

2000) (‘‘Settlement Order’’). The Settlement Order

states that the respondent exchanges have

Virginia Electric and Power Company,

Docket Nos. 50–338 and 50–339, North

Anna Power Station, Units 1 and 2,

Louisa County, Virginia

Date of application for amendment:

June 22, 2000, as supplemented

September 19, 2000, and January 4,

February 14, March 13, March 22, and

April 11, 2001.

Brief description of amendment:

These amendments revise Technical

Specification (TS) Figures 3.4–2 and

3.4–3, and the associated Bases. These

amendments approve new pressuretemperature limits, low-temperature

overpressure protection (LTOP) system

setpoints, and LTOP system effective

temperature (Tenable) in the TS to a

maximum of 32.3 effective full-power

years (EFPY) for Unit 1 and 34.3 EFPY

for Unit 2. These changes were based, in

part, on the use of the American Society

of Mechanical Engineers Code Case N–

641.

Date of issuance: May 2, 2001.

Effective date: As of the date of

issuance, to be implemented within 30

days.

Amendment Nos.: 226 and 207.

Facility Operating License Nos. NPF–

4 and NPF–7: Amendments change the

TS.

Date of initial notice in Federal

Register: February 23, 2001 (66 FR

11334). The January 4, 2001, submittal

expanded the scope of the original June

22, 2000, application, which was

noticed at 65 FR 48760. The February

14, March 13, March 22, and April 11,

2001, supplements contained clarifying

information only, and did not change

the February 23, 2001, initial no

significant hazards consideration

determination or expand the scope of

the Federal Register notice.

The Commission’s related evaluation

of the amendments is contained in a

Safety Evaluation dated May 2, 2001.

No significant hazards consideration

comments received: No.

Dated at Rockville, Maryland this 8th day

of May 2001.

For the Nuclear Regulatory Commission.

John A. Zwolinski,

Director, Division of Licensing Project

Management, Office of Nuclear Reactor

Regulation.

[FR Doc. 01–12192 Filed 5–15–01; 8:45 am]

BILLING CODE 7590–01–P

POSTAL SERVICE BOARD OF

GOVERNORS

Sunshine Act Meeting; Board Votes To

Close May 15, 2001, Meeting

At its meeting on May 7, 2001, the

Board of Governors of the United States

Postal Service voted unanimously to

close to public observation its meeting

scheduled for May 15, 2001, in

Washington, DC, in person and via

teleconference.

MATTERS TO BE CONSIDERED:

1. Legal Update.

2. Strategic Planning.

3. Personnel Matters.

4. Compensation issues.

PERSONS EXPECTED TO ATTEND:

Governors Ballard, Daniels, del Junco,

Dyhrkopp, Fineman, Kessler,

McWherter, Rider and Walsh;

Postmaster General Henderson, Deputy

Postmaster General Nolan, Secretary to

the Board Hunter, and General Counsel

Gibbons.

GENERAL COUNSEL CERTIFICATION: The

General Counsel of the United States

Postal Service has certified that the

meeting was properly closed under the

Government in the Sunshine Act.

CONTACT PERSON FOR MORE INFORMATION:

Requests for information about the

meeting should be addressed to the

Secretary of the Board, David G. Hunter,

at (202) 268–4800.

David G. Hunter,

Secretary.

[FR Doc. 01–12477 Filed 5–14–01; 2:06 pm]

BILLING CODE 7710–12–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–44287; File No. 4–443]

Joint Industry Plan; Notice of Filings of

a Proposed Options Listing

Procedures Plan by the American

Stock Exchange LLC, Chicago Board

Options Exchange, Incorporated,

International Securities Exchange LLS,

The Options Clearing Corporation,

Pacific Exchange, Inc., and

Philadelphia Stock Exchange, Inc.

May 10, 2001.

I. Introduction

On January 11, 2001, pursuant to

Section 11A(a)(3)(B) of the Securities

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

11Aa3–2 thereunder,2 The American

Stock Exchange LLC (‘‘Amex’’), Chicago

Board Options Exchange, Incorporated

(‘‘CBOE’’), International Securities

Exchange LLC (‘‘ISE’’), The Options

Clearing Corporation (‘‘OCC’’), Pacific

Exchange, Inc., (‘‘PCX’’), and

Philadelphia Stock Exchange, Inc.

(‘‘Phlx’’) (collectively, the ‘‘Sponsors’’)

filed with the Securities and Exchange

Commission (‘‘Commission’’) a

proposed options listing procedures

plan (‘‘OLPP’’ or ‘‘Plan’’).3 The Sponsors

filed amendments to the proposed Plan

on March 3, 2001 4 and May 9, 2001.5

Pursuant to Rule 11Aa3–2(c)(1) under

the Act,6 the Commission is publishing

notice of, and soliciting comments on

the proposed Plan, as amended.

II. Background

On September 17, 1991, the

Commission approved the JointExchange Options Plan (‘‘JEOP’’), which

sets forth procedures governing the

listing of new options.7 The Amex,

CBOE, PCX, Phlx, and New York Stock

Exchange 8 were parties to the JEOP.9

On September 11, 2000, the

Commission instituted public

administrative proceedings pursuant to

Section 19(h)(1) of the Act 10 against,

and simultaneously accepted offer of

settlement from the Amex, CBOE, PCX,

and Phlx (collectively, the ‘‘respondent

exchanges’’).11 Under the Settlement

Federal Register / Vol. 66, No. 95 / Wednesday, May 16, 2001 / Notices 27185

significantly impaired the operations of the options

markets by, among other things, refraining from

multiply listing a large number of options.

12See Section IV.B.a. of the Settlement Order.

The Settlement Order requires an exchange to

provide to the OCC (i) not more than one business

day’s notice of the exchange’s intent to list an

existing option, and (ii) reasonable advance notice

of the exchange’s intention to list a new option. Id.

13However, the proposed OLPP would include a

provision that allows an exchange to provide the

OCC with not more than one business day’s notice

of an exchange’s intention to list an existing options

class. Further, under the proposed OLPP, the

Sponsors would communicate with each other only

indirectly, through the OCC.

Order, the respondent exchanges were

ordered to amend the JEOP to: (i)

Eliminate the requirement that advance

notice of the intention to list a new

option be given to any other exchange,

alternative trading system, or other

trading venue that lists any options

issued by the OCC; (ii) eliminate

advance notice to any other market that

already lists or has applied to list the

option in question; (iii) eliminate any

provisions of the JEOP that prevent a

market from commencing to list or trade

any option listed on another market or

an option that another market has

expressed an intention to list; (iv)

eliminate any provisions of the JEOP

allowing one market to prevent or delay

another market from listing an option;

and (v) eliminate any provisions of the

JEOP that allow one market to delay the

commencement of trading of an option

by another market.12

On January 11, 2001, the respondent

exchanges, along with the ISE and the

OCC, submitted the proposed OLPP to

the commission to replace and

supersede the JEOP and to comply with

the respondent exchanges’ obligations

under Section IV.B.a. of the Settlement

Order. Although not parties to the

Settlement Order, the ISE and the OCC

have elected to become Sponsors of the

proposed OLPP to facilitate the listing

and trading of standardized options

contracts.

III. Description of the OLPP

The proposed Plan would provide

procedures for: (i) Listing and trading

new options classes; (ii) selecting new

options series; (iii) petitioning the OCC

to review the eligibility, pursuant to the

exchanges’ listing standards, of a

selected option class without delaying

the trading of that option class; (iv)

determining operational details for

option contracts adjusted pursuant to

OCC By-Laws; (v) admitting new

sponsors; and (vi) losing eligibility to

participate in the Plan. The proposed

OLPP would eliminate the requirement

that an exchange give advance notice of

its intention to list a new or currently

trading option class to any other options

exchange that already lists or has

applied to list the selected option.13 The

proposed OLPP also contains no

provisions that would prevent or delay

an exchange from commencing to list or

trade any option class other than the

one-day advance notice requirement to

the OCC for operational purposes.

A. Selection of an Option Class

Under the proposed OLPP, a Sponsor

that seeks to trade an option on an

equity security (‘‘Selecting Exchange’’)

would be required to submit a certificate

notifying the OCC of its intention to

trade the option. The Selecting

Exchange would be required to submit

the certificate between 12:01 a.m. and

11 a.m. (Chicago time) on the trading

day before the exchange intended to

start trading the option. If the option

was not currently trading on another

exchange, or had not been certified for

listing and trading on another exchange,

the Selecting Exchange would be

required to provide certain additional

information to the OCC when it

submitted its certificate. The Selecting

Exchange would be required to provide

the options symbol, initial exercise

prices, expiration cycle, and the

position and exercise limits for the

selected option class. If more than one

Selecting Exchange submits a certificate

indicating its intention to commence

trading an options class, the OCC would

use the information provided on the

certificate that was submitted first. The

OCC would provide all other Selecting

Exchanges with this information, as

well as the identity of other Selecting

Exchanges, by 1 p.m. (Chicago time) on

the day that it received the certificate.

If the option class had been

previously certified and was currently

trading on at least one registered options

exchange, the OCC would notify all

other exchanges that traded the option

class and all Selecting Exchanges of the

identity of each Selecting Exchange. The

OCC would provide this notice by 1

p.m. (Chicago time) on the day that it

received notification from the Selecting

Exchange(s).

B. Selection of a New Option Series

The proposed OLPP would provide

procedures for each of the Sponsors to

trade additional series of an option class

it currently trades. If an exchange

decided to trade a new option series and

began trading the new series on the

same day, it would be required to notify

the OCC, and any other exchange that

also traded the same option class,

within 10 minutes of commencing

trading, under normal market

circumstances. If the exchange decided

to trade the new series on the next

trading day or thereafter, it would be

required to notify the OCC, and any

other exchange that traded the same

option class of the new series to be

traded, by 4:15 p.m. (Chicago time) the

day before the new series is to be traded.

If the addition of a new series would

involve the introduction of new

expiration months, different procedures

would apply. First, the exchange would

be required to provide a preliminary

notification of the new expiration

month for the series it intended to trade

to the OCC and any other exchange that

traded the same option class, by 9 a.m.

(Chicago time) on the second day prior

to expiration. Second, the exchange

would be required to provide to the

OCC and any other exchange that traded

the same option class by 2 p.m. (Chicago

time) on or before the trading day before

the existing series’ expiration a final

notification of the new expiration

month series it intended to trade. With

respect to adding new option series and

melding LEAP series into near-term

series, the proposed OLPP would permit

an exchange that wanted to trade a new

series and any other exchange that

traded the same option class to jointly

determine, when necessary, the symbol

and trading codes for the new series.

C. Petition To Review the Eligibility of

a New Option Class

Under the proposed Plan, the

Sponsors would be permitted to petition

the OCC to review whether an option

class was eligible for listing on the day

a Selecting Exchange certified the

option for listing and trading. The

exchange listing and trading the option

class would be permitted to continue to

do so unless and until the OCC

determined that the class was ineligible.

An exchange that wished to challenge

the eligibility of an option class would

be required to submit a petition to the

OCC, setting forth the listing standards

or guidelines the petitioning exchange

was requesting the OCC to review, by 3

p.m. (Chicago time) on the date that the

option class began trading. The OCC

would be required to then provide a

copy of the petition to the Selecting

Exchange by 4 p.m. (Chicago time). Both

exchanges would be required to submit

written support for their claims of

eligibility or ineligibility to the OCC by

3 p.m. (Chicago time) on the second day

that the option class had been trading.

The OCC would endeavor to complete

its review and notify the Sponsors of its

determination by 4 p.m. (Chicago time)

on the third day that the option class

27186 Federal Register / Vol. 66, No. 95 / Wednesday, May 16, 2001 / Notices

14The OCC would be entitled to take five

additional days to complete its review if it notified

both exchanges of the additional time needed.

15See Article VI, Section 11 of the OCC By-Laws.

Operational issues attendant to the adjustment

could include option symbols and trading codes,

contract multipliers, and position and exercise

limits applicable to the adjusted option class.

16An amendment to the Plan may be effected by

a new Eligible Exchange executing a copy of the

Plan, as then in effect (with the only change being

the addition of the new Plan Sponsor’s name in

Section 9 of the Plan) and submitting such executed

Plan to the SEC. Such amendment will be effective

when it has been approved by the SEC or otherwise

becomes effective pursuant to Section 11A of the

Act and Rule 11Aa3–2 thereunder.

had been trading.14 If the OCC

determined that the option class was

ineligible, the Selecting Exchange

would be required, on the first trading

day after the OCC’s determination, to

delist any option series without open

interest and allow only closing

transactions in any series with open

interest. If the option class subsequently

became eligible, any exchange would be

permitted to submit a certificate to the

OCC to list and trade the option class.

D. Adjustments Pursuant to OCC ByLaws

The OCC’s By-Laws permit a

securities committee composed of

representatives from each registered

options exchange trading options on a

particular security to determine whether

to make adjustments to reflect particular

events affecting the underlying security,

as well as operational issues attendant

to the adjustment.15 Events affecting the

underlying security that may require an

adjustment would include, among other

things, stock dividends or distributions,

stock splits, rights offerings, mergers,

and reorganizations. The proposed

OLPP would permit the Sponsors to

make these adjustments, as well as

determine operational issues in

connection with such adjustments.

E. New Plan Sponsors

The proposed OLPP contains a selfeffecting provision for the addition of

new sponsors, in which an Eligible

Exchange would be able to become a

sponsor of the Plan by: (i) Executing a

copy of the Plan; (ii) providing each

then-current Plan Sponsor with a copy

of such executed Plan; and (iii) effecting

an amendment to the Plan reflecting the

addition of the new sponsor’s name.16

An Eligible Exchange would be defined

as a national securities exchange

registered with the Commission in

accordance with Section 6(a) of the Act

that: (i) Has effective rules for the

trading of option contracts issued and

cleared by OCC approved in accordance

with the provisions of the Act and the

rules and regulations thereunder; and

(ii) is a party to the Plan for Reporting

of Consolidated Options Last Sale

Reports and Quotation Information (the

‘‘OPRA Plan’’).

F. Loss of Eligibility

An exchange would no longer be an

Eligible Exchange when it ceased

trading OCC issued and cleared option

contracts, or, if it had become a Plan

sponsor and had not commenced to list

and trade OCC issued an cleared option

contracts, within one year of becoming

a Plan Sponsor.

G. Implementation of the OLPP

The Sponsors of the proposed Plan

intend to implement the Plan

immediately upon approval by the

Commission. The Sponsors do not

believe that development,

implementation, or pilot phases are

necessary for the operation of the OLPP.

H. Impact on Competition

The Sponsors represent that the

proposed OLPP would: (i) Facilitate the

orderly introduction of new equity

options; (ii) ensure that there is a

mechanism in place to ensure that only

eligible securities are selected for

options trading; (iii) ensure the

continued fungibility of multiply-trade

option classes; (iv) allow the options

exchanges to list new options as soon as

possible to reap the benefits of their

research efforts; and (v) minimize

investor confusion.

The Sponsors note that the Plan does

not require advance notice to any

options exchange of an intention to list

a new options class (except for not more

than one business day’s notice to any

options exchange that already lists or

has applied to list the selected option

class) or prevent or delay an options

exchange from commencing to list or

trade any option class. The Sponsors

state that the OLPP would facilitate the

orderly and fair introduction of new

options and prevent unnecessary

confusion among member firms in

deciding where to direct their order

flow by standardizing the process for

listing option classes.

Additionally, the proposed Plan

would provide procedures for the

selection of new option series and for

the determination of operational details

for option contracts adjusted pursuant

to OCC By-Laws. The Sponsors

represent that these procedures are

necessary for the fair and orderly

trading of multiply-listed option classes.

The Sponsors state that the listing and

trading of the same option series on two

or more exchanges trading that option

class requires uniformity and

standardization of operational

procedures, including uniform trading

symbols, trading codes, and contract

terms. The Sponsors further state that

consistency is necessary for fully

effective multiple trading, maintaining

the fungibility of option contracts,

efficient order routing decisions by

member firms, and investor

expectations that orders be routed and

executed quickly at the exchanges that

offer the potential for best execution.

While the Plan would not require

exchanges multiply-trading a particular

option class to trade all series listed by

the other exchanges trading the same

class, it would provide a means of

notification through the OCC of the

series to be traded by each exchange.

Such notification would give the other

exchanges trading that class the ability

to add the quotations for such new

series into their calculation of the

national best bid and offer on the date

the new series began trading.

I. Description of Written Understandings

or Agreements

The Sponsors represent that they have

not entered into any understandings or

agreements, written or otherwise,

relating to interpretations of the

proposed Plan or conditions for

becoming a sponsor or participant in the

Plan.

IV. Solicitation of Comments

Interested persons are invited to

submit written data, views, and

arguments concerning the foregoing,

including whether the proposed plan, as

amended, 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 submissions, 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

Room. Copies of such filings will also be

available for inspection and copying at

the principal offices of the Sponsors of

the proposed OLPP. All submissions

should refer to the File No. 4–443 and

should be submitted by June 16, 2001.

Federal Register / Vol. 66, No. 95 / Wednesday, May 16, 2001 / Notices 27187

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

2 17 CFR 240.19b–4.

3Amendment No. 1 substituted the words

‘‘Membership Registration’’ for ‘‘CRD’’ in the CRD

and IDC Fee Schedule in Exhibit A of the original

rule filing. See letter from Michael Cavalier,

Associate General Counsel, the Amex, to Katherine

England, Assistant Director, Division of Market

Regulation, the SEC (May 3, 2001).

4 15 U.S.C. 78s(3)(A)(ii).

5 17 CFR 240.19b–4(f)(2).

6The SpectraLink system is a system of wireless

phones used by members on the floor for

communication on the trading floor. Telephone

conversation between Cyndi Nguyen, Attorney, the

SEC, and Michael Cavalier, Associate General

Counsel, the Amex (April 26, 2001).

By the Commission.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–12250 Filed 5–15–01; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–44286; File No. SR–Amex–

2001–22]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

American Stock Exchange LLC

Relating to Amendments to Fee

Schedules

May 9, 2001.

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

Securities Exchange Act of 1934

(‘‘Act’’) 1 and rule 19b–4 thereunder,2

notice is hereby given that on April 9,

2001, the American Stock Exchange LLC

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

Securities and Exchange Commission

(‘‘SEC’’ or ‘‘Commission’’) the proposed

rule change, and amended such

proposed rule change on May 3, 2001,3

as described in Items I, II, and III below,

which Items have been prepared by the

Amex. The Amex has designated this

proposal as one constituting the

establishment or change of a due, fee or

other charge imposed by the Amex

under Section 19(b)(3)(A)(ii) of the Act 4

and Rule 19b–4(f)(2),5 which renders

the rule effective upon filing with the

Commission. 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 the

Amex Member Fees Schedule; Floor

Fees Schedule; Booth Rental and Order

Pads Schedule; and CFD and IDC Fees

Schedule. The text of the proposed rule

change is available at the Office of the

Secretary, the Amex, and the

Commission.

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

Amex 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 Amex 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

The Amex proposes to amend certain

Exchange fees imposed on Amex

members and member organizations as

set forth below.

(1) Member Fees:

The Exchange incurs certain expenses

in connection with the administering

applications for Exchange membership.

In order to better align Amex’s fees with

the actual costs of delivering these

services, the Exchange is increasing

from $500 to $2,000 the fee for

processing membership applications. In

addition, the Exchange is imposing a

$500 fee for each qualifying exam taken

by an applicant for membership beyond

the first attempt. These fees will be

imposed beginning May 1, 2001.

(2) Floor Fees:

The Exchange is eliminating the

current $500 annual Specialist Post

Privilege Fee, which is imposed on each

individual specialist, and will impose a

new annual post fee per podium of $750

beginning July 1, 2001. This fee will be

increased to $1,000 for each podium

beginning January 1, 2002. These new

fees better reflect the maintenance costs

borne by the Exchange.

To improve reliability, the Amex

recently replaced its wireless telephone

system with a SpectraLink system.6 The

new annual charge for all wireless

handsets will be phased in as follows:

$1,700 per handset from July 2, 2001 to

June 30, 2002 and $2,100 per handset

beginning July 1, 2002.

The Amex has recently upgraded its

booth telephones from an 18-button

turret system, for which it charged $600

per year to a new 40-button system. The

new annual charge for all turret

telephones will be phased in as follows:

$900 per telephone from July 1, 2001 to

June 30, 2002 and $1,290 per telephone

beginning July 1, 2002.

The Amex has incurred significant

development and installation expenses

in implementing its Booth Automated

Routing System (‘‘BARS’’) for routing

orders to and within the Exchange and

will also incur significant annual

operation costs. The Exchange is

imposing its BARS annual equipment

fees of $3,600 per configuration of up to

ten hand-held devices, one keyboard,

one Central Processing Unit (‘‘CPU’’),

one monitor, and one printer, with users

retaining liability for the cost of any

damage, loss, or repairs. These fees will

be implemented beginning May 1, 2001.

In order to address security risks that

may be associated with loss of photo

identification cards used on the Floor,

the Exchange is increasing the fee to

replace lost photo identification cards

from $15 to $100, beginning May 1,

2001. This fee also better reflects

Exchange costs associated with card

replacements.

For construction and craft services

provided by the Exchange at any

member’s request, the Exchange will

charge $50.00 per worker per hour for

work performed 8 a.m.–6 p.m. New

York time only on the days the

Exchange is open for business and

$75.00 per hour for worked performed

at all other times. These charges serve

to eliminate an Exchange subsidy for

such services.

(3) Booth Rentals:

The Exchange is restructuring and

simplifying annual booth rental charges

on a phased in basis as follows:

Booth type

New fees

as of

July 1, 2001

New fees

as of

July 1, 2002

Former fees

Type 1 (‘‘telephone’’) .......................................................................................... $3,000 $3,500 $1,600–$2,200.

Type 2 (24 ‘‘standard’’) ....................................................................................... 4,500 4,500 Not applicable.

Type 3 (36 ‘‘standard’’) ....................................................................................... 6,000 6,000 Not applicable.