29368 Federal Register / Vol. 66, No. 104 / Wednesday, May 30, 2001 / Notices

1 15 U.S.C. 78l(d).

2 17 CFR 240.12d2–2(d).

3 15 U.S.C. 78m.

4 15 U.S.C. 78o(d).

5 17 CFR 200.30–3(a)(1).

1Section 11A(a)(3)(B) authorizes the Commission,

in furtherance of its statutory directive to facilitate

the establishment of a national market system, by

rule or order, ‘‘to authority or require self-regulatory

organizations to act jointly with respect to matters

as to which they share authority under [the Act] in

planning, developing, operating, or regulating a

national market system (or a subsystem thereof) or

one or more facilities thereof.’’ 15 U.S.C. 78k–

1(a)(3)(B).

2Securities Exchange Act Release No. 42914

(June 8, 2000), 65 FR 38010 (June 19, 2000).

3The difficulties inherent in conducting useful

analyses of the effects of decimalization in such a

short time frame were also discussed in a letter

from the Amex requesting an extension of the June

8, 2001 deadline for decimalization studies. See

letter to Annette Nazareth, Director, Division of

Market Regulation, from Peter Quick, Amex

President, dated My 9, 2001. The Commission

believes that the study deadline should be extended

not only from the Amex, but also for the other

securities exchanges and the NASD.

4 15 U.S.C. 78K–1(a)(3)(B).

application with the Securities and

Exchange Commission (‘‘Commission’’),

pursuant to section 12(d) of the

Securities Exchange Act of 1934

(‘‘Act’’) 1 and Rule 12d2–2(d)

thereunder,2 to withdraw its Common

Stock, $.01 par value (‘‘Security’’), from

listing and registration on the American

Stock Exchange (‘‘Amex’’).

The Issuer has stated in its

application that it has met the

requirements of Amex Rule 18 by

complying with all applicable laws in

effect in the State of Kansas, in which

it is incorporated, and with the rules the

Amex governing an issuer’s voluntary

withdrawal of a security from listing

and registration. The Amex has in turn

informed the Issuer that it does not

object to the proposed withdrawal of the

Issuer’s Security from listing and

registration on the Exchange.

The Board of Directors of the Issuer

approved a resolution on May 9, 2001

to seek withdrawal of the Issuer’s

Security from listing on the Amex. In

making the decision to withdraw the

Security from listing on the Exchange,

the Issuer considered its noncompliance with the Amex maintenance

standards concerning the aggregate

market value of shares publicly held

and the Security’s low selling price. The

Issuer represents that it expects to file

a Form 15 with the Commission to

formally suspend its duties to file

reports under section 13 3 and 15(d) 4 of

the Act.

Any interested person may, on or

before June 13, 2001, submit by letter to

the Secretary of the Securities and

Exchange Commission, 450 Fifth Street,

NW., Washington, D.C. 20549–0609,

facts bearing upon whether the

application has been made in

accordance with the rules of the Amex

and what terms, if any, should be

imposed by the Commission for the

protection of investors. The

Commission, based on the information

submitted to it, will issue an order

granting the application after the date

mentioned above, unless the

Commission determines to order a

hearing on the matter.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.5

Jonathan G. Katz,

Secretary.

[FR Doc. 01–13528 Filed 5–29–01; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–44336]

Order Extending the Deadlines for the

Exchanges and the National

Association of Securities Dealers, Inc.

To Submit Studies and Rule Filings

Concerning the Implementation of

Decimal Pricing in Equity Securities

and Options Pursuant to Section

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

Exchange Act of 1934

May 22, 2001.

Notice is hereby given that, pursuant

to section 11A(a)(3)(B) of the Securities

Exchange Act of 1934 (‘‘Exchange

Act’’),1 the Securities and Exchange

Commission (‘‘Commission’’) modifies

its June 8, 2000 Order 2 to the American

Stock Exchange LLC (‘‘Amex’’), the

Boston Stock Exchange, Inc., the

Chicago Board Options Exchange, Inc.,

the Chicago Stock Exchange, Inc., the

Cincinnati Stock Exchange, Inc., the

International Securities Exchange, LLC,

the National Association of Securities

Dealers, Inc. (‘‘NASD’’), the New York

Stock Exchange, Inc., the Pacific

Exchange, Inc., and the Philadelphia

Stock Exchange, Inc. (collectively the

‘‘Participants’’ and individually a

‘‘Participant’’) to extend the deadlines

set forth in the June 8, 2000 Order that

require the Participants to submit

studies concerning the implementation

of decimal pricing in equity securities

and options by June 8, 2001, and rule

filings to establish the minimum price

variation (‘‘MPV’’) in each market for

quoting equity securities and options by

July 9, 2001.

The Commission’s June 8, 2000 Order

establish the framework for the

Participants to convert their quotation

prices in equity securities and options

from fractions to decimals. Pursuant to

the Order, the Participants submitted an

implementation plan and successfully

completed the phasing-in of decimal

pricing in all equity securities and

options on April 9, 2001.

The June 8, 2000 Order also

established two other requirements.

First, the Order required the

Participants to submit to the

Commission by June 8, 2001 studies that

would analyze how the decimal

conversion had affected systems

capacity, liquidity, and trading

behavior. These studies would offer

insights into proper MVPs that should

be maintained for pricing equity

securities and options, as well as any

changes to self-regulatory rules

necessary to maintain fair and orderly

markets. Second, the Order required the

Participants to submit by July 9, 2001

rule filings that would individually

establish an MPV for each market.

In view of the complexities of more of

the issues that have been raised

concerning decimal pricing,3 the

Commission believes that it is necessary

and appropriate to extend the original

deadlines set forth in the June 8, 2000

Order for the Participants to submit

their studies and rule filings. The

Commission believes that such an

extension is necessary to give the

Participants adequate time to

thoroughly analyze all of the vital

investor protection and market integrity

issues that need to be addressed in order

to preserve the benefits of

decimalization.

It Is Hereby Ordered, pursuant to

section 11A(a)(3)(B) of the Exchange

Act,4 that the Participants shall submit

their studies to the Commission no later

than September 10, 2001, and that the

Participants shall submit their rule

filings pursuant to Section 19(b)(2) of

the Exchange Act no later than

November 5, 2001. All other aspects of

the Commission’s June 8, 2000 Order

remain in effect until otherwise ordered

by the Commission.

By the Commission.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–13473 Filed 5–29–01; 8:45 am]

BILLING CODE 8010–01–M