4884 Federal Register / Vol. 66, No. 12 / Thursday, January 18, 2001 / Notices

9 15 U.S.C. 78o–3(b)(5).

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

11 17 CFR 240.19b–4(f)(2).

12 17 CFR 200.30–3(a)(12).

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

2 17 CFR 240.19b–4.

3Exchange Act Rule 11Ac1–1; 17 CFR

240.11Ac1–1; see Securities Exchange Act Release

No. 43591 (November 17, 2000), 65 FR 75439

(December 1, 2000) (File No. S7–17–00).

the proposal is consistent with Section

15A(b)(5) of the Act 9 in that it provides

for the equitable allocation of reasonable

dues, fees and other charges among

members and issuers and other persons

using any facility of system which the

Association operates or controls.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

Nasdaq does not believe that the

proposed rule change will result in 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

Written comments were neither

solicited nor received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The proposed rule change has become

effective pursuant to Section

19(b)(3)(A)(ii) of the Act10 and

subparagraph (f)(2) of Rule 19b–4

thereunder,11 because it establishes or

changes a due, fee, or other charge

imposed by the Association. At any time

within 60 days of the filing of the

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 proposal 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

Room. Copies of such filing will also be

available for inspection and copying at

the principal office of the NASD. All

submissions should refer to file number

SR–NASD–00–72 and should be

submitted by February 8, 2001.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.12

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–1410 Filed 1–17–01; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–43822; File No. SR–PHLX–

01–01]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the Philadelphia Stock Exchange, Inc.

Relating to the Dissemination of

Options Quotations With Size

January 8, 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 January 8,

2001, the Philadelphia Stock Exchange,

Inc. (‘‘Phlx’’ or ‘‘Exchange’’) filed with

the Securities and Exchange

Commission (‘‘SEC’’ or ‘‘Commission’’)

the proposed rule change as described

in Items I, II, and III below, which Items

have been prepared by the Phlx. 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 Phlx, pursuant to Rule 19b–4 of

the Act, proposes to amend, on a

temporary basis, Exchange Options

Floor Procedure Advice (‘‘OFPA’’) F–7,

Bids and Offers, to state that the size of

any bid or offer in a quotation

disseminated by the Exchange shall be

equal to the AUTO–X guarantee for the

quoted option and shall be firm, except

that the disseminated size of bids and

offers of customer limit orders shall be

ten (10) contracts and shall be firm,

regardless of the actual size of such

orders.

The complete text of the proposed

rule change is available at the Office of

the Secretary, Phlx and at 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

Phlx 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 Phlx 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 purpose of the proposed rule

change is to codify the Exchange’s

initial program for the dissemination of

options quotations with size. It is

anticipated that, on or about January 22,

2001, the Option Price Reporting

Authority (‘‘OPRA’’) will begin to

support the dissemination of options

quotations that include the size, or the

number of contracts, represented in

disseminated bids and offers on the

Exchange.

On November 17, 2000, the

Commission amended the Quote Rule 3

to require options exchanges and

options market makers to publish firm

quotes. The amended Quote Rule will

require options exchanges to either: (1)

Comply with the Quote Rule as it

applies in the equity markets and collect

from their members and make available

to vendors the size associated with each

quotation; or (2) establish by rule and

periodically publish the quotation size

for which their members’ quotations are

firm. The compliance date for the

amendments to the Quote Rule is April

1, 2000.

While it is anticipated that OPRA will

have the necessary systems capacity to

accept and disseminate quotations with

size by late January 2001, and that one

or more options exchanges will be in a

position to disseminate actual quotation

size at that time, the Phlx will not have

completed its application of the systems

changes necessary to permit it to

disseminate actual quotation size for a

number of months.

Therefore, until the Exchange’s

systems disseminate actual quotation

size on a quote-by-quote basis, the Phlx

seeks herein to establish by rule and

Federal Register / Vol. 66, No. 12 / Thursday, January 18, 2001 / Notices 4885

4Exchange Act Rule 11Ac1–1(d)(1)(i), 17 CFR

240.11Ac1–1(d)(1)(i).

5 In the event that certain Phlx specialist firms are

able to develop and implement proprietary systems

(called ‘‘Specialized Quote Feeds’’ or ‘‘SQFs’’) that

are able to disseminate actual size prior to the

Exchange’s systems disseminating quotations with

actual size on a floor-wide basis, the Phlx would

undertake to file a further proposed rule change

with the Commission requesting approval to

disseminate actual size for those options classes

assigned to such specialist firms.

6See Exchange Rule 1015(b) and Options Floor

Procedure Advice A–11.

7 15 U.S.C. 78f.

8 15 U.S.C. 78f(b)(5). 9 17 CFR 200.30–3(a)(12).

periodically publish, on its web site and

through regulatory circulars to Exchange

members and member organizations, the

quotation size for which its members’

quotations are firm as required by Rule

11Ac1–1(d)(1)(i) under the Act.4

In addition, the Exchange proposes to

voluntarily disseminate to OPRA the

applicable automatic execution size

guarantee for each quoted option, except

that with respect to customer limit

orders the Phlx would disseminate a

size of 10 contracts, regardless of the

actual size of the customer order. In all

cases, the Phlx would be firm for its

disseminated quotation size (without

regard to whether the given order would

be eligible for automatic execution via

the Exchange’s automatic execution

feature, AUTO–X).5

Until the Phlx has completed its

application of the systems changes

necessary to automatically update its

quotation size on a continuous basis, the

Phlx believes that the instant proposal

represents a vast improvement over the

current system, by increasing

transparency and providing the market

place with considerably more

information upon which to base order

routing decisions.

Finally, the Phlx expects to begin

providing quotations with actual size on

a floor-wide basis within one year. The

Exchange will undertake to submit a

further proposed rule change when the

Exchange is able to disseminate actual

size associated with its options quotes

and customer limit orders.

The instant proposed rule change

does not affect in any respect the

Exchange’s obligations concerning nonpublic customer orders.6 Prior to the

April 1, 2001 mandatory compliance

date of the amended Quote Rule, the

Exchange will establish firm quote

requirements with respect to brokerdealers, as required by the amended

Quote Rule.

2. Statutory Basis

The Exchange believes that the

proposed rule change is consistent with

Section 6 of the Act 7 in general, and in

particular, with Section 6(b)(5),8 in that

it is designed to perfect the mechanism

of a free and open market and a national

market system, protect investors and the

public interest and promote just and

equitable principles of trade by

increasing transparency and providing

the market place with considerably

more information upon which to base

order routing decisions.

Finally, after consultation with

Commission staff, the Phlx believes that

the proposed rule change described in

this filing, including permitting SQF

users to disseminate actual size when

they are able to do so (as described in

Footnote No. 5) is consistent with the

amended Quote Rule.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Phlx does not believe that the

proposed rule change will impose any

inappropriate burden on competition.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received from

Members, Participants or Others

No written comments were either

solicited or received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Within 35 days of the date of

publication of this notice in the Federal

Register or within such longer period (i)

as the Commission may designate up to

90 days or such date if it finds such

longer period to be appropriate and

publishes its reasons for so finding or

(ii) as to which the Phlx consents, the

Commission will:

(A) By order approve such 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,

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

Room. Copies of such filing will also be

available for inspection and copying at

the principal office of the Phlx. All

submissions should refer to file No. SR–

Phlx–01–01 and should be submitted by

February 8, 2001.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.9

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–1406 Filed 1–17–01; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF STATE

[Public Notice 3549]

Culturally Significant Objects Imported

for Exhibition; Determinations:

‘‘Gauguin’s Nirvana: Portrait of Meyer

de Haan’’

AGENCY: United States Department of

State.

ACTION: Notice.

SUMMARY: Notice is hereby given of the

following determinations: Pursuant to

the authority vested in me by the Act of

October 19, 1965 (79 Stat. 985, 22 U.S.C.

2459), the Foreign Affairs Reform and

Restructuring Act of 1998 (112 Stat.

2681, et seq.), Delegation of Authority

No. 234 of October 1, 1999, and

Delegation of Authority No. 236 of

October 19, 1999, as amended, I hereby

determine that the objects to be

included in the exhibition ‘‘Gauguin’s

Nirvana: Portrait of Meyer de Haan’’

imported from abroad for the temporary

exhibition without profit within the

United States, are of cultural

significance. These objects are imported

pursuant to loan agreements with the

foreign lenders. I also determine that the

exhibition or display of the exhibit

objects at the Wadsworth Atheneum

Museum of Art, Hartford, CT from on or

about January 26, 2001, through on or

about April 29, 2001, is in the national

interest. Public Notice of these

Determinations is ordered to be

published in the Federal Register.

FOR FURTHER INFORMATION CONTACT: For

further information, including a list of

exhibit objects, contact Jacqueline

Caldwell, Attorney-Adviser, Office of

the Legal Adviser, U.S. Department of

State (telephone: 202/619–6982). The

address is U.S. Department of State, SA–