[Federal Register Volume 60, Number 248 (Wednesday, December 27, 1995)]
[Notices]
[Pages 67001-67002]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-31306]



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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-36602; File No. SR-Amex-95-52]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the American Stock Exchange, 
Inc. Relating to Revisions to Equity Transaction Charges

December 19, 1995.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on December 15, 1995 the 
American Stock Exchange, Inc. (``Amex'' 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 self-regulatory organization. On 
December 15, 1995, the Exchange submitted to the Commission Amendment 
No. 1 to the proposed rule change.\2\ The Commission is publishing this 
notice to solicit comments on the proposed rule change from interested 
persons.

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ The amendment clarified the applicable ranges. See Letter 
dated December 15, 1995, from Michael Cavalier, Assistant General 
Counsel, Amex, to Anthony Pecora, Attorney, SEC.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend its current schedule of charges for 
equity trades effective January 1, 1996. The revised fee schedule will 
eliminate all transaction charges for round-lot Post Executive 
Reporting (``PER'') system trades of 500 shares or less and eliminate 
credits to member firms in connection with PER trades. The text of the 
proposed rule change is available at the Office of the Secretary, the 
Amex, and at the Commission.

 II. Self-Regulatory Organization's Statement of Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the self-regulatory organization 
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 self-regulatory organization 
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 Exchange proposes to amend its schedule of equity transaction 
charges as follows, effective January 1, 1996: (1) The Exchange will 
impose no transaction charges for round-lot PER system trades of 500 
shares or less, and (2) the Exchange will eliminate all credits to 
member firms in connection with PER transactions. Current share-based 
charges and value-based charges will otherwise remain the same. The 
Exchange believes these changes will maintain the competitiveness of 
its schedule of transaction charges and better serve needs of member 
firms and their customers.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the Act 
\3\ in general and furthers the objectives of Section 6(b)(4) \4\ in 
particular in that it provides for the equitable allocation of 
reasonable dues, fees, and other charges among the Exchange's members 
and other persons using its facilities.

    \3\ 15 U.S.C. 78f(b).
    \4\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The proposed rule change does not impose any burden on competition 
that is not necessary or appropriate in furtherance of the purposes of 
the Act.

[[Page 67002]]


C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    The Exchange has neither solicited nor received written comments on 
the proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change constitutes or changes a due, fee, or 
other charge imposed by the Exchange and, therefore, has become 
effective pursuant to Section 19(b)(3)(A)(ii) of the Act \5\ and 
subparagraph (e)(2) of Rule 19b-4(2) thereunder.\6\

    \5\ U.S.C. 78s(b)(3)(A)(ii).
    \6\ 17 CFR 240.19b-4(e)(2).
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    At any time within sixty 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. Persons making written submissions 
should file six copies thereof with the Secretary, Securities and 
Exchange Commission, 450 Fifth Street, N.W., 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, N.W., 
Washington, D.C. 20549. Copies of such filing also will be available 
for inspection and copying at the principal office of the American 
Stock Exchange. All submissions should refer to File No. SR-Amex-95-52 
and should be submitted by January 17, 1996.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\7\

    \7\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-31306 Filed 12-26-95; 8:45 am]
BILLING CODE 8010-01-M