Federal Register / Vol. 60, No. 42 / Friday, March 3, 1995 / Notices 11999

1 15 U.S.C. § 78s(b)(1) (1988).

2 17 CFR 240.19b–4 (1993).

3See Phlx Rule 1012(a)(ii). See also Securities

Exchange Act Release No. 30672 (May 6, 1992), 57

FR 20546 (May 13, 1992) (File No. SR-Phlx–91–30).

4See e.g., Securities Exchange Act Release Nos.

25685 (May 10, 1988), 53 FR 17534 (May 17, 1988)

(French franc from $.05 to $.025 strike price

intervals) (File No. SR-Phlx–86–14), and 24103

(February 13, 1987), 52 FR 5605 (February 25, 1987)

(British Pound from $.05 to $.025 strike price

intervals) (File No. SR-Phlx–86–14).

John C. Hoyle, Office of the Secretary,

U.S. Nuclear Regulatory Commission,

Washington, DC 20555: telephone 301–

415–1969.

PUBLIC PARTICIPATION: Interested persons

may make oral presentations to the

Panel or file written statements.

Requests for oral presentations should

be made to the contact person listed

below as far in advance as practicable so

that appropriate arrangements can be

made.

Dated: February 27, 1995.

Andrew L. Bates,

Advisory Committee Management Officer.

[FR Doc. 95–5248 Filed 3–2–95; 8:45 am]

BILLING CODE 7590–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–35420; International Series

Release No. 787; File No. SR-Phlx–95–06]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the Philadelphia Stock Exchange, Inc.

Relating to British Pound Strike Price

Intervals

February 27, 1995.

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

30, 1995, the Philadelphia Stock

Exchange, Inc. (‘‘Phix’’ or ‘‘Exchange’’)

filed with the Securities and Exchange

Commission (‘‘Commission’’) the

proposed rule change as described in

Items I, II, and III below, which Items

have been prepared by the Exchange.

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 revise its

strike price policy respecting foreign

currency options on the British pound

by changing from a $.025 interval to a

$.01 interval in the nearest three

expiration months and $.02 in the next

three nearest expiration months. In

addition to reducing the strike price

interval from 21⁄2 cents to 1 and 2 cents,

the Exchange also proposes to reduce

the strike price interval for long-term

British pound options, which have 12 to

36 months until expiration,3 from $.05

to $.04. The strike price interval

applicable to long-term foreign currency

options is determined by doubling the

strike price interval of regular options

(12 months or less until expiration). The

text of the proposed rule change is

available at the Office of the Secretary,

the Exchange, 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

Exchange included statements

concerning the purpose of and basis for

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 Section (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

The Exchange’s strike price interval

policies are administered pursuant to

Rule 1012, Series of Options Open for

Trading. Currently, British pound

options are listed at 21⁄2 cent intervals;

long-term options are listed at 5 cent

intervals. Pursuant to Phlx Rule 1012,

six expiration months are currently

listed in regular foreign currency

options, with one, two, three, six, nine,

and twelve months until expiration.

Additionally, two long-term options are

currently listed (in June and December)

with 18 and 24 months until expiration.

Fluctuations in the spot price of the

British pound result in additional

listings at 21⁄2 cent intervals.

The Exchange proposes to revise its

strike price policy respecting foreign

currency options on the British pound

by changing from a $.025 interval to a

$.01 interval in the nearest three

expiration months and $.02 in the next

three nearest expiration months. In

addition to reducing the strike price

interval from 21⁄2 cents to 1 and 2 cents,

the Exchange also proposed to reduce

the strike price interval for long-term

British pound options, which have 12 to

36 months until expiration, from $.05 to

$.04. The purpose of the proposed rule

change is to respond to changes in the

world-wide market marketplace for the

British pound. The Exchange notes that

lower volatility respecting the British

pound had created a customer need for

narrower strike price intervals. Lower

volatility signifies less movement in the

currency such that it currently trades in

a more narrow range, perhaps without

moving to the next (21⁄2 cent) strike

price interval. The Exchange notes that

the strike price interval for a nonvolatile foreign currency option,

including the British Pound, has

previously been decreased.4

In addition, the Exchange seeks to

remain competitive and consistent with

the contract terms applicable to foreign

currency futures and options on such

futures traded on the Chicago

Mercantile Exchange (‘‘CME’’).

Recently, the CME determined to list

certain options on British pound futures

(the three near months) at $.01 intervals.

The Exchange believes that the

proposed reduction in the strike price

interval should provide investors and

traders of British pound options with

the ability to more closely tailor

investment and hedging strategies to

British pound trading levels and

movement. Accordingly, the Exchange

believes that the proposed rule change

is consistent with Section 6 of the Act,

in general, and furthers the objectives of

Section 6(b)(5), in particular, in that it

is designed to promote just and

equitable principles of trade by enabling

more effective management of foreign

currency risk respecting the British

pound.

(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.

(C) Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received from

Members, Participants or Others

No written comments were solicited

or received with respect to the proposed

rule change.

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 of such date if it finds such

longer period to be appropriate and

publishes its reasons for so finding or

(ii) as to which the self-regulatory

organization consents, the Commission

will:

(A) By order approve such proposed rule

change, or (B) Institute proceedings to
12000 Federal Register / Vol. 60, No. 42 / Friday, March 3, 1995 / Notices

5 17 CFR 200.30–3(a)(12) (1994).

1The Entergy system consists of Entergy and (1)

five retail electric public-utility subsidiary

companies, Arkansas Power & Light Company, Gulf

States Utilities Company, Louisiana Power & Light

Company, Mississippi Power & Light Company and

New Orleans Public Service Inc. (collectively,

‘‘System Operating Companies’’), (2) a wholesale

generating company that sells power to the System

Operating Companies, System Energy Resources,

Inc. (‘‘System Entergy’’), (3) a wholesale generating

company that sells power to nonaffiliates, Entergy

Power, Inc., (4) a service company subsidiary,

Entergy Services, Inc. (‘‘ESI’’), (5) a nuclear

management service company, Entergy Operations,

Inc. (‘‘EOI’’), (6) Enterprises, (7) a fuel supply

company, System Fuels, Inc. (‘‘SFI’’), (8) an energy

management services company, Entergy Systems

and Service, Inc., (9) two companies formed to own

Entergy’s interests in certain Argentine utility

companies, Entergy S.A. and Entergy Argentina

S.A., and (10) various direct and indirect subsidiary

companies of Entergy formed to own Entergy’s

interests in ‘‘eligible facilities’’ within the meaning

of Section 33 of the Act.

2The System Operating Companies’ retail rate

regulator in Texas is precluded from agreeing to the

terms of the Settlement Agreements because Texas

has regulations governing affiliate transactions.

3 ‘‘Regulated utility’’ includes the system’s five

utility companies, System Energy, EOI, ESI, SFI,

and any similar subsidiary Entergy may create in

the future.

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.

Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, NW.,

Washington, DC 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, NW.,

Washington, DC 20549. 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–95–06

and should be submitted by March 24,

1995.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.5

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–5276 Filed 3–2–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 35–26237]

Filings Under the Public Utility Holding

Company Act of 1935, as Amended

(‘‘Act’’)

February 24, 1995.

Notice is hereby given that the

following filing(s) has/have been made

with the Commission pursuant to

provisions of the Act and rules

promulgated thereunder. All interested

persons are referred to the application(s)

and/or declaration(s) for complete

statements of the proposed

transaction(s) summarized below. The

application(s) and/or declaration(s) and

any amendments thereto is/are available

for public inspection through the

Commission’s Office of Public

Reference.

Interested persons wishing to

comment or request a hearing on the

application(s) and/or declaration(s)

should submit their views in writing by

March 20, 1995, to the Secretary,

Securities and Exchange Commission,

Washington, DC 20549, and serve a

copy on the relevant applicant(s) and/or

declarant(s) at the address(es) specified

below. Proof of service (by affidavit or,

in case of an attorney at law, by

certificate) should be filed with the

request. Any request for hearing shall

identify specifically the issues of fact or

law that are disputed. A person who so

requests will be notified of any hearing,

if ordered, and will receive a copy of

any notice or order issued in the matter.

After said date, the application(s) and/

or declaration(s), as filed or as amended,

may be granted and/or permitted to

become effective.

Entergy Corporation, et al., (70–8105)

Entergy Corporation (‘‘Entergy’’), 225

Baronne Street, New Orleans, Louisiana,

a registered holding company, and its

wholly owned nonutility subsidiary

company, Entergy Enterprises, Inc.

(‘‘Enterprises’’), Three Financial Centre,

Little Rock, Arkansas, have filed an

application-declaration under sections

6(a), 7, 9(a), 10, 12(b), 13(b), 32 and 33

of the Act and rules 45, 53, 87, 90 and

91 thereunder.

Entergy proposes through December

31, 1997 to invest up to $350 million in

Enterprises for its use in providing

preliminary development activities,

consulting services, management and

administrative support services,

operations and maintenance services

and engaging in certain related

transactions.

Pursuant to Commission orders, dated

January 11, 1983 (HCAR 22818), January

13, 1984 (HCAR No. 23200), January 15,

1985 (HCAR 23569), July 25, 1991

(HCAR No. 25353), July 13, 1992 (HCAR

No. 25580), and September 3, 1992

(HCAR No. 25617), Enterprises was

organized and has been engaged in the

analysis and development of various

investment opportunities for the Entergy

system, as well as the marketing of

management, operating, technical and

training expertise developed by Entergy

system companies to nonaffiliates.1 The

Commission also authorized Enterprises

to form an energy management service

company, Entergy Systems and Service,

Inc. (HCAR No. 25718, December 28,

1992) and to provide certain consulting

services to affiliated utilities in

Argentina (HCAR Nos. 25705 and

25706, December 14, 1992).

As part of a restructuring plan,

Entergy entered into a series of

agreements (‘‘Settlement Agreements’’)

with four of its five retail rate regulators,

the Arkansas Public Service

Commission, the Council of the City of

New Orleans, the Louisiana Public

Service Commission and the Mississippi

Public Service Commission

concerning,2 in part, transfer pricing for

the provision of services and other

affiliate transactions between Entergy’s

regulated utilities 3 and Entergy’s

nonutility businesses. Entergy has filed

an Application-Declaration seeking the

Commission’s approval under the Act to

implement provisions of the Settlement

Agreements (S.E.C. File No. 70–8529).

Pursuant to the initial order of the

Commission issued in this File (HCAR

No. 25848 (dated July 8, 1993) (the

‘‘Order’’)), Enterprises is currently

authorized, and proposes to continue, to

conduct preliminary development

activities (‘‘Preliminary Development

Activities’’) related to possible

investments by Entergy. Enterprises’

Preliminary Development Activities

may include: (1) Project due diligence

and design review; (2) marketing

studies; (3) investigating sites; (4)

research, preliminary engineering and

licensing activities; (5) applying for

required permits and regulatory

approval; (6) acquiring options and

rights; (7) drafting, negotiation and

execution of contractual commitments

with owners of existing facilities;

governmental authorities, equipment

vendors, construction firms, power

purchasers, thermal energy users and

other project participants; (8)

negotiation of financing commitments

with lenders and equity co-investors

(including the provision of guarantees

and other credit enhancements); (9)

legal, accounting and financial analysis;