Federal Register / Vol. 60, No. 50 / Wednesday, March 15, 1995 / Notices 14041

1See Securities Exchange Act Release No. 31515

(Nov. 24, 1992), 57 FR 56937 (notice of immediate

effectiveness of File No. SR–BSE–92–9).

2The portion of the proposed rule change that

was amended for a one-year period was intended

to replace the ITS user fee of $.003 per share on

‘‘outbound trades only.’’

3See Securities Exchange Act Release No. 33184

(Nov. 10, 1993), 58 FR 60709 (notice of immediate

effectiveness of File No. SR–BSE–93–22).

WEFA in Bala Cynwyd, Pennsylvania

on Thursday, March 16, 1995. WEFA

officials will explain the process of

preparation of the economic model of

direct response advertising it developed

for the Direct Marketing Association. A

report of the visit will be on file in the

Docket Room of the Commission.

Margaret P. Crenshaw,

Secretary.

[FR Doc. 95–6344 Filed 3–14–95; 8:45 am]

BILLING CODE 7710–FW–P

SECURITIES AND EXCHANGE

COMMISSION

Under Review by Office of

Management and Budget

Acting Agency Clearance Officer: David

T. Copenhafer, (202) 942–8800

Upon written request copy available

from: Securities and Exchange

Commission, Office of Filings and

Information Services, Washington,

D.C. 20549

Extensions:

Form SE—File No. 270–289

Form ID—File No. 270–291

Form ET—File No. 270–290

Form TH—File No. 270–377

Notice is hereby given pursuant to the

Paperwork Reduction Act of 1980 (44

U.S.C. 3501 et seq.), that the Securities

and Exchange Commission

(‘‘Commission’’) has requested

extension of Forms SE, ID, ET, and TH.

These forms are used by persons filing

information with the Commission

electronically on the EDGAR system.

Form SE is used by electronic filers to

submit exhibits in paper format. An

estimated 2,000 filings on Form SE are

made annually at an estimated .10

burden hours per response.

Form ID is used to apply for EDGAR

access codes. An estimated 7,000 filings

on Form ID are made annually at an

estimated .15 burden hours per

response.

Form ET is used to transmit electronic

format documents. An estimated 120

filings on Form ET are made annually

at an estimated .25 burden hours per

response.

Form TH is used to provide

notification of a filer’s reliance on a

temporary hardship exemption. An

estimated 200 filings on Form ET are

made annually at an estimated .33

burden hours per response.

Direct general comments to the

Clearance Officer for the Securities and

Exchange Commission at the address

below. Direct any comments concerning

the accuracy of the estimated average

burden hours for compliance with SEC

rules and forms to David T. Copenhafer,

Acting Director, Office of Information

Technology, Securities and Exchange

Commission, 450 Fifth Street NW.,

Washington, D.C. 20549, and SEC

Clearance Office, Office of Management

and Budget, Paperwork Reduction

Project (3235–0327, 3235–0328, 3235–

0329, and 3235–0425), Room 3208, New

Executive Office Building, Washington,

D.C. 20543.

Dated: March 7, 1995.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–6355 Filed 3–14–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–35462; File No. SR–BSE–

95–1]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Boston Stock Exchange, Inc., Relating

to the Value Charges on Intermarket

Trading System Trades

March 8, 1995.

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

Securities Exchange Act of 1934

(‘‘Act’’), 15 U.S.C. 78s(b)(1), notice is

hereby given that on February 3, 1995,

the Boston Stock Exchange, Inc. (‘‘BSE’’

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 self-regulatory

organization. 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 seeks to make

permanent the portion of its fee

schedule pertaining to value charges on

non-specialist Intermarket Trading

System (‘‘ITS’’) trades and the waiver of

ITS user fees. By a filing, which the

Commission noticed on November 24,

1992, the Exchange amended its fee

schedule to provide for a $.003 per

share user fee on net outbound

specialist trades, value charges of $.002

per share for BSE executions up to and

including 2,000 shares, and a range of

value charges per $1,000 contract values

for all BSE executions over 2,000

shares.1

Moreover, the Exchange amended its

fee schedule to provide for value

charges, and waive user fees, on all nonspecialist ITS trades for a one-year

period.2

By a filing, which the Commission

noticed on November 10, 1993, the

Exchange extended the value charges on

non-specialist ITS trades and the waiver

of the non-specialist ITS user fees for a

six-month period.3 The Exchange now

proposes to amend permanently its fee

schedule to impose value charges, and

waive user fees, on all non-specialist

ITS trades as follows:

Value Charges

First $10 million per month—$.16 per

$1,000 contract value

Next $40 million per month—$.13 per

$1,000 contract value

Next $50 million per month—$.10 per

$1,000 contract value

Next $100 million per month—$.08 per

$1,000 contract value

Next $300 million per month—$.05 per

$1,000 contract value

$500.1 + million per month—$.01 per

$1,000 contract value

Maximum charge per side (non-cross)

$100.00

Maximum charge per side (cross) $75.00

I.T.S. User Fee—No charge for nonspecialist firms

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

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 purpose of the proposed rule

change is to amend permanently the

Exchange’s fee schedule regarding

certain ITS fees. At the request of the

Commisson, the Exchange had

temporarily amended a portion of its

proposed rule filing SR–BSE–92–9
14042 Federal Register / Vol. 60, No. 50 / Wednesday, March 15, 1995 / Notices

4The six-month extension expired in May 1994.

BSE did not seek another extension until this filing.

5At the time of the original filing in 1992, the

Exchange solicited comments from the Fee

Committee of the Board of Governors, comprised of

representatives of dealer-specialist, retail, and

institutional firms, the Executive Committee, which

serves as the Board of Governors of the Clearing

Corporation, and the Board of Governors of the

Exchange. See Securities Exchange Act Release No.

31515 (Nov. 24, 1992), 57 FR 56937 (notice of

immediate effectiveness of File No. SR–BSE–92–9).

1 15 U.S.C. 78s(b)(1) (1988).

2 17 CFR 240.19b–4 (1991).

3See Securities Exchange Act Release No. 35324

(February 2, 1995), 60 FR 7599 (February 8, 1995). 4 Id.

regarding certain ITS transactions. The

Exchange temporarily amended these

fees in 1992 for a one-year period and

extended these fees in 1993 for a sixmonth period, pending the outcome of

the Market 2000 Study.4 The affected

fees are comprised of the value charges

instituted on all nonspecialist outbond

ITS trades, which replaces the ITS User

Fee of $.003 per share on all outbound

trades incurred by non-specialist firms.

2. Statutory Basis

The statutory basis for this proposal is

Section 6(b)(4) of the Securities

Exchange Act of 1934.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The fee change will impose no 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 fee

change.5

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The foregoing rule change establishes

or changes a due, fee, or other charge

imposed by the Exchange and, therefore,

has become effective pursuant to

Section 19(b)(3)(A) of the Act and

subparagraph (e) of Rule 19b–4

thereunder. At any time within 60 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 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 Exchange. All submissions

should refer to File No. SR–BSE–95–1

and should be submitted by April 5,

1995.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–6353 Filed 3–14–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–35463; International Series

Release No. 790; File No. SR–CBOE–95–

12]

Self-Regulatory Organizations; Notice

of Filing of Amendment No. 1 to

Proposed Rule Change by the Chicago

Board Options Exchange, Inc.,

Relating to Margin Levels for Currency

Warrants Based on the Value of the

U.S. Dollar in Relation to the Mexican

Peso

March 9, 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 March 6,

1995, the Chicago Board Options

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

filed with the Securities and Exchange

Commission (‘‘Commission’’)

Amendment No. 1 to the proposed rule

change as described in Items I, II, and

III below, which Items have been

prepared by the Exchange. The

Exchange filed the original proposal

with the Commission on January 27,

1995. Notice of the proposed rule

change appeared in the Federal Register

on February 8, 1995.3 The Commission

is publishing this notice to solicit

comments on Amendment No. 1 to the

proposed rule change from interested

persons.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The CBOE proposes margin levels for

warrants traded on the Exchange that

are based upon the value of the U.S.

dollar in relation to the Mexican peso

(‘‘Mexican Peso Warrants’’). The text of

Amendment No. 1 to the proposed rule

change is available at the Office of the

Secretary, CBOE, 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

Amendment No. 1 to the proposed rule

change and discussed any comments it

received on the amendment. The text of

these statements may be examined at

the places specified in Item IV below.

The CBOE 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

In the Exchange’s proposal to list and

trade Mexican Peso Warrants, the CBOE

represented that ‘‘Exchange will require

that customer positions in Mexican Peso

Warrants be subject to the margin

requirements applicable to foreign

currency options.’’ 4 The Exchange is

now amending that proposal to specify

objective margin levels that will be

applicable to Mexican Peso Warrants

trading on the Exchange.

The Exchange represents that it has

calculated frequency distributions

reflecting U.S. dollar/Mexican peso

returns for all one, seven, and 21 day

periods for the period from January 2,

1992, through January 25, 1995 (‘‘three

year period’’), and for the period from

January 3, 1994, through January 25,

1995 (‘‘one year period’’). The Exchange

further represents that these

distributions demonstrate that 97.5% of

all seven day returns for the three year

period would have been covered by

4.5% of the underlying peso value and

that 95% of all seven day returns for the

one year period would have been

covered by approximately 10% of the

underlying peso value. Based upon

these results, the Exchange is proposing