15804 Federal Register / Vol. 60, No. 58 / Monday, March 27, 1995 / Notices

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

2 17 CFR § 240.19b-4 (1993).

3See Securities Exchange Act Release No. 35005

(November 23, 1994), 59 FR 61911. The Amex on

November 16, 1994, submitted Amendment No. 1

(‘‘Amendment No. 1’’) to the proposal to allow the

underwriter to link the value of the notes to either

the JPMCI or JPMCIX, depending upon market

conditions and investor interest at the time of the

offering. Additionally, the Amendment provides

that: only options approved accounts will be

permitted to trade the notes; the notes will provide

for a 75% guaranteed return of principal; the index

value will be calculated at least once a day; the

Amex has executed the necessary surveillance

sharing agreements with the relevant commodities

exchanges; and COINs will comply with the CFTC’s

hybrid instrument exemption (58 FR 5580 (Jan. 22,

1993)). See Letter from Benjamin Krause, Amex, to

Michael Walinskas, Derivative Products Regulation,

SEC, dated November 16, 1994.

4The commodities underlying the Indexes and

their approximate weighting are: aluminum (9%),

copper (8%), nickel (2%), zinc (3%), heating oil

(10%), natural gas (7%), unleaded gas (5%), WTI

Light Sweet Crude (33%), gold (15%), silver (5%)

and platinum (3%).

5See Amendment No. 1, supra note 3.

Examples of possible modifications to

prevent pressure locking are provided in

NUREG–1275, Volume 9. Modifications

to prevent thermal binding are also

possible, such as replacing a wedge gate

valve with a parallel-disc gate valve.

5. Procedure Modifications To Prevent

Pressure Locking or Thermal Binding

The staff considers procedure

modification to be a strong alternative

for preventing thermal binding of gate

valves. However, procedure

modifications are less likely to be a

justifiable alternative to prevent

pressure locking of gate valves.

Dated at Rockville, MD, this 20th day of

March, 1995.

For the Nuclear Regulatory Commission.

Brian K. Grimes,

Director, Division of Project Support, Office

of Nuclear Reactor Regulation.

[FR Doc. 95–7431 Filed 3–24–95; 8:45 am]

BILLING CODE 7590–01–M

[Docket No. 50–423]

Northeast Nuclear Energy Co.;

Issuance of Amendment to Facility

Operating License

The U.S. Nuclear Regulatory

Commission (Commission) has issued

Amendment No. 106 to Facility

Operating License No. NPF–49 issued to

Northeast Nuclear Energy Company (the

licensee), which revised the Technical

Specifications (TS) for operation of the

Millstone Nuclear Power Station, Unit

No. 3 located in New London County,

Connecticut. The amendment is

effective as of the date of issuance.

The amendment relaxes the setpoint

tolerance for the pressurizer safety

valves and the main steam safety valves

from ± ±1% to ± ±3%.

The application for the amendment

complies with the standards and

requirements of the Atomic Energy Act

of 1954, as amended (the Act), and the

Commission’s rules and regulations.

The Commission has made appropriate

findings as required by the Act and the

Commission’s rules and regulations in

10 CFR Ch. I, which are set forth in the

license amendment.

Notice of Consideration of Issuance of

Amendment and Opportunity for

Hearing in connection with this action

was published in the Federal Register

on October 12, 1994 (59 FR 51612). No

request for a hearing or petition for

leave to intervene was filed following

this notice.

The Commission has prepared an

Environmental Assessment related to

the action and has determined not to

prepare an environmental impact

statement. Based upon the

environmental assessment, the

Commission has concluded that the

issuance of the amendment will not

have a significant effect on the quality

of the human environment (60 FR

13476).

For further details with respect to the

action see (1) the application for

amendment dated August 4, 1994, (2)

Amendment No. 106 to License No.

NPF-49, (3) the Commission’s related

Safety Evaluation, and (4) the

Commission’s Environmental

Assessment. All of these items are

available for public inspection at the

Commission’s Public Document Room,

the Gelman Building, 2120 L Street

NW., Washington, DC, and at the local

public document room located at the

Learning Resource Center, Three Rivers

Community-Technical College, Thames

Valley Campus, 574 New London

Turnpike, Norwich, CT 06360.

Dated at Rockville, Md., this 17th day of

March 1995.

For the Nuclear Regulatory Commission.

Vernon L. Rooney, SR.,

Project Manager, Project Directorate I–4,

Division of Reactor Projects–I/II, Office of

Nuclear Reactor Regulation.

[FR Doc. 95–7432 Filed 3–24–95; 8:45 am]

BILLING CODE 7590–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–35518; File No. SR–AMEX–

94–30]

Self-Regulatory Organizations;

American Stock Exchange, Inc.; Order

Approving Proposed Rule Change

Relating to the Listing and Trading of

Commodity Linked Notes

March 21, 1995.

I. Introduction

On August 22, 1994, the American

Stock Exchange, Inc. (‘‘Amex’’ or

‘‘Exchange’’) submitted to the Securities

and Exchange Commission (‘‘SEC’’ or

‘‘Commission’’), pursuant to Section

19(b) of the Securities Exchange Act of

1934 (‘‘Act’’),1 and Rule 19b-4

thereunder,2 a proposed rule change to

list and trade Commodity Linked Notes

(‘‘COINs’’), intermediate term notes

whose value will be linked in part to

changes in the levels of either the J.P.

Morgan Commodity Excess Return

Index (‘‘JPMCIX’’) or the J.P. Morgan

Commodity Return Index (‘‘JPMCI’’

together with JPMCIX, ‘‘Indexes’’).

Notice of the proposed rule change

and Amendment No. 1 (defined herein)

was published for comment and

appeared in the Federal Register on

December 2, 1994.3 No comments were

received on the proposal. This order

approves the proposal, as amended.

II. Description of Proposal

The Amex proposes to list for trading

under Section 107 of the Amex

Company Guide (‘‘Section 107’’) a new

hybrid product called COINS. COINs are

intermediate term notes whose value

will be linked in part to changes in the

level of a commodity index consisting of

base metals, precious metals and energy

related commodities. More specifically,

the value of COINs are based on an

index that replicates a trading strategy

whereby an investor holds a futures

position in each of eleven exchangetraded commodities for a one-month

period and then rebalances the positions

of the commodities held for the

following month to maintain a constant

dollar weighting scheme.

A. Description of the Indexes

COINs will be linked to either the

JPMCI or the JPMCIX, both of which

measure the return from an investment

in the same eleven industrial futures

contracts.4 According to the Exchange,

the JPMCI and JPMCIX are identical in

all aspects except for the incorporation

of ‘‘collateral return,’’ as more fully

described below, into the JPMCI.5 Both

Indexes are designed to replicate a

trading strategy, described more fully

below, that holds a futures position in

each of the eleven futures for a one

month period and then rebalances the

volume of commodities held for the

following month based upon a constant