14984 Federal Register / Vol. 60, No. 54 / Tuesday, March 21, 1995 / Notices

1OPRA is a National Market System Plan

approved by the Securities and Exchange

Commission (‘‘Commission’’ or ‘‘SEC’’) pursuant to

Section 11A of the Act and Rule 11Aa3–2,

thereunder. Securities Exchange Act Release No.

17638 (March 18, 1981).

The Plan provides for the collection and

dissemination of last sale quotation information on

options that are traded on the five member

exchanges. The five exchanges which agreed to the

OPRA Plan are the American Stock Exchange

(‘‘AMEX’’), the Chicago Board Options Exchange

(‘‘CBOE’’), the New York Stock Exchange (‘‘NYSE’’),

the Pacific Stock Exchange (‘‘PSE’’), and the

Philadelphia Stock Exchange (‘‘PHLX’’).

2 17 CFR 240.11Aa3–2.

3 15 U.S.C. 78k–1.

4Securities Exchange Act Release No. 35049

(December 2, 1994).

5 59 FR 63843 (December 9, 1994).

10) If you wish, please give us your name, address, and telephone number:

Public Burden Statement: Executive Order 12862 authorizes the solicitation of this information. The purpose of this collection is to find out how

well the Office of Personnel Management is serving the public. Participation is voluntary. We think providing this information takes an average of

10 minutes, including the time for reviewing instructions and reviewing the requested information. Send comments regarding our estimate or any

other aspect of this form, including suggestions for reducing time needed to Paperwork Reduction Project, OMB Clearance Number 3206–xxxx,

Office of Management and Budget, Washington, D.C. 20503.

[FR Doc. 95–6871 Filed 3–20–95; 8:45 am]

BILLING CODE 6325–01–M

OFFICE OF THE UNITED STATES

TRADE REPRESENTATIVE

Agricultural Policy Advisory

Committee for Trade and Agricultural

Technical Advisory Committees for

Trade Meetings

AGENCY: Office of the United States

Trade Representative.

ACTION: Notice of Agricultural Policy

Advisory Committee for Trade and

Agricultural Technical Advisory

Committees for Trade Meetings.

SUMMARY: The Agricultural Policy

Advisory Committee for Trade (APAC)

and the Agricultural Technical Advisory

Committees for Trade (ATACs) will

hold meetings during the period of

March 24, 1995—May 31, 1995. The

meetings will include a review and

discussion of current issues which

influence U.S. agricultural trade policy.

Pursuant to section 2155(f)(2) of title

19 of the United States Code, the U.S.

Trade Representative has determined

that these meetings will be concerned

with matters the disclosure of which

would seriously compromise the

development by the United States

Government of trade policy priorities,

negotiating objectives, or bargaining

positions. Accordingly, these meetings

will be closed to the public.

Briefings regarding non-sensitive

issues may be held in conjunction with

these meetings. Such briefings will be

open to the public. Information

regarding the dates and times of such

briefings can be obtained by contacting

John B. Winski, Joint Executive

Secretary, Agricultural Policy Advisory

Committee for Trade, Foreign

Agricultural Service, U.S. Department of

Agriculture, at (202) 720–6829.

ADDRESSES: All meetings will be held at

the U.S. Department of Agriculture, 14th

and Independence Avenue, SW.,

Washington, DC 20250 unless an

alternate site is necessary.

FOR FURTHER INFORMATION CONTACT:

Debbie Leilani Shon, Assistant U.S.

Trade Representative for

Intergovernmental Affairs and Public

Liaison, Office of the United States

Trade Representative at (202) 395–6120

or John B. Winski, Joint Executive

Secretary, Agricultural Policy Advisory

Committee for Trade, Foreign

Agriculture Service, U.S. Department of

Agriculture, at (202) 720–6829.

Michael Kantor,

United States Trade Representative.

[FR Doc. 95–6901 Filed 3–20–95; 8:45 am]

BILLING CODE 3190–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–35487; International Series

Release No. 792; File No. S7–8–90]

Order Approving Proposed

Amendment to the Options Price

Reporting Authority’s National Market

System Plan for the Purpose of

Unbundling Services for Foreign

Currency and Index Options

March 14, 1995.

On September 19, 1994, the Options

Price Reporting Authority (‘‘OPRA’’) 1

filed with the Commission pursuant to

Rule 11Aa3–2 2 under the Securities

Exchange Act of 1934 (‘‘Act’’) 3 a

proposed amendment to its National

Market System Plan for the purpose of

providing separate unbundled last sale

and quotation services for foreign

currency and index options, and to

charge separately for access to each such

service. Notice of the proposed

amendment was provided by issuance

of a Commission release 4 and by

publication in the Federal Register.5

One comment letter was received. For

the reasons discussed below, the

Commission is approving the proposed

amendment.

I. Description

The proposed amendment permits

OPRA to unbundle its market

information services for foreign

currency options (‘‘FCOs’’) and index

options, and to impose separate charges

for access to each service. The

amendment provides for the

establishment of separate accounting

centers for equity, index and FCOs, on

January 1, 1996. Each accounting center

will be allocated revenues, costs and

expenses associated with the receipt,

processing and distribution of last sale

and quotation information, as well as

the costs of developing, operating and

administering services and facilities

associated with each accounting center.

Such revenues, costs and expenses then

will be further allocated among the

parties providing a market in the

securities included in each accounting

center. The amendment also provides

for special allocation of incremental

costs associated with the operation of

one or more services outside the regular

trading hours. Finally, the amendment

includes a few nonsubstantive, editorial

changes to clarify the language of the

Plan.

The implementation of separate

services for FCO and index option

information requires certain systems

modifications by OPRA’s processor,

Securities Industry Automation

Corporation (‘‘SIAC’’). The

implementation of separate services also

will require advance notice to OPRA’s

vendors and subscribers of the changes

to OPRA’s fees and specifications, as

well as changes in contractual

provisions, in accordance with OPRA’s

agreements with those persons. Vendors

will then be able to determine whether

and how they wish to offer separate

FCO and index option services to their

customers, and to make any necessary

modifications to their own systems and

procedures associated with the

unbundling of these services.

II. Summary of Comments

As noted above, the Commission

receive one comment letter. The
Federal Register / Vol. 60, No. 54 / Tuesday, March 21, 1995 / Notices 14985

6The SIA is a trade association that represents the

business interests of securities firms throughout

North America. Its members include investments

banks, brokers, dealers and mutual fund companies.

7The TIMC focuses on issues pertaining to data

processing, market data, telecommunications and

related technology activities.

8Letter from Heidi H. Heiden, Chairman, SIA

TIMC, to Margaret H. McFarland, Deputy Secretary,

SEC (September 9, 1994).

9 15 U.S.C. 78k–1(a)(1) (C)(iii) and (D).

10Supra, note 2 at (c)(2).

11Supra, note 2.

12 15 U.S.C. 78k–1(a)(3)(B).

13 17 CFR 300.30–3(a)(29).

Securities Industry Association’s

(‘‘SIA’’) 6 Telecommunications and

Information Management Committee

(‘‘TIMC’’) 7 is opposed to the

amendment to the OPRA Plan.8 TIMC

anticipates the separate access charges

that result from the unbundling of FCO

and index options will constitute a

substantial price increase for the data

currently provided by OPRA. In

addition, TIMC concluded that the

establishment of separate accounting

centers as well as the necessity for

systems modifications by SIAC, vendors

and some securities firms will result in

additional costs to both the distribution

and accounting systems used by

securities firms to monitor OPRA’s

information services. TIMC concluded

that the amendment, while generating

additional costs, does not provide

additional benefits to those entities that

use OPRA’s services.

III. Discussion

The Commission has determined to

approve the amendment to the OPRA

Plan. The Commission finds that the

proposed amendment is consistent with

the requirements of the Act and the

rules and regulations thereunder

applicable to OPRA, including the

requirements of Sections 11A(a)(1)

(C)(iii) and (D) of the Act.9 Section

11A(a)(1)(C)(iii) states that the

availability of information to brokers,

dealers and investors, with respect to

quotations for and transactions in

securities, is in the public interest and

appropriate for the protection of

investors and the maintenance of fair

and orderly markets. Section

11A(a)(1)(D) provides for the linking of

all markets for qualified securities

through communications and data

processing facilities to foster efficiency,

enhance competition, increase the

information available to brokers, dealers

and investors, facilitate the offsetting of

investors’ orders, and contribute to the

best execution of such orders. Further,

the Commission believes that the

amendment is consistent with Rule

11Aa3–2(c)(2) 10 in that it is appropriate

in the public interest; for the protection

of investors and the maintenance of fair

and orderly markets; and to remove

impediments to, and perfect the

mechanisms of, a national market

system.

Although the Commission

understands the concerns raised by

TIMC, the Commission believes that the

proposed amendment is consistent with

the Act and the rules and regulations

thereunder applicable to OPRA. As

noted above in the summary of

comments, TIMC is opposed to the Plan

amendment. Generally, the basis for

TIMC’s opposition is its expectation that

additional costs will accrue as a result

of the proposal. The amendment,

however, does not include a fee increase

for the market data currently provided

by OPRA. Instead, the amendment

permits OPRA to unbundle its services

pertaining to FCOs and index options

and to change separately for such

services on or after January 1, 1996.

Under the amendment, the decision to

unbundle fees is subject to the

conditions of the OPRA Plan and the

requirements of Rule 11Aa3–2.11 Any

subsequent decision to change fees by

OPRA, therefore, will be filed with the

Commission. Further, while some

entities may have to incur initial costs

to accommodate the changes

contemplated by the amendment, such

changes will provide flexibility to both

vendors and subscribers. Unbundling

will allow OPRA market information

services to be tailored to the individual

needs of vendors and subscribers.

It is therefore ordered, pursuant to

Section 11A(a)(3)(B) of the Act,12 that

the amendment (S7–8–90) to the OPRA

Plan be, and hereby is, approved.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.13

Jonathan G. Katz,

Secretary.

[FR Doc. 95–6844 Filed 3–20–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–35492; File No. SR–Amex–

95–09]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the American Stock Exchange, Inc.

Relating to the Entry of Market-at-theClose Orders

March 15, 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 22, 1995,

the American Stock Exchange, Inc.

(‘‘Amex’’ 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 proposes to adopt new

Commentary .02 to Exchange Rule 109

to provide that members entering

market-at-the-close (‘‘MOC’’) orders

through the PER of AMOS systems must

do so no later than 3:50 p.m. The text

of the proposed rule change is as

follows [new text is italicized]:

Rule 109

Commentary

.01 Each ‘‘stopped’’ transaction shall

be reported for printing on the tape in

the form and manner prescribed by the

Exchange.

.02 Members entering market-at-theclose orders through the PER or AMOS

systems must do so no later than 3:50

p.m. The foregoing shall not limit or

restrict the entry of market-at-the-close

orders (or their cancellation) other than

via such systems.

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

Rule 109 sets forth the procedures to

be followed in executing MOC orders.

Paragraph (d) of the Rule provides that

where there is an imbalance between

MOC buy and sell orders, the imbalance

of buy orders would be executed against

the offer and an imbalance of sell orders

would be executed against the bid. The

remaining buy and sell orders are then

paired off and executed at the price of