19650 Federal Register / Vol. 61, No. 86 / Thursday, May 2, 1996 / Notices

* ‘‘Dow Jones Industrial Average’’ is a service

mark of Dow Jones & Company, Inc.

APPLICANT: Yen Performance Portfolio

L.P.

RELEVANT ACT SECTION: Section 8(f).

SUMMARY OF APPLICATION: Applicant

requests an order declaring that it has

ceased to be an investment company.

FILING DATE: The application was filed

on July 14, 1995, and an amendment

thereto on April 17, 1996.

HEARING OR NOTIFICATION OF HEARING: An

order granting the application will be

issued unless the SEC orders a hearing.

Interested persons may request a

hearing by writing to the SEC’s

Secretary and serving applicant with a

copy of the request, personally or by

mail. Hearing requests should be

received by the SEC by 5:30 p.m. on

May 21, 1996, and should be

accompanied by proof of service on the

applicant, in the form of an affidavit or,

for lawyers, a certificate of service.

Hearing requests should state the nature

of the writer’s interest, the reason for the

request, and the issues contested.

Persons may request notification of a

hearing by writing to the SEC’s

Secretary.

ADDRESSES: Secretary, SEC, 450 Fifth

Street, NW., Washington, DC 20549.

Applicant, 388 Greenwich Street, New

York, New York 10013.

FOR FURTHER INFORMATION CONTACT:

Diane L. Titus, Paralegal Specialist, at

(202) 942–0584, or Robert A. Roberston,

Branch Chief, at (202) 942–0564

(Division of Investment Management,

Office of Investment Company

Regulation).

SUPPLEMENTARY INFORMATION: The

following is a summary of the

application. The complete application

may be obtained for a fee from the SEC’s

Public Reference Branch.

Applicant’s Representations

1. Applicant is an open-end, nondiversified management investment

company that was organized as a

limited partnership under the laws of

the State of Delaware. On August 17,

1987, applicant registered as an

investment company under the Act. On

that same date, applicant filed a

registration statement on Form N–1A

under section 8(b) of the Act and the

Securities Act of 1933. The registration

statement became effective on

November 9, 1988 and the initial public

offering commenced shortly thereafter.

2. On January 17, 1992, in light of

applicant’s small asset size and the

unlikelihood of achieving efficiencies of

economy, the individual general

partners of applicant, including the

individual general partners who are not

interested persons, unanimously

approved a Plan of Dissolution,

Liquidation and Termination (the

‘‘Plan’’). The Plan provided for the

dissolution of applicant, the liquidation

of applicant’s assets, and the

distribution of all the proceeds of such

liquidation, which were in cash form,

less an amount provided for debts and

liabilities of applicant, to the

shareholders of applicant.

3. On or about March 26, 1992, proxy

materials were mailed to the

shareholders and filed with the SEC.

The shareholders of applicant approved

the Plan on April 30, 1992.

4. As of April 30, 1992, there were

198,358.770 shares of partnership

interest of applicant outstanding, having

a net asset value of $1,816,975.53 and a

per share net asset value of $9.16. As of

May 1, 1992, assets were distributed to

the shareholders and accordingly there

are no shares of partnership interest or

any other classes of securities

outstanding.

5. In connection with its liquidation,

applicant incurred expenses of

approximately $65,858.43 consisting of

accounting, printing, administrative and

certain legal expenses. These expenses

were borne by applicant’s adviser and

administrator.

6. As of the filing date of this

application, applicant had no

shareholders, liabilities, or assets.

Applicant is not a party to any litigation

or administrative proceeding.

7. Applicant is not now engaged, nor

does it propose to engage, in any

business activities other than those

necessary for the winding-up of its

affairs.

8. Applicant intends to terminate its

existence under the laws of the State of

Delaware.

For the SEC, by the Division of Investment

Management, under delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 96–10929 Filed 5–1–96; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–37146; File No. SR–Amex–

96–13]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the American Stock Exchange, Inc.

Relating to Amendments to Rule 117

(Trading Halts Due to Extraordinary

Market Volatility) and Rule 1 (Hours of

Business)

April 26, 1996.

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 April 11, 1996, 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 amend

Exchange Rule 117 (Trading Halts Due

to Extraordinary Market Volatility) to

reduce from one hour to thirty minutes

the time period during which trading on

the Exchange is halted due to a decline

in the Dow Jones Industrial Average

(‘‘DJIA’’) * of 250 points and to reduce

from two hours to one hour the time

period for a halt due to a decline in the

DJIA of 400 points. In addition, the

Exchange proposes to amend Amex

Rule 1 (Hours of Trading) to permit

closing transactions after 4:00 p.m.

where the Exchange has determined to

permit such transactions pursuant to

Rule 117.

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

Amex Rule 117—the Exchange’s

‘‘circuit breaker’’ rule—provides that

trading in securities on the Exchange

shall halt and not reopen for one hour

if the DJIA falls 250 points or more

below its closing value on the previous

trading day. The rule provides further

that trading on the Exchange shall halt

for two hours if the DJIA falls 400 points

or more. The Exchange proposes to

shorten from one hour to thirty minutes
Federal Register / Vol. 61, No. 86 / Thursday, May 2, 1996 / Notices 19651

1See Securities Exchange Act Release No 26198

(Oct. 19, 1988), 53 FR 41637 (Oct. 24, 1988).

2See Securities Exchange Act Release No. 36414

(Oct. 25, 1995), 60 FR 55630 (Nov. 1, 1995).

*‘‘Dow Jones Industrial Average’’ is a service

mark of Dow Jones & Company, Inc.

the duration of a trading halt due to a

250 point decline in the DJIA, and to

shorten from two hours to one hour the

duration of a halt due to a 400 point

decline in the DJIA.

Commentary .03 to Rule 117 also

provides that if the DJIA declines 250

points at or after 3:00 p.m. or 400 points

at or after 2:00 p.m., trading in securities

shall halt for the remainder of the day.

However, if the 250 point level is

reached between 3:00 p.m. and 3:30

p.m., or the 400 point level is reached

between 2:00 p.m. and 3:00 p.m., the

Exchange may use abbreviated

reopening procedures to either permit

trading to reopen before 4:00 p.m. or to

establish closing prices. The Exchange

proposes to amend Commentary .03 to

provide that the Exchange may use

abbreviated reopening procedures to

establish new last sale prices in the

event the 250 point level is reached at

or after 3:30 p.m., or if the 400 point

level is reached at or after 3:00 p.m.

Because such closing transactions

may need to be effected after 4:00 p.m.,

the Exchange is proposing to amend

Rule 1 (Hours of Business) to provide

that closing transactions may be

permitted after 4:00 p.m. where the

Exchange has determined to permit

such transactions pursuant to Rule 117.

Rule 117 was approved by the

Commission on a pilot basis on October

19, 1988 1 and has been extended

annually since then, with the most

recent extension expiring on October 31,

1996.2 The Exchange proposes to adopt

amendments to Rule 117 to coincide

with the year-to-year pilot program. The

Exchange proposes to amend Rule 1 on

a permanent basis.

The Exchange believes the proposed

amendments are an appropriate,

measured response to the significant

technological progress made by the

securities markets and the broker-dealer

community since 1988 in efficiently

accommodating large order imbalances

that may occur under volatile market

conditions. The shortened time periods

should now provide sufficient

opportunity for market participants to

evaluate market conditions and will

avoid unnecessary delays in resumption

of trading.

In connection with abbreviated

reopening procedures to establish new

last sale prices under Rule 117,

Commentary .03, the Amex will

examine whether additional procedures

to facilitate a single trade auction are

appropriate. Such procedures would be

filed by the Exchange pursuant to Rule

19b–4.

2. Statutory Basis

The proposed rule change is

consistent with Section 6(b) of the Act,

in general, and furthers the objectives of

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

proposed rule change is designed to

promote just and equitable principles of

trade, to remove impediments to and

perfect the mechanism of a free and

open market and a national market

system and, in general, to protect

investors and the public interest.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange does not believe that

the proposed rule change will impose

any inappropriate 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 either

solicited or received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Within 35 days of the 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 the proposed

rule change, or

(B) Institute proceedings to 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, 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 will also be available for

inspection and copying at the principal

office of the Exchange. All submissions

should refer to File No. SR–Amex–96–

13 and should be submitted by May 23,

1996.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 96–10925 Filed 5–1–96; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–37145; File No. SR–NYSE–

96–09]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

New York Stock Exchange, Inc.

Relating to Amendments to Rule 80B

(Trading Halts Due to Extraordinary

Market Volatility) and Rule 51 (Hours of

Business)

April 26, 1996.

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 April 11, 1996, the

New York Stock Exchange, Inc.

(‘‘NYSE’’ 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 amend

Rule 80B to modify the time periods for

halting trading on the Exchange when

the Dow Jones Industrial Average

(‘‘DJIA’’)* has declined by 250 or 400

points. The Exchange proposes to

amend Rule 51 to permit closing

transactions after 4 p.m. if Rule 80B is

put into effect during the last half-hour

of trading (in the event of a 250-point

decline) or during the last hour of

trading (in the event of a 400-point

decline).