26942 Federal Register / Vol. 61, No. 104 / Wednesday, May 29, 1996 / Notices

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

each trading day in the applicable

foreign exchange market based on

official closing prices in such exchange

market.

For each trading day, MSCI publicly

disseminates each Index value for the

previous day’s close. MSCI Indices are

reported periodically in major financial

publications and also are available

through vendors of financial

information.

Foreign Fund, Inc., will cause to be

made available daily the names and

required number of shares of each of the

securities to be deposited in connection

with the issuance of WEBS in Creation

Unit size aggregations for each WEBS

series, as well as information relating to

the required cash payment representing,

in part, the amount of accrued

dividends applicable to such WEBS

series. This information will be made

available by the Fund Advisor to any

National Securities Clearing Corporation

(‘‘NSCC’’) participant requesting such

information. In addition, other investors

can request such information directly

from the Fund distributor. The NAV for

each WEBS series will be calculated

directly by the Fund administrator,

PFPC Inc. NAVs will be made available

to the public from the Fund distributor

by means of a toll-free number, and also

will be available to NSCC participants

through data made available from

NSCC.

To provide current WEBS pricing

information, the Amex has represented

that it anticipates it will disseminate

through the facilities of the

Consolidated Tape Association an

‘‘indicative optimized portfolio value’’

(‘‘Value’’) for each WEBS series as

calculated by Bloomberg, L.P.

(‘‘Bloomberg’’). The Value will be

disseminated on a per WEBS basis every

fifteen seconds during regular Amex

trading hours of 9:30 a.m. to 4:00 p.m.

New York time.

The Value likely will not reflect the

value of all securities included in the

applicable benchmark MSCI Index. In

addition, the Value will not necessarily

reflect the precise composition of the

current portfolio of securities held by

the Fund for each WEBS series at a

particular moment. Therefore, the Value

on a per WEBS basis disseminated

during Amex trading hours should not

be viewed as a real-time update of the

net asset value of the Fund, which is

calculated only once a day. It is

expected, however, that during the

trading day the Value will closely

approximate the value per WEBS share

of the portfolio of securities for each

WEBS series except under unusual

circumstances.

2. Statutory Basis

The proposed rule change is

consistent with Section 6(b)(5) of the

Act in that the proposal fosters

cooperation and coordination with

persons engaged in regulating, clearing,

settling, processing information with

respect to, and facilitating transactions

in securities, removes impediments to

and perfects the mechanism of a free

and open market and a national market

system and protects 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 burden on competition.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants or Others

The Exchange has neither solicited

nor received written comments on 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 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, D.C. 20549. Copies of the

submissions, 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, D.C. 20549. Copies of such

filing will also be available at the

principal office of the CHX. All

submissions should refer to File No.

SR–CHX–96–14 and should be

submitted by [insert date 21 days from

date of publication].

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 96–13388 Filed 5–28–96; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–37235; File No. SR–DCC–

96–06]

Self Regulatory Organizations; Delta

Clearing Corp.; Notice of Filing and

Immediate Effectiveness of a Proposed

Rule Change Relating to the

Authorization of Tradition

(Government Securities) Inc. To

Participate as an Interdealer Broker for

U.S. Treasury Repurchase and Reverse

Repurchase Agreement Trades

May 20, 1996.

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

Securities Exchange Act of 1934

(‘‘Act’’),1 notice is hereby given that on

April 24, 1996, Delta Clearing Corp.

(‘‘DCC’’) 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 primarily by DCC.

The Commission is publishing this

notice to solicit comments on the

proposed rule change from interested

persons.

I. Self-Regualtory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The purpose of the proposed rule

change is to notify the Commission that

Tradition (Government Securities) Inc.

(‘‘Tradition’’) has been authorized to act

as an interdealer broker in DCC’s

clearance and settlement system for

repurchase and reverse repurchase

agreement transactions in U.S. Treasury

securities.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission,

DCC included statements concerning
Federal Register / Vol. 61, No. 104 / Wednesday, May 29, 1996 / Notices 26943

2The Commission has modified parts of these

statements.

3For a complete description of the DCC’s repo

clearance system, see Securities Exchange Act

Release No. 36367 (October 13, 1995), 60 FR 54095.

4 15 U.S.C. 78q–1 (1988).

5 15 U.S.C. 78s(b)(3)(A)(iii) (1988).

6 17 CFR 240.19b–4(e)(4) (1995).

7 17 CFR 200.30–3(a)(12) (1995).

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. DCC has prepared

summaries, set forth in sections (A), (B),

and (C) below, of the most significant

aspects of such statements.2

(A) Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

DCC’s repo clearance system clears

transactions in repurchase agreements

that have been agreed to through the

facilities of interdealer brokers that have

been authorized by DCC (‘‘Authorized

Brokers’’) to offer their services to DCC

participants.3 Currently, Liberty

Brokerage, Inc., RMJ Special Brokerage,

Inc., Euro Brokers Maxcor Inc., and

Prebon Securities (USA) Inc. are

Authorized Brokers. The purpose of the

proposed rule change is to notify the

Commission that Tradition has been

added as an Authorized Broker in DCC’s

clearance and settlement system for

repo trades.

Tradition is a wholly owned

subsidiary of Tradition (North America)

Inc. and is registered as a broker-dealer

with the Commission under Rule 15(b)

of the Act. Tradition (North America)

Inc. is a subsidiary of Compagnie

Financiere Tradition of Switzerland,

which is an institutional broker of

money market and debt market

instruments and derivatives.

The proposed rule change will

facilitate the prompt and accurate

clearance and settlement of securities

transactions, and therefore, the

proposed rule change is consistent with

the requirements of the Act, specifically

Section 17A of the Act, and the rules

and regulations thereunder.4

(B) Selff-Regulatory Organization’s

Statement on Burden on Competition

DCC does not believe that the

proposed rule change will impose any

burden on competition that is not

necessary or appropriate in furtherance

of the purposes of the Act.

(C) Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants or Others

Comments were neither solicited nor

received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The foregoing rule change has become

effective pursuant to Section

19(b)(3)(A)(iii) of the Act 5 and Rule

19b–4(e)(4) 6 in that the proposal effects

a change in an existing service of a

registered clearing agency that does not

adversely affect the safeguarding of

securities or funds in the custody or

control of the clearing agency or for

which it is responsible and does not

significantly affect the respective rights

or obligations of the clearing agency or

persons using the service. At any time

within sixty days of the filing of the

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, 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

communciation 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 in the

Commission’s Public Reference Section,

450 Fifth Street, N.W., Washington, D.C.

20549. Copies of such filing also will be

available for inspection and copying at

DCC. All submissions should refer to

File No. SR–DCC–96–06 and should be

submitted by June 19, 1996.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.7

Margaret M. McFarland,

Deputy Secretary.

[FR Doc. 96–13331 Filed 5–28–96; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–37237; File No. SR–NYSE–

96–11]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the New York Stock Exchange, Inc.

Relating to Procedures for Public

Release of Information by its Listed

Companies

May 22, 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 May 7, 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 NYSE is proposing amendments

to its rules governing the procedures

followed by its listed companies for

disseminating material news or

information to the public. These

requirements are contained in Section

202.06(B) and Section 202.06(C) of its

Listed Company Manual. The

amendments would require the

Exchange’s listed companies to

disseminate news or information which

might reasonably be expected to

materially affect the market for their

securities to Bloomberg Business News

(‘‘Bloomberg’’).

II. Self-Regulatory Organization’s

Statement of 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 Exchange’s timely disclosure

procedures require listed companies to