29444 Federal Register / Vol. 61, No. 112 / Monday, June 10, 1996 / Notices

104See Market 2000, supra note 53, at 6–12

(providing an overview of the intense competition

that exists in the U.S. equity market); Market 2000,

supra note 53, at Exhibit 18 (charting the NYSE’s

percentage of Consolidated Tape trades in NYSE

stocks from 1976 to 1992).

105The regional stock exchanges captured 20% of

the orders in NYSE stocks during the first six

months of 1993. Market 2000, supra note 53, at 8.

106OTC trading of exchange-listed securities is

commonly known as the ‘‘third market.’’ In 1989,

the third market garnered 3.2% of reported NYSE

share volume and 5% of reported trade volume. By

1993, third market volume had more than doubled

to 7.4% of reported NYSE reported share volume

and 9.3% of reported trade volume. Market 2000,

supra note 53, at 9.

107A PTS is a type of automated trading system

that typically is a screen-based system sponsored by

broker-dealers. PTSs are not operated as or affiliated

with self-regulatory organizations but instead are

operated as independent businesses. Participation

in these systems may be limited to institutional

investors, broker-dealers, specialists, and other

market professionals.

Although most PTS volume is in Nasdaq

securities, PTSs handled about 1.4% of the volume

in NYSE stocks in the first six months of 1993.

Market 2000, supra note 53, at 8, Study II 12–13.

108Although exact numbers are not available, the

Commission estimates that foreign market trading

in NYSE stocks amounts to approximately seven

million shares per day. See Market 2000, supra note

53, at 10–11.

109See Market 2000, supra note 53, at 8–10

(noting that automated systems allow the regional

stock exchanges, third market makers, and PTSs to

compete for order flow with the primary markets).

110 15 U.S.C. 78s(b)(2).

111 17 CFR 200.30–3(a)(12).

today’s market makers operate.104 For

example, the NYSE faces significant

competition for orders in NYSE stocks

from the regional stock exchanges,105

third market makers,106 proprietary

trading systems (‘‘PTSs’’),107 and foreign

markets.108 Modern technology has

facilitated this competition and should

continue to do so in the future.109

V. Conclusion

It is therefore ordered, pursuant to

Section 19(b)(2) of the Act,110 that the

proposed rule change (SR–NYSE–95–

47) is approved.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.111

Margaret H. McFarland

Deputy Secretary

[FR Doc. 96–14590 Filed 6–7–96; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF STATE

[Pubic Notice No. 2399]

Notice of Briefing

The Department of State announces

the second 1996 briefing on U.S. foreign

policy economic sanctions programs to

be held on Thursday, July 11, 1995,

from 2:00 p.m. until 3:30 p.m., in the

State Department Loy Henderson

auditorium, 2201 C Street NW.,

Washington, D.C.

This briefing, a follow-on session to

the March 6 briefing hosted by Under

Secretary for Economic, Business and

Agricultural Affairs Joan Spero, will be

hosted by Ambassador Bill Ramsay,

Deputy Assistant Secretary for Energy

Sanctions and Commodities, who will

present an overview of the sanctions

regimes overseen by the State

Department’s Bureau of Economic and

Business Affairs. State Department desk

officers will be on hand to discuss

country-specific sanctions issues

following Mr. Ramsay’s briefing.

Please Note: Persons intending to attend

the July 11 briefing must announce this not

later than 48 hours before the briefing, and

preferably further in advance, to the

Department of State by sending a fax to 202–

647–3953 (Office of the Coordinator for

Business Affairs). The announcement must

include name, company or association name,

Social Security or passport number and date

of birth. The above includes government and

non-government attendees. One of the

following valid photo ID’s will be required

for admittance: U.S. driver’s license with

picture, passport, U.S. government ID

(company ID’s are no longer accepted by

Diplomatic Security). Enter from the C Street

Main Lobby.

Dated: May 22, 1996.

David A. Ruth,

Senior Coordinator for Business Affairs.

[FR Doc. 96–14011 Filed 6–7–96; 8:45 am]

BILLING CODE 4710–07–M

OFFICE OF THE UNITED STATES

TRADE REPRESENTATIVE

Notice of Meeting of the Investment

and Services Policy Advisory

Committee

AGENCY: Office of the United States

Trade Representative.

ACTION: Notice that the June 18, 1996

meeting of the Investment and Services

Policy Advisory Committee will be held

from 10:00 a.m. to 2:00 p.m. The

meeting will be closed to the public

from 10:00 a.m. to 1:30 p.m. The

meeting will be open to the public from

1:30 p.m. to 2:00 p.m.

SUMMARY: The Investment and Services

Policy Advisory Committee will hold a

meeting on June 18, 1996, from 10:00

a.m. to 2:00 p.m. The meeting will be

closed to the public from 10:00 a.m. to

1:30 p.m. The meeting will include a

review and discussion of current issues

which influence U.S. trade policy.

Pursuant to Section 2155(f)(2) of Title

19 of the United States Code, I have

determined that this portion of the

meeting 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 with respect to

the operation of any trade agreement

and other matters arising in connection

with the development, implementation

and administration of the trade policy of

the United States. The meeting will be

open to the public and press from 1:30

p.m. to 2:00 p.m. when trade policy

issues will be discussed. Attendance

during this part of the meeting is for

observation only. Individuals who are

not members of the committee will not

be invited to comment.

DATES: The meeting is scheduled for

June 18, 1996, unless otherwise notified.

ADDRESSES: The meeting will be held at

the Jefferson Hotel at 16th and M

Streets, N.W., Washington, D.C., unless

otherwise notified.

FOR FURTHER INFORMATION CONTACT:

Suzanna Kang, Office of the United

States Trade Representative, (202) 395–

6120.

Charlene Barshefsky,

Acting United States Trade Representative.

[FR Doc. 96–14464 Filed 6–7–96; 8:45 am]

BILLING CODE 3190–01–M

Identification of Priority Foreign

Country Practices; Request for Public

Comment

AGENCY: Office of the United States

Trade Representative.

ACTION: Request for written submissions

from the public.

SUMMARY: Executive Order 12901 of

March 3, 1994, as amended by

Executive Order 12973 of September 27,

1995, requires the United States Trade

Representative (USTR) to review United

States trade expansion priorities and to

identify priority foreign country

practices, the elimination of which is

likely to have the most significant

potential to increase United States

exports, either directly or through the

establishment of a beneficial precedent.

USTR is requesting written submissions

from the public concerning foreign

country practices that should be

considered by the USTR for this

purpose.

DATES: Submissions must be received on

or before 12:00 noon on Tuesday, July

2, 1996.

ADDRESSES: 600 17th Street, NW.,

Washington, D.C. 20508.

FOR FURTHER INFORMATION CONTACT:

Questions concerning the filing of

submissions should be directed to Sybia