34462 Federal Register / Vol. 61, No. 128 / Tuesday, July 2, 1996 / Notices

1The Commission notes that NASDAQ/NMS

securities are now known as Nasdaq/NM securities

and, therefore, requests that the Exchange submit a

rule proposal that amends all appropriate Exchange

Rules and Interpretations to reflect this new

terminology.

2Securities Exchange Act Release No. 24424 (May

4, 1987), 52 FR 17868 (May 12, 1987) (order

approving File No. SR–MSE–87–2 (the ‘‘NM

Order’’)).

3Under the BEST Rule, a CHX specialist is

required to guarantee the execution of certain

agency market orders, up to the lesser of the size

associated with the national best bid or offer or

2099 shares, at the national best bid or offer, as the

case may be, even if the specialist is not quoting

at that price.

4According to the Exchange, Dual Trading

System Issues are issues that are traded on the CHX

and listed on either the New York Stock Exchange

or American Stock Exchange. Telephone

conversation on June 5, 1996 between David T.

Rusoff, Attorney, Foley & Lardner, and George A.

Villasana, Attorney, Division of Market Regulation,

SEC.

3404, Telephone: (202) 761–0066, Fax:

(202) 761–0310.

Dated: June 26, 1996.

C.A. Bock,

Federal Register Liaison Officer, Presidential

Advisory Committee on Gulf War Veterans’

Illnesses.

[FR Doc. 96–16757 Filed 7–1–96; 8:45 am]

BILLING CODE 3610–76–M

SECURITIES AND EXCHANGE

COMMISSION

Issuer Delisting; Notice of Application

To Withdraw From Listing and

Registration: (The MacNealSchwendler Corporation, Common

Stock, $.01 Par Value, Convertible

Subordinated Debentures Due 2004,

and Common Stock Purchase Rights)

File No. 1–8722

June 26, 1996.

The MacNeal-Schwendler

Corporation’s (‘‘Company’’) has filed an

application with the Securities and

Exchange Commission (‘‘Commission’’),

pursuant to Section 12(d) of the

Securities Exchange Act of 1934 (‘‘Act’’)

and Rule 12d2–2(d) promulgated

thereunder, to withdraw the above

specified securities (‘‘Securities’’) from

listing and registration on the American

Stock Exchange, Inc. (‘‘Amex’’).

The reasons alleged in the application

for withdrawing the Securities from

listing and registration include the

following:

According to the Company, in making

the decision to withdraw its Common

Stock, Debentures and Common Stock

Purchase Rights from listing on the

Amex, the Company considered the

direct and indirect costs and expenses

attendant on maintaining the dual

listing of its Common Stock, Debentures

and Common Stock Purchase Rights on

the NYSE and the Amex. The Company

does not see any particular advantage in

the dual trading of its securities and

believes that dual listing would

fragment the market for its securities.

Any interested person may, on or

before July 18, 1996 submit by letter to

the Secretary of the Securities and

Exchange Commission, 450 Fifth Street,

N.W., Washington, D.C. 20549, facts

bearing upon whether the application

has been made in accordance with the

rules of the exchanges and what terms,

if any, should be imposed by the

Commission for the protection of

investors. The Commission, based on

the information submitted to it, will

issue an order granting the application

after the date mentioned above, unless

the Commission determines to order a

hearing on the matter.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Jonathan G. Katz

Secretary.

[FR Doc. 96–16771 Filed 7–1–96; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–37369; File No. SR–CHX–

96–16]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the Chicago Stock Exchange,

Incorporated Relating to the Trading of

Nasdaq/NM Securities on the CHX

June 25, 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 June 14, 1996, the

Chicago Stock Exchange, Incorporated

(‘‘CHX’’ 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

Article XX, Rule 37 and Article XX,

Rule 43 relating to the trading of Nasdaq

National Market (‘‘Nasdaq/NM’’)

securities (previously known as

NASDAQ/NMS securities)1 on the

Exchange.

The text of the proposed rule change

is available at the Office of the

Secretary, the CHX, and at the

Commission.

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

On May 4, 1987, the Commission

approved certain Exchange rules and

procedures relating to the trading of

Nasdaq/NM securities on the

Exchange.2 Among other things, these

rules made the Exchange’s BEST Rule

(Article XX, Rule 37(a)) guarantee

applicable to Nasdaq/NM securities and

made Nasdaq/NM securities eligible for

the automatic execution feature of MAX.

Under the BEST Rule, agency market

orders in Nasdaq/NM securities are

guaranteed executions 3 in substantially

the same manner as Dual Trading

System Issues 4 and under the MAX

rules, market orders in Nasdaq/NM

securities are automatically executed in

substantially the same manner as Dual

Trading System Issues.

As the CHX contemplates expanding

its Nasdaq/NM securities program, it is

apparent that the continuing lack of an

appropriate trade-through rule and

appropriate intermarket linkages in the

over-the-counter market make it

inappropriate at this time for the

Exchange to continue to require

automated execution at the National

Best Bid and Offer (‘‘NBBO’’) for orders

where the CHX specialist is not in fact

quoting at the NBBO.

The purpose of the proposed rule

change is to change the automatic

execution feature of the Exchange’s

MAX System (see Article XX, Rule

37(b)) and to alter the application for the

Exchange’s BEST Rule (Article XX, Rule

37(a)) for Nasdaq/NM securities.

MAX Parameters

One proposed change to the MAX

rules relates to the auto-execution and

auto-acceptance parameters for Nasdaq/

NM securities. Currently, the MAX rules