34908 Federal Register / Vol. 61, No. 129 / Wednesday, July 3, 1996 / Notices

The Cleveland Electric Illuminating

Company, Centerior Service Company,

Duquesne Light Company, Ohio Edison

Company, OES Nuclear, Inc.,

Pennsylvania Power Company, Toledo

Edison Company, Docket No. 50-440

Perry Nuclear Power Plant, Unit No. 1,

Lake County, Ohio

Date of application for amendment:

April 26, 1996

Brief description of amendment: The

amendment corrected minor technical

and administrative errors in the

Improved Technical Specifications prior

to its implementation.

Date of issuance: June 18, 1996

Effective date: June 18, 1996

Amendment No.: 85

Facility Operating License No. NPF58: This amendment revised the

Technical Specifications.

Date of initial notice in Federal

Register: May 9, 1996 (61 FR 21213) The

Commission’s related evaluation of the

amendment is contained in a Safety

Evaluation dated June 18, 1996. No

significant hazards consideration

comments received: No

Local Public Document Room

location: Perry Public Library, 3753

Main Street, Perry, Ohio 44081

TU Electric Company, Docket Nos. 50-

445 and 50-446, Comanche Peak Steam

Electric Station, Unit Nos. 1 and 2,

Somervell County, Texas

Date of amendment requests: April 25

(TXX-94119) and August 12, 1994 (TXX94216), as supplemented by letters

dated February 15 (TXX-96055), March

7 (TXX-96078), and April 11, 1996

(TXX-96111).

Brief description of amendments:

These amendments modified the

Administrative Controls specifications,

relocate/remove requirements that are

adequately controlled by existing

regulations other than 10 CFR 50.36 and

the technical specifications. Guidance

on the proposed changes was developed

by NRC and provided in the Standard

Technical Specifications for

Westinghouse Plants, NUREG-1431. The

changes also update unit staff

qualification requirements to Regulatory

Guide 1.8, Revision 2.

Date of issuance: June 12, 1996

Effective date: June 12, 1996, to be

implemented witnin 60 days.

Amendment Nos.: Unit 1 -

Amendment No. 50; Unit 2 -

Amendment No. 36

Facility Operating License Nos. NPF87 and NPF-89. The amendments

revised the Technical Specifications.

Date of initial notice in Federal

Register: August 3, 1994 (59 FR 39599)

and September 28, 1994 (59 FR 49439).

The additional information contained in

the supplemental letters dated February

15, March 7, and April 11, 1996, were

clarifying in nature and thus, within the

scope of the initial notice and did not

affect the staff’s proposed no significant

hazards consideration determination.

The Commission’s related evaluation of

the amendments is contained in a Safety

Evaluation dated June 12, 1996. No

significant hazards consideration

comments received: No

Local Public Document Room

location: University of Texas at

Arlington Library, Government

Publications/Maps, 702 College, P.O.

Box 19497, Arlington, Texas 76019

TU Electric Company, Docket Nos. 50-

445 and 50-446, Comanche Peak Steam

Electric Station, Unit Nos. 1 and 2,

Somervell County, Texas

Date of amendment request: March

12, 1996 (TXX-96008)

Brief description of amendments: The

amendments revised the Technical

Specifications to reflect the approval for

the licensee to use of the new

Containment Leakage Rate Testing

Program as required by 10 CFR Part 50,

Appendix J, Option B for Comanche

Peak Steam Electric Station, Units 1 and

2. Implementation of the new

performance based leakage rate testing

program will be based on the guidance

provided by Regulatory Guide 1.163,

September 1995.

Date of issuance: June 13, 1996

Effective date: June 13, 1996, to be

implemented within 60 days

Amendment Nos.: 51 and 37

Facility Operating License Nos. NPF87 and NPF-89. The amendments

revised the Technical Specifications.

Date of initial notice in Federal

Register: April 10, 1996 (61 FR 15999)

The Commission’s related evaluation of

the amendments is contained in a Safety

Evaluation dated June 13, 1996. No

significant hazards consideration

comments received: No

Local Public Document Room

location: University of Texas at

Arlington Library, Government

Publications/Maps, 702 College, P.O.

Box 19497, Arlington, TX 76019

Union Electric Company, Docket No.

50-483, Callaway Plant, Unit 1,

Callaway County, Missouri

Date of application for amendment:

September 9, 1994, as superseded by

letter dated July 25, 1995, and

subsequently supplemented by letters

dated February 28, 1996, and April 9,

1996.

Brief description of amendment: The

amendment would revise TS 3/4.8.1 and

its associated Bases to improve the

overall emergency diesel generator

reliability and availability.

Date of issuance: June 17, 1996

Effective date: June 17, 1996, to be

implemented within 30 days of the date

of issuance.

Amendment No.: 112

Facility Operating License No. NPF30: The amendment revised the

Technical Specifications.

Date of initial notice in Federal

Register: August 30, 1995 (60 FR 45188)

The February 28, 1996, and April 9,

1996 supplemental letters provided

additional clarifying information and

did not change the staff’s original no

significant hazards consideration

determination. The Commission’s

related evaluation of the amendment is

contained in a Safety Evaluation dated

June 17, 1996. No significant hazards

consideration comments received: No.

Local Public Document Room

location: Callaway County Public

Library, 710 Court Street, Fulton,

Missouri 65251

Virginia Electric and Power Company,

Docket Nos. 50-280 and 50-281, Surry

Power Station, Unit Nos. 1 and 2, Surry

County, Virginia.

Date of application for amendments:

April 15, 1996

Brief description of amendments:

These amendments would revise the

Technical Specifications to indicate that

the quadrant power tilt ratio

requirements are applicable only at

power levels greater than 50% of rated

core power.

Date of issuance: June 7, 1996

Effective date: June 7, 1996

Amendment Nos.: 210 and 210

Facility Operating License Nos. DPR32 and DPR-37: Amendments revised

the Technical Specifications.

Date of initial notice in Federal

Register: May 8, 1996 (61 FR 20860) The

Commission’s related evaluation of the

amendment is contained in a Safety

Evaluation dated June 7, 1996. No

significant hazards consideration

comments received: No

Local Public Document Room

location: Swem Library, College of

William and Mary, Williamsburg,

Virginia 23185

Dated at Rockville, Maryland, this

26th day of June 1996.

For the Nuclear Regulatory Commission

Steven A. Varga,

Director, Division of Reactor Projects - I/II,

Office of Nuclear Reactor Regulation

[Doc. 96–16879 Filed 7–2–96; 8:45 am]

BILLING CODE 7590–01–F
Federal Register / Vol. 61, No. 129 / Wednesday, July 3, 1996 / Notices 34909

OFFICE OF MANAGEMENT AND

BUDGET

Budget Rescission and Deferrals

To the Congress of the United States:

In accordance with the Congressional

Budget and Impoundment Control Act

of 1974, I herewith report one revised

deferral of budgetary resources, totaling

$7.4 million. The deferral affects the

Social Security Administration.

William J. Clinton.

The White House,

June 24, 1996.

BILLING CODE 3110–01–M
34910 Federal Register / Vol. 61, No. 129 / Wednesday, July 3, 1996 / Notices
Federal Register / Vol. 61, No. 129 / Wednesday, July 3, 1996 / Notices 34911

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

2File No. SR–CBOE–95–44 approved in Exchange

Act Release No. 36135 (August 22, 1995), 60 FR

44921.

[FR Doc. 96–17033 Filed 7–2–96; 8:45 am]

BILLING CODE 3110–01–C

OFFICE OF PERSONNEL

MANAGEMENT

Federal Salary Council

AGENCY: Office of Personnel

Management.

ACTION: Notice of meeting.

SUMMARY: According to the provisions of

section 10 of the Federal Advisory

Committee Act (P.L. 92–463), notice is

hereby given that the forty-ninth

meeting of the Federal Salary Council

will be held at the time and place

shown below. At the meeting the

Council will continue discussing issues

relating to locality-based comparability

payments authorized by the Federal

Employees Pay Comparability Act of

1990 (FEPCA). The meeting is open to

the public.

DATES: July 25, 1996, at 10:00 a.m.

ADDRESSES: Office of Personnel

Management, 1900 E Street NW., Room

7B09, Washington, DC.

FOR FURTHER INFORMATION CONTACT:

Ruth O’Donnell, Chief, Salary Systems

Division, Office of Personnel

Management, 1900 E Street NW., Room

6H31, Washington, DC 20415–0001.

Telephone number: (202) 606–2838.

For the President’s Pay Agent:

Lorraine A. Green,

Deputy Director.

[FR Doc. 96–16943 Filed 7–2–96; 8:45 am]

BILLING CODE 6325–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–37364; File No. SR–CBOE–

96–36]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the Chicago Board Options Exchange,

Inc. Relating to the Interruption of

RAES Due to Unusual Market Activity

June 25, 1996.

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

Securities Exchange Act of 1934

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

June 12, 1996, the Chicago Board

Options Exchange, Incorporated

(‘‘CBOE’’ 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 CBOE proposes to amend CBOE

Rule 6.6, Unusual Market Conditions, to

give the Order Book Official (‘‘OBO’’) or

the Post Director authority to turn off

the Exchange’s Retail Automatic

Execution System (‘‘RAES’’) for a class

or classes of options and for a short

period of time when, in the judgement

of that OBO or Post Director, there is

unusual market activity in such options

or their underlying 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, 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

The purpose of the proposed rule

change is to add a new paragraph (e) to

CBOE Rule 6.6 that will authorize

OBOs, and, in the case of options traded

at Designated Primary Market-Maker

(‘‘DPM’’) stations, Post Directors

temporarily to deactivate RAES in

specified classes of options traded at the

posts where such persons are stationed

when in their judgement such action is

warranted by an influx of orders or

other unusual market conditions in such

options or their underlying securities

and the OBO or Post Director

determines that such action is

appropriate in the interests of

maintaining a fair and orderly market.

Whenever such action is taken, notice

thereof shall immediately be given to

two Floor Officials who may continue

the deactivation of RAES for more than

five minutes or take such actions as they

deem necessary pursuant to their

authority under Rule 6.6.

This rule change is being proposed to

permit a more immediate response to

events, such as significant news

announcements, that can cause

temporary order imbalances and

otherwise disrupt the market for stocks

that underlie options traded on CBOE.

In these situations stock prices may

move sharply, and Exchange marketmakers may not have time to adjust

their options quotes in the numerous

series of options that overlie these

stocks. This may result in published

options quotes that do not reflect

current stock prices. Because orders sent

to RAES are executed automatically at

published quotations, customers may

receive executions at unrealistic prices,

some at a price more favorable than fair

market prices and some less favorable

than fair market prices.

Exchange Rule 6.6 currently

authorizes two Floor Officials to

respond to this situation by declaring

the market in particular classes of

options to be ‘‘fast,’’ and then turning

off RAES (and taking other action) until

there has been time for prices to be

adjusted. Because of the speed with

which computerized order routing

systems can direct orders to RAES, and

because RAES itself provides for

instantaneous automatic executions,

there can be a significant number of

executions at stale prices during the

several minutes that it might take for

two Floor Officials to declare a fast

market. By authorizing OBOs and Post

Directors to turn off RAES for up to five

minutes, the response time to such a

situation will be considerably

shortened, and the number of

executions at stale prices should be

reduced accordingly. In this respect, the

proposed rule change is not unlike the

recently approved rule change that

authorized Post Directors or OBOs to

suspend trading in specified classes of

options for up to five minutes when

there is a trading halt or suspension of

trading in the underlying security in the

primary market.2 There, as is proposed

here, authority is given to the OBO or

Post Director to deal quickly and on an

interim basis with a situation where

immediate response is called for,

pending further consideration of the

matter by two Floor Officials.

It is anticipated that in most instances

where RAES is deactivated by an OBO

or Post Director, the period of time

when RAES is unavailable should be

very brief, lasting less than five minutes.

Even then, orders will continue to be

delivered to the trading crowd via the

Exchange’s electronic order routing

system (‘‘ORS’’) and the trading crowd

will remain obligated to fill customer