Federal Register / Vol. 66, No. 28 / Friday, February 9, 2001 / Notices 9731

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

2 17 CFR 240.19b–4.

3See Securities Exchange Act Release No. 42988

(June 28, 2000), 65 FR 42041 (July 7, 2000) (SR–

BSE–00–05).

4The Exchange recognizes that the Fund will

trade pursuant to its Index Fund Shares Rules and

Rule 19b–4(f)(6), not Rule 19b–4(e). Telephone

conversation between Ester Radovsky, Listings

Analyst, BSE, and Heather Traeger, Attorney,

Division of Market Regulation, Commission,

January 30, 2001.

5The Trust is registered under the Investment

Company Act of 1940, as amended (‘‘1940 Act’’).

The Trust has filed with the Commission a

Registration Statement on the Form N–1/A under

the Securities Act of 1933, as amended and under

the 1940 Act relating to the Fund (File No. 333–

92935 and 811–09729).

6See Securities Exchange Act Release No. 43658

(December 2, 2000) 65 FR 77408 (December 11,

2000) (SR–NYSE–00–53).

7 Id.

U.S. Commission on Civil Rights:

George Harbison, 202–376–8356;

Website: www.usccr.gov

U.S. Commodity Futures Trading

Commission: Emory Bevill, 202–418–

5187; Website: www.cftc.gov/ofm/

fairactexhibit.pdf

U.S. International Trade Commission:

Charles W. Sole, Jr., 202–205–2746;

Website: www.usitc.gov/procurement/

fair.pdf

U.S. Patent and Trademark Office:

Daniel Haigler, 703–305–8175;

Website: www.uspto.gov

[FR Doc. 01–3396 Filed 2–8–01; 8:45 am]

BILLING CODE 3110–01–P

SECURITIES AND EXCHANGE

COMMISSION

Sunshine Act Meeting; Agency

Meeting

Notice is hereby given, pursuant to

the provisions of the Government in the

Sunshine Act, Pub. L. 94–409, that the

Securities and Exchange Commission

will hold the following meeting during

the week of February 12, 2001.

A closed meeting will be held on

Tuesday, February 13, 2001, at 11:00

a.m.

Commissioners, Counsel to the

Commissioners, the Secretary to the

Commission, and recording secretaries

will attend the closed meeting. Certain

staff members who have an interest in

the matters may also be present.

The General Counsel of the

Commission, or his designee, has

certified that, in his opinion, one or

more of the exemptions set forth in 5

U.S.C. 552b(c)(4), (8), (9)(A) and (10)

and 17 CFR 200.402(a)(4), (8), (9)(A) and

(10), permit consideration of the

scheduled matters at the closed meeting.

The subject matters of the closed

meeting will be:

Institution and settlement of injunctive

actions; and

Institution and settlement of

administrative proceedings of an

enforcement nature.

At times, changes in Commission

priorities require alterations in the

scheduling of meeting items. For further

information and to ascertain what, if

any, matters have been added deleted or

postponed, please contact:

The Office of the Secretary at (202)

942–7070.

Dated: February 6, 2001.

Jonathan G. Katz,

Secretary.

[FR Doc. 01–3451 Filed 2–6–01; 4:19 pm]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–43926; File No. SR–BSE–

00–21]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Boston Stock Exchange, Inc. Relating

to the Trading of S&P Global 100 Index

Fund Shares

February 5, 2001.

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

Securities Exchange Act of 1934

(‘‘Act’’) 1 and Rule 19b–4 thereunder,2

notice is hereby given that on December

26, 2000, the Boston Stock Exchange,

Inc. (‘‘Exchange’’ or ‘‘BSE’’) filed with

the Securities and Exchange

Commission (‘‘SEC’’ or ‘‘Commission’’)

the proposed rule change as described

in Items I, II and III below, which items

have been prepared by the BSE. 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 BSE proposes to trade, pursuant

to unlisted trading privileges (‘‘UTP’’),

shares of an exchange traded fund (the

‘‘Fund’’) based on the S&P Global 100

Index. The text of the proposed rule

change is available at the Office of the

Secretary, the BSE or 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

BSE 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 BSE 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 June 28, 2000, the Commission

approved the proposed rule change of a

new listing standard, Chapter XXIV–B,

Index Fund Shares, which allowed the

BSE to list and trade Index Fund

Shares.3 Chapter XXIV–B also permits

the BSE to list or trade Index Fund

Shares under the expedited procedures

described in Rule 19b–4(e) under the

Act, so long as such securities meet

specific structural standards. The BSE

has used these procedures to trade,

pursuant to UTP, several Index Fund

Shares, including series of the iShares

Trust based on domestic stock indices.

The BSE now proposes to trade, via

UTP, shares of the Fund based on the

S&P Global 100 Index (the ‘‘Index’’ or

‘‘Underlying Index’’) pursuant to

Chapter XXIV–B, Index Fund Shares.4

The Fund is included in the iShare

Trust (the ‘‘Trust’’),5 and Barclays

Global Fund Advisors (‘‘BGFA’’), a

subsidiary of Barclays Global Investors,

N.A. (‘‘BGI’’), acts as the advisor (the

‘‘Advisor’’) to the Fund. Standard &

Poor’s (‘‘S&P’’), a division of The

McGraw-Hill Companies, Inc., is the

Index provider. The Index is sponsored

by S&P and the New York Stock

Exchange, Inc. (‘‘NYSE’’), with the

additional collaboration of several major

exchanges from around the world.

As described below, S&P Global 100

Index Fund Shares are structurally

similar to the Index Fund Shares

already approved for trading on the

BSE. The information about the Fund is

based on the recent rule filing by the

NYSE.6

The Underlying Index. A detailed

description of the Underlying Index for

the Fund was prepared by S&P and filed

by the NYSE as Exhibit 2 in its

submission.7 The description includes,

but is not limited to, information

regarding index description, component

selection criteria, country

representation, index maintenance, and

industry group distribution by market

capitalization. The Underlying Index

description, including any changes

thereto, may be found on the S&P Global

9732 Federal Register / Vol. 66, No. 28 / Friday, February 9, 2001 / Notices

8The Cash Component is an amount equal to the

Balancing Amount. The ‘‘Balancing Amount’’ is an

amount equal to the difference between the NAV of

the Fund Shares (per Creation Unit) and the

‘‘Deposit Amount.’’ The ‘‘Deposit Amount’’ is an

amount equal to the market value of the Deposit

Securities. If the Balancing Amount is a positive

number (i.e., the NAV per Creation Unit exceeds the

Deposit Amount), the Cash Component will be paid

to the Trust by the creator. If the Balancing Amount

is a negative number (i.e., the NAV per Creation

Unit is less than the Deposit Amount), the creator

will receive cash in an amount equal to the

differential.

9 In order for the Fund to qualify to tax treatment

as a regulated investment company, it must meet

several requirements under the Code. Among these

is the requirement that, at the close of each quarter

of the Fund’s taxable year, (1) at least 50 percent

of the market value of the Fund’s total assets must

be represented by cash items, U.S. government

securities, securities for other regulated investment

companies and other securities, with such other

securities limited for the purpose of this calculation

in respect to any one issuer to an amount not

greater than 5 percent of the value of the Fund’s

assets and not greater than 10 percent of the

outstanding voting securities of such issuer, and (2)

not more than 25 percent of the value of its total

assets may be invested in securities of any one

issuer, or two or more issuers that are controlled by

the Fund (within the meaning of section

851(b)(4)(B) of the Code) and that are engaged in the

same or similar trades or business (other than U.S.

government securities of other regulated investment

companies.)

web site at http://www.spglobal.com/

ssindexmainglobal100.html.

General description of the fund. The

Fund offers and issues shares (‘‘Fund

Shares’’) at their net asset value

(‘‘NAV’’) only in aggregations of a

specified number of Fund Shares

(referred to as a ‘‘Creation Unit’’),

generally in exchange for a basket of

equity securities included in the

Underlying Index (the ‘‘Deposit

Securities’’), together with the deposit of

a specified cash payment (the ‘‘Cash

Component’’).8 Fund Shares are

redeemable only in Creation Unit

aggregations, and, generally, in

exchange for portfolio securities and a

specified cash payment. Creation Units

are aggregations of 50,000 Fund Shares.

The Trust reserves the right to offer a

‘‘cash’’ option for creations and

redemptions of Fund Shares.

‘‘Passive’’ or indexing investment

approach. The Fund seeks investment

results that, before expenses, correspond

generally to the price and yield

performance of companies in the Index.

The Advisor uses a ‘‘passive’’ or

indexing approach in seeking to achieve

the Fund’s investment objective.

Representative sampling. The Fund

uses representative sampling to track

the Underlying Index. This means that

the Fund is invested in a representative

sample of stocks in the Underlying

Index, which have a similar investment

profile as the Underlying Index. Stocks

selected have aggregate investment

characteristics (based on market

capitalization and industry weighings),

fundamental characteristics (such as

return variability, earnings valuation,

and yield), and liquidity measures

similar to those of the relevant

Underlying Index. A fund that uses

representatives sampling generally does

not hold all of the stocks included in its

underlying index.

The Fund invests at least 90% of its

total assets in the stocks of the

Underlying Index. The Fund may hold

up to 10% of its total assets in stocks

not included in the Underlying Index.

For example, the Advisory may invest

in stocks not included in the Underlying

Index in order to reflect various

corporate actions (such as mergers) and

other changes in the Underlying Index

(such as reconstitutions, additions and

deletions). The Fund may also invest in

stocks outside the underlying Index to

meet the diversification requirements of

a regulated investment company under

the Internal Revenue Code (the

‘‘Code’’).9 As long as the Fund invests

at least 90% of its total assets in the

stocks of the Underlying Index, it may

also invest its other assets in futures

contracts, options on futures contracts,

options, and swaps related to the

Underlying Index, as well as cash and

cash equivalents.

Correlation. An index is a theoretical

financial calculation while the Index

Fund Share is an actual investment

portfolio. The performance of the Fund

and the Underlying Index will vary

somewhat due to transaction costs,

market impact, corporate actions (such

as mergers and spin-offs) and timing

variances. It is expected that over time,

the correlation between the Fund’s

performance and that of the Underlying

Index, before fees and expenses, will be

95% or better. A figure of 100% would

indicate perfect correlation. Any

correlation of less than 100% is called

a ‘‘tracking error.’’

Industry concentration policy. The

Fund does not concentrate its

investments (i.e., hold 25% or more of

its total assets in the stocks of a

particular industry or group of

industries). However, the Fund does

concentrate to approximately the same

extent that the Underlying Index

concentrates in the stocks of a particular

industry or group of industries. For

purposes of this limitation, securities of

the U.S. Government (including its

agencies and instrumentalities),

repurchase agreements collateralized by

U.S. Government securities, and

securities of state or municipal

governments and their political

subdivisions are not considered to be

issued by members of any industry.

Creations and redemptions of fund

shares. The Fund Shares are ‘‘created’’

at their NAV by specialists, large

investors, and institutions only in

Creation Units of 50,000 Shares. A

‘‘creator’’ deposits into the Fund a

specified portfolio of stocks closely

approximating the holdings of the Fund

(the ‘‘Deposit Securities’’) and specified

amount of cash (the ‘‘Cash Component’’)

in exchange for 50,000 Fund Shares.

Similarly, the Fund Shares can only

be redeemed in Creation Units of 50,000

Fund Shares, principally in-kind for a

specified portfolio of stocks held by the

Fund then comprising the Deposit

Securities and the then applicable Cash

Component. Except when aggregated in

Creation Units, Fund Shares are not

redeemable. The prices at which

creations and redemptions occur are

based on the next calculation of NAV

after an order is received in proper form.

Creations and redemptions must be

made through a firm that is either a

member of the Continuous Net

Settlement System of the National

Securities Clearing Corporation

(‘‘NSCC’’) or a Depository Trust

Company (‘‘DTC’’) participant and, in

each case, must have executed an

agreement with the Distributor with

respect to creations and redemptions of

Creation Unit aggregations (‘‘Participant

Agreement’’). The Trust imposes

transaction fees in connection with

creation and redemption transactions.

Availability of information regarding

fund shares and underlying indices. The

list of names and amount of each

security constituting the current Deposit

Securities, and the Cash Component

effective as of the previous business

day, per outstanding share of the Fund,

is made available each business day. In

addition, an amount representing the

sum of the estimated Cash Component

effective through and including the

previous business day, plus the current

value of the Deposit Securities in U.S.

dollars, on a per share basis is

disseminated every 15 seconds during

the Exchange’s regular trading hours,

through the facilities of the

Consolidated Tape Association

(‘‘CTA’’). The value of the Underlying

Index is updated intra-day on a realtime basis as individual component

securities of the Underlying Index

change in price. These intra-day values

of the Underlying Index are

disseminated every 15 seconds

throughout the trading day. In addition,

a value for the Underlying Index is

disseminated once each trading day,

based on closing prices in the relevant

exchange market.

Federal Register / Vol. 66, No. 28 / Friday, February 9, 2001 / Notices 9733

10The equity securities values included in the

Value are the values of the Deposit Securities,

which are the same as the portfolio that is utilized

generally in connection with creations and

redemptions of the Fund Shares Creation Unit

aggregations on that day. The equity securities

included in the Value reflect the same market

capitalization weighting as the Deposit Securities in

the portfolio for the Fund. In addition to the value

of the Deposit Securities for the Fund, the Value

includes the Cash Component. The Value also

reflects changes in currency exchange rates between

the U.S. dollar and the applicable home foreign

currency.

The Fund makes available on a daily

basis the names and required number of

shares of each of the Deposit Securities

in a Creation Unit aggregation, as well

as information regarding the cashbalancing amount. The NAV for the

Fund is calculated and disseminated

daily. In addition, the Adviser

maintains a web site that provides

information about the returns and

methodology of various indices, which

includes the Underlying Index for the

Fund. The Trust also maintains a web

site that includes the Fund prospectus

and additional quantitative information

that is updated on a daily basis,

including daily trading volume and

closing price for the Fund. There is also

a variety of data disseminated with

respect to the Index on a daily basis by

means of CTA including shares

outstanding and cash amount per

Creation Unit aggregation, which is

made available prior to the opening of

the trading on the Exchange. The

closing prices of the Fund’s Deposit

Securities are readily available from, as

applicable, the relevant exchanges,

automated quotation systems, or on-line

information services such as Bloomberg

or Reuters.

Dissemination of indicative portfolio

value. An updated indicative portfolio

value (‘‘Value’’) for the Fund is

disseminated through the CTA as

calculated by a securities information

provider (‘‘Value Calculator’’). The

Value 10 is disseminated on a per Fund

Share basis every 15 seconds during

regular Exchange trading hours for the

Fund.

The Value may not reflect the value

of all securities included in the

applicable Underlying Index. In

addition, the Value does not necessarily

reflect the precise composition of the

current portfolio of securities held by

the Fund at a particular point in time.

Therefore, the Value on a per Fund

Shares basis disseminated during the

NYSE’s trading hours should not be

viewed as a real-time update of the NAV

of the Fund, which is calculated only

once a day. While the Value that is

disseminated at 9:30 a.m. is expected to

be generally very close to the most

recently calculated NAV on a per Fund

Shares basis, it is possible that the value

of the portfolio of securities held by the

Fund may diverge from the Deposit

Securities Values during any trading

day. In such case, the Value will not

precisely reflect the value of the Fund

portfolio.

However, during the trading day, the

Value can be expected to closely

approximate the value per Fund share of

the portfolio of securities for the Fund

except under unusual circumstances

(e.g., in the case of extensive

rebalancing of multiple securities in the

Fund at the same time by the Advisor).

The circumstances that might cause the

Value to be based on calculations

different from the valuation per Fund

share of the actual portfolio of the Fund

would not be different than

circumstances causing any index fund

or trust to diverge from an underlying

benchmark index.

For the Fund, the Value Calculator

utilizes closing prices (in applicable

foreign currency prices) in the principal

foreign market(s) for securities in the

Fund portfolio, and converts the price to

U.S. dollars. This Value is updated

every 15 second during the NYSE’s

trading hours to reflect change in

currency exchange rates between the

U.S. dollar and the applicable foreign

currency. The Value also includes the

applicable Cash Component for the

Fund. For foreign stocks, the principal

foreign markets that have trading hours

overlapping regular trading hours on the

NYSE, the Value Calculator will update

the applicable Value every 15 seconds

to reflect price changes in the applicable

foreign market or markets, and convert

such prices into U.S. dollars based on

the current currency exchange rate.

When the foreign market or markets are

closed but the NYSE is open, the Value

is updated every 15 seconds to reflect

changes in currency exchange rates after

the foreign markets close.

Trading of Fund Shares on the

Exchange. The Fund will be subject to

the criteria for initial and continued

listing of Index Fund Shares described

in Chapter XXIV–B.

The BSE will require that a minimum

of 100,000 Shares be outstanding when

trading begins at the BSE. This number

of Shares is comparable to the number

of shares outstanding when other Index

Fund Shares began trading on the BSE.

The BSE believes that the proposed

minimum number of Shares required to

be outstanding when trading begins on

the BSE is sufficient to provide market

liquidity and to further the Fund’s

objective to seek to provide investment

results that correspond generally to the

price and yield performance of the

Index.

Fund Shares are registered in bookentry form through the DTC. Trading in

Fund Shares on the BSE will be effected

until 4:00 p.m. each business day. The

minimum trading variation for the Fund

will be $.01 of $1.00.

Dividends from net investment

income will be declared and paid at

least annually by the Fund.

Distributions of realized securities

gains, if any, generally will be declared

and paid at least once a year, but the

Fund may make distributions on a more

frequent basis to comply with

distribution requirements of the Code.

The Fund may make the DTC bookentry Dividend Reinvestment Service

available for use by beneficial owners of

the Fund through DTC Participants for

reinvestment of their cash proceeds.

As an Index Fund Shares, the Fund is

considered a ‘‘security’’ under the Rules

of the Exchange and is subject to all

applicable trading rules, including the

provisions of Chapter II, Section (4) (ITS

‘‘Trade-Throughs and Locked Markets’’),

which prohibit BSE members from

initiating trade-throughs for ITS

securities, as well as rules governing

priority, parity and precedence of

orders, market volatility related trading

halt provisions and responsibilities of

the assigned specialist firm. Exchange

equity margin rules will apply.

The Fund is also subject to the

Exchange’s rule relating to trading halts

due to extraordinary market volatility

(Chapter II, Section 34A), and the

Exchange’s rule which allows Exchange

officials to halt trading in specific

securities, under certain circumstances

(Chapter II, Section 34B). In exercising

the discretion described in Chapter II,

appropriate BSE officials may consider

a variety of factors, including the extent

to which trading is not occurring in a

stock underlying the index and whether

other unusual conditions or

circumstances detrimental to the

maintenance of a fair and orderly

market are present.

The BSE’s surveillance procedures for

the Fund will be similar to the

procedures used for other Index Fund

Shares and will incorporate and rely

upon existing BSE surveillance systems.

The Exchange will issue a circular to

its members and member organizations,

prior to the commencement of trading,

alerting them to the characteristics of

the Fund Shares, including the fact that

Shares are not individually redeemable,

but are redeemable only in Creation

Units. The circular will also confirm

that investors purchasing Fund Shares

will be required to receive a prospectus

prior to or concurrently with the

9734 Federal Register / Vol. 66, No. 28 / Friday, February 9, 2001 / Notices

11 15 U.S.C. 78f(b)(5).

12 15 U.S.C. 78s(b)(3)(A).

13 17 CFR 240.19b–4(f)(6).

14For purposes only of accelerating the operative

date of this proposal, the Commission has

considered the proposed rule’s impact on

efficiency, competition, and capital formation. 15

U.S.C. 78c(f).

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

2 17 CFR 240.19b–4.

3 15 U.S.C. 78s(b)(3)(A)(ii).

4See Securities Exchange Act Release No. 43778

confirmation of a transaction in the

Shares, will inform members that the

procedures for purchases and

redemptions of Shares in Creation Unit

Size are described in the Trust

Prospectus; and will confirm for

members that the Fund Shares are

subject to existing Exchange rules

relating to trading halts. Finally, the

circular will inform members that before

a member, member organization, or

person associated with a member

organization should make a

determination that the Fund is suitable

for the customer and the person making

the recommendation should have a

reasonable basis for believing, at the

time of making the recommendation,

that the customer has such knowledge

and experience in financial matters that

he may reasonably be expected to be

capable of evaluating the risks and the

special characteristics of the

recommended transaction and is

financially able to bear the risks of the

recommended transaction.

2. Statutory Basis.

The BSE believes that the proposed

rule change is consistent with section

6(b)(5)11 of the Act, which requires that

an exchange have rules that are

designed to prevent fraudulent and

manipulative acts and practices, to

promote just and equitable principles of

trade, to foster cooperation and

coordination with persons engaged in

regulating, clearing, settling, processing

information with respect to; and

facilitating transactions in securities; to

remove impediments to and perfect the

mechanism of a free and open market

and a national market system, and, in

general, to protest investors and the

public interest.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange believes that the

proposed rule change does not impose

any burden on competition that is not

necessary or appropriate in furtherance

of the purposes of the Act. The BSE

seeks to trade issues already trading on

another exchange and believes that this

increased competition among markets

can benefit investors.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants or Others

The BSE has neither solicited nor

received any written comments on the

proposed rule change.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Because the foregoing proposed rule

change: (1) Does not significantly affect

the protection of investors or the public

interest: (2) does not impose any

significant burden on competition; and

(3) does not become operative for 30

days from the date of filing, or such

shorter time as the Commission may

designate if consistent with the

protection of investors and the public

interest; provided that the BSE has

given notice of its intent to file the

proposed rule change, along with a brief

description and text of the proposed

rule change, at least five business days

prior to the date of filing the rule

change, or such shorter time as

designated by the Commission, the

proposed rule change has become

effective pursuant to section 19(b)(3)(A)

of the Act 12 and Rule 19b–4(f)(6)

thereunder.13

A proposed rule change filed under

Rule 19b–4(f)(6) may not become

operative prior to 30 days after the date

of filing. However, Rule 19b–4(f)(6)iii)

permits the Commission to designate a

shorter time if such action is consistent

with the protection of investors and the

public interest. The BSE seeks to have

the proposed rule change become

operative on February 2, 2001, in order

to allow the BSE to immediately trade,

pursuant to unlisted trading privileges,

shares of S&P Global 100 Index. The

Shares are already being traded on the

NYSE.

The Commission believes that it is

consistent with the protection of

investors and the public interest that the

proposed rule change becomes operative

immediately as of February 2, 2001.14 At

any time within 60 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,

including whether the proposed rule

change is consistent with the Act.

Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, N.W.,

Washington, D.C. 20549–0609. 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

Room. Copies of such filing will also be

available for inspection and copying at

the principal office of the BSE.

All submissions should refer to File

No. SR–BSE–00–21 and should be

submitted by March 2, 2001.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.15

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–8010 Filed 2–8–01; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–43924; File No. SR–CHX–

01–04]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Chicago Stock Exchange, Incorporated

Relating to Membership Dues and Fees

February 5, 2001.

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

Securities Exchange Act of 1934

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on January

30, 2001, 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 Exchange.

The Exchange has designated this

proposal as one establishing or changing

a due, fee, or other charge imposed by

the CHX under Section 19(b)(3)(A)(ii) of

the Act,3 which renders the proposal

effective upon filing with the

Commission. The Commission is

publishing this notice to solicit