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

Federal Register / Vol. 66, No. 28 / Friday, February 9, 2001 / Notices 9735

2 17 CFR 240.19b–4.

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

4See Securities Exchange Act Release No. 43778

(December 28, 2000), 66 FR 1164 (January 5, 2001)

(SR–CHX–00–38).

9 17 CFR 200.30–3(a)(12).

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

2 17 CFR 240.19b–4.

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 its

membership dues and fees schedule (the

‘‘Schedule’’), retroactive to January 1,

2001, to reinstate a monthly cap on

transaction fees of $.40 per 100 average

monthly gross round lot shares. The text

of the proposed rule change is below.

Proposed new language is in italics.

Membership Dues and Fees

* * * * *

F. Transaction and Order Processing

Fees

4. Transaction Fees

a.–g. No change to text.

h. Effective January 1, 2001, monthly

maximums for fees:

(1) Maximum monthly transaction

fees for orders sent via MAX: $7,000;

(2) Maximum monthly transaction fee

for transactions in NASDAQ/NMS

Securities: $110,000;

(3) Maximum monthly transaction fee

for transactions in Dual Trading System

Securities: $110,000;

(4) Maximum monthly transaction

fees shall not exceed the lesser of that

specified in (1), (2) or (3) above, or $.40

per 100 average monthly gross round lot

shares.

* * * * *

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

Exchange 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

Exchange has prepared summaries, set

forth in Sections A, B, and C below, of

the most significant aspects of such

statements.

A. Self-Regulatory Organizations’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

1. Purpose

On December 18, 2000, the Exchange

filed a proposed rule change to amend

the Schedule in several ways.4 Among

other things, the proposal made changes

to the CHX’s transaction fee structure

by: (a) Setting a flat per share fee,

instead of a graduated fee based on the

number of shares traded, for agency

transactions in certain securities that are

executed through a floor broker; (b)

raising the current caps on transaction

fees paid by member firms; and (c)

reorganizing the Schedule to include all

of its transaction fees in the same place.

In the course of making these changes,

the Exchange inadvertently omitted one

of the monthly caps on transaction fees.

The Exchange has instituted several fee

caps, including dollar-valued caps on

transactions sent through the CHX’s

MAX system and on transactions in

both Nasdaq/NMS and Dual Trading

System securities.5 The cap to be

reinstated through this proposal

provides an additional ceiling on those

fees by ensuring that a member’s

maximum monthly transaction fees will

not exceed $.40 per 100 average

monthly gross round lot shares, if this

calculation results in a lower fee

payment.

2. Statutory Basis

The Exchange believes the proposed

rule change is consistent with Section

6(b)(4) of the Act 6 in that it provides for

the equitable allocation of reasonable

dues, fees and other charges among its

members.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange does not believe that

the proposed rule change will impose

any inappropriate burden on

competition.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants, or Others

No written comments were solicited

or received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The proposed rule change has become

effective pursuant to Section

19(b)(3)(A)(ii) of the Act 7 and

subparagraph (f)(2) of Rule 19b–4

thereunder,8 because it involves a due,

fee, or other charge. At any time within

60 days of the filing of the proposed rule

change, the Commission may summarily

abrogate such 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 proposal is

consistent with the Act. Persons making

written submissions should file six

copies thereof with the Secretary,

Securities and Exchange Commission,

450 Fifth Street, NW., Washington, DC

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 in

the Commission’s Public Reference

Room. Copies of such filing will also be

available for inspection and copying at

the principal office of the Exchange. All

submissions should refer to file number

SR–CHX–01–04, and should be

submitted by March 2, 2001.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.9

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–3363 Filed 2–8–01; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–43922; File No. SR–ISE–

00–22]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

International Securities Exchange LLC,

Relating to Market Maker Financial

Requirements

February 2, 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 November

28, 2000, the International Securities

Exchange LLC (‘‘Exchange’’ or ‘‘ISE’’)

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 Exchange.

The Commission is publishing this