10334 Federal Register / Vol. 66, No. 31 / Wednesday, February 14, 2001 / Notices

10 In approving this proposal, the Commission has

considered the proposed rule’s impact on

efficiently, competition, and capital formation. 15

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

12 15 U.S.C. 78s(b)(2).

13 17 CFR 200.30–3(a)(12).

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

2 17 CFR 240.19b–4.

all instances where ABP is not

operational.

III. Discussion

After careful review, the Commission

finds that the proposed rule change is

consistent with the requirements of the

Act and the rules and regulations

thereunder applicable to a national

securities exchange.10 In particular, the

Commission believes that the proposal

is consistent with Section 6(b)(5) of the

Act,11 which requires, among other

things, that the rules of an exchange be

designed to promote just and equitable

principles of trade, to remove

impediments to and perfect the

mechanism of a free and open market,

and to protect investors and the public

interest.

Under the proposal, in those options

classes where ABP is in place, if an

incoming RAES order is larger than the

booked order establishing the

Exchange’s best price, the RAES order

would be executed against the booked

order. The remainder of the RAES order

no longer would be executed in its

entirety at the book price against

market-makers participating on RAES.

Rather, only the amount of that order up

to the Book Price Commitment Quantity

would be executed in this manner.

Thereafter, if any portion of the RAES

order remains unfilled, the balance of

the order will be executed at the next

prevailing bid or offer, i.e., the book

price or the Autoquote price. If the

Autoquote system is not in effect, the

remainder of the RAES order would be

routed to the crowd PAR terminal for

execution, whether against the book or

competing members of the trading

crowd.

The Commission notes that the

proposed rule change would continue to

permit limit orders in the Exchange’s

book to trade against RAES orders.

RAES orders, on the other hand, would

be permitted to trade against orders in

the book up to the applicable book size,

and thereafter up to the new Book Price

Commitment Quantity at the book price,

with market-makers participating on

RAES taking the opposite side of such

transactions. Any portion of the RAES

order remaining thereafter would be

executed at the best price available,

whether from the book, Autoquote, or

the trading crowd. In addition, CBOE

will attach a ‘‘Book Indicator’’ to its

disseminated quote to indicate to

persons entering orders on RAES that

their orders may be subject to a splitprice execution. Therefore, firms

sending orders to RAES should have

notice that the displayed quote may not

be good for the full RAES-eligible size,

and instead would be executed at the

prevailing quote up to the Book Price

Commitment Quantity only. The

Commission finds that these procedures

are consistent with the Act.

The Commission further finds that the

proposed revisions to Interpretation .04

of Rule 6.8 are proper. These changes

are meant to parallel the abovedescribed modifications to the ABP

system in options classes where ABP

has not been implemented. The

Commission further believes that the

CBOE’s proposal to extend the

application of Interpretation and Policy

.04 to situations where ABP is not

operational, such as in the case of a fast

market or an operational failure, is also

proper. The procedures to be employed,

as outlined above, would thus be

applied to all classes of options,

whether ABP is in effect or not, thereby

promoting uniformity of execution

procedures in all classes of options.

Finally, the Commission finds good

cause for approving Amendment No. 2

prior to the thirtieth day after the date

of publication of notice thereof in the

Federal Register. In Amendment No. 2,

the CBOE merely clarified the text of the

proposed change to Interpretation and

Policy .04, to reflect that where ABP is

not in operation, the trading crowd is

required to execute re-routed orders at

the book price up to, and not in addition

to, the Book Price Commitment

Quantity. This confirms the

Interpretation to the revised rule text.

Therefore, the amendment did not

substantively alter the proposal.

IV. Solicitation of Comments

Interested persons are invited to

submit written data, views and

arguments concerning Amendment No.

2, including whether Amendment No. 2

is consistent with the Act. Persons

making written submissions should be

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 CBOE. All

submissions should refer to File No.

SR–CBOE–00–21 and should be

submitted by March 7, 2001.

V. Conclusion

For the foregoing reasons, the

Commission finds that CBOE’s proposal

to amend its rules governing the

operation of its RAES system to provide

for split-price executions under the

Automatic Book Priority System, as

amended, is consistent with the

requirements of the Act and rules and

regulations thereunder.

It is therefore ordered, pursuant to

Section 19(b)(2) of the Act,12 that the

proposed rule change (SR–CBOE–00–

21), as amended, is approved.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.13

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–3683 Filed 2–13–01; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–43931; File No. SR–Phlx–

00–109]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Philadelphia Stock Exchange, Inc.

Amending Eligibility to Impose Fees

for Computer Equipment Services,

Repairs or Replacements and

Relocation of Computer Equipment on

Foreign Currency Options Participants

on the Currency Options Trading

Floor, While Exempting Track Balls

from Fee Schedule Coverage

February 6, 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 2,

2001, the Philadelphia Stock Exchange,

Inc. (‘‘Phlx’’ 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 Commission is publishing this

notice to solicit comments on the

Federal Register / Vol. 66, No. 31 / Wednesday, February 14, 2001 / Notices 10335

3Currently, all members on the Exchange’s

options and equity members on the options and

equity trading floors pay a fee for (1) computer

equipment services, repairs, or replacements and (2)

member-requested relocation of computer

equipment. See Securities Exchange Act Release

No. 43081 (SR–Phlx–00–53) (July 27, 2000).

4A fee will not be charged for new installation

of computer equipment.

5Some component of this amount may reflect

Pennsylvania sales tax.

6This proposed fee will apply to all such requests

with no distinction between intentional abuse or

normal wear and tear due to the difficulties

associated with categorizing the types of repairs.

7The majority of calls are from members on

equity trading floors. The lower percentage, of FCO

repair requests is due to the relatively small number

of computers and computer related equipment in

use on the FCO trading floor as compared to the

options and equity trading floors.

8For example, if two individuals take two hours

to relocate a work station, the member will be

charged $100 for the service call, plus $300 for

moving the equipment ($75 × four (two people ×

two hours)). Again, some component of this amount

may reflect Pennsylvania sales tax.

proposed rule change from interested

persons.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

Phlx pursuant to Rule 19b–4 of the

Act, proposes to adopt fees 3 for (1)

computer equipment services, repairs or

replacements on the Foreign Currency

Options (‘‘FCO’’) trading floor and (2)

FCO participant-requested relocation of

computer equipment.4 Additionally, the

Exchange proposes to exempt track ball

repairs and replacements from the

computer equipment services, repairs or

replacements fees for both members and

FCO participants.

The text of the proposed rule change

is available at the Office of the

Secretary, the PCX, and 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

Phlx 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 Phlx 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

The purpose of the proposed rule

change is to amend the Phlx’s fee

schedule for (1) FCO computer

equipment services, repairs, or

replacements and (2) FCO participantrequested relocation of computer

equipment, while exempting track ball

repairs or replacements from the

computer equipment services, repairs

and replacement fees.

First, the Exchange proposes to

impose a fee on participants on the FCO

trading floor for computer equipment

services, repairs or replacements on the

trading floors. Specifically, the Phlx will

extend, to the foreign currency options

trading floor, charges currently imposed

on members such that $100 will be

charged for every service call plus $75

an hour, with a minimum of two hours

charged per service call.5 The Exchange

staff anticipates that the majority of

computer services, repairs or

replacements will be completed within

two hours. Participants will not be

billed for computer equipment services,

repairs or replacements when new or

refurbished equipment fails in the

normal and customary manner of usage

within 30 days of installation. In

addition, participants will not be

charged for repairing system-wide

problems, rebooting central processing

units and adjusting cables or replacing

certain extension cables.

These charges are intended to defray

the cost of servicing, repairing or

replacing computer equipment on the

FCO trading floor, as well as to

encourage care in using the computer

equipment.6 The Exchange receives a

small percentage of calls for computer

equipment services, repairs or

replacements from participants on the

FCO trading floor.7

Second, the Exchange proposes to

adopt a fee substantially similar to that

currently imposed on members for an

FCO participant-requested relocation of

a FCO participant’s workstation or any

other piece of their computer equipment

on the FCO trading floor. The charges

will consist of a $100 service fee plus

$75 per hour per person moving the

equipment, with a minimum of two

hours charged for each relocation

request.8

The post/equipment relocation fee

should assist in defraying the costs

associated with the moving of computer

equipment. FCO participant-requested

relocations on the trading floor are very

time-consuming and costly because

nearly all relocations take place after

business hours or on the weekends.

At this time, Exchange staff and

members trading floor personnel should

complete a pre-printed form prior to

requesting repair or relocation service.

A notice describing the equipment

repair procedures was sent to all floor

members prior to the implementation of

the fee on equity and options floor

members, and notice will be given to

FCO participants as well.

Under the current fee that is applied

to members on equity and options

trading floor, the Exchange staff had the

opportunity to review the procedures

relating to computer equipment

services, repairs, replacements and

relocations, which include instructions

to members and Exchange staff as to

where the service request forms will be

located, directions as to how to

complete the form, and which

department is required to forward the

forms to the accounting department.

The procedures also include a provision

that states that members will not be

billed for computer equipment services,

repairs or replacements when new or

refurbished equipment fails in the

normal and customary usage within 30

days of installation. These same

procedures will now be followed for

computer-related requests received from

FCO participants. The procedures

described above have proven to be an

effective way to administer these

requests, including the billing of fees,

and should continue to allow for the

efficient handling of computer

equipment services, repairs or

replacement and member/participant

requested relocation of computer

equipment while exempting repairs and

replacements of track ball equipment.

The Exchange has determined to exempt

repairs and/or replacements for track

ball devices from the computer

equipment service fees as regular and

recurring maintenance of these essential

peripheral devices is necessary in the

ordinary course of business operations.

The Exchange has determined that the

fees for computer equipment services,

repairs or replacements (exempting

track ball equipment) and relocation of

computer equipment that are charged

are appropriate and reflect the costs for

these services that are incurred by the

Exchange. The minimum charge of $250

per service call for computer equipment

services, repairs, replacements or

relocations reasonably approximates the

average costs for these services.

However, the minimum charge may not

cover all the costs involved in repairing,

servicing and relocating computer

equipment. Members and FCO

participants will continue to be billed

on a monthly basis for these charges.

2. Statutory Basis

The Exchange believes that its

proposal to amend its schedule of dues,

fees and charges to impose a fee for

10336 Federal Register / Vol. 66, No. 31 / Wednesday, February 14, 2001 / Notices

9 15 U.S.C. 78f(b).

10 15 U.S.C. 78f(b)(4).

11 15 U.S.C. 78s(b)(3)(A).

12 17 CFR 240.19b–4(f)(2). 13 17 CFR 200.30–3(a)(12).

computer equipment services, repairs or

replacements (while exempting track

ball equipment repairs or replacements)

and a fee for member/participantrequested relocation of computer

equipment is consistent with Section

6(b) 9 of the Act, in general, and Section

6(b)(4) of the Act,10 in particular,

because it provides for the equitable

allocation of reasonable dues, fees and

other charges among its members and

other persons using its facilities.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange does not believe that

the proposed rule change will impose

any burden on competition.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received from

Members, Participants, or Others

Written comments were neither

solicited nor received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Because the foregoing rule change

establishes or changes a due, fee, or

other charge imposed by the Exchange,

it has become effective pursuant to

Section 19(b)(3)(A) 11 of the Act and

subparagraph (f)(2) of Rule 19b–4 12

thereunder. 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 also will be

available for inspection and copying at

the principal office of the Phlx. All

submissions should refer to File No.

SR–Phlx–00–109 and should be

submitted by March 7, 2001.

For the Commission, by the Division

of Market Regulation, pursuant to

delegated authority.13

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–3682 Filed 2–13–01; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

Future Value Ventures, Inc. License

No. 05/05–5198; Notice of Surrender of

License

Notice is hereby given that Future

Value Ventures, Inc., 2745 N. Martin L.

King Drive, Milwaukee, Wisconsin

53212, has surrendered their license to

operate as a small business investment

company under the Small Business

Investment Act of 1958, as amended

(the Act). Future Value Ventures, Inc.

was licensed by Small Business

Administration on November 9, 1984.

Under the authority vested by the Act

and pursuant to the Regulations

promulgated thereunder, the surrender

was accepted on this date, and

accordingly, all rights, privileges, and

franchises derived therefrom have been

terminated.

(Catalog of Federal Domestic Assistance

Program No. 59.11, Small Business

Investment Companies)

Dated: January 30, 2001.

Harry Haskins,

Acting Associate Administrator for

Investment.

[FR Doc. 01–3405 Filed 2–13–01; 8:45 am]

BILLING CODE 8025–01–P

DEPARTMENT OF STATE

[Public Notice 3574]

Culturally Significant Objects Imported

for Exhibition Determinations:

‘‘Kandinsky and Abstraction in

Russia’’

AGENCY: United States Department of

State.

ACTION: Notice

SUMMARY: Notice is hereby given of the

following determinations: Pursuant to

the authority vested in me by the Act of

October 19, 1965 (79 Stat. 985, 22 U.S.C.

2459), the Foreign Affairs Reform and

Restructuring Act of 1998 (112 Stat.

2681, et seq.), Delegation of Authority

No. 234 of October 1, 1999, and

Delegation of Authority No. 236 of

October 19, 1999, as amended, I hereby

determine that the objects to be

included in the exhibition ‘‘Kandinsky

and Abstraction in Russia,’’ imported

from abroad for the temporary

exhibition without profit within the

United States, are of cultural

significance. The objects are imported

pursuant to a loan agreement with the

foreign lender. I also determine that the

exhibition or display of the exhibit

objects at the Museo de Arte de Puerto

Rico, San Juan, Puerto Rico, from on or

about March 3, 2001 to on or about May

14, 2001, is in the national interest.

Public Notice of these Determinations is

ordered to be published in the Federal

Register.

FOR FURTHER INFORMATION CONTACT: For

further information, including a list of

the exhibit objects, contact Carol

Epstein, Attorney-Adviser, Office of the

Legal Adviser, U.S. Department of State

(telephone: 202/619–6981). The address

is U.S. Department of State, SA–44, 301

4th Street, S.W., Room 700, Washington,

D.C. 20547-0001.

Dated: February 8, 2001.

Helena Kane Finn,

Acting Assistant Secretary for Educational

and Cultural Affairs, United States

Department of State.

[FR Doc. 01–3861 Filed 2–13–01; 8:45 am]

BILLING CODE 4710–08–P

STATE JUSTICE INSTITUTE

Sunshine Act Meeting

DATE: Friday, March 2, 2001, 9 a.m.–5

p.m.

PLACE: 1650 King Street, Suite 600,

Alexandria, VA 22314.

MATTERS TO BE CONSIDERED:

Consideration of proposals submitted

for Institute funding and internal

Institute business.

PORTIONS OPEN TO THE PUBLIC:

Consideration of proposals submitted

for Institute funding.

PORTIONS CLOSED TO THE PUBLIC:

Discussion of internal personnel

matters.

CONTACT PERSON: David Tevelin,

Executive Director, State Justice