The Options Clearing Corporation proposes to amend its by-laws as set forth below. Underlining indicates material proposed to be added to the by-laws as currently in effect.
Brackets indicate material proposed to be deleted from the by-laws as currently in effect.
The proposed rule change was approved by the Board of Directors of OCC at a meeting held on September 26, 2000. The by-law is amended to allow the Board or a committee thereof to approve the investment of OCC funds in other securities or financial instruments. This change permits portfolio diversification and allows OCC to hedge its obligations under stock-based compensation plans. Self-Regulatory Organization's Statement on Burden on Competition OCC does not believe that the proposed rule change would impose any burden on competition. The proposed rule change is not based on a rule of another self-regulatory organization or of the Commission.