[Federal Register Volume 59, Number 6 (Monday, January 10, 1994)]
[Notices]
[Pages 1409-1410]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-430]
[[Page Unknown]]
[Federal Register: January 10, 1994]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-33410; File No. SR-Phlx-93-62]
Self-Regulatory Organizations; Filing and Immediate Effectiveness
of Proposed Rule Change by the Philadelphia Stock Exchange, Inc.
Relating to a Discount of its Transaction, Comparison and Floor
Brokerage Transaction and Assessment Fees for November 29, 1993 to
December 31, 1993
January 4, 1994.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''), 15 U.S.C. 78s(b)(1), notice is hereby given that on December
20, 1993, 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 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 Phlx proposes to discount its transaction, comparison and floor
brokerage transaction and assessment fees encompassing all transactions
executed on the Phlx in equities, equity options, index options and
foreign currency options on the Phlx for the billing cycle beginning
settlement date November 29, 1993, to settlement date December 31,
1993. The discount shall be a 33 percent reduction across-the-board for
all fees, charges and assessments as described above.\1\
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\1\The Phlx proposes to discount the following fees, charges and
assessments: Equity Transaction Value Charge; Equity Floor Brokerage
Assessment; Equity Floor Brokerage Transaction Fee; Option
Comparison Charge; Option Transaction Charge; Option Floor Brokerage
Assessment; Floor Brokerage Transaction Fee; Option Comparison
Charge; Option Transaction Charge; Option Floor Brokerage
Assessment; Floor Broker Transaction Fee; Option Comparison Charge;
Option Transaction Charge; Option Floor Brokerage Assessment; Floor
Broker Transaction Fee; Option Comparison Charge; Option Transaction
Charge; Option Floor Brokerage Assessment; Floor Broker Transaction
Fee; and Volume Discount For Currency Option Transaction Charge
Activity.
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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
1. Purpose
The Exchange seeks to discount its transaction, comparison and
floor brokerage transaction and assessment fees encompassing all
transactions executed on the Phlx in equities, equity options, index
options and foreign currency options on the Phlx for the billing cycle
beginning settlement date November 29, 1993, to settlement date
December 31, 1993. The discount shall be a 33 percent reduction across-
the-board for all fees, charges and assessments as described above for
the limited period from November 29, 1993, to December 31, 1993 (Phlx's
final month's billing cycle) in recognition of record volume and cost
efficiencies anticipated to continue through December. In this regard,
discounts will not apply to non-transaction related fees and charges
such as the floor facilities fees, booth and post rental fees, as well
as membership dues, etc.
2. Statutory Basis
The proposed rule change is consistent with Section 6(b)(4) of the
Act in that it provides for the equitable allocation of reasonable fees
and other charges among members using its facilities. The proposed fee
schedule change also aligns service fees more closely to the cost of
providing those services.
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 that is not necessary or appropriate
in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received from Members, Participants or Others
Comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing
for Commission Action
The foregoing rule change establishes or changes a due, fee or
other charge imposed by the Exchange and therefore has become effective
pursuant to section 19(b)(3)(A) of the Act and subparagraph (e) of Rule
19b-4 thereunder. At any time within 60 days of the filing of such
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. Persons making written submissions
should file six copies thereof with the Secretary, Securities and
Exchange Commission, 450 Fifth Street, NW., Washington, DC 20549.
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 the filing will also be
available for inspection and copying at the principal office of the
Phlx. All submissions should refer to File No. SR-Phlx-93-62 and should
be submitted by January 28, 1994.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-430 Filed 1-7-94; 8:45 am]
BILLING CODE 8010-01-M
