[Federal Register Volume 61, Number 15 (Tuesday, January 23, 1996)]
[Notices]
[Pages 1801-1802]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-838]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-36716; File No. SR-BSE-95-17]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the Boston Stock Exchange,
Inc. Relating to Amendments to Its Transaction Fee Schedule
January 16, 1996.
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
19, 1995, the Boston Stock Exchange, Inc. (``BSE'' 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 Exchange seeks to amend, as of January 1996 trading, its fee
schedule pertaining to transaction fees. The text of the proposed rule
change is as follows [new text is italicized; deleted text is
bracketed]:
Transaction Fees
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(1) [Credits........................................... $1.50 per trade.
BSE non-self-directed market orders 100 to
2,500 shares inclusive.
Credit is limited to total monthly
transaction fees.
(2)] Trade Recording and Comparison Charges
[BSE single-sided executions up to and No charge].
including 5,000 shares.
[ BSE cross trade executions up to and No charge.
including 2,000 shares] All BSE executions up to
and including 2,500 shares.
All BSE single-sided executions from 2,501- No charge.
5,000 shares.
* * * * * *
*
[(3)](2) Value Charges
[BSE single-sided executions up to and $.20 per 100 shares].
including 5,000 shares.
BSE non-self-directed market and marketable limit No charge.
executions up to and including 2,500 shares.
[BSE cross trade executions up to and $.20 per 100 shares.
including 2,000 shares] All other BSE executions
up to and including 2,500 shares.
All BSE single-sided executions from 2,501 $.20 per 100 shares.
to 5,000 shares.
* * * * * *
*
(3) Floor Broker Cross Trade Discounts
First 200 cross trades per month.......... Charge on both trade sides.
Next 200 cross trades per month........... Charge on one trade side.
Over 400 cross trades per month........... Charge on \1/2\ of one trade side.
* * * * * *
*
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[[Page 1802]]
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 purpose of the proposed rule change is to amend the Exchange's
Transaction Fee Schedule in order to capitalize on the competitive
niches that the Exchange currently enjoys and to improve the Exchange's
competitive position in the overall marketplace. The Exchange plans to:
(1) Eliminate the existing market order credit; (2) eliminate all
transaction fees on BSE executed, non-self-directed, market and
marketable limit orders up to and including 2,500 shares; and (3)
implement a discount schedule for floor broker entered cross trades.
2. Statutory Basis
The statutory basis for this proposal is Section 6(b)(4) of the
Act.\1\
\1\ 15 U.S.C. 78f(b)(4).
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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
No written comments were solicited or received with respect to the
proposed rule change.
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.\2\ 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.
\2\ 15 U.S.C. 78s(b)(3)(A) and 17 CFR 19b-4(e).
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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, D.C. 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 Section, 450 Fifth Street, NW.,
Washington, D.C. 20549. 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 No. SR-BSE-95-17 and should be
submitted by February 13, 1996.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-838 Filed 1-22-96; 8:45 am]
BILLING CODE 8010-01-M
