[Federal Register Volume 60, Number 2 (Wednesday, January 4, 1995)]
[Notices]
[Pages 515-516]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-25]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-35142; File No. SR-Amex-94-58]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the American Stock Exchange,
Inc. Relating to Its Options Floor Brokerage Fee and Bond Charge
December 23, 1994.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''), 15 U.S.C. Sec. 78s(b)(1), notice is hereby given that on
December 14, 1994, the American Stock Exchange, Inc. (``Amex'') or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'' or ``SEC'') 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 Amex proposes to increase two charges imposed on members and
member organizations--its options floor brokerage fee and its bond
charge. The schedule of fee changes is available at the Office of the
Secretary, Amex, and at 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 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 proposes to increase two charges imposed on members
and member organizations--its options floor brokerage fee and its bond
charge. The options floor brokerage fee payable by clearing firms of
$.015 per contract side for all customer and non-market making member
firm principal activity would be increased to $.03. The bond charge of
$.00005 (per dollar face value of the bond) on bonds up to a face value
of $1 million would be increased to $.0001 (per dollar face value on
the bond) with no cap on the face value of the bond. In addition, the
charge, previously imposed only on corporate bonds, would now be
imposed on government bonds as well. These two fee increases are
scheduled to take effect on January 3, 1995.
2. Statutory Basis
The fee change is consistent with Section 6(b) of the Act in
general and furthers the objectives of Section 6(b)(4) in particular in
that it is intended to assure the equitable allocation of reasonable
dues, fees and other charges among members, issuers and other persons
using the Exchange's facilities.
B. Self-Regulatory organization's Statement on Burden on Competition
The fee change will impose no 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
fee 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. 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, N.W., 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
[[Page 516]] 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. Sec. 552, will be available
for inspection and copying at the Commission's Public Reference
Section, 450 Fifth Street, N.W., Washington, D.C. 20549. Copies of such
filing will also be available for inspection and copying at the
principal office of the Amex. All submissions should refer to File No.
SR-Amex-94-58 and should be submitted by January 25, 1995.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-25 Filed 1-3-95; 8:45 am]
BILLING CODE 8010-01-M
