[Federal Register Volume 59, Number 196 (Wednesday, October 12, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-25254]
[[Page Unknown]]
[Federal Register: October 12, 1994]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-34798; International Series Release No. 726; File No.
SR-PHLX-94-47]
Self-Regulatory Organizations; Notice of Filing of Proposed Rule
Change by the Philadelphia Stock Exchange, Inc., Relating to Amendment
to Foreign Currency Option Trading Hours
October 6, 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
September 22, 1994, the Philadelphia Stock Exchange, Inc. (``PHLX'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' OR ``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
Currently, PHLX Rule 101, ``Hours of Business,'' provides that the
foreign currency option (``FCO'') trading session will be conducted
between 1:30 a.m. and 2:30 p.m. each business day. The PHLX proposes to
amend PHLX Rule 101 to provide that FCO trading will be conducted
between 2:30 a.m. and 2:30 p.m. each business day. Thus, the PHLX will
move the opening of FCO trading from 1:30 a.m. to 2:30 a.m. Eastern
time (``ET'') for all PHLX-listed FCOs except the Canadian dollar,
which will continue to commence trading at 7:00 a.m. ET each business
day.
The text of the proposal is available at the Office of the
Secretary, PHLX, 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
According to the PHLX, the Exchange's FCO trading hours for the
last nine months have commenced at 1:30 a.m. ET each Monday through
Friday and terminated at 2:30 p.m. ET on the afternoon of each trading
day. The PHLX states that over the past nine months, less than one
percent of the PHLX's FCO volume was generated during the 1:30 a.m. ET
to 2:30 a.m. ET time period. Upon the recommendation of the Exchange's
FCO Committee, a standing committee of the Board of Governors
(``Board''), the Board approved the proposed adjustment in trading
hours to change the commencement of FCO trading from 1:30 a.m. ET to
2:30 a.m. ET. The proposal is designed to ease the staffing burden on
current registered FCO specialist units as well as floor brokerage
units and registered option trader firms. The PHLX proposes to
implement the adjusted 2:30 a.m. ET commencement of FCO trading on
October 31, 1994, to coordinate with the resumption of trading during
Eastern Standard time, as October 30, 1994, will mark the end of
Eastern Daylight savings time.
The PHLX believes that the proposed rule change is consistent with
Section 6 of the Act, in general, and, in particular, with Section
6(b)(5), in that it is designed to further promote the mechanism of a
free and open market and to protect investors and the public interest.
(B) Self-Regulatory Organization's Statement on Burden on Competition
The PHLX does not believe that the proposed rule change will impose
any inappropriate 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 either solicited or received at the time
of the filing.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reason for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(a) by order approve such proposed rule change, or (b) institute
proceedings to determine whether the proposed rule change should be
disapproved.
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 Section, 450 Fifth Street NW.,
Washington, DC. Copies of such filing will also be available for
inspection and copying at the principal office of the above-mentioned
self-regulatory organization. All submissions should refer to the file
number in the caption above and should be submitted by November 2,
1994.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\1\
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\1\17 CFR 200.30-3(a)(12) (1993).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-25254 Filed 10-11-94; 8:45 am]
BILLING CODE 8010-01-M
