[Federal Register Volume 60, Number 199 (Monday, October 16, 1995)]
[Notices]
[Pages 53651-53652]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-25551]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-36349; File No. SR-CBOE-95-53]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the Chicago Board Options
Exchange, Incorporated Relating to Monthly Fees for the Use of Optional
ILX Features by its Members
October 6, 1995.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on September 5, 1995, the
Chicago Board Options Exchange, Incorporated (``CBOE'' 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.
\1\ 15 U.S.C. 78s(b)(1) (1988).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The CBOE proposes to establish, in addition to the existing monthly
fee paid by CBOE members who install and use the basic ILX/WDN PC
terminal package \2\ in their floor booth locations, monthly fees for
the use of optional ILX features by such members.
\2\ The ILX/WDN terminals use Windows-based software and include
an ILX window for the display of market data, and a CBOE WDN window
for internal CBOE displays and functions. See Securities Exchange
Act Release No. 33983 (May 6, 1994), 59 FR 23756.
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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
In 1994, the Commission approved the CBOE's establishment of a
monthly $350 fee per terminal to members who install the ILX/WDN PC
terminal at their floor booth locations and use the ILX basic package
or features.\3\ The ILX/WDN PC terminal uses Windows-based software and
includes an ILX window for display of market data and a CBOE WDN window
for internal CBOE displays and functions.
\3\ See Securities Exchange Act Release No. 33983 (April 29,
1994), 59 FR 23756.
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The CBOE proposes to establish new monthly fees which will allow
members to access one or more optional ILX news, market data and
informational features that are not included in the basic ILX package.
The new fees will be outlined in detail in a Regulatory Circular which
will be issued to the Exchange's membership. A number of the optional
ILX features have been available since June 1994, while other optional
ILX data services have just recently been introduced.\4\ After a member
notifies the CBOE's Trading Operations Department of the optional
feature(s) requested for a designated floor booth ILX/WDN PC
terminal(s), ILX will switch on the chosen feature(s) or
``entitlement(s)'' from a remote location to enable the CBOE member's
terminal(s) to receive the data.
\4\ The Commission notes that the CBOE's proposal only is
applicable to fees collected after the date of effectiveness of its
proposal, and not to any fees collected prior to such date.
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The CBOE believes that its proposal is consistent with Section
6(b)(4) of the Act in that it is designed to provide for the equitable
allocation of reasonable dues, fees, and other charges among CBOE
members and other persons using CBOE facilities.
(B) Self-Regulatory Organization's Statement on Burden on Competition
The CBOE believes that the proposed rule 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
Written comments on the proposed rule change were neither solicited
nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change establishes a due, fee, or other
charge imposed by the Exchange, it 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 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 in the
Commission's Public Reference Section, 450 Fifth Street, N.W.,
Washington, D.C. 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 File No.
SR-CBOE-95-53 and should be submitted by November 6, 1995.
[[Page 53652]]
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\5\
\5\ 17 CFR 200.30-3(a)(12) (1994).
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Jonathan G. Katz,
Secretary.
[FR Doc. 95-25551 Filed 10-13-95; 8:45 am]
BILLING CODE 8010-01-M
