[Federal Register Volume 60, Number 204 (Monday, October 23, 1995)]
[Notices]
[Pages 54394-54395]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-26183]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-36375; File No. SR-CHX-95-22]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the Chicago Stock Exchange,
Incorporated Related to a Technical Correction to Rule 16 of Article
XXXIV
October 16, 1995.
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 28, 1995, the Chicago Stock Exchange, Incorporated (``CHX''
or ``Securities'')
[[Page 54395]]
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. On
October 10, 1995 the Exchange submitted Amendment No. 1 to the proposed
rule change.\1\ The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
\1\ See letter from David Rusoff, Foley & Lardner, to Glen
Barrentine, Senior Counsel, SEC, dated October 3, 1995. Amendment
No. 1 corrects the original filing by referencing Rule 16 of Article
XXXIV as the rule being amended in the filing.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange, pursuant to Rule 19b-4 of the Act, proposes to make a
technical correction to Rule 16 of Article XXXIV of the CHX's rules
relating to the utilization of exempt credit by market makers.
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 change is to make a technical change to
Interpretations and Policies .02, Rule 16, Article XXXIV. Presently,
Interpretations and Policies .02 to Rule 16 of Article XXXIV
incorrectly indicates that the Best System is described in Rule 34 of
Article XX.\2\ The Best System is actually described in Rule 37 of
Article XX. This proposed rule change corrects the incorrect cross-
reference.
\2\ The BEST System specifies certain conditions under which
Exchange specialists are required to accept and guarantee executions
of market and limit orders.
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2. Statutory Basis
The proposed rule change is consistent with Section 6(b)(5) of the
Act\3\ in that it is designed to promote just and equitable principles
of trade, to remove impediments to and perfect the mechanism of a free
and open market and a national market system and, in general, to
protect investors and the public interest.
\3\ 15 U.S.C. 78f(b)(5).
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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 a burden on competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received from Members, Participants or Others
No comments were solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change constitutes a stated policy, practice or
interpretation with respect to the meaning, administration or
enforcement of an existing rule of the Exchange and therefore has
become effective pursuant to Section 19(b)(3)(A) of the Act \4\ and
subparagraph (e) of Rule 29b-4 thereunder.\5\ 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
purpose of the Act.
\4\ 15 U.S.C. 78s(b)(3)(A).
\5\ 17 CFR 240.19b-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 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 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-CHX-95-22 and should be
submitted by November 13, 1995.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary
[FR Doc. 95-26183 Filed 10-20-95; 8:45 am]
BILLING CODE 8010-01-M
