[Federal Register Volume 60, Number 207 (Thursday, October 26, 1995)]
[Notices]
[Pages 54905-54906]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-26571]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-36402; File No. SR-OPRA-95-3]
Options Price Reporting Authority; Notice of Filing and Immediate
Effectiveness of Amendment to Extend the Scope and Duration of OPRA's
Current Usage-Based Fee Pilot
October 20, 1995.
Pursuant to Rule 11Aa3-2 under the Securities Exchange Act of 1934
(``Exchange Act''), notice is hereby given that on October 5, 1995, the
Options Price Reporting Authority (``OPRA'') \1\ submitted to the
Securities and Exchange Commission (``SEC'' or ``Commission'') an
amendment to the Plan for Reporting of Consolidated Options Last Sale
Reports and Quotations Information (``Plan''). The amendment extends
both the scope and duration of OPRA's current usage-based fee pilot.
OPRA has designated this proposal as establishing or changing a fee or
other charge collected on behalf of all of the OPRA participants in
connection with access to or use of OPRA facilities, permitting the
proposal to become effective upon filing pursuant to Rule 11Aa3-
2(c)(3)(i) under the Exchange Act. The Commission is publishing this
notice to solicit comments from interested persons on the amendment.
\1\ OPRA is a National Market System Plan approved by the
Commission pursuant to Section 11A of the Exchange Act and Rule
11Aa3-2 thereunder. Securities Exchange Act Release No. 17638 (Mar.
18, 1981).
The Plan provides for the collection and dissemination of last
sale and quotation information on options that are traded on the
five member exchanges. The five exchanges which agree to the OPRA
Plan are the American Stock Exchange (``AMEX''); the Chicago Board
Options Exchange (``CBOE''); the New York Stock Exchange (``NYSE'');
the Pacific Stock Exchange (``PSE''); and the Philadelphia Stock
Exchange (``PHLX'').
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I. Description and Purpose of the Amendment
The purpose of the amendment is to extend both the scope and
duration of OPRA's current usage-based fee pilot that provides for a
usage-based fee as an alternative to OPRA's port-based Dial-up Market
Data Service Utilization Fee. The pilot became effective in September
1994, for a period of one year commencing with the time that the first
dial-up vendor elected to pay the usage-based fee.\2\
\2\ The first dial-up vendor elected to pay this fee in June
1995. Based on the terms of the pilot, therefore, it will expire on
June 30, 1996, unless extended.
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OPRA is proposing to extend the usage-based fee concept by
providing a usage-based fee as an alternative to OPRA's port-based
Voice Synthesized Market Data Service Fee and OPRA's device-based Radio
Paging Service Fee. In each case, the usage-based fee would be set at
the same level that currently applies to the Dial-up Market Data
Service.\3\ The purpose of extending the usage-based alternative to
providers of voice synthesized and radio paging service is to
accommodate those service providers that have the capability of
monitoring usage for all three services and that have indicated to OPRA
that they would enjoy certain efficiencies if they could be charged for
all three services on the same basis.\4\
\3\ The usage-based fee has been established at $0.02 for each
``quote packet'' consisting of any one or more of the following
values: last sale, bid/ask, and related market data for a single
series of options or a related index accessed via the service. All
inquiries, except those for historical information, would be
included for purposes of calculating the fee. For this purpose,
options market information becomes ``historical'' upon the opening
of trading on the next succeeding trading day of that market.
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OPRA does not expect the availability of these usage-based fees to
have any
[[Page 54906]]
significant impact on the total revenues realized by OPRA from fees
imposed on these categories of service providers. However, because the
actual impact of these alternative fees cannot be predicted with
certainty, OPRA is proposing to offer them for a 15-month pilot period
beginning on October 1, 1995, to December 31, 1996, during which time
the overall impact of usage-based fees will be evaluated. In order to
be able to continue to evaluate the usage-based Dial-up Market Data
Service Utilization Fee in conjunction with the other usage-based fee,
OPRA is proposing to extend the current pilot until December 31, 1996.
\4\ As with the current usage-based Dial-up Market Data Service
Utilization Fee, persons that elect to pay the usage-based Voice
Synthesized Market Data Service Fee or the usage-based Radio Paging
Service Fee will be required to give at least 90 days written notice
to OPRA before they may convert back to the port-based or device-
based fees for such services.
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II. Solicitation of Comments
Pursuant to Rule 11Aa3-2(c)(3), the amendment is effective upon
filing with the Commission. The Commission may summarily abrogate the
amendment within 60 days of its filing and require refiling and
approval of the amendment by Commission order pursuant to Rule 11Aa3-
2(c)(2), if it appears to the Commission that such action is necessary
or appropriate in the public interest; for the protection of investors
and the maintenance of fair and orderly markets; to remove impediments
to, and perfect the mechanisms of, a National Market System; or
otherwise in furtherance of the purposes of the Exchange Act.
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, and 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
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 Room. Copies of the filing also will be available at
the principal offices of OPRA. All submissions should refer to file
number SR-OPRA-95-3 and should be submitted by November 17, 1995.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\5\
\5\ 17 CFR 200.30-3(a)(29).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-26571 Filed 10-25-95; 8:45 am]
BILLING CODE 8010-01-M
