[Federal Register Volume 61, Number 216 (Wednesday, November 6, 1996)]
[Notices]
[Page 57508]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-28522]
[[Page 57508]]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-37901; File No. SR-PSE-96-43]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by Pacific Stock Exchange, Inc.
Relating to the Waiver of Transaction Charges for FLEX Equity Options
October 31, 1996.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of
1934, 15 U.S.C. 78s(b)(1), notice is hereby given that on October 28,
1996, the Pacific Stock Exchange, Inc. (``PSE'' or ``Exchange'') filed
with the Securities and Exchange Commission the proposed rule change as
described in Items I, II, and III below, which Items have been prepared
by the PSE. 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 PSE proposes to waive the imposition of transaction charges for
FLEX Equity Options for a three month period ending January 24, 1997.
The text of the proposed rule change is available at the Office of the
Secretary, PSE 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 PSE 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 PSE 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 the
Statutory Basis for, the Proposed Rule Change
(1) Purpose
The Exchange is preparing to commence trading in FLEX Equity
Options on October 24, 1996. In an effort to promote the use of this
product, the Exchange has determined to waive all customer, firm and
market maker transaction fees for transactions in FLEX Equity Options
for a three month period ending January 24, 1997. The purpose of the
waiver is to encourage customers, firms and market makers to execute
transactions in FLEX Equity Options on the Exchange and respond to
competitive actions in the industry.
(b) Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act in general and furthers the objectives of
Section 6(b)(5) in particular in that it is designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, and is not designed to permit unfair
discrimination between customers, issuers, brokers or dealers.
B. Self-Regulatory Organization's Statement on Burden on Competition
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
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing
for Commission Action
Because the foregoing rule change establishes or changes 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 the
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. 20549. Copies of such filing will also be available
for inspection and copying at the principal office of the PSE. All
submissions should refer to the file number SR-PSE-96-43 and should be
submitted by November 27, 1996.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\1\
---------------------------------------------------------------------------
\1\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-28522 Filed 11-5-96; 8:45 am]
BILLING CODE 8010-01-M
