[Federal Register Volume 60, Number 216 (Wednesday, November 8, 1995)]
[Notices]
[Page 56381]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-27589]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-36449; File No. SR-Phlx-95-66]
Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.;
Notice of Extension of Public Comment Period for Proposed Rule Change
November 1, 1995.
On September 15, 1995, the Philadelphia Stock Exchange, Inc.
(``Phlx'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change pursuant to Section 19(b)(1)
of the Securities Exchange Act of 1934 (``Act''), 15 U.S.C. 78s(b)(1).
The proposed rule change would amend: (i) Phlx Rule 1066 \1\ by adding
new paragraph (h), P/A Orders (Principal Acting as Agent); and (ii)
Phlx Rule 1015 \2\ by adding new paragraph (c). The proposed rule
change would create a new equity options order designator, the P/A
order, to ensure that when a floor trader (i.e., Specialist, market
maker, Registered Options Trader, Lead Market Maker or Designated
Primary Market Maker) from another options exchange in possession of a
public customer order sends a mirror-image order \3\ to the Phlx to
obtain price improvement for that customer, the customer would receive
the benefit of that better execution price, notwithstanding that the
mirror-image order has been sent in the name of the floor trader.
Similarly, the P/A order would ensure that when a Phlx floor trader
sends such an order to another options exchange, the customer for whom
the Phlx order is sent receives the benefit of the better price
available on that exchange.
\1\ Philadelphia Stock Exchange Guide, Options Rules, Rule 1066
(CCH) para.3066.
\2\ Philadelphia Stock Exchange Guide, Options Rules, Rule 1015
(CCH) para.3015.
\3\ A mirror-image order is an order sent by the floor trader
for the exact number of contracts specified in the customer order.
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Notice of the proposed rule change was provided by the issuance of
a Commission release (Securities Exchange Act Release No. 36271,
September 22, 1995) and by publication in the Federal Register (60 FR
50225, September 28, 1995).
The Commission has been requested to extend the time period for
public comment on the proposed rule change.\4\ The Commission hereby
extends the period for public comment on the proposed rule change until
December 31, 1995.
\4\ By letter dated October 30, 1995, the Phlx has consented to
an extension of the comment period. See letter from Gerald D.
O'Connell, First Vice President, Market Regulation and Trading
Operations, Phlx to Ethan D. Corey, Senior Counsel, Division of
Market Regulation, Commission.
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For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\5\
\5\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-27589 Filed 11-7-95; 8:45 am]
BILLING CODE 8010-01-M
