95-31355. Options Price Reporting Authority; Notice of Filing and Immediate Effectiveness of Amendment to OPRA Fee Schedule Establishing a Fee Payable by Subscribers to Last Sale and Quotation Information Pertaining to Foreign Currency Options  

  • [Federal Register Volume 60, Number 249 (Thursday, December 28, 1995)]
    [Notices]
    [Pages 67144-67145]
    From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
    [FR Doc No: 95-31355]
    
    
    
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    SECURITIES AND EXCHANGE COMMISSION
    
    [Release No. 34-36613; International Series No. 907; File No. SR-OPRA-
    95-5]
    
    
    Options Price Reporting Authority; Notice of Filing and Immediate 
    Effectiveness of Amendment to OPRA Fee Schedule Establishing a Fee 
    Payable by Subscribers to Last Sale and Quotation Information 
    Pertaining to Foreign Currency Options
    
    December 20, 1995.
        Pursuant to Rule 11Aa3-2 under the Securities Exchange Act of 1934 
    (``Exchange Act''), notice is hereby given that on December 11, 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 Quotation Information (``Plan''). The amendment establishes 
    a fee payable by subscribers to last sale and quotation information 
    pertaining to foreign currency options (``FCOs'').\2\ OPRA has 
    designated this proposal as establishing or changing a fee or other 
    charge collected on behalf 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 agreed 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'').
        \2\ OPRA filed a substantially similar amendment to the OPRA 
    plan (SR-OPRA-95-2) on September 15, 1995. OPRA subsequently 
    withdrew the proposed amendment on November 22, 1995. See Letter 
    from Janet Angstadt, Schiff Hardin & Waite, Attorney for OPRA, to 
    David Oestreicher, Attorney, Division of Market Regulation, SEC 
    (November 22, 1995). In addition to withdrawing SR-OPRA-95-2, OPRA 
    withdrew SR-OPRA-95-1, the proposed amendment to revise the fees 
    payable to OPRA by professional subscribers for access to options 
    market data (except foreign currency options data) and related 
    information. See id. To date, OPRA has not refiled an amendment 
    regarding this latter fee revision.
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    I. Description and Purpose of the Amendment
    
        The purpose of the amendment is to establish a subscriber fee 
    payable to 
    
    [[Page 67145]]
    OPRA for access to last sale and quotation information and related 
    information pertaining to FCOs. OPRA's existing subscriber fee 
    currently covers access to all securities options market information 
    emanating from OPRA's participant exchanges, including information 
    pertaining to FCOs. In accordance with the OPRA Plan as amended,\3\ 
    OPRA is authorized to impose separate fees for access to or for the use 
    of information pertaining solely to FCOs, if the participants exchanges 
    that provide a market in FCOs determine to impose separate FCO fees.
    
        \3\ See Securities Exchange Act Release No. 35487, International 
    Series Release No. 792 (March 14, 1995), 60 FR 14984 (March 21, 
    1995)(Order approving unbundling services for FCOs and Index 
    options).
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        A subscriber to OPRA's FCO service will be subject to a monthly fee 
    based upon the number of electronic display or interrogation devices 
    maintained by the subscriber that are capable of displaying or 
    reporting FCO information. The proposed FCO subscriber fee offers 
    volume discounts to larger subscribers by reducing the fee per device 
    as the total number of devices maintained by a subscriber increases. 
    There are four pricing tiers covering the range from one device to 750 
    or more devices per subscriber.\4\
    
        \4\ The tiers are as follows:
        (1) For 1 device, the fee per device is $3.00;
        (2) For 2-9 devices, the fee per device is $2.50;
        (3) For 10-749 devices, the fee per device is $2.00; and
        (4) For 750 or more devices, the fee per device is $1.50.
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        The proposed FCO subscriber fee is scheduled to take effect on 
    January 1, 1996. Prior to that time, existing OPRA subscribers will be 
    given notice of the new FCO fee, and an opportunity to indicate whether 
    they wish to continue to receive FCO information and thereby subject 
    themselves to the FCO fee.
        The PHLX, as the only exchange currently providing a market in 
    FCOs, has duly authorized the proposed subscriber fee in accordance 
    with the OPRA Plan. In addition, the PHLX has notified all other OPRA 
    participant exchanges of the proposed fee change.
    
    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-95-5 and should be submitted by January 22, 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. 95-31355 Filed 12-27-95; 8:45 am]
    BILLING CODE 8010-01-M
    
    

Document Information

Published:
12/28/1995
Department:
Securities and Exchange Commission
Entry Type:
Notice
Document Number:
95-31355
Pages:
67144-67145 (2 pages)
Docket Numbers:
Release No. 34-36613, International Series No. 907, File No. SR-OPRA- 95-5
PDF File:
95-31355.pdf