[Federal Register Volume 61, Number 40 (Wednesday, February 28, 1996)]
[Notices]
[Pages 7569-7570]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-4494]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 36871; File No. SR-CSE-96-03]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the Cincinnati Stock Exchange
Relating to Exchange Rule 11.10, National Securities Trading System
Fees
February 22, 1996.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on February 21, 1996 The
Cincinnati Stock Exchange (``CSE'' or ``Exchange'') 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. The Commission is
publishing this notice to solicit comments on the proposed rule change
from interested persons.
\1\ 15 U.S.C. 78s(b)(1).
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I. Self-Regulatory Organization's Statement of the Terms of
Substance of the Proposed Rule Change
The Exchange hereby amends Rule 11.10 regarding fees imposed by the
Exchange. The text of the proposed rule change is as follows [new text
is italicized; deleted text is bracketed]:
Rule 11.10 National Securities Trading System Fees
A. Agency Transactions
As is the case [Except] for Preferenced transactions, members
acting as an agent will be charged [$0.0025 per share ($0.25/100
shares)] the per share incremental rates as noted below for public
agency transactions. [except that there will be no transaction fee
charge for public agency limit orders executed from the CSE limit order
book.]
------------------------------------------------------------------------
Charge
Avg. daily share* volume Per share
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1 to 250,000................................................. $0.0020
250,001 to 500,000........................................... 0.0015
500,001 to 1,000,000......................................... 0.0013
1,000,001 to 1,500,000....................................... 0.0009
1,500,001 and higher......................................... 0.0007
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* Odd-lot shares excluded.
B. through M. No Change
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 Exchange has determined to amend the fee charged agency limit
and market orders executed through the facilities of the Exchange's
limit order and automated execution book such that the fee imposed upon
agency market and limit orders executed through that facility will be
the same as the fee charged members that preference agency orders.
2. Statutory Basis
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the Act
\2\ in general and furthers the objectives of Section 6(b)(4)\3\
particular in that it provides for the equitable allocation of
reasonable dues, fees, and other charges among the Exchange's members
and other persons using its facilities.
\2\ 15 U.S.C. 78f(b).
\2\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The proposed rule change does not impose any burden on competition
that is not necessary or appropriate in furtherance of the purposes of
the Act.
[[Page 7570]]
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
The foregoing rule change constitutes or changes a due, fee, or
other charge imposed by the Exchange and, therefore, has become
effective pursuant to Section 19(b)(3)(A) of the Act \4\ and
subparagraph (e) of Rule 19b-4 thereunder.\5\
\4\ 15 U.S.C. 78s(b)(3)(A).
\5\ 17 CFR 240.19b-4.
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At any time within sixty 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 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 at the
Commission's Public Reference Section, 450 Fifth Street, N.W.,
Washington, D.C. 20549. Copies of such filing also will be available
for inspection and copying at the principal office of the Cincinnati
Stock Exchange. All submissions should refer to File No. SR-CSE-96-03
and should be submitted by March 20, 1996.
For the Commission, by the Division of Market Regulation, pursuant
to delegated authority.\6\
\6\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-4494 Filed 2-27-95; 8:45 am]
BILLING CODE 8010-01-M
