[Federal Register Volume 61, Number 28 (Friday, February 9, 1996)]
[Notices]
[Page 5050]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-2870]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-36810; File No. SR-CSE-96-01]
Self-Regulatory Organizations; Notice of Filing of Proposed Rule
Change by the Cincinnati Stock Exchange Relating to Clearance
Identification Procedures for Members
February 5, 1996.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on January 16, 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 proposes to amend the CSE's by-laws to clarify that
members must ``give up'' a valid CSE clearing number. The text of the
proposed rule change is available at the Office of the Secretary, the
CSE, 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 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 filed proposed Interpretation .03 to Article II,
Section 5.1, of its by-laws for the purpose of clarifying that a member
may only ``give up'' its own or another CSE member's clearing number
when executing a transaction on the Exchange.\2\ This requirement
ensures that the Exchange will have the ability to exercise
jurisdication over all of the parties involved in executing and
settling trades that occur on the CSE.
\2\ The CSE member whose clearing number is ``given up'' is
responsible for clearing that trade.
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2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
Section 6(b)\3\ of the Act in general and furthers the objectives of
Section 6(b)(5)\4\ in particular in that it is designed to promote just
and equitable principles of trade and, in general, to protect investors
and the public interest.
\3\ 15 U.S.C. 78f(b).
\4\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes the proposed rule change will impose no
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members Participants, or Others
The Exchange has neither solicited nor received written comments
with respect to the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing
for Commission Action
Within 35 days of the publication of this notice in the Federal
Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(A) By order approve the proposed rule change, or
(B) Institute proceedings to determine whether the proposed rule
change should be disapproved.
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. Also, copies of such filing will be available
for inspection and copying at the principal office of the CSE. All
submissions should refer to File No. SR-CSE-96-01 and should be
submitted by March 1, 1996.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\5\
\5\ 17 C.F.R. 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-2870 Filed 2-8-96; 8:45 am]
BILLING CODE 8010-01-M
