[Federal Register Volume 63, Number 51 (Tuesday, March 17, 1998)]
[Notices]
[Pages 13082-13083]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-6762]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-39742; File No. SR-Phlx-97-62]
Self-Regulatory Organizations: Notice of Filing of Proposed Rule
Change by the Philadelphia Stock Exchange, Inc. To Amend Its By-Law
Article X, Sections 10-16, 10-17 and 10-19 To Require That Each of Its
Trading Floor Committees Consult With Its Corresponding Quality of
Markets Committee on All Matters of Policy and All Matters That Are To
Be Presented to the Board
March 11, 1998.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'').\1\ notice is hereby given that on December 29, 1997, the
Philadelphia Stock Exchange, Inc. (``Phlx'' or ``Exchange'') filed with
the Securities and Exchange Commission (``SEC'' or ``Commission'') the
proposed rule changed as described in Items, I, II, and III below,
which Items have been prepared by the self-regulatory organization.\2\
The Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ A technical amendment, Amendment No. 1, was filed with the
Commission on March 10, 1998. It amended By-Law Article X, Sections
10-17 to require that the Foreign Currency Options Committee
(``Committee'') consult with the Foreign Currency Options Trading
Floor's Quality of Markets Committee on ``all'' matters which are to
be presented to the Phlx Board of Governors by the Committee,
consistent with proposed amendments to Section 10-16 and 10-19. The
qualifying term ``all'' was unintentionally left out of the initial
filing provisions relating to Section 10-17.
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I. Self-Regulatory Organization's Statement of the Terms of
Substance of the Proposed Rule Change
The Phlx hereby proposes to amend its By-Law Article X, Sections
10-16, 10-17 and 10-19 so that each of its respective trading floor
standing
[[Page 13083]]
committees shall consult with its corresponding quality of markets
committee on all matters which are to be presented to the Board of
Governors.
The text of the proposed rule change is set forth in full in
Exhibit B to the filing.
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. 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
Phlx By-Law Article X, Sections 10-16, 10-17 and 10-19 set forth
the charters of the Exchange's various trading floor standing
committees. The proposed amendments specify that each of the trading
floor standing committees shall consult with its respective quality of
markets on all matters of policy and all matters which are to be
presented to the Board of Governors. The proposed amendments are
intended to foster sharing of views on policy and other matters between
the various trading floor standing committees (Floor Procedure, Foreign
Currency Options and Options) and corresponding quality of markets
committees. The intended sharing of views on all policy matters is
designed to bring the perspectives of the non-industry representatives
of the various quality of markets committees to matters that may be
referred to the Board of Governors by the various trading floor
standing committees.
The proposed rule change is consistent with Section 6 of the Act
\3\ in general, and in particular, with Section 6(b)(5) \4\ in that it
is designed to promote just and equitable principles of trade, prevent
fraudulent and manipulative acts and practices, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and national market system, as well
as to protect investors and the public interest.
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\3\ 15 U.S.C. 78f.
\4\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Phlx does not believe that the proposed rule change will impose
any inappropriate 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 either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing
for Commission Action
Within 35 days of the date of 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 Phlx consents, the Commission will:
(A) By order approve such 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, including whether the submission is
consistent with the Act. Persons making written submissions should file
six copies thereof with the Secretary, Securities and Exchange
Commission, 450 Fifth Street, N.W., Washington, DC 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 Room, 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 Phlx. All submissions should refer to File
No. SR-Phlx-97-62 and should be submitted by April 7, 1998.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\5\
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\5\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 98-6762 Filed 3-16-98; 8:45 am]
BILLING CODE 8010-01-M
