[Federal Register Volume 60, Number 80 (Wednesday, April 26, 1995)]
[Notices]
[Pages 20541-20542]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-10224]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-35630; File No. SR-BSE-95-06]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the Boston Stock Exchange,
Inc. Relating to the Clarification of Its Fee Schedule
April 19, 1995.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''), 15 U.S.C. 78s(b)(1), notice is hereby given that on March
13, 1995, the Boston Stock Exchange, Inc. (``BSE'' 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. On April
17, 1995, the Exchange submitted to the Commission Amendment No. 1 to
the proposed rule change.\1\ The Commission is publishing this notice
to solicit comments on the proposed rule change from interested
persons.
\1\See letter from Karen Aluise, Assistant Vice President, BSE,
to Jennnifer Choi, Attorney, SEC, dated April 12, 1995. In Amendment
No. 1, the Exchange explains that certain language regarding trade
recording and comparison charges that had been changed previously
was inadvertently included in the last several fee filings submitted
to the Commission. The Exchange explains that this rule filing is
intended to cleanup the language of the rule to reflect accurately
the current trade recording and comparison charges. In addition,
Amendment No. 1 proposes non-substantive, stylistic changes to the
language describing value charges.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange seeks to amend certain provisions of its fee schedule.
The text of the proposed rule change is as follows [new text is
italicized; deleted text is bracketed]:
Transaction Fees
Trade Recording and Comparison Charges
*BSE executions [Trades] up to and including 2,000 shares: No Charge
[(all trades accumulate for volume discounts)]
*All other executions [Trades above 2,000 shares]
First 2,500 trades per month: $.29 per 100 shares
Next 2,500 trades per month: $.25 per 100 shares
Next 2,500 trades per month: $.15 per 100 shares
Over 7,500 trades per month: $.05 per 100 shares
Maximum charge per side (non-cross): $50.00
Maximum charge per side (cross): $25.00
(all trades accumulate for volume discounts)
*Beacon subscriber Credits: $.25 per trade
All non-self-directed, electronically routed trades (credit is
limited to total monthly layoff transaction fees)
Value Charges
*BSE executions up to and including 2,000 shares: $.20 per 100 shares
[(contract value accumulates for volume discounts)]
*All other execution (BSE [includes] trades over 2,000 shares and ITS
trades)
First $10 million per month: $.16 per $1,000 contract value
Next $40 million per month: $.13 per $1,000 contract value
Next $50 million per month: $.10 per $1,000 contract value
Next $100 million per month: $.08 per $1,000 contract value
Next $300 million per month: $.05 per $1,000 contract value
$500.1 + million per month: $.01 per $1,000 contract
value [[Page 20542]]
Maximum charge per side (non-cross): $100.00
Maximum charge per side (cross): $75.00
(contract value accumulates for volume discounts)
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
It 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 purpose of the proposed rule change is to clarify certain
provisions of the fee schedule. The trade recording and comparison
charges are being amended to reflect that all trades up to and
including 2,000 shares executed on the Exchange will not be charged,
and that all other executions will be charged under the current scale
applicable to trades over 2,000 shares.\2\ The value charges are being
amended to add explanatory language that the contract value of trades
will accumulate for the volume discounts and to clarify that all other
executions pertain to BSE trades over 2,000 shares and ITS trades.
\2\The scale also applies to all ITS trades.
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2. Statutory Basis
The proposed rule change is consistent with Section 6(b)(5) of the
Act in that it furthers the objectives to promote just and equitable
principles of trade, 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 mechanisms of a
free and open market and a national market system, and in general, to
protect investors and the public interest, and is not designed to
permit unfair discrimination between customers, issuers, brokers, or
dealers.
B. Self-Regulatory Organization's Statement on Burden on Competition
The fee change will impose no 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 solicited or received with respect to the
fee change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change establishes 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 and subparagraph
(e) of Rule 19b-4 thereunder. At any time within 60 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 will also be available
for inspection and copying at the principal office of the Exchange. All
submissions should refer to file No. SR-BSE-95-06 and should be
submitted by May 17, 1995.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-10224 Filed 4-25-95; 8:45 am]
BILLING CODE 8010-01-M
