[Federal Register Volume 60, Number 116 (Friday, June 16, 1995)]
[Notices]
[Page 31747]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-14745]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-35832; File No. SR-CHX-95-13]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the Chicago Stock Exchange,
Incorporated Relating to the Technical Correction of Its Rule Regarding
Letters of Guarantee
June 9, 1995.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''), 15 U.S.C. Sec. 78s(b)(1), notice is hereby given that on May
30, 1995, the Chicago Stock Exchange, Incorporated (``CHX'' 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.
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange, pursuant to Rule 19b-4 of the Act, proposes to amend
Rule 9 of Article XI by redesignating one of the two rules that is
currently designated as Article XI, Rule 9 as Article XI, Rule 10.
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
In SR-CHX-95-03, the CHX codified into CHX Article XI, Rule 9 a
requirement that non self-clearing brokers procure a letter of guaranty
prior to trading.\1\ However, the codification inadvertently
misnumbered this rule as Article XI, Rule 9.\2\ The purpose of the
proposed change is to correct this inadvertent error by renumbering the
rule requiring non self-clearing brokers to procure a letter of
guaranty prior to trading as Rule 10 of Article XI.
\1\Securities Exchange Act Release No. 35550 (Mar. 30, 1995), 60
FR 17376.
\2\A preexisting Article XI, Rule 9 was approved January 27,
1995. See Securities Exchange Act Release No. 35287 (Jan. 27, 1995),
60 FR 6743 (approving SR-CHX-94-28).
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The proposed rule change is consistent with Section 6(b)(5) of the
Act because it is designed to promote just and equitable principles of
trade, to remove impediments, and to perfect the mechanism of a free
and open market and a national market system, and, in general, to
protect investors and the public interest.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes the proposed rule 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.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is concerned solely with the
administration of 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
changes 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. Sec. 552, will be available for inspection and copying at
the Commission's Public Reference Section, 450 Fifth Street, NW.,
Washington, D.C. 20549. Copies of such filing will also be available
for inspection and copying at the principal office of the Chicago Stock
Exchange. All submissions should refer to File No. SR-CHX-95-13 and
should be submitted by July 7, 1995.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-14745 Filed 6-15-95; 8:45 am]
BILLING CODE 8010-01-M
