[Federal Register Volume 63, Number 117 (Thursday, June 18, 1998)]
[Notices]
[Pages 33426-33430]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-16258]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-40088; File No. SR-Phlx-98-25]
Self-Regulatory Organizations; Notice of Filing and Order
Granting Accelerated Approval of Proposed Rule Change by the
Philadelphia Stock Exchange, Inc. Regarding the Temporary Relocation of
Phlx Dell Options to the American Stock Exchange, Inc. Trading Floor
June 12, 1998.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on June 12, 1998,\3\ the Philadelphia Stock Exchange, Inc. (``Phlx'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II 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.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ On June 12, 1998, the Exchange filed Amendment No. 1 to the
proposed rule filing, the substance of which is incorporated into
the notice. See letter from Edith Hallahan, Associate General
Counsel, Phlx, to Michael Walinskas, Deputy Associate Director,
Market Regulation, Commission, dated June 11, 1998.
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I. Self-Regulatory Organization's Statement of the Terms of
Substance of the Proposed Rule Change
Phlx is proposing to rent facilities from the American Stock
Exchange Inc. (``Amex'') for the trading of options on Dell Computer
Inc. (``Dell'') on the Amex for up to six months to address the
exigency of extraordinary contract and trade volume, unique to Phlx-
traded Dell options (``Phlx Dell options''). Specifically, Phlx
proposes to utilize the options floor trading space and facilities,
including the quotation, order entry, processing, execution, trade
reporting and comparison functions, of Amex for Phlx member trades in
Phlx Dell options. Thus, Amex would rent to Phlx a facility on Amex's
New York
[[Page 33427]]
floor for all Phlx Dell option series, with related support services.
These options would continue to trade pursuant to Phlx rules, subject
to Phlx supervision. As part of this arrangement, the Phlx specialist
in Dell options, Phlx Registered Options Traders (``ROTs'') and Phlx
floor brokers would trade Phlx Dell options on the Amex, and Amex floor
brokers would be deputized as Phlx members to trade Phlx Dell options,
as discussed further below.
The Exchange requests the Commission to find good cause, pursuant
to Section 19(b)(2) of the Act, for approving the proposed rule change
prior to the thirtieth day after publication in the Federal Register.
The Exchange requests accelerated approval of the proposal to promptly
facilitate an orderly, temporary relocation of Phlx Dell options to the
Amex, in the interest of fair and orderly markets. As discussed in
detail below, this arrangement, which is for a six-month period,
addresses the exigency of recent extraordinary order and contract
volume in Dell options, in light of the critical needs of order entry
firms and their customers to receive prompt execution reports.
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 III 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 establish a temporary
facility in New York to permit the trading of Phlx Dell options on
Amex, to immediately improve the handling of Dell options by using
Amex's options trading floor space and attendant technology. Recently,
Phlx Dell options have been heavily traded on the Phlx \4\, accounting
for daily volumes of roughly 30,000 contracts and as much as 69,000
contracts on a single day.\5\ This volume has increased steadily and
dramatically over months, and, most recently, over the past several
weeks, with the concomitant increase in order traffic, including
cancel-replace orders. At the same time, trading in the stock of Dell
computer has been active, due to various industry and corporate events.
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\4\ Dell options volume increased 163% in 1997 from the first
quarter to the fourth quarter of 1997.
\5\ 69,063 Dell options contracts traded on February 19, 1998,
with 9,952 orders and 8,599 trades processed.
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In response to these events and others, the Phlx has been
implementing technological improvements respecting its Automated
Options Market (``AUTOM'') System, and, specifically, upgrading the
features available to Phlx specialists respecting the electronic limit
order book. These improvements have benefited customers using the AUTOM
System as well as the specialists and ROTs trading options on the
Exchange. Phlx is committed to continuing to improve its systems. The
development of AUTOM's X-Station reflects this commitment; its
continued roll-out and improvements reflect the Exchange's commitment
to address the needs created by active options such as Dell. The key
features include improved cancellation order processing and contra-side
``Wheel'' enhancements. The X-Station continues to address the needs of
the ever-changing options marketplace.
While Phlx has made significant enhancements to address higher
volumes, they have been insufficient to address the critical needs of
the order entry firms and their customers in the uniquely active Phlx
Dell options. As Phlx Dell options volume has skyrocketed, the Exchange
has faced delays in transaction reporting to order entry firms, due to
the time intensity associated with ticket matching and key punching,
exacerbated by the number of contra-side participants to Phlx Dell
options trades. Certainty as to an order's status is essential in the
options markets, particularly where the stock is volatile, such as in
the computer industry.\6\
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\6\ Many member firms and customers use options as ``insurance''
or ``hedges'' in connection with trading and investment strategies
in underlying securities. Timely reports of option trade executions
and corrections are critical to the execution of these strategies
and, more generally, meeting customer expectations and needs.
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Accordingly, the Exchange is now proposing to move Dell options to
a rented facility at Amex to immediately improve the processing of the
increasing volume of Phlx Dell options trades with attendant increases
in trade reporting.\7\ Promptly renting and using Amex's facilities for
Phlx Dell options trading should help protect investors and the public
interest by providing a technologically appropriate facility for Phlx
Dell options trading, pending further enhancements on the Phlx floor.
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\7\ The Phlx will continue the implementation of electronic
order book feature upgrades on its own floor.
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In short, the extraordinary volume in Phlx Dell options has given
rise to this arrangement, which is specific to Phlx Dell options, as no
other Phlx option currently generates this volume of quotes, orders and
trades.\8\ Thus, the Exchange believes that the immediate and critical
technological need is unique to Phlx Dell options and has arisen with
such speed and magnitude that prompt relocation is necessary to enable
the specialist unit and the Exchange to provide the most efficient and
effective service to customers and the investing public with respect to
Phlx Dell options.
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\8\ The next most active option has recently traded 89% less
than Dell options, on average. In the first five months of 1998,
Dell options accounted for 22.5% of Phlx volume, as compared to 14%
in 1997.
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Phlx is requesting immediate accelerated approval of this rule
change for such time as this arrangement to trade Phlx Dell options
through Amex facilities is in effect, up to six months. The rules,
policies and procedures associated with this move are discussed below.
Trading of Phlx Dell options through the Amex facilities will remain
subject to all of Phlx's rules, except for certain appropriate
exceptions as enumerated below. Phlx will pay Amex for its facilities
and other services provided for under the arrangement. As part of this
relocation, the Exchange notes that operational functions respecting
these options will be handled by Amex systems, including quotation
processing, booking orders, transactions processing, trade correction,
and clearing through OCC.\9\ Accordingly, trades cleared by OCC may
have Amex identifier codes on certain OCC reports, although OCC has
agreed to advise its members that Phlx Dell options are registered,
listed and traded under the rules of Phlx. While Amex systems rather
than the AUTOM system will be used, Phlx Rule 1080 will continue to
[[Page 33428]]
apply, except for those parameters in the rule that are not currently
compatible with Amex system configurations. Specifically, until such
time as the relevant Amex systems can be reconfigured to apply Phlx
parameters to the Dell options, Amex parameters will apply regarding
the maximum order six eligible for electronic delivery to the trading
floor, and the specific order types that may be accommodated in the
system.\10\ Phlx will notify its members of its relocation of Phlx Dell
options and of all necessary changes in applicable system parameters.
Phlx intend to retain its authority to apply the parameters specified
in its own rules and procedures at such time as Amex systems can be
reconfigured to accommodate them. Members firms will be timely notified
of all such system changes.
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\9\ Phlx Dell options are currently registered by The Options
Clearing Corporation (``OCC'') as securities listed on Phlx via a
Form 8 amendment under the Act. Trading Phlx Dell options using
rented facilities on the floor of Amex is no way suggests that these
options are listed on the Amex. Indeed, in October 1989, when
options listed on the Pacific Stock Exchange were physically moved
to the Amex, Chicago Board Options Exchange, New York Stock Exchange
and the Phlx due to an earthquake, OCC did not register those
options at any other exchanges. See Securities Exchange Act Release
No. 27365 (October 19, 1989), 54 FR 43511 (October 25, 1989) (SR-
Phlx-89-52).
\10\ In addition, the specialist will not be able to be assured
the first trade of the day on AUTO-EX, pursuant to Phlx Floor
Procedure Advice F-24.
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As a result of being traded through the Amex facility, Phlx Dell
options would become eligible or order delivery and execution through
the Amex Order File (``AOF''), a host order processing system that
includes a variety of subsystems, including the automatic execution
(``AUTO-EX'') system.\11\ Thus, the benefits of quick and efficient
order entry and execution that small order entry systems provide will
continue to be available to Phlx Dell options customers.
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\11\ The AOF also interfaces with the Amex Options Display Book
(``AODB''), the Amex's electronic order book for options, which
accommodates not only small orders sent in electronically, but also
larger orders entered from the trading floor.
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Phlx will permit, and has made arrangements with Amex to
facilitate, Phlx members who are floor brokers to have physical access
to the Phlx Dell post in New York for trading and order execution of
orders in Phlx Dell options only. Phlx is also proposing to deputize
Amex floor brokers as Phlx members for purposes of Phlx Dell options
order handling to permit them to execute Phlx Dell options orders as
brokers. Phlx states that such deputization is consistent with prior
Commission-approved practices respecting the use of another exchange
facility to trade options.\12\ Deputization of Amex floor brokers will
provide an additional method for the submission and execution of orders
in Phlx Dell options, which is beneficial to investors. Deputized Amex
floor brokers executing orders in Phlx Dell options will be subject to
all provisions in Phlx rules that would apply today to a Phlx member in
the course of his acting as a floor broker for an order in the Phlx
Dell options on the Phlx trading floor. However, an exception is that,
deputized Amex floor brokers, as such, will be deemed to have
satisfied, and the Phlx will waive specific compliance with, rules
governing or applying to the maintenance of a person's or a firm's
status as a Phlx member, including all dues, fees and charges imposed
generally upon Phlx members based on their status as such. In that
regard, Amex procedures respecting the admission and qualification of
members to trade on the Amex will be deemed to satisfy Phlx Rule 1061
regarding registration of floor brokers. In addition, with respect to
deputized Amex floor brokers, the Exchange will waive application of
Phlx Rule 1062, as a letter of authorization from a clearing member is
not requisite for Amex floor brokers and is not considered necessary to
protect the interests of either other members or the public. Phlx
believes that the overall regulatory framework of the Amex adequately
addresses the subject matter of these rules.\13\
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\12\ See supra note 9. As discussed in that note, there was no
required for OCC to re-register Pacific Stock Exchange options at
each temporary facility after the 1989 earthquake.
\13\ See Amendment No. 1, supra note 3.
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The Phlx specialist unit would continue to act as such in Phlx Dell
options in New York, and any Phlx ROTs choosing to trade Phlx Dell
options would be eligible to do so at the Amex facility. Recognizing
the two-sided market-making obligations associated with good faith
market maker margin treatment, the Exchange notes that Phlx ROTs would
be required to be physically present executing trades in person on the
Amex floor to receive favorable margin treatment respecting Phlx Dell
options, unless they were acting pursuant to Phlx Rule 1014.01
respecting off-floor orders. Otherwise, such ROTs would be subject to
customer margin treatment respecting opening transactions.
As discussed above, Phlx Dell options would continue to trade
pursuant to Phlx rules. Accordingly, the minimum trading increment,
strike price, position and exercise limits, and other trading related
rules of Phlx would govern, subject only to system configuration issues
discussed below. As Phlx rules will apply to Phlx Dell options trading
but such trading will be conducted through Amex systems, surveillance
reports will be generated by the Amex systems, but surveillance
respecting Phlx Dell options trading will remain the responsibility of
Phlx. With respect to trading floor disputes, Phlx rules and procedures
will apply, such that Floor Officials versed in Phlx rules, policies
and procedures will be appointed to act at the Phlx's New York
facility. With respect to FLEX options trading, Phlx Rule 1079 will
govern, although Amex systems will process such trades, possibly
necessitating immaterial procedural changes for Phlx FLEX trades
relating to symbols and Request-for-Quote processing.
With respect to the liability provision of Phlx By-Law Article XII
Section 12-11, the use of the facilities includes the Phlx Dell option
facility on the Amex. Thus, non-liability for damages sustained by a
member or member organization growing out of the use or enjoyment by
such member organization of the facilities afforded by the Exchange for
the conduct of their business should be extended to Amex systems and
facilities provided under this temporary arrangement for Phlx Dell
options trading on Amex as well as to Amex floor brokers who may trade
Phlx Dell options pursuant to the deputization discussed above. In
addition, by accepting this arrangement, Phlx, its members and
employees shall accept the same limitations on the liability of Amex,
as provided in the Amex Constitution and rules with respect to the use
of Amex facilities for the conduct of business, as such limitations
apply to any Amex member, member organization or employee thereof in
the conduct of his or its business on Amex.
Because Phlx Dell options trading on Amex will be processed through
Amex systems, such trades will appear in market data systems as Amex
trades and may be cleared with other Amex trades, though the
appropriate transaction volume will subsequently be attributed to the
Phlx for various purposes, including the determination of Options Price
Reporting Authority (``OPRA'') revenues. Phlx transaction fees will
continue to apply. Similarly, for technological reasons, a quotation
through the Amex system will appear as an ``Amex'' quote, although in
actuality it is a Phlx quote being processed by Amex. Notwithstanding
the above, through dissemination of information memoranda to members
and member organizations, it should be abundantly clear that Phlx Dell
options are listed, traded and supervised according to Phlx rules and
not the rules of any other exchange. Phlx has taken steps to advise
member firms of the change in trading venue, so that member firms can
make all necessary system and order routing changes that may be
required and thereby reduce the risk of investor confusion in the
trading of Dell options.
[[Page 33429]]
These steps will include notice to members and an educational session
with Phlx for deputized Amex members who will be trading Dell options
at the new facility. Phlx will monitor events and take additional steps
as necessary to address specific confusion.\14\
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\14\ See Amendent No. 1, supra note 3.
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With respect to disciplinary jurisdiction, the Exchange would
continue to retain such jurisdiction over its members at the Amex
facility for violations of Phlx rules. Because Phlx rules apply to
trading in Phlx Dell options on the Amex, Phlx Rules 60, respecting
order and decorum on the trading floor, and 970, respecting the minor
rule violation enforcement and reporting plan, apply. Phlx would assume
disciplinary jurisdiction over Amex floor brokers deputized to trade
Phlx Dell options, pursuant to an acknowledgment signed by such Amex
floor brokers that participation in the Phlx Dell option trading crowd
triggers such jurisdiction. Deputized Amex floor brokers will also be
required to attend a seminar familiarizing them with Phlx rules before
they are permitted to execute orders as a floor broker in the Phlx Dell
option.
2. Statutory Basis
For the reasons discussed above, the Exchange believes that the
proposed rule change is consistent with Section 6 of the Act \15\ in
general, and in particular, with Section 6(b)(5),\16\ in that it is
designed to promote just and equitable principles of trade, to remove
impediments to and perfect the mechanism of a free and open market and
a national market system, as well as to protect investors and the
public interest by providing a Phlx facility on the Amex for the
trading of Phlx Dell options.
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\15\ 15 U.S.C. 78f(b).
\16\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any 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. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change 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, 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 Room. Copies of such filing will also be
available for inspection and copying at the principal office of the
Phlx. All submissions should refer to File No. SR-Phlx-98-25 and should
be submitted by July 9, 1998.
IV. Commission's Findings and Order Granting Accelerated Approval
of Proposed Rule Change
The Commission finds that Phlx's proposal to immediately establish
a satellite trading facility on Amex to trade Phlx Dell options is
consistent with the requirements of the Act and the rules and
regulations thereunder applicable to a national securities exchange.
Specifically, the Commission finds that the proposed rule change is
consistent with Section 6(b)(5) of the Act \17\ in that the arrangement
between Phlx and Amex fosters cooperation and coordination with persons
engaged in regulating, clearing, settling, processing information with
respect to, and facilitating transactions in securities. The proposal
should also help protect investors and the public interest by
immediately providing a technologically appropriate facility to trade
the Phlx Dell options and by permitting the prompt and effective
processing of the increasing number of Dell options trades.
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\17\ 15 U.S.C. 78f(b)(5).
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The Commission believes that it is reasonable, given the exigent
circumstances of the recent extremely heavy trading of Dell options,
for Phlx to move the trading of Dell options to a leased trading floor
located at Amex. Amex is particularly well-suited to accommodate the
trading of Dell options in a manner that is consistent with the
promotion of fair and orderly markets and investor protection. In
particular, Amex is an already established self-regulatory organization
(``SRO'') that is subject to its own rules and regulations and the
rules and regulations of the federal securities laws. Moreover, Amex
has the necessary technological systems in place to ensure that orders
for actively traded options, such as Dell, are routed, executed and
processed in a prompt and efficient manner. The Commission notes that
the trading volume in Phlx Dell options has increased steadily and
dramatically over the past few months, particularly in the past several
weeks, and that trading in Dell stock has also been active, due to
various industry and corporate events. This increase in volume in Dell
options trading has been accompanied by an increase in order traffic.
As the volume has increased, Phlx has faced delays in transaction
reporting to order entry firms, and this delay has been heightened by
the number of contra-side participants to Phlx Dell option trades. The
Commission understands that Phlx is committed to making the necessary
systems improvements to accommodate very actively traded options such
as Dell in the future. Presently however, the Commission believes it is
essential to allow Phlx Dell options to trade through facilities that
are technologically capable of supporting the magnitude of the trading
volume that trading in Dell options commands. Accordingly, a temporary
transfer of trading in Phlx Dell options to the Amex floor is an
appropriate means of ensuring that the investing public has available a
reliable trading venue for Dell options.
The Commission believes that, given the unique circumstances of the
trading of Phlx Dell options on Phlx, Phlx has devised a regulatory
framework that will reasonably ensure adequate regulatory oversight of
the trading of Dell options on the Amex floor. As discussed above, Phlx
is proposing to establish a satellite trading floor where Phlx floor
brokers can trade Phlx Dell options pursuant to Phlx rules. The Phlx
specialist in Dell options will continue to act as the specialist in
Dell options on the Amex satellite floor, and any Phlx ROTs choosing to
trade Phlx Dell options would be eligible to do so at the Amex
facility. Phlx will continue to be responsible for surveillance of Phlx
members trading in Dell options on the Amex floor, retaining
jurisdiction over those members for violations of Phlx rules. Floor
officials familiar with Phlx rules, policies and procedures will be
assigned to act at the Phlx's Amex facility to resolve trading floor
disputes.\18\ While it is true that, to
[[Page 33430]]
obtain the benefit of Amex's advanced technology and system, certain
Phlx rules will not apply to the trading of Dell options on Amex,\19\
the use of Phlx of Amex systems (such as AOF) that have already been
approved by the Commission is an appropriate regulatory alternative
under the circumstances. In light of the exigent circumstances, the
Commission believes that the proposed solution is an appropriate
measure that provides adequate regulatory protections.
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\18\ Phlx Rule 1079 will continue to apply to the trading of
Dell FLEX options, although Amex systems will process such trades,
which may necessitate procedural changes for Phlx FLEX trades
relating to symbols and Request-for-Quote processing.
\19\ See Discussion section, supra.
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The Commission also believes that it is consistent with the Act for
Phlx to deputize Amex floor brokers as Phlx members, to trade Dell
options, to help ensure sufficient access by the investing public to
Phlx's satellite facility at Amex. The Commission notes that it has, on
a prior occasion, authorized similar deputization to allow for the use
of another exchange facility to trade options.\20\ As noted above, the
deputized Amex floor brokers would be subject to all provisions in Phlx
rules that would apply today to a Phlx member in the course of his
acting as a floor broker for an order in the Phlx Dell options on the
Phlx trading floor, with certain minor appropriate exceptions. In
addition, Phlx will have disciplinary jurisdiction and oversight over
deputized Amex floor brokers relating to the trading of Dell options on
the Amex floor. Finally, deputized Amex floor brokers will be required
to attend a training seminar to familiarize them with Phlx rules and
any relevant distinctions between Phlx rules and Amex rules before they
will be allowed to execute orders as a floor broker in the Phlx Dell
options.
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\20\ See supra note 9.
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Phlx's proposed view that Phlx By-Law Article XII, Section 12-11,
which disclaims Phlx's liability to Phlx members for damages growing
out of the use and enjoyment of Phlx's facilities, is applicable to
Phlx business conducted on the Amex floor, is appropriate given that
Phlx is leasing such space and will be conducting its business through
such facilities. Likewise, it is appropriate for those Phlx members
that are temporarily re-located to the Amex facility to accept the same
limitations on liability of the Amex. These Phlx members will utilize
the applicable Amex systems in a nearly identical fashion to which they
would have relied on Phlx systems prior to the move. Therefore, this
requirement is a reasonable component of the agreement to allow Phlx to
create a temporary trading facility on Amex in Dell options.
Phlx essentially concludes that Phlx Dell options that will be
traded on its temporary Amex facility should not be considered Amex-
traded options for securities registration purposes and notes that in
October 1989, when options listed on PCX were physically moved to Amex
and other options exchanges, due to an earthquake, ``OCC did not
register those options at any other exchanges.'' The Commission
believes that the continued trading of Phlx Dell options by Phlx using
leased space on the floor of Amex does not cause such options to cease
to be option traded on Phlx and that, accordingly, OCC does not need to
amend its 1934 Act Registration to re-characterize these options as
options listed or traded on another exchange.
Finally, the Commission notes that, to minimize investor confusion
in the trading of Dell options, Phlx has stated that it will provide
adequate notice to its members to ensure that they and the investing
public are aware that Phlx Dell options are listed, traded and
supervised according to Phlx rules, but are to be traded at a facility
of Phlx located on the Amex floor. Phlx states that it has taken steps
to advise member firms of the change in trading venue, so that they can
make necessary system and order routing changes. These steps will
include notice to members and an educational session with Phlx of
deputized Amex members who will be trading Dell options at the new
facility. Phlx is committed to monitoring events and will take
additional steps as necessary to address specific confusion. These
additional steps could include issuing press releases or making needed
information otherwise available to Phlx's members and to the public.
For the reasons discussed above, the Commission finds good cause
for approving the proposed rule change prior to the thirtieth day after
the date of publication of notice of filing in the Federal Register.
The Commission believes that it is necessary to approve Phlx's proposal
on an accelerated basis to protect the trading interests of the
investing public, due to the exigency of transferring the trading of
Phlx Dell options from the Phlx trading floor, which is not currently
capable of managing the high trading volume of Dell options, to another
SRO floor where the Dell options can be effectively and efficiently
traded.
It is therefore ordered, pursuant to Section 19(b)(2) \21\ of the
Act that the proposed rule change (SR-Phlx-98-25) is hereby approved on
an accelerated basis through December 12, 1998.
\21\ 15 U.S.C. 78s(b)(2).
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For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\22\
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\22\ 17 CFR 200.30-3(a)(12).
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Jonathan G. Katz,
Secretary.
[FR Doc. 98-16258 Filed 6-17-98; 8:45 am]
BILLING CODE 8010-01-M
