[Federal Register Volume 59, Number 142 (Tuesday, July 26, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-18074]
[[Page Unknown]]
[Federal Register: July 26, 1994]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-34395; File No. SR-NYSE-94-25]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the New York Stock Exchange,
Inc., Relating to Charges for New Electronic Products and a Reduction
of Charges for Private Lines and Broker Booth Telephone Extensions
July 18, 1994.
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 June 28,
1994, the New York Stock Exchange, Inc. (``NYSE'' 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 NYSE plans to implement, as of July 1, 1994, charges for new
electronic products and a reduction of charges for Private Lines and
Broker Booth telephone extensions. The full text of these new and
revised charges is available at the NYSE.
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 purpose of the proposed rule filing is to establish charges for
the new Trading Floor equipment developed through the Exchange's
Integrated Technology Plan (ITP) and to reduce charges on private lines
and broker booth extensions. he ITP is a multi-year project which
entails retrofitting the existing Trading Floor with state-of-the-art
technology and expanding the existing network which supports that
technology. New technology will be provided to enhance the operations
at the Specialist's Post and Broker's Booth, bring Wireless Voice
Communications to the Floor and set the stage for Hand-Held Wireless
Data Communications. This new technology will improve the Exchange's
service levels, speed, accuracy and the flexibility of its response to
customer requests.
2. Statutory Basis
The basis under the Act for the proposed rule change is the
requirement under Section 6(b)(4) that an Exchange have rules that
provide for the equitable allocation of reasonable dues, fees, and
other charges among its members, issuers and other persons using its
services.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes that the proposed fee change will not impose
any burden on competition that is not necessary or appropriate in the
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 not solicited, and does not intend to solicit,
comments regarding the proposed rule change. The Exchange has not
received any unsolicited written comments from members or other
interested parties.
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 NW., 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 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 NW.,
Washington, DC 20549. Copies of such filing will also be available for
inspection and copying at the principle office of the NYSE. All
submissions should refer to File No. SR-NYSE-94-25 and should be
submitted by August 16, 1994.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-18074 Filed 7-25-94; 8:45 am]
BILLING CODE 8010-01-M
