[Federal Register Volume 63, Number 168 (Monday, August 31, 1998)]
[Notices]
[Pages 46269-46270]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-23314]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-40353; File No. SR-PCX-98-37]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the Pacific Exchange, Inc.
Relating to Workstation Fee Change
August 24, 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 August 4, 1998, the Pacific Exchange, Inc. (``PCX'' or ``Exchange'')
filed with the Securities and Exchange Commission (``Commission'' or
``SEC'') the proposed rule change as described in Items I, II and III
below, which Items have been prepared by the Exchange. 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. Sec. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of
Substance of the Proposed Rule Change
The Exchange is proposing to modify its Schedule of Rates for
Exchange Services by changing the workstation fee applicable to PCX
specialists, to provide specialists with one extra PC at no additional
charge.
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 Exchange 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 Exchange 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
Currently, under the Exchange's Schedule of Rates, specialists are
charged a Specialist Systems Fee of $1,550 per month. The systems fee
covers costs associated with trading service functions and the cost of
two PCs for the basic P/COAST workstation configuration. The Exchange
is proposing to keep the systems fee at $1,550 while providing three
PCs as part of the basic workstation configuration for each specialist.
The current P/COAST workstations use two PCs to provide basic post
trading functions. These functions include, but are not limited to,
order entry, routing, execution, processing of preopening and end of
day activity, support for multiple trading floors, backup recovery and
book functionality. Under the rule change, a third PC would be provided
to each specialist at no additional charge. This would enable each post
to conduct all of the above functions and also process ITS commitments
without the use of a dedicated ITS terminal.
(2) Basis
The Exchange believes the proposed rule change is consistent with
Section 6(b) of the Act,\3\ general, and furthers the objectives of
Section 6(b)(4),\4\ in particular, because it provides for the
equitable allocation of reasonable dues, fees and other charges among
its members and issuers and other persons using its facilities.
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\3\ 15 U.S.C. Sec. 78f(b).
\4\ 15 U.S.C. Sec. 78f(b)(4).
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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 that is not necessary or appropriate
in 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
Written comments on the proposed rule change were neither solicited
nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing
for Commission Action
Because the foregoing proposed rule change establishes or changes a
due, fee or other charge imposed by the Exchange, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \5\ and
subparagraph (e)(2) of Rule 19b-4 thereunder.\6\ 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.
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\5\ 15 U.S.C. Sec. 78s(b)(3)(A).
\6\ 17 CFR 240.19b-4(e)(2).
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IV. 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.\7\ 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. Sec. 552, will be available for inspection and
copying in the Commission's Public Reference Room, 450 Fifth Street,
N.W., Washington, DC 20549. Copies of such filing will also be
available for inspection and copying at the principal office of the
PCX. All submissions should refer to File No. SR-PCX-98-37
[[Page 46270]]
and should be submitted by September 21, 1998.
\7\ In reviewing these rules, the Commission has considered the
proposed rule change's impact on efficiency, competition and capital
formation. 15 U.S.C. Sec. 78c(f).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\8\
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\8\ 17 CFR 200.30-3(a)(12).
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Jonathan G. Katz,
Secretary.
[FR Doc. 98-23314 Filed 8-28-98; 8:45 am]
BILLING CODE 8010-01-M
