[Federal Register Volume 60, Number 176 (Tuesday, September 12, 1995)]
[Notices]
[Pages 47417-47418]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-22537]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-36187; File No. SR-PSE-95-19]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the Pacific Stock Exchange
Incorporated Relating to the Amendment of the Schedule of Rates for
Exchange Services
September 5, 1995.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on August 22, 1995 the
Pacific Stock Exchange Incorporated (``PSE'' 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.
\1\ 15 U.S.C. 78s(b)(1).
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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 amend its Schedule of Rates for
Exchange Services.
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 Exchange is proposing to amend its Schedule of Rates for
Exchange Services as follows: First, the Exchange is proposing to
reduce its fee for transfers of membership that are made on a temporary
basis. Currently, the fee for certain intra-organizational transfers of
membership (temporary or permanent) is $250.00.\2\ Under the proposal,
if a transfer of membership is made on a temporary basis (e.g., while a
member is away on vacation), the amount of the fee would be $100.00.\3\
Second, the Exchange is proposing to eliminate its charge of $0.005 per
share on net outgoing market maker principal
[[Page 47418]]
trades executed over the Intermarket Trading System (``ITS''). Third,
the Exchange is proposing to reduce its systems fee for equity
specialists from $1,700 per month per cost to $1,550 per month per
post. This change represents a reduction in the workstation component
(two personal computers) of the specialist system fee. Fourth, the
Exchange is proposing to reduce its P/COAST \4\ workstation fee for
floor brokers (one personal computer) from $250.00 per month to $175.00
per month. Fifth, the Exchange is proposing to reduce its charge for
additional personal computers from $200.00 per month per personal
computer to $175.00 per month per personal computer. The purpose of the
proposed changes is to ensure that the subject rates and charges are
fair and competitive.
\2\ See PSE Rule 1.10(a)(ii).
\3\ The Exchange has represented that a temporary transfer of
membership is one made for 30 days or less. The Commission notes
that the current language of PSE Rule 1.10(a)(ii) provides for a
$250.00 fee for the temporary transfers of membership and,
therefore, conflicts with the proposed amendment. To remedy this
conflict, the Exchange has further represented that it will submit a
filing in the near future that, among other things, will conform PSE
Rule 1 to the proposed amendment and make it clear that a temporary
transfer of membership, for the purposes of the proposed amendment,
is one for 30 days or less. Telephone conversation between Michael
D. Pierson, Senior Attorney, PSE and Glen Barrentine, Team Leader,
SEC (Aug. 30, 1995).
\4\ P/COAST stands for Pacific Computerized Order Access SysTem.
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2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
Section (6)(b) of the Act \5\ in general and furthers the objectives of
Section 6(b)(4) \6\ in particular in that it provides for the equitable
allocation of reasonable dues, fees, and other charges among the
Exchange's members and other persons using its facilities.
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f (b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The proposed rule change does not 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
The Exchange has neither solicited nor received written comments on
the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change constitutes 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 \7\ and
subparagraph (e) of Rule 19b-4 thereunder.\8\
\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4.
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At any time within sixty 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
comments 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, N.W.,
Washington, D.C. 20549. Copies of such filing also will be available
for inspection and copying at the principal office of the Pacific Stock
Exchange. All submissions should refer to File No. SR-PSE-95-19 and
should be submitted by October 3, 1995.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\9\
\9\ 17 CFR 200.30-3(a) (12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-22537 Filed 9-11-95; 8:45 am]
BILLING CODE 8010-01-M
