[Federal Register Volume 61, Number 185 (Monday, September 23, 1996)]
[Notices]
[Pages 49801-49802]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-24250]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-37686; File No. SR-OPRA-96-3]
Options Price Reporting Authority; Notice of Filing and Immediate
Effectiveness of Amendment To Approve on a Permanent Basis OPRA's
Current Usage-Based Fee Pilot
September 16, 1996.
Pursuant to Rule 11Aa3-2 under the Securities Exchange Act of 1934
(``Exchange Act''), notice is hereby given that on August 29, 1996, the
Options Price Reporting Authority (``OPRA'') \1\ submitted to the
Securities and Exchange Commission (``SEC'' or ``Commission'') an
amendment to the Plan for Reporting of Consolidated Options Last Sale
Reports and Quotations Information (``Plan''). The amendment makes
permanent the usage-based fees that apply to OPRA's basic service. OPRA
has designated this proposal as establishing or changing a fee or other
charge collected on behalf of all of the OPRA participants in
connection with access to or use of OPRA facilities, permitting the
proposal to become effective upon filing pursuant to Rule 11Aa3-
2(c)(3)(i) under the Exchange Act. The Commission is publishing this
notice to solicit comments from interested persons on the amendment.
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\1\ OPRA is a National Market System Plan approved by the
Commission pursuant to Section 11A of the Exchange Act and Rule
11Aa3-2 thereunder. Securities Exchange Act Release No. 17638 (Mar.
18, 1981).
The Plan provides for the collection and dissemination of last
sale and quotation information on options that are traded on the
five member exchanges. The five member exchanges that agreed to the
OPRA Plan are the American Stock Exchange (``Amex''); the Chicago
Board Options Exchange (``CBOE''); the New York Stock Exchange
(``NYSE''); the Pacific Stock Exchange (``PSE''); and the
Philadelphia Stock Exchange (``Phlx'').
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I. Description and Purpose of the Amendment
The purpose of the amendment is to make permanent the usage-based
fees that currently apply to OPRA's basic service on a pilot basis. The
current pilot provides for a usage-based fee as an alternative to the
port-based Dial-up Market Data Service Utilization Fee, the port-based
Voice Synthesized Market Data Service Fee and the device-based Radio
Paging Service Fee. The pilot became effective with respect to the
Dial-up Market Data Service Utilization Fee in September 1994,\2\ and
was expanded to include the other two fees in October 1995.\3\
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\2\ See Securities Exchange Act Release No. 34850 (October 18,
1994), 59 FR 53689 (October 25, 1994).
\3\ Securities Exchange Act Release No. 36402 (October 20,
1995), 60 FR 54905 (October 26, 1995). The pilot is scheduled to
expire on December 31, 1996. Id.
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OPRA now proposes to continue all three usage-based fees on a
permanent basis, at the same level ($0.02 per ``quote packet'') that
has applied during the pilot.\4\ Based on its experience with these
fees during the pilot, OPRA has concluded that offering usage-based
fees to providers of dial-up computer based services, voice-synthesized
services, and radio paging services is an appropriate response to those
service providers who prefer to pay for access to options market
information on the basis of the number of requests that are made for
such information.\5\ Additionally, according to OPRA, the pilot has
demonstrated that the availability of these alternative fees has not
had any significant negative impact on OPRA's overall revenues or on
the fair allocation of OPRA's basic service fees to persons who have
access to options market information.
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\4\ In a separate filing (SR-OPRA-96-4) made concurrently with
this filing, OPRA also is proposing to make permanent the pilot in
usage-based fees applicable to its foreign currency options service.
\5\ As has been the case under the pilot, persons who elect to
pay these usage-based fees will be required to give at least 90 days
written notice to OPRA before they may convert back to the port-
based or device-based fees for these services.
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II. Solicitation of Comments
Pursuant to Rule 11Aa3-2(c)(3), the amendment is effective upon
filing with the Commission. The Commission may
[[Page 49802]]
summarily abrogate the amendment within 60 days of its filing and
require refiling and approval of the amendment by Commission order
pursuant to Rule 11Aa3-2(c)(2), if it appears to the Commission that
such action is necessary or appropriate in the public interest; for the
protection of investors and the maintenance of fair and orderly
markets; to remove impediments to, and perfect the mechanisms of, a
National Market System; or otherwise in furtherance of the purposes of
the Exchange Act.
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, and 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
withheld from the public in accordance with the provisions of 5 U.S.C.
552, will be available for inspection and copying in the Commission's
Public Reference Room. Copies of the filing also will be available at
the principal offices of OPRA. All submissions should refer to file
number SR-OPRA-96-3 and should be submitted by October 18, 1996.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\6\
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\6\ 17 CFR 200.30-3(a)(29).
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Jonathan G. Katz,
Secretary.
[FR Doc. 96-24250 Filed 9-20-96; 8:45 am]
BILLING CODE 8010-01-M
