[Federal Register Volume 61, Number 185 (Monday, September 23, 1996)]
[Notices]
[Page 49802]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-24251]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-37687; International Series No. 1019; File No. SR-OPRA-
96-4]
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 foreign currency
option (``FCO'') 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.
---------------------------------------------------------------------------
\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 and 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'').
---------------------------------------------------------------------------
I. Description and Purpose of the Amendment
The purpose to the amendment is to make permanent the usage-based
fees that currently apply to OPRA's FCO 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 and the port-
based Voice Synthesized Market Data Service Fee. The pilot became
effective in October 1995.\2\
---------------------------------------------------------------------------
\2\ Securities and Exchange Act Release No. 36450 (November 1,
1995), 60 FR 56380 (November 8, 1995). The pilot is scheduled to
expire on December 31, 1996. Id.
---------------------------------------------------------------------------
OPRA now proposes to continue these usage-based fees on a permanent
basis, at the same level ($0.005 per ``quote packet'') that has applied
during the pilot.\3\ 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 and voice-synthesized 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.\4\ 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 FCO service fees
to persons who have access to options market information.
---------------------------------------------------------------------------
\3\ In a separate filing (SR-OPRA-96-3) made concurrently with
this filing, OPRA also is proposing to make permanent the pilot in
usage-based fees applicable to its basic service.
\4\ 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 fees for these services.
---------------------------------------------------------------------------
II. Solicitation of Comments
Pursuant to Rule 11Aa3-2(c)(3), the amendment is effective upon
filing with the Commission. The Commission may 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, NW., Washington, DC 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-96-4 and should be submitted by October 18, 1996.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\5\
---------------------------------------------------------------------------
\5\ 17 CFR 200.30-3(a)(29).
---------------------------------------------------------------------------
Jonathan G. Katz,
Secretary.
[FR Doc. 96-24251 Filed 9-20-96; 8:45 am]
BILLING CODE 8010-01-M
