[Federal Register Volume 59, Number 6 (Monday, January 10, 1994)]
[Notices]
[Pages 1409-1410]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-430]


[[Page Unknown]]

[Federal Register: January 10, 1994]


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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-33410; File No. SR-Phlx-93-62]

 

Self-Regulatory Organizations; Filing and Immediate Effectiveness 
of Proposed Rule Change by the Philadelphia Stock Exchange, Inc. 
Relating to a Discount of its Transaction, Comparison and Floor 
Brokerage Transaction and Assessment Fees for November 29, 1993 to 
December 31, 1993

January 4, 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 December 
20, 1993, the Philadelphia Stock Exchange, Inc. (``Phlx'' 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 Phlx proposes to discount its transaction, comparison and floor 
brokerage transaction and assessment fees encompassing all transactions 
executed on the Phlx in equities, equity options, index options and 
foreign currency options on the Phlx for the billing cycle beginning 
settlement date November 29, 1993, to settlement date December 31, 
1993. The discount shall be a 33 percent reduction across-the-board for 
all fees, charges and assessments as described above.\1\
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    \1\The Phlx proposes to discount the following fees, charges and 
assessments: Equity Transaction Value Charge; Equity Floor Brokerage 
Assessment; Equity Floor Brokerage Transaction Fee; Option 
Comparison Charge; Option Transaction Charge; Option Floor Brokerage 
Assessment; Floor Brokerage Transaction Fee; Option Comparison 
Charge; Option Transaction Charge; Option Floor Brokerage 
Assessment; Floor Broker Transaction Fee; Option Comparison Charge; 
Option Transaction Charge; Option Floor Brokerage Assessment; Floor 
Broker Transaction Fee; Option Comparison Charge; Option Transaction 
Charge; Option Floor Brokerage Assessment; Floor Broker Transaction 
Fee; and Volume Discount For Currency Option Transaction Charge 
Activity.
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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 seeks to discount its transaction, comparison and 
floor brokerage transaction and assessment fees encompassing all 
transactions executed on the Phlx in equities, equity options, index 
options and foreign currency options on the Phlx for the billing cycle 
beginning settlement date November 29, 1993, to settlement date 
December 31, 1993. The discount shall be a 33 percent reduction across-
the-board for all fees, charges and assessments as described above for 
the limited period from November 29, 1993, to December 31, 1993 (Phlx's 
final month's billing cycle) in recognition of record volume and cost 
efficiencies anticipated to continue through December. In this regard, 
discounts will not apply to non-transaction related fees and charges 
such as the floor facilities fees, booth and post rental fees, as well 
as membership dues, etc.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b)(4) of the 
Act in that it provides for the equitable allocation of reasonable fees 
and other charges among members using its facilities. The proposed fee 
schedule change also aligns service fees more closely to the cost of 
providing those services.

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

    Comments were neither solicited nor received.

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 and 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 Room. Copies of the filing will also be 
available for inspection and copying at the principal office of the 
Phlx. All submissions should refer to File No. SR-Phlx-93-62 and should 
be submitted by January 28, 1994.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-430 Filed 1-7-94; 8:45 am]
BILLING CODE 8010-01-M