[Federal Register Volume 59, Number 9 (Thursday, January 13, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-820]


[[Page Unknown]]

[Federal Register: January 13, 1994]


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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-33436; File No. SR-CBOE-93-61]

 

Self-Regulatory Organizations; Filing and Immediate Effectiveness 
of Proposed Rule Change by the Chicago Board Options Exchange, Inc., 
Relating to Message Service User Fees

January 5, 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 
29, 1993, the Chicago Board Options Exchange, Inc. (``CBOE'' 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 Exchange. 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 CBOE proposes to increase the monthly subscriber fees to be 
paid by members who receive local time and sales microfiche. The text 
of the proposed rule change is available at the Office of the 
Secretary, CBOE, and at the Commission.

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 CBOE included statements 
concerning the purpose of and basis for 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 
Section (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

    The purpose of the proposed amendment is to increase the monthly 
subscriber fees, effective January 1, 1994, to be paid by members who 
receive local time and sales microfiche.\1\ The current fees, 
established in 1987, for time and sales microfiche is $250 per month 
for each copy received. The CBOE represents that increased supplier 
costs and additional option classes have caused production costs to 
rise. To cover these costs, the local time and sales microfiche fees 
will increase to $335 per month for each copy received.
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    \1\The Exchange has provided notice of this fee increase to all 
subscribers of the microfiche service. See Exchange Regulatory 
Circular #RG93-66 from the CBOE Market Operations Department to the 
Exchange's Local Time and Sales Microfiche Subscribers, dated 
December 22, 1993.
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    This action is being taken pursuant to CBOE Rule 2.22, which 
permits the Exchange to impose fees on members for the use of Exchange 
facilities or for any services or privileges granted by the Exchange.
    The Exchange believes that the proposed rule change is consistent 
with section 6(b) of the Act, in general, and section 6(b)(4), in 
particular, in that it is designed to provide for the equitable 
allocation of reasonable dues, fees, and charges among CBOE members.

(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.

(C) Self-Regulatory Organization's Statement on Comments on the 
Proposed Rule Change Received From Members, Participants or Others

    No written comments were solicited or received with respect to the 
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing rule change establishes a due, fee, or other 
charge imposed by the Exchange, it has become effective pursuant to 
section 19(b)(3)(A) of the Act and subparagraph (e)(1) of Rule 19b-4 
thereunder. At any time within 60 days of the filing of the 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 Section, 450 Fifth Street NW., 
Washington, DC 20549. Copies of such filing will also be available for 
inspection and copying at the principal office of the CBOE. All 
submissions should refer to File No. SR-CBOE-93-61 and should be 
submitted by February 3, 1994.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\2\
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    \2\17 CFR 200.30-3(a)(12) (1993).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-820 Filed 1-12-94; 8:45 am]
BILLING CODE 8010-01-M