[Federal Register Volume 59, Number 166 (Monday, August 29, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-21233]


[[Page Unknown]]

[Federal Register: August 29, 1994]


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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-34570; File No. SR-PSE-94-20]

 

Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the Pacific Stock Exchange, 
Inc., Relating to the Schedule of Rates for Exchange Services

August 22, 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 June 29, 
1994, the Pacific Stock Exchange, Inc. (``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 PSE. 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 PSE proposes to amend its Schedule of Rates for Exchange 
Services to reduce the rates for services on its options floor, 
including certain transaction charges, floor and market maker charges, 
and charges for certain transactions on the Pacific Options Exchange 
Trading System (``POETS'').
    The test of the proposed rule change is available at the office of 
the Secretary, PSE, 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 Exchange 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 Exchange 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 the 
Statutory Basis for, the Proposed Rule Change

    (a) Purpose.
    The PSE proposes to reduce its rates for services on its options 
floor. Specifically, the Exchange proposes to reduce the following 
transaction charges: manual transaction charges for market maker and 
firm orders, trade data entry charges, on-line trade comparison charges 
and charges for monthly reports and extracts. The PSE also proposes to 
reduce the charges for certain transactions on POETS, including market 
maker transaction charges for automatic executions and on-line 
comparison fees. In addition, the Exchange proposes to reduce the 
following options floor and market maker fees and charges: market maker 
fee, agency stock execution fee, market maker give-up charge, 
independent broker fee, monthly booth charge, Quotron rental charge, 
general access phone charge, drop phone charge, badge fees, trade match 
terminal fee, trade match table fees, POETS workstation fee and printer 
fee. The Exchange is proposing these reductions in fees and charges in 
response to increased trading volumes and plans to examine other 
procedures to balance trading volumes against revenue needs.
    (b) Statutory Basis.
    The PSE believes that the proposal is consistent with Section 
6(b)(4) of the Act in that it provides for the equitable allocation of 
reasonable charges among its members and other persons using its 
facilities.

(B) Self-Regulatory Organization's Statement on Burden on Competition

    The PSE 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

    Written comments on the proposed rule change were neither solicited 
or received.

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

    Because the foregoing rule change establishes or changes 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) 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, D.C. 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 in the 
Commission's Public Reference Section, 450 Fifth Street, N.W., 
Washington, D.C. 20549. Copies of such filing will also be available 
for inspection and copying at the principal office of the Exchange. All 
submissions should refer to the file number in the caption above and 
should be submitted by September 19, 1994.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\1\
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    \1\17 CFR 200.30-3(a) (12) (1993).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-21233 Filed 8-26-94; 8:45 am]
BILLING CODE 8010-01-M