[Federal Register Volume 59, Number 205 (Tuesday, October 25, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-26350]


[[Page Unknown]]

[Federal Register: October 25, 1994]


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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-34852; File No. SR-PSE-94-26]

 

Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the Pacific Stock Exchange, 
Inc., Relating to a Waiver of Certain Fees for Floor Members

October 18, 1994.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on September 23, 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 self-regulatory organization. The Commission is 
publishing this notice to solicit comments on the proposed rule change 
from interested persons.
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    \1\15 U.S.C. 78s(b)(1) (1988).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The PSE proposes to waive certain fees for Floor Members set forth 
in the Schedule of Rates for Exchange Services. The waiver would be in 
effect for a three month period.

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

    The Exchange is proposing to waive the following monthly fees that 
are applicable to its Equity and Option Floor Members: (1) Equity Floor 
Broker Booth Fees of $125, $250, and $375 for small, large, and area 
booths, respectively; (2) Equity Floor Privilege Fees of $165 per 
registered floor member and registered clerk; (3) approximately 50% of 
the Systems Fee of $1,700 per post on the Equity Floor; (4) 
approximately 61% of the Options Floor Booth Fees of $275, $350, and 
$450 for retail booths, clearing booths, and stock execution booths, 
respectively, and approximately 61% of the $300 surcharge for prime 
location booths; (5) approximately 61% of the Options Market Maker Fees 
of $660 per month; and (6) a waiver of 100% of the $0.02 per contract 
options independent broker fee up to a maximum of $100 per broker per 
month. The Exchange proposes that the waiver be in effect for three 
months.
    The purpose of the proposed waivers is to provide the Exchange's 
Floor Members, who have borne the most significant burden of fee 
increases in recent years, with a discount in floor fees in response to 
increased revenues. The discount will apply to three months of 1994.
    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 provides for the equitable allocation of 
reasonable charges among its members.

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

    The PSE believes that the proposed rule change will impose no 
burden on competition.

(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 
nor 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 PSE, 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 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, N.W., 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 in the 
Commission's Public Reference Section, 450 Fifth Street, NW., 
Washington, DC. Copies of such filing will also be available for 
inspection and copying at the principal office of the above-mentioned 
self-regulatory organization. All submissions should refer to File No. 
SR-PSE-94-26 and should be submitted by November 15, 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) (1992).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-26350 Filed 10-24-94; 8:45 am]
BILLING CODE 8010-01-M