[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: 94-26431]


[[Page Unknown]]

[Federal Register: October 25, 1994]


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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-34851; International Series No. 731 File No. S7-8-90]

 

Options Price Reporting Authority; Notice of Filing and Immediate 
Effectiveness of Amendment to the National Market System Plan of the 
Options Price Reporting Authority

October 18, 1994.
    Pursuant to Rule 11Aa3-2 under the Securities Exchange Act of 1934 
(``Act''), notice is hereby given that on September 26, 1994, the 
Options Price Reporting Authority (``OPRA'') submitted to the 
Securities and Exchange Commission (``SEC'' or ``Commission'') an 
amendment to the Plan for Reporting of Consolidated Options Last Sale 
Reports and Quotation Information (``Plan''), extending until January 
1, 1996, the pilot program providing for the dissemination of certain 
implied volatility quotations on selected foreign currency options 
(``FCO's'') to vendors outside of the OPRA system.
    OPRA has designated this proposal as concerned solely with the 
administration of the plan permitting it to become effective upon 
filing pursuant to Rule 11Aa3-2(c)(3)(ii) under the Act. The Commission 
is publishing this notice to solicit comments from interested persons 
on the amendment.

I. Description and Purpose of the Amendment

    OPRA requests an extension of the pilot program that was the 
subject of an amendment previously filed on May 14, 1992,\1\ providing 
for the dissemination of certain implied volatility quotations in FCO's 
directly by the Philadelphia Stock Exchange (``PHLX'') through selected 
vendors, rather than through the OPRA network. This pilot has been 
extended twice, first until September 1, 1993 pursuant to a letter 
amendment dated March 26, 1993,\2\ and then until November 1, 1994, 
pursuant to a letter amendment dated August 12, 1993.\3\
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    \1\Securities Exchange Act Release No. 30906 (July 16, 1992), 57 
FR 31546.
    \2\Securities Exchange Act Release No. 32154 (April 21, 1993), 
58 FR 21481.
    \3\Securities Exchange Act Release No. 32771 (August 19, 1993), 
58 FR 44865.
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    The purpose of the pilot program is to permit PHLX to accommodate 
those institutional investors in foreign currency options who desire to 
receive indications of the current state of the FCO market expressed in 
implied volatility quotations. These quotations serve only as 
indications of the state of the market; actual trading in FCO's 
continues to be conducted through bids and offers expressed in terms of 
the prices at which options may be bought or sold which continue to be 
disseminated over the OPRA system. Because the existing specifications 
of the OPRA system were not designed to accommodate implied volatility 
quotations, OPRA has consented to PHLX's arranging for the transmission 
of this information through selected vendors.
    OPRA plans to extend the pilot once more until January 1, 1996, the 
date proposed for the unbundling within OPRA of market information 
services pertaining to FCO's. Prior to that date, a decision will be 
made concerning the continued availability of implied volatility 
quotations in FCO's.

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 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 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, N.W., 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 
extension 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 No. 
S7-8-90 and should be submitted by November 25, 1994.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority, 17 CFR 200.30-3(a)(29).
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-26431 Filed 10-24-94; 8:45 am]
BILLING CODE 8010-01-M