[Federal Register Volume 59, Number 214 (Monday, November 7, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-27444]


[[Page Unknown]]

[Federal Register: November 7, 1994]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-34919; File No. SR-BSE-94-14]

 

Self-Regulatory Organizations; Notice of Filing and Order 
Granting Accelerated Approval of Proposed Rule Change by the Boston 
Stock Exchange, Inc., Relating to Its Fee Schedule

October 31, 1994.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on October 21, 1994, the Boston Stock Exchange, Inc. (``BSE'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I and 
II below, which Items have been prepared by the self-regulatory 
organization. On October 31, 1994, the BSE filed Amendment No. 1 with 
the Commission.\3\ The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\15 U.S.C. 78s(b)(1) (1988).
    \2\17 CFR 240.19b-4 (1991).
    \3\See letter from Karen Aluise, BSE, to Glen Barrentine, 
Division of Market Regulation, Commission, dated October 27, 1994. 
In Amendment No. 1 the BSE requested that the proposed rule change, 
which originally requested summary effectiveness pursuant to Section 
19(b)(3) of the Act, be changed such that the request is one for 
accelerated effectiveness pursuant to Section 19(b)(2) of the Act.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The BSE seeks to rebate certain fees to its member firms for the 
month of September 1994.
    The Exchange requests the Commission to find good cause, pursuant 
to Section 19(b)(2) of the Act, for approving the proposed rule change 
prior to the thirtieth day after publication in the Federal Register.

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 III 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 purpose of the proposed rule change is to rebate to BSE member 
firms $.25 per trade on all non-self-directed, electronically routed, 
BSE executed, trades of any size for trades executed in the month of 
September 1994. For purposes of the per trade credit, ``non-self-
directed'' shall mean entered by a BEACON subscriber in stocks in which 
the routing firm has no affiliation with or financial interest in the 
specialist operation registered in those stocks. The aggregate rebate 
per firm shall be limited to the total monthly layoff transaction fees 
charged to that firm in the month of September.
2. Statutory Basis
    The statutory basis for this proposal is Section 6(b)(4) of the 
Securities Exchange Act of 1934.

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 on the proposed rule 
change.

III. 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 BSE. All 
submissions should refer to File No. SR-BSE-94-14 and should be 
submitted by November 28, 1994.

IV. Commission's Findings and Order Granting Accelerated Approval of 
Proposed Rule Change

    The Commission finds that the BSE's proposal to rebate BSE member 
firms, as described above, is consistent with the requirements of the 
Act and the rules and regulations thereunder applicable to a national 
securities exchange. Specifically, the Commission finds that the 
proposed rule change is consistent with Section 6(b)(4) of the Act\4\ 
in that it establishes or changes a due, fee, or other charge imposed 
by the Exchange.
---------------------------------------------------------------------------

    \4\15 U.S.C. Sec. 78f(b)(4) (1988).
---------------------------------------------------------------------------

    The Commission finds good cause for approving the proposed rule 
change prior to the thirtieth day after the date of publication of 
notice of filing thereof in the Federal Register. The Commission 
believes that accelerated approval of the proposal is appropriate in 
order to allow the BSE to continue its billing cycle uninterrupted.
    It is therefore ordered, Pursuant to Section 19(b)(2)\5\ that the 
proposed rule change is hereby approved.

    \5\15 U.S.C. Sec. 78s(b)(2) (1988).
---------------------------------------------------------------------------

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\6\
---------------------------------------------------------------------------

    \6\17 CFR 200.30-3(a)(12) (1991).
---------------------------------------------------------------------------

Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-27444 Filed 11-4-94; 8:45 am]
BILLING CODE 8010-01-M