[Federal Register Volume 59, Number 233 (Tuesday, December 6, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-29904]


[[Page Unknown]]

[Federal Register: December 6, 1994]


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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-35010; File No. SR-CHX-94-20]

 

Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by The Chicago Stock Exchange, 
Incorporated to Consolidate its MAX and SuperMAX Rules

November 28, 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 November 
3, 1994, the Chicago Stock Exchange, Incorporated (``CHX'' or 
``Exchange'') filed with the Securities Exchange Commission 
(``Commission'' or ``SEC'') a proposed rule change (File No. SR-CHX-94-
20). The proposed rule change is 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 CHX, pursuant to Rule 19b-4 of the Securities Exchange Act of 
1934 (the ``Act''), proposes to add Rule 37 (b) and (c) to Article XX, 
relating to the Exchange's Midwest Automated Execution System (the 
``MAX''), and the automated execution system within MAX in which a 
Specialist may voluntarily choose to participate on a stock by stock 
basis (the ``SuperMAX'').

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 CHX 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 
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

(i) Purpose
    The purpose of the proposed change is to incorporate the operation 
of MAX and SuperMAX into the CHX Rules. Currently, MAX and SuperMAX are 
only described in notices and approval orders. The proposed rule would 
consolidate this information into a single rule. The approval orders 
upon which this rule filing is based are, among others: Securities 
Exchange Act Release No. 32631 (July 14, 1993), 58 FR 39069 (July 21, 
1993); Securities Exchange Act Release No. 19629 (March 24, 1983), 48 
FR 14105 (April 1, 1983); Securities Exchange Act Release No. 27727 
(February 22, 1990), 55 FR 7396 (March 1, 1990); Securities Exchange 
Act Release No. 12451 (May 14, 1976), 41 FR 20932 (May 21, 1976); 
Securities Exchange Act Release No. 22985 (March 7, 1986), 51 FR 9562 
(March 19, 1986); Securities Exchange Release No. 32668 (July 22, 
1993), 58 FR 40449 (July 28, 1993); and Securities Exchange Act Release 
No. 34155 (June 3, 1994), 59 FR 29838 (June 9, 1994).
(ii) Statutory Basis
    The proposed rule change is consistent with Section 6(b)(5) of the 
Act in that it is designed to promote just and equitable principles of 
trade, to remove impediments and to perfect the mechanism of a free and 
open market and a national market system, and, in general, to protect 
investors and the public interest.

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

    The Exchange does not believe that the proposed rule change will 
impose a burden on competition.

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

    No comments were solicited or received by the Exchange.

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

    The foregoing rule change constitutes a stated policy, practice or 
interpretation with respect to the meaning, administration or 
enforcement of an existing rule of the Exchange and therefore has 
become effective upon filing 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 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 purpose of 
the Act.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views and 
arguments concerning the foregoing. Persons making a written submission 
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 
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 Room. Copies of such filing will also be 
available for inspection and copying at the principal office of the 
CHX. All submissions should refer to file number SR-CHX-94-20 and 
should be submitted by December 27, 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).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-29904 Filed 12-5-94; 8:45 am]
BILLING CODE 8010-01-M