[Federal Register Volume 60, Number 2 (Wednesday, January 4, 1995)]
[Notices]
[Pages 515-516]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-25]



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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-35142; File No. SR-Amex-94-58]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the American Stock Exchange, 
Inc. Relating to Its Options Floor Brokerage Fee and Bond Charge

December 23, 1994.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''), 15 U.S.C. Sec. 78s(b)(1), notice is hereby given that on 
December 14, 1994, the American Stock Exchange, Inc. (``Amex'') or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'' or ``SEC'') 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.

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

    The Amex proposes to increase two charges imposed on members and 
member organizations--its options floor brokerage fee and its bond 
charge. The schedule of fee changes is available at the Office of the 
Secretary, Amex, 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 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

1. Purpose
    The Exchange proposes to increase two charges imposed on members 
and member organizations--its options floor brokerage fee and its bond 
charge. The options floor brokerage fee payable by clearing firms of 
$.015 per contract side for all customer and non-market making member 
firm principal activity would be increased to $.03. The bond charge of 
$.00005 (per dollar face value of the bond) on bonds up to a face value 
of $1 million would be increased to $.0001 (per dollar face value on 
the bond) with no cap on the face value of the bond. In addition, the 
charge, previously imposed only on corporate bonds, would now be 
imposed on government bonds as well. These two fee increases are 
scheduled to take effect on January 3, 1995.
2. Statutory Basis
    The fee change is consistent with Section 6(b) of the Act in 
general and furthers the objectives of Section 6(b)(4) in particular in 
that it is intended to assure the equitable allocation of reasonable 
dues, fees and other charges among members, issuers and other persons 
using the Exchange's facilities.

B. Self-Regulatory organization's Statement on Burden on Competition

    The fee 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

    No written comments were solicited or received with respect to the 
fee change.

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

    The foregoing rule change establishes or changes a due, fee, or 
other charge imposed by the Exchange and therefore 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, 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 
[[Page 516]] 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. Sec. 552, will be available 
for inspection and copying at 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 Amex. All submissions should refer to File No. 
SR-Amex-94-58 and should be submitted by January 25, 1995.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-25 Filed 1-3-95; 8:45 am]
BILLING CODE 8010-01-M