[Federal Register Volume 60, Number 10 (Tuesday, January 17, 1995)]
[Notices]
[Pages 3446-3447]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-999]



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SECURITIES AND EXCHANGE COMMISSION

Self Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the New York Stock Exchange, 
Inc., Relating to Adoption of a Fee to be Charged for Audit Trail Data

[Release No. 34-35206; File No. SR-NYSE-94-50]
January 9, 1995.
    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 December 
22, 1994, the New York Stock Exchange, Inc. (``NYSE'' 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 proposed rule change consists of the adoption of a fee to be 
charged for audit trail data that the Exchange will be making available 
for purchase to its member clearing firms.

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's audit trail system provides it with audit trail data 
that is both consistent and high quality. By utilizing the daily data 
submissions from each clearing firm, the Exchange is able to 
reconstruct trading in all listed securities. This capability 
facilitates a comprehensive range of surveillance procedures at the 
Exchange.
    Recognizing that each Exchange member organization conducts its own 
[[Page 3447]] internal surveillance procedures, as well as supervisory 
procedures as provided in Exchange Rule 342, the Exchange has 
determined to make each firm's own reconstructed data available for 
purchase by that member clearing firm. Exchange reconstructed data will 
be available on a daily basis effective January 2, 1995.
    The monthly cost of this trade/quote data will be based on the 
average number of daily trade sides compared, as follows:

------------------------------------------------------------------------
                                                                 Monthly
              Average number of daily trade sides                 fees  
------------------------------------------------------------------------
1-2,499.......................................................     $ 750
2,500-4,999...................................................     1,000
5,000-9,999...................................................     1,250
Over 10,000...................................................     1,500
------------------------------------------------------------------------

2. Statutory Basis
    The proposed rule change is consistent with the requirement under 
Section 6(b)(4) of the Act that an exchange have rules that provide for 
the equitable allocation of reasonable dues, fees and other charges 
among its members and issuers and other persons using its facilities.

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

    The Exchange believes that the proposed rule change will impose no 
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

    The Exchange has neither solicited nor received written comments on 
the proposed rule 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 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, N.W., 
Washington, D.C. 20549. Copies of such filing will also be available 
for inspection and copying at the principal office of the NYSE. All 
submissions should refer to File No. SR-NYSE-94-50 and should be 
submitted by February 1, 1995.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-999 Filed 1-13-95; 8:45 am]
BILLING CODE 8010-01-M