[Federal Register Volume 60, Number 96 (Thursday, May 18, 1995)]
[Notices]
[Pages 26752-26753]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-12186]



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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-35709; File No. 10-101]


Self-Regulatory Organizations; Notice of Filing of Application 
for Registration as a National Securities Exchange by the United States 
Stock Exchange, Inc., and Amendment No. 1 Thereto

May 11, 1995.
    Pursuant to Section 19(a) of the Securities Exchange Act of 1934 
(``Act''), 15 U.S.C. 78s(a), notice is hereby given that on March 28, 
1995, the United States Stock Exchange, Inc. (``USSE'' or ``Exchange'') 
filed with the Securities and Exchange Commission (``Commission'') an 
application for registration as a national securities exchange. On 
April 25, 1995, the USSE filed Amendment No. 1 to the Application for 
Registration.\1\ The Commission is publishing this notice to solicit 
comments on the application from interested persons.

    \1\ See letter from David Rusoff, Foley & Lardner, to Sharon 
Lawson, SEC, dated April 19, 1995.
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    The USSE initially intends to trade the most active issues that 
meet the proposed Exchange's listing requirements and are now eligible 
for trading on national securities exchanges, as well as those 
companies that choose to list on the Exchange. The proposed Exchange 
would operate through an electronic securities communication and 
execution facility (the ``System''). Because there would be no physical 
trading floor, members of the Exchange (``Members'') would enter orders 
through System terminals, i.e., computer interfaces that have 
communications capability with the System and are directly linked to 
the System. The proposed System would combine the display of limit 
orders and current quotation/last sale information with a matching and 
execution facility for like-priced orders. Additionally, the System 
would enable Dealers (i.e., members who meet certain financial and 
market-making obligations) to perform brokerage and market-making 
functions on the Exchange, while allowing the Dealers to retain and 
execute their internal order flow by preferencing the public agency 
orders for which they act as agent.
    The USSE would have Type A Members that are broker-dealers in 
securities, and one Type B Members that would be the Chicago Stock 
Exchange, Inc. The Board of Directors would be composed of eight 
directors elected by the Type A Members (the ``Class A Directors'') and 
two directors elected by the Type B Members (the ``Class B 
Directors''). Four of the eight directors elected by the Type A Members 
would be public directors (``Class A Public Directors''), and four 
would be representatives of Type A member firms.
    You are invited to submit written data, views and arguments 
concerning the application by June 19, 1995. Such written data, views 
and arguments will be considered by the Commission in granting 
registration or instituting proceedings to determine whether 
registration should be denied. Persons making written submissions 
should file six copies thereof with the Secretary, Securities and 
Exchange Commission, 450 Fifth Street NW., Washington, DC 20549. 
Reference should be made to File No. 10-101.
    The USSE's submission explains the operation of the proposed 
Exchange and its membership structure in more detail. Copies of the 
submission, all subsequent amendments, all written statements with 
respect to the application that are filed with the Commission, and all 
written communications relating to the application 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 at the Commission's Public Reference Section, 
450 Fifth Street NW., Washington, DC 20549.

    [[Page 26753]] By the Commission.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-12186 Filed 5-17-95; 8:45 am]
BILLING CODE 8010-01-M