[Federal Register Volume 60, Number 116 (Friday, June 16, 1995)]
[Notices]
[Page 31747]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-14745]



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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-35832; File No. SR-CHX-95-13]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the Chicago Stock Exchange, 
Incorporated Relating to the Technical Correction of Its Rule Regarding 
Letters of Guarantee

June 9, 1995.
    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 May 
30, 1995, the Chicago Stock Exchange, Incorporated (``CHX'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') 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 Exchange, pursuant to Rule 19b-4 of the Act, proposes to amend 
Rule 9 of Article XI by redesignating one of the two rules that is 
currently designated as Article XI, Rule 9 as Article XI, Rule 10.

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

    In SR-CHX-95-03, the CHX codified into CHX Article XI, Rule 9 a 
requirement that non self-clearing brokers procure a letter of guaranty 
prior to trading.\1\ However, the codification inadvertently 
misnumbered this rule as Article XI, Rule 9.\2\ The purpose of the 
proposed change is to correct this inadvertent error by renumbering the 
rule requiring non self-clearing brokers to procure a letter of 
guaranty prior to trading as Rule 10 of Article XI.

    \1\Securities Exchange Act Release No. 35550 (Mar. 30, 1995), 60 
FR 17376.
    \2\A preexisting Article XI, Rule 9 was approved January 27, 
1995. See Securities Exchange Act Release No. 35287 (Jan. 27, 1995), 
60 FR 6743 (approving SR-CHX-94-28).
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    The proposed rule change is consistent with Section 6(b)(5) of the 
Act because 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 believes the proposed rule 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.

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

    The foregoing rule change is concerned solely with the 
administration of 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 
changes 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. Sec. 552, will be available for inspection and copying at 
the Commission's Public Reference Section, 450 Fifth Street, NW., 
Washington, D.C. 20549. Copies of such filing will also be available 
for inspection and copying at the principal office of the Chicago Stock 
Exchange. All submissions should refer to File No. SR-CHX-95-13 and 
should be submitted by July 7, 1995.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-14745 Filed 6-15-95; 8:45 am]
BILLING CODE 8010-01-M