[Federal Register Volume 60, Number 148 (Wednesday, August 2, 1995)]
[Notices]
[Pages 39465-39469]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-18960]



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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-36027; File No. SR-CHX-95-15]


Self-Regulatory Organizations; Notice of Filing and Order 
Granting Accelerated Approval of Proposed Rule Change by the Chicago 
Stock Exchange, Incorporated Relating to the Implementation of Modified 
Versions of the SuperMAX System on a Pilot Basis

July 27, 1995.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 


[[Page 39466]]
(``Act''), 15 U.S.C. Sec. 78s(b)(1), notice is hereby given that on 
June 29, 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. On July 21, 1995, the Exchange submitted Amendment No. 1 
to the proposed rule change.\1\ The Commission is publishing this 
notice to solicit comments on the proposed rule change from interested 
persons.

    \1\ See letter from David Rusoff, Foley & Lardner, to Glen 
Barrentine, Senior Counsel, SEC, dated July 21, 1995. In Amendment 
No. 1, the Exchange requests that the proposed rule change be 
considered under 19(b)(2) on one-year pilot basis rather than under 
19(b)(3)(A) and makes certain clarifying changes to the text of Item 
I.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to add subsection (e) and subsection (f) to 
Rule 37 of Article XX relating to the CHX's MAX System. The text of the 
proposed rule is as follows [new text is italicized]:

Article XX

Rule 37

    (e) The Exchange's Enhanced SuperMAX program shall be an 
automatic execution program within MAX in which a Specialist may 
voluntarily choose to participate on a stock-by-stock basis. A 
Specialist shall decide if his or her stock will be eligible for 
Enhanced SuperMAX treatment. In the event that a stock is eligible 
for Enhanced SuperMAX treatment (pursuant to paragraph (e) of this 
Rule) and SuperMAX treatment (pursuant to paragraph (c) of this 
Rule) at the same time, the size of the order will determine which 
program will be followed for execution. An order of 599 shares or 
less will execute according to the SuperMAX program and an order 
greater than 599 shares will execute according to the Enhanced 
SuperMAX program. In the event that a Specialist determines that his 
stock is eligible for Enhanced SuperMAX and voluntarily chooses to 
participate in Enhanced SuperMAX, agency market orders up to and 
including 1099 shares (or such greater size specified by a 
specialist and approved by the Exchange) in that stock may 
automatically be stopped and executed in MAX, through the Enhanced 
SuperMAX program, without any specialist intervention based on the 
following criteria:
    (1) Stopping. If an agency market order eligible for Enhanced 
SuperMAX would create either a double up tick (buy order) or double 
down tick (sell order) if the order was executed at the consolidated 
best bid or offer (``NBBO'') the Enhanced SuperMAX program will 
``stop'' the order. Once stopped, the order will not receive an 
execution that is worse than the stop price. Notwithstanding 
anything in the previous sentence to the contrary, agency market 
orders in markets quoted with a minimum variation (usually \1/8\ 
spread) will not be stopped. Orders not stopped will be immediately 
executed based upon the NBBO as the case may be.
    (2) Pricing. Buy Orders stopped under (1) above will be executed 
as follows:
    (i) If the next primary market sale is equal to or less than the 
last sale then the stopped order will be executed at such last sale 
price (subject, however, to the Exchange's block protection policy 
as set forth in interpretation and policy .06 of Rule 7 of this 
Article).
    (ii) If the next primary market sale is greater than the last 
sale then the stopped order will be executed at such next primary 
market sale price. However, if the next primary market sale is 
greater than the stop price then the stopped order will be filled at 
the stopped price (i.e. at the offer).
    Sell orders stopped under (1) above will be executed as follows:
    (iii) If the next primary market sale is equal to or greater 
than the last sale then the stopped order will be executed at such 
last sale price (subject, however, to the Exchange's block 
protection policy as set forth in interpretation and policy .06 of 
Rule 7 of this Article).
    (iv) If the next primary market sale is less than the last sale 
then the stopped order will be executed at such primary market sale 
price. However, if the next primary market sale is less than the 
stop price then the stopped order will be filled at the stopped 
price (i.e. at the bid).
    (3) Operating Time. Enhanced SuperMAX will operate each day that 
the Exchange is open for trading from 8:45 a.m. (C.T.) until the 
close. In unusual trading situations, individual stocks or all 
stocks may be removed from Enhanced SuperMAX with the approval of 
two members of the Committee on Floor Procedure.
    (4) Timing. Orders entered into Enhanced SuperMAX shall, when 
due a fill under the Enhanced SuperMAX program, be immediately 
executed without any delay (i.e. 0 seconds).
    (5) Applicability to Odd-Lots. Although an order generated by 
the Odd-Lot Execution Service (``OLES'') is a professional order 
(because it is deemed to be for the account of a broker-dealer), it 
is nonetheless eligible for Enhanced SuperMAX execution if: (i) the 
issue is on Enhanced SuperMAX, (ii) it is an order for 200 shares or 
less, and (iii) it is an OLES passively driven, system-generated 
market order (and not an actively managed order).
    (6) Out of Range. Notwithstanding anything in this paragraph (e) 
to the contrary, Enhanced SuperMAX will not execute an order at the 
NBBO if such execution would result in an out of range execution.
    (7) Other. Any eligible order in a stock included in Enhanced 
SuperMAX which is manually presented at the Specialist post by a 
floor broker must also be guaranteed an execution by the Specialist 
pursuant to the criteria set forth in this paragraph (e). In the 
event that a contra side order which would better an Enhanced 
SuperMAX execution is presented at the post, the incoming order 
which is executed pursuant to the Enhanced SuperMAX criteria must be 
adjusted to the better price.
    (f) The Exchange's Timed Enhanced SuperMAX program shall be an 
automatic execution program within MAX in which a Specialist may 
voluntarily choose to participate on the stock-by-stock basis. A 
Specialist shall decide if his or her stock will be eligible for 
Timed Enhanced SuperMAX treatment. In the event that a Specialist 
determines that his or her stock is eligible for Timed Enhanced 
SuperMAX and voluntarily chooses to participate in Timed Enhanced 
SuperMAX, agency market orders up to and including 1099 shares (or 
such greater size as specified by the Specialist and approved by the 
Exchange) will automatically be executed in MAX, through the Timed 
Enhanced SuperMAX program, without any Specialist intervention, in 
accordance with the Enhanced SuperMAX program and rules (as 
specified in paragraph (e) of this Rule and subparagraphs (1) 
through (7) thereunder) with the following modification:
    (1) Timer. In the event that an order is stopped pursuant to the 
criteria described in paragraph (e)(1) of this Rule, such order 
shall be executed at the stopped price if there are no executions in 
the primary market at the end of the applicable Time Out Period (as 
defined below). For purposes of this paragraph (f), the Time Out 
Period shall be the time specified by the specialist on stock-by-
stock basis based on the size of the order. Such Time Out Period 
shall be preselected by a specialist, may be changed by a specialist 
no more frequently than once a month and may be no less than 30 
seconds.

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 III 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
    On May 22, 1995, the Commission approved a proposed rule change of 
CHX that allows specialists on the Exchange, through the Exchange's MAX 
system, to provide order execution guarantees that are more favorable 
than those required under CHX Rule 37(a), Article XX.\2\ That approval 
order 

[[Page 39467]]
contemplated that the CHX would file with the Commission specific 
modifications to the parameters of MAX that are required to implement 
various options available under this new rule.

    \2\ See Securities Exchange Act Release No. 325753 (May 22, 
1995), 60 FR 28007 (May 26, 1995) (File No. SR-CHX-95-08).
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    The purpose of the proposed rule change is to set forth two options 
available under this new rule. One option is merely a reactivation of 
the Exchange's Enhanced SuperMAX program, a program originally approved 
by the Commission on a pilot basis in 1991.\3\ Unlike the old pilot 
program, however, the new Enhanced SuperMAX program will be available 
starting at 8:45 a.m. instead of 9:00 a.m. This program differs from 
the Exchange's SuperMAX program is that under this program, certain 
orders are ``stopped'' at the NBBO \4\ and are executed with reference 
to the next primary market sale instead of the previous primary market 
sale.

    \3\ See Securities Exchange Act Release No. 30058 (Dec. 10, 
1991), 56 FR 65765 (Dec. 18, 1991) (order approving SR-MSE-91-12). 
The pilot program was subsequently extended in Securities Exchange 
Act Release Nos. 30701 (May 14, 1992), 57 FR 21683 (May 21, 1992) 
(File No. SR-MSE-92-06); 310238 (Aug. 13, 1992), 57 FR 37856 (Aug. 
20, 1992) (File No. SR-MSE-92-09); and 31857 (Feb. 12, 1993) 58 FR 
9227 (Feb. 19, 1993) (File No. SR-MSE-01).
    \4\ The term national best bid or best offer is defined under 
SEC Rule 11Ac1-2 as the highest bid or lowest offer for a reported 
security made available by any reporting market center pursuant to 
Rule 11Ac1-1 or the highest bid or lowest offer for a security other 
than a reported security disseminated by an over-the-counter market 
maker in Level 2 or 3 of Nasdaq.
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    The other option is a slight variation on the Enhanced SuperMAX 
program. This other option, the Timed Enhanced SuperMAX program, will 
execute orders in the same manner as the Enhanced SuperMAX program 
except that if there are no executions in the primary market after the 
order has been stopped for a designated time period, the order will be 
executed at the stopped price at the end of such period. Such period, 
known as a time out period, will be pre-selected by a specialist on a 
stock-by-stock basis based on the size of the order, may be changed by 
a specialist no more frequently than once a month, and may be no less 
than 30 seconds.
2. 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 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 with respect to the 
proposed rule change.

III. 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, N.W., 
Washington, D.C. 20549. Copies of such filing will also be available 
for inspection and copying at the principal office of the Exchange. All 
submissions should refer to File No. SR-CHX-95-15 and should be 
submitted by August 23, 1995.
IV. Commission's Findings and Order Granting Accelerated Approval of 
Proposed Rule Change

    The Commission has reviewed carefully CHX's proposed rule change 
and concludes that the proposed rule change is consistent with the 
requirements of the Act and the rules and regulations thereunder 
applicable to a national securities exchange, and in particular, with 
Section 6(b)(5) of the Act.\5\

    \5\ 15 U.S.C. 78f(b)(5) (1988 & Supp. V. 1993).
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    The proposed rule change provides for modified versions of the 
SuperMAX system \6\ (Enhanced SuperMAX and Timed Enhanced SuperMAX). 
These modified versions will operate as separate systems and will be 
available to CHX specialists as additions or alternatives to 
SuperMAX.\7\ Participation in Enhanced SuperMAX and Timed Enhanced 
SuperMAX will be voluntary for specialists and will apply on a stock-
by-stock basis for agency market orders of 1,099 shares or fewer in 
Dual Trading Systems issued.\8\

    \6\ SuperMAX is a system that automatically improves executions 
of small agency market orders from the consolidated best bid or 
offer according to certain predefined criteria. In 1990, the 
Commission first approved SuperMAX on a pilot basis. See Securities 
Exchange Act Release No. 28014 (May 14, 1990), 55 FR 20880 (May 21, 
1990) (File No. SR-MSE-90-05). In 1993, the Commission approved 
SuperMAX on a permanent basis. For more detail regarding SuperMAX, 
see infra note 12 and the accompanying text.
    \7\ The Exchange will file an amendment to the proposed rule 
change in the near future to codify the procedures with respect to a 
specialist's ability to make a security eligible for Enhanced 
SuperMAX and Time Enhanced SuperMAX. A specialist will be permitted 
to engage and disengage Enhanced SuperMAX and Timed Enhanced 
SuperMAX for a given stock only once a month. See letter from David 
Rusoff, Foley & Lardner, to Glen Barretine, Senior Counsel, SEC, 
dated July 21, 1995.
    \8\ The Dual Trading System of the Exchange allows the execution 
of both round-lot and odd-lot orders in certain issues assigned to 
specialists on the Exchange and listed on either the New York Stock 
Exchange or the American Stock Exchange.
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    Under the proposed rule change, Enhanced SuperMAX and Timed 
Enhanced SuperMAX would automatically stop a market order if its 
execution at the consolidated best bid or offer (``BBO'') would create 
either a double up tick or double down tick. If the execution at the 
BBO would not result in a double up tick or double down tick, then 
Enhanced SuperMAX and Timed Enhanced SuperMAX would execute the order 
at the BBO. Once a security chosen by a specialist for Enhanced 
SuperMAX and Timed Enhanced SuperMAX is stopped, a buy (sell) order is 
guaranteed at least the offer (bid) price prevailing at the time of the 
stop (``stop price'').
    The stopped Enhanced SuperMAX and Timed Enhanced SuperMAX eligible 
order would be executed based upon the next sale in the primary market 
according to the execution criteria. The Enhanced SuperMAX and Timed 
Enhanced SuperMAX algorithm compares the previous last sale price to 
the next sale price, and considers the direction of the market by those 
sales prices, to determine the price at which the stopped market order 
will be filled. The procedures under Enhanced SuperMAX and Timed 
Enhanced SuperMAX are identical except the stopped order in Timed 
Enhanced SuperMAX will be executed at the expiration of a specified 
time period as designated by a specialist.
    Under the proposal, Enhanced SuperMAX and Timed Enhanced SuperMAX 
would not execute an order at the BBO if such execution would 

[[Page 39468]]
result in an out-of-range execution.\9\ If a specialist chooses the 
Enhanced SuperMAX and Timed Enhanced SuperMAX, the criteria for the 
systems must be followed for all eligible stocks. If a specialist 
chooses to have Enhanced SuperMAX and Timed Enhanced SuperMAX run 
concurrently with SuperMAX, then the size of the agency market order 
would determine which method of execution will be followed. An order of 
599 shares or fewer will be executed according to SuperMAX rules; an 
order of 600 shares to 1,099 shares will be executed according to 
Enhanced SuperMAX and Timed Enhanced SuperMAX rules. An order will 
never be subject to execution under the rules of both SuperMAX and 
Enhanced SuperMAX (or Timed Enhanced SuperMAX).

    \9\ The term ``out-of-range'' means either higher or lower than 
the price range in which the security traded on the primary market 
during a particular trading day.
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    Any eligible order in a stock included in Enhanced SuperMAX or 
Timed Enhanced SuperMAX that is manually presented at the specialist 
post by a floor broker also must be guaranteed an execution by the 
specialist pursuant to the appropriate system criteria. In the unlikely 
event that a contra side order that would better the Enhanced SuperMAX 
and Timed Enhanced SuperMAX execution is presented at the post, the 
specialist must adjust the incoming order that was executed pursuant to 
the Enhanced SuperMAX or Timed Enhanced SuperMAX criteria. During 
volatile periods, individual stocks or all stocks may be removed from 
Enhanced SuperMAX or Timed Enhanced SuperMAX with the approval of two 
members of the Committee on Floor Procedure.\10\

    \10\ When stocks are removed from Enhanced SuperMAX or Timed 
Enhanced SuperMAX, CHX would broadcast a message through the MAX 
system indicating that the affected stocks are off Enhanced SuperMAX 
or Timed Enhanced SuperMAX. Telephone conversation between David 
Rusoff, Foley & Lardner, and Jennifer Choi, Attorney, Division of 
Market Regulation, SEC. on July 21, 1995.
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    The Exchange represented that as a result of testing extensively 
both versions of Enhanced SuperMAX, the Exchange concludes that 
Enhanced SuperMAX and Timed Enhanced SuperMAX will not have any 
significant impact upon CHX's systems capacity.\11\

    \11\ See letter from David Rusoff, Foley & Lardner, to Glen 
Barrentine, Senior Counsel, SEC, dated July 21, 1995.
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    In 1991, the Commission approved on a pilot basis Enhanced SuperMAX 
to run concurrently with SuperMAX, which was on a pilot at that 
time.\12\ In the initial Enhanced SuperMAX pilot program approval 
order, the Commission expressed concerns about the possible adverse 
effects on execution quality of a lack of order exposure.\13\ The 
Commission also acknowledged, however, that increased order exposure 
may impose certain economic costs in terms of execution delay and 
interjection of manual processing. Moreover, the Commission recognized 
that most of the Exchange's automatic execution systems in effect (at 
this time) provided executions at the quote only.

    \12\ The Exchange sought approval of the Enhanced SuperMAX 
program to evaluate both Enhanced SuperMAX and SuperMAX systems and 
determine which system it wanted to implement. In 1993, the Exchange 
chose to implement SuperMAX rather than Enhanced SuperMAX and sought 
approval of SuperMAX on a permanent basis. The Commission 
permanently approved SuperMAX believing that the automated execution 
feature of SuperMAX would provide a more efficient means of 
bettering the execution price on a large volume of electronically 
delivered market orders than through manual processing. The Enhanced 
SuperMAX pilot expired in 1993 without the Exchange requesting an 
extension or permanent approval. See Securities Exchange Act Release 
No. 32631 (July 14, 1993), 58 FR 30969 (July 21, 1993) (File No. SR-
MSE-93-10) (approving permanently SuperMAX).
    \13\ See Secutiries Exchange Act Release No, 30058 (Dec. 10, 
1991), 56 FR 65765 (Dec. 18, 1991) (order approving SR-MSE-91-12).
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    In approving the Enhanced SuperMAX feature on a pilot basis, the 
Commission believed that this proposal was less ideal than SuperMAX, 
but that the Commission would revisit its concerns in the event that 
the CHX requested permanent approval. In this regard, the Commission 
stated that any request for permanent approval must be accompanied by a 
report containing certain data on the Enhanced SuperMAX system.\14\

    \14\ In the initial pilot approval order, the Commission 
described its concerns with the program and requested that the 
Exchange submit a report detailing the use of the pilot. The 
Exchange, however, did not submit a report because specialists on 
the Exchange made little or no use of the pilot program. Telephone 
conversation between David Rusoff, Foley & Lardner, and Glen 
Barrentine and Jennifer Choi, SEC. on July 18, 1995.
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    The Commission believes that pricing and execution procedures of 
Enhanced SuperMAX and Timed Enhanced SuperMAX are consistent with the 
maintenance of fair and orderly auction markets on national securities 
exchanges. Moreover, the Commission believes that the execution 
criteria of Enhanced SuperMAX and Timed Enhanced SuperMAX should 
contribute to an orderly market because they help to reduce variations 
from trade to trade on low volume. Finally, although the proposals will 
not automatically provide price improvement, they will provide some 
opportunity for customers to receive a better price. The Enhanced 
SuperMAX being proposed in this filing is identical to the previous 
pilot program except that the start up time will be 8:45 a.m. (C.T.). 
The Timed Enhanced SuperMAX procedures are identical to those of 
Enhanced SuperMAX except that the stopped order will be executed at the 
top price after a period of time that has been designated by the 
specialist but may not be shorter than 30 seconds has expired. This 
additional feature is intended to allow orders in inactive stocks to be 
provided with an opportunity for price improvement but to be executed 
without unduly delay. Therefore, the Commission finds that 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, perfect 
the mechanisms of a free and open market, and in general to protect 
investors and the public interest.
    The Commission believes that it would be appropriate to allow the 
Exchange to implement Enhanced SuperMAX and Timed Enhanced SuperMAX for 
a one-year period to afford the Exchange and the Commission an 
opportunity to monitor the operation of the systems and determine their 
effectiveness. The Exchange should monitor the use of the systems 
during the one-year pilot period and assure the Commission that there 
are no adverse effects on the quality of customer order executions. 
Moreover, the Exchange should examine the use of the systems during the 
pilot period to determine whether specialists are choosing the 
appropriate system for each of their stocks.
    The Commission, therefore, requests that the Exchange submit a 
report to the Commission by May 31, 1996, describing its experience 
with the pilot program. At a minimum, this report should contain the 
following data gathered during the first 9-month period after the 
start-up date for Enhanced SuperMAX and Timed Enhanced SuperMAX: (1) 
The number of orders executed in SuperMAX, Enhanced SuperMAX, and Timed 
Enhanced SuperMAX; (2) share and dollar volume for all three systems; 
(3) comparisons of orders executed under SuperMAX, Enhanced SuperMAX, 
and Timed Enhanced SuperMAX, indicating where orders executed under one 
system would have received a more favorable execution under another 
system; (4) the number of specialists using each system, and the number 
of stocks included in each; (5) the average length of time between 
receipt of an order and execution under each system; (6) the types of 
securities being chosen for each system (if a pattern is discernable); 
(7) a break down of each issue chosen for 

[[Page 39469]]
each system during the pilot period, including each date the issue was 
placed on each system and removed; and (8) whether any distinguishable 
market condition existed when an issue was placed on or taken off each 
system. Any requests to modify this pilot program, to extend its 
effectiveness, or to seek permanent approval for the pilot program also 
should be submitted to the Commission by May 31, 1996, as a proposed 
rule change pursuant to Section 19(b) of the Act.
    The Commission finds good cause for approving the proposed rule 
change prior to the thirtieth day after the date of publication of 
notice thereof in the Federal Register. The Commission believes that it 
is appropriate to approve the proposed rule change on an accelerated 
basis so that the Exchange can enable public customers to receive the 
benefits of Enhanced SuperMAX and Timed Enhanced SuperMAX without 
delay. Moreover, the Enhanced SuperMAX feature previously has been on a 
pilot program from December 1991 through April 1993, and the Commission 
is approving CHX's Enhanced SuperMAX and Timed Enhanced SuperMAX only 
for a one-year pilot period.\15\ During that time, the Commission and 
the Exchange will be able to examine whether these programs are 
successful at providing for automatic execution of orders at prices 
consistent with the maintenance of fair and orderly markets and can 
determine whether to extend the pilots for a further period or make the 
programs permanent. The Commission, therefore, believes that granting 
accelerated approval of the proposed rule change is appropriate and 
consistent with Section 6 of the Act.\16\

    \15\ The Enhanced SuperMAX system has been published for comment 
in the Federal Register previously, and there have been no adverse 
comments on it.
    \16\ 15 U.S.C. 78f (1988 & Supp. V 1993).
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    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\17\ that the proposed rule change (SR-CHX-95-15) is approved on a 
pilot basis until July 31, 1996.

    \17\ 15 U.S.C. 78s(b)(2) (1988).
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    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\18\

    \18\ 17 CFR 200.30-3a(a)(12) (1994).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-18960 Filed 8-1-95; 8:45 am]
BILLING CODE 8010-01-M