[Federal Register Volume 60, Number 176 (Tuesday, September 12, 1995)]
[Notices]
[Pages 47417-47418]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-22537]



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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-36187; File No. SR-PSE-95-19]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the Pacific Stock Exchange 
Incorporated Relating to the Amendment of the Schedule of Rates for 
Exchange Services

September 5, 1995.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on August 22, 1995 the 
Pacific Stock Exchange Incorporated (``PSE'' 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.

    \1\ 15 U.S.C. 78s(b)(1).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange is proposing to amend its Schedule of Rates for 
Exchange Services.

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 is proposing to amend its Schedule of Rates for 
Exchange Services as follows: First, the Exchange is proposing to 
reduce its fee for transfers of membership that are made on a temporary 
basis. Currently, the fee for certain intra-organizational transfers of 
membership (temporary or permanent) is $250.00.\2\ Under the proposal, 
if a transfer of membership is made on a temporary basis (e.g., while a 
member is away on vacation), the amount of the fee would be $100.00.\3\ 
Second, the Exchange is proposing to eliminate its charge of $0.005 per 
share on net outgoing market maker principal 

[[Page 47418]]
trades executed over the Intermarket Trading System (``ITS''). Third, 
the Exchange is proposing to reduce its systems fee for equity 
specialists from $1,700 per month per cost to $1,550 per month per 
post. This change represents a reduction in the workstation component 
(two personal computers) of the specialist system fee. Fourth, the 
Exchange is proposing to reduce its P/COAST \4\ workstation fee for 
floor brokers (one personal computer) from $250.00 per month to $175.00 
per month. Fifth, the Exchange is proposing to reduce its charge for 
additional personal computers from $200.00 per month per personal 
computer to $175.00 per month per personal computer. The purpose of the 
proposed changes is to ensure that the subject rates and charges are 
fair and competitive.

    \2\ See PSE Rule 1.10(a)(ii).
    \3\ The Exchange has represented that a temporary transfer of 
membership is one made for 30 days or less. The Commission notes 
that the current language of PSE Rule 1.10(a)(ii) provides for a 
$250.00 fee for the temporary transfers of membership and, 
therefore, conflicts with the proposed amendment. To remedy this 
conflict, the Exchange has further represented that it will submit a 
filing in the near future that, among other things, will conform PSE 
Rule 1 to the proposed amendment and make it clear that a temporary 
transfer of membership, for the purposes of the proposed amendment, 
is one for 30 days or less. Telephone conversation between Michael 
D. Pierson, Senior Attorney, PSE and Glen Barrentine, Team Leader, 
SEC (Aug. 30, 1995).
    \4\ P/COAST stands for Pacific Computerized Order Access SysTem.
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2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
Section (6)(b) of the Act \5\ in general and furthers the objectives of 
Section 6(b)(4) \6\ in particular in that it provides for the equitable 
allocation of reasonable dues, fees, and other charges among the 
Exchange's members and other persons using its facilities.

    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f (b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The proposed rule change does not impose any 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 constitutes 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 \7\ and 
subparagraph (e) of Rule 19b-4 thereunder.\8\

    \7\ 15 U.S.C. 78s(b)(3)(A).
    \8\ 17 CFR 240.19b-4.
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    At any time within sixty 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 
comments 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 also will be available 
for inspection and copying at the principal office of the Pacific Stock 
Exchange. All submissions should refer to File No. SR-PSE-95-19 and 
should be submitted by October 3, 1995.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\9\

    \9\ 17 CFR 200.30-3(a) (12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-22537 Filed 9-11-95; 8:45 am]
BILLING CODE 8010-01-M