[Federal Register Volume 60, Number 199 (Monday, October 16, 1995)]
[Notices]
[Pages 53651-53652]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-25551]



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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-36349; File No. SR-CBOE-95-53]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the Chicago Board Options 
Exchange, Incorporated Relating to Monthly Fees for the Use of Optional 
ILX Features by its Members

October 6, 1995.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on September 5, 1995, the 
Chicago Board Options Exchange, Incorporated (``CBOE'' 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) (1988).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The CBOE proposes to establish, in addition to the existing monthly 
fee paid by CBOE members who install and use the basic ILX/WDN PC 
terminal package \2\ in their floor booth locations, monthly fees for 
the use of optional ILX features by such members.

    \2\ The ILX/WDN terminals use Windows-based software and include 
an ILX window for the display of market data, and a CBOE WDN window 
for internal CBOE displays and functions. See Securities Exchange 
Act Release No. 33983 (May 6, 1994), 59 FR 23756.
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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 1994, the Commission approved the CBOE's establishment of a 
monthly $350 fee per terminal to members who install the ILX/WDN PC 
terminal at their floor booth locations and use the ILX basic package 
or features.\3\ The ILX/WDN PC terminal uses Windows-based software and 
includes an ILX window for display of market data and a CBOE WDN window 
for internal CBOE displays and functions.

    \3\ See Securities Exchange Act Release No. 33983 (April 29, 
1994), 59 FR 23756.
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    The CBOE proposes to establish new monthly fees which will allow 
members to access one or more optional ILX news, market data and 
informational features that are not included in the basic ILX package. 
The new fees will be outlined in detail in a Regulatory Circular which 
will be issued to the Exchange's membership. A number of the optional 
ILX features have been available since June 1994, while other optional 
ILX data services have just recently been introduced.\4\ After a member 
notifies the CBOE's Trading Operations Department of the optional 
feature(s) requested for a designated floor booth ILX/WDN PC 
terminal(s), ILX will switch on the chosen feature(s) or 
``entitlement(s)'' from a remote location to enable the CBOE member's 
terminal(s) to receive the data.

    \4\ The Commission notes that the CBOE's proposal only is 
applicable to fees collected after the date of effectiveness of its 
proposal, and not to any fees collected prior to such date.
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    The CBOE believes that its proposal is consistent with Section 
6(b)(4) of the Act in that it is designed to provide for the equitable 
allocation of reasonable dues, fees, and other charges among CBOE 
members and other persons using CBOE facilities.

(B) Self-Regulatory Organization's Statement on Burden on Competition

    The CBOE believes that 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

    Written comments on the proposed rule change were neither solicited 
nor received.

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

    Because the proposed rule change establishes a due, fee, or other 
charge imposed by the Exchange, it 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 in the 
Commission's Public Reference Section, 450 Fifth Street, N.W., 
Washington, D.C. Copies of such filing will also be available for 
inspection and copying at the principal office of the above-mentioned 
self-regulatory organization. All submissions should refer to File No. 
SR-CBOE-95-53 and should be submitted by November 6, 1995.


[[Page 53652]]

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\5\

    \5\ 17 CFR 200.30-3(a)(12) (1994).
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Jonathan G. Katz,
Secretary.
[FR Doc. 95-25551 Filed 10-13-95; 8:45 am]
BILLING CODE 8010-01-M