[Federal Register Volume 60, Number 200 (Tuesday, October 17, 1995)]
[Notices]
[Pages 53818-53819]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-25663]



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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-36361; International Series Release No. 866; File No. 
SR-CBOE-95-57]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the Chicago Board Options 
Exchange, Incorporated, Relating to the Rebalancing Date for the 
Japanese Export Stock Index

October 11, 1995.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on October 11, 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 
Exchange. 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).
    \2\17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to modify its policy concerning the date of 
the annual rebalancing of the Japanese Export Stock Index (``Japan 
Export Index'' or ``Index'') such that the Index will be rebalanced as 
of the last trading day of March each year. The text of the proposed 
rule change is available at the Office of the Secretary, the Exchange, 
and at the Commission.

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 Exchange included statements 
concerning the purpose of and basis for the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange 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

    The Exchange recently received approval from the Commission to list 
and trade index warrants on the Japan Export Index.\3\ In that filing, 
the Exchange proposed to rebalance the Index on the last trading day of 
the calendar year. The Exchange now proposes to rebalance the Index on 
the last trading day of March, and not the last trading day of the 
calendar year. The Exchange believes that this change will better 
correlate the Index rebalancing with the fiscal year end for the 
majority of the Index components. The majority of the Japanese public 
companies comprising the Index have a fiscal year from April 1 to March 
31. The Exchange also notes that as of the date of this filing, 
warrants on the Index have not yet begun trading.

    \3\See Securities Exchange Act Release No. 26253 (September 19, 
1995), 60 FR 49654 (September 26, 1995) (SR-CBOE-95-41).
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    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act in general and furthers the objectives of 
Section 6(b)(5) in particular in that it is designed to prevent 
fraudulent and manipulative acts and practices, to promote just and 
equitable principles of change, to foster cooperation and coordination 
with persons engaged in facilitating transactions in securities, and to 
remove impediments to and perfect the mechanism of a free and open 
market and a national market system.

[[Page 53819]]


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

    The Exchange does not believe that the proposed rule change will 
impose any 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. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing rule change constitutes a stated 
interpretation with respect to the meaning, administration, or 
enforcement of an existing rule, it has become effective pursuant to 
Section 19(b)(3)(A) of the Act and Rule 19b-4 thereunder. At any time 
within 60 days of the filing of the 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 NW., 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 CBOE. All 
submissions should refer to SR-CBOE-95-57 and should be submitted by 
November 7, 1995.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\4\

    \4\17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-25663 Filed 10-16-95; 8:45 am]
BILLING CODE 8010-01-M