[Federal Register Volume 60, Number 211 (Wednesday, November 1, 1995)]
[Notices]
[Pages 55628-55629]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-27129]



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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-36424; File No. SR-PSE-95-26]


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

October 26, 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 17, 1995, the Pacific Stock Exchange, Inc. (``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) (1988).
    \2\ 17 CFR 240.19b-4 (1994).
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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 to reduce 
option transaction charges for certain customer block trades. The text 
of the proposed rule change is available at the Office of the 
Secretary, the Exchange, and 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 PSE 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 PSE 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
    Under the Exchange's current Schedule of Rates, for manually 
executed options transactions, customers are charged $0.35 per contract 
side where the premium is $1 or more per contract. The Exchange is 
proposing to establish a rate of $0.25 per contract side where the 
premium is $1 or more per contract for the first 400 such contracts in 
a block trade. The Exchange is also proposing that the new rate take 
effect for the November 1995 trade month, and that it continue 
thereafter for an indefinite duration.
    According to the PSE, the purpose of the proposed rule change is to 
assure that the Exchange's customer transaction charges are fair and 
competitive.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
Section 6(b) of the Act in general,\3\ and furthers the objectives of 
Section 6(b)(4) in particular,\4\ in that it provides for the equitable 
allocation of reasonable dues, fees, and other charges among the 

[[Page 55629]]
Exchange's members and other persons using its facilities.

    \3\15 U.S.C. 78f(b) (1988).
    \4\15 U.S.C. 78f(b)(4) (1988).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The PSE does not believe that the proposed rule change will impose 
any inappropriate 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

    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\5\ and 
subparagraph (e) of Rule 19b-4 thereunder.\6\ 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.

    \5\15 U.S.C. 78s(b)(3)(A) (1988).
    \6\17 CFR 240.19b-4 (1994).
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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 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 PSE. All 
submissions should refer to File No. SR-PSE-95-26 and should be 
submitted by November 22, 1995.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\7\

    \7\17 CFR 200.30-3 (a)(12) (1994).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-27129 Filed 10-31-95; 8:45 am]
BILLING CODE 8010-01-M