[Federal Register Volume 60, Number 214 (Monday, November 6, 1995)]
[Notices]
[Pages 56071-56075]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-27385]



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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-36434; File Nos. SR-Amex-95-41; SR-CBOE-95-32; SR-NYSE-
95-30; SR-PHLX-95-65; and SR-PSE-95-21]


Self-Regulatory Organizations; Order Approving Proposed Rule 
Change and Notice of Filing and Order Granting Accelerated Approval of 
Amendment No. 1 to the Proposed Rule Change by the Chicago Board 
Options Exchange, Inc., and Notice of Filing and Order Granting 
Accelerated Approval of Proposed Rule Changes by the American Stock 
Exchange, Inc., the New York Stock Exchange, Inc., the Philadelphia 
Stock Exchange, Inc., and the Pacific Stock Exchange, Inc. and 
Amendment No. 1 to the Pacific Stock Exchange's Proposal, Relating to 
the Listing and Maintenance Criteria for Options on American Depository 
Receipts

October 30, 1995.

I. Introduction

    On July 12, 1995, the Chicago Board Options Exchange, Inc. 
(``CBOE'') filed with the Securities and Exchange Commission (``SEC'' 
or ``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ a 
proposal to amend Interpretation and Policy .03 to CBOE Rule 5.3, 
``Criteria for Underlying Securities,'' and Interpretation and Policy 
.09 to CBOE Rule 5.4, ``Withdrawal of Approval of Underlying 
Securities,'' to revise the listing and maintenance criteria for 
options on American Depository Receipts (``ADRs'').

    \1\ 15 U.S.C. Sec. 78s(b)(1) (1988).
    \2\ 17 CFR 240.19b-4 (1994).
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    Notice of the proposed rule change appeared in the Federal Register 
on August 8, 1995.\3\ No comments were received on the proposed rule 
change.

    \3\ See Securities Exchange Act Release No. 36049 (August 2, 
1995), 60 FR 40401. The CBOE amended the proposed maintenance 
criteria to provide that if an ADR was initially deemed appropriate 
for options trading on the grounds that 50% or more of the worldwide 
trading volume in the ADR and other related ADRs and securities 
takes place in U.S. markets or in markets with which the CBOE has an 
effective surveillance sharing agreement, or if an ADR was initially 
deemed appropriate for options trading based on the daily trading 
volume in U.S. markets, as provided in the proposal, then the CBOE 
may not open for trading additional series of options on that ADR 
unless the percentage of worldwide trading volume in the ADR and 
other related securities that takes place in the U.S. and in markets 
with which the CBOE has in place surveillance sharing agreements for 
any consecutive three month period is either (1) at least 30% 
without regard to the average daily trading volume in the ADR, or 
(2) at least 15% when the average U.S. daily trading volume in the 
ADR for the previous three months is at least 70,000 shares. See 
Letter from Timothy Thompson, CBOE, to Jim McHale, Division of 
Market Regulation (``Division''), Commission, dated September 7, 
1995 (``Amendment No. 1'').

[[Page 56072]]

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    The Commission thereafter received identical proposals from the 
American Stock Exchange, Inc. (``Amex''),\4\ the New York Stock 
Exchange, Inc. (``NYSE''),\5\ the Philadelphia Stock Exchange, Inc. 
(``PHLX''),\6\ and the Pacific Stock Exchange, Inc. (``PSE''),\7\ 
(hereafter referred to collectively with the CBOE as the ``Exchanges'' 
and each individually referred to as an ``Exchange'').

    \4\ See File No. SR-Amex-95-41, submitted on October 11, 1995.
    \5\ See File No. SR-NYSE-95-30, submitted on September 26, 1995.
    \6\ See File No. SR-PHLX-95-65, submitted on September 19, 1995.
    \7\ See File No. SR-PSE-95-21, submitted on September 7, 1995. 
The PSE amended its proposal to conform its maintenance standards to 
the maintenance standards proposed by the CBOE. See Letter from 
Michael D. Pierson, Senior Attorney, Market Regulation, to Yvonne 
Fraticelli, Attorney, Office of Market Supervision, Division, 
Commission, dated October 13, 1995 (``Amendment No. 1'').
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II. Description of the Proposals

Listing Criteria for Options on ADRs
    Currently, the Exchanges' rules allow the Exchanges to list options 
on an ADR that meets or exceeds the Exchanges' established uniform 
options listing standards if the ADR also satisfies any of the 
following conditions: (1) The Exchange has in place an effective 
surveillance agreement \8\ with the primary exchange in the home 
country where the security underlying the ADR is traded; (2) the 
combined trading volume of the ADR, the security underlying the ADR, 
other classes of common stock related to the security underlying the 
ADR, and ADRs overlying such other classes of common stock 
(collectively, ``other related ADRs and securities'') occurring in the 
U.S. ADR market \9\ represents (on a share equivalent basis) at least 
50% of the combined world-wide trading volume in the ADR and other 
related ADRs and securities over the three month period preceding the 
date of selection of the ADR for options trading (``50% Test''); or (3) 
the Commission otherwise authorizes the listing.\10\

    \8\ The Commission defines an effective (i.e., comprehensive) 
surveillance agreement as one pursuant to which the Exchange can 
obtain relevant surveillance information, including, among other 
things, the identity of the customers of securities transactions. 
The term ``effective'' surveillance sharing agreement is 
interchangeable with ``comprehensive'' surveillance sharing 
agreement.
    \9\ The U.S. ADR market includes the U.S. self-regulatory 
organizations that are members of the Intermarket Surveillance Group 
(``ISG'') and whose members are linked together by the Intermarket 
Trading System (``ITS''). The ISG, which is comprised of the Amex, 
the Boston Stock Exchange, Inc., the CBOE, the Chicago Stock 
Exchange, Inc., the Cincinnati Stock Exchange, Inc., the National 
Association of Securities Dealers, Inc. (``NASD''), the NYSE, the 
PSE, and the PHLX, was formed on July 14, 1983, to, among other 
things, coordinate more effectively surveillance and investigative 
information sharing arrangements in the stock and options markets. 
ITS is a communications system designed to facilitate trading among 
competing markets by providing each market with order routing 
capabilities based on current quotation information. See Securities 
Exchange Act Release No. 33554 (January 31, 1994), 59 FR 5622 
(February 7, 1994), (order approving File No. SR-CBOE-93-81).
    \10\ The Commission generally would only provide such 
authorization in the context of approving a rule filing submitted 
under Section 19 of the Act and Rule 19b-4 thereunder.
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    The Exchanges propose to amend their ADR listing criteria by (1) 
revising the manner in which the applicable percentage of world-wide 
trading volume is calculated under the 50% Test; and (2) adding new 
criteria for the listing of options on ADRs, based on daily trading in 
the U.S. Specifically, the Exchanges proposes to revise the 50% Test so 
that trading in ADRs and other related ADRs and securities in any 
market with which the applicable Exchange has in place a comprehensive/
effective surveillance sharing agreement will be added to U.S. ADR 
market volume for the purpose of determining whether the 50% test has 
been met. Currently, only trading in the U.S. ADR market counts towards 
satisfying the 50% Test.
    In addition, the Exchanges propose to add a fourth alternative set 
of criteria under which the Exchanges may list options on ADRs. The new 
standard (the ``Daily Trading Volume Standard'') will permit the 
Exchanges to list options on ADRs if each of the following three 
conditions is satisfied: (1) The combined trading volume for the ADR 
and other related ADRs and securities occurring in the U.S. ADR market 
or in any market with which the Exchange has in place a comprehensive/
effective surveillance agreement represents (on a share equivalent 
basis) at least 20% of the combined world-wide trading volume in the 
ADR and other related ADRs and securities over the three month period 
preceding the date of selection of the ADR for options trading; (2) the 
average trading volume for the ADR in the U.S. ADR market over the 
three months preceding the date of selection of the ADR for options 
trading is at least 100,000 shares per day; and (3) the trading volume 
for the ADR in the U.S. ADR market is at least 60,000 shares per day 
for a majority of the trading days for the three months preceding the 
date of selection of the ADR for options trading.
    The Exchanges note that, like the 50% Test, the Daily Trading 
Volume Standard will allow the listing of options on ADRs in the 
absence of a comprehensive/effective surveillance sharing agreement 
between the applicable Exchange and the home country where the security 
underlying the ADR is traded. The Exchanges believe that the Daily 
Trading Volume Standard is justified because it will enable the 
Exchanges to list options on ADRs that are widely followed by U.S. 
investors but that do not meet the 50% Test. The Exchanges note that 
although the Daily Trading Volume Standard reduces from 50% to 20% the 
percentage of world-wide trading that must occur in the U.S. ADR market 
and in markets with which an Exchange has a comprehensive/effective 
surveillance sharing agreement, it also requires the ADRs to have 
trading volume in the U.S. ADR market. The Exchanges believe that the 
Daily Trading Volume Standard's requirement of observable, high trading 
volume should ameliorate regulatory concerns regarding investor 
protection.
Maintenance Criteria for Options on ADRs
    The proposals also revise the maintenance criteria for listing 
additional series of options on ADRs. Currently, the Exchanges' rules 
prohibit the Exchanges from opening trading on any additional series of 
options on an ADR that was listed initially under the 50% Test if the 
U.S. trading volume over a subsequent three month period is less than 
30% of worldwide trading volume, unless either (1) the Exchange has in 
place a comprehensive/effective surveillance agreement with the primary 
exchange in the home country where the security underlying the ADR is 
traded, or (2) the Commission has otherwise authorized the listing.
    The Exchanges propose to amend the maintenance criteria to prohibit 
an Exchange from opening trading in any additional series of options on 
an ADR that was listed initially pursuant to the 50% test or the Daily 
Trading Volume standard unless the percentage of worldwide trading 
volume in the ADR and other related securities takes place in U.S. 
markets and in markets with which the applicable Exchange has in place 
a comprehensive/effective surveillance sharing agreements for any 
consecutive three month period is either (1) at least 30% without 
regard to the average daily trading volume in the ADR, or (2) at least 
15% when the average U.S. daily trading volume in the ADR for the 
previous three months is at 

[[Page 56073]]
least 70,000 shares.\11\ The Exchanges believe that the proposed 15% 
requirement, together with the significant average daily trading volume 
requirement (70,000 shares) should be adequate to address concerns 
regarding the Exchanges' ability to investigate possible options 
manipulation involving the underlying ADRs without being so high as to 
unduly interfere with the continued trading of option products that 
have become established on an Exchange.

    \11\ Consistent with the proposed amendments to the listing 
standards, the Exchanges propose to modify the calculation of world-
wide trading volume in the maintenance standards to include the 
trading of the ADR and other related ADRs and securities in markets 
with which the applicable Exchange has in place an effective 
surveillance sharing agreement.
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    The Exchanges believe that the proposed rule changes are consistent 
with Section 6(b) of the Act, in general, and further the objectives of 
Section 6(b)(5), in particular, in that they are designed to remove 
impediments to and perfect the mechanism of a free and open market and 
a national market system by enabling the Exchanges to list options on 
widely followed ADRs without compromising investor protection concerns.

III. Discussion

    The Commission finds that the proposed rule changes are consistent 
with the requirements of the Act and the rules and regulations 
thereunder applicable to a national securities exchange, and, in 
particular, the requirements of Section 6(b)(5).\12\ The Commission 
believes, as it has concluded previously,\13\ that the listing of 
options on ADRs, among other things, provides investors with a better 
means to hedge their positions in the underlying ADRs, as well as 
enhanced market timing opportunities.\14\ Further, the pricing of the 
ADRs underlying ADR options may become more efficient and market makers 
in these ADRs, by virtue of enhanced hedging opportunities, may be able 
to provide deeper and more liquid markets.\15\ In sum, options on ADRs 
likely engender the same benefits to investors and the marketplace that 
exist with respect to options on common stock.\16\

    \12\ 15 U.S.C. Sec. 78f(b)(5) (1988 & Supp. V 1993).
    \13\ See Securities Exchange Act Release Nos. 33555 (January 31, 
1994), 59 FR 5619 (February 7, 1994) (order approving File No. SR-
Amex-95-38); 33554 (January 31, 1994), 59 FR 5622 (February 7, 1994) 
(order approving File No. SR-CBOE-93-38); 33552 (January 31, 1994), 
59 FR 5626 (February 7, 1994), (order approving File No. SR-NYSE-93-
43); 33553 (January 31, 1994), 59 FR 5634 (February 7, 1994) (order 
approving File No. SR-PHLX-93-54); and 33551 (January 31, 1994), 59 
FR 5631 (February 7, 1994) (order approving File No. SR-PSE-93-33) 
(``1994 ADR Approval Orders'').
    \14\ For example, if an investor wants to invest in ADRs but 
does not have sufficient cash available until a future date, he can 
purchase an ADR option now for less money and exercise the option to 
purchase the ADRs at a later date.
    \15\ See e.g., Report of the Special Study of the Options 
Markets to the Securities and Exchange Commission, 96th Cong., 1st 
Sess. (Comm. Print No. 96-IFC3, December 22, 1978).
    \16\ Pursuant to Section 6(b)(5) of the Act, the Commission must 
predicate approval of any new securities product upon a finding that 
the introduction of such new product is in the public interest. Such 
a finding would be difficult for a derivative instrument that served 
no hedging or other economic function, because any benefits that 
might be derived by market participants likely would be outweighed 
by the potential for manipulation, diminished public confidence in 
the integrity of the market, and other valid regulatory concerns.
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    The Commission believes that the proposed amendments to the listing 
and maintenance standards for options on ADRs will benefit investors by 
effectively increasing the number of available options-eligible ADRs. 
At the same time, the proposals provide safeguards designed to prevent 
manipulations and other abusive trading strategies in connection with 
the trading of ADR options and their underlying securities. 
Accordingly, the Commission believes that the proposals will extend the 
benefits associated with ADR options to additional ADRs and provide 
market participants with opportunities to trade a greater number of ADR 
options without compromising the effectiveness of the Exchanges' 
listing and maintenance standards for options on ADRs.
    Currently, the 50% Test allows an Exchange to list options on an 
ADR in the absence of a comprehensive/effective surveillance sharing 
agreement with the primary exchange where the security underlying the 
ADR trades if the combined trading volume of the ADR and other related 
ADRs occurring in the U.S. ADR market during the three month period 
preceding the selection of the ADR for options trading represents (on a 
share equivalent basis) at least 50% of the combined worldwide trading 
volume in the ADR and other related ADRs.
    In its orders approving the 50% Test, the Commission concluded that 
the 50% Test helped to ensure that the relevant pricing market for the 
options on ADRs is the U.S. ADR market rather than the market where the 
security underlying the ADR trades. In such cases, the Commission found 
that the U.S. ADR market is the instrumental market for purposes of 
deterring and detecting potential manipulations or other abusive 
trading strategies in conjunction with transactions in the overlying 
ADR options market. Because the U.S. self-regulatory organizations 
which comprise the U.S. ADR market are members of the ISG, the 
Commission concluded that there exists an effective surveillance 
sharing arrangement to permit the exchanges and the NASD to adequately 
investigate any potential manipulations of the ADR options or their 
underlying securities.\17\

    \17\ See 1994 ADR Approval Orders, supra note 14.
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    The Exchanges propose to modify the 50% Test to include in the U.S. 
ADR market volume calculation the trading volume in ADRs and other 
related securities that occurs in any market with which the applicable 
Exchange has in place a comprehensive/effective surveillance sharing 
agreement. The Commission believes that this proposed modification of 
the 50% Test is consistent with the Act and with the Commission's 
approach in the 1994 ADR Approval Orders because it will continue to 
ensure that the majority of world-wide trading volume in the ADR and 
other related ADRs and securities occurs in trading markets with which 
the applicable Exchange has in place a comprehensive/effective 
surveillance sharing agreement. The existence of such agreements should 
function as a deterrent in preventing manipulations or other abusive 
trading strategies and also provide an adequate mechanism for obtaining 
market and trading information from the ADR markets underlying the 
Exchanges' options. As a result, the Exchanges should continue to be 
able to adequately investigate any potential manipulations of ADR 
options or their underlying securities.
    In addition, the Commission finds that the proposed Daily Trading 
Volume Standard is consistent with the Act and with the 1994 ADR 
Approval Orders. As noted above, the Daily Trading Volume Standard will 
allow the Exchanges to list options on an ADR if, over the three month 
period preceding the date of selection of the ADR for options trading 
(1) the combined trading volume of the ADR and other related ADRs and 
securities occurring in the U.S. ADR market, and in markets where the 
applicable Exchange has in place a comprehensive/effective surveillance 
agreement, represents (on a share equivalent basis) at least 20% of the 
combined world-wide trading volume in the ADR and other related ADRs 
and securities; (2) the average daily trading volume for the security 
in U.S. markets is 100,000 or more shares; and (3) the trading volume 
is at least 60,000 shares per day in U.S. markets on a majority of the 
trading days.
    The Commission believes that these requirements present a 
reasonable 

[[Page 56074]]
alternative to the 50% Test by limiting the listing of options on ADRs 
to only those ADRs that have both (1) a significant amount of U.S. 
market trading volume and (2) a substantial (albeit not majority) 
volume of trading covered by a comprehensive/effective surveillance 
sharing agreement. This will ensure that, if a majority of trading 
volume in the ADR occurs in markets with a comprehensive/effective 
surveillance agreement, the U.S. ADR market is sufficiently active to 
serve as a relevant pricing market for the ADR.
    Accordingly, the Daily Trading Volume Standard should help to 
ensure that the U.S. markets (and the markets with which the applicable 
Exchange has in place a comprehensive/effective surveillance sharing 
agreement) serve a significant role in the price discovery of the 
applicable ADR and are generally deep, liquid markets.
    The Commission also believes that the proposed maintenance criteria 
(which will apply to an ADR option regardless of whether the option was 
listed under the 50% Test or the Daily Trading Volume Standard) will 
provide for continued trading of ADR options that have become 
established on an Exchange while ensuring that the U.S. markets (and 
the markets with which the applicable Exchange has in place a 
comprehensive/effective surveillance sharing agreement) remain a 
significant price discovery market for options on the ADRs.
    The Commission also notes that the existing ADR option listing 
requirements related to the protection of investors will continue to 
apply. Specifically, the ADRs underlying the options must meet the 
Exchanges' uniform options listing standards, including initial and 
maintenance criteria, in all respects.\18\ These criteria ensure, among 
other things, that the underlying ADRs will maintain adequate price and 
float to prevent the ADR options from being readily susceptible to 
manipulation.

    \18\ The Exchanges' initial listing standards require, among 
other things, that the ADRs underlying the Exchange-listed options 
are registered securities, have a ``float'' of 7,000,000 ADRs 
outstanding, 2,000 shareholders, trading volume of at least 
2,400,000 over the prior twelve month period, and a minimum price of 
$7\1/2\ for a majority of the business days during the preceding 
three month period. The Exchanges' maintenance criteria require that 
the ADRs underlying Exchange-listed options maintain a ``float'' of 
6,300,000 ADRs, 1,600 shareholders, trading volume of at least 
1,800,000 over the prior twelve month period, and a minimum price of 
$5 on a majority of the business days during the preceding six month 
period.
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    In addition, the Exchanges are required to make a reasonable 
inquiry to evaluate foreign securities underlying the ADR options to 
ensure that these securities are generally consistent with the 
requirements set forth in each Exchange's options listing 
standards.\19\ In the ADR Approval Orders, the Commission recognized 
that in some cases, an ADR underlying an option could meet the options 
listing standards while the foreign security on which the ADR is based 
may not meet those standards in every respect. For example, in the case 
of ADRs overlying certain foreign securities, one ADR could represent 
several shares of a specific stock. For this reason, it is possible 
that the price of the ADR will meet exchange listing standards even 
though the market price of the foreign security underlying the ADR may 
be less than the Exchange's standard. The Commission continues to 
believe, however, that requiring the Exchanges to review the foreign 
securities underlying the ADR options to ensure that they are generally 
consistent with the Exchanges' options listing standards, along with 
other market safeguards, will adequately protect investors from the 
possibility that the ADR options will be listed on illiquid or narrowly 
held securities.\20\

    \19\ See Securities Exchange Act Release Nos. 31529 (November 
27, 1992), 57 FR 57248 (December 3, 1992) (order approving File No. 
SR-Amex-91-26); 31531 (November 27, 1992), 57 FR 57250 (December 3, 
1992) (order approving File No. SR-CBOE-91-34); 31528 (November 27, 
1992), 57 FR 57256 (December 3, 1992) (order approving File No. SR-
NYSE-92-25); 31532 (November 27, 1992), 57 FR 57264 (December 3, 
1992) (order approving File No. SR-PHLX-91-40); and 31530 (November 
27, 1992), 57 FR 57262 (December 3, 1992) (order approving File No. 
SR-PSE-91-33) (``ADR Approval Orders''). See also 1994 ADR Approval 
Orders, supra note 14.
    \20\ For example, the Commission would expect the exchanges to 
consider delisting an option on an ADR if the price and public float 
of the underlying security did not meet trading or size maintenance 
standards, or if the security underlying the ADR failed to meet 
other standards that raised manipulative concerns. See ADR Approval 
Orders, supra note 20.
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IV. Conclusion

    The Commission notes that the Exchanges have not reported any 
problems associated with the trading of options on ADRs. Based on the 
Exchanges' experience trading ADR options, on the safeguards provided 
in the proposals, and on the requirement that ADR options comply with 
the Exchanges' uniform options listing standards, the Commission 
believes that the proposed amendments to the listing and maintenance 
standards for options on ADRs will allow the Exchanges to list options 
on widely followed ADRs while providing adequate mechanisms to ensure 
investor protection.
    The Commission finds good cause for approving Amendment No. 1 to 
the CBOE's proposal and Amendment No. 1 to the PSE's proposal prior to 
the thirtieth day after the date of publication of notice of filing 
thereof in the Federal Register. CBOE Amendment No. 1 and PSE Amendment 
No. 1 strengthens the Exchange's proposals by providing a single 
maintenance standard that applies to ADR options listed under both the 
50% Test and the Daily Trading Volume Standard. The Commission believes 
that it is reasonable for the Exchanges to apply this maintenance 
standard to ADR options listed under either the 50% Test or Daily 
Trading Volume Standard.
    In addition, the Commission finds good cause for approving the 
proposals submitted by the Amex, the NYSE, the PSE, and the PHLX prior 
to the thirtieth day after the date of publication of notice of filing 
thereof in the Federal Register because their proposals are consistent 
with the CBOE's proposal, which, with the exception of Amendment No. 1, 
was subject to the full notice and comment period. As noted above, the 
Commission received no comment letters concerning the CBOE's proposal. 
Accordingly, the Commission finds that it is consistent with Sections 
19(b)(2) and 6(b)(5) of the Act \21\ to approve Amendment No. 1 to the 
CBOE's proposal, and the proposals submitted by the Amex, the NYSE, the 
PHLX, and the PSE, on an accelerated basis.

    \21\ 15 U.S.C. 78s(b)(2) and 78f(b)(5) (1988).
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V. Solicitation of Comments

    Interested persons are invited to submit written data, views and 
arguments concerning Amendment No. 1 to the CBOE's proposal and 
Amendment No. 1 to the PSE's proposal and concerning the proposals by 
the Amex, the NYSE, the PHLX, and the PSE. 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. Copies of such filing will also be available for 
inspection and 

[[Page 56075]]
copying at the principal office of the above-mentioned self-regulatory 
organization. All submissions should refer to the file number in the 
caption above and should be submitted by November 27, 1995.
    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\22\ that the proposed rule changes (File Nos. SR-Amex-95-41; SR-
CBOE-95-32; SR-NYSE-95-30; SR-PHLX-95-65; and SR-PSE-95-21) are 
approved.

    \22\ 15 U.S.C. Sec. 78s(b)(2) (1982).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\23\

    \23\ 17 CFR 200.30-3(a)(12) (1994).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-27385 Filed 11-3-95; 8:45 am]
BILLING CODE 8010-01-M