[Federal Register Volume 60, Number 249 (Thursday, December 28, 1995)]
[Notices]
[Pages 67144-67145]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-31355]



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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-36613; International Series No. 907; File No. SR-OPRA-
95-5]


Options Price Reporting Authority; Notice of Filing and Immediate 
Effectiveness of Amendment to OPRA Fee Schedule Establishing a Fee 
Payable by Subscribers to Last Sale and Quotation Information 
Pertaining to Foreign Currency Options

December 20, 1995.
    Pursuant to Rule 11Aa3-2 under the Securities Exchange Act of 1934 
(``Exchange Act''), notice is hereby given that on December 11, 1995, 
the Options Price Reporting Authority (``OPRA'') \1\ submitted to the 
Securities and Exchange Commission (``SEC'' or ``Commission'') an 
amendment to the Plan for Reporting of Consolidated Options Last Sale 
Reports and Quotation Information (``Plan''). The amendment establishes 
a fee payable by subscribers to last sale and quotation information 
pertaining to foreign currency options (``FCOs'').\2\ OPRA has 
designated this proposal as establishing or changing a fee or other 
charge collected on behalf of the OPRA participants in connection with 
access to or use of OPRA facilities, permitting the proposal to become 
effective upon filing pursuant to Rule 11Aa3-2(c)(3)(i) under the 
Exchange Act. The Commission is publishing this notice to solicit 
comments from interested persons on the amendment.

    \1\ OPRA is a National Market System Plan approved by the 
Commission pursuant to Section 11A of the Exchange Act and Rule 
11Aa3-2 thereunder. Securities Exchange Act Release No. 17638 (Mar. 
18, 1981).
    The Plan provides for the collection and dissemination of last 
sale and quotation information on options that are traded on the 
five member exchanges. The five exchanges which agreed to the OPRA 
Plan are the American Stock Exchange (``AMEX''); the Chicago Board 
Options Exchange (``CBOE''); the New York Stock Exchange (``NYSE''); 
the Pacific Stock Exchange (``PSE''); and the Philadelphia Stock 
Exchange (``PHLX'').
    \2\ OPRA filed a substantially similar amendment to the OPRA 
plan (SR-OPRA-95-2) on September 15, 1995. OPRA subsequently 
withdrew the proposed amendment on November 22, 1995. See Letter 
from Janet Angstadt, Schiff Hardin & Waite, Attorney for OPRA, to 
David Oestreicher, Attorney, Division of Market Regulation, SEC 
(November 22, 1995). In addition to withdrawing SR-OPRA-95-2, OPRA 
withdrew SR-OPRA-95-1, the proposed amendment to revise the fees 
payable to OPRA by professional subscribers for access to options 
market data (except foreign currency options data) and related 
information. See id. To date, OPRA has not refiled an amendment 
regarding this latter fee revision.
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I. Description and Purpose of the Amendment

    The purpose of the amendment is to establish a subscriber fee 
payable to 

[[Page 67145]]
OPRA for access to last sale and quotation information and related 
information pertaining to FCOs. OPRA's existing subscriber fee 
currently covers access to all securities options market information 
emanating from OPRA's participant exchanges, including information 
pertaining to FCOs. In accordance with the OPRA Plan as amended,\3\ 
OPRA is authorized to impose separate fees for access to or for the use 
of information pertaining solely to FCOs, if the participants exchanges 
that provide a market in FCOs determine to impose separate FCO fees.

    \3\ See Securities Exchange Act Release No. 35487, International 
Series Release No. 792 (March 14, 1995), 60 FR 14984 (March 21, 
1995)(Order approving unbundling services for FCOs and Index 
options).
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    A subscriber to OPRA's FCO service will be subject to a monthly fee 
based upon the number of electronic display or interrogation devices 
maintained by the subscriber that are capable of displaying or 
reporting FCO information. The proposed FCO subscriber fee offers 
volume discounts to larger subscribers by reducing the fee per device 
as the total number of devices maintained by a subscriber increases. 
There are four pricing tiers covering the range from one device to 750 
or more devices per subscriber.\4\

    \4\ The tiers are as follows:
    (1) For 1 device, the fee per device is $3.00;
    (2) For 2-9 devices, the fee per device is $2.50;
    (3) For 10-749 devices, the fee per device is $2.00; and
    (4) For 750 or more devices, the fee per device is $1.50.
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    The proposed FCO subscriber fee is scheduled to take effect on 
January 1, 1996. Prior to that time, existing OPRA subscribers will be 
given notice of the new FCO fee, and an opportunity to indicate whether 
they wish to continue to receive FCO information and thereby subject 
themselves to the FCO fee.
    The PHLX, as the only exchange currently providing a market in 
FCOs, has duly authorized the proposed subscriber fee in accordance 
with the OPRA Plan. In addition, the PHLX has notified all other OPRA 
participant exchanges of the proposed fee change.

II. Solicitation of Comments

    Pursuant to Rule 11Aa3-2(c)(3), the amendment is effective upon 
filing with the Commission. The Commission may summarily abrogate the 
amendment within 60 days of its filing and require refiling and 
approval of the amendment by Commission order pursuant to Rule 11Aa3-
2(c)(2), if it appears to the Commission that such action is necessary 
or appropriate in the public interest; for the protection of investors 
and the maintenance of fair and orderly markets; to remove impediments 
to, and perfect the mechanisms of, a National Market System; or 
otherwise in furtherance of the purposes of the Exchange Act.
    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, and 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 
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 Room. Copies of the filing also will be available at 
the principal offices of OPRA. All submissions should refer to file 
number SR-OPRA-95-5 and should be submitted by January 22, 1995.

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

    \5\ 17 CFR 200.30-3(a)(29).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-31355 Filed 12-27-95; 8:45 am]
BILLING CODE 8010-01-M