[Federal Register Volume 61, Number 15 (Tuesday, January 23, 1996)]
[Notices]
[Pages 1801-1802]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-838]



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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-36716; File No. SR-BSE-95-17]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the Boston Stock Exchange, 
Inc. Relating to Amendments to Its Transaction Fee Schedule

January 16, 1996.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''), 15 U.S.C. 78s(b)(1), notice is hereby given that on December 
19, 1995, the Boston Stock Exchange, Inc. (``BSE'' 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.

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange seeks to amend, as of January 1996 trading, its fee 
schedule pertaining to transaction fees. The text of the proposed rule 
change is as follows [new text is italicized; deleted text is 
bracketed]:

                                                Transaction Fees                                                
----------------------------------------------------------------------------------------------------------------
                                                                                                                
----------------------------------------------------------------------------------------------------------------
(1) [Credits...........................................  $1.50 per trade.                                       
     BSE non-self-directed market orders 100 to                                                         
     2,500 shares inclusive.                                                                                    
     Credit is limited to total monthly                                                                 
     transaction fees.                                                                                          
(2)] Trade Recording and Comparison Charges                                                                     
     [BSE single-sided executions up to and      No charge].                                            
     including 5,000 shares.                                                                                    
    [ BSE cross trade executions up to and       No charge.                                             
     including 2,000 shares] All BSE executions up to                                                           
     and including 2,500 shares.                                                                                
     All BSE single-sided executions from 2,501- No charge.                                             
     5,000 shares.                                                                                              
                                                                                                                
*                  *                  *                  *                  *                  *                
                                                        *                                                       
[(3)](2) Value Charges                                                                                          
     [BSE single-sided executions up to and      $.20 per 100 shares].                                  
     including 5,000 shares.                                                                                    
    BSE non-self-directed market and marketable limit    No charge.                                             
     executions up to and including 2,500 shares.                                                               
     [BSE cross trade executions up to and       $.20 per 100 shares.                                   
     including 2,000 shares] All other BSE executions                                                           
     up to and including 2,500 shares.                                                                          
     All BSE single-sided executions from 2,501  $.20 per 100 shares.                                   
     to 5,000 shares.                                                                                           
                                                                                                                
*                  *                  *                  *                  *                  *                
                                                        *                                                       
(3) Floor Broker Cross Trade Discounts                                                                          
     First 200 cross trades per month..........  Charge on both trade sides.                            
     Next 200 cross trades per month...........  Charge on one trade side.                              
     Over 400 cross trades per month...........  Charge on \1/2\ of one trade side.                     
                                                                                                                
*                  *                  *                  *                  *                  *                
                                                        *                                                       
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[[Page 1802]]


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

1. Purpose
    The purpose of the proposed rule change is to amend the Exchange's 
Transaction Fee Schedule in order to capitalize on the competitive 
niches that the Exchange currently enjoys and to improve the Exchange's 
competitive position in the overall marketplace. The Exchange plans to: 
(1) Eliminate the existing market order credit; (2) eliminate all 
transaction fees on BSE executed, non-self-directed, market and 
marketable limit orders up to and including 2,500 shares; and (3) 
implement a discount schedule for floor broker entered cross trades.
2. Statutory Basis
    The statutory basis for this proposal is Section 6(b)(4) of the 
Act.\1\

    \1\ 15 U.S.C. 78f(b)(4).
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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

    The foregoing rule change establishes 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 and subparagraph 
(e) of Rule 19b-4 thereunder.\2\ 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.

    \2\ 15 U.S.C. 78s(b)(3)(A) and 17 CFR 19b-4(e).
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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, 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. 552, will be available for inspection and copying at the 
Commission's Public Reference Section, 450 Fifth Street, NW., 
Washington, D.C. 20549. Copies of such filing will also be available 
for inspection and copying at the principal office of the Exchange. All 
submissions should refer to File No. SR-BSE-95-17 and should be 
submitted by February 13, 1996.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-838 Filed 1-22-96; 8:45 am]
BILLING CODE 8010-01-M