[Federal Register Volume 61, Number 16 (Wednesday, January 24, 1996)]
[Notices]
[Pages 1954-1955]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-1031]



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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-36733; File No. SR-Amex-95-55]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the American Stock Exchange, 
Inc. Relating to Fee Changes

January 17, 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 
21, 1995, the American Stock Exchange, Inc. (``Amex'' 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 

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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 Amex proposes to increase its options transaction charge, 
options floor brokerage fee, and CRD fee, as well as adopt a new 
technology fee.
    The text of the proposed rule change is available at the Office of 
the Secretary, Amex 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 Amex 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 Amex 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 Exchange is increasing three charges imposed on members and 
member organizations. The options transaction charge for specialist and 
market maker proprietary trades is being increased from $.07 to $.08 
per contract side for equity option contracts and from $.11 to $.12 per 
contract side for index option contracts. An option floor brokerage 
fee, currently imposed on all customer and non-market making member 
firm principal activity at the rate of $.03 per contract side, will now 
also be imposed on all specialist and market maker proprietary trades 
at the rate of $.02 per contract side. The fees charged to member firms 
for registering sales personnel through the CRD System are being 
increased from $25 to $30 for renewals, from $20 to $25 for 
terminations, from $45 to $55 for initial registration, and from $30 to 
$40 for transfers.
    The Exchange is also imposing a new technology fee of $1,200 per 
year on all members to help offset the costs associated with the 
Exchange's continued investment in trading floor technology. All of the 
above fees are scheduled to take effect on January 1, 1996.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
section 6(b) of the Act in general and furthers the objectives of 
section 6(b)(4) in particular in that they provide for the equitable 
allocation of reasonable dues, fees, and other charges among Amex 
members, issuers, and other persons using the Exchange's facilities.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange believes the proposed rule change will impose no 
burden on competition.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received from Members, Participants or Others

    The Exchange has neither solicited nor received written comments on 
the proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The fee changes have become effective pursuant to section 
19(b)(3)(A) of the Act and subparagraph (e)(2) of Rule 19b-4. At any 
time within 60 days of the filing of such fee changes, the Commission 
may summarily abrogate such fee changes 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, DC 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 coping at the 
Commission's Public Reference section, 450 Fifth Street, NW., 
Washington, DC 20549. Copies of such filing will also be available for 
inspection and copying at the principal office of the Amex. All 
submissions should refer to File No. SR-Amex-95-55 and should be 
submitted by February 14, 1996.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\1\

    \1\ 17 CFR 200.30-3(a)(12) (1994).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-1031 Filed 1-23-96; 8:45 am]
BILLING CODE 8010-01-M