[Federal Register Volume 61, Number 40 (Wednesday, February 28, 1996)]
[Notices]
[Pages 7569-7570]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-4494]



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SECURITIES AND EXCHANGE COMMISSION

[Release No. 36871; File No. SR-CSE-96-03]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the Cincinnati Stock Exchange 
Relating to Exchange Rule 11.10, National Securities Trading System 
Fees

February 22, 1996.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on February 21, 1996 The 
Cincinnati Stock Exchange (``CSE'' 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).
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I. Self-Regulatory Organization's Statement of the Terms of 
Substance of the Proposed Rule Change

    The Exchange hereby amends Rule 11.10 regarding fees imposed by the 
Exchange. The text of the proposed rule change is as follows [new text 
is italicized; deleted text is bracketed]:

Rule 11.10  National Securities Trading System Fees

A. Agency Transactions
    As is the case [Except] for Preferenced transactions, members 
acting as an agent will be charged [$0.0025 per share ($0.25/100 
shares)] the per share incremental rates as noted below for public 
agency transactions. [except that there will be no transaction fee 
charge for public agency limit orders executed from the CSE limit order 
book.]

------------------------------------------------------------------------
                                                                 Charge 
                   Avg. daily share* volume                    Per share
------------------------------------------------------------------------
1 to 250,000.................................................    $0.0020
250,001 to 500,000...........................................     0.0015
500,001 to 1,000,000.........................................     0.0013
1,000,001 to 1,500,000.......................................     0.0009
1,500,001 and higher.........................................     0.0007
                                                                        
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* Odd-lot shares excluded.                                              

B. through M. No Change

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 Exchange has determined to amend the fee charged agency limit 
and market orders executed through the facilities of the Exchange's 
limit order and automated execution book such that the fee imposed upon 
agency market and limit orders executed through that facility will be 
the same as the fee charged members that preference agency orders.
2. Statutory Basis
    2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the Act 
\2\ in general and furthers the objectives of Section 6(b)(4)\3\ 
particular in that it provides for the equitable allocation of 
reasonable dues, fees, and other charges among the Exchange's members 
and other persons using its facilities.

    \2\ 15 U.S.C. 78f(b).
    \2\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The proposed rule change does not impose any burden on competition 
that is not necessary or appropriate in furtherance of the purposes of 
the Act.

[[Page 7570]]


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

    \4\ 15 U.S.C. 78s(b)(3)(A).
    \5\ 17 CFR 240.19b-4.
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    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.

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 Cincinnati 
Stock Exchange. All submissions should refer to File No. SR-CSE-96-03 
and should be submitted by March 20, 1996.

    For the Commission, by the Division of Market Regulation, pursuant 
to delegated authority.\6\

    \6\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-4494 Filed 2-27-95; 8:45 am]
BILLING CODE 8010-01-M