[Federal Register Volume 61, Number 67 (Friday, April 5, 1996)]
[Notices]
[Pages 15317-15318]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-8395]



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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-37040; International Series Release No. 961; File No. 
SR-Amex-96-09]


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

March 29, 1996.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on March 18, 1996, 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 solicit comments on the proposed rule change 
from interested persons.

    \1\ 15 U.S.C. 78s(b)(1) (1988).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Amex proposes to waive the monthly equity transaction charge 
for executions in World Equity Benchmark Shares (``WEBS'') for the 
first 90 days of trading.

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

    The Exchange proposes to waive, for the first 90 days of trading in 
WEBS, the monthly equity transaction charge for executions of on-floor 
and off-floor orders, including those for the accounts of floor 
members, Registered Options Traders, customers, and firm proprietary 
accounts. WEBS are issued by Foreign Fund, Inc., an open-end management 
investment company, and are listed on the Exchange pursuant to Exchange 
Rule 1000A.\2\

    \2\ See Securities Exchange Act Release No. 36947 (March 8, 
1996), 61 FR 10606.
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    Each WEBS Index Series invests primarily in equity securities 
traded in foreign markets in an effort to track the performance of a 
specified foreign equity market index. Seventeen WEBS Index Series have 
been listed on the Exchange: Australia Index Series, Austria Index 
Series, Belgium Index Series, Canada Index Series, France Index Series, 
Germany Index Series, Hong Kong Index Series, Italy Index Series, Japan 
Index Series, Malaysia Index Series, Mexico (Free) Index Series, 
Netherlands Index Series, Singapore (Free) Index Series, Spain Index 
Series, Sweden Index Series, Switzerland Index Series, and United 
Kingdom Index Series.
    The investment objective of each of the initial seventeen Index 
Series is to seek to provide investment results that correspond 
generally to the price and yield performance of publicly traded 
securities in the aggregate in particular foreign markets, as 
represented by a particular foreign equity securities index compiled by 
Morgan Stanley Capital International (``MSCI'').
    The Exchange believes it is appropriate to waive transaction 
charges for an initial 90-day period in order to promote additional 
investor and professional interest in WEBS with the aim of enhancing 
liquidity.
    The Amex believes that its proposal is consistent with Section 
6(b)(4) of the Act in that it is designed to provide for the equitable 
allocation of reasonable dues, fees, and other charges among its 
members, issuers, and other persons using the Exchange's facilities.

[[Page 15318]]


(B) Self-Regulatory Organization's Statement on Burden on Competition

    The Amex believes that 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

    Written comments on the proposed rule change were neither solicited 
nor received.

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

    Because the proposed rule change establishes a due, fee, or other 
charge imposed by the Exchange, it has become effective pursuant to 
Section 19(b)(3)(A) of the Act and subparagraph (e) of Rule 19b-4 
thereunder. 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.

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 copying in the 
Commission's Public Reference Section, 450 Fifth Street, NW., 
Washington, DC. Copies of such filing will also be available for 
inspection and copying at the principal office of the above-mentioned 
self-regulatory organization. All submissions should refer to File No. 
SR-Amex-96-09 and should be submitted by April 26, 1996.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\3\

    \3\ 17 CFR 200.30-3(a)(12) (1994).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-8395 Filed 4-4-96; 8:45 am]
BILLING CODE 8010-01-M