[Federal Register Volume 61, Number 125 (Thursday, June 27, 1996)]
[Notices]
[Pages 33557-33561]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-16367]
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[[Page 33558]]
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-37336; File No. SR-Amex-95-57]
Self-Regulatory Organizations; Order Approving Proposed Rule
Change and Notice of Filing and Order Granting Accelerated Approval of
Amendment Nos. 2 and 3 to the Proposed Rule Change by the American
Stock Exchange, Inc., Relating to the Listing of Flexible Exchange
Options on Specified Equity Securities
June 19, 1996.
I. Introduction
On December 26, 1995, the American Stock Exchange, Inc. (``Amex''
or ``Exchange'') filed a proposed rule change with the Securities and
Exchange Commission (``SEC'' or ``Commission''), pursuant to Section
19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule
19b-4 thereunder, \2\ to provide for the listing and trading of
Flexible Exchange Options (``FLEX Options'') on specified equity
securities (``FLEX Equity Options''). The Amex submitted to the
Commission Amendment No. 1 to its proposal on March 18, 1996.\3\
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ In Amendment No. 1 to its proposed rule change, the Amex
proposes: (1) Position and exercise limits for FLEX Equity Options
that are three times the limits for Non-FLEX Equity Options; (2)
crossing procedures and a guaranteed minimum right of participation
for a Submitting Member seeking to cross a public customer FLEX
Equity Option order; and (3) settlement of FLEX Index Options in
designated foreign currencies, in addition to U.S. dollars as
currently provided. See Letter from Claire McGrath, Special Counsel,
Derivatives Securities, to Michael Walinskas, Special Counsel,
Office of Market Supervision (``OMS''), Division of Market
Regulation (``Market Regulation''), Commission, dated March 14,
1996. (``Amendment No. 1'').
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Notice of proposal, as amended, was published for comment and
appeared in the Federal Register on April 8, 1996.\4\ The Amex
submitted to the Commission Amendment No. 2 to its proposal on April
15, 1996.\5\ The Amex submitted to the Commission Amendment No. 3 to
the Commission on June 19, 1996.\6\ No comment letters were received on
the proposed rule change. This order approves the Exchange's proposal,
as amended.
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\4\ See Securities Exchange Act Release No. 37053 (March 29,
1996), 61 FR 15537.
\5\ In Amendment No. 2, the Exchange proposes to: (1) Include a
reference to the specific indexes approved for FLEX Options trading
in Rules 903G(a)(2)(i) and 906G(a); (2) revise Amendment No. 1
regarding the proposed guaranteed minimum right of participation for
a Submitting Member seeking to cross a public customer FLEX Equity
Option order, such that the Submitting Member will be permitted to
execute the contra side of the trade that is the subject of the
Request for Quotes, to the extent of at least 25% of the trade under
specific circumstances; and (3) include subparagraph (c) to Rule
909G so that FLEX Equity Options specialists shall comply with Rules
171 and 950(h) regarding equity option specialist's financial
requirements. See Letter from Claire McGrath, Special Counsel,
Derivatives Securities, Amex, to Michael Walinskas, Special Counsel,
OMS, Market Regulation, Commission, dated April 15, 1996
(``Amendment No. 2'').
\6\ In Amendment No. 3, the Amex proposes to amend Rule
903G(a)(3) to make it clear that bids and offers responsive to FLEX
Requests for Quotes must be stated in terms of the designated
currency in the Request for Quotes. See Letter from Claire McGrath,
Special Counsel, Amex, to John Ayanian, Attorney, OMS, Market
Regulation, Commission, dated June 19, 1996 (``Amendment No. 3'').
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II. Background
The purpose of the Exchange's proposal is to provide a framework
for the Exchange to list and trade equity options that give investors
the ability, within specified limits, to designate certain of the terms
of the options. In recent years, an over-the-counter (``OTC'') market
in customized equity options has developed which permits participants
to designate the basic terms of the options, including size, term to
expiration, exercise style, exercise price, and exercise settlement
value, in order to meet their individual investment needs. Participants
in this OTC market are typically institutional investors, who buy and
sell options in large-size transactions through a relatively small
number of securities dealers. To compete with this growing OTC market
in customized equity options, the Exchange propose to expand its FLEX
Options rules \7\ to permit the introduction of trading in FLEX Options
on specified equity securities that satisfy the Exchange's listing
standards for equity options. The Exchange's proposal will allow FLEX
Equity Option market participants to designate the following contract
terms: (1) Exercise price; (2) exercise style (i.e., American,\8\
European,\9\ or capped \10\); (3) expiration date; \11\ and (4) option
type (put, call, or spread).
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\7\ See Amex Rules 900G through 909G.
\8\ An American-style equity option is one that may be exercised
at any time on or before the expiration date.
\9\ A European-style equity option is one that may be exercised
only during a limited period of time prior to expiration of the
option.
\10\ A capped-style equity option is one that is exercised
automatically prior to expiration when the cap price is less than or
equal to the closing price of the underlying security for calls or
when the cap price is greater than or equal to the closing price of
the underlying security for puts.
\11\ The proposal, however, requires that the expiration date of
a FLEX Equity Option may not fall on a day that is on, or within two
business days of the expiration date of a Non-FLEX Equity Option.
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Currently, the Amex can list and trade FLEX Options on several
broad-based market indexes composed of equity securities (``FLEX Index
Options'').\12\ The Exchange believes that FLEX Equity Options will
further broaden the base of institutional investors that use FLEX
Options to manage their trading and investment risk.
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\12\ See Securities Exchange Act Release Nos. 32781 (August 20,
1993), 58 FR 45360 (August 27, 1993) (order approving the trading of
FLEX Index Options on the Major Market, Institutional, and S&P
MidCap Indexes), and 33262 (December 1, 1993), 58 FR 64622 (December
8, 1993) (order approving the trading of FLEX Index Options on the
Japan Index).
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For the most part, the Exchange represents that its current rules
governing FLEX Index Options will apply to FLEX Equity Options. Certain
changes to the Exchange's existing FLEX Options rules, however, are
proposed to address the special characteristics of FLEX Equity Options.
Specifically, the Exchange proposes to add several new definitions to
accommodate the introduction of trading in FLEX Equity Options,\13\ and
to revise certain other rules governing FLEX Options and their trading,
as described below.
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\13\ In addition to the term FLEX Equity Options, the proposal
also defines the terms ``FLEX Index Options,'' ``Non-FLEX Options,''
and ``Non-FLEX Equity Option.'' See Amex Rule 900G.
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As with FLEX Index Options, The Options Clearing Corporation
(``OCC'') will be the issuer and guarantor of all FLEX Equity Options.
Similarly, as with FLEX Index Options, the Commission has designated
FLEX Equity Options as standardized options for purposes of the options
disclosure framework established under Rule 9b-1 of the Act.\14\
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\14\ See Securities Exchange Act Release No. 31910 (February 23,
1993), 58 FR 12056 (March 2, 1993) (``9b-1 Order''). As described in
Section V infra, and for the same reasons stated in the 9b-1 Order,
FLEX Equity Options are deemed ``standardized options'' for purposes
of the Rule 9b-1 options disclosure framework.
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III. Description of the Proposal
The Exchange proposes to revise its rules concerning the terms of
FLEX Options to make specific reference to FLEX Equity Options.\15\ In
particular, FLEX Option transactions will be limited to transactions in
options on underlying securities that have been approved by the
Exchange inaccordance with Rule 915.\16\ Additionally, FLEX Equity
Options will have (1) a maximum term of three years, (2) a minimum size
of 250 contracts for an opening transaction in a new series, and (3) a
minimum size of 100 contracts for
[[Page 33559]]
an opening or closing transaction in a series in which there is already
open interest (or any lesser amount in a closing transaction that
represents the remaining underlying size). The minimum value size for
FLEX Quotes \17\ in response to a Request for Quotes \18\ in FLEX
Equity Options is the lesser of 100 contracts or the remaining
underlying size in a closing transaction.
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\15\ See Amex Rule 903G.
\16\ Amex Rule 915 contains initial listing standards for a
security to be eligible for options trading. The Exchange proposes
to be able to trade FLEX Options on any options-eligible security
regardless of whether standardized Non-FLEX options overlie that
security, and regardless of whether such Non-FLEX options trade on
the Exchange.
\17\ See Amex Rule 900G(b)(4).
\18\ See Amex Rule 900(b)(3).
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The Exchange also proposes to allow exercise prices and premiums
for FLEX Equity Options to be stated in dollar amounts or percentages,
with premiums rounded to the nearest minimum tick and exercise prices
rounded to the nearest one-eighth. The exercise of FLEX Equity Options
will be by physical delivery of the underlying security, and the
exercise-by-exception procedures of OCC will apply.\19\
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\19\ OCC Rule 805 provides for automatic exercise of in-the-
money options at expiration without the submission of an exercise
notice to the OCC if the price of the security underlying the option
is at or above a certain price (for calls) or at or below a certain
price (for puts); and the non-exercise of an option at expiration if
the price of the security underlying the option does not satisfy
such price levels. See OCC Rule 805.
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The trading procedures applicable to FLEX Equity Options will be
subject to many of the same rules that apply to equity options traded
on the Exchange, and are similar to those that apply to FLEX index
Options. In particular, FLEX registered specialists are obligated to
respond to a Request for Quotes in respect of FLEX Equity Options as
they are with FLEX Index Options. Financial requirements for FLEX
Equity Option registered specialists, however, differ from those
imposed upon FLEX Index Option registered specialists. FLEX Index
Option registered specialists are required to maintain at least $1
million net liquidating equity and/or $1 million net capital, as
applicable.\20\ FLEX Equity Option registered specialists must maintain
a cash or liquid asset position in the amount of $600,000 or in an
amount sufficient to assume a position of sixty option contracts of
each class of FLEX Equity options in which such specialist is
registered, whichever amount is greater.\21\
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\20\ See Amex Rule 909G(a).
\21\ See Amex Rule 909G(c). See also Amendment No. 2, supra note
5.
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The Exchange represents that the rules governing priority of bids
and offers for FLEX Equity Options are also similar to those that apply
to FLEX Index Options, except that in the case of FLEX Equity Options,
a guaranteed minimum right of participation is provided to an Exchange
member that initiates a Request for Quotes and indicates an intention
to cross or act as principal on the trade.\22\ The proposed rule change
would provide that a member who submits a Request for Quotes in respect
of a FLEX Equity Option and indicates an intention to cross or act as
principal on the trade, and who matches or improves the BBO during the
BBO Improvement Interval, has a priority right to execute the contra
side of the trade for at least twenty-five percent (25%) of the
trade.\23\
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\22\ See Amex Rule 904G(e)(iii).
\23\ See Amendment No. 1, supra note 3.
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The Exchange is proposing position limits and exercise limits for
FLEX Equity Options that are larger than the limits applicable to Non-
FLEX Equity Options for the same reasons that the position and exercise
limits for FLEX Index Options are larger than those applicable to Non-
FLEX Index Options. The limits have been set at three times the limit
applicable to Non-FLEX Equity Options. Position and exercise limits for
FLEX Equity Options are set forth below as compared to existing limits
for Non-FLEX Equity Options on the same underlying security.\24\
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\24\ See Amendment No. 1, supra note 3.
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Non-FLEX equity position limit FLEX equity position limit
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4,500 contracts........................... 13,500 contracts.
7,500 contracts........................... 22,500 contracts.
10,500 contracts.......................... 31,500 contracts.
20,000 contracts.......................... 60,000 contracts.
25,000 contracts.......................... 75,000 contracts.
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The applicable position and exercise limit tiers for Non-FLEX
Equity Options are based on the number of outstanding shares and
trading volume of the underlying security.\25\ This proposal does not
alter the applicable tier criteria set forth in the Equity Option
Position Limit Approval Orders.
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\25\ See Securities Exchange Act Release Nos. 36409 (October 23,
1995), 60 FR 55399 (October 31, 1995) (File Nos. SR-NYSE-95-31; SR-
PSE-95-25; SR-Amex-95-42; and SR-Phlx-95-71); and 36371 (October 13,
1995), 60 FR 54269 (October 20, 1995) (File No. SR-CBOE-95-42)
(Collectively the ``Equity Option Position Limit Approval Orders'').
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As is currently the case for FLEX Index Options, it is proposed
that there will be no aggregation of positions or exercises in FLEX
Equity Options with positions or exercises in Non-FLEX Equity Options
for purposes of the limits.
The Exchange also proposes to provide that the expiration date of a
FLEX Equity Option may not occur on a day that falls on, or within, two
business days of the expiration date of a Non-FLEX Equity Option. This
is intended to eliminate the possibility that the exercise of FLEX
Equity Options at expiration will cause any untoward pressure on the
market for an underlying security at the same time as Non-FLEX Equity
Options expire. The Exchange proposes that this change will also apply
to FLEX Index Options.\26\
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\26\ The Exchange currently provides that the expiration date of
a FLEX Index Option may not occur during this time period. The
proposed rule change merely clarifies this requirement.
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The Exchange also proposes to amend FLEX Index Option rules to
conform to certain rules currently in place at the Chicago Board
Options Exchange, Inc. \27\ Specifically, the Exchange proposes to
amend its rules to provide for the trading and settlement of FLEX Index
Options in select foreign currencies. Currently, FLEX Index Options
trade and settle in U.S. dollars only. The Exchange now proposes to
trade and settle FLEX Index Options in Canadian Dollars, British
Pounds, Japanese Yen, Deutsche Marks, Swiss Francs, French Francs, or
European Currency Units. The Exchange believes that this change will
increase the utility and, thus, the attractiveness of FLEX Index
Options, which in turn should broaden the base of domestic and
international institutional investors that use exchange-traded FLEX
Index Options to manage their trading and investment risk.
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\27\ See Securities Exchange Act Release No. 34203 (June 13,
1994), 59 FR 31658 (June 20, 1994) (File No. SR-CBOE-93-33).
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The Exchange believes the proposed rule change will improve the
efficiency and transparency of the equity option markets and the
markets in the underlying equities, and bring transactions which are
currently subject to little or no regulatory oversight under a
regulatory framework that is fully consistent with the regulation of
common stock trading and reporting.
IV. Discussion
The Commission finds that the proposals are consistent with the
requirements of the Act and the rules and regulations thereunder
applicable to a national securities exchange, and, in particular, the
requirements of Sections 6(b)(5) \28\ and 11A \29\ of the Act.
Specifically, the Commission finds that the Exchange's proposal is
designed to provide investors with a tailored or customized product for
eligible equity options that may be more suitable to their investment
needs. Moreover, consistent with Section 11(a), the proposal should
encourage fair competition among brokers and dealers and exchange
markets, by allowing the Exchange to compete with the growing
[[Page 33560]]
OTC market in customized equity options.
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\28\ 15 U.S.C. 78f(b)(5).
\29\ 15 U.S.C. 78k-1.
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The Commission believes the Exchange's proposal reasonably
addresses its desire to meet the demands of sophisticated portfolio
managers and other institutional investors who are increasingly using
the OTC market in order to satisfy their hedging needs. Additionally,
the Commission believes that the Exchange's proposal will help promote
the maintenance of a fair and orderly market, consistent with Sections
6(b)(5) and 11(a) of the Act, because the purpose of the proposal is to
extend the benefits of a listed, exchange market to equity options that
are more flexible than current listed equity options and that currently
trade OTC. The benefits of the Exchange's options market include, but
are not limited to, a centralized market center, an auction market with
posted transparent market quotations and transaction reporting,
parameters and procedures for clearance and settlement, and the
guarantee of OCC for all contracts traded on the Exchange.
As indicated above, the trading procedures applicable to FLEX
Equity Options will be subject to many of the same rules that apply to
equity options traded on the Exchange, and are similar to those that
apply to FLEX Index Options. The Commission believes the Exchange's
trading procedures for FLEX Equity Options are reasonably designed to
provide some of the benefits of an Exchange auction market along with
features of a negotiated transaction between investors. In approving
the proposal, the Commission recognizes that the Exchange's proposed
FLEX Equity Option trading program will allow the trading of option
contracts of substantial value, for which continuous quotations may be
difficult to sustain. The Commission believes that the Exchange has
adequately addressed these concerns by establishing procedures for
quotes upon request, which must be firm for a designated period of time
and which will be disseminated through the Options Price Reporting
Authority (``OPRA'').
Additionally, the Commission believes that the Exchange's proposal
to provide a minimum right of participation of at least 25% of the
trade to Exchange members who initiate Requests for Quotes in respect
of FLEX Equity Options and indicate an intention to cross or act as
principal on the trade, is consistent with the Act. In addition, under
Amex rules, such transactions must, in all cases, be in compliance with
the priority, parity, and precedence requirements of Section 11(a) of
the Act,\30\ and Rule 11al-1(T) \31\ promulgated thereunder. These
provisions set forth, among other things, the conditions in which
members must yield priority to public customers' bids and offers at the
same price.
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\30\ 15 U.S.C. 78k(a).
\31\ 17 CFR 240.11a1-1(T).
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The Commission believes that market impact concerns are reduced for
FLEX Equity Options because expiration of these equity options will not
correspond to the normal expiration of Non-FLEX Equity Options, will
never expire on any ``Expiration Friday.'' More specifically, the
expiration date of a FLEX Option may not occur on a day that is on, or
within, two business days of the expiration date of a Non-FLEX Option.
The Commission believes that this should reduce the possibility that
the exercise of FLEX Options at expiration will cause any additional
pressure on the market for underlying securities at the same time that
Non-FLEX Options expire.
Nevertheless, because the position limits for FLEX Equity Options
are much higher than those currently existing for outstanding exchange-
traded equity options and open interest in one or more FLEX Equity
Option series could grow to significant levels, it is possible that
FLEX Equity Options might have an impact on the securities markets for
the securities underlying FLEX Equity Options. The Commission expects
the Exchange to monitor the actual effect of FLEX Equity Options once
trading commences and take prompt action (including timely
communication with the self-regulatory organizations responsible for
oversight of trading in the underlying securities) should any unusual
market effects develop.
The Exchange represents that FLEX Equity Options will allow them to
compete with OTC markets and help meet the demand for customized equity
options products by institutional investors. The minimum value sizes
for opening transactions in FLEX Equity Options are designed to appeal
to institutional investors, and it is unlikely that most retail
investors would be able to engage in options transactions at that size.
Nevertheless, the FLEX Equity Options minimum size is much smaller than
that for FLEX Index Options. Accordingly, the Commission requests that
the Exchange monitor the comparative levels of institutional and retail
investor open interest in FLEX Equity Options for one year from the
commencement of its FLEX Equity Option trading program, and provide a
report to the Commission's Division of Market Regulation with its
findings.
The Commission notes that effective surveillance guidelines are
essential to ensure that the Exchange has the capacity to adequately
monitor trading in FLEX Equity Options for potential trading abuses.
The Commission's staff has reviewed Amex's surveillance program and
believes it provides a reasonable framework in which to monitor the
trading of FLEX Equity Options on its trading floor and detect as well
as deter manipulation activity and other trading abuses.
In order to ensure adequate systems processing capacity to
accommodate the additional options listed in accordance with the FLEX
Equity Options program, OPRA has concluded that the additional traffic
generated by FLEX Equity Options traded on the Amex is within OPRA's
capacity.\32\
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\32\ See Letter from Joe Corrigan, Executive Director, OPRA, to
Michael Walinskas, Special Counsel, OMS, Market Regulation,
Commission, dated April 19, 1996 (``OPRA Capacity Letter'').
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Finally, the Commission believes that the Amex's proposal to expand
the list of variable FLEX Index Option contract terms to include
certain designated foreign currencies is a reasonable response by the
Exchange to meet the demands of sophisticated portfolio managers and
other institutional investors. Additionally, the Commission believes
that the Amex's proposal will help to promote the maintenance of a fair
and orderly market because it extends the benefits of a listed exchange
market to FLEX Index Options that trade and settle in certain
designated foreign currencies.
The Commission believes that investors should benefit from the
additional flexibility by permitting them to designate quotation and
settlement terms in various foreign currencies while continuing to
ensure adequate investor protection the trading of these products. The
potential risk of settling FLEX Options in foreign currencies rather
than U.S. dollars is also disclosed in the ODD pursuant to Rule 9b-1 of
the Act.\33\
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\33\ See Securities Exchange Act Release No. 33582 (February,
1994).
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The Commission finds good cause for approving Amendment No. 2 prior
to the thirtieth day after the date of publication of notice of filing
thereof in the Federal Register. Specifically, this amendment proposes
to: (1) Include a reference to the specific indexes approved for FLEX
Options trading in Rules 903G(a)(2)(i) and 906G(a); (2) revise
Amendment No. 1 regarding the proposed guaranteed minimum right of
participation for a Submitting Member
[[Page 33561]]
seeking to cross a public customer FLEX Equity Option order, such that
the Submitting Member will be permitted to execute the contra side of
the trade that is the subject of the Request for Quotes, to the extent
of at least 25% of the trade under specific circumstances; and (3)
include subparagraph (c) to Rule 909G to indicate the FLEX Equity
Options specialists must comply with Rules 171 and 950(h) regarding
equity option specialist's financial requirements. The Commission does
not believe that the amendments raise any new or unique regulatory
issues. These amendments also strengthen the proposal by clarifying
certain crossing transaction procedures and specialists financial
requirements as described above. Accordingly, the Commission believes,
consistent with Section 6(b)(5) of the Act, that good cause exists, to
approve Amendment No. 2 to the proposal on an accelerated basis.
The Commission finds good cause for approving Amendment No. 3 prior
to the thirtieth day after the date of publication of notice of filing
thereof in the Federal Register. Specifically, this amendment proposes
to amend Rule 903G(a)(3) to make it clear that bids and offers
responsive to FLEX Requests for Quotes must be stated in terms of the
designated currency in the Request for Quotes. The Commission notes
that the proposed amendment conforms Amex's rules to CBOE's rules
regarding the trading and settlement of FLEX Index Options in certain
designated foreign currencies. The Commission does not believe that the
amendment raises any new or unique regulatory issues. Accordingly, the
Commission believes, consistent with Section 6(b)(5) of the Act, that
good cause exists, to approve Amendment No. 2 to the proposal on an
accelerated basis.
Interested persons are invited to submit written data, views and
arguments concerning Amendment Nos. 2 and 3 to the proposed rule
change. 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. Sec. 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 will also be available for inspection and copying
at the principal office of the Exchange. All submissions should refer
to SR-Amex-95-57 and should be submitted by July 18, 1996.
V. Conclusion
For the reasons discussed above, the Commission finds that the
proposal is consistent with the Act and Sections 6 and 11(a) of the Act
in particular. In addition, the Commission finds pursuant to Rule 9b-1
under the Act, that FLEX Options, including FLEX Equity Options, and
FLEX Index Options traded and settled in certain designated foreign
currencies, are standardized options for purposes of the options
disclosure framework established under Rule 9b-1 of the Act.\34\ Apart
from the flexibility with respect to strike prices, expiration dates,
exercise styles, and settlement (for FLEX Index Options), all of the
other terms of FLEX Options are standardized pursuant to OCC and Amex
rules. Standardized terms include matters such as exercise procedures,
contract adjustments, time of issuance, effect of closing transactions,
restrictions on exercise under OCC rules, margin requirements, and
other matters pertaining to the rights and obligations of holders and
writers.
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\34\ 17 CFR 240.9b-1(a)(4). As part of the original approval
process of the FLEX Options framework, the Commission delegated to
the Director of the Division of Market Regulation the authority to
authorize the issuance of orders designating securities as
``standardized options'' pursuant to Rule 9b-1(a)(4) under the Act.
See Securities Exchange Act Release No. 31911 (February 23, 1993),
58 FR 11792 (March 1, 1993).
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It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\35\ that the proposal (File No. SR-Amex-95-57), as amended, is
approved.
\35\ 15 U.S.C. 78s(b)(2).
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For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\36\
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\36\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-16367 Filed 6-26-96; 8:45 am]
BILLING CODE 8010-01-M