[Federal Register Volume 61, Number 136 (Monday, July 15, 1996)]
[Notices]
[Pages 36944-36945]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-17927]


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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-37414; File No. SR-BSE-96-07]


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

July 9, 1996.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on June 24, 1996, 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.
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    \1\ 15 U.S.C. 78s(b)(1) (1988).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange is proposing to amend its fee schedule pertaining to 
Transaction Fees.

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 its Transaction Fee schedule 
in order to improve the Exchange's competitive position in the overall 
marketplace. As such, the Exchange plans to implement a maximum 
transaction fee cap (the total of all Trade Recording and Comparison 
Charges and all Value Charges) of $.45 per 100 average monthly shares 
as of July 1, 1996.\3\
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    \3\ The Commission notes that the Exchange's proposal is based 
on a rule filing that was recently approved by the Commission. See 
Securities Exchange Act Release No. 36828 (February 12, 1996), 61 FR 
6403 (February 20, 1996) (File No. SR-CHX-96-04).
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2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the Act 
\4\ in general and furthers the objectives of Section 6(b)(4) \5\ in 
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.
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    \4\ 15 U.S.C. 78f(b) (1988).
    \5\ 15 U.S.C. 78f(b)(4) (1988).

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[[Page 36945]]

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

    The self-regulatory organization does not believe that the proposed 
rule change will impose any inappropriate 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 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 \6\ and 
subparagraph (e) of Rule 19b-4 thereunder on July 1, 1996.\7\
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    \6\ 15 U.S.C. 78s(b)(3)(A) (1988).
    \7\ 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. 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 also will be available 
for inspection and copying at the principal office of the BSE. All 
submissions should refer to File No. SR-BSE-96-07 and should be 
submitted by August 5, 1996.

    \8\ 17 CFR 200.30-3(a)(12).
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    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\8\
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-17927 Filed 7-12-96; 8:45 am]
BILLING CODE 8010-01-M