[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]
-----------------------------------------------------------------------
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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1) (1988).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
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\
---------------------------------------------------------------------------
\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).
---------------------------------------------------------------------------
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.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b) (1988).
\5\ 15 U.S.C. 78f(b)(4) (1988).
---------------------------------------------------------------------------
[[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\
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(3)(A) (1988).
\7\ CFR 240.19b-4.
---------------------------------------------------------------------------
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).
---------------------------------------------------------------------------
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