[Federal Register Volume 61, Number 185 (Monday, September 23, 1996)]
[Notices]
[Pages 49801-49802]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-24250]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-37686; File No. SR-OPRA-96-3]


Options Price Reporting Authority; Notice of Filing and Immediate 
Effectiveness of Amendment To Approve on a Permanent Basis OPRA's 
Current Usage-Based Fee Pilot

September 16, 1996.
    Pursuant to Rule 11Aa3-2 under the Securities Exchange Act of 1934 
(``Exchange Act''), notice is hereby given that on August 29, 1996, the 
Options Price Reporting Authority (``OPRA'') \1\ submitted to the 
Securities and Exchange Commission (``SEC'' or ``Commission'') an 
amendment to the Plan for Reporting of Consolidated Options Last Sale 
Reports and Quotations Information (``Plan''). The amendment makes 
permanent the usage-based fees that apply to OPRA's basic service. OPRA 
has designated this proposal as establishing or changing a fee or other 
charge collected on behalf of all of the OPRA participants in 
connection with access to or use of OPRA facilities, permitting the 
proposal to become effective upon filing pursuant to Rule 11Aa3-
2(c)(3)(i) under the Exchange Act. The Commission is publishing this 
notice to solicit comments from interested persons on the amendment.
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    \1\ OPRA is a National Market System Plan approved by the 
Commission pursuant to Section 11A of the Exchange Act and Rule 
11Aa3-2 thereunder. Securities Exchange Act Release No. 17638 (Mar. 
18, 1981).
    The Plan provides for the collection and dissemination of last 
sale and quotation information on options that are traded on the 
five member exchanges. The five member exchanges that agreed to the 
OPRA Plan are the American Stock Exchange (``Amex''); the Chicago 
Board Options Exchange (``CBOE''); the New York Stock Exchange 
(``NYSE''); the Pacific Stock Exchange (``PSE''); and the 
Philadelphia Stock Exchange (``Phlx'').
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I. Description and Purpose of the Amendment

    The purpose of the amendment is to make permanent the usage-based 
fees that currently apply to OPRA's basic service on a pilot basis. The 
current pilot provides for a usage-based fee as an alternative to the 
port-based Dial-up Market Data Service Utilization Fee, the port-based 
Voice Synthesized Market Data Service Fee and the device-based Radio 
Paging Service Fee. The pilot became effective with respect to the 
Dial-up Market Data Service Utilization Fee in September 1994,\2\ and 
was expanded to include the other two fees in October 1995.\3\
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    \2\ See Securities Exchange Act Release No. 34850 (October 18, 
1994), 59 FR 53689 (October 25, 1994).
    \3\ Securities Exchange Act Release No. 36402 (October 20, 
1995), 60 FR 54905 (October 26, 1995). The pilot is scheduled to 
expire on December 31, 1996. Id.
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    OPRA now proposes to continue all three usage-based fees on a 
permanent basis, at the same level ($0.02 per ``quote packet'') that 
has applied during the pilot.\4\ Based on its experience with these 
fees during the pilot, OPRA has concluded that offering usage-based 
fees to providers of dial-up computer based services, voice-synthesized 
services, and radio paging services is an appropriate response to those 
service providers who prefer to pay for access to options market 
information on the basis of the number of requests that are made for 
such information.\5\ Additionally, according to OPRA, the pilot has 
demonstrated that the availability of these alternative fees has not 
had any significant negative impact on OPRA's overall revenues or on 
the fair allocation of OPRA's basic service fees to persons who have 
access to options market information.
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    \4\ In a separate filing (SR-OPRA-96-4) made concurrently with 
this filing, OPRA also is proposing to make permanent the pilot in 
usage-based fees applicable to its foreign currency options service.
    \5\ As has been the case under the pilot, persons who elect to 
pay these usage-based fees will be required to give at least 90 days 
written notice to OPRA before they may convert back to the port-
based or device-based fees for these services.
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II. Solicitation of Comments

    Pursuant to Rule 11Aa3-2(c)(3), the amendment is effective upon 
filing with the Commission. The Commission may

[[Page 49802]]

summarily abrogate the amendment within 60 days of its filing and 
require refiling and approval of the amendment by Commission order 
pursuant to Rule 11Aa3-2(c)(2), if it appears to the Commission that 
such action is necessary or appropriate in the public interest; for the 
protection of investors and the maintenance of fair and orderly 
markets; to remove impediments to, and perfect the mechanisms of, a 
National Market System; or otherwise in furtherance of the purposes of 
the Exchange Act.
    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, and 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 
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 Room. Copies of the filing also will be available at 
the principal offices of OPRA. All submissions should refer to file 
number SR-OPRA-96-3 and should be submitted by October 18, 1996.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(29).
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Jonathan G. Katz,
Secretary.
[FR Doc. 96-24250 Filed 9-20-96; 8:45 am]
BILLING CODE 8010-01-M