[Federal Register Volume 61, Number 252 (Tuesday, December 31, 1996)]
[Notices]
[Pages 69130-69131]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-33271]


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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-38075; File No. SR-NYSE-96-35]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the New York Stock Exchange, 
Incorporated Relating to a One-Time Fee for Additional Specialist 
Principal Activity Reporting System (``SPAR'') Feed Lines

December 23, 1996.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''), 15 U.S.C. 78s(b)(1), notice is hereby given that on December 
5, 1996, the New York Stock Exchange, Incorporated (``NYSE'' 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.

I. Self-Regulatory Organization's Statement of the Terms of 
Substance of the Proposed Rule Change

    The proposed rule establishes a one-time fee for additional 
Specialist Principal Activity Reporting System (``SPAR'') feeds. The 
proposed implementation date for the fee is December 9, 1996.

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 purpose of the proposed rule change is to respond to the needs 
of NYSE's constituents with respect to overall competitive market 
conditions and customer satisfaction.
    The SPAR system provides the specialists with information about 
their daily trading activity. Due to current design limitations, a 
specialist can only receive information from one feed which the NYSE 
provides free of charge to any specialist firm that requests it. Since 
information is required by various locations, the NYSE has developed a 
system which can provide the information to up to four different remote 
member firm addresses. Any specialist firm requesting from one to three 
additional SPAR feeds would pay a one-time fee of $10,000.00 for the 
additional feeds. This charge will cover incremental design and 
development work required to support this effort, as well as any on-
site communications work required at the member firm's location. 
Circuits and line costs, and any telecommunications maintenance are 
provided by other vendors and are the responsibility of each specialist 
firm, not the New York Stock Exchange.
2. Statutory Basis
    The basis for the proposed rule change is the requirement under 
Section 6(b)(4) of the Act \1\ that an Exchange have rules that provide 
for the equitable allocation of reasonable dues, fees, and other 
charges among its members, issuers and other persons using its 
services.
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    \1\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe the proposed rule change will impose 
any 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 proposed rule change establishes or changes a due, fee, or 
other charge imposed by the Exchange and, therefore, has become 
effective upon filing pursuant to Section 19(b)(3)(A) of the Act and 
subparagraph (e) of Rule 19b-4 thereunder.\2\ 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.
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    \2\ 15 U.S.C. 78s(b)(3)(A) and 17 CFR 19b-4(e).
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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. 552, will be available for inspection and copying at the 
Commission's Public Reference Room. Copies of such filing will also be 
available for inspection and copying at the principal office of the 
Exchange. All submissions should refer to File No.

[[Page 69131]]

SR-NYSE-96-35 and should be submitted by January 21, 1997.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-33271 Filed 12-30-96; 8:45 am]
BILLING CODE 8010-01-M