[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