[Federal Register Volume 62, Number 136 (Wednesday, July 16, 1997)]
[Notices]
[Page 38179]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-18607]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-38818; File No. SR-NYSE-97-22]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by New York Stock Exchange, Inc. 
Relating to Amendments to Exchange's Holiday Schedule

July 7, 1997.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 \2\ thereunder, notice is hereby given 
that on June 20, 1997, the New York Stock Exchange, Inc. (``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 parties.
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    \1\ 15 U.S.C. 78s(b)(1).
    \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 text of the proposed rule change consists of amendments to Rule 
51.10 (``Holidays'') to include Martin Luther King, Jr. Day among the 
holidays on which the Exchange will not be open for business. The 
Exchange will observe the holiday on the third Monday in January.
    The change to Rule 51.10 also consists of an amendment to more 
appropriately refer to the holiday observed on the third Monday in 
February as President's Day, rather than as Washington's Birthday.

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. The text of these statements may be examined at 
the places specified in item IV below and is set forth in Sections (A), 
(B) and (C) below.

(A) Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

(1) Purpose
    The purpose of this proposed rule change is to modify the 
Exchange's practice with respect to Exchange holidays so as to include 
Martin Luther King, Jr. Day among those holidays on which the Exchange 
is not open for business.
(2) Statutory Basis
    The statutory basis for this proposed rule change is the 
requirement under Section 6(b)(5) of the Act \3\ that an exchange have 
rules that are designed to promote just and equitable principles of 
trade, to remove impediments to and perfect the mechanism of a free and 
open market and a national market system and, in general, to protect 
investors and the public interest.
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    \3\ 15 U.S.C. Sec. 78f(b)(5).
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(B) Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange believes that the proposed rule change will not impose 
any burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act.

(C) Self-Regulatory Organization's Statement on Comments on the 
Proposed Rule Change Received From Members, Participants or Others

    Comments were neither solicited nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change is concerned solely with the 
administration of the Exchange and, therefore, has become effective 
pursuant to Section 19(b)(3)(A)(iii) of the Act \4\ and Rule 19b-
4(e)(3) \5\ thereunder.
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    \4\ 15 U.S.C. Sec. 78s(b)(1).
    \5\ 17 CFR 240.19b-4.
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    At any time within 60 days of the filing of such 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 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 in 
the Commission's Public Reference Section, 450 Fifth Street, N.W., 
Washington, D.C. 20549. Copies of such filing will also be available 
for inspection and copying at the principal office of the above-
mentioned self-regulatory organization. All submissions should refer to 
File No. SR-NYSE-97-22 and should be submitted by August 6, 1997.

    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)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-18607 Filed 7-15-97; 8:45 am]
BILLING CODE 8010-01-M