[Federal Register Volume 62, Number 235 (Monday, December 8, 1997)] [Notices] [Pages 64611-64612] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 97-31960] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-39380; File No. SR-OPRA-97-5] Options Price Reporting Authority; Notice of Filing and Immediate Effectiveness of Amendment to OPRA Plan Revising the Allocation of Revenues Between OPRA's Basic Accounting Center and OPRA's Index Option Accounting Center December 1, 1997. Pursuant to Rule 11Aa3-2 under the Securities Exchange Act of 1934 (``Exchange Act''), notice is hereby given that on November 5, 1997, 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 Quotation Information (``Plan''). The amendment revises the allocation of revenues between OPRA's basic accounting center and the index option accounting center. OPRA has designated this proposal as concerned solely with administration of the Plan, 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. --------------------------------------------------------------------------- \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 member exchanges. The five exchanges which 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 Exchange (``PCX''); and the Philadelphia Stock Exchange (``PHLX''). --------------------------------------------------------------------------- I. Description and Purpose of the Amendment The purpose of the amendment is to revise revenue allocations under the Plan between OPRA's basic accounting center and the index option accounting center. Currently, the Plan provides for [[Page 64612]] allocation of revenues on the basis of a 75% allocation to the basic accounting center and 25% to the index option accounting center. Because OPRA has not yet unbundled the index option service and has no current plans to do so, there is no specified portion of the system revenues derived from the index option service. When OPRA adopted the fixed allocations several years ago, the allocations reflected the relative market share at the time. However, the volume of index options has decreased relative to that of equity options, so that the current allocation formula no longer reflects the relative market share of index and equity options. Therefore, the amendment proposes to replace the existing allocation formula with a formula that is expressly based on current relative market share, so that as relative market share changes from time to time, it will no longer be necessary to amend the OPRA Plan in order to maintain a fair and appropriate allocation of these revenues. The proposed Plan amendment will change the allocations from a fixed basis to a relative market share basis until such time as OPRA might impose separate charges for access to information and facilities pertaining to index option securities. II. Solicitation of Comments Pursuant to Rule 11Aa3-2(c)(3), the amendment is effective upon filing with the Commission. The Commission may 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 NW., Washington, DC 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 will also be available at the principal offices of OPRA. All submissions should refer to File No. SR-OPRA-97-5 and should be submitted by December 29, 1997. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.\2\ --------------------------------------------------------------------------- \2\ 17 CFR 200.30-3(a)(29). --------------------------------------------------------------------------- Margaret H. McFarland, Deputy Secretary. [FR Doc. 97-31960 Filed 12-5-97; 8:45 am] BILLING CODE 8010-01-M