[Federal Register Volume 64, Number 30 (Tuesday, February 16, 1999)]
[Notices]
[Pages 7679-7680]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-3668]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-41027; File No. SR-Amex-99-05]
Self-Regulatory Organizations; Notice of Filing of Immediate
Effectiveness of Proposed Rule Change by the American Stock Exchange
LLC Changing the Name of the Internet Commerce Index to TheStreet.com
E-commerce Index
February 8, 1999.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on
February 4, 1999, the American Stock Exchange LLC (``Amex'' or
``Exchange'') filed with the Securities and Exchange Commission the
proposed rule change as described in Items I, II, and III below, which
Items have been prepared by the Amex. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
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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 Exchange seeks to change the name of the Internet Commerce
Index to TheStreet.com E-commerce Index (the ``Index''). The text of
the proposed rule change is available at the Office of the Secretary,
Amex and at the Commission.
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 Amex 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 Amex 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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
On December 19, 1998, the Amex submitted to the Commission a
proposal to trade narrow-based options on the Index. The proposed was
submitted pursuant to Section 19(b)(3)(A) of the Act and became
effective upon filing, provided that the Exchange commerce trading in
options not earlier than 30 days after the date of the filing.\3\ The
Amex now proposes to change the name of the Index from the Internet
Commerce Index to TheStreet.com E-commerce Index.
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\3\ Securities Exchange Act Release No. 40955 (January 19,
1999), 64 FR 3727 (January 25, 1999).
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Notwithstanding the change in the name of the Index, the Index will
continue to be maintained in accordance with all of the terms set forth
in Exchange Rule 901C, Commentary .02, as discussed in the original
proposal. The Amex will continue to have sole discretion with respect
to all final determinations concerning adjustments to the Index and its
components including the replacement of any component, although the
Amex may, from time to time, consult with TheStreet.com, Inc. in
connection with the Exchange's maintenance of the Index. TheStreet.com,
Inc., similar to other financial news vendors, is in the business of
preparing and publishing editorial, evaluation and analysis reports,
and news services related to the business of financial news and
information which are available in the commercial marketplace though
various facilities, such as TheStreet com Web site on the portion of
the Internet referred to as the World Wide Web located at the uniform
resource locator (``URL'') address designated at http://
www.thestreet.com.
[[Page 7680]]
2. Basis
The proposed rule change is consistent with Section 6(b) \4\ of the
Act in general and furthers the objectives of Section 6(b)(5) \5\ in
particular in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of change, to foster cooperation and coordination with
persons engaged in facilitating transactions in securities, and to
remove impediments to and perfect the mechanism of a free and open
market and a national market system.
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\4\ 15 U.S.C. 78f.
\5\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that 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 foregoing rule change became effective upon filing pursuant to
Section 19(b)(3)(A) \6\ and Rule 19b-4(e)(1)\7\ of the Act. The
proposed rule change has been properly designated by the self-
regulatory organization as constituting a stated policy, practice or
interpretation with respect to the meaning, administration or
enforcement of existing Amex Rule 901C.
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\6\ 15 U.S.C. 78s(b)(3)(A).
\7\ 17 CFR 240.19b-4(e)(1).
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Pursuant to Section 19(b)(3)(A) of the Act, at any time within 60
days of the filing of the 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 the furtherance of the
purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. 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 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 Amex. All
submissions should refer to file number SR-Amex-99-05 and should be
submitted by March 9, 1999.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\8\
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\8\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-3668 Filed 2-12-99; 8:45 am]
BILLING CODE 8010-01-M