[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