[Federal Register Volume 64, Number 159 (Wednesday, August 18, 1999)]
[Notices]
[Pages 44976-44980]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-21361]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-41721; File No. SR-Amex-98-31]


Self-Regulatory Organizations; American Stock Exchange LLC; Order 
Approving Proposed Rule Change and Amendment Nos. 1 and 2 Thereto and 
Notice of Filing and Order Granting Accelerated Approval to Amendment 
No. 3 to the Proposed Rule Change Relating to Options on the Cure for 
Cancer Common Stock Index

I. Introduction

    On August 14, 1998, the American Stock Exchange LLC (``Amex'' or 
``Exchange'') submitted to the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to authorize options on the Cure for Cancer Common 
Stock Index (``Index''). The Exchange submitted Amendment No. 1 to its 
proposal on January 28, 1999,\3\ Amendment No. 2 on February 24, 
1999,\4\ and Amendment No. 3 on May 19, 1999.\5\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Amended Rule 19b-4 Filing (``Amendment No. 1'').
    \4\ See Letter from Scott Van Hatten, Legal Counsel, Amex, to 
Richard Strasser, Assistant Director, Division of Market Regulation 
(``Division''), Commission, dated February 23, 1999 (``Amendment No. 
2'').
    \5\ In Amendment No. 3, the Exchange submitted a revised list of 
component securities for the Index and confirmed that the revised 
list of component securities satisfied all of the criteria set forth 
in the notice. See Letter from Scott Van Hatten, Legal Counsel, 
Amex, to Richard Strasser, Assistant Director, Division, Commission, 
dated May 17, 1999 (``Amendment No. 3'').
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    The proposed rule change, including Amendment Nos. 1 and 2, was 
published for comment in the Federal Register on March 4, 1999.\6\ No 
comments were received on the proposal. This order approves the 
proposal, as amended.
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    \6\ See Securities Exchange Act Release No. 41100 (February 24, 
1999), 64 FR 10512.
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II. Description of Proposal

A. General

    The Exchange proposes to trade standardized options on the Index, a 
cash-settled narrow based index developed by the Amex. The Index is 
composed of the stocks of twelve companies engaged in the research, 
creation, development and production of cancer fighting drugs, 
treatments and processes. The Exchange will use an equal dollar 
weighted methodology to calculate the Index.\7\ The Index was 
initialized at a level of 100.00 as of the close of trading on December 
31, 1992.
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    \7\ See infra Section II.C. entitled ``Index Calculation'' for a 
description of this calculation method.
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B. Eligibility Standards for Index Components

    Amex, as developer of the Index, is responsible for selecting and 
maintaining the companies to be included in the Index. The Exchange 
represents that the Index conforms with the criteria of Exchange Rule 
901C for including stocks in an index on which standardized options 
trade. In addition, all of the component securities currently meet the 
following standards: (1) Each component has a market capitalization of 
at least $75 million, except one that has a market value of at least 
$50 million and accounts for no more than 10% of the weight of the 
Index; (2) more than 80% of the weight of the Index is accounted for by 
securities each having a trading volume of not less than 1,000,000 
shares over each of the last six months and the remaining 20% of the 
weight of the Index is accounted for by components having a trading 
volume of not less than 850,000 shares over each of the last six 
months,\8\ (3) at least 75% of the Index's components and its numerical 
index value currently underlie standardized options; (4) foreign 
country securities or American Depositary receipts (``ADR'') thereon 
are

[[Page 44977]]

not currently represented in the Index; (5) all component stocks are 
either listed on the New York Stock Exchange (``NYSE''), Amex, or 
traded through the facilities of the National Association of Securities 
Dealers Automated Quotation System (``Nasdaq'') and are reported 
National Market System (``NMS'') securities; and (6) no component 
security represents more than 25% of the weight of the Index, and the 
five highest weighted component securities in the Index do not in the 
aggregate account for more than 60% of the weight of the Index.\9\
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    \8\ Previously, one component of the Index specifically agreed 
to by the Commission was permitted to have a trading volume of not 
less than 350,000 shares. However, because the Amex revised the 
component securities comprising the Index (see Amendment No. 3, 
supra note 5), this provision is no longer needed. Telephone 
conversation between Scott Van Hatten, Legal Counsel, Amex, and 
Terri Evans, Attorney, Division, Commission, on May 21, 1999.
    \9\ The Amex confirmed that the individual component securities 
satisfy all of the criteria set forth in the notice. See Amendment 
No. 3, supra note 5.
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    The Exchange believes the potential for manipulation of the Index 
is minimized for the following reasons: (1) No single component 
dominates the Index, which is equal dollar weighted, with each 
component constituting approximately 8.3% of the Index; (2) at least 
75% of the value of the Index is accounted for by stocks which 
currently underlie standardized options; and (3) the component stocks 
are substantial and liquid, having an average market capitalization of 
$402.47 million, an average of 26.57 million shares outstanding, and a 
six-month average monthly trading volume of 5.8 million shares.\10\
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    \10\ See Amendment No. 3, supra note 5.
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C. Index Calculation

    The Index will be calculated by the Amex using an ``equal dollar 
weighted'' methodology designed to ensure that each of the component 
securities is represented in an approximately equal dollar amount in 
the Index. The following is a description of the methodology. As of the 
market close on December 31, 1992, a portfolio of stocks was 
established representing an investment of approximately $100,000 in the 
stock (rounded to the nearest whole share) of each of the companies in 
the Index. The value of the Index equals the current market value 
(i.e., based on U.S. primary market prices) of the sum of the assigned 
number of share of each of the stocks in the Index portfolio divided by 
the Index divisor. The Index divisor was initially determined to yield 
the benchmark value of 100.00 as of the close of trading on December 
31, 1992. Quarterly, following the close of trading on the third Friday 
of February, May August and November, the Index portfolio will be 
adjusted by changing the number of whole shares of each component stock 
so that each company is again represented in ``equal'' dollar amounts. 
If necessary, a divisor adjustment is made during the rebalancing to 
ensure continuity of the Index's value. The newly adjusted portfolio 
becomes the basis for the Index's value on the first trading day 
following the quarterly adjustment.
    As noted above, the number of shares of each component stock in the 
Index portfolio remain fixed between quarterly reviews except in the 
event of certain types of corporate actions such as the payment of a 
dividend other than an ordinary cash dividend, stock distribution, 
reorganization, recapitalization, or similar event with respect to the 
component stocks. In a merger or consolidation of an issuer of a 
component stock if the stock remains in the Index, the number of shares 
of that security in the portfolio may be adjusted, to the nearest whole 
share, to maintain the component's relative weight in the Index at the 
level immediately prior to the corporate action. In the event of a 
stock addition or replacement, the average dollar value of the 
remaining components will be calculated and that amount invested in the 
stock of the new component to the nearest whole share. In all cases, 
the divisor will be adjusted, if necessary, to ensure Index continuity.
    Similar to other stock index values published by the Exchange, the 
value of the Index will be calucated continuously and disseminated 
every 15 seconds over the Consolidated Tape Association's Network B.

D. Index Maintenance

    The Index will be maintained by the Exchange consistent with it 
original purpose (i.e., to include components engaged in the research, 
creation, development and production of cancer fighting drugs, 
treatments and processes). As stated above, the number of shares of 
each component stock in the Index portfolio will remain fixed between 
quarterly rebalances except in the event of certain types of corporate 
actions. If necessary in order to maintain continuity of the Index, its 
divisor may be adjusted to reflect certain events relating to the 
component stocks. These events include, but are not limited to, stock 
distributions, stock splits, reverse stock splits, spin-offs, certain 
rights issuance, recapalitalizations, reorganizations, and mergers and 
acquisitions. All stock replacement and the handling of non-routine 
corporate actions will be announced at least ten business days in 
advance of such effective change, whenever possible. The Exchange will 
make this information available to the public through dissemination of 
an information circular.
    The Exchange will maintain the Index so that (1) the Index is 
comprised of no less than nine component securities; (2) the component 
securities constituting the top 90% of the Index by weight, will have a 
minimum market capitalization of $75 million and the component stocks 
constituting the bottom 10% of the Index, by weight, may have a minimum 
market capitalization of $50 million; (3) 75% of the Index's numerical 
index value will meet the then current criteria for standardized option 
trading set forth in Amex Rule 915, except that one component included 
in the 75% may meet the then current criteria set forth in Amex Rule 
916 if submitted to and approved by the Commission, \11\ (4) foreign 
country securities or ADRs thereon that are not subject to 
comprehensive surveillance agreements will not in the aggregate 
represent more than 20% of the weight of the Index; (5) all component 
stocks will either be listed on Amex, NYSE, or Nasdaq/NMS; and (6) each 
of the component stocks shall have a minimum monthly trading volume of 
at least 500,000 shares for each of the last six months, except that 
for each of the lowest weighted components in the Index that in the 
aggregate account for no more than 10% of the weight of the Index, 
trading volume must be at least 400,000 shares for each of the last six 
months.\12\
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    \11\ The Commission previously agreed to a specific component 
security that could satisfy Amex Rule 916 in lieu of Amex Rule 915. 
The Index, however, no longer needs this specific component to 
satisfy the 75% requirement. Nevertheless, the Amex has requested 
that it be allowed the flexibility to have any one of the components 
meet the maintenance requirements in Amex Rule 916 in complying with 
the 75% options eligibility requirement should that be necessary in 
the future. Telephone conversation between Scott Van Hatten, Legal 
Counsel, Amex, and Terri Evans, Attorney, Division, Commission, on 
May 21, 1999. The Commission has determined to allow Amex to utilize 
the exception in maintaining the Index provided that Amex submits to 
the Commission for its review and approval the proposed security 
that would satisfy Amex Rule 916 in lieu of Amex Rule 915. The 
factors the Commission will examine in determining whether to permit 
Amex to utilize Amex Rule 916 standards include, among other things, 
the security's market capitalization, daily and six month trading 
volume, and the last six months price history.
    \12\ The Amex raised the trading volume limit for the bottom 10% 
of the weight of the Index from 350,000 to 400,000 shares. Telephone 
conversation between Scott Van Hatten, Legal Counsel, Amex, and 
Terri Evans, Attorney, Division, Commission, on May 21, 1999.
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    The Exchange shall not open for trading any additional option 
series should the Index fail to satisfy any of the maintenance criteria 
set forth above unless such failure is determined by the

[[Page 44978]]

Exchange not to be significant and the Commission concurs in that 
determination.

E. Expiration and Settlement

    The exercise settlement value for all of the Index's expiring 
options will be calculated based upon the primary exchange regular way 
opening sale prices for the component stocks. In the case of securities 
traded through the Nasdaq system, the first reported regular way sale 
price will be used. If any component stock does not open for trading on 
its primary market on the last trading day before expiration, then the 
prior day's last sale price will be used in the calculation.\13\
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    \13\ The Commission notes that pursuant to Article XVII, Section 
4 of the Options Clearing Corporation's (``OCC'') by-laws, OCC is 
empowered to fix an exercise settlement amount in the event it 
determines a current index value is unreported or otherwise 
unavailable. Further, OCC has the authority to fix an exercise 
settlement amount whenever the primary market for the securities 
representing a substantial part of the value of an underlying index 
is not open for trading at the time when the current index value 
(i.e., the value used for exercise settlement purposes) ordinarily 
would be determined. See Securities Exchange Act Release No. 37315 
(June 17, 1996), 61 FR 42671 (order approving SR-OCC-95-19).
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F. Contract Specifications

    The proposed options on the Index will be European style (i.e., 
exercises permitted at expiration only) and cash settled. Standard 
option trading hours (9:30 a.m. to 4:02 p.m. (ET)) will apply. The 
options on the Index will expire on the Saturday following the third 
Friday of the expiration month. The last trading day in an expiring 
option series will normally be the second to last business day 
preceding the Saturday following the third Friday of the expiration 
month (normally a Thursday). Trading in expiring options will cease at 
the close of trading on the last trading day.

G. Listing of Long-Term Options on the Full or Reduced Value of the 
Index

    The Exchange plans to list option series with expirations in the 
three near-term calendar months and in the two additional calendar 
months in the March cycle. In addition, longer term option series 
having up to thirty-six months to expiration and FLEX Index options 
\14\ may be traded on the Index. Instead of such long-term options on a 
full value Index level, the Exchange may list long-term, reduced value 
put and call options based on one-tenth (1/10th) of the Index's full 
value. The interval between expirations months for either a full value 
or reduced value long-term option will not be less than six months. The 
trading of any long-term options, either full or reduced value, would 
be subject to the same rules that govern the trading of all the 
Exchange's index options, including sales practice rules, margin 
requirements and floor trading procedures, and all options will have 
European style exercise.
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    \14\ See Securities Exchange Act Release No. 39928 (April 28, 
1998), 63 FR 25130 (May 6, 1998) (approving FLEX options trading on 
all indices, including stock index industry groups). The Commission 
notes that the Amex has established position limits for industry 
index FLEX options at four times the position limits for standard 
options on the respective underlying industry index. Therefore, in 
the present case, the position limit could not exceed 60,000 
contracts. Telephone conversation between Scott Van Hatten, Legal 
Counsel, Amex, and Terri Evans, Attorney, Division, Commission, on 
August 9, 1999.
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H. Exchange Rules Applicable to Stock Index Options

    Amex Rules 980C will apply to the trading of option contracts based 
on the Index. These Exchange Rules cover issues such as surveillance, 
exercise prices and position limits. The Index is deemed to be a Stock 
Index Option under Amex Rule 901C(a) and a Stock Index Industry Group 
under Amex Rule 900C(b)(1). With respect to Amex Rule 903C(b), the 
Exchange proposes to list near-the-money (i.e., within ten points above 
or below the current Index value) option series on the Index at 2\1/2\ 
point strike (exercise) price intervals when the value of the Index is 
below 200 points. In addition, the Exchange expects that the review 
required by Amex Rule 904C(c) will result in a position limit of 15,000 
contracts with respect to options on this Index.

I. Surveillance

    Surveillance procedures currently used to monitor trading in each 
of the Exchange's other index options will also be used to monitor 
trading options on the Index. These procedures include complete access 
to trading activity in the underlying securities. Further, the 
Intermarket Surveillance Group (``ISG'') Agreement, dated July 14, 
1983, as amended on January 29, 1990, will be applicable to the trading 
of options on the Index.\15\
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    \15\ ISG was formed on July 14, 1983 to, among other things, 
coordinate more effectively surveillance and investigative 
information sharing arrangements in the stock and options markets. 
See Intermarket Surveillance Group Agreement, July 14, 1983. The 
most recent amendment to the ISG Agreement, which incorporates the 
original agreement and all amendments made thereafter, was signed by 
ISG members on January 29, 1990. See Second Amendment to the 
Intermarket Surveillance Group Agreement, January 29, 1990. The 
members of the ISG are: Amex; the Boston Stock Exchange, Inc.; the 
Chicago Board Options Exchange Inc.; the Chicago Stock Exchange, 
Inc.; the National Association of Securities Dealers, Inc.; the 
NYSE; the Pacific Exchange, Inc.; and the Philadelphia Stock 
Exchange, Inc. Because of potential opportunities for trading abuses 
involving stock index futures, stock options, and the underlying 
stock, and the need for greater sharing of surveillance information 
for these potential intermarket trading abuses, the major stock 
index futures exchanges (e.g., the Chicago Mercantile Exchange and 
the Chicago Board of Trade) joined the ISG as affiliate members in 
1990.
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III. Discussion

    The Commission finds that the proposed rule change, as amended, is 
consistent with the requirements of the Act and the rules and 
regulations thereunder applicable to a national securities 
exchange,\16\ and in particular, with the requirements of Section 
6(b)(5).\17\ Specifically, the Commission finds that the trading of 
options on the Index, including FLEX and long term full-value and 
reduced value index options, will serve to promote the public interest 
and help to remove impediments to a free and open securities market by 
providing investors with an additional means to hedge exposure to 
market risk associated with stocks in the cancer research industry.\18\
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    \16\ In approving this rule, the Commission has considered the 
proposed rule's impact on efficiency, competition, and capital 
formation. 15 U.S.C. 78c(f).
    \17\ 15 U.S.C. 78f(b)(5).
    \18\ Pursuant to Section 6(b)(5) of the Act, the Commission must 
predicate approval of any new option proposal upon a finding that 
the introduction of such new derivative instrument is in the public 
interest. Such a finding would be difficult for a derivative 
instrument that served no hedging or other economic function, 
because any benefits that might be derived by market participants 
likely would be outweighed by the potential for manipulation, 
diminished public confidence in the integrity of the markets, and 
other valid regulatory concerns. In this regard, the trading of 
listed options in the Index will provide investors with a hedging 
vehicle that should reflect the overall movement of the stocks 
representing companies in the cancer research sector in the U.S. 
markets.
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    The trading of options on the Index and reduced-value Index, 
however, raises several issues relating to index design, customer 
protection, surveillance and market impact. The Commission believes, 
for the reasons discussed below, that the Amex adequately has addressed 
these issues.

A. Index Design and Structure

    The Commission believes it is appropriate for the Exchange to 
designate the Index as narrow-based for purposes of index options 
trading. The Index is comprised of a limited number of stocks intended 
to track a discrete industry group: the cancer research sector of the 
stock market. Accordingly, the Commission believes it is appropriate 
for the Amex to apply its rules governing narrow-based index options to 
trading in the proposed Index options.\19\
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    \19\ See supra Section II.H. entitled ``Exchange Rules 
Applicable to Stock Index Options.''

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[[Page 44979]]

    The Commission also believes that the liquid markets, relatively 
large capitalizations of the stocks comprising a majority of the weight 
of the Index, and relative weightings of the Index's component stocks 
minimize the potential for manipulation of the Index. First, most of 
the stocks are actively traded. The minimum monthly trading volume in 
the aforementioned top weighted component stocks of the Index as of May 
14, 1999, ranged from 2.11 million to 5.81 million shares. Second the 
market capitalization of those stocks are relatively large, ranging 
from roughly $117.66 million to $1.19 billion. Third, because the Index 
is equal dollar weighted, no one particular stock or group of stocks 
dominates the Index. In addition, the Commission notes that the 
Exchange will review and maintain the Index consistent with its 
original purpose. Fourth, the Index will be maintained so that in 
addition to the other maintenance criteria discussed above in Section 
II.D., at each rebalancing, at least 75% of the Index's numerical value 
will be composed of securities eligible for standardized options 
trading, except that one component included in the 75% and specifically 
agreed to by the Commission may meet the then current criteria set 
forth in Amex Rule 916. Finally, the Commission believes that Amex's 
existing mechanisms to monitor trading activity in the component stocks 
of the Index, or options on those stocks in the Index will help deter 
as well as detect any illegal activity.

B. Customer Protection

    The Commission believes that a regulatory system designed to 
protect public customers must be in place before the trading of 
sophisticated financial instruments, such as options on the Index, can 
commence on a national securities exchange. The Commission notes that 
the trading of standardized exchange-traded options occurs in an 
environment that is designed to ensure, among other things, that: (1) 
The special risks of options are disclosed to public customers; (2) 
only investors capable of evaluating and bearing the risks of options 
trading are engaged in such trading, and (3) special compliance 
procedures are applicable to options accounts. Accordingly, because 
options on the Index will be subject to the same regulatory regime as 
other standardized options currently traded on the Amex, the Commission 
believes that adequate safeguards are in place to ensure the protection 
of investors in options on the Index. Finally, the Amex has stated that 
it will distribute information circulars to the public to notify the 
public of changes in the composition of the Index and the handling of 
non-routine corporate actions at least ten business days in advance of 
the change, whenever possible. The Commission believes this should help 
to protect investors and avoid investor confusion.

C. Surveillance

    The Commission believes that a surveillance sharing agreement 
between an exchange proposing to list a stock index derivative product 
and the exchange(s) trading the stocks underlying the derivative 
product is an important measure for surveillance of the derivative and 
underlying securities market. Such agreements ensure the availability 
of information necessary to detect and deter potential manipulations 
and other trading abuses, thereby making the stock index product less 
readily susceptible to manipulation.\20\ In this regard, markets on 
which the components of the Index currently trade and the market on 
which all component stocks trade are members of the ISG, which provides 
for the exchange of all necessary surveillance information.
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    \20\ See Securities Exchange Act Release No. 31243 (September 
28, 1992), 57 FR 45849 (October 5, 1992).
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D. Market Impact

    The Commission believes that the listing and trading of options on 
the Index, including long-term full-value and reduced-value Index 
options, on the Amex will not adversely impact the underlying 
securities markets.\21\ First, as noted above, due to the equal dollar 
weighting methodology, no one stock or group of stocks dominates the 
Index. Second, as noted above, most of the stocks contained in the 
Index have relatively large capitalizations and are relatively actively 
traded. Third, the currently applicable 15,000 contract position and 
exercise limits will serve to minimize potential manipulation and 
market impact concerns. Fourth, the risk to investors of contraparty 
non-performance will be minimized because the options on the Index will 
be issued and guaranteed by the Options Clearing Corporation just like 
any other standardized option traded in the United States.
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    \21\ In addition, the Amex and the OPRA have represented that 
the Amex and the OPRA have the necessary systems capacity to support 
those new series of index options that would result from the 
introduction of options on the Index. See Letters from Scott Van 
Hatten, Legal Counsel, Amex, to Richard Strasser, Assistant 
Director, Division, Commission, dated October 21, 1998, and from Joe 
Corrigan, Executive Director, OPRA, to Richard Strasser, Assistant 
Director, Division, Commission, dated January 15, 1999.
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    Lastly, the Commission believes that settling expiration options on 
the Index (including long-term full-value and reduced-value Index 
options) based on the opening process of component securities is 
reasonable and consistent with the Act. As noted in other contexts, 
valuing options for exercise settlement on expiration based on opening 
prices rather than closing prices may help reduce adverse effects on 
markets for stock underlying options on the Index.\22\
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    \22\ See Securities Exchange Release No. 30944 (July 21, 1992), 
57 FR 33376 (July 28, 1992).
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    The Commission also finds Amendment No. 3 consistent with the 
requirements of the Act and the rules and regulations thereunder 
applicable to a national securities exchange. Specifically, the 
Commission finds that the proposal is consistent with the requirements 
of Section 6(b)(5) of the Act,\23\ because it removes impediments to 
and perfects the mechanism of a free and open market and a national 
market system and, in general, protects investors and the public 
interest by providing investors with an additional means to hedge 
exposure to market risk associated with stocks in the cancer research 
industry while ensuring that only those component securities that 
satisfy the requirements set forth above are included in the Index.
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    \23\ 15 U.S.C. 78f(b)(5).
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    The Commission finds good cause to approve Amendment No. 3 to the 
proposed rule change prior to the thirtieth day after the publication 
of notice of filing of the amendment in the Federal Register. 
Specifically, Amendment No. 3 merely clarifies the composition of the 
Index and revises the trading data for all component securities. 
Accordingly, the Commission finds that there is good cause, consistent 
with Sections 6(b)(5) and 19(b) of the Act,\24\ to approve Amendment 
No. 3 to the proposal on an accelerated basis.
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    \24\ 15 U.S.C. 78f(b)(5) and 78s(b).
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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-
0609. Copies of the submission, all subsequent amendments, all written 
statements with respect to the proposed rule change that are filed with 
the

[[Page 44980]]

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 Room in Washington, D.C. 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. SR-Amex-98-31 and should be submitted by September 8, 1999.

V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\25\ that the proposed rule change (SR-Amex-98-31), as amended, is 
approved.

    \25\ 15 U.S.C. 78s(b)(2).
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    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\26\
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    \26\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-21361 Filed 8-17-99; 8:45 am]
BILLING CODE 8010-01-M