[Federal Register Volume 64, Number 182 (Tuesday, September 21, 1999)]
[Notices]
[Pages 51161-51162]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-24494]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-41869; File No. SR-CHX-99-13]
Self-Regulatory Organizations: Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the Chicago Stock Exchange,
Inc. Relating to Membership Dues and Fees
September 13, 1999.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice hereby is given
that on August 27, 1999, the Chicago Stock Exchange, Inc. (``CHX'' or
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II
and III below, which Items have been prepared by the information. 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 proposes to amend its membership dues and fees
schedule. Specifically, the ``Technical Equipment'' portion of the CHX
fee schedule would be amended to incorporate uniform monthly charges
for certain computer equipment that now is available for use by CHX
members (i.e., flat panel monitors) and to delete references to
obsolete computer equipment. The text of the proposed rule change is
available upon request from the Commission or the Office of the
Secretary of the CHX.
II. Self-Regulatory Organizations' Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of, and basis for, the proposed rule change and
discussed any comments it received regarding the proposed rule change.
The text of these statements may be examined at the places specified in
Item IV below. The Exchange 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
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of the proposed rule change is to amend the CHX
schedule of membership dues and fees. Specifically, the ``Technical
Equipment'' portion of the CHX fee schedule would be amended to
incorporate uniform monthly charges for certain computer equipment that
now is available for use by CHX members (i.e., flat panel monitors) and
to delete references to obsolete computer equipment. The proposed
amendment is intended solely to update the list of computer equipment
itemized as ``Technical Equipment'' and does not impose new or
additional charges on any member unless a member elects to augment
existing trading floor workstation technology with new flat panel
monitors.
[[Page 51162]]
2. Statutory Basis
The proposed rule change is consistent with Section 6(b)(4) of the
Act \3\ in that it provides for the equitable allocation of reasonable
dues, fees and other charges among its members.
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\3\ 15 U.S.C. 78f(b)(4)
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(B) Self-Regulatory Organization's Statement of Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any inappropriate 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 either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing
for Commission Action
The foregoing rule change establishes or changes a due, fee or
other charge imposed by the Exchange and therefore has become effective
pursuant to Section 19(b)(3)(A)(ii) of the Act \4\ and Rule 19b-4(f)(2)
\5\ thereunder.\6\ 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 purpose of the Act.
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\4\ 15 U.S.C. 78s(b)(3)(A)(ii).
\5\ 17 CFR 240.19b-4(f)(2).
\6\ In reviewing the proposal, the Commission considered its
impact on efficiency, competition and capital formation. 15 U.S.C.
78f(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 foregoing is
consistent with the Act. Persons making written submissions should file
six copies thereof with the Secretary, Securities and Exchange
Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. Copies of
the submissions, 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 at the Commission's
Public Reference Room. Copies of such filings will also be available
for inspection and copying at the principal office of the Exchange. All
submissions should refer to File No. SR-CHX-99-13 and should be
submitted by October 12, 1999.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\7\
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\7\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-24494 Filed 9-20-99; 8:45 am]
BILLING CODE 8010-01-M