[Federal Register Volume 64, Number 230 (Wednesday, December 1, 1999)]
[Notices]
[Pages 67366-67367]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-31163]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-42177; File No. SR-PCX-99-47]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the Pacific Exchange, Inc.
Relating to an Increase in the Market Maker Ticket Data Entry Fee
November 23, 1999.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on November 5, 1999, the Pacific Exchange, Inc. (``PCX'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'' or ``SEC'') the proposed rule change as described in
Items I, II, and III below, which Items have been prepared by the
Exchange. 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 PCX proposes to change its Schedule of Fees and Charges to
increase its Market Maker Ticket Data Entry Fee from $0.25 per trade of
$0.50 per trade.
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 Exchange 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 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
Currently, PCX Market Makers pay a Ticket Data Entry Fee of $0.25
per trade. The Ticket Data Entry Fee is charged to a Market Maker for
every manual ticket transaction that is entered by the Order Book
Official into PCX's Pacific Options
[[Page 67367]]
Exchange Trading System (``POETS'') \3\ for the Market Maker. Under the
proposed rule change, the fee would be increased to $0.50 per trade for
each manual ticket transaction entered into POETS for the Market Maker.
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\3\ POETS is PCX's automated options trading system comprised of
an options order routing system, an automatic and semi-automatic
execution system, an on-line limit order book system, and an
automatic market update system. See generally Exchange Act Release
No. 27633 (Jan. 18, 1990), 55 FR 2466 (Jan. 24, 1990) (order
approving SR-PSE-89-26).
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2. Basis
The Exchange believes the proposed rule change is consistent with
Section 6(b) \4\ of the Act, in general, and furthers the objectives of
Section 6(b)(4),\5\ in particular, because it provides for the
equitable allocation of reasonable dues, fees, and other charges among
its members and issuers and other persons using its facilities.
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\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(4).
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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 that is not necessary or appropriate
in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments on the proposed rule change were neither solicited
nor 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) \6\ of the Act and
subparagraph (f)(2) of Rule 19b-4 thereunder.\7\ At any time within 60
days of filing of such 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 furtherance of the
purposes of the Act.
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\6\ 15 U.S.C. 78f(b)(3)(A).
\7\ 17 CFR 240.19b-4(f)(2). In reviewing the proposal, the
Commission has considered the proposal's impact on efficiency,
competition, and capital formation. 15 U.S.C. 78c(f).
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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, NW., Washington, DC 20549-0609.
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 Room. Copies of such filing will also be
available for inspection and copying at the principal office of the
PCX. All submissions should refer to File No. SR-PCX-99-47 and should
be submitted by December 22, 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. 99-31163 Filed 11-30-99; 8:45 am]
BILLING CODE 8010-01-M