[Federal Register Volume 65, Number 8 (Wednesday, January 12, 2000)]
[Notices]
[Page 1935]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-677]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-42315; File No. SR-NYSE-99-49]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the New York Stock Exchange, 
Inc., to Extend the Current $400,000 Monthly Limit on Transaction 
Charges Through 2000

January 4, 2000.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on December 16, 1999, the New 
York Stock Exchange, Inc. (``NYSE'' or ``Exchange'') filed with the 
Securities and Exchange Commission (``Commission'') the proposed rule 
change as described in Items I, II, and III below, which Items have 
been prepared by the NYSE. 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).
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1. Self-Regulatory Organization's Statement of the Terms of 
Substance of the Proposed Rule Change

    The current fee structure provides for a $400,000 cap on an 
individual member firm's monthly transaction charges and is in effect 
through the end of 1999. The proposed revision would continue the 
monthly transaction charge cap at $400,000 through the end of 2000.

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 self-regulatory organization 
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 self-regulatory organization 
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 change is to respond to the needs of our 
constituents with respect to overall competitive market conditions and 
customer satisfaction.
2. Statutory Basis
    The Exchange represents that the proposed rule change is consistent 
with section 6(b) of the Act,\2\ in general, and furthers the 
objectives of section 6(b)(4) \3\ in particular, in that it provides 
for the equitable allocation of reasonable dues, fees, and other 
charges among the Exchange's members and issuers and other persons 
using its facilities.
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    \2\ 15 U.S.C. 78f(b).
    \3\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange believes that the proposed fee change will not 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

    The Exchange has not solicited, and does not intend to solicit, 
comments regarding the proposed rule change. The Exchange has not 
received any unsolicited written comments from members or other 
interested parties.

III. Date of Effectiveness of the Proposed Rule Change and Timing 
for Commission Action

    The foregoing rule change constitutes or changes a due, fee, or 
other charge imposed by the NYSE and, therefore, has become effective 
pursuant to section 19(b)(3)(A) of Act \4\ and subparagraph (f)(2) rule 
19b-4 thereunder.\5\ 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 furtherance of the purposes of the Act.\6\
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    \4\ 15 U.S.C. 78s(b)(3)(A).
    \5\ 17 CFR 250.19b-4(f)(2).
    \6\ In reviewing this 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, 450 Fifth Street, NW., Washington, 
DC. Copies of such filing will also be available for inspection and 
copying at the principal office of the NYSE. All submissions should 
refer to File No. SR-NYSE-99-49 and should be submitted by February 2, 
2000.

    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. 00-677 Filed 1-11-00; 8:45 am]
BILLING CODE 8010-01-M