[Federal Register Volume 65, Number 65 (Tuesday, April 4, 2000)]
[Notices]
[Pages 17690-17694]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-8222]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-42590; File No. SR-PCX-99-36]


Self-Regulatory Organizations; Notice of Filing of a Proposed 
Rule Change and Amendment No. 1 by the Pacific Exchange, Inc. Relating 
to Options Trading Rules

March 29, 2000.
    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 October 1, 1999, the Pacific Exchange, Inc. (``PCX'' or 
``Exchange'') the proposed rule change as described in Items I, II and 
III below, which Items have been prepared by the Exchange. On March 28, 
2000, the Exchange filed Amendment No. 1 to the proposed rule 
change.\3\ The Commission is publishing this notice to solicit comments 
on the proposed rule change, as amended, from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ In Amendment No. 1, the Exchange withdrew the proposed 
changes to PCX Rule 6.6 because the changes were previously made and 
approved in Securities Exchange Act Release No. 40875 (December 31, 
1998), 64 FR 1842 (January 12, 1999). See letter from Michael D. 
Pierson, Director--Regulatory Policy, PCX, to Heather Traeger, 
attorney, Division of Market Regulation, SEC, on March 27, 2000 
(``Amendment No. 1'').

---------------------------------------------------------------------------

[[Page 17691]]

I. Self-Regulatory Organization's Statement of the Terms of 
Substance of the Proposed Rule Change

    The PCX proposes to modify certain rules on options floor trading 
by clarifying existing provisions, eliminating superfluous provisions, 
and codifying current policies and procedures. The text of the proposed 
rule change is available at the Office of the Secretary, the PCX, 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 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
    The Exchange is proposing to make the following changes to the text 
of the PCX rules on options trading.

A. Definition of Term ``Options Issue''

    The PCX proposes to adopt new Rule 6.1(b)(12) to define the term 
``option issue'' as ``the option contract overlying a particular 
underlying security.'' The Exchange notes that the commonly-used term 
``issue'' appears in several locations in the PCX rules. \4\ The 
Exchange believes that the term ``issue'' means the same as ``option'' 
or ``option contract'' when used, for example, as in PCX Rule 6.65(a), 
which states: ``Trading on the Exchange in any option contract shall be 
halted or suspended whenever * * *.'' However, the Exchange believes 
that the use of the terms ``option'' and ``option contract'' would 
often result in ambiguities that the use of ``issue'' would not create. 
While the term ``class of options'' is used in many PCX Rules to refer 
generally to options overlying a particular underlying security, \5\ 
the Exchange believes that the use of the term ``class'' can be 
ambiguous because it may refer either to a ``put class'' or a ``call 
class.'' \6\ Accordingly, the Exchange is proposing to formally adopt 
the definition of the term ``option issue.''
---------------------------------------------------------------------------

    \4\ See, e.g., PCX Rule 6.8. Com. .08(a) (``If a firm desires to 
facilitate customer orders in the XYZ option issue. * * *''); PCX 
Rule 6.28(a)(9) (``the permissible size of orders that may be 
automatically executed'' may be increased ``in a particular issue, 
or for all option issues''); PCX Rule 6.82(e) (``[t]he allocation of 
option issues PCX Rule 6.82(e) (``[t]he allocation of option issues] 
to LMMs shall be effected by the Options Allocation Committee'').
    \5\ See, e.g., PCX Rule 6.4(a) (``After a particular class of 
option * * * has been opened for trading. * * * ''); PCX Rule 
6.37(c) (``Whenever a Market Maker enters the trading crowd for a 
class of options in which he does not hold a Primary Appointment. * 
* * ''; PCX Rule 6.64, Com .02 (``For those option classes and 
within such time periods as the Options Floor Trading Committee may 
designate. * * * '').
    \6\ PCX Rule 6.1(a)(10) states that ``[t]he term `class of 
options' means all option contracts of the same type of option 
covering the same underlying stock'' (emphasis added), while the 
term ``type of option'' is defined in PCX Rule 6.1(a)(7) to mean 
``the classification of an option contract as either a put or call 
(emphasis added).'' Therefore, the term ``class'' may refer to 
either a put call or a call class option contracts.
---------------------------------------------------------------------------

B. General Rules Applicable to Options Trading

    PCX Rule 6.1 sets forth a list of general PCX trading rules that 
are applicable, by cross-reference, to Exchange transactions in option 
contracts. Most of these rules relate primarily to the trading of 
equity securities on the Exchange. The Exchange is proposing to remove 
PCX Rules 5.2(a), 5.6(a)-(c), 5.8(d), 5.8(h), 5.12(a) and 5.13(a)-(b) 
from that list. Each of the cross-references to be removed is discussed 
below:
     PCX Rule 5.2(a)--``Types of Orders.'' \7\ The Exchange 
believes that the first part of this rule--the part stating that all 
orders on the Exchange must be ``day,'' ``immediate or cancel'' or 
``good `till canceled''--applies to options trading, and accordingly, 
the Exchange is adopting PCX Rule 6.62, Commentary .01, to incorporate 
this part of the rule into the rules on options trading. However, the 
remainder of PCX Rule 5.2(a) either does not apply to options trading 
\8\ or is superfluous.\9\
---------------------------------------------------------------------------

    \7\ PCX Rule 5.2(a) states: ``All orders on the Exchange must 
either be `day,' `immediate or cancel,' `good 'til canceled (`GTC'), 
or `good 'til canceled' that are eligible for execution in the 
post--1:00 p.m. auction market trading and closing price protection 
sessions' (`GTX'). Each class of orders must be recorded on the 
proper ticket provided therefor.''
    \8\ ``GTX'' orders are not recognized on the Options Floor. See 
PCX Rule 5.25(f) (``GTX Orders Under P/COAST'').
    \9\ The order ticket requirement of PCX Rule 5.2(a) is 
superfluous because current PCX Rules 6.67-6.69 expressly cover the 
use of order tickets for option orders.
---------------------------------------------------------------------------

     PCX Rule 5.6(a)--``Bids--Offers--Quotations.'' \10\ The 
Exchange believes that PCX Rule 6.74 \11\ adequately covers the meaning 
of bids and offers as applied to options trading. The Exchange notes 
that the part of PCX Rule 5.6 covering the display of bids and offers 
on other market centers is superfluous in light of PCX Rule 6.73, which 
provides the requirements for bids and offers to have standing on the 
Options Floor.\12\ Moreover, bids and offers are not displayed on the 
Options Floor for Intermarket Trading System (``ITS'') purposes.
---------------------------------------------------------------------------

    \10\ PCX Rule 5.6(a) states: ``Bids and offers shall be for one 
trading unit or multiples thereof to constitute an Exchange 
quotation. Bids and offers in other market centers which may be 
displayed on the Floor for the purpose of ITS or other purposes 
shall have no standing in the trading crowd on the Floor.''
    \11\ PCX Rule 6.74 states; ``Unless otherwise specified, all 
bids or offers made on the floor shall be deemed to be for one 
option contract unless a specific number is expressed in the bid or 
offer. A bid or offer for more than one option contract shall be 
deemed to be for that amount or any lesser number of option 
contracts, unless specified otherwise.''
    \12\ PCX Rule 6.73 states: ``Bids and offers to be effective 
must be made at the post by public outcry, except that bids and 
offers made by the Order Book Official shall be effective if 
displayed in a visible manner in accordance with PCX Rule 6.55. All 
bids and offers shall be general ones and shall not be specified for 
acceptance by particular members.''
---------------------------------------------------------------------------

     PCX Rule 5.6(b)--``Regular Way.'' \13\ The Exchange 
believes that the current cross-reference to this equity trading rule 
is also superfluous because, unlike settlement of equity securities, 
settlement of option contracts is not based on a distinction between 
``regular way'' and ``non-regular way.''
---------------------------------------------------------------------------

    \13\ PCX Rule 5.6(b) states: ``Bids and offers made without 
stated conditions shall be considered to be `regular way.' `Regular 
way' bids or offers have priority over conditional bids or offers.''
---------------------------------------------------------------------------

     PCX Rule 5.6(c)--``All or None.'' \14\ The Exchange 
believes that the cross-reference to this equity trading rule is 
erroneous and inconsistent with current practices. For example, assume 
that a floor broker who is holding an order to sell twenty option 
contracts enters a trading crowd and calls for a market. Next, assume 
that there are two responses: (1) a floor broker holding an ``all or 
none'' order for twenty contracts for a customer bids $3, and (2) a 
market maker bids $3. Under current practices and consistent with PCX 
Rule 6.75(a), if the broker were first to vocalize a bid, the broker 
would have first priority to

[[Page 17692]]

execute the order.\15\ However, if PCX Rule 5.6(c) were applied, the 
market maker's bid would have priority, even if it were made second in 
sequence. The Exchange believes that PCX Rule 6.75 should prevail over 
PCX Rule 5.6(c), in accordance with current practices.
---------------------------------------------------------------------------

    \14\ PCX Rule 5.6(c) states: ``A bid or offer may be made `all 
or none'; however, regular bids or offers at equal or better prices 
shall have priority. No `all or none'transaction in round lots may 
be effected unless all regular bids or offers at equal or better 
prices are executed thereby or simultaneously or unless the holders 
of such regular bids or offers consent thereto. All bids and offers, 
unless specifically made `all or none,' shall be subject to split-up 
without objection except that in no case may a division of stock be 
made of less than round lots except by mutual consent.''
    \15\ PCX Rule 6.75(a) provides in part that ``If two or more 
bids represent the highest price * * * priority shall be afforded to 
such bids in the sequence in which they are made.''
---------------------------------------------------------------------------

     PCX Rule 5.8(d)--``Simultaneous Bids and Offers.'' \16\ 
The Exchange notes that simultaneous bids and offers are not recognized 
in the general rules on priority of bids and offers for options 
contracts. The Exchange believes that PCX Rule 6.75 and 6.76 are 
exhaustive and that the cross-reference to Rule 5.8(d) is erroneous.
---------------------------------------------------------------------------

    \16\ PCX Rule 5.8(d) states: ``When bids or offers are made 
simultaneously, or when it is impossible to determine clearly the 
order of time in which they were made, all such bids or offers shall 
be on parity, except as noted in Rule 5.8(e).''
---------------------------------------------------------------------------

     PCX Rule 5.8(h)--``Marking Stop loss Orders.'' \17\ This 
rule covers the manual handling of stop loss orders. The Exchange 
believes that the procedure covered by this rule is unnecessary and 
that the responsibility of floor brokers to use due diligence in their 
handling of orders, as codified in the rules on option trading, is 
sufficient.\18\
---------------------------------------------------------------------------

    \17\ PCX Rule 5.8(h) states: ``All stop loss orders must clearly 
indicate in writing that they are such and, in addition, the amount 
and the price of the stock appearing at the top of the buy and sell 
ticket must be circled.''
    \18\ See PCX Rule 6.46 (``Responsibilities of Floor Brokers'').
---------------------------------------------------------------------------

     PCX Rule 5.12(a)--``Seller Responsible for Recording.'' 
\19\ The Exchange believes that the specific procedures currently set 
forth for reporting options transactions--Codified in PCX Rule 6.69 and 
OFPA G-12--adequately address this procedure and that the cross-
reference to PCX Rule 5.12 is unhealthy and unnecessary.
---------------------------------------------------------------------------

    \19\ PCX Rule 5.12(a) states: ``The seller shall be responsible 
for transactions being properly recorded by the floor reporters.''
---------------------------------------------------------------------------

     PCX Rule 5.13(a)-(b)--``Comparisons.\20\ The Exchange 
believes that PCX Options Rule 6.16 adequately covers the Exchange 
procedures for comparison of trade information and that the cross-
reference to PCX Rules 5.13(a)-(b) is superfluous.
---------------------------------------------------------------------------

    \20\ PCX Rule 5.13(a) states: ``Every transaction on the 
Exchange must be compared as provided herein unless the same shall 
have been officially removed from the record in accordance with 
Exchange rules.'' PCX Rule 5.13(b), Comparison Ticket, states ``The 
comparison ticket shall contain and constitute a record of the name, 
quantity and price of the securities traded and the names of the 
buying and selling members from which daily transaction sheets will 
be prepared for member firms.''
---------------------------------------------------------------------------

C. Trading Floor Badges

    The Exchange proposes to eliminate superfluous and unnecessary 
provisions currently set forth in OFPA F-1 and F-6 for trading floor 
badges on the Options floor.\21\ The Exchange is also proposing to 
merge the remaining parts of those OFPAs into PCX Rule 6.2(d).
---------------------------------------------------------------------------

    \21\ The provisions being eliminated include the following: 
``Rule 6.45 requires that each Floor Broker shall have in effect a 
Letter of Authorization that has been issued for such Floor Broker 
by a clearing member, and Section 77 of Rule VI requires that each 
Market Maker shall have in effect a Letter of Guarantee which has 
been issued for such market maker by a clearing firm.'' (OFPA F-6)
---------------------------------------------------------------------------

D. Visitors to the Options Floor

    The Exchange is proposing to re-number OFPA F-2 as PCX Rule 
6.2(e)(``Visitors on the Options Floor''). The Exchange is also 
proposing to eliminate subsection 6 of OFPA F-2, which limits the 
number of visitors and lengths of time during which visitors are 
permitted on the Options floor.\22\ The Exchange is also proposing to 
make technical changes to OFPA F-2 and to eliminate superfluous 
provisions, including a summary of the provisions of current PCX Rule 
6.2(a).\23\ Finally, the Exchange proposes to add a new provision to 
PCX Rule 6.2(e), stating that a group of visitors comprising more than 
fifteen persons may not enter the Trading Floor without prior approval 
of the Chair or Vice Chair of the Options Floor Trading Committee.
---------------------------------------------------------------------------

    \22\ Subsection 6 of OFPA F-2 currently provides: ``The inviting 
member of member organization floor manager may not sign in more 
than four guests at any given time. Visitors may remain on the 
Options Trading Floor a maximum of two hours during the trading 
session and one-half hour after it. Visitors, except those referred 
to in paragraph #4 above, may not be allowed on the Options Trading 
Floor more than five times in a calendar month, regardless of the 
duration of each visit.''
    \23\ This part of OFPA F-2 states: ``Rule 6.2(a) limits 
admission to the Floor to members, employees of the Exchange, clerks 
or messengers employed by members, and such other persons as may be 
provided for in the Rules. Pursuant to this Rule, the Exchange 
encourages the presence of appropriate visitors on the Options 
Trading Floor, but it is deemed necessary to strictly enforce 
certain procedures governing the admission to the Floor of such 
visitors.''
---------------------------------------------------------------------------

E. Complaints from Floor Members

    The PCX proposes to adopt PCX Rule 6.2(f) (replacing OFPA E-5 \24\ 
and OFPA E-6 \25\), which advises options floor members as to where 
they may direct complaints concerning situations arising on or relating 
to the Options Trading Floor. Specifically, the proposed rule states 
that Floor Members may direct complaints concerning situations arising 
on or relating to the Options Trading Floor to the Options Surveillance 
Department or to the Enforcement Department so that appropriate follow-
up action may be taken.
---------------------------------------------------------------------------

    \24\ OFPA E-5 states:
    ``A Member of the Options Floor with a complaint concerning a 
situation arising on or relating to the Floor, should: (1) Notify 
the Surveillance Department of the circumstances involved, and (2) 
subsequent to such notification, submit the complaint in writing to 
the Surveillance Director. If the concerned Member believes it 
necessary for the Surveillance Department to personally review or 
rectify the situation, a member of the Department will immediately 
come to the Floor. A study will be conducted on all matters referred 
to the Surveillance Department pursuant to this Floor Procedure 
Advice. Upon completion of such study, the Member(s) filing the 
complaint will be informed of the conclusion (i.e., filed closed or 
referred to the Compliance Department for further review or action). 
A written report of each study will be submitted to the Options 
Floor Trading Committee. General Information regarding such study 
may be given to concerned Members; however, the specific details 
shall remain confidential.''
    \25\ OFPA E-6 states: ``Upon receipt of a written complaint from 
a member of the Options Floor, the Compliance Department shall 
commence an investigation into the allegations contained in such 
complaint. The Compliance Department may, among other things, 
interview the Complainant, and any witnesses and parties to the 
action which gave rise to the complaint. The Compliance Department 
may request a written response from the parties involved and any 
witnesses. Upon the Compliance Department obtaining the facts 
pertinent to the issue, a written recommendation will be drafted and 
presented to the Options Floor Trading Committee. After the Options 
Floor Trading Committee has received the written recommendation of 
the Compliance Department, the item should be placed on the 
Committee's agenda for discussion, and final action, insofar as the 
Options Floor Trading Committee is concerned. The Compliance 
Department may, in addition, commence Disciplinary Proceedings based 
upon any violation of the Pacific Exchange Constitution, Rules, 
Commentaries or procedures uncovered during the investigation of the 
complaint.''
---------------------------------------------------------------------------

F. Series of Options Open for Trading

    The Exchange is proposing to update PCX Rule 6.4(a) so that it will 
conform with current practices by changing from three to four the 
number of different expiration months that will normally be opened at 
the commencement of trading a particular option issue.\26\ The Exchange 
also proposes to remove erroneous provisions on the specific expiration 
month that may be added at the commencement of trading of a particular 
issue and at the time a previous month's series expires. The rule 
currently states that three months will normally be opened, with the 
first expiration month being within approximately three months 
thereafter, the second month being approximately three months after the 
first and the third being approximately three months after the second. 
In addition, the rule states that additional series of the same class 
may be opened for trading on the Exchange at or about the time a prior 
series expires, and the expiration month

[[Page 17693]]

of each such series shall normally be approximately nine months 
following the expiration of such series. However, the current industry 
practice is normally to add four expiration months, the first two being 
the two nearest months, and the third and fourth being the next two 
months of the quarterly cycle previously designated by the Exchange for 
that specific issue \27\ When a previous expiration month's series 
expire, a new expiration month is added to assure that there are always 
four expiration months.
---------------------------------------------------------------------------

    \26\ Cf. CBOE Rule 5.5, Interp. & Policy .03.
    \27\ Id.
---------------------------------------------------------------------------

G. Verification of Compared Trades

    The PCX proposes to reduce the amount of time during which members 
or their representatives are required to remain available on the 
trading floor after the Trade Processing Department closes. The 
reduction will be based on the number of transactions processed per 
trading day. Specifically, the Exchange proposes to require that 
members of their representatives be available after Trade Processing 
closes for 30 to 60 minutes, depending on the number of transactions 
involved. Currently, members or their representatives are required by 
PCX Rule 6.17, Commentary .01 to remain available after the close as 
follows: when fewer than 8,000 transactions on the Exchange have 
occurred, 45 minutes; but when more than 8,000 trades have occurred, 
one hour and 15 minutes. Under the proposal, these times will be 
modified as follows: 0-8,000 transactions, 30 minutes; 8,000-12,000 
transactions, 45 minutes; and over 12,000 transactions, 60 minutes. The 
Exchange believes that the new requirements are more reasonable and 
better reflect the Exchange's needs.

H. Resolution of Uncompared Trades

    The PCX proposes to modify PCX Rule 6.21 by changing the basis for 
establishing a loss as the result of an uncompared trade so that it 
will be the opening price on the business day following the trade date. 
Currently, the basis is the lesser of either the opening price on the 
business day following the trade date or the price at which the 
uncompared trade was closed. After careful consideration and review of 
this proposal by Exchange members and member firms, the Exchange 
proposes this change in an effort to simplify and make uniform the 
administration of pricing uncompared trades. \28\ The Exchange is also 
proposing to require that notice of uncompared trades must be provided 
no later than the scheduled commencement of trading (unless a floor 
official directs otherwise). The Exchange believes that the current 
time requirement--15 minutes from the scheduled commencement of 
trading--is overly flexible.
---------------------------------------------------------------------------

    \28\ Cf. CBOE Rule 6.61. Interp. & Policy. 01.
---------------------------------------------------------------------------

I. Reports of Open Exercise Positions

    The Exchange is proposing to clarify and simplify PCX Rule 62.7, 
which currently requires member organizations to file certain reports 
on open positions with the Exchange. The Exchange is proposing to 
restate the text of Commentary .01 in the text of PCX Rule 6.27 and to 
eliminate Commentaries .02 and .03.\29\ As amended, PCX Rule 6.27 will 
provide that the Exchange may require each member organization to file 
with the Exchange a report, as of the 15th of each month, of all open 
positions resulting from the exercise of options contracts in accounts 
carried by a member organization. It will then incorporate current 
Commentary .01 into the rule by adding that such reports, when 
required, must be filed no later than the second business day following 
the day as of which the report is made.
---------------------------------------------------------------------------

    \29\ Commentary .02 provides: ``An open exercise position with 
respect to which the Options Clearing Corporation has assigned an 
exercise notice to the member organization and the member 
organization has not delivered the shares of the underlying stock in 
accordance with the Rules of the Options Clearing Corporation and 
these Rules.'' Commentary .03 currently provides: ``All such reports 
shall be delivered to the Department of Member Organizations of the 
Exchange.'' The Exchange does not believe that a specified 
department needs to be identified in this rule and, in any event, 
member firms are currently on notice that such reports must be filed 
with the Department of Options Surveillance.
---------------------------------------------------------------------------

J. Fast Markets

    The PCX proposes changes to PCX Rule 6.28 by merging the Text of 
OFPA G-9 into PCX Rule 6.28. Currently, OFPA G-9 lists procedures that 
will become effective in a fast market situation. The Exchange proposes 
this change to simplify and consolidate rules relating to fast market 
and unusual market conditions. In addition, the rule will add a cross-
reference to the current requirement of market makers to trade a 
minimum of one contract based on quoted markets, pursuant to PCX Rule 
6.37(f), during fast markets. The rule change will specify that regular 
trading procedures will be resumed when two floor officials determine 
that the conditions supporting the fast market no longer exist. 
Finally, it will remove, as unnecessary, the current provision allowing 
floor officials to assign brokerage responsibilities for particular 
series to specific floor brokers in the trading crowd during fast 
markets.
2. Statutory Basis
    The Exchange believes that the proposal, as amended, is consistent 
with Section 6(b)(5) of the Act \30\ because it is designed to promote 
just and equitable principles of trade, to foster cooperation and 
coordination with persons engaged in regulating, clearing, settling, 
processing information with respect to, and facilitating transactions 
in securities, and in general, to protect investors and the public 
interest.
---------------------------------------------------------------------------

    \30\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange believes that the proposed rule change will impose no 
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 were not solicited or received with respect to the 
proposed rule change.

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

    Within 35 days of the date of publication of this notice in the 
Federal Register within such longer period (i) as the Commission may 
designate up to 90 days of such date if it finds such longer period to 
be appropriate and publishes its reasons for so finding or (ii) as to 
which the self-regulatory organization consents, the Commission will:
    A. by order approve the proposed rule change, or
    B. institute proceedings to determine whether the proposed rule 
change should be disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change, as amended, 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 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

[[Page 17694]]

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 filing will also be available for 
inspection and copying at the principal office of the Exchange. All 
submissions should refer to File No. SR-PCX-99-36 and should be 
submitted by April 25, 2000.
    For the Commission, by the Division of Market Regulation, pursuant 
to delegated authority.\31\
---------------------------------------------------------------------------

    \31\ 17 CFR 200.30-3(a)(12).

Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 00-8222 Filed 4-3-00; 8:45 am]
BILLING CODE 8010-01-M