[Federal Register Volume 65, Number 247 (Friday, December 22, 2000)]
[Notices]
[Pages 80970-80974]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-32652]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-43714; File No. SR-PCX-00-21]


Self-Regulatory Organizations; Notice of Filing of Proposed Rule 
Change by the Pacific Exchange, Inc. Relating to Financial Arrangements 
of Options Floor Members

December 12, 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 July 7, 2000, the Pacific Exchange, Inc. (``PCX'' or ``Exchange'') 
filed with the Securities and Exchange Commission (``SEC'' or 
``Commission'') the proposed rule change as described in Items I, II 
and III below, which Items have been prepared by the PCX.\3\ On 
November 30, 2000, the Exchange submitted Amendment No. 1 to the 
proposed rule change.\4\ 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.
    \3\ The PCX subsequently submitted the text of the proposed rule 
change language properly formatted for publication in the Federal 
Register. The reformatted version did not contain any substantive 
changes to the proposed rule change language. See letter dated 
November 1, 2000, from Michael D. Pierson, PCX, to Kelly Riley, 
Division of Market Regulation, SEC.
    \4\ The PCX amended the original filing by way of letter 
amendment. See letter dated November 29, 2000, from Michael D. 
Pierson, PCX, to Nancy J. Sanow, Assistant Director, Division of 
Market Regulation, SEC.
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I. Self-Regulatory Organization's Statement of the Terms of 
Substance of the Proposed Rule Change

    The PCX is proposing to eliminate its current PCX Rule 6.40 on 
financial arrangements of options floor members and is also proposing 
to adopt supplemental rules on options floor members who are trading 
for the same joint account. The text of the proposed rule change 
follows. Additions are in italics; deletions are in [brackets].

para. 3809 Disclosure of Financial Arrangements of Members

    Rule 4.18(a)-(b)--No change.
    [(c) The Exchange may restrict the trading activity of Members 
with financial arrangements pursuant to Rule 6.40. Such restrictions 
are subject to appeal, pursuant to Rule 11.7.]

[para. 4953 Financial Arrangements of Options Floor Members]

    Rule 6.40(a)--Reserved [Financial Arrangements Defined. Two 
Members have a ``financial arrangement'' with each other for 
purposes of this Rule if:]
    [(1) One Member directly finances the other Member's dealings 
upon the Exchange, the amount financed is $5,000 or more, and the 
Member providing the financing is entitled to a share of the other 
Member's trading profits; or
    (2) Both Members are registered with the Exchange as nominees of 
the same Member Organization; or
    (3) Both Members are registered with the Exchange to trade on 
behalf of the same joint account; or
    (4) Both Members' dealings upon the Exchange are financed by the 
same source, the amount financed is $5,000 or more, and the Member 
providing the financing is entitled to a share of each of the other 
Members' trading profits.]
    [For purposes of this Rule, the term ``Member'' shall include 
both Members and Member Organizations.]
    [(b) Options Floor Trading Restrictions.]

[[Page 80971]]

    [(1) A Market Maker who has a ``financial arrangement'' with 
another Member of Member Organization (as specified herein) and the 
Member or Member Organization having a ``financial arrangement'' 
with that Market Maker, may not bid, offer and/or trade in the same 
trading crowd at the same time in the absence of an exemption from 
the Options Floor Trading Committee, as provided in subsection 
(b)(4), below.
    (2) Any order of a Market Maker with an existing financial 
arrangement, that is represented or executed by a Floor Broker, 
shall be so represented or executed in accordance with the 
procedures set forth in Rule 6.85. Additionally, a Market Maker may 
not bid, offer and/or trade in a trading crowd in which a Floor 
Broker holds an order on behalf of a Market Maker with whom he has 
an existing financial arrangement may not be concurrently 
represented, by one or more Floor Brokers, in a particular trading 
crowd.
    (3) Two or more Lead Market makers (LMMs) who are trading on 
behalf of the same Member organization may not bid, offer and/or 
trade in the same option series at the same time. However, two or 
more LMMs who do not have financial arrangements with each other, as 
defined in subsection (a) of this Rule, or who have been granted an 
exemption pursuant to subsection (b)(4), below, may bid, offer and/
or trade in the same option series at the same time.
    (4) Exemptions. Members with financial arrangements may be 
exempted from the trading restrictions set forth in this subsection, 
as follows:]
    [(A) Long-Term Exemptions. The Options Floor Trading Committee 
may grant long-term exemptions to Members on a case-by-case basis if 
it determines that a fair and orderly market would not be impaired 
by allowing such Members with financial arrangements to trade in the 
same trading crowd at the same time. In making such determinations, 
the Committee shall consider the following factors: (1) The nature 
of the financial arrangement; (2) the degree of independence to be 
maintained by the applicants in making trading decisions; (3) the 
impact on competition in the trading crowd if an exemption were 
granted; (4) the applicants' prior patterns of trading if they have 
previously traded in the same trading crowd at the same time; (5) 
and any other information relevant to whether the applicants would 
tend collectively to dominate the market in a particular trading 
crowd or a particular option series. The Committee may revoke any 
long-term exemption granted pursuant to this subsection if it 
determines that a fair and orderly market would otherwise be 
impaired by a continuation of the exemption. The Committee will 
review, on at least an annual basis, all long-term exemptions that 
are in effect at the time.]
    [(B) Short-term Exemptions. Two Floor Officials may grant short-
term exemptions to Members on a case-by-case basis if such Floor 
Officials determine that a fair and orderly market would not be 
impaired and that the need for liquidity in the trading crowd 
warrants such action. Unless otherwise specified, any exemption 
granted pursuant to this Rule shall extend for no longer than the 
trading day on which it is provided. The Committee shall review, on 
a regular basis, each exemption granted pursuant to this subsection 
(b).]
    [(c) Reporting to the Exchange. Market Makers, Floor Brokers and 
Member Organizations are required to report the terms of their 
financial arrangements to the Exchange pursuant to Rule 4.18 
(``Disclosure of Financial Arrangements of Members'').]

[Commentary

    .01 The purpose of Rule 6.40 is to prevent Market Makers who 
have financial arrangements with each other from unfairly dominating 
the market in any option issues or series, as prohibited by Rule 
6.37(c)(2). The Options Floor Trading Committee has determined that 
any Market Makers who are not technically covered by the terms of 
Rule 6.40, but who unfairly dominate the market in any option issue 
or series, shall be considered to be in violation of their 
obligation to contribute to the maintenance of fair and orderly 
markets and to act in accordance with use and equitable principles 
of trade.]
* * * * *

para. 5193 Joint Accounts

    Rule 6.84(a)-(e)--No change.
    [(f) Participants in a joint account must comply with the 
trading restrictions provided in Rule 6.40]
    [(g)-(h)]--(f)-(g)--No change.
    (h) The following trading restrictions apply to Members who are 
registered with the Exchange to trade on behalf of the same joint 
account:
    (1) A joint account may be simultaneously represented in a 
trading crowd only by participants who are trading in-person. Orders 
for a joint account may not be entered in a trading crowd in which a 
participant of the joint account is trading in-person for the joint 
account. If no participant is trading in-person in the trading crowd 
for the joint account, then a Floor Broker may represent orders in 
the trading crowd on behalf of the joint account as long as the same 
option series is not concurrently represented for the same joint 
account by more than one Floor Broker.
    (2) Market Makers may alternate trading in-person between their 
individual and joint accounts while in the trading crowd. Market 
Makers who alternate trading between accounts must ensure that while 
trading the joint account another participant does not enter orders 
through a Floor Broker for the joint account in the same trading 
crowd.
    (3) Before beginning trading on behalf of a joint account, 
participants in the joint account are responsible for determining 
whether any Floor Brokers are representing orders in the same 
trading crowd on behalf of the same joint account.
    (4) Floor Brokers may not represent a joint account of which 
they are a participant.
    (5) Market Makers who are trading in person in a trading crowd 
may not enter orders with a Floor Broker either for joint accounts 
in which they are participants or for their individual accounts.
    (6) The following trades are prohibited:
    (A) Trades between a joint account participant's individual 
account and a joint account in which that person is a participant.
    (B) Trades between two joint accounts having common 
participants.
    (C) Trades in which the buyer and seller are representing the 
same joint account and are on opposite sides of the transaction.

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 PCX 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 PCX 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 eliminate PCX Rule 6.40 (Financial 
Arrangements of Options Floor Members), which currently prohibits 
options floor members with financial arrangements from trading in the 
same trading crowd without receiving either a short-term or long-term 
exemption from the Options Floor Trading Committee (``OFTC''). The 
Commission approved the most recent version of PCX Rule 6.40 in 
1996.\5\ Based on its experience with the rule since that time, the PCX 
now believes that many of its current provisions do not prevent the 
activities that the rule was designed to deter. Therefore, after 
careful consideration, the Exchange is now proposing to replace PCX 
Rule 6.40 with new PCX Rule 6.84(h).
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    \5\ See Exchange Act Release No. 37543 (August 8, 1996), 61 FR 
42458 (August 15, 1996). See also Exchange Act Release No. 35277 
(January 25, 1995), 60 FR 6330 (February 1, 1995); Exchange Act 
Release No. 32775 (August 20, 1993), 58 FR 45368 (August 27, 1993).
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    a. Definition of Financial Arrangement. PCX Rule 6.40(a) currently 
defines the term ``financial arrangement'' very broadly, so that it 
covers both members who are trading for the same firm as well as 
members who are backed by the same source (even though they may be 
trading for different firms).\6\
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    \6\ PCX Rule 6.40(a) provides:
     Two Members have a `financial arrangement' with each other for 
purposes of this Rule if: (1) One Member directly finances the other 
Member's dealings upon the Exchange, the amount financed is $5,000 
or more, and the Member providing the financing is entitled to a 
share of the other Member's trading profits; or (2) Both Members are 
registered with the Exchange as nominees of the same Member 
Organization; or (3) Both Members are registered with the Exchange 
to trade on behalf of the same joint account; or (4) Both Members' 
dealings upon the Exchange are financed by the same source, the 
amount financed is $5,000 or more, and the Member providing the 
financing is entitled to a share of each of the other Members' 
trading profits. For purposes of this Rule, the term `Member' shall 
include both Members and Member Organizations.

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[[Page 80972]]

    b. Trading Prohibitions. PCX Rule 6.40(b)(1) currently prohibits 
market makers with common financial arrangements from trading in the 
same trading crowd at the same time, unless they have an exemption from 
the OFTC.\7\ PCX Rule 6.40(b)(2) prohibits market makers from trading 
in a crowed where an order is being represented by a floor broker on 
behalf of another market maker who is affiliated with the original 
market maker.\8\ In addition, PCX Rule 6.40(b)(3) restricts multiple 
lead market maker (``LMM'') representatives from trading simultaneously 
in the same option series.\9\ As discussed below, the PCX is proposing 
to eliminate these restrictions except for those relating to multiple 
representation of market maker accounts through the use of floor 
brokers.
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    \7\ PCX Rule 6.40(b)(1) provides:
    A Market Maker who has a `financial arrangement' with another 
Member or Member Organization (as specified herein) and the Member 
or Member Organization having a `financial arrangement' with that 
Market Maker, may not bid, offer and/or trade in the same trading 
crowd at the same time in the absence of an exemption from the 
Options Floor Trading Committee, as provided in subsection (b)(4), 
below.
    \8\ PCX Rule 6.40(b)(2) provides:
    Any order of a Market Maker with an existing financial 
arrangement, that is represented or executed by a Floor Broker, 
shall be so represented or executed in accordance with the 
procedures set forth in Rule 6.85. Additionally, a Market Maker may 
not bid, offer and/or trade in a trading crowd in which a Floor 
Broker holds an order on behalf of a Market Maker with whom he has 
an existing financial arrangement. Orders of a Market Maker having 
an existing financial arrangement may not be concurrently 
represented, by one or more Floor Brokers, in a particular trading 
crowd.
    \9\ PCX Rule 6.40(b)(3) provides:
    Two or more Lead Market Makers (LMMs) who are trading on behalf 
of the same Member Organization may not bid, offer and/or trade in 
the same option series at the same time. However, two or more LMMs 
who do not have financial arrangements with each other, as defined 
in subsection (a) of this Rule, or who have been granted an 
exemption pursuant to subsection (b)(4), below, may bid, offer and/
or trade in the same option series at the same time.
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    c. Exemptions to Current Rule. PCX Rule 6.40(b)(4)(A) permits the 
OFTC to grant long-term exemptions to the trading restrictions in PCX 
Rule 6.40.\10\ PCX Rule 6.40(b)(4)(B) permits two floor officials to 
grant short-term exemptions.\11\ To obtain a long-term exemption, 
members are currently required to submit an application to the OFTC and 
to provide information relevant to the factors set forth in PCX Rule 
6.40(b)(4)(A). In assessing an application, the OFTC considers the 
stated purpose of PCX Rule 6.40, which is ``to prevent Market Makers 
who have financial arrangements with each other from unfairly 
dominating the market in any option issues or series, as prohibited by 
[PCX] Rule 6.37(c)(2).'' \12\
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    \10\ PCX Rule 6.40(b)(4)(A) provides:
    Long-Term Exemptions. the Options Floor Trading Committee may 
grant long-term exemptions to Members on a case-by-case basis if it 
determines that a fair and orderly market would not be impaired by 
allowing such Members with financial arrangements to trade in the 
same trading crowd at the same time. In making such determinations, 
the Committee shall consider the following factors: (1) The nature 
of the financial arrangement; (2) the degree of independence to be 
maintained by the applicants in making trading decisions; (3) the 
impact on competition in the trading crowd if an exemption were 
granted; (4) the applicants' prior patterns of trading if they have 
previously traded in the same trading crowd at the same time; (5) 
and any other information relevant to whether the applicants would 
tend collectively to dominate the market in a particular trading 
crowd or a particular option series. The committee may revoke any 
long-term exemption granted pursuant to this subsection if it 
determines that a fair and orderly market would otherwise be 
impaired by a continuation of the exemption. The Committee will 
review, on at least an annual basis, all long-term exemptions that 
are in effect at the time.
    \11\ PCX Rule 6.40(b)(4)(B) provides:
    Short-term Exemptions. Two Floor Officials may grant short-term 
exemptions to Members on a case-by-case basis if such Floor 
Officials determine that a fair and orderly market would not be 
impaired and that the need for liquidity in the trading crowd 
warrants such action. Unless otherwise specified, any exemption 
granted pursuant to this Rule shall extend for no longer than the 
trading day on which it is provided. The Committee shall review, on 
a regular basis, each exemption granted pursuant to this subsection 
(b).
    \12\ See PCX Rule 6.40, Commentary .01.
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    d. Elimination of PCX Rule 6.40. The Exchange is now proposing to 
eliminate PCX Rule 6.40. The current rule informs the OFTC (i.e., floor 
officials) of common financial arrangements among other floor members. 
As noted above, the purpose of PCX Rule 6.40 is to prevent market 
makers who have financial arrangements with each other from unfairly 
dominating the market in any option issue or series, as prohibited by 
PCX Rule 6.37(c)(2). Unfair domination of the market, however, is 
prohibited by PCX Rule 6.37(c)(2) regardless of whether the parties 
involved have a ``financial arrangement'' with each other. The Exchange 
believes that the value of the current administrative process relating 
to exemptions is minimal with regard to assuring compliance with 
applicable rules.\13\ The Exchange notes that it will continue to 
require members to submit detailed information on their financial 
arrangements to Exchange staff, as currently required.\14\ This will 
allow the Exchange to continue to conduct its surveillance and 
enforcement efforts relating to any fraudulent, manipulative, or other 
illegal trading practices by members with financial affiliations that 
may occur.
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    \13\ In that regard, the Exchange notes that it has not 
identified domination of the market in violation of PCX Rule 
6.37(c)(2), wash sale trade violations, or any other violations as a 
result of the application of PCX Rule 6.40.
    \14\ See PCX Rule 4.18(a), which provides in part:
    (a) A Market Maker, Floor Broker, Specialist or Member 
Organization who enters into a financial arrangement with any other 
person or entity shall disclose to the Exchange the identity of such 
person or entity and the terms of the arrangement. For the purposes 
of this rule, a financial arrangement is defined as:
    (1) The direct financing of a Member's dealings upon the 
Exchange; or
    (2) Any direct equity investment or profit sharing arrangement; 
or
    (3) Any consideration over the amount of $5,000.00, including, 
but not limited to, gifts, loans, annual salaries or bonuses.
    (b) Exchange Members with financial arrangements must submit to 
the Exchange notification of the initiation, modification or 
termination of such financial arrangements in a form, time and 
manner approved by the Exchange within ten business days of the 
effective date of such arrangements or within such shorter period of 
time as the Exchange may require. Failure to disclose the terms of 
such financial arrangements to the Exchange may result in 
disciplinary action.
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    The Exchange believes that eliminating PCX Rule 6.40 is consistent 
with the important objective of allowing market makers and other PCX 
members to participate freely in trading crowds to provide maximum 
market depth and liquidity.\15\ The Exchange does not believe that 
floor officials' knowledge, based on the exemption process, of other 
members' financial arrangements helps to deter illicit trading 
practices.
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    \15\ The Exchange believes that no other options exchange has a 
rule that prohibits affiliated members from trading in the same 
crowd without an exemption.
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    The Exchange also believes that the restriction on LMMs in PCX Rule 
6.40(b)(3)--i.e., the prohibition against more than one LMM 
representative simultaneously bidding, offering, or trading in the same 
option series without an exemption from floor officials--is 
unwarranted. If there is a large influx of orders in a particular 
option series, an LMM may reasonably need to have more than one of its 
traders in the same trading crowd simultaneously trading that 
series.\16\ The Exchange does not believe that

[[Page 80973]]

there is a compelling reason to require the LMM to obtain an exemption 
from floor officials under these circumstances.
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    \16\ The Exchange that notes the current restriction on trading 
in the same series previously applied to all market makers with 
common financial arrangements. See Exchange Act Release No. 32775 
(August 20, 1993), 58 FR 45368 (August 27, 1993).
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    e. New Provisions on Joint Accounts. PCX Rule 6.85 currently 
provides that a market maker and any orders represented by a floor 
broker on behalf of the market maker may not be concurrently 
represented at a trading post. This principle against dual 
representation of a market maker account has been extended to cover 
joint accounts, as currently provided in PCX Rule 6.84, Commentary 
.04.\17\ The Exchange is now proposing to adopt supplemental procedures 
that apply to situations where a joint account is being concurrently 
represented by more than one market maker representative, and to 
situations where a joint account is being represented by a floor 
broker.\18\
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    \17\ This Commentary provides:
    Any order of a joint account participant, which is executed by a 
Floor Broker, shall be in accordance with procedures set forth in 
Rule 6.85, except that the joint account trading number with its 
alpha identification should appear in the `executing firm' area. 
Additionally, a joint account participant may not bid, offer, 
purchase, sell, or enter orders in an option series in which a Floor 
Broker holds an order on behalf of the joint account or for the 
proprietary account of another participant in the joint account. 
Orders of joint account participants in a particular option series 
may not be concurrently represented by one or more Floor Brokers.
    \18\ The Exchange believes that these procedures are 
substantially the same as those set forth in Regulatory Circular RG-
98-94 of the Chicago Board Options Exchange (Joint Account 
Participant Trading in Equity Options) (September 9, 1998), CCH 
para. 5291.
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    Specifically, the Exchange is proposing to add new subsection (h) 
to PCX Rule 6.84, its current rule on joint accounts. Subsection (h)(1) 
of the proposed PCX Rule 6.84 states that a joint account may be 
simultaneously represented in a trading crowd only by participants who 
are trading in-person. It further provides that orders for a joint 
account may not be entered in a trading crowd in which a participant of 
the joint account is trading in-person for the joint account. If no 
participant is trading in-person in the trading crowd for the joint 
account, then a floor broker may represent orders in the trading crowd 
on behalf of the joint account as long as the same option series is not 
concurrently represented by more than one floor broker.
    Subsection (h)(2) of proposed PCX Rule 6.84 provides that market 
makers may alternate trading in-person between their individual and 
joint accounts while in the trading crowd. It further provides that 
market makers who alternate trading between accounts must ensure that 
while trading the joint account another participant does not enter 
orders through a floor broker for the joint account in the same trading 
crowd.
    Subsection (h)(3) of proposed PCX Rule 6.84 provides that before 
beginning trading on behalf of a joint account, participants in the 
joint account are responsible for determining whether any floor brokers 
are representing orders in the same trading crowd on behalf of the same 
joint account.\19\
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    \19\ Cf. PCX Rule 6.85, Commentary .01 (similar requirement 
applicable to market makers).
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    Subsection (h)(4) of proposed PCX Rule 6.84 provides that floor 
brokers may not represent a joint account of which they are a 
participant.
    Subsection (h)(5) of proposed PCX Rule 6.84 provides that market 
makers who are trading in-person in a trading crowd may not enter 
orders with a floor broker either for joint accounts in which they are 
participants or for their individual accounts.
    Subsection (h)(6) of proposed PCX Rule 6.84 provides that the 
following trades are prohibited: (a) Trades between a joint account 
participant's individual account and a joint account in which that 
person is a participant; (b) trades between two joint accounts having 
common participants; (c) trades in which the buyer and seller are 
representing the same joint account and are on opposite sides of the 
transaction.
    Finally, the Exchange is proposing to make technical changes to PCX 
Rule 4.18 and PCX Rule 6.84 by removing cross-reference to PCX Rule 
6.40.
    The Exchange believes that the provisions of proposed PCX Rule 6.84 
are reasonably designed to assure appropriate representation of joint 
accounts in the trading crowds, consistent with the PCX's current 
rules. In particular, the Exchange believes that proposed subsections 
(1) and (5) of PCX Rule 6.84 are consistent with the second and third 
sentences of current PCX Rule 6.84, Commentary .04, and with PCX Rule 
6.85. Finally, the Exchange believes that the elimination of PCX Rule 
6.40, in conjunction with the codification of new PCX Rule 6.84(h), 
will help to assure an appropriate balance between reasonable trading 
restrictions by joint account participants and the need to allow PCX 
members to participate freely in trading crowds to provide maximum 
depth and liquidity.
2. Basis
    The Exchange believes that the proposal is consistent with Section 
6(b) of the Act \20\ in general and Section 6(b)(5) \21\ in particular 
because it is designed to promote just and equitable principles of 
trade, to facilitate transactions in securities, to remove impediments 
to and perfect the mechanism of a free and open market, and to protect 
investors and the public interest.
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    \20\ 15 U.S.C. 78f(b).
    \21\ 15 U.S.C. 78f(b)(5).
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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

    The PCX neither solicited nor received written comments on 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 or 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 such 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 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

[[Page 80974]]

submissions should refer to File No. SR-PCX-00-21 and should be 
submitted by January 12, 2001.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\22\
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    \22\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 00-32652 Filed 12-21-00; 8:45 am]
BILLING CODE 8010-01-M