[Federal Register Volume 67, Number 68 (Tuesday, April 9, 2002)]
[Notices]
[Pages 17094-17098]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-8486]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-45680; File No. SR-PCX-2002-16]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the Pacific Exchange, Inc. 
Relating to Changes to the PCX's Schedule of Fees and Charges for 
Exchange Services

April 2, 2002.
    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 March 20, 2002, the Pacific Exchange, Inc. (``PCX'' or ``Exchange'') 
filed with the Securities and Exchange Commission (``SEC'' or

[[Page 17095]]

``Commission'') the proposed rule change as described in Items I, II, 
and III below, which Items have been prepared by the PCX. 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 modify its ``Schedule of Fees and Charges 
for Exchange Services'' for services it will offer to ETP Holders \3\ 
and Sponsored Participants \4\ that use the new electronic trading 
facility of the Exchange and its wholly-owned subsidiary PCX Equities, 
Inc. (``PCXE''), called the Archipelago Exchange (``ArcaEx''). The 
Exchange also proposes to waive certain application processing and 
monthly fees relating to Equity Trading Permits (``ETPs'').
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    \3\ See PCXE Rule 1.1(n) (defining ``ETP Holder'').
    \4\ A ``Sponsored Participant'' means ``a person which has 
entered into a sponsorship arrangement with a Sponsoring ETP Holder 
pursuant to [PCXE] Rule 7.29.'' See PCXE Rule 1.1(tt).
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    Below is the text of the proposed rule change. Proposed new 
language is italicized; proposed deletions are in brackets.
* * * * *

SCHEDULE OF FEES AND CHARGES FOR EXCHANGE SERVICES

* * * * *

ARCHIPELAGO EXCHANGE: TRADE RELATED CHARGES

EXCHANGE TRANSACTIONS
ETP Holders and Sponsored Participants \5\
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    \5\ These transaction fees do not apply to: (1) Directed Orders, 
regardless of account type, that are matched within the Directed 
Order Process; (2) Directed Orders for the account of a retail 
public customer that are executed partially or in their entirety via 
the Directed Order, Display Order, Working Order, and Tracking Order 
processes (however, any unfilled or residual portion of a retail 
customer's order that is routed away and executed by another market 
center or participant will incur this transaction fee); (3) orders 
executed in the Opening Auction and the Market Order Auction; (4) 
Cross Orders; (5) commitments received through ITS; and (6) 
participants in the Nasdaq UTP Plan that transmit orders via 
telephone.
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    Round Lots: $0.003 per share (applicable to inbound orders executed 
against orders residing in the Book, and orders routed away and 
executed by another market center or participant)
    Odd Lots: $0.03 per share (applicable to any inbound odd-lot orders 
executed against orders residing in the Book, and orders routed away 
and executed by another market center or participant)

ARCHIPELAGO EXCHANGE: ETP FEES AND CHARGES

    Monthly ETP Fee: $2,000 (Waived)
ETP Application Fees--
    Initial Processing Fee: $350 (Waived)
    Investigation Fee: $100 fee per applicant for registration as ETP 
Holder (includes any control person listed on Schedule A of Form BD) or 
Market Maker Authorized Trader. Fee is also applicable to each 
Authorized Trader and its designated supervisor associated with an ETP 
Holder for which PCX is DEA.
    Fingerprinting Fee: $30 fee per applicant for registration as ETP 
Holder (includes any control person listed on Schedule A of Form BD) or 
Market Maker Authorized Trader. Fee is also applicable to each 
Authorized Trader and its designated supervisor associated with an ETP 
Holder for which PCX is DEA.

ARCHIPELAGO EXCHANGE: MARKET MAKER FEES AND CHARGES

Market Maker Transaction Credits--
    Round Lots: $0.001 per share (credit) (applicable to Q orders 
executed against other participants' orders)
    Odd Lots: $0.02 per share (credit) (applicable to any market maker 
that executes against an odd-lot order in the Odd Lot Tracking Order 
Process, as defined in PCXE Rule 7.31(g))

ARCHIPELAGO EXCHANGE: OTHER FEES AND CHARGES

    Primary Connectivity
    Charge (includes one router and one circuit): $0
Regulatory Fees--
    FOCUS Filing Fee: $25 annual filing fee for ETP Holders for which 
the PCX is the Designated Examining Authority
    Registration Fee: $50 annual fee for new applications, maintenance, 
or transfer of registration status for each Registered Representative 
and each Registered Options Principal (fee collected by NASD). Fee will 
not apply to an ETP Holder if such broker-dealer holds a regular PCX 
membership.
    DEA Fee: $2,000 monthly fee per firm $250 annual fee per trader $75 
one-time registration fee per trader
    Application for Approved
    Status Despite Grounds for Statutory
    Qualification: $250 fee per application
* * * * *

PCX GENERAL OPTIONS MEMBERSHIP FEES

    MEMBERSHIP APPLICATION FEES: $350 initial fee (nonrefundable) $100 
renewal fee, within six months of termination
    INITIAL MEMBERSHIP FEE: 5% of the average price of the last three 
membership sales, with a minimum of $1,000 and a maximum of $4,000
    DUES $750: per month per membership
    OPTIONS ORIENTATION AND TEST FEE: $1,000
    [EQUITIES TEST FEE]: [$50 per test]
    TRANSFER OF MEMBERSHIP: $250 for permanent intra-firm or inter-firm 
transfer $100 for temporary intra-firm transfer (period less than 30 
days) $50 for one-day intra-firm transfer
    PURCHASE OF ADDITIONAL MEMBERSHIP: $200 per seat purchase
    SALE OF MEMBERSHIP LEASE AGREEMENTS: $200 per seat sale
    Existing Member: $350 per agreement
    Reactivation of Terminated Member: $350 if within 12 months; if 
over 12 months, see INITIAL MEMBERSHIP FEE
    ASAP MEMBERSHIP FEE (Automated System Access Privilege): 
$4,000 per year (non-refundable)
    [PCX CONSTITUTION AND RULES]: [$12 for members]
    [(soft cover)]: [$20 for nonmembers]
REGULATORY FEES--
    Focus Filing Fee: $25 annual filing fee for member organizations 
for which the Exchange is the Designated Examining Authority
    Registration Fee: $45 annual fee for new applications, maintenance, 
or transfer of registration status for each Registered Representative 
and each Registered Options Principal (collected by the NASD)
    DEA Fee: \6\ $2,000 monthly fee per firm $250 annual fee per trader 
$75 one-time registration fee per trader
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    \6\ These fees will apply to member organizations for which the 
Exchange is the Designated Examining Authority. Member organizations 
that can demonstrate that at least 25% of their income, as reflected 
on the most recently submitted FOCUS Report, was derived from on-
floor activities will be exempt from these charges.
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    APPLICATION FOR APPROVED STATUS DESPITE GROUNDS FOR STATUTORY 
DISQUALIFICATION: $250 fee per application
* * * * *

[PCX EQUITIES: TRADE-RELATED CHARGES]

[EXCHANGE TRANSACTIONS]
[Cumulative Billable Shares Per Month]
[First 4 million shares: $0.31 per 100 shares]
[Next 10 million shares: $0.17 per 100 shares]
[Next 8 million shares: $0.09 per 100 shares]
[Over 22 million shares: $0.05 per 100 shares]

[[Page 17096]]

[All trades capped at 20,000 shares.]
[OFFBOARD TRADE RECORDING AND COMPARISON]
    [$0.05 per 100 shares for each side of individual stock, warrant, 
or rights for offboard trades submitted for comparison (comparison 
charges are capped at 20,000 shares per trade side; minimum of $0.05, 
maximum of $10).]
    [$0.03 per $1,000 bond face value for each side of individual bond 
trade submitted for comparison (minimum of $0.03, maximum of $3).]
    [AMEX-LISTED ISSUES]: [Trades in AMEX-listed equity issues are not 
subject to transaction or comparison charges.]

[PCX EQUITIES: FLOOR AND SPECIALIST FEES]

    [ETP FEE]: [$2,000 per month]
    [SPECIALIST AND FLOOR BROKER FEE]: [$2,000 per month]
    [EQUITY ASAP HOLDER FEE]: [$4,000 per year]
    [FLOOR PRIVILEGE FEE]: [$165 per month for each registered floor 
member and registered clerk]
    [SPECIALIST FACILITY FEE]: [$300 per month service fee per post]
    [SPECIALIST SYSTEMS FEE]: [$1,550 per month per post]
[WORKSTATION FEES]
    [Specialists]: [First workstation (three PCs) included in 
Specialist Systems Fee]
    [Brokers]: [$175 per month]
    [Additional PCs]: [$175 per month per PC (plus additional wire 
service charges)]
[MARKET DATA FEE]
    [Specialists]: [$400 per month per post for base services, plus 
wire service charges]
    [Brokers]: [$200 per month per broker for base services, plus wire 
services charges]
    [SUPPLEMENTAL SPECIALIST POST FEE]: [$6,750 per month per 
consolidated post]
[ALTERNATE SPECIALIST FEES]
    [$200 initial registration fee]
    $100 initial fee for each issue traded]
    [$50 ongoing monthly fee for each issue traded]
    [$5 transaction charge per outgoing offboard order (charge for 
outgoing orders offset by cumulative credit for non ITS alternate 
specialist executions)]
[FLOOR BROKER BOOTHS]
    [$125 per month for small booth]
    [$250 per month for large booth]
    [$375 per month for area booth]
[INTERMARKET TRADING SYSTEM (ITS)]
    [$0.005 per share on net outgoing specialist principal ITS trades, 
excluding preopening responses (charge for outgoing trades offset by 
cumulative credit for incoming trades)]
[CARD ACCESS FEE]
    [$40 per month for member firm employees needing access to the 
equities floor, but who do not pay a floor privilege fee]
    [$100 replacement fee]
[TELEPHONES]
    [$60 per month per 32-button phone]
[(Los Angeles only)]
    [$45 per month per 16-button phone]
    [$9 per month per line]
    [$1 per month per appearance]
    [WIRE SERVICES]: [Pass-through fees]
[PACIFIC CLEARING CORPORATION]
    [Post Cashiering]: [$2,150 per month]
    [Post Clearing]: [$2,350 per month]
    [PCC Symbol Fee]: [$175 per symbol per month charged to non-
specialist symbols with trade comparison activity]
    [Special Processing Fee]: [$20 per balance order for dually traded, 
NSCC/DTC-ineligible items (specialists only)]
* * * * *

PCX [EQUITIES AND] OPTIONS: REPORT FEES

[EQUITIES REPORTS]
[Transaction Blotter Report]
    [No fee for first copy]
    [$30 per month for each additional copy]
[Security Ledger Report]
    [No fee for first copy]
    [$30 per month for each additional copy]
    [Trade Activity Data Extract]: [$150 per month per clearing symbol]
    [Security Ledger Data Extract]: [$150 per month plus $250 initial 
set-up fee]
    [MIS Reports (various)]: [$50 per month plus development and set-up 
costs]
OPTIONS REPORTS
    Standard Report Package: $55 per month per symbol, plus $0.0055 per 
contract, to a maximum of $550 per month
    User Activity Extracts (Batch): $0.0075 per trade plus development 
and set-up costs
    Online Data Extract: $500 per month
    SPECIALIZED REPORT, PRINTING AND PROCESSING: Development and 
production costs
* * * * *

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 PCX proposes to modify its fee schedule to reflect the variety 
of services it proposes to offer to ETP Holders and Sponsored 
Participants (collectively ``Users'') that access ArcaEx. The amended 
fee schedule will include transaction fees and charges for a variety of 
other services, including the installation and maintenance of certain 
equipment. PCX also proposes to adopt a transaction credit for 
registered Market Makers who enhance liquidity by entering Q Orders \7\ 
that interact against other Users' orders on ArcaEx. In addition, the 
PCX represents that, because it is PCXE's intent to operate the ArcaEx 
facility in place of the PCXE's traditional floor trading environment, 
it proposes to eliminate all of the current fees and charges related to 
floor trading of equity securities on the Exchange. The proposed 
changes to the Exchange's ``Schedule of Fees and Charges for Exchange 
Services'' are discussed below.
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    \7\ Q Orders are limit orders that are submitted to ArcaEx by a 
Market Maker in those securities in which the Market Maker is 
registered to trade. See PCXE Rule 7.31(k).
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a. Background
    On October 25, 2001, the Commission approved a proposed rule change 
by the PCX to establish ArcaEx, a new electronic trading facility of 
PCXE.\8\ ArcaEx is an electronic securities trading facility for use by 
ETP Holders and their customers. ArcaEx will provide automatic order 
execution capabilities in securities listed or traded on the PCXE, and 
will operate in place

[[Page 17097]]

of PCXE's traditional floor trading environment. PCX and PCXE will be 
responsible for all regulatory functions related to the facility, and 
Archipelago Exchange, L.L.C. (``Archipelago''), a subsidiary of 
Archipelago Holdings, L.L.C., will be responsible for the business of 
the facility to the extent that these activities are not inconsistent 
with the regulatory and oversight functions of PCX and PCXE.
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    \8\ See Securities Exchange Act Release No. 44983 (October 25, 
2001), 66 FR 55225 (November 1, 2001) (File No. SR-PCX-00-25) (order 
approving the ArcaEx as the equities trading facility of PCXE).
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b. Proposed Fees
    The Exchange proposes to modify its fees applicable to its equities 
business by adopting transaction fees and other charges relating to the 
ArcaEx facility. The proposed fees will be divided into four principal 
categories. The first category will relate to transaction fees. The 
second category will include certain administrative fees in connection 
with the ETP application process. The third category will cover fees, 
charges, and credits applicable to registered Market Makers. The fourth 
category will include all other fees, charges, and credits. The items 
in these categories are discussed separately below.
i. Transaction Fees
(A) General
    The Exchange proposes to charge all Users a transaction fee of 
$0.003 per share for orders that take liquidity from the ArcaEx Book 
\9\ and for orders that are routed away to another market center or 
participant.\10\ In other words, any order entered by a User that 
executes against an order residing in the Book, or any unfilled or 
residual portion of an order that is routed away and executed by 
another market center or participant, will incur this transaction fee. 
The Exchange represents that this proposed fee structure will have the 
effect of attracting resting limit orders into the Book, which will 
help promote liquidity, transparency, and, in turn, price discovery. 
The Exchange notes that this proposed transaction fee will not apply 
to: (1) Directed Orders, regardless of account type, that are matched 
within the Directed Order Process; \11\ (2) Directed Orders for the 
account of a retail public customer that are executed partially or in 
their entirety via the other order processes; \12\ (3) orders executed 
in the Opening Auction and the Market Order Auction; \13\ (4) Cross 
Orders; \14\ (5) commitments received through the Intermarket Trading 
System; and (6) participants in the Nasdaq/National Market System/
Unlisted Trading Privileges Plan that transmit orders via 
telephone.\15\
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    \9\ ArcaEx will maintain an electronic file of orders, called 
the ArcaEx Book, through which orders will be displayed and matched. 
The ArcaEx Book will be divided into four components, called 
processes--the Directed Order Process, the Display Order Process, 
the Working Order Process, and the Tracking Order Process. See PCXE 
Rules 7.36 and 7.37, for a detailed description of these order 
execution processes.
    \10\ The fifth step of the ArcaEx execution algorithm involves 
routing orders away to other market centers or market participants. 
This will occur if there are no opportunities to match an order 
within ArcaEx, or to access the best price available in the market. 
Routing is available only to those ETP Holders who have entered into 
a Routing Agreement. See PCXE Rule 7.37(d).
    \11\ The Directed Order Process is the first step in the ArcaEx 
execution algorithm. Through this process, Users may direct an order 
to a Market Maker with whom they have a relationship and the Market 
Maker may execute the order. To access this process, the User must 
submit a Directed Order, which is a market or limit order to buy or 
sell that has been directed to the a particular market maker by the 
User. See PCXE Rule 7.37(a) (description of ``Directed Order 
Process'').
    \12\ If a retail public customer order has not been executed in 
its entirety after progressing through the Directed Order, Display 
Order, Working Order, and Tracking Order Processes, the remaining 
portion of such order, if eligible, will be routed to another market 
center or participant. Any executed portion of that order will be 
subject to the proposed transaction fee.
    \13\ See PCXE Rules 7.35(b) and (c) for a detailed description 
of the Opening Auction and the Market Order Auction, respectively.
    \14\ A Cross Order is defined as a two-sided order with 
instructions to match the identified buy-side with the identified 
sell-side at a specified price (the cross price), subject to price 
improvement requirements. See PCXE Rule 7.31(s).
    \15\ See Joint Self-Regulatory Organization Plan Governing the 
Collection, Consolidation and Dissemination of Quotation and 
Transaction Information for Exchange-Listed Nasdaq/National Market 
System Securities Traded on Exchanges on an Unlisted Trading 
Privilege Basis, Section IX (``Market Access''), Securities Exchange 
Act Release No. 45081 (November 19, 2001), 66 FR 59273 (November 27, 
2001).
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(B) Odd and Mixed Lots

    The Exchange proposes to charge a fee of $0.03 per share for 
executed orders that are initially entered as odd lot orders (this 
includes the odd lot portion of a mixed lot). This charge will not 
apply to odd lot orders that were created as a result of a partial fill 
of a round lot order.
ii. ETP Fees and Charges
    The PCX, initially, proposes not to charge an ETP application fee 
or a monthly ETP fee. The PCX, however, proposes to assess a $100 fee 
for the required background check and a $30 fingerprinting fee per 
applicant for registration as an ETP Holder (including any control 
person listed on Schedule A of Form BD) or Market Maker Authorized 
Trader.\16\ The Exchange represents that the background check and 
fingerprinting fees will also apply to each Authorized Trader \17\ 
(including any person that is responsible for supervising such 
Authorized Trader) that is associated with an ETP Holder for which the 
PCX is the Designated Examining Authority (``DEA''). The Exchange 
represents that these fees are intended to recover the Exchange's 
administrative expenses in connection with the ETP application process.
iii. Market Maker Transaction Credits
    Under the proposed fee structure, registered Market Makers will 
receive a credit of $0.001 per share for any Q Orders they have entered 
that are executed against Users' orders. In addition, $0.02 per share 
will be credited to any Market Maker that executes against an odd lot 
order in the Odd Lot Tracking Order Process.\18\ The Exchange 
represents that these credits are intended to provide an incentive to 
firms to become Market Makers and to build liquidity in the ArcaEx 
Book, which will foster price competition and order interaction.
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    \16\ See PCXE Rule 1.1(v) (defining ``Market Maker Authorized 
Trader'').
    \17\ See PCXE Rule 1.1(g) (defining ``Authorized Trader'').
    \18\ The Tracking Order Process is the fourth step of the ArcaEx 
execution algorithm. If the unfilled marketable order (or portion of 
an order) that enters the Tracking Order Process is an odd lot, such 
order will be executed against a market maker that is registered as 
an Odd Lot Dealer. See PCXE Rules 7.31(g) and 7.37(c).
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iv. Other Fees and Charges
(A) User Connectivity Fees
    The Exchange represents that Archipelago will be responsible for 
User connectivity to ArcaEx. This will include initiating contracts, 
trading connections, and User set-up. Only those Users that have been 
approved by PCXE are authorized to enter into transactions on ArcaEx. 
There will be no charge for the primary connection and router to the 
ArcaEx trading facility; however, redundant or additional connections 
will incur a charge. Those Users who wish to obtain additional 
connections to the facility will have to pay the actual charges 
incurred by Archipelago or the service provider retained for the work 
being performed.
(B) Regulatory Fees
    PCX proposes to adopt the following regulatory fees: (1) a $25 
annual FOCUS filing fee for ETP Holders for which the Exchange is the 
DEA; (2) a $50 annual fee to all registered representatives and 
registered options principals for maintenance, new applications, or 
transfer of registration status; \19\ (3) DEA

[[Page 17098]]

fees for trading firms and their traders; \20\ and (4) a $250 fee per 
application for approved status despite grounds for statutory 
disqualification. The PCX represents that these fees are consistent 
with the PCX's current fee structure, and are intended to offset costs 
related to regulatory oversight and enforcement.
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    \19\ The Exchange represents that, to avoid duplicative billing, 
the annual fee charged to all registered representatives and options 
principals will not apply to an ETP Holder if such broker-dealer 
holds a regular PCX membership.
    \20\ The DEA fees include a $2,000 monthly fee per firm, a $250 
annual fee per trader, and a $75 one-time registration fee per 
trader.
    Under the current PCX fee schedule, an exemption from these DEA 
fees will be granted to any member operating from the PCX trading 
floor that has demonstrated that at least 25% of its income (as 
reflected on the most recently submitted FOCUS Report) was derived 
from on-floor activities. This exemption has not been included in 
the proposed fee schedule for ArcaEx because it is inapplicable to 
the new trading environment. The PCX indicated that it intends to 
retain this exemption for options. A technical correction was made 
to the proposed rule text to indicate the retention of this 
exemption under the ``PCX General Options Membership Fees.'' 
Telephone conversation between Peter D. Bloom, Regulatory Policy, 
PCX, and Sapna C. Patel, Attorney, Division of Market Regulation, 
Commission, on April 1, 2002.
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c. Applicability of Existing PCXE Fees
    In addition to the new proposed fees set forth above, the PCX 
proposes to delete from its current fee structure the following fees, 
which relate primarily to floor trading and specialists or are 
otherwise inapplicable to the new trading environment: (1) Transaction 
and comparison charges (including fees that are paid by specialists 
firms to the Pacific Clearing Corporation for providing trade 
settlement and processing services); (2) systems and communication 
equipment related charges (including booth fees and market data 
services provided by third party vendors to ETP Firms through the PCXE 
on a pass through basis); and (3) charges for various trade information 
and clearing reports that are produced by PCXE for ETP Firms.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the provisions of Section 6(b) of the Act,\21\ in general, and 
Section 6(b)(4) of the Act,\22\ in particular, in that it provides for 
the equitable allocation of reasonable dues, fees and other charges 
among its members.
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    \21\ 15 U.S.C. 78f(b).
    \22\ 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

    No written comments were solicited or received with respect to the 
proposed rule change.

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

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(ii) \23\ of the Act and subparagraph (f)(2) of Rule 19b-4 
\24\ thereunder because it establishes or changes a due, fee, or other 
charge imposed by the Exchange. At any time within 60 days of the 
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.\25\
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    \23\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \24\ 17 CFR 240.19b-4(f)(2).
    \25\ For purposes of calculating the 60-day period within which 
the Commission may summarily abrogate the proposed rule change under 
Section 19(b)(3)(C) of the Act, the Commission considers that period 
to commence on March 20, 2002, the date the PCX filed the proposed 
rule change. See 15 U.S.C. 78s(b)(3)(C).
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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-2002-16 and should 
be submitted by April 30, 2002.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\26\
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    \26\ 17 CFR 200.30-3(a)(12).
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J. Lynn Taylor,
Assistant Secretary.
[FR Doc. 02-8486 Filed 4-8-02; 8:45 am]
BILLING CODE 8010-01-P