[Federal Register Volume 67, Number 113 (Wednesday, June 12, 2002)]
[Notices]
[Pages 40357-40361]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-14778]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-46036; File No. SR-Amex-2002-21]


Self-Regulatory Organizations; Notice of Filing of Proposed Rule 
Change and Amendments Nos. 1, 2, 3 and 4 Thereto by the American Stock 
Exchange LLC Amending Exchange Rule 175(c) to Permit Limited Side-by-
Side Trading and Integrated Market Making

June 5, 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 18, 2002, the American Stock Exchange LLC (``Amex'' 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 
Exchange. The Exchange filed Amendment No. 1 to the proposed rule 
change on March 22, 2002.\3\ The Exchange filed Amendment No. 2 to the 
proposed rule change on March 27, 2002.\4\ The Exchange filed Amendment 
No. 3 to the proposed rule change on April 5, 2002.\5\ The Exchange 
filed Amendment No. 4 to the proposed rule change on June 3, 2002.\6\ 
The Commission is publishing this notice, as amended, 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\ On March 22, 2002, the Exchange filed a Form 19b-4, which 
replaced the original filing in its entirety (``Amendment No. 1''). 
In Amendment No. 1, the Exchange made certain clarifications to the 
rule text. In particular, the Exchange removed the language ``on 
another exchange'' from the proposed rule text of Amex Rule 175(c) 
to clarify that a specialist registered in a stock admitted to 
dealings on an unlisted basis may act as a specialist, Registered 
Options Trader (``ROT''), or registered market maker on the Amex as 
well as on another exchange.
    \4\ On March 27, 2002, the Exchange filed an amended Form 19b-4 
(``Amendment No. 2''). In Amendment No. 2, the Exchange deleted 
paragraph (l) to the ``Guidelines for Specialists' Specialty Stock 
Options Transactions Pursuant to Rule 175,'' because it is redundant 
with Amex Rule 175(c). In addition, the Exchange corrected a 
typographical error in the proposed rule text, and amended its 
statutory basis for the proposed rule change.
    \5\ On April 5, 2002, the Exchange filed a third amended Form 
19b-4 (``Amendment No. 3''). In Amendment No. 3, the Exchange 
proposed to amend Exchange Rule 193 to clarify that, if an exemption 
is available under proposed Exchange Rule 175(c): (1) A person 
associated with an Amex options specialist may act as a Registered 
Equity Trader or Registered Equity Market Maker in the underlying 
stock, and (2) a person associated with an Amex stock specialist may 
act as a ROT in the related stock.
    \6\ On June 3, 2002, the Exchange filed a fourth amended Form 
19b-4 (``Amendment No. 4''). In Amendment No. 4, the Exchange 
amended the proposed rule change to specify that Exchange-Traded 
Fund Shares (``ETFs'') and Trust Issued Receipts (``TIRs'') and 
their related options may be traded by the same specialist, 
specialist firm, and the approved persons of such specialist or 
specialist firm without information or physical barriers. 
Accordingly, Amendment No. 4 proposes to permit integrated market 
making and side-by-side trading in specified ETFs, TIRs, and their 
related options. In Amendment No. 4 the Exchange also proposed to 
permit ETF/TIR specialists and their approved persons to trade the 
overlying options without reference to the requirements of Amex Rule 
175(b) or the Guidelines to Amex Rule 175. The Exchange also 
proposed to amend Amex Rule 174 to require specialists registered in 
a stock and overlying option to disclose on request to all 
participants in the stock or options trading crowd information 
regarding limit orders in either the stock or options limit order 
book. The Exchange also proposed to amend Amex Rules 900 and 958 to 
permit side-by-side trading and integrated market making of ETFs and 
TIRs and their related options.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend Exchange Rules 174, 175, 193, 900, 
and 958 to (1) permit affiliates of Amex specialists in securities 
admitted to dealings on an unlisted basis to be a specialist, ROT or 
other registered market maker in the related options provided there are 
Exchange-approved information barriers between the stock specialist and 
the options specialist, ROT or other registered options market maker 
pursuant to Exchange Rule 193 and (2) provide that specified ETFs or 
TIRs and their related options may be traded by the same specialist, 
specialist firm, and the approved persons of such specialist or 
specialist firm without

[[Page 40358]]

informaiton or physical barriers or or other restrictions.
    The text of the proposed rule change appears below. New text is in 
italics; deletions are in [brackets].

Disclosures by Specialists

    Rule 174. (a) No change.
    (b) No change.
    (c) No change.
    (d) No change.
    (e) A stock specialist or specialist member organization that is 
also registered as the option specialist in the overlying option in a 
side-by-side trading environment is required to disclose on request to 
all participants in the option or stock trading crowds information 
about aggregate buying and selling interest at different price points 
represented by limit orders on the option or stock books.

Commentary

    .01 No change.
    .02 No change.

Specialist Prohibitions

    Rule 175. (a) No specialist or his member organization, or any 
member, limited partner, officer, employee or approved person thereof 
shall, directly or indirectly:
    (1) Acquire, hold or grant an interest in any option to purchase or 
sell or to receive or deliver shares of a stock in which such 
specialist is registered, except as provided in this Rule; or
    (2) Acquire or hold any interest or participation in any joint-
account for buying or selling on the Exchange, or through ITS or any 
other application of the System, any security in which such specialist 
is registered, except a joint-account with a partner of such specialist 
or a regular member or regular member organization of the Exchange, 
which joint-account has been reported to the Exchange pursuant to Rule 
360 and not disapproved; or
    (3) Acquire or hold any interest or participation in any finder's 
fee payable in cash, stock, or otherwise, which finder's fee is paid or 
to be paid by any person in connection with a transaction effected or 
to be effected by or with the issuer, or in any security of the issuer, 
of the stock in which such specialist is registered.
    (b) With respect to the stock position in a specialist's account, 
any specialist or member organization having an interest in such 
account may hold, acquire or grant an interest in listed options to 
purchase or sell or to receive or deliver shares of such stock only 
where appropriate to permit such specialist to offset the risk of 
making a market in the underlying specialty stock. No specialist or 
member organization having an interest in the specialist's account 
shall establish or maintain any listed option position which is (i) 
excessive in terms of the specialist's existing position in the 
underlying specialty stock or (ii) excessive in terms of a reasonable 
estimate of potential loss that might be incurred in relation to any 
such equity position. Any options transactions effected pursuant to 
this Paragraph (b) shall be made in accordance with the ``Guidelines 
for Specialists' Specialty Stock Options Transactions Pursuant to Rule 
175'' as promulgated by the Exchange and as may be amended from time to 
time. Any opening transaction that does not conform to the requirements 
specified in such ``Guidelines,'' and any failure to take required 
action to liquidate any option position within the time periods 
specified in such Guidelines,'' shall be deemed to be a violation of 
this Rule 175. Notwithstanding the fact that a specialist's options 
transactions may be in conformity with the ``Guidelines,'' such 
specialist shall nonetheless be deemed to be in violation of Rule 175 
if he has engaged in such options transactions for manipulative or 
other purposes not related to offsetting the risk of making a market in 
the underlying specialty stock.
    A member, approved person in the member organization of a 
specialist and any limited partner, officer or employee thereof who has 
a position in any specialty stock of such specialist in any account 
(other than the specialist's account) may grant or hold an interest in 
listed options to purchase or sell or to receive or deliver shares of 
such specialty stock but only to the extent and in the manner, that 
both as to acquisitions and liquidations, the ``Guidelines for 
Specialists'' Specialty Stock Options Transactions Pursuant to Rule 
175,'' as promulgated by the Exchange and as may be amended from time 
to time, would permit any such stock position, were it in a 
specialist's account, to be offset by such listed options by the 
interested persons in such account.
    For purposes of this Paragraph (b), the term ``listed option'' 
shall mean an option issued by the Options Clearing Corporation or 
Trans Canada Options Inc., and the term ``specialist's account'' shall 
mean the account (whether the individual account of the specialist, the 
account of his member organization or a joint-account as permitted by 
Rule 360) in which the ordinary trading business of the specialist is 
conducted.
    (c) No specialist or his member organization or any member, limited 
partner, officer, or approved person thereof shall act as an options 
specialist or function in any capacity involving marketmaking 
responsibilities in any option as to which the underlying security is a 
stock in which the specialist is registered as such. Notwithstanding 
the foregoing:
    (1) A specialist member organization or an approved person of a 
specialist registered in a stock admitted to dealings on an unlisted 
basis may act as a specialist, Registered Options Trader or other 
registered market maker in the related option provided that such 
persons have established and obtained Exchange approval for procedures 
restricting the flow of material, non-public corporate or market 
information between them pursuant to Exchange Rule 193, and
    (2) A specialist, specialist member organization or approved person 
of a specialist or specialist member organization registered in an 
Exchange-Traded Fund Share or Trust Issued Receipt that meets the 
criteria set forth in Commentary .03(a) to Amex Rule 1000 or Commentary 
.02(a) to Amex Rule 1000A may act as a specialist, Registered Options 
Trader or other registered market maker in the related option without 
implementing procedures to restrict the flow of information between 
them and without any physical separation between the underlying 
Exchange-Traded Fund Share or Trust Issued Receipt and the related 
option. In addition, paragraph (b) of this Rule and the Guidelines to 
this Rule are inapplicable to a specialist or specialist member 
organization registered in an Exchange-Traded Fund Share or Trust 
Issued Receipt that meets the criteria set forth in Commentary .03(a) 
to Amex Rule 1000 or Commentary .02(a) to Amex Rule 1000A and the 
approved persons of such specialist or specialist member 
organization.\7\
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    \7\ The Commission, with the consent of the Exchange, changed 
``Exchange Traded'' to ``Exchange-Traded'' in the proposed rule 
text. Telephone conversation between William Floyd-Jones, Assistant 
General Counsel, Amex, and Christopher Solgan, Law Clerk, Division 
of Market Regulation (``Division''), Commission, on June 5, 2002.
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Guidelines for Specialists' Specialty Stock Option Transactions 
Pursuant to Rule 175

    (a) through (k) No change.
    (l) Rescinded. [Specialist Shall Not Be Options Market Maker
    No equity specialist, his member organization, other member, 
approved person in such member organization or limited partner, officer 
or employee

[[Page 40359]]

thereof shall act as an options market maker or options specialist, or 
function in any capacity involving market making responsibilities, in 
any option as to which the underlying security is a stock in which the 
specialist is registered as such.]

Affiliated Persons of Specialists

    Rule 193. (a) through (c) No change.
    * * * Commentary

Guidelines for Exemptive Relief Under Rule 193 for Approved Persons or 
Member Organizations Affiliated With a Specialist Member Organization

    (a) & (b) No change.
    (c) An affiliated upstairs firm seeking the Rule 193 exemption 
shall submit to the Exchange a written statement which shall set forth:
    (i) through (vii) No change.
    (viii) Except as provided in Rule 175(c), that no individual 
associated with it may trade as a Registered Trader, Registered Equity 
Market Maker, or a Registered Options Trader in any stock or option in 
which the associated specialist organization specializes.
    (d) through (f) No change.

Applicability, Definitions and References

    Rule 900. (a) No change.
    (b) Definitions--The following terms as used in the Rules of this 
Chapter shall, unless the context otherwise indicates, have the 
meanings herein specified:
    (1) through (37) No change.
    (38) Paired Security--The term ``Paired Security'' means a security 
which is the subject of securities trading on the Exchange and Exchange 
option trading, provided, however, that the term ``Paired Security'' 
shall not mean an Exchange-Traded Fund Share or Trust Issued Receipt 
which is the subject of securities trading on the Exchange and Exchange 
option trading if the Exchange-Traded Fund Share or Trust Issued 
Receipt meet the criteria set forth in Commentary .03(a) to Amex Rule 
1000 or Commentary .02(a) to Amex Rule 1000A.
    (39) through end. No change.

Options Transactions of Registered Traders

    Rule 958. No Registered Trader shall initiate an Exchange options 
transaction on the Floor for any account in which he has an interest 
except in accordance with the following provisions:
    (a) through (d). No change.
    (e) No equity specialist, odd-lot dealer or NASDAQ market maker may 
act as a registered trader in a class of stock options on a stock in 
which he is registered in the primary market therefor, provided, 
however, that an equity specialist may act as a registered trader in a 
class of stock options on an Exchange-Traded Fund Share or a Trust 
Issued Receipt in which he is registered in the primary market therefor 
if the Exchange-Traded Fund Share or Trust Issued Receipt meets the 
criteria set forth in Commentary .03(a) to Amex Rule 1000 or Commentary 
.02(a) to Amex Rule 1000A.
    (f) through end. No change.
* * * * *

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, Proposed Rule Change

1. Purpose
    The Exchange filed this proposed rule change in connection with its 
proposal to trade Nasdaq securities on an unlisted basis.\8\ This 
proposed rule change would permit affiliated entities to act as a 
specialist in a Nasdaq security traded on the Amex and as a specialist, 
ROT or a registered market maker in options on that Nasdaq security, 
provided (1) there are Exchange-approved information barriers between 
the affiliated stock and options operations, and (2) the specialist 
posts for the stock and options are physically separated so that side-
by-side trading \9\ is not possible.
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    \8\ See Securities Exchange Act Release Nos. 45365 (January 30, 
2002), 67 FR 5626 (February 6, 2002)(proposing to admit trading on 
the Amex of Nasdaq National Market Securities pursuant to unlisted 
trading privileges); and 45698 (April 5, 2002), 67 FR 10851 (April 
12, 2002)(approving Amex Rule 28, which establishes allocation 
procedures for securities admitted to dealing on an unlisted trading 
privilege basis).
    \9\ ``Side-by-side trading'' refers to the trading of options 
and the underlying stocks at the same location, though not 
necessarily by the same specialist.
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    Exchange rules impose certain restrictions on the approved 
persons\10\ and other persons that are affiliated with a specialist or 
specialist unit (collectively ``specialist affiliates''). Among these 
rules, Amex Rule 175(c) prohibits specialist affiliates of an Amex 
equity specialist from acting as an options specialist or functioning 
in any capacity involving market making responsibilities in any option 
as to which the underlying security is a stock in which the specialist 
is registered as such. The Exchange notes that the New York Stock 
Exchange, Inc. (``NYSE'') has a similar rule.\11\ Both the Amex and 
NYSE rules were adopted in connection with applications by the 
respective exchanges to list options on their listed equities.\12\
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    \10\ The Exchange defines an ``approved person'' as an 
individual or corporation, partnership or other entity which 
controls a member or member organization, or which is engaged in the 
securities business and is under common control with, or controlled 
by, a member or member organization or which is the owner of a 
membership held subject to a special transfer agreement. See Article 
I, Section 3(g) of the Exchange Constitution. The term ``control'' 
is defined in Exchange Definitional Rule 13.
    \11\ See NYSE Rule 105, Guideline (l). But see Securities 
Exchange Act Release No. 45454 (February 15, 2002), 67 FR 8567 
(February 25, 2002) (order approving amendments to NYSE Rule 105 
Guideline (l)).
    \12\ See Securities Exchange Act Release No. 21759 (February 14, 
1985), 50 FR 7250 (February 21, 1985)(approving SR-NYSE-84-3 and SR-
NYSE-84-10); Securities Exchange Act Release No. 26147 (October 3, 
1988), 53 FR 39556 (October 7, 1988)(approving SR-Amex-88-16).
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    The Amex recently filed proposed rule changes with the Commission 
to trade Nasdaq securities on an unlisted basis.\13\ Additionally, on 
September 6, 2001, the Exchange filed with the Commission a proposed 
rule change that would allow the trading, on a pilot program basis, of 
specified Nasdaq stocks, ETFs and TIRs and their related options at the 
same location on the Amex trading floor and by the same specialist 
units and registered traders.\14\
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    \13\ See supra note 8.
    \14\ See SR-Amex-2001-75 (``Proposed Integrated Market Making 
Pilot''). The Exchange states that this current filing neither 
amends nor withdraws Amex-2001-75.
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    On February 15, 2002, the Commission approved an NYSE proposed rule 
change, which amended NYSE Rule 105 Guideline (l), to permit approved 
persons of NYSE specialists to act as a specialist or primary market 
maker with respect to options on specialty stocks provided there were 
NYSE-approved internal controls and information barriers in place 
pursuant to NYSE Rule 98.\15\ In light of the Commission's recent 
approval of the NYSE's filing and the proximity of the expected 
commencement date of trading in Nasdaq stocks on the Exchange, the Amex 
proposes to amend Exchange

[[Page 40360]]

Rule 175 to permit Amex specialists in stocks admitted to dealings on 
an unlisted basis to act as options specialists, ROTs and registered 
market makers with respect to the related options provided there are 
Exchange-approved procedures restricting the flow of material, non-
public corporate or market information pursuant to Amex Rule 193. The 
Amex proposes to implement the proposed rule change on an interim basis 
while the Commission considers the Exchange's Proposed Integrated 
Market Making Pilot.\16\
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    \15\ See supra note 11.
    \16\ See supra note 14.
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    The Exchange also proposes to amend Exchange Rules 174, 175, 900, 
and 958 to allow integrated market making \17\ and side-by-side trading 
of certain ETFs and TIRs that meet the criteria set forth in Commentary 
.03(a) to Amex Rule 1000 and Commentary .02(a) to Amex Rule 1000A.\18\ 
In connection with this proposal, the Exchange proposes to amend Amex 
Rule 174 to require an ETF or TIR specialist that is also the 
specialist in the related option in a side-by-side environment to 
disclose on request to participants in the ETF, TIR, and option trading 
crowds information about aggregate buying and selling interest at 
different price points represented by limit orders on the ETF, TIR or 
option limit order books. The Exchange also proposes to amend Amex Rule 
175 to provide that specified ETF and TIR specialists, their member 
organizations, and their approved persons may trade the related options 
without reference to the limitations of Amex Rule 175(b) and the 
Guidelines to Amex Rule 175. The Exchange believes that options 
specialists could not function as specialists in an integrated market 
making environment if they were held to the requirements of Amex Rule 
175(b) and the Guidelines to Amex Rule 175 that narrowly circumscribe 
when an equity specialist may trade the related option. The Exchange 
also believes that there is no regulatory purpose to limiting the 
options transactions of the approved persons of an ETF or TIR 
specialist to the standards imposed by Amex Rule 175(b) and the 
Guidelines to Amex Rule 175 if trading is permitted in ETFs, TIRs and 
their related options on a fully integrated and side-by-side basis.
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    \17\ ``Integrated market making'' refers to the trading of 
options and their underlying securities by the same specialist and/
or specialist firm.
    \18\ The criteria set forth in Commentary .03(a) to Amex Rule 
1000 and Commentary .02(a) to Amex Rule 1000A is as follows:
     Component securities that in the aggregate account for 
at least 90% of the weight of the portfolio must have a minimum 
market value of at least $75 million.
     The component securities representing 90% of the weight 
of the portfolio each have a minimum monthly trading volume during 
each of the last six months of at least 250,000 shares.
     The most heavily weighted component security cannot 
exceed 25% of the weight of the portfolio and the five most heavily 
weighted component securities cannot exceed 65% of the weight of the 
portfolio.
     The underlying portfolio must include a minimum of 13 
securities.
     All securities in the portfolio must be listed on a 
national securities exchange or the Nasdaq Stock Market.
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    The Exchange also proposes to amend the definition of ``Paired 
Security'' in Amex Rule 900 to provide that ETFs and TIRs that meet the 
criteria of Commentary .03(a) to Amex Rule 1000 and Commentary .02(a) 
to Amex Rule 1000A may trade side-by-side.
    Amex Rule 193, like NYSE Rule 98, provides an exemption to various 
restrictions applicable to specialist affiliates provided the 
specialist and its affiliates establish procedures to prevent the 
passage of material, non-public corporate or market information between 
them. The Commission approved the rules in one order,\19\ and, 
according to the Amex, the Amex and NYSE rules were intended to 
facilitate the entry of large, well-capitalized firms into the 
specialist business on primary exchange markets.\20\
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    \19\ Securities Exchange Act Release No. 23786 (November 3, 
1986), 51 FR 41183 (November 13, 1986) (approving SR-Amex-85-01 and 
SR-NYSE-85-25).
    \20\ The Exchange notes that it would not be the primary market 
for securities admitted to dealings on an unlisted basis.
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    Amex Rule 193 requires firms to establish information barriers and 
internal controls to prevent and/or detect the passage of material, 
non-public corporate or market information between the specialist and 
its affiliates. The Exchange states that its surveillance staff 
routinely reviews trading by specialists and specialist affiliates that 
have approved Amex Rule 193 procedures to detect possible breaches of 
the internal information barriers, and its examinations staff annually 
conducts on-site oversight reviews of firms with Amex Rule 193 
exemptions to ensure the adequacy of the firms' procedures.
    The Exchange states that Nasdaq stocks and their related options 
would be traded in areas of the Exchange Floor that are separated from 
each other.\21\ As previously noted, the Amex currently has a filing 
pending with the Commission that would allow side-by-side trading and 
integrated market making of securities admitted to trading on an 
unlisted basis and their related options.\22\ Currently, the following 
areas are considered separate for purposes of stocks and the related 
options: (1) The Red Room, (2) the Main Trading Floor, (3) the 
Mezzanine trading level which is located above the Main Trading Floor 
(except that options on Amex-listed stocks may not trade on that part 
of the Mezzanine that is visible from the Main Trading Floor),\23\ and 
(4) the back row of the west side of the Exchange's Main Trading 
Floor.\24\ The Exchange notes that it has filed proposals with the 
Commission to expand the areas where Paired Securities may trade.\25\
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    \21\ See Amex Rules 900(b)(38), (40) and (41). See also Amex 
Rule 958(f), which prohibits an ROT from executing a trade in an 
option if he or she has been in the ``Designated Stock Area'' for 
the related option within the previous 60 minutes.
    \22\ See Proposed Integrated Market Making Pilot, note supra.
    \23\ The Exchange clarified that options on Amex-listed stocks 
may not trade on that part of the Mezzanine that is visible from the 
Main Trading Floor. Telephone conversation between William Floyd-
Jones, Assistant General Counsel, Amex, and Christopher Solgan, Law 
Clerk, Division, on June 5, 2002.
    \24\ See Securities Exchange Act Release No. 39631 (February 9, 
1998), 63 FR 8229 (February 18, 1998) (approving SR-Amex-97-37).
    \25\ See File Nos. SR-Amex-2002-37 and SR-Amex-2002-38.
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2. Statutory Basis
    The Exchange believes the basis for the proposed rule change, as 
amended, is the requirement under section 6(b)(5) of the Act \26\ that 
an exchange have rules that are designed to promote just and equitable 
principles of trade, to remove impediments to and perfect the mechanism 
of a free and open market and a national market system and, in general, 
to protect investors and the public interest.
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    \26\ 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, as 
amended, will impose any burden on competition.

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

    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 Exchange consents, the Commission will:

[[Page 40361]]

    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 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, 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 
filings will also be available for inspection and copying at the 
principal office of the Exchange. All submissions should refer to File 
No. SR-Amex-2002-21 and should be submitted by July 3, 2002.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\27\
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    \27\ 17 CFR 200.30-3(a)(12).

Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 02-14778 Filed 6-11-02; 8:45 am]
BILLING CODE 8010-01-P