[Federal Register Volume 67, Number 180 (Tuesday, September 17, 2002)]
[Notices]
[Pages 58658-58659]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-23535]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-46483; File No. SR-Amex-2002-47]


Self-Regulatory Organizations; Notice of Filing of Proposed Rule 
Change and Amendment Nos. 1 and 2 by the American Stock Exchange LLC 
Relating to Non-Member Fees for Transactions in Nasdaq Securities 
Traded on an Unlisted Basis

September 10, 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 June 3, 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 
Amex.\3\ The Commission is publishing this notice to solicit comments 
on the proposed rule change from interested persons.\4\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ On June 11, 2002, Amex filed Amendment No. 1 to clarify that 
the $50.00 cap on transaction charges for cross trades applies to 
each side of the trade. On August 27, 2002, Amex filed Amendment No. 
2 to reduce transaction fees for non-member competing market makers 
from $0.40 per 100 shares to $0.15 per 100 shares.
    \4\ See Securities Exchange Act Release No. 46484 (September 10, 
2002), which implements these same fees for members.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Amex proposes to adopt transaction fees for non-member trades 
in Nasdaq securities admitted to dealings on an unlisted basis. The 
text of the proposed revision to the Exchange's fee schedule is below. 
Additions are italicized.
* * * * *

Floor Fees through Registration and IDC Fees (No change)

Equity Fees

Amex Listed Company Equity Fee Schedule (No change)

Nasdaq UTP Equity Fee Schedule

Non-Member Competing Market Maker trades: $.15 per 100 shares
Non-Member Customer trades: $.15 per 100 shares

Notes:

    1. A ``competing market maker'' is defined as a specialist or 
market maker registered as such on a registered stock exchange (other 
than the Amex) or on Nasdaq, or a market maker bidding and offering 
over-the-counter, in an Amex traded security.
    2. The term ``customer'' includes any market participant other than 
a ``competing market maker.''
    3. The transaction charge for crosses is subject to a maximum 
charge of $50 per side.

Amex Exchange Traded Funds Fee Schedule (No change)

Bond Charges through Other Fees (No change)

* * * * *
    (b) Not applicable.
    (c) Not applicable.

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 Amex included statements 
concerning the purpose of, and the 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 Amex 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 implementing a program to trade Nasdaq securities 
on an unlisted basis. The Exchange, accordingly, is implementing a 
separate fee schedule for transactions in Nasdaq securities admitted to 
dealings so that the Amex can be competitive with other market centers 
that trade Nasdaq securities. The proposed fees are in line with 
similar fees charged by other market centers for transactions in Nasdaq 
securities.
2. Statutory Basis
    The proposed rule change is consistent with section 6(b) of the Act 
\5\ in general and furthers the objectives of Section 6(b)\6\ in 
particular in that it is designed to provide for the equitable 
allocation of reasonable dues, fees, and other charges among its 
member, issuers and other persons using its facilities.
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    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The proposed fee 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

    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:
    (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,

[[Page 58659]]

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 Exchange. All 
submissions should refer to File No. SR-Amex-2002-47 and should be 
submitted by October 8, 2002.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 02-23535 Filed 9-16-02; 8:45 am]
BILLING CODE 8010-01-P