[Federal Register Volume 68, Number 12 (Friday, January 17, 2003)]
[Notices]
[Pages 2606-2611]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-1109]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-47174; File No. SR-NYSE-2002-66]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the New York Stock Exchange, 
Inc., Relating to Fee Increases and New Fees Applicable to Members and 
Member Organizations

January 13, 2003.
    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 December 23, 2002, the New York Stock Exchange, Inc. (``NYSE'' or 
``Exchange'') filed a proposed rule change with the Securities and 
Exchange Commission (``SEC'' or ``Commission''). On January 10, 2003, 
the Exchange filed Amendment No. 1 to the proposed rule change.\3\ The 
proposed rule change is described in items I, II and III below, which 
items have been prepared by the Exchange. The NYSE has designated this 
proposal as one establishing or changing a due, fee, or other charge 
imposed by the Exchange under section 19(b)(3)(A)(ii) of the Act,\4\ 
which renders the proposal effective upon filing with the Commission. 
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\ Amendment No. 1 replaces in their entirety Form 19b-4 and 
Exhibit 1 of the original filing.
    \4\ 15 U.S.C. 78s(b)(3)(A)(ii).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes changes to certain fees applicable to members 
and member organizations. The Exchange will (1) increase the existing 
cap on transaction charges; (2) increase existing fees for branch 
offices; (3) impose a new transaction charge for principal 
transactions; (4) impose new fees for Exchange technology services 
provided to brokers and specialists; and (5) change the fees charged to 
subscribers to

[[Page 2607]]

the Exchange's Automated Bond System.
    The text of the proposed rule change is below. Proposed new 
language is italicized; proposed deletions are in brackets.

NYSE 200[2]3 Price List

                            Transaction Fees
------------------------------------------------------------------------
 
------------------------------------------------------------------------
   Regular Session Trading [\1\]
Equity Public Agency and Principal
 Transactions: \1\
 
                              * * * * * * *
    System orders under 2100 Shares  No charge
     \4\.
 
                              * * * * * * *
Fee Limitations:
    Equity Commissions.............  2%
    Monthly Fee Per Firm...........  $[500,000] $600,000
 
                              * * * * * * *
------------------------------------------------------------------------
Notes:
\1\ Does not apply to [principal] transactions by members acting as
  specialist for own account. Also does not apply to principal
  transactions by a member in conjunction with ``facilitating'' a
  customer order of at least 10,000 shares. For this purpose
  ``facilitating'' refers to taking the other side of a customer's
  order, or acquiring/liquidating inventory to buy from/sell to a
  customer at an agreed-upon price.
* * * * * * *
\4\ Not inclusive of orders of a member of member organization trading
  for its own account as a competing market marker, or trading as an
  agent for the account of a non-member competing market maker.
  Competing Market Maker: a specialist or market-maker bidding and
  offering over-the-counter, in a New York Stock Exchange traded
  security.


                             Regulatory Fees
------------------------------------------------------------------------
 
------------------------------------------------------------------------
                     Registration Fees
Branch Office Fee--per branch (annual and new):
    Number of Branches:
        [First 250 branches................................     $250.00
        Next 250 branches..................................      150.00
        Over 500 branches..................................      125.00]
        First 1000 branches................................     $350.00
        Next 2000 branches.................................      250.00
        Over 3,000 branches................................      225.00
 
                              * * * * * * *
------------------------------------------------------------------------


                       Facility and Equipment Fees
------------------------------------------------------------------------
 
------------------------------------------------------------------------
 
                              * * * * * * *
[Broker Booth Support System
    On-Floor Terminal, Printer and       No charge for 1st Terminal per
     Keyboard Location.\1\.
    Additional Terminals...............  $3,600.00 \2\
    Off-Floor Terminal, Printer and      $3,600.00 per Terminal \2\
     Keyboard.
Special Equipment:
    Standard Panel Equipment...........  No Charge
------------------------------------------------------------------------


------------------------------------------------------------------------
                                            Per Panel Charges \2\
       Incremental Equipment       -------------------------------------
                                     14'' Flat Panel   10.5'' Flat Panel
------------------------------------------------------------------------
Quantity:
    1.............................          $1,850.00          $1,200.00
    2-3...........................           1,670.00           1,080,00
    4-9...........................           1,480.00             960.00
    10+...........................           1,300.00             840.00
Brackets                                                   Variable \3\
------------------------------------------------------------------------
Notes:
\1\ Location defined as contiguous booths occupied by one firm or single
  booth shared by multiple firms.
\2\ Plus sales tax.
\3\ Depending on bracket required.


----------------------------------------------------------------------------------------------------------------
                                                                                     Annual Fee
                                                                 -----------------------------------------------
                                                                       2003            2004            2005
----------------------------------------------------------------------------------------------------------------
Broker Services:

[[Page 2608]]

 
    Terminal/Connection Fee (per terminal)......................       $2,400.00       $4,800.00       $7,200.00
    Broker Booth Support System (BBSS) (per application                 2,600.00        5,200.00       $7,800.00
     entitlement)...............................................
    BBSS Printers (per printer).................................        1,000.00        2,000.00       $3,000.00
    Broker Overview Support System (BOSS) (per application              1,200.00        2,400.00       $3,600.00
     entitlement)...............................................
    Activity Logs (per subscription)............................        1,000.00        2,000.00       $3,000.00
    OCS Direct Connect (connection fee).........................        3,200.00        6,400.00       $9,600.00
    Wireless Connection (per antenna)...........................        2,000.00        4,000.00       $6,000.00
    e-Broker Application & Hardware (per handheld device).......        1,000.00        2,000.00       $3,000.00
    Maintenance Fee (% of the Subscribed Service)...............             15%             15%             15%
Specialist Technology:
    Display book--per book......................................      $32,666.63      $65,333.37      $98,000.00
----------------------------------------------------------------------------------------------------------------


                         System Processing Fees
------------------------------------------------------------------------
 
------------------------------------------------------------------------
 
                              * * * * * * *
               Automated Bond System: \1\
 
For subscribers accessing through dedicated terminals:
    Annual Subscription \2\.............................      $13,000.00
    Additional equipment--annual rate per each
        Terminals:
            2-5.........................................        8,000.00
            6 and above.................................        3,000.00
        Controllers.....................................        2,000.00
        Printers........................................        2,500.00
    Phone lines \3\.....................................    See Note \4\
    Port charges \5\....................................        3,000.00
    Service calls--per terminal.........................          250.00
    Computer to Computer Service
        Report fee......................................        5,000.00
        Usage fee--per order entered: \6\
            1-25,000....................................            0.30
            25,001-50,000...............................            0.20
            50,001-100,000..............................            0.10
            100,001 and above...........................            0.05
------------------------------------------------------------------------
Notes:
\1\ Automated Bond System and ABS are registered service marks of the
  New York Stock Exchange.
\2\ Subscription includes one terminal, one controller and one printer.
\3\ Installation presumes cabling to trading desk location is performed
  by customer.
\4\ Line fee paid directly to telephone company.
\5\ Fee applicable to ABS firms using their own equipment.
\6\ Fee ranges are cumulative on a yearly basis and do not include
  orders entered through ABS terminals.


------------------------------------------------------------------------
 
------------------------------------------------------------------------
For subscribers accessing through web browser:
    Subscription (first access entitlement):............         $15,000
    Additional screen entitlements (each)...............          $5,000
    Computer-to-computer interface:
        Report Fee......................................          $5,000
        Usage Fee*--per order entered:
            1 to 25,000.................................            0.30
            25,001 to 50,000............................            0.20
            50,001 to 100,000...........................            0.10
            100,001 and above...........................           0.05
------------------------------------------------------------------------
*Fee ranges are cumulative on a yearly basis and do not include orders
  entered through ABS terminals. Maximum annual computer-to-computer
  fees are $20,000.

* * * * *

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 NYSE 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 NYSE 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 NYSE is proposing changes to certain fees applicable to members 
and member organizations, all of which will become effective as of 
January 1, 2003. The Exchange has determined that these

[[Page 2609]]

fee increases are necessary to ensure that revenue is adequate to 
satisfy increasing costs for operations, technology, regulation and 
infrastructure.
    The Exchange has long prided itself on having system capacity 
sufficient to handle a far greater volume of trading than is normally 
experienced in the market. As trading volume has increased 
exponentially in recent years the Exchange has similarly expanded 
capacity to keep pace. Particularly in the last several decades, the 
Exchange has also focused on supplying trading technology to the Floor 
of the Exchange to increase the speed and efficiency of trading and to 
enhance the reliability and efficiency of Exchange oversight and 
surveillance as well.
    Traditionally, the Exchange has funded these efforts largely from 
its general revenues. At the same time, the Exchange has recognized in 
recent years that it is appropriate to cap the transaction charge 
exposure of the member organizations with a public business, for the 
benefit not only of those firms but also their investor customers. As 
noted herein transaction charges will remain capped although at a 
higher level, and transactions charges will be assessed on principal 
trades as well. However, the Exchange has also determined that it is 
appropriate to better align Exchange revenues with the value provided 
by the Exchange, particularly with respect to the technology provided 
by the Exchange for operations on its trading floor. Accordingly, the 
Exchange is proposing specific fees for certain of the Floor-related 
technology that is provided by the Exchange. In this way greater 
revenue can be obtained from the members and member organizations that 
directly use this technology in their business.
    The NYSE is also proposing changes to the fees applicable to 
members and member organizations subscribing to the Exchange's 
Automated Bond System (ABS). These changes will be applied as 
subscribers switch from dedicated terminals to a web-based browser, as 
more fully explained below.
    While all the fee changes proposed herein will impact members and 
member organizations, it should be noted that the Exchange is also 
increasing fees applicable to listed companies. Such listed company fee 
increases have been filed in a separate rule proposal. \5\
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 46960 (December 6, 
2002), 67 FR 77124 (December 16, 2002).
---------------------------------------------------------------------------

    What follows is a brief discussion of the proposed fees:

Increased Fees

Transaction Charges

    In 1996, the Exchange established a cap on transaction charges of 
$400,000 per month per member organization. At that time, the intent 
was to increase the cap each year in proportion to increased trading 
volume. Had the Exchange invoked the indexing provision each year since 
1996, the cap for 2002 would have been approximately $1.4 million. For 
competitive reasons, the Exchange elected not to implement any increase 
until 2001, when the cap was increased to $500,000, the current fee. No 
increase was made for 2002, even though volume increased over 20% from 
2001. The Exchange proposes to increase this cap to $600,000 per month 
per member organization.

Branch Offices

    The Exchange is proposing to increase initial fees and annual 
maintenance fees applicable to branch offices. Presently, member 
organizations are charged an initial fee at the time that they open a 
new branch office, as well as an annual maintenance fee that is charged 
for each of their open branch offices. A three-tiered fee structure is 
used to assess these fees. As a member organization's branch network 
grows, they move up through the tiers of the fee structure, paying a 
stepped-down rate based on their applicable level. This structure 
provides an incremental reduction in fees for those branch offices that 
exceed the level of each breakpoint. The current three-tier structure 
is outlined below:

------------------------------------------------------------------------
                                                   Initial
                                                    branch      Annual
                                                   opening   maintenance
            Number of branch offices                 fee         fee
                                                   (charged    (charged
                                                     per     per office)
                                                   office)
------------------------------------------------------------------------
First 250 branch offices........................       $250        $250
Next 250 branch offices.........................        150         150
Over 500 branch offices.........................        125         125
------------------------------------------------------------------------

    The Exchange proposes amending the existing fee structure as 
follows:

------------------------------------------------------------------------
                                                   Initial
                                                    branch      Annual
                                                   opening   maintenance
            Number of branch offices                 fee         fee
                                                   (charged    (charged
                                                     per     per office)
                                                   office)
------------------------------------------------------------------------
First 1,000 branch offices......................       $350        $350
Next 2,000 branch offices.......................        250         250
Over 3,000 branch offices.......................        225         225
------------------------------------------------------------------------

New Fees

Principal Transactions

    The Exchange's current transaction fee schedule is applied only to 
trades executed by members and member organizations on an agency basis. 
The Exchange is proposing to subject principal transactions, by members 
and member organizations other than those acting as specialists, to 
transaction fees using the same schedule as is applied to agency 
transactions. The transaction charges for principal transactions will 
also be included within the proposed overall transaction fee cap of 
$600,000 per month per member organization. The Exchange will not apply 
this new transaction fee to member principal trading that is effected 
in conjunction with facilitating a customer's order of at least 10,000 
shares. ``Facilitating'' refers to taking the other side of a 
customer's order, or acquiring/liquidating inventory to buy from/sell 
to a customer at an agreed-upon price.

Trading Floor Technology

    The Exchange proposes to introduce new fees for trading floor 
technology.

Brokers

    In 1993, the Exchange commenced a program of providing technology 
services to its floor broker members as part of its Integrated 
Technology Plan package. Since that time, the Exchange has invested 
over $150 million in broker-related technology services, including the 
Broker Booth Support System (BBSS), the Wireless Data System (WDS) and 
companion applications, used on the floor of the NYSE by brokers at a 
nominal fee or free of charge.
    The Exchange is establishing a fee structure for the broker-related 
services based on a flexible menu of services to which users can 
subscribe. These broker services are provided not only by the Exchange, 
but are also available from competing order management vendors and, in 
some cases, by member firms' own technology groups. In establishing a 
menu of fees and applicable services, brokers are free to choose which 
services they want to subscribe to from the Exchange. The fees will be 
phased in over a three-year period. The fees noted below are the full 
fees that will be

[[Page 2610]]

applicable once the phase-in is completed.

Terminal/Connection Fee (per Terminal): $600 per Month

    This is the fee for flat panel terminals and the wired network 
known as Integrated Technology Plan Network (ITPN) for brokers. Any 
broker subscribing to a NYSE terminal, whether for market data display, 
their own application display or BBSS, is subject to this fee.

Broker Booth Support System (BBSS) (per Application Entitlement): $650 
per Month

    The BBSS service is a sophisticated order management system that 
allows floor brokers to log, track, route and report on orders. In 
addition, it has connections to the NYSE's DOT service and includes an 
e-mail service. Subscribers with over 25 BBSS applications receive a 
25% discount for every application thereafter.

BBSS Printers (per Printer): $250 per Month

    Two years ago the entire inventory of BBSS printers on the floor of 
the Exchange was replaced with new thermal printers. Users can 
alternately route traffic from several terminals to one printer if they 
choose.

Broker Overview Support System (BOSS) (per Application Entitlement): 
$300 per Month

    The BOSS system allows managers to review online message traffic 
through all BBSS terminals on one screen.

Activity Logs (per Subscription): $250 per Month

    Logs are available in several different formats and are used for 
billing, tracking, and record retention purposes.

OCS Direct Connect (Connection Fee): $800 per Month

    Links e-Broker and BBSS to the NYSE's On-Line Comparison (OCS) 
service for real time delivery of reports of execution into the 
comparison process.

Wireless Connection (per Antenna): $500 per Month

    The system provides service to the NYSE's e-Broker devices and to 
proprietary and vendor hand held data devices on the trading floor. 
This fee applies to all users of the Wireless Data Network, and is 
based upon the number of wireless antennae cards issued to the firm and 
configured in the Exchange systems as eligible for active transmission 
on the trading floor.

e-Broker Application & Hardware (per Handheld Device): $250 per Month

    In 1997, the NYSE introduced the first generation of broker hand 
held devices on any equity trading floor. Since that time the NYSE has 
upgraded the service through five generations of hardware and software. 
Today the NYSE offers two devices, which have essentially the same 
function in different forms. This fee is additive to the connection fee 
above and is based upon the number of hand held devices subscribed to 
by the member or member firm.

Maintenance Fee: 15 Percent of the Subscribed Services

    The NYSE provides real time Operations and Technical support on the 
trading floor before, during and after trading hours. Inventories of 
all equipment are maintained and are available for swap out in real 
time. In addition, the NYSE introduces into production new and upgraded 
equipment from time to time.

Specialists

    The NYSE began developing technology for specialists with the 
implementation of the Designated Order Turnaround, or DOT, system, in 
the 1970's, which provided a delivery system for electronic orders to a 
specialist. In 1983, the electronic Display Book was developed and 
introduced on a pilot basis. In the 1990's, the Display Book was 
significantly re-developed and enhanced. Most recently, Network NYSE 
components such as NYSE Direct+, OpenBook, and Institutional Express 
have all been implemented through the Display Book. Specialists handle 
approximately 97% of the Exchange's message traffic--approximately 6 
million orders, 3.5 million quotes, and over 3 million reports--
electronically with the assistance of the Display Book. The NYSE 
develops and operates the Display Book, as well as its companion 
application, Specialist Portfolio. No fees are currently paid by 
specialists for these services.
    The proposed fee per Display Book is $98,000 per year, to be phased 
in over a three-year period.

Automated Bond System (ABS)

    The Automated Bond System, or ABS, provides screen-based trading 
for NYSE-traded bonds, primarily corporate and convertible debt. The 
system, which commenced operations in 1977, allows subscribing members 
and member organizations to enter limited priced orders in ABS directly 
through terminals in their offices as well as through a computer-to-
computer order-entry and trade reporting link. ABS displays and matches 
limited price orders on a strict price and time priority basis and 
reports bond quotations and trades to market data vendors on a real-
time basis. ABS screen displays allow subscribers to view the ``book'' 
of orders in each bond. The Exchange is in the process of migrating ABS 
service from dedicated terminals to a web-based browser.
    ABS pricing was last revised in 1987. The current annual price 
schedule involves an initial subscription fee entitling the subscriber 
to one terminal access and the supporting equipment for such access--a 
controller and a printer (phone lines between the controllers and the 
system's mainframe are paid directly by the subscriber firm to the 
carrier). The current ABS price schedule has two rates for additional 
terminal access. One rate is for terminals provided by the Exchange, 
the other rate is for terminals provided by the subscribing firm 
itself. With the new browser distribution this distinction disappears 
and, therefore, the same rate would apply for all additional ``screen 
entitlements.'' The browser also eliminates the need for controllers 
and the associated line charges incurred by ABS firms. Firms will also 
be responsible for their own printers and, thus, printer charges are 
being removed. The charges for computer-to-computer order entry and 
reports will be modified by the application of a $20,000 annual ceiling 
on this fee.
    The new price schedule will be applied to each subscriber as it 
completes its migration to browser access.
    The Exchange proposes amending the existing fee structure as 
follows:

------------------------------------------------------------------------
             Current ABS fee structure (annual)
------------------------------------------------------------------------
Subscription: (one terminal, access to mainframe)..........      $13,000
Additional two--five (each)................................        8,000
Additional six and above (each)............................        3,000
Subscriber terminals ``Port'' charge (each)................        3,000
Additional links to mainframe..............................        2,000
Computer-to-computer interface:
     Report Fee............................................       $5,000
    Usage Fee*--per order entered:
        1 to 25,000........................................         0.30
        25,001 to 50,000...................................         0.20
        50,001 to 100,000..................................         0.10
        100,001 and above..................................        0.05
------------------------------------------------------------------------
*Fee ranges are cumulative on a yearly basis and do not include orders
  entered through ABS terminals.


[[Page 2611]]


------------------------------------------------------------------------
           Proposed ABS fees (annual)
------------------------------------------------------------------------
Subscription (first access entitlement)........                  $15,000
Additional screen entitlements (each)..........                   $5,000
Computer-to-computer interface:
    Report Fee.................................                   $5,000
    Usage Fee\*\--per order entered:
        1 to 25,000............................                     0.30
        25,001 to 50,000.......................                     0.20
        50,001 to 100,000......................                     0.10
        100,001 and above......................                     0.05
------------------------------------------------
------------------------------------------------------------------------
\*\Fee ranges are cumulative on a yearly basis and do not include orders
  entered through ABS terminals. Maximum annual computer-to-computer
  fees are $20,000.

2. Statutory Basis
    The NYSE believes that the basis under the Act for this proposed 
rule change is the requirement under section 6(b)(4)\6\ that an 
exchange have rules that provide for the equitable allocation of 
reasonable dues, fees, and other charges among its members, issuers and 
other persons using its facilities.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

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

    The NYSE does not believe that the proposed rule change will result 
in 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 only written comment received by the Exchange related to the 
proposed increase to the fees for opening and maintaining a branch 
office. The commenting member organization stated that it recognized 
the need to generally increase the fee revenue of the Exchange, and its 
responsibility to bear its fair share of such increase. The 
organization was concerned, however, that the fee increase affects it 
disparately, given its business model. The organization has a large 
branch network, but generally only one registered representative per 
branch. It states that it has three times the number of branches than 
the second place firm in this category, but without a high rank in 
terms of revenues, net capital or total numbers of registered 
representatives.
    The Exchange has carefully considered the affect of all its fees 
across its membership, and is sensitive to how its members are affected 
by the various fees charged by the Exchange. The Exchange notes that 
the branch office fees have been and continue to be tiered to 
ameliorate the impact on those organizations with large numbers of 
branches. The Exchange is also mindful of the overall benefit afforded 
each member and member organization by the Exchange's maintenance of a 
strong and well-regarded program of regulation, and its regulatory 
charges, including the branch office fees, are a part of the Exchange's 
efforts to align revenue with the value provided by the Exchange to its 
members and to their customers. After careful evaluation, the Exchange 
concluded that branch office fees did not create an inappropriate 
burden on a member organization such as the one which presented the 
above comment.\7\
---------------------------------------------------------------------------

    \7\ The Commission notes that it also received a comment letter 
regarding this filing from Edward Jones, dated December 27, 2002. 
The Commission will carefully consider the points raised by Edward 
Jones regarding the fee increases relating to branch offices.
---------------------------------------------------------------------------

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

    The proposed rule change has become effective pursuant to section 
19(b)(3)(A)(ii) of the Act \8\ and subparagraph (f)(2) of rule 19b-4 
thereunder,\9\ 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 the 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. For purposes of calculating the 60-day abrogation period, the 
Commission considers the proposed rule change to have been filed on 
January 10, 2003, when Amendment No. 1 was filed.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \9\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

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, including the comment letter filed by Edward Jones, 
dated December 27, 2002, 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 NYSE. All submissions should refer to file 
number SR-NYSE-2002-66 and should be submitted by February 7, 2003.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\10\
---------------------------------------------------------------------------

    \10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Jill M. Peterson,
Assistant Secretary.
[FR Doc. 03-1109 Filed 1-16-03; 8:45 am]
BILLING CODE 8010-01-P