[Federal Register Volume 59, Number 205 (Tuesday, October 25, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-26350]
[[Page Unknown]]
[Federal Register: October 25, 1994]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-34852; File No. SR-PSE-94-26]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the Pacific Stock Exchange,
Inc., Relating to a Waiver of Certain Fees for Floor Members
October 18, 1994.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on September 23, 1994, the
Pacific Stock Exchange, Inc. (``PSE'' or ``Exchange'') filed with the
Securities and Exchange Commission (``Commission'') the proposed rule
change as described in Items I, II, and III below, which Items have
been prepared by the self-regulatory organization. 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) (1988).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The PSE proposes to waive certain fees for Floor Members set forth
in the Schedule of Rates for Exchange Services. The waiver would be in
effect for a three month period.
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 self-regulatory organization
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 self-regulatory organization
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
The Exchange is proposing to waive the following monthly fees that
are applicable to its Equity and Option Floor Members: (1) Equity Floor
Broker Booth Fees of $125, $250, and $375 for small, large, and area
booths, respectively; (2) Equity Floor Privilege Fees of $165 per
registered floor member and registered clerk; (3) approximately 50% of
the Systems Fee of $1,700 per post on the Equity Floor; (4)
approximately 61% of the Options Floor Booth Fees of $275, $350, and
$450 for retail booths, clearing booths, and stock execution booths,
respectively, and approximately 61% of the $300 surcharge for prime
location booths; (5) approximately 61% of the Options Market Maker Fees
of $660 per month; and (6) a waiver of 100% of the $0.02 per contract
options independent broker fee up to a maximum of $100 per broker per
month. The Exchange proposes that the waiver be in effect for three
months.
The purpose of the proposed waivers is to provide the Exchange's
Floor Members, who have borne the most significant burden of fee
increases in recent years, with a discount in floor fees in response to
increased revenues. The discount will apply to three months of 1994.
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act, in general, and Section 6(b)(4), in
particular, in that it provides for the equitable allocation of
reasonable charges among its members.
(B) Self-Regulatory Organization's Statement on Burden on Competition
The PSE believes that the proposed rule change will impose no
burden on competition.
(C) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received From Members, Participants, or Others
Written comments on the proposed rule change were neither solicited
nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change establishes or changes a due,
fee, or other charge imposed by the PSE, it has become effective
pursuant to Section 19(b)(3)(A) of the Act and subparagraph (e) of Rule
19b-4 thereunder. 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.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing. Persons making written submissions
should file six copies thereof with the Secretary, Securities and
Exchange Commission, 450 Fifth Street, N.W., Washington, DC 20549.
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 Section, 450 Fifth Street, NW.,
Washington, DC. Copies of such filing will also be available for
inspection and copying at the principal office of the above-mentioned
self-regulatory organization. All submissions should refer to File No.
SR-PSE-94-26 and should be submitted by November 15, 1994.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\2\
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\2\17 CFR 200.30-3(a)(12) (1992).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-26350 Filed 10-24-94; 8:45 am]
BILLING CODE 8010-01-M