[Federal Register Volume 60, Number 200 (Tuesday, October 17, 1995)]
[Notices]
[Pages 53818-53819]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-25663]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-36361; International Series Release No. 866; File No.
SR-CBOE-95-57]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the Chicago Board Options
Exchange, Incorporated, Relating to the Rebalancing Date for the
Japanese Export Stock Index
October 11, 1995.
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 October 11, 1995, the Chicago Board Options Exchange, Incorporated
(``CBOE'' 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
Exchange. The Commission is publishing this notice to solicit comments
on the proposed rule change from interested persons.
\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 policy concerning the date of
the annual rebalancing of the Japanese Export Stock Index (``Japan
Export Index'' or ``Index'') such that the Index will be rebalanced as
of the last trading day of March each year. The text of the proposed
rule change is available at the Office of the Secretary, the Exchange,
and at the Commission.
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. 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
The Exchange recently received approval from the Commission to list
and trade index warrants on the Japan Export Index.\3\ In that filing,
the Exchange proposed to rebalance the Index on the last trading day of
the calendar year. The Exchange now proposes to rebalance the Index on
the last trading day of March, and not the last trading day of the
calendar year. The Exchange believes that this change will better
correlate the Index rebalancing with the fiscal year end for the
majority of the Index components. The majority of the Japanese public
companies comprising the Index have a fiscal year from April 1 to March
31. The Exchange also notes that as of the date of this filing,
warrants on the Index have not yet begun trading.
\3\See Securities Exchange Act Release No. 26253 (September 19,
1995), 60 FR 49654 (September 26, 1995) (SR-CBOE-95-41).
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The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act in general and furthers the objectives of
Section 6(b)(5) in particular in that it is designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of change, to foster cooperation and coordination
with persons engaged in facilitating transactions in securities, and to
remove impediments to and perfect the mechanism of a free and open
market and a national market system.
[[Page 53819]]
(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.
(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
Because the foregoing rule change constitutes a stated
interpretation with respect to the meaning, administration, or
enforcement of an existing rule, it has become effective pursuant to
Section 19(b)(3)(A) of the Act and Rule 19b-4 thereunder. 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.
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 NW., Washington, D.C. 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. Sec. 552, will be available for inspection and copying at
the Commission's Public Reference Section, 450 Fifth Street, N.W.,
Washington, D.C. 20549. Copies of such filing will also be available
for inspection and copying at the principal office of the CBOE. All
submissions should refer to SR-CBOE-95-57 and should be submitted by
November 7, 1995.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\4\
\4\17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-25663 Filed 10-16-95; 8:45 am]
BILLING CODE 8010-01-M