[Federal Register Volume 61, Number 175 (Monday, September 9, 1996)]
[Notices]
[Pages 47536-47537]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-22880]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-37627; File No. SR-PSE-96-27]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the Pacific Stock Exchange
Incorporated
September 3, 1996.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on August 11, 1996, the
Pacific Stock Exchange Incorporated (``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).
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I. Self-Regulatory Organization's Statement of the Terms of
Substance of the Proposed Rule Change
The Exchange hereby amends its Schedule of Rates for Exchange
Services by reducing the current cap on transaction charges for equity
block trades and by adopting a transaction fee cap per 100 shares for
equity securities. The text of the proposed rule change is set forth
below [new text is italicized; deleted text is bracketed]:
[[Page 47537]]
Schedule of Fees and Charges for Exchange Services
Cumulative billable trade Charge per $1,000 of trade
value per month value *
* * * * * *
*
PSE EQUITIES: TRADE-RELATED CHARGES
EXCHANGE TRANSACTIONS............................. No change.................... No change
DISCOUNTS AND CAPS [ON AUTOMATED TRANSACTIONS]:
AUTOMATED TRADE DISCOUNTS.................. No change.
BLOCK TRADES (5,000 SHARES OR MORE)........ Transaction charges for block trades of 5,000 shares or more
are subject to a minimum charge of $15 per trade side and a
maximum charge of $75 [$100] per trade side.
CAP ON TRANSACTION CHARGES................. Aggregate monthly transaction charges are subject to a cap of
$.45 per 100 shares.
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
1. Purpose
The Exchange is proposing to amend its charges for equity
transactions in two respects: First, the Exchange is proposing to
reduce from $100 to $75 the current cap on transaction charges for
block trades (i.e., trades involving 5,000 shares or more). Second, the
Exchange proposes to establish a cap on aggregate monthly transaction
charges equal to $.45 per 100 shares. These changes are intended to
make the Exchange's equity transaction charges more competitive.
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the Act
\2\ in general and furthers the objectives of Section 6(b)(4) \3\ in
particular in that it provides for the equitable allocation of
reasonable dues, fees, and other charges among the Exchange's members
and other persons using its facilities.
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\2\ 15 U.S.C. 78f(b).
\3\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The proposed rule change does not impose 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 Exchange has neither solicited nor received written comments on
the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change constitutes or changes a due, fee, or
other charge imposed by the Exchange and, therefore, has become
effective pursuant to Section 19(b)(3)(A) of the Act \4\ and
subparagraph (e) of Rule 19b-4 thereunder.\5\
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\4\ 15 U.S.C. 78s(b)(3)(A).
\5\ 17 CFR 240.19b-4.
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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, N.W., 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 also will be available
for inspection and copying at the principal office of the Pacific Stock
Exchange. All submissions should refer to File No. SR-PSE-96-27 and
should be submitted by September 30, 1996.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\6\
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\6\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-22880 Filed 9-6-96; 8:45 am]
BILLING CODE 8010-01-M