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Self Regulatory Organizations; The Chicago Stock Exchange, Inc.; Order Granting Approval to Proposed Rule Change to Eliminate the “E-Session” After-Hours Trading Session

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Information about this document as published in the Federal Register.

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Start Preamble August 15, 2001.

On July 2, 2001, The Chicago Stock Exchange, Inc. (“CHX” or “Exchange”) filed with the Securities and Exchange Commission (“Commission”), pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) [1] and Rule 19b-4 thereunder,[2] a proposed rule change to delete CHX Article XXA, which governed an after-hours trading session (the “E-Session”) conducted by the Exchange, and to eliminate other rule references to the E-Session.

The proposed rule change was published for comment in the Federal Register on July 16, 2001.[3] The Commission received no comments on the proposal.

The Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange [4] and, in particular, the requirements of section 6 of the Act [5] and the rules and regulations thereunder. The Commission finds specifically that the proposed rule change is consistent with section 6(b)(5) of the Act [6] because it will allow the CHX to terminate its after-hours trading session, which has not sustained the increases in order flow that the Exchange anticipated when it implemented the E-Session in early 2000.

It is therefore ordered, pursuant to section 19(b)(2) of the Act,[7] that the proposed rule change (SR-CHX-2001-14) be, and it hereby is approved.

For the Commission, by the Division of Market Regulation, pursuant to delegated authority.[8]

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Jonathan G. Katz,


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3.  See Securities Exchange Act Release No. 44534 (July 10, 2001), 66 FR 37081.

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4.  In approving this proposed rule change, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f).

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[FR Doc. 01-21017 Filed 8-20-01; 8:45 am]