Self-Regulatory Organizations; Notice of Filing of Proposed Rule Change by the Philadelphia Stock Exchange, Inc. To Require a Non-Streaming Quote Trader Registered Option Traders (“non-SQT ROT”) To Submit a List of Options for Intended Assignment, 74398-74400 [E7-25375]
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74398
Federal Register / Vol. 72, No. 249 / Monday, December 31, 2007 / Notices
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–Phlx–2007–93. This file
number should be included on the
subject line if e-mail is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). 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
Room, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of the filing also will be available
for inspection and copying at the
principal office of the Phlx. All
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–Phlx–2007–93 and should
be submitted on or before January 22,
2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Nancy M. Morris,
Secretary.
[FR Doc. E7–25366 Filed 12–28–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57023; File No. SR–Phlx–
2007–83]
Self-Regulatory Organizations;
Philadelphia Stock Exchange, Inc.;
Order Approving a Proposed Rule
Change Relating to Amending By-Law
Article X, Section 10–11
sroberts on PROD1PC70 with NOTICES
December 20, 2007.
On October 29, 2007, the Philadelphia
Stock Exchange, Inc. (‘‘Phlx’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
16 17
CFR 200.30–3(a)(12).
VerDate Aug<31>2005
20:08 Dec 28, 2007
Jkt 214001
(‘‘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
expand the type of business that certain
members of the Exchange’s Business
Conduct Committee (‘‘Committee’’)
must conduct in order to qualify as a
Committee member. The proposed rule
change was published for comment in
the Federal Register on November 19,
2007.3 The Commission received no
comments on the proposal. This order
approves the proposed rule change.
The Committee has exclusive
jurisdiction to, among other things: (1)
Monitor compliance with the Act, the
rules and regulations under the Act, and
the Exchange’s By-Laws and Rules; and
(2) authorize the initiation of Exchange
disciplinary actions or proceedings.
Phlx By-Law X, Section 10–11(h)
currently requires that, of the nine
members that comprise the Committee,
one Committee member must
principally carry out its business on
XLE 4 and one Committee member must
principally carry out its business on the
equity options floor.
The proposed rule change would
revise the qualification requirements for
these two Committee positions.
Specifically, Phlx proposes to amend
Section 10–11(h) of its By-Laws to
provide that these two positions can be
filled, respectively, by a Member or
person associated with a Member
Organization who conducts equity
business on XLE and a Member who
conducts options business at the
Exchange.
After careful consideration, 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.5 In
particular, the Commission finds that
the proposed rule change is consistent
with Section 6(b)(5) of the Act,6 which
requires that an exchange have rules
designed, among other things, to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and, in general, to protect
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 56775
(November 9, 2007), 72 FR 65119.
4 XLE is the electronic system that is operated by
the Exchange for the entry, display, execution, and
reporting of orders in NMS stocks. See Section 1–
1(ii) of Phlx’s By-Laws.
5 In approving this rule change, the Commission
notes that it has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
6 15 U.S.C. 78f(b)(5).
2 17
PO 00000
Frm 00133
Fmt 4703
Sfmt 4703
investors and the public interest. In
addition, the Commission finds that the
proposed rule change is consistent with
Section 6(b)(3) under the Act,7 which
requires that the rules of a national
securities exchange assure a fair
representation of its members in the
selection of its directors and the
administration of its affairs. The
proposed rule change would allow a
greater pool of Members to be eligible to
hold these two Committee positions and
would not alter Member participation
on the Committee.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,8 that the
proposed rule change (SR–Phlx–2007–
83) be, and it hereby is, approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Nancy M. Morris,
Secretary.
[FR Doc. E7–25367 Filed 12–28–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57034; File No. SR–Phlx–
2007–91]
Self-Regulatory Organizations; Notice
of Filing of Proposed Rule Change by
the Philadelphia Stock Exchange, Inc.
To Require a Non-Streaming Quote
Trader Registered Option Traders
(‘‘non-SQT ROT’’) To Submit a List of
Options for Intended Assignment
December 21, 2007.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 2 thereunder,
notice is hereby given that on December
12, 2007, the Philadelphia Stock
Exchange, Inc. (‘‘Phlx’’ 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 Phlx. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Phlx proposes to amend
Exchange Rule 1014(b)(ii)(C) to require
Exchange ‘‘non-SQT ROTs’’ (as defined
below) to submit to the Exchange a list
7 15
U.S.C. 78f(b)(3).
U.S.C. 78s(b)(2).
9 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
8 15
E:\FR\FM\31DEN1.SGM
31DEN1
Federal Register / Vol. 72, No. 249 / Monday, December 31, 2007 / Notices
of the options in which such non-SQT
ROT intends to be assigned to make
markets.
The text of the proposed rule change
is available at the Phlx’s principal
office, the Commission’s Public
Reference Room, and https://
www.Phlx.com.
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
Phlx 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 Phlx 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
sroberts on PROD1PC70 with NOTICES
1. Purpose
The purpose of the proposed rule
change is to enable the Exchange to
better track the activities of non-SQT
ROTs on the Exchange.
Currently there are a number of
categories of Exchange Registered
Options Traders that make markets in
various options on the Exchange. These
categories include Exchange Streaming
Quote Traders (‘‘SQTs’’) 3 and Remote
Streaming Quote Traders (‘‘RSQTs’’) 4
that submit continuous electronic
option quotations to the Exchange’s
electronic trading platform for options,
Phlx XL.5
Currently, there are a number of ROTs
on the Exchange’s options floor that do
not stream electronic quotations into the
Phlx XL system, known as ‘‘non-SQT
ROTs.’’ Instead, non-SQT ROTs make
verbal markets when called upon to do
3 An SQT is a Registered Options Trader (‘‘ROT’’)
who has received permission from the Exchange to
generate and submit option quotations
electronically through an electronic interface with
AUTOM via an Exchange approved proprietary
electronic quoting device in eligible options to
which such SQT is assigned. See Exchange Rule
1014(b)(ii)(A).
4 An RSQT is an ROT that is a member or member
organization with no physical trading floor
presence who has received permission from the
Exchange to generate and submit option quotations
electronically through AUTOM in eligible options
to which such RSQT has been assigned. An RSQT
may only submit such quotations electronically
from off the floor of the Exchange. See Exchange
Rule 1014(b)(ii)(B).
5 See Securities Exchange Act Release No. 50100
(July 27, 2004), 69 FR 44612 (August 3, 2004) (SR–
Phlx–2003–59).
VerDate Aug<31>2005
20:08 Dec 28, 2007
Jkt 214001
so, and also have the ability to send
limit orders to the limit order book via
electronic interface with Phlx XL.
There are several rules that include
certain requirements for non-SQT ROTs,
such as minimum quarterly in-person
trading requirements 6 and the
obligation of a non-SQT ROT who
transacts more than 20% of his/her
contract volume electronically (i.e., by
way of placing limit orders on the limit
order book that are executed
electronically and allocated
automatically in accordance with
Exchange Rule 1014(g)(vii)) versus in
open outcry during any calendar
quarter, to submit electronic quotations
in a designated percentage of series in
such option during the following
calendar quarter, depending on the
Exchange’s total contract volume traded
electronically during the affected
calendar quarter.7
In order to enable the Exchange to
better track the above-mentioned nonSQT ROT activity, non-SQT ROTs
would be required to notify the
Exchange of each option, on an issueby-issue basis, in which such non-SQT
ROT intends to be assigned to make
markets. Such notification would be in
writing on a form prescribed by the
Exchange (an ‘‘ROT Assignment Form’’).
Any change to such ROT Assignment
Form must be made in writing by such
non-SQT ROT prior to the end of the
trading session in which such change is
to take place. The purpose of the ‘‘end
of the trading session’’ requirement is to
permit non-SQT ROTs to provide
additional liquidity to issues not listed
on the ROT Assignment Form
(especially during periods of peak
market activity) without the burden and
delay of seeking out a new ROT
Assignment Form and appropriate
Exchange staff, which could cause the
non-SQT ROT to miss out on a trading
opportunity.
Receipt of the properly completed
ROT Assignment Form from a duly
qualified non-SQT ROT applicant
would constitute acceptance by the
Exchange of such non-SQT ROT’s
assignment in, or termination of
assignment in (as indicated on the ROT
Assignment Form), the options listed on
such ROT Assignment Form. All such
assignments would not be effective, and
would be terminated, in the event that
such non-SQT ROT applicant fails to
qualify as an ROT on the Exchange.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with section 6(b)
6 See
7 See
PO 00000
Exchange Rule 1014, Commentary .01.
Exchange Rule 1014(b)(ii)(E)(2).
Frm 00134
Fmt 4703
Sfmt 4703
74399
of the Act 8 in general, and furthers the
objectives of section 6(b)(5) of the Act 9
in particular, in that it is designed to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and, in general, to protect
investors and the public interest. The
Exchange believes that the foregoing
proposal should enable it to better
monitor the activities of non-SQT ROTs,
which should enhance the fair and
orderly market of the Exchange, which
would benefit investors in general.
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 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
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which Phlx consents, the
Commission shall: (a) By order approve
such proposed rule change, or (b)
institute proceedings to determine
whether the proposed rule change
should be disapproved.
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.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
No. SR–Phlx–2007–91 on the subject
line.
8 15
9 15
E:\FR\FM\31DEN1.SGM
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
31DEN1
74400
Federal Register / Vol. 72, No. 249 / Monday, December 31, 2007 / Notices
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
No. SR–Phlx–2007–91. This file number
should be included on the subject line
if e-mail is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). 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
Room, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of the filing also will be available
for inspection and copying at the
principal office of the Phlx. All
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File No.
SR–Phlx–2007–91 and should be
submitted on or before January 22, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Nancy M. Morris,
Secretary.
[FR Doc. E7–25375 Filed 12–28–07; 8:45 am]
BILLING CODE 8011–01–P
Incident: Severe Storms, High Winds,
Rains and Flooding.
Incident Period: 12/04/2007 through
12/07/2007.
12/19/2007.
Physical Loan Application Deadline
Date: 02/18/2008.
Economic Injury (EIDL) Loan
Application Deadline Date: 09/19/2008.
EFFECTIVE DATE:
Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
ADDRESSES:
A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street, SW., Suite 6050,
Washington, DC 20416.
FOR FURTHER INFORMATION CONTACT:
Notice is
hereby given that as a result of the
Administrator’s disaster declaration,
applications for disaster loans may be
filed at the address listed above or other
locally announced locations.
The following areas have been
determined to be adversely affected by
the disaster:
SUPPLEMENTARY INFORMATION:
Primary Counties:
Honolulu, Maui.
Contiguous Counties:
None.
The Interest Rates are:
Percent
Homeowners With Credit Available
Elsewhere ...................................
Homeowners Without Credit Available Elsewhere ...........................
Businesses With Credit Available
Elsewhere ...................................
Businesses & Small Agricultural
Cooperatives
Without
Credit
Available Elsewhere ....................
Other (Including Non-Profit Organizations) With Credit Available
Elsewhere ...................................
Businesses and Non-Profit Organizations Without Credit Available
Elsewhere ...................................
5.875
2.937
8.000
4.000
5.250
4.000
SMALL BUSINESS ADMINISTRATION
Hawaii Disaster #HI–00010
U.S. Small Business
Administration.
ACTION: Notice.
sroberts on PROD1PC70 with NOTICES
AGENCY:
SUMMARY: This is a notice of an
Administrative declaration of a disaster
for the State of Hawaii dated 12/19/
2007.
10 17
CFR 200.30–3(a)(12).
VerDate Aug<31>2005
20:08 Dec 28, 2007
(Catalog of Federal Domestic Assistance
Numbers 59002 and 59008)
Dated: December 19, 2007.
Steven C. Preston,
Administrator.
[FR Doc. E7–25379 Filed 12–28–07; 8:45 am]
BILLING CODE 8025–01–P
Jkt 214001
[Disaster Declaration #11124 and #11125]
Washington Disaster Number WA–
00015
U.S. Small Business
Administration.
ACTION: Amendment 2.
AGENCY:
SUMMARY: This is an amendment of the
Presidential declaration of a major
disaster for the State of Washington
(FEMA–1734–DR), dated 12/09/2007.
Incident: Severe Storms, Flooding,
Landslides, and Mudslides.
Incident Period: 12/01/2007 and
continuing through 12/17/2007.
EFFECTIVE DATE: 12/17/2007.
Physical Loan Application Deadline
Date: 02/07/2008.
EIDL Loan Application Deadline Date:
09/09/2008.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street, SW., Suite 6050,
Washington, DC 20416.
SUPPLEMENTARY INFORMATION: The notice
of the President’s major disaster
declaration for the State of Washington,
dated 12/09/2007 is hereby amended to
establish the incident period for this
disaster as beginning 12/01/2007 and
continuing through 12/17/2007.
All other information in the original
declaration remains unchanged.
(Catalog of Federal Domestic Assistance
Numbers 59002 and 59008)
Herbert L. Mitchell,
Associate Administrator for Disaster
Assistance.
[FR Doc. E7–25372 Filed 12–28–07; 8:45 am]
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #11124 and #11125]
The number assigned to this disaster
for physical damage is 11140 B and for
economic injury is 11141 0.
The State which received an EIDL
Declaration # is Hawaii.
[Disaster Declaration #11140 and #11141]
SMALL BUSINESS ADMINISTRATION
PO 00000
Frm 00135
Fmt 4703
Sfmt 4703
Washington Disaster Number WA–
00015
U.S. Small Business
Administration.
ACTION: Amendment 3.
AGENCY:
SUMMARY: This is an amendment of the
Presidential declaration of a major
disaster for the State of Washington
(FEMA–1734–DR), dated 12/09/2007.
Incident: Severe Storms, Flooding,
Landslides, and Mudslides.
E:\FR\FM\31DEN1.SGM
31DEN1
]]>Agencies
[Federal Register Volume 72, Number 249 (Monday, December 31, 2007)]
[Notices]
[Pages 74398-74400]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-25375]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57034; File No. SR-Phlx-2007-91]
Self-Regulatory Organizations; Notice of Filing of Proposed Rule
Change by the Philadelphia Stock Exchange, Inc. To Require a Non-
Streaming Quote Trader Registered Option Traders (``non-SQT ROT'') To
Submit a List of Options for Intended Assignment
December 21, 2007.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 \2\ thereunder, notice is hereby given
that on December 12, 2007, the Philadelphia Stock Exchange, Inc.
(``Phlx'' 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
Phlx. The Commission is publishing this notice to solicit comments on
the proposed rule change from interested persons.
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Phlx proposes to amend Exchange Rule 1014(b)(ii)(C) to require
Exchange ``non-SQT ROTs'' (as defined below) to submit to the Exchange
a list
[[Page 74399]]
of the options in which such non-SQT ROT intends to be assigned to make
markets.
The text of the proposed rule change is available at the Phlx's
principal office, the Commission's Public Reference Room, and https://
www.Phlx.com.
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 Phlx 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 Phlx 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 purpose of the proposed rule change is to enable the Exchange
to better track the activities of non-SQT ROTs on the Exchange.
Currently there are a number of categories of Exchange Registered
Options Traders that make markets in various options on the Exchange.
These categories include Exchange Streaming Quote Traders (``SQTs'')
\3\ and Remote Streaming Quote Traders (``RSQTs'') \4\ that submit
continuous electronic option quotations to the Exchange's electronic
trading platform for options, Phlx XL.\5\
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ An SQT is a Registered Options Trader (``ROT'') who has
received permission from the Exchange to generate and submit option
quotations electronically through an electronic interface with AUTOM
via an Exchange approved proprietary electronic quoting device in
eligible options to which such SQT is assigned. See Exchange Rule
1014(b)(ii)(A).
\4\ An RSQT is an ROT that is a member or member organization
with no physical trading floor presence who has received permission
from the Exchange to generate and submit option quotations
electronically through AUTOM in eligible options to which such RSQT
has been assigned. An RSQT may only submit such quotations
electronically from off the floor of the Exchange. See Exchange Rule
1014(b)(ii)(B).
\5\ See Securities Exchange Act Release No. 50100 (July 27,
2004), 69 FR 44612 (August 3, 2004) (SR-Phlx-2003-59).
---------------------------------------------------------------------------
Currently, there are a number of ROTs on the Exchange's options
floor that do not stream electronic quotations into the Phlx XL system,
known as ``non-SQT ROTs.'' Instead, non-SQT ROTs make verbal markets
when called upon to do so, and also have the ability to send limit
orders to the limit order book via electronic interface with Phlx XL.
There are several rules that include certain requirements for non-
SQT ROTs, such as minimum quarterly in-person trading requirements \6\
and the obligation of a non-SQT ROT who transacts more than 20% of his/
her contract volume electronically (i.e., by way of placing limit
orders on the limit order book that are executed electronically and
allocated automatically in accordance with Exchange Rule 1014(g)(vii))
versus in open outcry during any calendar quarter, to submit electronic
quotations in a designated percentage of series in such option during
the following calendar quarter, depending on the Exchange's total
contract volume traded electronically during the affected calendar
quarter.\7\
---------------------------------------------------------------------------
\6\ See Exchange Rule 1014, Commentary .01.
\7\ See Exchange Rule 1014(b)(ii)(E)(2).
---------------------------------------------------------------------------
In order to enable the Exchange to better track the above-mentioned
non-SQT ROT activity, non-SQT ROTs would be required to notify the
Exchange of each option, on an issue-by-issue basis, in which such non-
SQT ROT intends to be assigned to make markets. Such notification would
be in writing on a form prescribed by the Exchange (an ``ROT Assignment
Form''). Any change to such ROT Assignment Form must be made in writing
by such non-SQT ROT prior to the end of the trading session in which
such change is to take place. The purpose of the ``end of the trading
session'' requirement is to permit non-SQT ROTs to provide additional
liquidity to issues not listed on the ROT Assignment Form (especially
during periods of peak market activity) without the burden and delay of
seeking out a new ROT Assignment Form and appropriate Exchange staff,
which could cause the non-SQT ROT to miss out on a trading opportunity.
Receipt of the properly completed ROT Assignment Form from a duly
qualified non-SQT ROT applicant would constitute acceptance by the
Exchange of such non-SQT ROT's assignment in, or termination of
assignment in (as indicated on the ROT Assignment Form), the options
listed on such ROT Assignment Form. All such assignments would not be
effective, and would be terminated, in the event that such non-SQT ROT
applicant fails to qualify as an ROT on the Exchange.
2. Statutory Basis
The Exchange believes that its proposal is consistent with section
6(b) of the Act \8\ in general, and furthers the objectives of section
6(b)(5) of the Act \9\ in particular, in that it is designed to promote
just and equitable principles of trade, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general, to protect investors and the public interest.
The Exchange believes that the foregoing proposal should enable it to
better monitor the activities of non-SQT ROTs, which should enhance the
fair and orderly market of the Exchange, which would benefit investors
in general.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
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 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
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which Phlx consents, the Commission shall: (a) By order approve such
proposed rule change, or (b) institute proceedings to determine whether
the proposed rule change should be disapproved.
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. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File No. SR-Phlx-2007-91 on the subject line.
[[Page 74400]]
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File No. SR-Phlx-2007-91. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (https://www.sec.gov/rules/
sro.shtml). 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 Room, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Phlx. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File No. SR-Phlx-2007-91 and should be
submitted on or before January 22, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
[FR Doc. E7-25375 Filed 12-28-07; 8:45 am]
BILLING CODE 8011-01-P
