Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by the Philadelphia Stock Exchange, Inc. To Eliminate the Maximum Order Delivery Size Over the AUTOM System, 1929-1931 [E5-41]
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Federal Register / Vol. 70, No. 7 / Tuesday, January 11, 2005 / Notices
4(f)(6)(iii).10 The Exchange has
designated the proposed rule change as
one that: (i) Does not significantly affect
the protection of investors or the public
interest; (ii) does not impose any
significant burden on competition; and
(iii) does not become operative for 30
days from the date it was filed, or such
shorter time as the Commission may
designate. The Exchange believes good
cause exists to grant such waivers
because conforming the effective date of
its Internal Controls amendments to the
NASD’s effective date will be beneficial
to dual NYSE/NASD member
organizations in that it will eliminate
any confusion that may otherwise arise
in connection with staggered
implementation dates. Further,
coordinating the effective dates will
facilitate the issuance of any joint
NYSE/NASD materials to members to
clarify practical aspects of the
amendments.
The Commission believes that waiver
of the five-day notice and the 30-day
pre-operative delay is consistent with
the protection of investors and the
public interest because it will allow the
NYSE to minimize confusion that may
otherwise occur due to staggered
implementation dates as firms make any
required procedural or system changes.
Furthermore, this waiver will facilitate
the issuance of any joint guidance by
the NYSE and NASD. For these reasons,
the Commission designates the
proposed rule change to be effective and
operative upon filing with the
Commission.11
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposed rule
change, as amended, is consistent with
the Exchange Act. Comments may be
submitted by any of the following
methods:
10 See telephone conversation between Stephen
Kasprzak, Senior Special Counsel, NYSE and
Lourdes Gonzalez, Assistant Chief Counsel, SEC, on
January 3, 2005. Under subparagraph (f)(6)(iii) of
Rule 19b–4, the proposal may not become operative
for 30 days after the date of its filing, or such shorter
time as the Commission may designate if consistent
with the protection of investors and the public
interest, and the self-regulatory organization must
file notice of its intent to file notice of the proposed
rule change at least five business days beforehand.
17 CFR 240.19b–4(f)(6)(iii).
11 For purposes only of accelerating the effective
date of this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
VerDate jul<14>2003
17:22 Jan 10, 2005
Jkt 205001
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rulecomments@sec.gov. Please include File
Number SR–NYSE–2004–72 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Jonathan G. Katz, Secretary,
Securities and Exchange Commission,
450 Fifth Street, NW., Washington, DC
20549–0609.
All submissions should refer to File
Number SR–NYSE–2004–72. 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. Copies of such filing will also be
available for inspection and copying at
the principal office of the NYSE. 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–NYSE–2004–72 and should be
submitted on or before February 1, 2005.
For the Commission, by the Division of
Market Regulation, pursuant to the delegated
authority.8
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5–56 Filed 1–10–05; 8:45 am]
BILLING CODE 8010–01–P
PO 00000
8 17
CFR 200.30–3(a)(12).
Frm 00067
Fmt 4703
Sfmt 4703
1929
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–50958; File No. SR–Phlx–
2004–93]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by the
Philadelphia Stock Exchange, Inc. To
Eliminate the Maximum Order Delivery
Size Over the AUTOM System
January 4, 2005.
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
15, 2004, 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 is proposing to adopt
amendments to Phlx Rules
1080(b)(i)(A), (B), and (C), Philadelphia
Stock Exchange Automated Options
Market (AUTOM) 3 and Automatic
Execution System (AUTO–X), reflecting
a system change that would eliminate
the maximum eligible order size of
5,000 contracts for delivery on the
AUTOM System. Under the proposal,
there would no longer be any limitation
on the size of orders eligible for delivery
via AUTOM.
Below is the text of the proposed rule
change. Proposed deletions are
bracketed.
Philadelphia Stock Exchange
Automated Options Market (AUTOM)
and Automatic Execution System
(AUTO–X)
Rule 1080. (a) No change.
(b) Eligible Orders.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4
3 AUTOM is the Exchange’s electronic order
delivery, routing, execution, and reporting system,
which provides for the automatic entry and routing
of equity option and index option orders to the
Exchange trading floor. Orders delivered through
AUTOM may be executed manually, or certain
orders are eligible for AUTOM’s automatic
execution features, AUTO–X, Book Sweep, and
Book Match. Equity option and index option
specialists are required by the Exchange to
participate in AUTOM and its features and
enhancements. Option orders entered by Exchange
members into AUTOM are routed to the appropriate
specialist unit on the Exchange trading floor. See
Exchange Rule 1080.
2 17
E:\FR\FM\11JAN1.SGM
11JAN1
1930
Federal Register / Vol. 70, No. 7 / Tuesday, January 11, 2005 / Notices
(i) The following types of orders are
eligible for entry into AUTOM:
(A) Agency orders [up to the
maximum number of contracts
permitted by the Exchange] may be
entered. [Agency orders up to 5,000
contracts, depending on the option, are
eligible for AUTOM order delivery,
subject to the approval of the Options
Committee.] The following types of
agency orders are eligible for AUTOM;
day, GTC, Immediate or Cancel (‘‘IOC’’),
market, limit, all or none, or better,
simple cancel, simple cancel to reduce
size (cancel leaves), cancel to change
price, cancel with replacement order,
and possible duplicate orders.
(B) Respecting non-Streaming Quote
Options, on-floor orders for the
proprietary account(s) of non-SQT ROTs
and specialists via electronic interface
with AUTOM may be entered[, up to the
maximum number of contracts
permitted by the Exchange], subject to
the restrictions on order entry set forth
in Commentary .04 of this Rule. [Orders
up to 5,000 contracts, depending on the
option, are eligible for AUTOM order
delivery.] The following types of orders
for the proprietary account(s) of ROTs
and specialists are eligible for entry via
electronic interface with AUTOM: GTC,
day limit and simple cancel.
(C) Off-floor broker-dealer limit
orders[, up to the minimum number of
contracts permitted by the Exchange],
subject to the restrictions on order entry
set forth in Commentary .05 of this Rule,
may be entered. [Generally, orders up to
5,000 contracts, depending on the
option, are eligible for AUTOM order
delivery on an issue-by-issue basis,
subject to the approval of the Options
Committee. The Options Committee
may determine to increase the eligible
order delivery size to an amount greater
than 5,000 contracts, on an issue-byissue basis.] The following types of
broker-dealer limit orders are eligible for
AUTOM: day, GTC, IOC, simple cancel,
simple cancel to reduce size (cancel
leaves), cancel to change price, cancel
with replacement order. For purposes of
this Rule 1080, the term ‘‘off-floor
broker-dealer’’ means a broker-dealer
that delivers orders from off the floor of
the Exchange for the proprietary
account(s) of such broker-dealer,
including a market maker located on an
exchange or trading floor other than the
Exchange’s trading floor who elects to
deliver orders via AUTOM for the
proprietary account(s) of such market
maker.
(ii) and (iii) No change.
(c)–(k) No change.
Commentary: No change.
VerDate jul<14>2003
17:22 Jan 10, 2005
Jkt 205001
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 increase the number of
orders that are eligible for delivery over
the AUTOM System by eliminating the
current 5,000 contract maximum size
limitation on orders delivered via
AUTOM.
Currently, Exchange Rules
1080(b)(i)(A), (B), and (C) establish a
maximum eligible size of 5,000
contracts for orders delivered via
AUTOM. Orders delivered via AUTOM
with a size greater than 5,000 contracts
are currently routed back to the point of
origin of the order (i.e., to the member
or member organization that delivered
the order), or to a Floor Broker
designated by the member or member
organization that delivered the order.
The proposed rule change would
eliminate any limitation on the eligible
size of AUTOM-delivered orders; thus,
eligible orders of any size could be
delivered via AUTOM.
The Exchange believes that the
elimination of the 5,000 contract
maximum eligible AUTOM order
delivery size should result in a greater
number of orders and contracts
delivered via the AUTOM System,
which should result in a greater number
of orders received and handled
electronically on the Exchange.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act 4 in general, and furthers the
objectives of Section 6(b)(5) of the Act 5
in particular, in that it is designed to
perfect the mechanisms of a free and
open market and the national market
system, protect investors and the public
interest and promote just and equitable
PO 00000
4 15
5 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
Frm 00068
Fmt 4703
principles of trade, by eliminating the
maximum size limitation for orders
delivered via AUTOM, thus allowing
eligible orders of any size to be
delivered electronically to the Exchange
via AUTOM.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any inappropriate 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 either
solicited or received by the Exchange.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The proposed rule change has become
effective pursuant to Section
19(b)(3)(A)(iii) of the Act 6 and Rule
19b–4(f)(5)7 thereunder. The Phlx has
represented that the proposal effects a
change in an existing order-entry or
trading system of a self-regulatory
organization that (i) does not
significantly affect the protection of
investors or the public interest; (ii) does
not impose any significant burden on
competition; and (iii) does not have the
effect of limiting the access to or
availability of the system. 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 or 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,
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
Number SR–Phlx–2004–93 on the
subject line.
6 15
7 17
Sfmt 4703
E:\FR\FM\11JAN1.SGM
U.S.C. 78s(b)(3)(A)(iii).
CFR 19b-4(f)(5).
11JAN1
Federal Register / Vol. 70, No. 7 / Tuesday, January 11, 2005 / Notices
Paper Comments
• Send paper comments in triplicate
to Jonathan G. Katz, Secretary,
Securities and Exchange Commission,
450 Fifth Street, NW., Washington, DC
20549–0609.
All submissions should refer to File
Number SR–Phlx–2004–93. 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. 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–2004–93 and should
be submitted on or before February 1,
2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.8
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5–41 Filed 1–10–05; 8:45 am]
BILLING CODE 8010–01–P
DEPARTMENT OF TRANSPORTATION
Office of the Secretary
Department of Transportation.
Notice of Order to Show Cause
(Order 2005–1–1); Dockets OST–2004–
17171 and OST–2004–17172.
ACTION:
Culturally Significant Objects Imported
for Exhibition Determinations:
‘‘Recarving China’s Past: The Art,
Archaeology and Architecture of the
‘Wu Family Shrines’ ’’
Department of State.
ACTION: Notice.
AGENCY:
SUMMARY: Notice is hereby given of the
following determinations: Pursuant to
the authority vested in me by the Act of
CFR 200.30–3(a)(12).
17:22 Jan 10, 2005
BILLING CODE 4710–08–P
AGENCY:
[Public Notice 4954]
VerDate jul<14>2003
Dated: January 3, 2005.
C. Miller Crouch,
Principal Deputy Assistant Secretary for
Educational and Cultural Affairs, Department
of State.
[FR Doc. 05–507 Filed 1–10–05; 8:45 am]
Applications of Skylink Airways, Inc.
for Certificate Authority
DEPARTMENT OF STATE
8 15
October 19, 1965 (79 Stat. 985; 22 U.S.C.
2459), Executive Order 12047 of March
27, 1978, the Foreign Affairs Reform and
Restructuring Act of 1998 (112 Stat.
2681, et seq.; 22 U.S.C. 6501 note, et
seq.), Delegation of Authority No. 234 of
October 1, 1999, Delegation of Authority
No. 236 of October 19, 1999, as
amended, and Delegation of Authority
No. 257 of April 15, 2003 [68 FR 19875],
I hereby determine that the objects to be
included in the exhibition ‘‘Recarving
China’s Past: The Art, Archaeology and
Architecture of the ‘Wu Family
Shrines,’ ’’ imported from abroad for
temporary exhibition within the United
States, are of cultural significance. The
objects are imported pursuant to loan
agreements with the foreign owners. I
also determine that the exhibition or
display of the exhibit objects at The
Princeton University Art Museum, from
on or about March 5, 2005, until on or
about June 26, 2005, and at possible
additional venues yet to be determined,
is in the national interest. Public Notice
of these Determinations is ordered to be
published in the Federal Register.
FOR FURTHER INFORMATION CONTACT: For
further information, including a list of
the exhibit objects, contact Richard
Lahne, Attorney-Adviser, Office of the
Legal Adviser, U.S. Department of State
(telephone: (202) 453–8058). The
address is U.S. Department of State, SA–
44, 301 4th Street, SW. Room 700,
Washington, DC 20547–0001.
Jkt 205001
SUMMARY: The Department of
Transportation is directing all interested
persons to show cause why it should
not (1) issue an order finding SkyLink
Airways, Inc., fit, willing, and able, and
awarding it a certificate of public
convenience and necessity to engage in
foreign scheduled air transportation of
persons, property and mail to certain
countries, and (2) defer action on
SkyLink’s application for interstate
PO 00000
Frm 00069
Fmt 4703
Sfmt 4703
1931
authority and the remainder of its
foreign authority.
DATES: Persons wishing to file
objections should do so no later than
January 22, 2005.
ADDRESSES: Objections and answers to
objections should be filed in Dockets
OST–2004–17171 and OST–2004–17172
and addressed to U.S. Department of
Transportation, Docket Operations, (M–
30, Room PL–401), 400 Seventh Street,
SW., Washington, DC 20590, and should
be served upon the parties listed in
Attachment A to the order.
FOR FURTHER INFORMATION CONTACT:
Vanessa R. Wilkins, Air Carrier Fitness
Division (X–56, Room 6401), U.S.
Department of Transportation, 400
Seventh Street, SW., Washington, DC
20590, (202) 366–9721.
Dated: January 5, 2005.
Karan K. Bhatia,
Assistant Secretary for Aviation and
International Affairs.
[FR Doc. 05–476 Filed 1–10–05; 8:45 am]
BILLING CODE 4910–62–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
[Summary Notice No. PE–2005–1]
Petitions for Exemption; Summary of
Petitions Received
Federal Aviation
Administration (FAA), DOT.
ACTION: Notice of petitions for
exemption received.
AGENCY:
SUMMARY: Pursuant to FAA’s rulemaking
provisions governing the application,
processing, and disposition of petitions
for exemption part 11 of title 14, Code
of Federal Regulations (14 CFR), this
notice contains a summary of certain
petitions seeking relief from specified
requirements of 14 CFR, dispositions of
certain petitions previously received,
and corrections. The purpose of this
notice is to improve the public’s
awareness of, and participation in, this
aspect of FAA’s regulatory activities.
Neither publication of this notice nor
the inclusion or omission of information
in the summary is intended to affect the
legal status of any petition or its final
disposition.
Comments on petitions received
must identify the petition docket
number involved and must be received
on or before January 26, 2005.
ADDRESSES: You may submit comments
[identified by DOT DMS Docket Number
FAA–2004–19957] by any of the
following methods:
DATES:
E:\FR\FM\11JAN1.SGM
11JAN1
]]>Agencies
[Federal Register Volume 70, Number 7 (Tuesday, January 11, 2005)]
[Notices]
[Pages 1929-1931]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-41]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-50958; File No. SR-Phlx-2004-93]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the Philadelphia Stock
Exchange, Inc. To Eliminate the Maximum Order Delivery Size Over the
AUTOM System
January 4, 2005.
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 15, 2004, 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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Phlx is proposing to adopt amendments to Phlx Rules
1080(b)(i)(A), (B), and (C), Philadelphia Stock Exchange Automated
Options Market (AUTOM) \3\ and Automatic Execution System (AUTO-X),
reflecting a system change that would eliminate the maximum eligible
order size of 5,000 contracts for delivery on the AUTOM System. Under
the proposal, there would no longer be any limitation on the size of
orders eligible for delivery via AUTOM.
---------------------------------------------------------------------------
\3\ AUTOM is the Exchange's electronic order delivery, routing,
execution, and reporting system, which provides for the automatic
entry and routing of equity option and index option orders to the
Exchange trading floor. Orders delivered through AUTOM may be
executed manually, or certain orders are eligible for AUTOM's
automatic execution features, AUTO-X, Book Sweep, and Book Match.
Equity option and index option specialists are required by the
Exchange to participate in AUTOM and its features and enhancements.
Option orders entered by Exchange members into AUTOM are routed to
the appropriate specialist unit on the Exchange trading floor. See
Exchange Rule 1080.
---------------------------------------------------------------------------
Below is the text of the proposed rule change. Proposed deletions
are bracketed.
Philadelphia Stock Exchange Automated Options Market (AUTOM) and
Automatic Execution System (AUTO-X)
Rule 1080. (a) No change.
(b) Eligible Orders.
[[Page 1930]]
(i) The following types of orders are eligible for entry into
AUTOM:
(A) Agency orders [up to the maximum number of contracts permitted
by the Exchange] may be entered. [Agency orders up to 5,000 contracts,
depending on the option, are eligible for AUTOM order delivery, subject
to the approval of the Options Committee.] The following types of
agency orders are eligible for AUTOM; day, GTC, Immediate or Cancel
(``IOC''), market, limit, all or none, or better, simple cancel, simple
cancel to reduce size (cancel leaves), cancel to change price, cancel
with replacement order, and possible duplicate orders.
(B) Respecting non-Streaming Quote Options, on-floor orders for the
proprietary account(s) of non-SQT ROTs and specialists via electronic
interface with AUTOM may be entered[, up to the maximum number of
contracts permitted by the Exchange], subject to the restrictions on
order entry set forth in Commentary .04 of this Rule. [Orders up to
5,000 contracts, depending on the option, are eligible for AUTOM order
delivery.] The following types of orders for the proprietary account(s)
of ROTs and specialists are eligible for entry via electronic interface
with AUTOM: GTC, day limit and simple cancel.
(C) Off-floor broker-dealer limit orders[, up to the minimum number
of contracts permitted by the Exchange], subject to the restrictions on
order entry set forth in Commentary .05 of this Rule, may be entered.
[Generally, orders up to 5,000 contracts, depending on the option, are
eligible for AUTOM order delivery on an issue-by-issue basis, subject
to the approval of the Options Committee. The Options Committee may
determine to increase the eligible order delivery size to an amount
greater than 5,000 contracts, on an issue-by-issue basis.] The
following types of broker-dealer limit orders are eligible for AUTOM:
day, GTC, IOC, simple cancel, simple cancel to reduce size (cancel
leaves), cancel to change price, cancel with replacement order. For
purposes of this Rule 1080, the term ``off-floor broker-dealer'' means
a broker-dealer that delivers orders from off the floor of the Exchange
for the proprietary account(s) of such broker-dealer, including a
market maker located on an exchange or trading floor other than the
Exchange's trading floor who elects to deliver orders via AUTOM for the
proprietary account(s) of such market maker.
(ii) and (iii) No change.
(c)-(k) No change.
Commentary: No change.
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 increase the number
of orders that are eligible for delivery over the AUTOM System by
eliminating the current 5,000 contract maximum size limitation on
orders delivered via AUTOM.
Currently, Exchange Rules 1080(b)(i)(A), (B), and (C) establish a
maximum eligible size of 5,000 contracts for orders delivered via
AUTOM. Orders delivered via AUTOM with a size greater than 5,000
contracts are currently routed back to the point of origin of the order
(i.e., to the member or member organization that delivered the order),
or to a Floor Broker designated by the member or member organization
that delivered the order. The proposed rule change would eliminate any
limitation on the eligible size of AUTOM-delivered orders; thus,
eligible orders of any size could be delivered via AUTOM.
The Exchange believes that the elimination of the 5,000 contract
maximum eligible AUTOM order delivery size should result in a greater
number of orders and contracts delivered via the AUTOM System, which
should result in a greater number of orders received and handled
electronically on the Exchange.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \4\ in general, and furthers the objectives of Section
6(b)(5) of the Act \5\ in particular, in that it is designed to perfect
the mechanisms of a free and open market and the national market
system, protect investors and the public interest and promote just and
equitable principles of trade, by eliminating the maximum size
limitation for orders delivered via AUTOM, thus allowing eligible
orders of any size to be delivered electronically to the Exchange via
AUTOM.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 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 inappropriate 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 either solicited or received by the
Exchange.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The proposed rule change has become effective pursuant to Section
19(b)(3)(A)(iii) of the Act \6\ and Rule 19b-4(f)(5)\7\ thereunder. The
Phlx has represented that the proposal effects a change in an existing
order-entry or trading system of a self-regulatory organization that
(i) does not significantly affect the protection of investors or the
public interest; (ii) does not impose any significant burden on
competition; and (iii) does not have the effect of limiting the access
to or availability of the system. 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 or for the
protection of investors, or otherwise in furtherance of the purposes of
the Act.
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\6\ 15 U.S.C. 78s(b)(3)(A)(iii).
\7\ 17 CFR 19b-4(f)(5).
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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 Number SR-Phlx-2004-93 on the subject line.
[[Page 1931]]
Paper Comments
Send paper comments in triplicate to Jonathan G. Katz,
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW.,
Washington, DC 20549-0609.
All submissions should refer to File Number SR-Phlx-2004-93. 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. 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-2004-93 and should be submitted on or before
February 1, 2005.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\8\
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\8\ 15 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5-41 Filed 1-10-05; 8:45 am]
BILLING CODE 8010-01-P
