Self-Regulatory Organizations; Order Approving Proposed Rule Change, and Amendment No. 1 Thereto, by the Pacific Exchange, Inc. Relating To Changing the Opening Time and the Commencement of the Opening Auction on the Archipelago Exchange, 2918 [E5-159]

Download as PDF 2918 Federal Register / Vol. 70, No. 11 / Tuesday, January 18, 2005 / Notices For the Commission, by the Division of Market Regulation, pursuant to delegated authority.10 Jill M. Peterson, Assistant Secretary. [FR Doc. E5–152 Filed 1–14–05; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–51014; File No. SR–PCX– 2004–83] Self-Regulatory Organizations; Order Approving Proposed Rule Change, and Amendment No. 1 Thereto, by the Pacific Exchange, Inc. Relating To Changing the Opening Time and the Commencement of the Opening Auction on the Archipelago Exchange January 10, 2005. On October 22, 2004, the Pacific Exchange, Inc. (‘‘PCX’’ or ‘‘Exchange’’), through its wholly owned subsidiary PCX Equities, Inc. (‘‘PCXE’’) submitted to 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 change the opening time and the commencement of the Opening Auction of its facility, the Archipelago Exchange (‘‘ArcaEx’’), from 5 a.m. (Pacific time) to 1 a.m. (Pacific time) and modify PCXE Rules 7.34 and 7.35, respectively. On November 22, 2004, the PCX submitted Amendment No. 1 to the proposed rule change.3 The Federal Register published the proposed rule change for comment on December 6, 2004.4 The Commission received no comments on the proposed rule change, as amended. 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 that are applicable to a national securities exchange.5 In particular, the Commission believes that the proposed rule change is consistent with Section 6(b) of the Act,6 in general, and furthers the objectives of Section 6(b)(5),7 in 10 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 Amendment No. 1 replaced and superceded the original filing in its entirety. 4 Securities Exchange Act Release No. 50756 (November 30, 2004), 69 FR 70489. 5 In approving this rule, the Commission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). 7 15 U.S.C. 78f(b)(5). 1 15 VerDate jul<14>2003 11:51 Jan 14, 2005 Jkt 205001 particular, because it is designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, and to remove impediments and perfect the mechanisms of a free and open market and to protect investors and the public interest. The Commission believes that the proposed rule change is reasonably designed to provide additional liquidity for customers seeking to participate in the Nasdaqlisted and exchange-listed markets by extending the ArcaEx’s Opening Auction during the hours before the primary markets open for trading. The Commission believes that having a PCX Market Management staff member onsite at the ArcaEx facility beginning at 1 a.m. (Pacific time), in conjunction with the Exchange’s employment of third-party data vendors, should enable the Exchange to coordinate its trading halts with those that are instituted for regulatory reasons by the primary markets, including the foreign markets with whom the PCX represents it is establishing contacts. In addition, this arrangement should permit the Exchange to exercise its discretion to institute a trading halt on ArcaEx when the trading halt is for a non-regulatory reason. Further, the Commission recognizes that the Exchange has represented that the PCX Market Management staff member will be able to monitor the quoting and trading activity of its Users 8 during that time period. In addition, the Commission notes that the Exchange has represented that it will not begin trading at 1 a.m. (Pacific time) until the Securities Information Processors (‘‘SIPs’’ are ready to accommodate quoting and trading beginning at 1 a.m. (Pacific time) and have provided ArcaEx with notification that they are prepared to disseminate quotes and trades at that time. The Commission believes that this precondition to commencing trading a 1 a.m. (Pacific time) is appropriate because the quote and trade data disseminated by SIPs are fundamental to market transparency. It is therefore ordered, pursuant to Section 19(b)(2) of the Act,9 that the proposed rule change, as amended, (SR– PCX–2004–83) be, and it hereby is, approved. PO 00000 BILLING CODE 8010–01–P SOCIAL SECURITY ADMINISTRATION Agency Information Collection Activities: Proposed Request and Comment Request The Social Security Administration (SSA) publishes a list of information collection packages that will require clearance by the Office of Management and Budget (OMB) in compliance with Public Law 104–13, the Paperwork Reduction Act of 1995, effective October 1, 1995. The information collection packages that may be included in this notice are for revisions to OMBapproved information collections and extensions (no change) of OMBapproved information collections. SSA is soliciting comments on the accuracy of the agency’s burden estimate; the need for the information; its practical utility; ways to enhance its quality, utility, and clarity; and on ways to minimize burden on respondents, including the use of automated collection techniques or other forms of information technology. Written comments and recommendations regarding the information collection(s) should be submitted to the OMB Desk Officer and the SSA Reports Clearance Officer. The information can be mailed and/or faxed to the individuals at the addresses and fax numbers listed below: (OMB) Office of Management and Budget, Fax: 202–395–6974. (SSA) Social Security Administration, DCFAM, Attn: Reports Clearance Officer, 1338 Annex Building, 6401 Security Blvd., Baltimore, MD 21235; Fax: 410–965–6400. I. The information collections listed below are pending at SSA and will be submitted to OMB within 60 days from the date of this notice. Therefore, your comments should be submitted to SSA within 60 days from the date of this publication. You can obtain copies of the collection instruments by calling the SSA Reports Clearance Officer at 410– 965–0454 or by writing to the address listed above. 1. Report of Death by Funeral Director—20 CFR 404.715, 404.720, 416.635—0960–0142. SSA uses the information on form SSA–721 to make timely and accurate decisions based on 8 See 9 15 PCXE Rule 1.1(yy). U.S.C. 78s(b)(2). For the Commission, by the Division of Market Regulation, pursuant to delegated authority.10 Jill M. Peterson, Assistant Secretary. [FR Doc. E5–159 Filed 1–14–05; 8:45 am] Frm 00082 Fmt 4703 Sfmt 4703 10 17 E:\FR\FM\18JAN1.SGM CFR 200.30–3(a)(12). 18JAN1

Agencies

[Federal Register Volume 70, Number 11 (Tuesday, January 18, 2005)]
[Notices]
[Page 2918]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-159]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-51014; File No. SR-PCX-2004-83]


Self-Regulatory Organizations; Order Approving Proposed Rule 
Change, and Amendment No. 1 Thereto, by the Pacific Exchange, Inc. 
Relating To Changing the Opening Time and the Commencement of the 
Opening Auction on the Archipelago Exchange

January 10, 2005.
    On October 22, 2004, the Pacific Exchange, Inc. (``PCX'' or 
``Exchange''), through its wholly owned subsidiary PCX Equities, Inc. 
(``PCXE'') submitted to 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 change the opening time and the commencement of 
the Opening Auction of its facility, the Archipelago Exchange 
(``ArcaEx''), from 5 a.m. (Pacific time) to 1 a.m. (Pacific time) and 
modify PCXE Rules 7.34 and 7.35, respectively. On November 22, 2004, 
the PCX submitted Amendment No. 1 to the proposed rule change.\3\ The 
Federal Register published the proposed rule change for comment on 
December 6, 2004.\4\ The Commission received no comments on the 
proposed rule change, as amended.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Amendment No. 1 replaced and superceded the original filing 
in its entirety.
    \4\ Securities Exchange Act Release No. 50756 (November 30, 
2004), 69 FR 70489.
---------------------------------------------------------------------------

    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 that are applicable to a national 
securities exchange.\5\ In particular, the Commission believes that the 
proposed rule change is consistent with Section 6(b) of the Act,\6\ in 
general, and furthers the objectives of Section 6(b)(5),\7\ in 
particular, because it is designed to promote just and equitable 
principles of trade, to foster cooperation and coordination with 
persons engaged in facilitating transactions in securities, and to 
remove impediments and perfect the mechanisms of a free and open market 
and to protect investors and the public interest. The Commission 
believes that the proposed rule change is reasonably designed to 
provide additional liquidity for customers seeking to participate in 
the Nasdaq-listed and exchange-listed markets by extending the ArcaEx's 
Opening Auction during the hours before the primary markets open for 
trading. The Commission believes that having a PCX Market Management 
staff member on-site at the ArcaEx facility beginning at 1 a.m. 
(Pacific time), in conjunction with the Exchange's employment of third-
party data vendors, should enable the Exchange to coordinate its 
trading halts with those that are instituted for regulatory reasons by 
the primary markets, including the foreign markets with whom the PCX 
represents it is establishing contacts. In addition, this arrangement 
should permit the Exchange to exercise its discretion to institute a 
trading halt on ArcaEx when the trading halt is for a non-regulatory 
reason.
---------------------------------------------------------------------------

    \5\ In approving this rule, 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).
    \7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    Further, the Commission recognizes that the Exchange has 
represented that the PCX Market Management staff member will be able to 
monitor the quoting and trading activity of its Users \8\ during that 
time period. In addition, the Commission notes that the Exchange has 
represented that it will not begin trading at 1 a.m. (Pacific time) 
until the Securities Information Processors (``SIPs'' are ready to 
accommodate quoting and trading beginning at 1 a.m. (Pacific time) and 
have provided ArcaEx with notification that they are prepared to 
disseminate quotes and trades at that time. The Commission believes 
that this pre-condition to commencing trading a 1 a.m. (Pacific time) 
is appropriate because the quote and trade data disseminated by SIPs 
are fundamental to market transparency.
---------------------------------------------------------------------------

    \8\ See PCXE Rule 1.1(yy).
---------------------------------------------------------------------------

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\9\ that the proposed rule change, as amended, (SR-PCX-2004-83) be, 
and it hereby is, approved.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\10\
---------------------------------------------------------------------------

    \10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5-159 Filed 1-14-05; 8:45 am]
BILLING CODE 8010-01-P
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