Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Electronic Order Capture System or Electronic Tablet Entry Requirements, 3086-3088 [E5-178]
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3086
Federal Register / Vol. 70, No. 12 / Wednesday, January 19, 2005 / Notices
the date of approval of this proposal. At
the conclusion of the ninety day period,
however, any CBOE Exerciser Member
who does not own an NSX certificate of
proprietary membership would
automatically cease to qualify for
membership on the Exchange and
would not become a member of the
Exchange again without first complying
with all the procedures and
requirements set forth in the NSX bylaws and rules to do so. In relation to
the elimination of the membership class
of CBOE Exerciser Members, NSX
would also eliminate the ‘‘CBOE
Exercise Application’’ fee and other
references in its by-laws to ‘‘Proprietary
Members without certificates.’’
In addition, the proposal would
eliminate NSX’s Special Nominating
Committee, which is composed of two
Designated Dealer Directors, the AtLarge Director and three of the six CBOE
Directors and which has the
responsibility of nominating candidates
for Public Director positions on the NSX
board. NSX proposes to re-assign the
responsibility of nominating Public
Directors to the NSX’s Nominating
Committee, which currently nominates
candidates for the Designated Dealer
Director and At-Large Director board
positions. Finally, the proposal would
eliminate the special limitations on
changes to certain NSX by-laws and
rules contained in Article XII of the
NSX by-laws.
IV. Discussion
The Commission has reviewed the
proposed rule change and finds that it
is consistent with the Act and the rules
and regulations thereunder applicable to
a national securities exchange.5
Specifically, the Commission finds that
the proposed rule change furthers the
objectives of Section 6(b)(1) 6 of the Act,
which requires the Exchange to be so
organized and have the capacity to be
able to carry out the purposes of the Act
and to comply, and to enforce
compliance by its members, with the
Act and the rules of the Exchange. In
addition, the Commission finds that the
proposed rule change is consistent with
Section 6(b)(5) of the Act,7 which
requires, among other things, that the
rules of a national securities exchange
be 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 Commission notes that NSX and
CBOE have recently agreed to the
Termination Agreement, which would
amend and terminate certain aspects of
their affiliation. The Commission also
notes that NSX seeks to eliminate
provisions of its by-laws and rules that
were adopted to implement the terms of
the original agreement of affiliation
between NSX and CBOE.8 In particular,
the Commission notes that the proposal
would eliminate the CBOE Exerciser
membership class. Under the proposal,
the removal of the CBOE Exerciser
membership class would be deferred
until the conclusion of a ninety-day
transition period. The Commission
believes that ninety days should be a
reasonable period of time for interested
CBOE members to purchase the
requisite certificates of proprietary
membership. In addition, the
Commission notes that the proposal
would remove special voting limitations
on changes to its by-laws, and amend
the provisions of its by-laws regarding
the Special Nominating Committee. The
Commission believes that these
provisions are no longer necessary as a
result of the amendments to NSX’s
affiliation with CBOE under the
Termination Agreement.
V. Conclusion
For the foregoing reasons, the
Commission finds that the proposed
rule change is consistent with the Act
and the rules and regulations
thereunder applicable to a national
securities exchange, and, in particular,
with Sections 6(b)(1) 9 and 6(b)(5) 10 of
the Act.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,11 that the
proposed rule change (File No. SR–
NSX–2004–12) is approved.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.12
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E5–193 Filed 1–18–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51022; File No. SR–PCX–
2005–04]
Self-Regulatory Organizations; Pacific
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Amending Electronic
Order Capture System or Electronic
Tablet Entry Requirements
January 11, 2005.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on January
10, 2005, the Pacific Exchange, Inc.
(‘‘PCX’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the PCX. The Exchange has filed the
proposal as a ‘‘non-controversial’’ rule
change pursuant to Section 19(b)(3)(A)
of the Act,3 and Rule 19b–4(f)(6)
thereunder,4 which renders the proposal
effective upon filing with the
Commission.5 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 PCX proposes to amend PCX Rule
6.67 to allow for an exception to the
Electronic Order Capture System
(‘‘EOC’’) or Electronic Tablet Entry
Requirement for any option order on the
Standard and Poor’s Depository
Receipts (‘‘SPY’’) until March 28, 2005.
The text of the proposed rule change is
below. Proposed new language is in
italics.
Rules of the Pacific Exchange, Inc., Rule
6
Order Format and System Entry
Requirements
Rule 6.67(a)–(c)—No Change.
Rule 6.67(d)(1)—Exceptions to EOC or
Electronic Tablet Entry Requirement.
The EOC or Electronic Tablet entry
requirement provision of subsection (c)
will not apply to the following:
(A) Any EOC or Electronic Tablet
system disruption or malfunction as
confirmed by two Trading Officials or
1 15
5 In
approving this proposed 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)(1).
7 15 U.S.C. 78f(b)(5).
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8 See
supra note 4.
9 15 U.S.C. 78f(b)(1).
10 15 U.S.C. 78f(b)(5).
11 15 U.S.C. 78s(b)(2).
12 17 CFR 200.30–3(a)(12).
Frm 00092
Fmt 4703
Sfmt 4703
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6).
5 The PCX asked the Commission to waive the 30day operative delay. See Rule 19b–4(f)(6)(iii). 17
CFR 240.19b–4(f)(6)(iii).
2 17
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Federal Register / Vol. 70, No. 12 / Wednesday, January 19, 2005 / Notices
Exchange staff (as designated by the
Chief Regulatory Officer).
(B) Any orders in Standard and Poor’s
Depository Receipts (‘‘SPY’’) until
March 28, 2005. Rule 6.67(d)(2)–(e)—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,
PCX 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 Exchange 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 this rule change is to
adopt a provision that exempts option
orders for SPY from the requirements of
EOC or Electronic Tablet Entry
Requirement as set forth in PCX Rule
6.67 until March 28, 2005. This
exemption is similar to an exemption
provided by the Chicago Board Options
Exchange (‘‘CBOE’’) rules.6 The PCX is
adopting this exemption for competitive
purposes.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,7 in general, and
furthers the objectives of Section
6(b)(5),8 in particular, in that it is
designed to facilitate transactions in
securities, to promote just and equitable
principles of trade, to enhance
competition and to protect investors and
the public interest.
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
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
The Exchange has neither solicited
nor received comments on the proposed
rule change.
IV. Solicitation of Comments
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change: (1)
Does not significantly affect the
protection of investors or the public
interest; (2) does not impose any
significant burden on competition; and
(3) does not become operative for 30
days from the date on which it was
filed, or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest, the proposed rule
change has become effective pursuant to
Section 19(b)(3)(A) of the Act 9 and Rule
19b–4(f)(6) thereunder.10
A proposed rule change filed under
Rule 19b–4(f)(6) 11 normally does not
become operative prior to 30 days after
the date of filing. However, Rule 19b–
4(f)(6)(iii) permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange has requested that the
Commission waive the five-day prefiling requirement and the 30-day
operative delay, as specified in Rule
19b–4(f)(6)(iii), and designate the
proposed rule change immediately
operative.
The Commission believes that
waiving the five-day pre-filing provision
and the 30-day operative delay is
consistent with the protection of
investors and the public interest.12 The
Commission notes that by waiving the
pre-filing requirement and accelerating
the operative date, the Exchange has
stated that it will allow for a more
efficient and effective market operation
by enabling the Exchange to provide a
competitive means of trading SPY
options. For these reasons, the
Commission designates that the
proposed rule change has become
effective and operative immediately.
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
9 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
11 17 CFR 240.19b–4(f)(6).
12 For purposes of accelerating the operative 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).
10 17
6 See Securities Exchange Act Release No. 51006
(January 10, 2005) (CBOE–2005–04).
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(5).
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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–PCX–2005–04 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–PCX–2005–04. 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 offices of the PCX. 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–PCX–2005–04 and should
be submitted on or before February 9,
2005.
E:\FR\FM\19JAN1.SGM
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3088
Federal Register / Vol. 70, No. 12 / Wednesday, January 19, 2005 / Notices
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.13
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5–178 Filed 1–18–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51024; File No. SR-Phlx2004-94]
Self-Regulatory Organizations;
Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to Increasing the
Firm-Related Equity Option and Index
Option Comparison and Transaction
Cap
January 11, 2005.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on December
28, 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 Exchange.
Phlx filed this proposal pursuant to
Section 19(b)(3)(A)(ii) 3 of the Act and
Rule 19b–4(f)(2) 4 thereunder as a
proposal establishing or changing a due,
fee, or other charge imposed by the selfregulatory organization, which renders
the proposal effective upon filing with
the Commission. 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
Phlx proposes to amend its schedule
of fees to increase the current cap of
$50,000 per month per member
organization to $60,000, to be imposed
on all ‘‘firm-related’’ equity option and
index option comparison and
transaction charges combined.
This proposal is scheduled to become
effective for transactions settling on or
after January 3, 2005. The text of the
proposed rule change is available at
Phlx and at the Commission.
13 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii).
4 17 CFR 240.19b–4(f)(2).
1 15
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II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
Phlx included statements concerning
the purpose of and basis for its proposal
and discussed any comments it received
on the proposal. 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
Currently, the Exchange imposes a
cap of $50,000 per member organization
on all ‘‘firm-related’’ equity option and
index option comparison and
transaction charges combined.5
Specifically, ‘‘firm-related’’ charges
include equity option firm/proprietary
comparison charges, equity option firm/
proprietary transaction charges, equity
option firm/proprietary facilitation
transaction charges, index option firm
(proprietary and customer executions)
comparison charges, index option firm/
proprietary transaction charges, and
index option firm/proprietary
facilitation transaction charges
(collectively ‘‘firm-related charges’’).
Thus, such firm-related charges for
equity options and index options, in the
aggregate for one billing month, may not
exceed $50,000 per month per member
organization. Certain options are not
subject to the cap.6
5 The firm/proprietary comparison or transaction
charge applies to member organizations for orders
for the proprietary account of any member or nonmember broker-dealer that derives more than 35%
of its annual, gross revenues from commissions and
principal transactions with customers. Member
organizations will be required to verify this amount
to the Exchange by certifying that they have reached
this threshold by submitting a copy of their annual
report, which was prepared in accordance with
Generally Accepted Accounting Principles
(‘‘GAAP’’). In the event that a member organization
has not been in business for one year, the most
recent quarterly reports, prepared in accordance
with GAAP, will be accepted. See Securities
Exchange Act Release No. 43558 (November 14,
2000), 65 FR 69984 (November 21, 2000) (SR–Phlx–
00–85).
6 Variable (not fixed) firm-related charges are
imposed on the following three options: Full-size
index options (‘‘QCX’’) and Mini index options
(‘‘QCE’’) on the Nasdaq Composite Index, Inc. and
options listed on the iShares FTSE/Xinhua China
25 Index Fund (‘‘FXI Options’’), an exchange-traded
fund. In addition, certain license fees per contract
side may be imposed after the $50,000 cap is
reached. See Securities Exchange Act Release No.
50836 (December 10, 2004), 69 FR 75584 (December
17, 2004) (SR-Phlx-2004-70).
PO 00000
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Pursuant to this proposal, the cap
would increase from $50,000 to $60,000.
No other changes to the firm-related
equity option and index option cap are
being proposed at this time.
The purpose of the proposed rule
change is to raise revenue, while
continuing to promote equity option
and index option business on the Phlx.
Specifically, the Exchange believes that
imposing a cap of $60,000 (rather than
$50,000) will continue to offer an
incentive for member organizations to
transact more volume on the Phlx floor.
An increase in firm orders should
provide more trading opportunities for
floor members, thereby increasing
revenue potential to the membership, in
addition to increasing revenue to the
Exchange. Because the $50,000 cap was
established over one year ago,7 the
Exchange believes that it is now
appropriate to raise it by $10,000.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act 8 in general, and
furthers the objectives of Section 6(b)(4)
of the Act 9 in particular, in that it is an
equitable allocation of reasonable fees
among Exchange members.
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.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposal has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act 10 and Rule
19b–4(f)(2) 11 thereunder as a proposal
establishing or changing a due, fee, or
other charge imposed by the selfregulatory organization. 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
7 See Securities Exchange Act Release No. 48459
(September 8, 2003), 68 FR 54034 (September 15,
2003) (SR-Phlx-2003-61).
8 15 U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(4).
10 15 U.S.C. 78s(b)(3)(A)(ii).
11 17 CFR 240.19b–4(f)(2).
E:\FR\FM\19JAN1.SGM
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]]>Agencies
[Federal Register Volume 70, Number 12 (Wednesday, January 19, 2005)]
[Notices]
[Pages 3086-3088]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-178]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51022; File No. SR-PCX-2005-04]
Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Amending
Electronic Order Capture System or Electronic Tablet Entry Requirements
January 11, 2005.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on January 10, 2005, the Pacific Exchange, Inc. (``PCX'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the PCX. The Exchange has
filed the proposal as a ``non-controversial'' rule change pursuant to
Section 19(b)(3)(A) of the Act,\3\ and Rule 19b-4(f)(6) thereunder,\4\
which renders the proposal effective upon filing with the
Commission.\5\ 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.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(6).
\5\ The PCX asked the Commission to waive the 30-day operative
delay. See Rule 19b-4(f)(6)(iii). 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The PCX proposes to amend PCX Rule 6.67 to allow for an exception
to the Electronic Order Capture System (``EOC'') or Electronic Tablet
Entry Requirement for any option order on the Standard and Poor's
Depository Receipts (``SPY'') until March 28, 2005. The text of the
proposed rule change is below. Proposed new language is in italics.
Rules of the Pacific Exchange, Inc., Rule 6
Order Format and System Entry Requirements
Rule 6.67(a)-(c)--No Change.
Rule 6.67(d)(1)--Exceptions to EOC or Electronic Tablet Entry
Requirement. The EOC or Electronic Tablet entry requirement provision
of subsection (c) will not apply to the following:
(A) Any EOC or Electronic Tablet system disruption or malfunction
as confirmed by two Trading Officials or
[[Page 3087]]
Exchange staff (as designated by the Chief Regulatory Officer).
(B) Any orders in Standard and Poor's Depository Receipts (``SPY'')
until March 28, 2005. Rule 6.67(d)(2)-(e)--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, PCX 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 Exchange 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 this rule change is to adopt a provision that
exempts option orders for SPY from the requirements of EOC or
Electronic Tablet Entry Requirement as set forth in PCX Rule 6.67 until
March 28, 2005. This exemption is similar to an exemption provided by
the Chicago Board Options Exchange (``CBOE'') rules.\6\ The PCX is
adopting this exemption for competitive purposes.
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 51006 (January 10,
2005) (CBOE-2005-04).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\7\ in general, and furthers the
objectives of Section 6(b)(5),\8\ in particular, in that it is designed
to facilitate transactions in securities, to promote just and equitable
principles of trade, to enhance competition and to protect investors
and the public interest.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 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
The Exchange has neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change: (1) Does not significantly
affect the protection of investors or the public interest; (2) does not
impose any significant burden on competition; and (3) does not become
operative for 30 days from the date on which it was filed, or such
shorter time as the Commission may designate if consistent with the
protection of investors and the public interest, the proposed rule
change has become effective pursuant to Section 19(b)(3)(A) of the Act
\9\ and Rule 19b-4(f)(6) thereunder.\10\
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) \11\ normally
does not become operative prior to 30 days after the date of filing.
However, Rule 19b-4(f)(6)(iii) permits the Commission to designate a
shorter time if such action is consistent with the protection of
investors and the public interest. The Exchange has requested that the
Commission waive the five-day pre-filing requirement and the 30-day
operative delay, as specified in Rule 19b-4(f)(6)(iii), and designate
the proposed rule change immediately operative.
---------------------------------------------------------------------------
\11\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
The Commission believes that waiving the five-day pre-filing
provision and the 30-day operative delay is consistent with the
protection of investors and the public interest.\12\ The Commission
notes that by waiving the pre-filing requirement and accelerating the
operative date, the Exchange has stated that it will allow for a more
efficient and effective market operation by enabling the Exchange to
provide a competitive means of trading SPY options. For these reasons,
the Commission designates that the proposed rule change has become
effective and operative immediately.
---------------------------------------------------------------------------
\12\ For purposes of accelerating the operative 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).
---------------------------------------------------------------------------
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, 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 rule-comments@sec.gov. Please include
File Number SR-PCX-2005-04 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-PCX-2005-04. 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 offices of the PCX. 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-PCX-2005-04 and should be submitted on or before
February 9, 2005.
[[Page 3088]]
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5-178 Filed 1-18-05; 8:45 am]
BILLING CODE 8010-01-P
