Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by the Pacific Exchange, Inc. Relating to the OptiMark System, 6490-6492 [E5-472]
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6490
Federal Register / Vol. 70, No. 24 / Monday, February 7, 2005 / Notices
3 seeks to distinguish Structured
Products from Funds and to further
clarify the application of the different
listing fees.
IV. Discussion and Commission
Findings
After careful review, the Commission
finds that the proposed rule change, as
amended, is consistent with the Act and
III. Solicitation of Comments
the rules and regulations thereunder
applicable to a national securities
Interested persons are invited to
exchange.11 In particular, the
submit written data, views and
Commission finds that the proposed
arguments concerning Amendment No.
3, including whether Amendment No. 3 rule change, as amended, is consistent
with Section 6(b)(4) of the Act,12 which
is consistent with the Act. Comments
requires that a national securities
may be submitted by any of the
exchange’s rules provide for the
following methods:
equitable allocation of reasonable dues,
Electronic Comments
fees, and other charges among its
members and issuers and other persons
• (Use the Commission’s Internet
using its facilities.
comment form (https://www.sec.gov/
The Commission notes that the
rules/sro.shtml); or
proposed rule change would enact a
• (Send an e-mail to rulerevised fee schedule to provide separate
comments@sec.gov. Please include File
fees for the listing of structured
Number SR–PCX–2004–43 on the
products. The Commission also notes
subject line.
that the proposed fees would apply
indiscriminately to all issuers of
Paper Comments
structured products. The Commission
• (Send paper comments in triplicate believes that the revised fee schedule
should provide clarity to issuers
to Jonathan G. Katz, Secretary,
regarding the appropriate fees
Securities and Exchange Commission,
applicable to structured products.
450 Fifth Street, NW., Washington, DC
Therefore the Commission believes that
20549–0609.
the proposed rule change, as amended,
All submissions should refer to File
is consistent with the Act.
Number SR–PCX–2004–43. This file
The Commission finds good cause for
number should be included on the
accelerating approval of Amendment
subject line if e-mail is used. To help the No. 3 prior to the thirtieth day after
Commission process and review your
publication in the Federal Register. The
comments more efficiently, please use
Commission notes that the proposed
only one method. The Commission will rule change and Amendment Nos. 1 and
post all comments on the Commission’s 2 thereto were noticed for the full
Internet Web site (https://www.sec.gov/
comment period and that no comments
rules/sro.shtml). Copies of the
have been received on the proposal. The
submission, all subsequent
Commission further notes that
amendments, all written statements
Amendment No. 3 merely clarifies the
with respect to the proposed rule
proposal by adding definitions to its
change that are filed with the
rules to codify the application of the
Commission, and all written
various fees for the different derivative
communications relating to the
products. The Commission believes that
proposed rule change between the
accelerated approval should permit PCX
Commission and any person, other than to begin promptly to assess the new
those that may be withheld from the
listing fees for structured products. For
public in accordance with the
this reason, the Commission finds good
provisions of 5 U.S.C. 552, will be
cause exists, consistent with Section
available for inspection and copying in
19(b)(2) of the Act,13 to approve
the Commission’s Public Reference
Amendment No. 3 on an accelerated
Room, 450 Fifth Street, NW.,
basis.
Washington, DC 20549. Copies of such
V. Conclusion
filing also will be available for
inspection and copying at the principal
It is therefore ordered, pursuant to
office of the Exchange. All comments
Section 19(b)(2) of the Act,14 that the
received will be posted without change; proposed rule change (SR–PCX–2004–
the Commission does not edit personal
43), as amended by Amendment Nos. 1
identifying information from
11 In approving this proposed rule change, the
submissions. You should submit only
Commission notes that it has considered the
information that you wish to make
proposed rule’s impact on efficiency, competition,
available publicly. All submissions
and capital formation. See 15 U.S.C. 78c(f).
should refer to File Number SR–PCX–
12 15 U.S.C. 78f(b)(4).
13 15 U.S.C. 78s(b)(2).
2004–43 and should be submitted on or
14 Id.
before February 28, 2005.
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and 2, is hereby approved, and that
Amendment No. 3 is hereby approved
on an accelerated basis.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.15
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–471 Filed 2–4–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51118; File No. SR–PCX–
2005–07]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by the
Pacific Exchange, Inc. Relating to the
OptiMark System
February 1, 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
20, 2005, the Pacific Exchange, Inc.
(‘‘PCX’’ or ‘‘Exchange’’), through its
wholly owned subsidiary PCX Equities,
Inc. (‘‘PCXE’’), 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 Exchange. The Exchange filed the
proposed rule change pursuant to
Section 19(b)(3)(A) of the Act 3 and Rule
19b–4(f)(6) thereunder,4 which renders
the proposed rule change 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
The Exchange proposes to amend its
rules governing the Archipelago
Exchange (‘‘ArcaEx’’), the equities
trading facility of PCXE. The Exchange
proposes to delete certain rules that
have been determined by the Exchange
as obsolete. The text of the proposed
rule change is available at the
Exchange’s Web site (https://
www.pacificex.com), at the Exchange’s
office of the secretary, and at the
Commission’s public reference room.
15 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).
4 17 CFR 240.19b–4(f)(6).
1 15
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Federal Register / Vol. 70, No. 24 / Monday, February 7, 2005 / Notices
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
Exchange 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
On December 9, 2003, the Exchange
responded to a request from the
Commission’s Office of Compliance
Inspections and Examinations with
respect to compliance with Section
19(g) of the Act.5 The Exchange
performed a complete review of PCXE
rules, as well as the surveillance
procedures thereto, and found a number
of PCXE rules that are obsolete or
superfluous in the current market
structure. Therefore, the Exchange
proposes to delete these rules at this
time.
The proposed rules to be deleted are:
(1) PCXE Rule 7.6, Commentary .04; (2)
PCXE Rule 7.39; and (3) PCXE Rules
7.45–7.54. These rules relate to the
OptiMark System. The Exchange
represents that ETP Holders have never
had access to the OptiMark System and
the OptiMark System has never been
used on ArcaEx. Hence, according to the
Exchange, all rules related to the
OptiMark System are defunct.
2. Statutory Basis
The Exchange believes that the
proposal is consistent with the
requirements of Section 6(b) of the Act,6
in general, and Section 6(b)(5) of the
Act,7 in particular, in that it is designed
to promote just and equitable principles
of trade, to facilitate transactions in
securities, to remove impediments to
and perfect the mechanisms of a free
and open market and a national market
system, 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 that is 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
Written comments on the proposed
rule change were neither solicited nor
received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) 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, and
the Exchange provided the Commission
with written notice of its intent to file
the proposed rule change at least five
business days prior to the date of filing
of the proposed rule change, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 8 and Rule 19b–
4(f)(6) thereunder.9 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 appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
Although Rule 19b–4(f)(6) under the
Act 10 requires that an Exchange submit
a notice of its intent to file at least five
business days prior to the filing date,
the Commission waived this
requirement at the Exchange’s request.
The Exchange has also requested that
the Commission waive the 30-day
operative delay. The Commission
believes waiving the 30-day operative
delay is consistent with the protection
of investors and the public interest,
since the proposed rule change deletes
provisions from Exchange Rules that
relate to a system that the Exchange
never used. Thus, the Commission
designates the proposal to be operative
upon filing with the Commission.11
8 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
10 See id.
11 For purposes only of accelerating the operative
date of this proposal, the Commission has
6491
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–PCX–2005–07 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–2005–07. 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 also will be
available for inspection and copying at
the principal office of the Exchange. 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–2005–07 and should
be submitted on or before February 28,
2005.
9 17
5 15
U.S.C. 78s(g).
U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(5).
6 15
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considered the proposed rule’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
E:\FR\FM\07FEN1.SGM
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6492
Federal Register / Vol. 70, No. 24 / Monday, February 7, 2005 / Notices
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.12
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5–472 Filed 2–4–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51114; File No. SR–Phlx–
2005–07]
Self-Regulatory Organizations;
Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change and Amendment No. 1 Thereto
Relating to the Extension of a Pilot
Limiting Trade-Through Liability at the
End of the Options Trading Session
January 31, 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
27, 2005, 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 and II below, which Items have
been prepared by the Exchange. On
January 28, 2005, the Exchange filed
Amendment No. 1 to the proposed rule
change.3 The Exchange has filed the
proposal as a ‘‘non-controversial’’ rule
change pursuant to Section 19(b)(3)(A)
of the Act,4 and Rule 19b–4(f)(6)
thereunder,5 which renders the proposal
effective upon filing with the
Commission.6 The Commission is
publishing this notice to solicit
comments on the proposed rule change,
as amended, from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Phlx proposes to amend proposes
to amend Exchange Rule
1085(a)(2)(ii)(B), Order Protection, to
correspond to the extension of the
current pilot (‘‘pilot’’) under the Plan for
the Purpose of Creating and Operating
12 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Form 19b–4 dated January 28, 2005
(‘‘Amendment No. 1’’). In Amendment No. 1, the
Exchange made technical corrections to the rule
text included in the original rule filing. Amendment
No. 1 replaced the original filing it its entirety.
4 15 U.S.C. 78s(b)(3)(A).
5 17 CFR 240.19b–4(f)(6).
6 The Phlx asked the Commission to waive the 30day operative delay. See Rule 19b–4(f)(6)(iii). 17
CFR 240.19b–4(f)(6)(iii).
1 15
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21:04 Feb 04, 2005
Jkt 205001
an Intermarket Option Linkage
(‘‘Linkage Plan’’),7 which limits TradeThrough 8 liability at the end of the
options trading session, until January
31, 2006. The extended pilot would
increase the limit on liability at the end
of the trading session from 25 contracts
to 50 contracts per Satisfaction Order.9
The text of the proposed rule change is
available on the Phlx Web site (https://
www.phlx.com), at the Phlx’s Office of
the Secretary, and at the Commission’s
Public Reference Room.
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 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 the proposed rule
change is to extend the pilot contained
in Exchange Rule 1085(a)(2)(ii)(B),
which limits trade-through liability at
the end of the options trading session.
Currently under the pilot, an Exchange
member’s trade-through liability is
limited to 25 contracts per Satisfaction
Order received during the period
between five minutes prior to the close
of trading in the underlying security and
the close of trading in the options class.
The Commission temporarily approved
the pilot on January 31, 2003,10
followed by approval on June 18,
7 See Securities Exchange Act Release Nos. 44482
(June 27, 2001), 66 FR 35470 (July 5, 2001)
(Amendment to Linkage Plan to Conform to the
Requirements of Securities Exchange Act Rule
11Ac1–7); 43573 (November 16, 2000), 65 FR 70851
(November 28, 2000) (Approval of Phlx Joining the
Linkage Plan); and 43086 (July 28, 2000), 65 FR
48023 (August 4, 2000) (Order approving the
Linkage Plan).
8 ‘‘Trade-Through’’ means a transaction in an
options series at a price that is inferior to the NBBO.
See Exchange Rule 1083(t).
9 A ‘‘Satisfaction Order,’’ is an order sent through
the Linkage to notify a member of another
Participant Exchange of a Trade-Through and to
seek satisfaction of the liability arising from that
Trade-Through. See Exchange Rule 1083(k)(iii).
10 See Securities Exchange Act Release No. 47298
(January 31, 2003), 68 FR 6524 (February 7, 2003)
(Temporary effectiveness of pilot program on a 120day basis).
PO 00000
Frm 00086
Fmt 4703
Sfmt 4703
2003.11 The Commission then granted
an extension of the pilot until June 30,
2004 12 and then until January 31,
2005.13
The Exchange proposes to extend the
pilot for an additional year, until
January 31, 2006. In addition, the
Exchange proposes to increase the limit
on trade-through liability from 25
contracts to 50 contracts per Satisfaction
Order received during the period
between five minutes prior to the close
of trading in the underlying security and
the close of trading in the options class.
This increase in the limit on liability
would be effective on February 1, 2005,
after the current pilot expires.
As a condition to granting permanent
approval of this limitation, the
Commission required that the options
exchanges participating in the Linkage
Plan (‘‘Participants’’) provide the
Commission with a report (‘‘Report’’)
regarding data on the use of the
exemption no later than 60 days before
seeking permanent approval. The
Participants have provided the
Commission with certain information
required in the Report, and continue to
discuss with Commission staff what
additional information the staff may
need to evaluate possible permanent
approval of the trade-through limitation.
This extension of the pilot would allow
the limitation to continue in effect, as
amended, while the Commission staff
and the Participants continue to discuss
permanent approval.
2. Statutory Basis
The Exchange believes that the
proposed rule change, as amended, is
consistent with Section 6(b) of the Act 14
in general, and furthers the objectives of
Section 6(b)(5) of the Act 15 in
particular, in that the proposed rule
change is designed to perfect the
mechanisms of a free and open market
and a national market system, protect
investors and the public interest, and
promote just and equitable principles of
trade by extending the pilot limiting
trade-through liability during the period
between five minutes prior to the close
of trading in the underlying security and
the close of trading in the options class
until January 31, 2006, and by
11 See Securities Exchange Act Release No. 48055
(June 18, 2003), 68 FR 37869 (June 25, 2003) (Order
approving Joint Amendment No. 4).
12 See Securities Exchange Act Release No. 49146
(January 29, 2004), 69 FR 5618 (February 5, 2004)
(Order approving Joint Amendment No. 8).
13 See Securities Exchange Act Release No. 49863
(June 15, 2004), 69 FR 35081 (June 23, 2004) )
(Order approving Joint Amendment No. 12). This
extension increased the maximum liability from 10
to 25 contracts.
14 15 U.S.C. 78f(b).
15 15 U.S.C. 78f(b)(5).
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]]>Agencies
[Federal Register Volume 70, Number 24 (Monday, February 7, 2005)]
[Notices]
[Pages 6490-6492]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-472]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51118; File No. SR-PCX-2005-07]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the Pacific Exchange, Inc.
Relating to the OptiMark System
February 1, 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 20, 2005, the Pacific Exchange, Inc. (``PCX'' or
``Exchange''), through its wholly owned subsidiary PCX Equities, Inc.
(``PCXE''), 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 Exchange. The Exchange
filed the proposed rule change pursuant to Section 19(b)(3)(A) of the
Act \3\ and Rule 19b-4(f)(6) thereunder,\4\ which renders the proposed
rule change effective upon filing with the Commission. 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).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend its rules governing the Archipelago
Exchange (``ArcaEx''), the equities trading facility of PCXE. The
Exchange proposes to delete certain rules that have been determined by
the Exchange as obsolete. The text of the proposed rule change is
available at the Exchange's Web site (https://www.pacificex.com), at the
Exchange's office of the secretary, and at the Commission's public
reference room.
[[Page 6491]]
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 Exchange 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
On December 9, 2003, the Exchange responded to a request from the
Commission's Office of Compliance Inspections and Examinations with
respect to compliance with Section 19(g) of the Act.\5\ The Exchange
performed a complete review of PCXE rules, as well as the surveillance
procedures thereto, and found a number of PCXE rules that are obsolete
or superfluous in the current market structure. Therefore, the Exchange
proposes to delete these rules at this time.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(g).
---------------------------------------------------------------------------
The proposed rules to be deleted are: (1) PCXE Rule 7.6, Commentary
.04; (2) PCXE Rule 7.39; and (3) PCXE Rules 7.45-7.54. These rules
relate to the OptiMark System. The Exchange represents that ETP Holders
have never had access to the OptiMark System and the OptiMark System
has never been used on ArcaEx. Hence, according to the Exchange, all
rules related to the OptiMark System are defunct.
2. Statutory Basis
The Exchange believes that the proposal is consistent with the
requirements of Section 6(b) of the Act,\6\ in general, and Section
6(b)(5) of the Act,\7\ in particular, in that it is designed to promote
just and equitable principles of trade, to facilitate transactions in
securities, to remove impediments to and perfect the mechanisms of a
free and open market and a national market system, and to protect
investors and the public interest.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 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 that is 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
Written comments on the proposed rule change were neither solicited
nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
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, and the Exchange
provided the Commission with written notice of its intent to file the
proposed rule change at least five business days prior to the date of
filing of the proposed rule change, it has become effective pursuant to
Section 19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6) thereunder.\9\
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 appropriate in the
public interest, for the protection of investors, or otherwise in
furtherance of the purposes of the Act.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
Although Rule 19b-4(f)(6) under the Act \10\ requires that an
Exchange submit a notice of its intent to file at least five business
days prior to the filing date, the Commission waived this requirement
at the Exchange's request. The Exchange has also requested that the
Commission waive the 30-day operative delay. The Commission believes
waiving the 30-day operative delay is consistent with the protection of
investors and the public interest, since the proposed rule change
deletes provisions from Exchange Rules that relate to a system that the
Exchange never used. Thus, the Commission designates the proposal to be
operative upon filing with the Commission.\11\
---------------------------------------------------------------------------
\10\ See id.
\11\ For purposes only 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).
---------------------------------------------------------------------------
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-2005-07 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-2005-07. 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 also will be available for inspection and copying at the
principal office of the Exchange. 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-2005-07 and should be submitted on or before
February 28, 2005.
[[Page 6492]]
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5-472 Filed 2-4-05; 8:45 am]
BILLING CODE 8010-01-P
