Self-Regulatory Organizations; Notice of Filing of Proposed Rule Change by the Pacific Exchange, Inc. Relating To Primary Only Orders, 6914-6915 [05-2478]
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6914
Federal Register / Vol. 70, No. 26 / Wednesday, February 9, 2005 / Notices
REAL INTEREST RATES ON TREASURY NOTES AND BONDS OF SPECIFIED MATURITIES
[In percent]
3-Year
5-Year
7-Year
10-Year
30-Year
1.7
2.0
2.3
2.5
3.1
Analyses of programs with terms different
from those presented above may use a linear
interpolation. For example, a four-year
project can be evaluated with a rate equal to
the average of the three-year and five-year
rates. Programs with durations longer than 30
years may use the 30-year interest rate.
Dated: February 7, 2005.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 05–2662 Filed 2–7–05; 3:59 pm]
[FR Doc. 05–2474 Filed 2–8–05; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
BILLING CODE 3110–01–P
BILLING CODE 8010–01–P
(Release No. 34–51125; File No. SR–PCX–
2005–15)
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meeting
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Public Law 94–409, that
the Securities and Exchange
Commission will hold the following
meeting during the week of February 14,
2005:
A Closed Meeting will be held on
Tuesday, February 15, 2005 at 2 p.m.
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the Closed Meeting. Certain
staff members who have an interest in
the matters may also be present.
The General Counsel of the
Commission, or his designee, has
certified that, in his opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(3), (5), (7), (9)(B), and
(10) and 17 CFR 200.402(a)(3), (5), (7),
9(ii) and (10), permit consideration of
the scheduled matters at the Closed
Meeting.
Commissioner Goldschmid, as duty
officer, voted to consider the items
listed for the closed meeting in closed
session.
The subject matter of the Closed Meeting
scheduled for Tuesday, February 15, 2005,
will be:
Formal orders of investigations;
Institution and settlement of injunctive
actions; and
Institution and settlement of administrative
proceedings of an enforcement nature;
and
Litigation matter.
At times, changes in Commission priorities
require alterations in the scheduling of
meeting items. For further information and to
ascertain what, if any, matters have been
added, deleted or postponed, please contact:
The Office of the Secretary at (202) 942–
7070.
VerDate jul<14>2003
16:49 Feb 08, 2005
Jkt 205001
Self-Regulatory Organizations; Notice
of Filing of Proposed Rule Change by
the Pacific Exchange, Inc. Relating To
Primary Only Orders
February 2, 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 February
1, 2005, the Pacific Exchange, Inc.
(‘‘PCS’’ and ‘‘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 PCX. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
1. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change.
The PCX, through its wholly-owned
subsidiary PCX Equities, Inc. (‘‘PCXE’’),
proposed to amend its PCXE Rule
7.31(x) to provide that the Primary Only
Order (‘‘PO Order’’) may apply to
Nasdaq securities traded on the
Archipelago Exchange (‘‘ArcaEx’’)
facility, and may be either market or
limit orders. The test of the proposed
rule change is available on the PCX’s
Web site (https://www.pacificex.com), at
the PCX’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
PCX included statements concerning the
purpose of and basis for the proposed
PO 00000
1 15
2 17
U.S.C. 78s(b)(1)
CFR 240.19b–4.
Frm 00086
Fmt 4703
Sfmt 4703
rule change. The text of these statements
may be examined at the places specified
in Item IV below. The PCX has prepared
summaries, set forth in Section 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
As part of its continuing efforts to
enhance participation on the ArcaEx
facility, the PCX is proposing to amend
PCXE Rule 7.31(x) to clarify that PO
Orders may also apply to Nasdaq
securities, and may be either market or
limit orders.
Currently, PCXE Rule 7.31(x) defines
PO Orders as market orders that are
routed to the primary market, and
applies only to exchange-listed
securities.3 ArcaEx proposes to expand
the PO Order functionality to include
Nasdaq securities and modify Rule
7.31(x) accordingly. As such, the
Exchange proposes to delete the
language in PCXE Rule 7.31(x), which
limits the PO Order functionality to
exchange-listed securities only and
proposes minor changes to indicate that
PO Orders may be either market or limit
orders. Further, PO market orders in
Nasdaq securities received prior to 6:28
a.m. PT will be marked ‘‘OO’’ (OnOpen 4) and will be routed to Nasdaq for
possible participation in Nasdaq’s
Opening Cross. The unexecuted shares
that are sent back to ArcaEx after the
Market Order Auction 5 will be
processed as regular market orders in
the Core Session as described in PCXE
Rule 7.37. Any PO Market orders
marked OO that are sent back to ArcaEx
before ArcaEx conducts the Market
Order Auction will be cancelled back to
the customer.
The Exchange believes that
implementing these changes will
3 The Exchange currently interprets and will
continue to interpret under this proposal the term
‘‘primary market’’ as the market which has the
authority to declare a regulatory halt.
4 ‘‘On Open’’ or ‘‘OO’’ is a marking recognized by
the Nasdaq stock market as an order type executable
only during Nasdaq’s Opening Cross. Further,
market orders sent with an ‘‘OO’’ designator are
treated as market on-open orders by Nasdaq.
5 See PCXE Rule 7.35.
E:\FR\FM\09FEN1.SGM
09FEN1
Federal Register / Vol. 70, No. 26 / Wednesday, February 9, 2005 / Notices
provide investors and ETP Holders 6
with greater opportunities for executing
orders on the opening. Further, the
Exchange believes that the proposal is
merely a minor technical change to the
existing PO Order type to enable this
functionality for Nasdaq securities and
to expand its applicability to limit
orders.
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)
of the Act,8 in particular, in that it is
designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principals of
trade, to foster cooperation and
coordination with persons engaged in
facilitating transactions in securities,
and to remove impediments to and
perfect the mechanisms of a free and
open market and a national market
system.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule changes 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.
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the Exchange consents,
the Commission will:
A. By order approve the proposed
modifications, or
B. Institute proceedings to determine
whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
PCXE Rule 1.1(n).
U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(5).
16:49 Feb 08, 2005
Paper Comments
On December 9, 2004, the
Philadelphia Stock Exchange, Inc.,
(‘‘Phlx’’ or ‘‘Exchange’’) filed with 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
establish a new category of options
market-making participant on the
Exchange, a Remote Streaming Quote
Trader (‘‘RSQT’’). The Exchange also
proposes to amend various Exchange
rules to apply to and govern RSQTs. The
proposed rule change was published for
notice and comment in the Federal
Register on December 27, 2004.3 No
comment letters were received on the
proposal. This order approves the
proposed rule change.
• 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–2005–15. 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
Section, 450 Fifth Street, NW.,
Washington, DC 20549. Copies of such
filing also will be available for
inspection and copying at the principal
office 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–
2005–15 and should be submitted on or
before March 2, 2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.9
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 05–2478 Filed 2–8–05; 8:45 am]
9 17
Jkt 205001
[Release No. 34–51126, File No. SR–Phlx–
2004–90
Self-Regulatory Organizations; Order
Approving Proposed Rule Change by
the Philadelphia Stock Exchange, Inc.,
Relating to Remote Streaming Quote
Traders
7 15
VerDate jul<14>2003
SECURITIES AND EXCHANGE
COMMISSION
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomment@sec.gov. Please include File
Number SR–PCX–2005–15 on the
subject line.
BILLING CODE 8010–01–M
6 See
6915
PO 00000
CFR 200.30–3(a)(12).
Frm 00087
Fmt 4703
Sfmt 4703
February 2, 2005.
I. Introduction
II. Description of the Proposal
Under the proposal, an RSQT would
be a Registered Options Trader (‘‘ROT’’)
that is a member or a member
organization with no physical trading
floor presence who has received
permission from the Exchange to
generate and submit quotations
electronically through the Exchange’s
Automated Options Market System
(‘‘AUTOM’’) in eligible options to which
such RSQT has been assigned.4 An
RSQT would be permitted to submit
such quotations electronically only from
off the floor of the Exchange.5 Also, an
RSQT would be permitted to trade in a
market-making capacity only in classes
of options in which he is assigned.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 50877
(December 17, 2004), 69 FR 77295.
4 AUTOM is the Exchange’s electronic order
delivery and reporting system, which provides for
the automatic entry and routing of Exchange listed
equity options and index options orders to the
Exchange trading floor. See Phlx Rule 1080.
5 Phlx Rule 1014 defines an ROT as a regular
member or a foreign currency options participant of
the Exchange located on the trading floor.
Notwithstanding this provision, an RSQT would be
permitted to submit electronic quotations only from
off the floor of the Exchange. See proposed Phlx
Rule 1014(b)(ii)(B).
2 17
E:\FR\FM\09FEN1.SGM
09FEN1
]]>Agencies
[Federal Register Volume 70, Number 26 (Wednesday, February 9, 2005)]
[Notices]
[Pages 6914-6915]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-2478]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
(Release No. 34-51125; File No. SR-PCX-2005-15)
Self-Regulatory Organizations; Notice of Filing of Proposed Rule
Change by the Pacific Exchange, Inc. Relating To Primary Only Orders
February 2, 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 February 1, 2005, the Pacific Exchange, Inc. (``PCS'' and
``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 PCX. 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.
---------------------------------------------------------------------------
1. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change.
The PCX, through its wholly-owned subsidiary PCX Equities, Inc.
(``PCXE''), proposed to amend its PCXE Rule 7.31(x) to provide that the
Primary Only Order (``PO Order'') may apply to Nasdaq securities traded
on the Archipelago Exchange (``ArcaEx'') facility, and may be either
market or limit orders. The test of the proposed rule change is
available on the PCX's Web site (https://www.pacificex.com), at the
PCX'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 PCX included statements
concerning the purpose of and basis for the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The PCX has prepared summaries, set forth in Section 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
As part of its continuing efforts to enhance participation on the
ArcaEx facility, the PCX is proposing to amend PCXE Rule 7.31(x) to
clarify that PO Orders may also apply to Nasdaq securities, and may be
either market or limit orders.
Currently, PCXE Rule 7.31(x) defines PO Orders as market orders
that are routed to the primary market, and applies only to exchange-
listed securities.\3\ ArcaEx proposes to expand the PO Order
functionality to include Nasdaq securities and modify Rule 7.31(x)
accordingly. As such, the Exchange proposes to delete the language in
PCXE Rule 7.31(x), which limits the PO Order functionality to exchange-
listed securities only and proposes minor changes to indicate that PO
Orders may be either market or limit orders. Further, PO market orders
in Nasdaq securities received prior to 6:28 a.m. PT will be marked
``OO'' (On-Open \4\) and will be routed to Nasdaq for possible
participation in Nasdaq's Opening Cross. The unexecuted shares that are
sent back to ArcaEx after the Market Order Auction \5\ will be
processed as regular market orders in the Core Session as described in
PCXE Rule 7.37. Any PO Market orders marked OO that are sent back to
ArcaEx before ArcaEx conducts the Market Order Auction will be
cancelled back to the customer.
---------------------------------------------------------------------------
\3\ The Exchange currently interprets and will continue to
interpret under this proposal the term ``primary market'' as the
market which has the authority to declare a regulatory halt.
\4\ ``On Open'' or ``OO'' is a marking recognized by the Nasdaq
stock market as an order type executable only during Nasdaq's
Opening Cross. Further, market orders sent with an ``OO'' designator
are treated as market on-open orders by Nasdaq.
\5\ See PCXE Rule 7.35.
---------------------------------------------------------------------------
The Exchange believes that implementing these changes will
[[Page 6915]]
provide investors and ETP Holders \6\ with greater opportunities for
executing orders on the opening. Further, the Exchange believes that
the proposal is merely a minor technical change to the existing PO
Order type to enable this functionality for Nasdaq securities and to
expand its applicability to limit orders.
---------------------------------------------------------------------------
\6\ See PCXE Rule 1.1(n).
---------------------------------------------------------------------------
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) of the Act,\8\ in particular, in that it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principals of trade, to foster
cooperation and coordination with persons engaged in facilitating
transactions in securities, and to remove impediments to and perfect
the mechanisms of a free and open market and a national market system.
---------------------------------------------------------------------------
\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 changes 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.
Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission will:
A. By order approve the proposed modifications, or
B. Institute proceedings to determine whether the proposed rule
change should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comment@sec.gov. Please include
File Number SR-PCX-2005-15 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-2005-15. 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 Section, 450 Fifth
Street, NW., Washington, DC 20549. Copies of such filing also will be
available for inspection and copying at the principal office 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-
2005-15 and should be submitted on or before March 2, 2005.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\9\
---------------------------------------------------------------------------
\9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 05-2478 Filed 2-8-05; 8:45 am]
BILLING CODE 8010-01-M
