Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Order Granting Approval to Proposed Rule Change To Eliminate the Public Order Exposure System Functionality From Phlx Rule 229, 7318 [E5-583]
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7318
Federal Register / Vol. 70, No. 28 / Friday, February 11, 2005 / Notices
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 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–
2005–02 and should be submitted on or
before March 4, 2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.12
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–582 Filed 2–10–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51144; File No. SR–Phlx–
2004–84]
Self-Regulatory Organizations;
Philadelphia Stock Exchange, Inc.;
Order Granting Approval to Proposed
Rule Change To Eliminate the Public
Order Exposure System Functionality
From Phlx Rule 229
February 7, 2005.
On November 26, 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
eliminate the Public Order Exposure
System (‘‘POES’’) functionality from
Phlx Rule 229. The proposed rule
change was published for comment in
the Federal Register on December 29,
2004.3 The Commission received no
comments on the proposal.
Currently, Phlx Rule 229,
Supplementary Material .05, provides
that if the PACE 4 Quote 5 at the time of
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 50901
(December 21, 2004), 69 FR 78089 (‘‘Notice’’).
4 PACE is the Exchange’s automated order
routing, delivery, execution and reporting system
for equities. See Phlx Rule 229.
5 The PACE Quote means the best bid/ask quote
among the American, Boston, National, Chicago,
New York, or Philadelphia Stock Exchanges; the
Pacific Exchange; or the Intermarket Trading
System/Computer Assisted Execution System
the entry of an order into the system
reflects a point spread of more than
$.05, round-lot market orders up to 500
shares and PRL 6 market orders up to
599 shares will be stopped at the PACE
Quote at the time of entry into the
system (‘‘Stop Price’’) and be subject to
a delay of up to 30 seconds from being
executed in order to receive an
opportunity for price improvement.
During that time, specialists may, but
are not required to, improve the
execution price of the order to a price
better than the Stop Price. Phlx
proposes to amend Phlx Rule 229 to
eliminate the POES functionality. As a
result, orders that would have been
subject to POES will be automatically
executed at the PACE quote without a
30-second delay.
The Commission finds that the
proposed rule change is consistent with
the requirements of the Act and the
rules and regulations thereunder
applicable to a national securities
exchange.7 In particular, the
Commission believes that the proposal
is consistent with Section 6(b)(5) of the
Act,8 which requires that the rules of an
exchange be designed, among other
things, to promote just and equitable
principles of trade, to perfect the
mechanism of a free and open market
and a national market system, and, in
general, to protect investors and the
public interest. Under the proposed rule
change, orders that would have been
subject to a 30-second delay will now be
automatically executed at the PACE
quote, thereby improving order
turnaround time and reducing the
number of manual orders. The
Commission notes that specialists will
still be able to offer price improvement
through the Exchange’s Automatic Price
Improvement feature, where applicable,
and through manual price improvement
when certain conditions are met.9
It is therefore ordered, pursuant to
section 19(b)(2) of the Act,10 that the
proposed rule change (File No. SR–
Phlx–2004–84) be, and it hereby is,
approved.
17:18 Feb 10, 2005
Jkt 205001
BILLING CODE 8010–01–P
SMALL BUSINESS ADMINISTRATION
[License No. 09/79–0456]
HorizonVentures Fund II, L.P.; Notice
Seeking Exemption Under Section 312
of the Small Business Investment Act,
Conflicts of Interest
Notice is hereby given that Horizon
Ventures Fund II, L.P., 4 Main Street,
Suite 50, Los Altos, CA 94022, a Federal
Licensee under the Small Business
Investment Act of 1958, as amended
(‘‘the Act’’), in connection with the
financing of a small concern, has sought
an exemption under Section 312 of the
Act and Section 107.730, Financings
which Constitute Conflicts of Interest of
the Small Business Administration
(‘‘SBA’’) Rules and Regulations (13 CFR
107.730). Horizon Ventures Fund II, L.P.
proposes to provide equity/debt security
financing to iWatt, Inc.. The financing is
contemplated for operating expenses
and for general corporate purposes.
The financing is brought within the
purview of § 107.730(a)(1) of the
Regulations because Horizon Ventures
Fund I, L.P. and Horizon Ventures
Advisors Fund I, L.P., both Associates of
Horizon Ventures Fund II, L.P., own
more than ten percent of iWatt, Inc.
Notice is hereby given that any
interested person may submit written
comments on the transaction to the
Associate Administrator for Investment,
U.S. Small Business Administration,
409 Third Street, SW., Washington, DC
20416.
Dated: January 11, 2005.
Jaime Guzman-Fournier,
Acting Associate Administrator for
Investment.
[FR Doc. 05–2666 Filed 2–10–05; 8:45 am]
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
12 17
VerDate jul<14>2003
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.11
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–583 Filed 2–10–05; 8:45 am]
(‘‘ITS/CAES’’) quote, as appropriate. See Phlx Rule
229.
6 PRL means a combined round-lot and odd-lot
order. See Phlx Rule 229.
7 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).
8 15 U.S.C. 78f(b)(5).
9 See Notice.
10 15 U.S.C. 78s(b)(2).
PO 00000
Frm 00095
Fmt 4703
Sfmt 4703
Region 1—Maine District Advisory
Council; Public Meeting
The U.S. Small Business
Administration, Maine District Advisory
Council, located in the geographical
area of Augusta, Maine, will be hosting
a public meeting to discuss such matters
as may be presented by members, staff
11 17
E:\FR\FM\11FEN1.SGM
CFR 200.30–3(a)(12).
11FEN1
]]>Agencies
[Federal Register Volume 70, Number 28 (Friday, February 11, 2005)]
[Notices]
[Page 7318]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-583]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51144; File No. SR-Phlx-2004-84]
Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.;
Order Granting Approval to Proposed Rule Change To Eliminate the Public
Order Exposure System Functionality From Phlx Rule 229
February 7, 2005.
On November 26, 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 eliminate the Public Order
Exposure System (``POES'') functionality from Phlx Rule 229. The
proposed rule change was published for comment in the Federal Register
on December 29, 2004.\3\ The Commission received no comments on the
proposal.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 50901 (December 21,
2004), 69 FR 78089 (``Notice'').
---------------------------------------------------------------------------
Currently, Phlx Rule 229, Supplementary Material .05, provides that
if the PACE \4\ Quote \5\ at the time of the entry of an order into the
system reflects a point spread of more than $.05, round-lot market
orders up to 500 shares and PRL \6\ market orders up to 599 shares will
be stopped at the PACE Quote at the time of entry into the system
(``Stop Price'') and be subject to a delay of up to 30 seconds from
being executed in order to receive an opportunity for price
improvement. During that time, specialists may, but are not required
to, improve the execution price of the order to a price better than the
Stop Price. Phlx proposes to amend Phlx Rule 229 to eliminate the POES
functionality. As a result, orders that would have been subject to POES
will be automatically executed at the PACE quote without a 30-second
delay.
---------------------------------------------------------------------------
\4\ PACE is the Exchange's automated order routing, delivery,
execution and reporting system for equities. See Phlx Rule 229.
\5\ The PACE Quote means the best bid/ask quote among the
American, Boston, National, Chicago, New York, or Philadelphia Stock
Exchanges; the Pacific Exchange; or the Intermarket Trading System/
Computer Assisted Execution System (``ITS/CAES'') quote, as
appropriate. See Phlx Rule 229.
\6\ PRL means a combined round-lot and odd-lot order. See Phlx
Rule 229.
---------------------------------------------------------------------------
The Commission finds that the proposed rule change is consistent
with the requirements of the Act and the rules and regulations
thereunder applicable to a national securities exchange.\7\ In
particular, the Commission believes that the proposal is consistent
with Section 6(b)(5) of the Act,\8\ which requires that the rules of an
exchange be designed, among other things, to promote just and equitable
principles of trade, to perfect the mechanism of a free and open market
and a national market system, and, in general, to protect investors and
the public interest. Under the proposed rule change, orders that would
have been subject to a 30-second delay will now be automatically
executed at the PACE quote, thereby improving order turnaround time and
reducing the number of manual orders. The Commission notes that
specialists will still be able to offer price improvement through the
Exchange's Automatic Price Improvement feature, where applicable, and
through manual price improvement when certain conditions are met.\9\
---------------------------------------------------------------------------
\7\ 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).
\8\ 15 U.S.C. 78f(b)(5).
\9\ See Notice.
---------------------------------------------------------------------------
It is therefore ordered, pursuant to section 19(b)(2) of the
Act,\10\ that the proposed rule change (File No. SR-Phlx-2004-84) be,
and it hereby is, approved.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-583 Filed 2-10-05; 8:45 am]
BILLING CODE 8010-01-P
