Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Order Granting Accelerated Approval to a Proposed Rule Change Relating to the Extension of the Suspension of Customer Transaction Charges for the Trading of Nasdaq-100 Index Tracking Stock®, 7781-7782 [E5-603]

Download as PDF Federal Register / Vol. 70, No. 30 / Tuesday, February 15, 2005 / Notices transaction charges are also subject to a $300 per trade maximum. The Amex, however, has suspended these charges through January 31, 2005.5 The Amex now proposes to amend the Amex Fee Schedules to suspend the transaction charges for the specialist and registered traders until February 28, 2005. The Exchange believes that this fee suspension would encourage competition among markets trading QQQQ and enhance the Amex’s competitiveness in trading this security. 2. Statutory Basis The Amex believes the proposed rule change is consistent with Section 6(b) of the Act,6 in general, and furthers the objectives of Section 6(b)(4) of the Act,7 in particular, in that it is intended to provide for the equitable allocation of reasonable dues, fees and other charges among its members and issuers and other persons using its facilities. 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. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change establishes or changes a due, fee, or other charge imposed by the Exchange, and, therefore, has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act 8 and subparagraph (f)(2) of Rule 19b–4 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. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, 5 See Securities Exchange Act Release No. 50970 (January 6, 2005), 70 FR 2193 (January 12, 2005) (SR–Amex–2004–110). 6 15 U.S.C. 78f(b). 7 15 U.S.C. 78f(b)(4). 8 15 U.S.C. 78s(b)(3)(A)(ii). 9 17 CFR 240.19b–4(f)(2). VerDate jul<14>2003 17:50 Feb 14, 2005 Jkt 205001 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–Amex–2005–017 on the subject line. 7781 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–51152; File No. SR-Amex2005–016] Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Order Granting Accelerated Approval to a Proposed Rule Change Relating to the Extension of the Suspension of Customer Transaction Charges for the Trading of Nasdaq-100 Index Tracking Stock February 8, 2005. Paper Comments 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 2, 2005, the American Stock Exchange LLC (‘‘Amex’’ or ‘‘Exchange’’) filed with the Securities and Exchange All submissions should refer to File Commission (‘‘Commission’’) the Number SR–Amex–2005–017. This file proposed rule change as described in number should be included on the Items I, II, and III below, which Items subject line if e-mail is used. To help the have been prepared by the Exchange. Commission process and review your The Commission is publishing this comments more efficiently, please use notice to solicit comments on the only one method. The Commission will proposed rule change from interested post all comments on the Commission’s persons. In addition, the Commission is Internet Web site (https://www.sec.gov/ granting accelerated approval of the rules/sro.shtml). Copies of the proposed rule change. submission, all subsequent I. Self-Regulatory Organization’s amendments, all written statements Statement of the Terms of Substance of with respect to the proposed rule the Proposed Rule Change change that are filed with the Commission, and all written The Amex proposes to amend the communications relating to the Amex Equity and Exchange Traded proposed rule change between the Funds and Trust Issued Receipts Fee Commission and any person, other than Schedules (‘‘Amex Fee Schedules’’) to those that may be withheld from the extend the suspension of customer public in accordance with the transactions charges for the trading of provisions of 5 U.S.C. 552, will be Nasdaq-100 Index Tracking Stock available for inspection and copying in (Symbol: QQQQ) pursuant to the the Commission’s Public Reference Nasdaq Unlisted Trading Privileges Plan Room, 450 Fifth Street, NW., until February 28, 2005.3 The text of the Washington, DC 20549. Copies of such proposed rule change is available on the filing will also be available for Amex’s Web site (https:// inspection and copying at the principal www.amex.com), at the Amex’s Office of office of the Amex. All comments the Secretary, and at the Commission’s received will be posted without change; Public Reference Room. the Commission does not edit personal II. Self-Regulatory Organization’s identifying information from Statement of the Purpose of, and submissions. You should submit only Statutory Basis for, the Proposed Rule information that you wish to make Change available publicly. All submissions In its filing with the Commission, the should refer to File Number SR–Amex– Exchange included statements 2005–017 and should be submitted on concerning the purpose of, and basis for, or before March 8, 2005. the proposed rule change and discussed For the Commission, by the Division of any comments it had received on the Market Regulation, pursuant to delegated proposed rule change. The text of these 10 authority. • Send paper comments in triplicate to Jonathan G. Katz, Secretary, Securities and Exchange Commission, 450 Fifth Street, NW., Washington, DC 20549–0609. Margaret H. McFarland, Deputy Secretary. [FR Doc. E5–602 Filed 2–14–05; 8:45 am] BILLING CODE 8010–01–P PO 00000 10 17 CFR 200.30–3(a)(12). Frm 00071 Fmt 4703 Sfmt 4703 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 The Exchange also submitted a proposed rule change extending the suspension of the specialist’s and registered traders’ transaction charges for the trading of QQQQ. See File No. SR–Amex–2005– 017. 2 17 E:\FR\FM\15FEN1.SGM 15FEN1 7782 Federal Register / Vol. 70, No. 30 / Tuesday, February 15, 2005 / Notices statements may be examined at the places specified in Item III below. The Amex 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 Effective December 1, 2004, the Nasdaq-100 Index Tracking Stock listed on the Nasdaq Stock Market, Inc. It trades on Nasdaq under the symbol QQQQ. The Amex trades the QQQQ on an unlisted trading privileges basis. The Amex amended the Amex Fee Schedules to provide that the customer transaction charges in QQQQ will be $.0015 per share ($.15 per 100 shares), capped at $100 per trade. The Amex, however, has suspended these customer transaction charges through January 31, 2005.4 The Amex is now proposing to extend the suspension of customer transaction charges until February 28, 2005. The Exchange believes that this fee suspension would encourage competition among markets trading QQQQ and enhance the Amex’s competitiveness in trading this security. 2. Statutory Basis The Amex believes the proposed rule change is consistent with Section 6(b) of the Act,5 in general, and furthers the objectives of Section 6(b)(4) of the Act,6 in particular, in that it is intended to provide for the equitable allocation of reasonable dues, fees and other charges among its members and issuers and other persons using its facilities.7 B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change would impose any burden on competition. 4 See Securities Exchange Act Release No. 50969 (January 6, 2005), 70 FR 2191 (January 12, 2005) (SR–Amex–2004–111). 5 15 U.S.C. 78f(b). 6 15 U.S.C. 78f(b)(4). 7 The Commission changed this sentence to reflect statutory basis for the proposed rule change pursuant to Section 6(b)(4) of the Act, rather than Section 6(b)(5). Telephone conversation between Claire P. McGrath, Senior Vice President and Deputy General Counsel, Amex, and Theodore S. Venuti, Attorney, Division of Market Regulation, Commission (February 7, 2005). VerDate jul<14>2003 17:50 Feb 14, 2005 Jkt 205001 C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. IV. Commission’s Findings and Order Granting Accelerated Approval of Proposed Rule Change After careful consideration, the Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules III. Solicitation of Comments and regulations thereunder, applicable to a national securities exchange.8 In Interested persons are invited to particular, the Commission finds that submit written data, views, and arguments concerning the foregoing, the proposed rule change is consistent including whether the proposed rule with Section 6(b)(4) of the Act,9 in that change is consistent with the Act. it provides for the equitable allocation Comments may be submitted by any of of reasonable dues, fees, and other the following methods: charges among its members and other persons using its facilities. The Electronic Comments Commission believes that the proposed • Use the Commission’s Internet change in customer transaction charges comment form (https://www.sec.gov/ is not unreasonable and should not rules/sro.shtml); or discriminate unfairly among market • Send an e-mail to ruleparticipants. comments@sec.gov. Please include File Number SR–Amex–2005–016 on the The Amex has requested that the subject line. Commission find good cause for approving the proposed rule change Paper Comments prior to the thirtieth day after • Send paper comments in triplicate publication of notice thereof in the to Jonathan G. Katz, Secretary, Federal Register. The Commission notes Securities and Exchange Commission, that granting accelerated approval of the 450 Fifth Street, NW., Washington, DC proposal would allow the extension of 20549–0609. the suspension of customer transactions All submissions should refer to File charges for the trading of QQQQ to Number SR–Amex–2005–016. This file coincide with the extension of the number should be included on the subject line if e-mail is used. To help the suspension of transaction charges for the specialist and registered traders for Commission process and review your comments more efficiently, please use the trading of QQQQ.10 Accordingly, the only one method. The Commission will Commission finds good cause, pursuant post all comments on the Commission’s to Section 19(b)(2) of the Act,11 for Internet Web site (https://www.sec.gov/ approving the proposed rule change rules/sro.shtml). Copies of the prior to the thirtieth day after the date submission, all subsequent of publication of notice thereof in the amendments, all written statements Federal Register. with respect to the proposed rule V. Conclusion change that are filed with the Commission, and all written It is therefore ordered, pursuant to communications relating to the Section 19(b)(2) of the Act,12 that the proposed rule change between the Commission and any person, other than proposed rule change (SR–Amex–2005– 016) is hereby approved on an those that may be withheld from the accelerated basis. public in accordance with the provisions of 5 U.S.C. 552, will be For the Commission, by the Division of available for inspection and copying in Market Regulation, pursuant to delegated the Commission’s Public Reference authority.13 Section, 450 Fifth Street, NW., Margaret H. McFarland, Washington, DC 20549. Copies of such Deputy Secretary. filing also will be available for [FR Doc. E5–603 Filed 2–14–05; 8:45 am] inspection and copying at the principal BILLING CODE 8010–01–P office of the Amex. All comments received will be posted without change; the Commission does not edit personal 8 In approving this proposal, the Commission has identifying information from considered its impact on efficiency, competition, submissions. You should submit only and capital formation. 15 U.S.C. 78c(f). 9 15 U.S.C. 78f(b)(4). information that you wish to make 10 See File No. SR–Amex–2005–017, supra note 3. publicly available. All submissions 11 15 U.S.C. 78s(b)(2). should refer to File Number SR–Amex– 12 15 U.S.C. 78s(b)(2). 2005–016 and should be submitted on 13 17 CFR 200.30–3(a)(12). or before March 8, 2005. PO 00000 Frm 00072 Fmt 4703 Sfmt 4703 E:\FR\FM\15FEN1.SGM 15FEN1

Agencies

[Federal Register Volume 70, Number 30 (Tuesday, February 15, 2005)]
[Notices]
[Pages 7781-7782]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-603]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-51152; File No. SR-Amex-2005-016]


Self-Regulatory Organizations; American Stock Exchange LLC; 
Notice of Filing and Order Granting Accelerated Approval to a Proposed 
Rule Change Relating to the Extension of the Suspension of Customer 
Transaction Charges for the Trading of Nasdaq-100 Index Tracking 
Stock[reg]

February 8, 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 2, 2005, the American Stock Exchange LLC (``Amex'' 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. The 
Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons. In addition, the 
Commission is granting accelerated approval of the proposed rule 
change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Amex proposes to amend the Amex Equity and Exchange Traded 
Funds and Trust Issued Receipts Fee Schedules (``Amex Fee Schedules'') 
to extend the suspension of customer transactions charges for the 
trading of Nasdaq-100 Index Tracking Stock[reg] (Symbol: QQQQ) pursuant 
to the Nasdaq Unlisted Trading Privileges Plan until February 28, 
2005.\3\ The text of the proposed rule change is available on the 
Amex's Web site (https://www.amex.com), at the Amex's Office of the 
Secretary, and at the Commission's Public Reference Room.
---------------------------------------------------------------------------

    \3\ The Exchange also submitted a proposed rule change extending 
the suspension of the specialist's and registered traders' 
transaction charges for the trading of QQQQ. See File No. SR-Amex-
2005-017.
---------------------------------------------------------------------------

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 had received on the proposed rule change. The 
text of these

[[Page 7782]]

statements may be examined at the places specified in Item III below. 
The Amex 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
    Effective December 1, 2004, the Nasdaq-100 Index Tracking 
Stock[reg] listed on the Nasdaq Stock Market, Inc. It trades on Nasdaq 
under the symbol QQQQ. The Amex trades the QQQQ on an unlisted trading 
privileges basis. The Amex amended the Amex Fee Schedules to provide 
that the customer transaction charges in QQQQ will be $.0015 per share 
($.15 per 100 shares), capped at $100 per trade. The Amex, however, has 
suspended these customer transaction charges through January 31, 
2005.\4\ The Amex is now proposing to extend the suspension of customer 
transaction charges until February 28, 2005. The Exchange believes that 
this fee suspension would encourage competition among markets trading 
QQQQ and enhance the Amex's competitiveness in trading this security.
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 50969 (January 6, 
2005), 70 FR 2191 (January 12, 2005) (SR-Amex-2004-111).
---------------------------------------------------------------------------

2. Statutory Basis
    The Amex believes the proposed rule change is consistent with 
Section 6(b) of the Act,\5\ in general, and furthers the objectives of 
Section 6(b)(4) of the Act,\6\ in particular, in that it is intended to 
provide for the equitable allocation of reasonable dues, fees and other 
charges among its members and issuers and other persons using its 
facilities.\7\
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(4).
    \7\ The Commission changed this sentence to reflect statutory 
basis for the proposed rule change pursuant to Section 6(b)(4) of 
the Act, rather than Section 6(b)(5). Telephone conversation between 
Claire P. McGrath, Senior Vice President and Deputy General Counsel, 
Amex, and Theodore S. Venuti, Attorney, Division of Market 
Regulation, Commission (February 7, 2005).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change would 
impose any 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 solicited or received with respect to the 
proposed rule change.

III. 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-Amex-2005-016 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-Amex-2005-016. 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 
Amex. 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 
publicly available. All submissions should refer to File Number SR-
Amex-2005-016 and should be submitted on or before March 8, 2005.

IV. Commission's Findings and Order Granting Accelerated Approval of 
Proposed Rule Change

    After careful consideration, the Commission finds that the proposed 
rule change is consistent with the requirements of the Act and the 
rules and regulations thereunder, applicable to a national securities 
exchange.\8\ In particular, the Commission finds that the proposed rule 
change is consistent with Section 6(b)(4) of the Act,\9\ in that it 
provides for the equitable allocation of reasonable dues, fees, and 
other charges among its members and other persons using its facilities. 
The Commission believes that the proposed change in customer 
transaction charges is not unreasonable and should not discriminate 
unfairly among market participants.
---------------------------------------------------------------------------

    \8\ In approving this proposal, the Commission has considered 
its impact on efficiency, competition, and capital formation. 15 
U.S.C. 78c(f).
    \9\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    The Amex has requested that the Commission find good cause for 
approving the proposed rule change prior to the thirtieth day after 
publication of notice thereof in the Federal Register. The Commission 
notes that granting accelerated approval of the proposal would allow 
the extension of the suspension of customer transactions charges for 
the trading of QQQQ to coincide with the extension of the suspension of 
transaction charges for the specialist and registered traders for the 
trading of QQQQ.\10\ Accordingly, the Commission finds good cause, 
pursuant to Section 19(b)(2) of the Act,\11\ for approving the proposed 
rule change prior to the thirtieth day after the date of publication of 
notice thereof in the Federal Register.
---------------------------------------------------------------------------

    \10\ See File No. SR-Amex-2005-017, supra note 3.
    \11\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\12\ that the proposed rule change (SR-Amex-2005-016) is hereby 
approved on an accelerated basis.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\13\
---------------------------------------------------------------------------

    \13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Margaret H. McFarland,
Deputy Secretary.
 [FR Doc. E5-603 Filed 2-14-05; 8:45 am]
BILLING CODE 8010-01-P
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