Self-Regulatory Organizations; New York Stock Exchange, Inc.; Order Approving Proposed Rule Change and Amendment Nos. 1 and 2 Thereto To Rescind a Type of Order Known as an Institutional XPress ® Order Through Amendments to Exchange Rules 13, 60 and 72, 12525 [E5-1057]
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Federal Register / Vol. 70, No. 48 / Monday, March 14, 2005 / Notices
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 Nasdaq. 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–NASD–2005–028 and
should be submitted on or before April
4, 2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.13
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–1058 Filed 3–11–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51319; File No. SR–NYSE–
2004–61]
Self-Regulatory Organizations; New
York Stock Exchange, Inc.; Order
Approving Proposed Rule Change and
Amendment Nos. 1 and 2 Thereto To
Rescind a Type of Order Known as an
Institutional XPress Order Through
Amendments to Exchange Rules 13, 60
and 72
March 4, 2005.
On October 28, 2004, the New York
Stock Exchange, Inc. (‘‘NYSE’’ 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
rescind a type of order known as an
Institutional XPress Order (‘‘XPress
Order’’) by amending NYSE Rules 13
(Definitions of Orders), 60
(Dissemination of Quotation) and 72
(Priority and Precedence of Bids and
Offers). On December 3, 2004, the
Exchange filed Amendment No. 1 to the
proposed rule change.3 The proposed
13 CFR
200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Partial Amendment dated December 3, 2004
(‘‘Amendment No. 1’’). In Amendment No. 1, the
Exchange changed the basis under which the
1 15
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15:31 Mar 11, 2005
Jkt 205001
rule change, as amended by
Amendment No. 1, was published for
notice and comment in the Federal
Register on December 29, 2004.4 The
Commission received no comment
letters on the proposal, as amended. On
January 25, 2005, the Exchange filed
Amendment No. 2 to the proposed rule
change.5 This order approves the
proposed rule change, as amended.
The Commission finds that the
proposed rule change, as amended, is
consistent with the requirements of the
Act and the rules and regulations
thereunder applicable to a national
securities exchange,6 and, in particular,
the requirements of section 6 of the
Act 7 and the rules and regulations
thereunder. The Commission finds
specifically that the proposed rule
change, as amended, is consistent with
section 6(b)(5) of the Act 8 in that it is
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.
According to the Exchange, the
XPress Order has not been widely used 9
and if the Hybrid Market initiative 10 is
approved and implemented, the need
for XPress Orders will be further
diminished. Therefore, the Commission
believes that it is consistent with the
Act to eliminate this type of order.
It is therefore ordered, pursuant to
section 19(b)(2) of the Act,11 that the
proposed rule change (SR–NYSE–2004–
61), as amended, be, and hereby is,
approved.
proposed rule change was filed from Section
19(b)(3)(A) of the Act to Section 19(b)(2) of the Act.
4 See Securities Exchange Act Release No. 50912
(December 22, 2004), 69 FR 78084.
5 See Partial Amendment dated January 25, 2005
(‘‘Amendment No. 2’’). In Amendment No. 2, the
Exchange made minor, technical corrections to the
proposed rule text. Accordingly, this Amendment is
not subject to notice and comment.
6 In approving this proposed rule change, the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. 15 U.S.C. 78c(f).
7 15 U.S.C. 78f.
8 15 U.S.C. 78f(b)(5).
9 Telephone conversation between Cyndi N.
Rodriguez, Special Counsel, Division of Market
Regulation, Commission, and Jeffrey S. Rosenstrock,
Special Counsel, Market Surveillance, NYSE, on
March 1, 2005. The NYSE also represented that the
proposed rule change would be implemented on or
about April 1, 2005. Id.
10 See Securities Exchange Act Release Nos.
50173 (August 10, 2004), 69 FR 50407 (August 16,
2004) and 50667 (November 15, 2004), 69 FR 67980
(November 22, 2004) (SR–NYSE–2004–05).
11 15 U.S.C. 78s(b)(2).
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12525
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.12
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–1057 Filed 3–11–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51331; File No. SR–OCC–
2002–16]
Self-Regulatory Organizations; The
Options Clearing Corporation; Notice
of Filing of a Proposed Rule Change
Relating to Unsegregation of Long
Option Positions
March 8, 2005.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
July 9, 2002, the Options Clearing
Corporation (‘‘OCC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) and on December 12,
2002, and January 11, 2005, amended,
the proposed rule change as described
in items I, II, and III below, which items
have been prepared primarily by OCC.
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
OCC Rule 611 permits a clearing
member to issue instructions to OCC to
release from segregation a long option
position carried in a customers’ account
or firm non-lien account provided that
the clearing member is simultaneously
carrying in such account for such
customer a short position in option
contracts and the margin requirement of
the customer has been reduced as a
result of carrying the long option
position. The proposed rule change
would amend Rule 611 to permit a
clearing member to issue such spread
instructions where one leg of the spread
is a long option position and the other
is a position in a security futures
contract.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
OCC included statements concerning
the purpose of and basis for the
12 17
1 15
E:\FR\FM\14MRN1.SGM
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
14MRN1
]]>Agencies
[Federal Register Volume 70, Number 48 (Monday, March 14, 2005)]
[Notices]
[Page 12525]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-1057]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51319; File No. SR-NYSE-2004-61]
Self-Regulatory Organizations; New York Stock Exchange, Inc.;
Order Approving Proposed Rule Change and Amendment Nos. 1 and 2 Thereto
To Rescind a Type of Order Known as an Institutional XPress [reg] Order
Through Amendments to Exchange Rules 13, 60 and 72
March 4, 2005.
On October 28, 2004, the New York Stock Exchange, Inc. (``NYSE'' 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 rescind a type of order known as an
Institutional XPress[reg] Order (``XPress Order'') by amending NYSE
Rules 13 (Definitions of Orders), 60 (Dissemination of Quotation) and
72 (Priority and Precedence of Bids and Offers). On December 3, 2004,
the Exchange filed Amendment No. 1 to the proposed rule change.\3\ The
proposed rule change, as amended by Amendment No. 1, was published for
notice and comment in the Federal Register on December 29, 2004.\4\ The
Commission received no comment letters on the proposal, as amended. On
January 25, 2005, the Exchange filed Amendment No. 2 to the proposed
rule change.\5\ This order approves the proposed rule change, as
amended.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Partial Amendment dated December 3, 2004 (``Amendment
No. 1''). In Amendment No. 1, the Exchange changed the basis under
which the proposed rule change was filed from Section 19(b)(3)(A) of
the Act to Section 19(b)(2) of the Act.
\4\ See Securities Exchange Act Release No. 50912 (December 22,
2004), 69 FR 78084.
\5\ See Partial Amendment dated January 25, 2005 (``Amendment
No. 2''). In Amendment No. 2, the Exchange made minor, technical
corrections to the proposed rule text. Accordingly, this Amendment
is not subject to notice and comment.
---------------------------------------------------------------------------
The Commission finds that the proposed rule change, as amended, is
consistent with the requirements of the Act and the rules and
regulations thereunder applicable to a national securities exchange,\6\
and, in particular, the requirements of section 6 of the Act \7\ and
the rules and regulations thereunder. The Commission finds specifically
that the proposed rule change, as amended, is consistent with section
6(b)(5) of the Act \8\ in that it is 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.
---------------------------------------------------------------------------
\6\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. 15 U.S.C. 78c(f).
\7\ 15 U.S.C. 78f.
\8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
According to the Exchange, the XPress Order has not been widely
used \9\ and if the Hybrid Market initiative \10\ is approved and
implemented, the need for XPress Orders will be further diminished.
Therefore, the Commission believes that it is consistent with the Act
to eliminate this type of order.
---------------------------------------------------------------------------
\9\ Telephone conversation between Cyndi N. Rodriguez, Special
Counsel, Division of Market Regulation, Commission, and Jeffrey S.
Rosenstrock, Special Counsel, Market Surveillance, NYSE, on March 1,
2005. The NYSE also represented that the proposed rule change would
be implemented on or about April 1, 2005. Id.
\10\ See Securities Exchange Act Release Nos. 50173 (August 10,
2004), 69 FR 50407 (August 16, 2004) and 50667 (November 15, 2004),
69 FR 67980 (November 22, 2004) (SR-NYSE-2004-05).
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It is therefore ordered, pursuant to section 19(b)(2) of the
Act,\11\ that the proposed rule change (SR-NYSE-2004-61), as amended,
be, and hereby is, approved.
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\11\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-1057 Filed 3-11-05; 8:45 am]
BILLING CODE 8010-01-P
