Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Eliminating Its Floor Brokerage Transaction Fee, 12770-12771 [E5-1100]
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12770
Federal Register / Vol. 70, No. 49 / Tuesday, March 15, 2005 / Notices
Specialists are not currently required
to obtain Floor Official approval for
proprietary destabilizing transactions
that bring an ETF into parity with the
value of the index on which the ETF is
based. The Exchange believes that, in
light of the derivative nature of ETFs
and the Commission’s recognition that
specialists are generally unable to lead
the market through proprietary
transactions in ETFs, NYSE Rule
104.10(7) should be amended to delete
the need for Floor Official approval for
any specialist destabilizing dealer
account transactions in ETFs.
The Exchange notes that in addition
to the diminished benefit of Floor
Official approval of specialists’
proprietary destabilizing tick
transactions in ETFs, the time required
to obtain Floor Official approval for
such transactions can have the effect of
delaying trading in these products and
could result in inferior execution prices
for customer orders. Finally, the
Exchange believes that removing these
restrictions should enhance the
specialist’s ability to make competitive
markets in ETFs, since other markets
where they are traded do not have such
restrictions.
2. Statutory Basis
The basis under the Act for this
proposed rule change is the requirement
under Section 6(b)(5) 5 that an Exchange
have rules that are designed to promote
just and equitable principles of trade, to
foster cooperation and coordination
with persons engaged in regulating,
clearing, settling, processing
information with respect to, and
facilitating transactions in securities, 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.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change, as amended,
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
The Exchange has not solicited, and
does not intend to solicit, comments
regarding the proposed rule change. The
Exchange has not received any
unsolicited written comments from
members or other interested parties.
5 15
U.S.C. 78f(b)(5).
VerDate jul<14>2003
15:31 Mar 14, 2005
Jkt 205001
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 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 such proposed
rule change, or
(B) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
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-NYSE–2004–71 and should
be submitted on or before April 5, 2005.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change, as amended, is consistent with
the Act. Comments may be submitted by
any of the following methods:
SECURITIES AND EXCHANGE
COMMISSION
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–NYSE–2004–71 on the
subject line.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.6
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5–1101 Filed 3–14–05; 8:45 am]
BILLING CODE 8010–01–P
[Release No. 34–51333; File No. SR–Phlx–
2005–15]
Self-Regulatory Organizations;
Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to Eliminating Its
Floor Brokerage Transaction Fee
March 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
28, 2005, the Philadelphia Stock
Paper Comments
Exchange, Inc., (‘‘Phlx’’ or ‘‘Exchange’’)
• Send paper comments in triplicate
filed with the Securities and Exchange
to Jonathan G. Katz, Secretary,
Commission (‘‘Commission’’) the
Securities and Exchange Commission,
proposed rule change as described in
450 Fifth Street, NW., Washington, DC
Items I and II below, which Items have
20549–0609.
been prepared by the Exchange. The
All submissions should refer to File
proposed rule change has been filed by
Number SR–NYSE–2004–71. This file
the Phlx as establishing or changing a
number should be included on the
due, fee, or other charge, pursuant to
subject line if e-mail is used. To help the Section 19(b)(3)(A)(ii) of the Act 3 and
Commission process and review your
Rule 19b–4(f)(2) 4 thereunder, which
comments more efficiently, please use
renders the proposal effective upon
only one method. The Commission will filing with the Commission. The
post all comments on the Commission’s Commission is publishing this notice to
Internet Web site (https://www.sec.gov/
solicit comments on the proposed rule
rules/sro.shtml). Copies of the
change from interested persons.
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 Phlx proposes to amend its
communications relating to the
schedule of fees to eliminate the $.05
proposed rule change between the
per contract Floor Brokerage
Commission and any person, other than Transaction Fee from the Exchange’s
those that may be withheld from the
Summary of Equity Option Charges and
public in accordance with the
the Summary of Index Option and FXI
provisions of 5 U.S.C. 552, will be
Options Charges, effective for
available for inspection and copying in
the Commission’s Public Reference
6 17 CFR 200.30–3(a)(12).
Room. Copies of such filing also will be
1 15 U.S.C. 78s(b)(1).
available for inspection and copying at
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii).
the principal office of the NYSE. All
4 17 CFR 240.19b–4(f)(2).
comments received will be posted
PO 00000
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Federal Register / Vol. 70, No. 49 / Tuesday, March 15, 2005 / Notices
transactions settling on or after March 1,
2005.
The Exchange is also proposing to
make minor technical changes to correct
two footnote numbers that appear on the
Exchange’s fee schedule.5
The text of the proposed rule change
is available on the Phlx’s Web site
(https://www.phlx.com), at the Phlx’s
Office of the Secretary, and at the
Commission.
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 Phlx 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 remain competitive in
connection with the transaction charges
assessed by the Exchange. Eliminating
the $.05 per contract floor brokerage
transaction fee will, of course, decrease
costs for those floor brokers to whom
the fee has applied. The purpose of
changing the numbers of the footnotes
that appear on page 2 of the Exchange’s
Summary of Equity Option Charges and
page 1 of the Exchange’s Summary of
Index Option and FXI Options Charges
is to correct a typographical error in
connection with the numbering of these
footnotes.
2. Statutory Basis
The Exchange believes that its
proposal to amend its schedule of fees
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 an equitable
5 Because the Phlx recently has filed several rule
change proposals that affect the numbering of
footnotes in the fee schedule, the Phlx intends to
amend File No. SR–Phlx–2005–16 to further adjust
this numbering. Telephone conversation between
Cynthia Hoekstra, Counsel, Phlx, and Ira L.
Brandriss, Assistant Director, Division of Market
Regulation, Commission, March 8, 2005.
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(4).
VerDate jul<14>2003
15:31 Mar 14, 2005
Jkt 205001
allocation of reasonable fees among
Exchange members.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any inappropriate 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 either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change
has become effective pursuant to
Section 19(b)(3)(A)(ii) of the Act 8 and
Rule 19b–4(f)(2) 9 thereunder, because it
changes a fee imposed by the Exchange.
At any time within 60 days of the filing
of the proposed rule change, as
amended, 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
12771
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 the filing also will be
available for inspection and copying at
the principal office of the Phlx. 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–Phlx–2005–15 and should
be submitted on or before April 5, 2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.10
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5–1100 Filed 3–14–05; 8:45 am]
BILLING CODE 8010–01–P
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:
SMALL BUSINESS ADMINISTRATION
Disaster Declaration # 10057 and #
10058; Arizona Disaster # AZ–00001
ACTION:
Electronic Comments
Small Business Administration.
Notice.
AGENCY:
• 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–Phlx–2005–15 on the
subject line.
SUMMARY: This is a notice of an
Administrative declaration of a disaster
for the State of Arizona, dated 03/02/
2005.
Incident: Strong Winter Storms.
Incident Period: 12/28/2004 through
01/12/2005.
Effective Date: 03/02/2005.
Paper Comments
Physical Loan Application Deadline
Date: 05/02/2005.
• Send paper comments in triplicate
EIDL Loan Application Deadline Date:
to Jonathan G. Katz, Secretary,
12/02/2005.
Securities and Exchange Commission,
ADDRESSES: Submit completed loan
450 Fifth Street, NW., Washington, DC
applications to: U.S. Small Business
20549–0609.
Administration, Disaster Area Office 1,
All submissions should refer to File
360 Rainbow Blvd. South 3RD Floor,
Number SR–Phlx–2005–15. This file
Niagara Falls, NY 14303.
number should be included on the
subject line if e-mail is used. To help the FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
Commission process and review your
U.S. Small Business Administration,
comments more efficiently, please use
only one method. The Commission will 409 3rd Street, Suite 6050, Washington,
DC 20416.
PO 00000
8 15
9 17
U.S.C. 78(s)(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
Frm 00127
Fmt 4703
Sfmt 4703
10 17
E:\FR\FM\15MRN1.SGM
CFR 200.30–3(a)(12).
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]]>Agencies
[Federal Register Volume 70, Number 49 (Tuesday, March 15, 2005)]
[Notices]
[Pages 12770-12771]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-1100]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51333; File No. SR-Phlx-2005-15]
Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to Eliminating Its Floor Brokerage Transaction Fee
March 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 28, 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. The proposed
rule change has been filed by the Phlx as establishing or changing a
due, fee, or other charge, pursuant to Section 19(b)(3)(A)(ii) of the
Act \3\ and Rule 19b-4(f)(2) \4\ thereunder, which renders the proposal
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)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Phlx proposes to amend its schedule of fees to eliminate the
$.05 per contract Floor Brokerage Transaction Fee from the Exchange's
Summary of Equity Option Charges and the Summary of Index Option and
FXI Options Charges, effective for
[[Page 12771]]
transactions settling on or after March 1, 2005.
The Exchange is also proposing to make minor technical changes to
correct two footnote numbers that appear on the Exchange's fee
schedule.\5\
---------------------------------------------------------------------------
\5\ Because the Phlx recently has filed several rule change
proposals that affect the numbering of footnotes in the fee
schedule, the Phlx intends to amend File No. SR-Phlx-2005-16 to
further adjust this numbering. Telephone conversation between
Cynthia Hoekstra, Counsel, Phlx, and Ira L. Brandriss, Assistant
Director, Division of Market Regulation, Commission, March 8, 2005.
---------------------------------------------------------------------------
The text of the proposed rule change is available on the Phlx's Web
site (https://www.phlx.com), at the Phlx's Office of the Secretary, and
at the Commission.
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 Phlx 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 remain competitive in
connection with the transaction charges assessed by the Exchange.
Eliminating the $.05 per contract floor brokerage transaction fee will,
of course, decrease costs for those floor brokers to whom the fee has
applied. The purpose of changing the numbers of the footnotes that
appear on page 2 of the Exchange's Summary of Equity Option Charges and
page 1 of the Exchange's Summary of Index Option and FXI Options
Charges is to correct a typographical error in connection with the
numbering of these footnotes.
2. Statutory Basis
The Exchange believes that its proposal to amend its schedule of
fees 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 an equitable allocation of reasonable fees
among Exchange members.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any inappropriate 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 either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change has become effective pursuant to
Section 19(b)(3)(A)(ii) of the Act \8\ and Rule 19b-4(f)(2) \9\
thereunder, because it changes a fee imposed by the Exchange. At any
time within 60 days of the filing of the proposed rule change, as
amended, 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. 78(s)(b)(3)(A)(ii).
\9\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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-Phlx-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-Phlx-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 Room. Copies of the
filing also will be available for inspection and copying at the
principal office of the Phlx. 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-Phlx-2005-15 and should be submitted on or before April
5, 2005.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\10\
Jill M. Peterson,
Assistant Secretary.
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
[FR Doc. E5-1100 Filed 3-14-05; 8:45 am]
BILLING CODE 8010-01-P
