Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Remote Market Makers' Ability To Be Reappointed Options Issues, 15375-15376 [E5-1304]
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Federal Register / Vol. 70, No. 57 / Friday, March 25, 2005 / Notices
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–PCX–2005–17 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–2005–17. 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. 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–2005–17 and should
be submitted on or before April 15,
2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.10
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–1303 Filed 3–24–05; 8:45 am]
BILLING CODE 8010–01–P
SECURTITES AND EXCHANGE
COMMISSION
[Release No. 34–51401; File No. SR–PCX–
2005–26]
Self-Regulatory Organizations; Pacific
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to Remote
Market Makers’ Ability To Be
Reappointed Options Issues
March 21, 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 March 4,
2005, the Pacific Exchange, Inc. (‘‘PCX’’
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 PCX. The Exchange filed the
proposal pursuant to Section
19(b)(3)(A)(iii) of the Act 3 and Rule
19b–4(f)(3) thereunder 4 as being
concerned solely with the
administration of the Exchange, which
renders the proposal effective upon the
filing with the Commission. 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
PCX is proposing to amend PCX Rules
6.35(g)(4) to eliminate the requirement
that a Remote Market Maker (‘‘RMM’’)
wait one full calendar quarter prior to
being reappointed in an option issue
that such RMM previously relinquished.
Below is the text of the proposed rule
change. Proposed deletions are in
brackets.
*
*
*
*
*
Rule 6.35 Appointment of Market
Makers
(a)–(f) No Change.
(g) Remote Market Makers.
(1)–(3) No Change.
(4) Remote Market Makers may
withdraw from trading an option issue
that is within their primary
appointment by providing the Exchange
with a three-business-day written notice
of such withdrawal. Remote Market
Makers who fail to give advance written
notice of withdrawal to the Exchange
may be subject to formal disciplinary
action pursuant to Rule 10. [Subsequent
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(3).
2 17
10 17
CFR 200.30–3(a)(12).
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16:11 Mar 24, 2005
Jkt 205001
PO 00000
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Sfmt 4703
15375
to withdrawal, the Remote Market
Maker may not be re-appointed as a
Remote Market Maker in that option
issue for a period of one full calendar
quarter.]
(5)–(6) No Change.
(h)–(i) No Change.
*
*
*
*
*
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
PCX 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 Exchange 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
PCX Rule 6.35(g)(4) currently
specifies that an RMM must wait one
full calendar quarter prior to being
reappointed in an option issue that was
previously relinquished by such RMM.
According to the Exchange, when PCX
Rule 6.35(g)(4) was originally approved,
the one calendar quarter prohibition
was necessary to facilitate an effective
rollout of PCX’s new electronic trading
platform, PCX Plus. In addition, the
restriction was designed to mitigate the
anticipated administrative burden
related to frequent requests for the
addition and removal of issues included
in an RMM’s primary appointment.
Since the introduction of PCX Plus,
the original reasons for the one calendar
quarter restriction no longer exist. PCX
Plus has been fully implemented and is
operating effectively. The need to
prohibit RMMs from adding and
removing issues on a regular basis to
maintain system integrity is no longer
necessary. Further, based on actual
results, the Exchange has learned that
RMMs do not switch issues on a
frequent basis, as originally anticipated.
As such, the Exchange overestimated
the administrative burden related to
adding and/or removing issues from an
RMM’s primary appointment. Based on
actual results, the Exchange staff is
capable of handling the administrative
workload that would result from the
removal of the current restriction.
Finally, the elimination of the one
calendar quarter prohibition would
E:\FR\FM\25MRN1.SGM
25MRN1
15376
Federal Register / Vol. 70, No. 57 / Friday, March 25, 2005 / Notices
allow RMMs to add and/or remove
issues more freely and thus allow
liquidity to move into those options
issues where a greater trading demand
exists. PCX believes that additional
liquidity resulting from the removal of
this restriction would allow it to
provide better markets and thus benefit
the public.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,5 in general, and
furthers the objectives of Section 6(b)(5)
of the Act,6 in particular, because it is
designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
facilitating transactions in securities,
and to remove impediments to and
perfect the mechanism 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 change 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
The foregoing proposed rule change
has become effective pursuant to
Section 19(b)(3)(A)(iii) of the Act 7 and
subparagraph (f)(3) of Rule 19b–4
thereunder,8 because it is concerned
solely with the administration of the
Exchange. 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
5 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
7 15 U.S.C. 78s(b)(3)(A)(iii).
8 17 CFR 240.19b–4(f)(3).
16:11 Mar 24, 2005
• 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
No. SR–PCX–2005–26 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
No. SR–PCX–2005–26. 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, 450 Fifth Street, NW.,
Washington, DC 20549. Copies of such
filing will also 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 No. SR–PCX–2005–
26 and should be submitted on or before
April 15, 2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.9
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–1304 Filed 3–24–05; 8:45 am]
9 17
Jkt 205001
PO 00000
CFR 200.30–3(a)(12).
Frm 00101
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Sfmt 4703
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #10020 and #10021]
California Disaster Number CA–00001
U.S. Small Business
Administration.
ACTION: Amendment 1.
AGENCY:
Electronic Comments
BILLING CODE 8010–01–P
6 15
VerDate jul<14>2003
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:
SUMMARY: This is an amendment of the
Presidential declaration of a major
disaster for the State of California
(FEMA–1577–DR), dated February 4,
2005.
Incident: Severe Storms, Flooding,
Debris Flows, and Mudslides.
Incident Period: December 27, 2004,
through January 11, 2005.
DATES: Effective Date: March 16, 2005.
Physical Loan Application Deadline
Date: May 16, 2005.
EIDL Loan Application Deadline Date:
November 4, 2005.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Disaster Area Office 1,
360 Rainbow Blvd. South 3rd Floor,
Niagara Falls, NY 14303.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street, Suite 6050, Washington,
DC 20416.
SUPPLEMENTARY INFORMATION: The notice
of the Presidential disaster declaration
for the State of California dated
February 4, 2005, is hereby amended to
include the following areas as adversely
affected by the disaster:
Primary Counties:
Kern
San Diego
Orange
Santa Barbara
Riverside
San Bernardino
Contiguous Counties:
California
Imperial
San Luis Obispo
Inyo
Tulare
Kings
Arizona
La Paz
Mohave
Nevada
Clark
The notice of the Presidential disaster
declaration for the State of California
dated February 4, 2005, is also amended
to extend the deadline for filing
applications for physical damages as a
result of this disaster to May 16, 2005.
The States which received the EIDL
Declaration # include California,
Arizona, and Nevada.
E:\FR\FM\25MRN1.SGM
25MRN1
]]>Agencies
[Federal Register Volume 70, Number 57 (Friday, March 25, 2005)]
[Notices]
[Pages 15375-15376]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-1304]
-----------------------------------------------------------------------
SECURTITES AND EXCHANGE COMMISSION
[Release No. 34-51401; File No. SR-PCX-2005-26]
Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Relating to
Remote Market Makers' Ability To Be Reappointed Options Issues
March 21, 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 March 4, 2005, the Pacific Exchange, Inc. (``PCX'' 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 PCX. The Exchange filed the proposal pursuant to
Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(3) thereunder
\4\ as being concerned solely with the administration of the Exchange,
which renders the proposal effective upon the 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)(iii).
\4\ 17 CFR 240.19b-4(f)(3).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
PCX is proposing to amend PCX Rules 6.35(g)(4) to eliminate the
requirement that a Remote Market Maker (``RMM'') wait one full calendar
quarter prior to being reappointed in an option issue that such RMM
previously relinquished. Below is the text of the proposed rule change.
Proposed deletions are in brackets.
* * * * *
Rule 6.35 Appointment of Market Makers
(a)-(f) No Change.
(g) Remote Market Makers.
(1)-(3) No Change.
(4) Remote Market Makers may withdraw from trading an option issue
that is within their primary appointment by providing the Exchange with
a three-business-day written notice of such withdrawal. Remote Market
Makers who fail to give advance written notice of withdrawal to the
Exchange may be subject to formal disciplinary action pursuant to Rule
10. [Subsequent to withdrawal, the Remote Market Maker may not be re-
appointed as a Remote Market Maker in that option issue for a period of
one full calendar quarter.]
(5)-(6) No Change.
(h)-(i) No Change.
* * * * *
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, PCX 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 Exchange 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
PCX Rule 6.35(g)(4) currently specifies that an RMM must wait one
full calendar quarter prior to being reappointed in an option issue
that was previously relinquished by such RMM. According to the
Exchange, when PCX Rule 6.35(g)(4) was originally approved, the one
calendar quarter prohibition was necessary to facilitate an effective
rollout of PCX's new electronic trading platform, PCX Plus. In
addition, the restriction was designed to mitigate the anticipated
administrative burden related to frequent requests for the addition and
removal of issues included in an RMM's primary appointment.
Since the introduction of PCX Plus, the original reasons for the
one calendar quarter restriction no longer exist. PCX Plus has been
fully implemented and is operating effectively. The need to prohibit
RMMs from adding and removing issues on a regular basis to maintain
system integrity is no longer necessary. Further, based on actual
results, the Exchange has learned that RMMs do not switch issues on a
frequent basis, as originally anticipated. As such, the Exchange
overestimated the administrative burden related to adding and/or
removing issues from an RMM's primary appointment. Based on actual
results, the Exchange staff is capable of handling the administrative
workload that would result from the removal of the current restriction.
Finally, the elimination of the one calendar quarter prohibition
would
[[Page 15376]]
allow RMMs to add and/or remove issues more freely and thus allow
liquidity to move into those options issues where a greater trading
demand exists. PCX believes that additional liquidity resulting from
the removal of this restriction would allow it to provide better
markets and thus benefit the public.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\5\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\6\ in particular, because it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in facilitating
transactions in securities, and to remove impediments to and perfect
the mechanism of a free and open market and a national market system.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 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 change 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
The foregoing proposed rule change has become effective pursuant to
Section 19(b)(3)(A)(iii) of the Act \7\ and subparagraph (f)(3) of Rule
19b-4 thereunder,\8\ because it is concerned solely with the
administration of the Exchange. 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A)(iii).
\8\ 17 CFR 240.19b-4(f)(3).
---------------------------------------------------------------------------
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 No. SR-PCX-2005-26 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 No. SR-PCX-2005-26. 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, 450 Fifth Street,
NW., Washington, DC 20549. Copies of such filing will also 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 No. SR-PCX-2005-26 and should be
submitted on or before April 15, 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. E5-1304 Filed 3-24-05; 8:45 am]
BILLING CODE 8010-01-P
