Self-Regulatory Organizations; National Stock Exchange; Order Approving Proposed Rule Change Relating to Non-Member Give-Ups, 17745 [E5-1579]
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Federal Register / Vol. 70, No. 66 / Thursday, April 7, 2005 / Notices
proposal is designed to promote just and
equitable principles of trade, to remove
impediments, and 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.
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
The Exchange has neither solicited
nor received written comments on the
proposed rule change.
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 or 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 the proposed
rule change, or
(B) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
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:
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–CHX–2005–04 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–CHX–2005–04. This file
number should be included on the
subject line if e-mail is used. To help the
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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 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–CHX–2005–04 and should
be submitted on or before April 28,
2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.11
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–1584 Filed 4–6–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51456: File No. SR–NSX–
2004–07]
Self-Regulatory Organizations;
National Stock Exchange; Order
Approving Proposed Rule Change
Relating to Non-Member Give-Ups
March 31, 2005.
On August 31, 2004, the National
Stock ExchangeSM (‘‘NSXSM’’)
submitted to 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 relating to nonmember give-ups. On December 3, 2004,
the NSXSM filed Amendment No. 1 to
the proposed rule change. The
Commission published the proposed
rule change, as amended for comment in
PO 00000
11 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
Frm 00102
Fmt 4703
Sfmt 4703
17745
the Federal Register on December 29,
2004.3 The Commission did not receive
any comments on the 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 that are
applicable to a national securities
exchange.4 In particular, the
Commission finds that the proposed
rule change is consistent with Section
6(b)(5) of the Act,5 which requires,
among other things, that the rules of the
NSXSM be designed to prevent
fraudulent and manipulative acts and
practices, to promote just and equitable
principles of trade, and, in general, to
protect investors and the public interest.
The Commission believes that
permitting NSXSM members to give-up
non-NSXSM members’ clearing numbers
for purposes of clearing and settling
trades should add transparency to
trading on the NSXSM and should
eliminate unnecessary steps in clearing
and settling these trades. The proposed
rule requires that the NSXSM member
clearing firm accept financial
responsibility for all transactions with
non-members. It further requires nonmembers to enter into a contract
consenting to the disciplinary
jurisdiction of the NSXSM. This
requirement should provide an adequate
level of control by the NSXSM over nonmembers engaging in transactions on
the NSXSM.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,6 that the
proposed rule change (SR–NSX–20004–
07) be, and it hereby is, approved.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.7
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–1579 Filed 4–6–05; 8:45 am]
BILLING CODE 8010–01–P
3 Securities Exchange Act Release No. 50898
(December 21, 2004), 69 FR 78028.
4 In approving the 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).
5 15 U.S.C. 78f(b)(5).
6 15 U.S.C. 78s(b)(2).
7 17 CFR 200.30–3(a)(12).
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]]>Agencies
[Federal Register Volume 70, Number 66 (Thursday, April 7, 2005)]
[Notices]
[Page 17745]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-1579]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51456: File No. SR-NSX-2004-07]
Self-Regulatory Organizations; National Stock Exchange; Order
Approving Proposed Rule Change Relating to Non-Member Give-Ups
March 31, 2005.
On August 31, 2004, the National Stock Exchange\SM\ (``NSX\SM\'')
submitted to 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
relating to non-member give-ups. On December 3, 2004, the NSX\SM\ filed
Amendment No. 1 to the proposed rule change. The Commission published
the proposed rule change, as amended for comment in the Federal
Register on December 29, 2004.\3\ The Commission did not receive any
comments on the proposed rule change.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Securities Exchange Act Release No. 50898 (December 21,
2004), 69 FR 78028.
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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 that are applicable to a national
securities exchange.\4\ In particular, the Commission finds that the
proposed rule change is consistent with Section 6(b)(5) of the Act,\5\
which requires, among other things, that the rules of the NSX\SM\ be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, and, in general, to
protect investors and the public interest. The Commission believes that
permitting NSX\SM\ members to give-up non-NSX\SM\ members' clearing
numbers for purposes of clearing and settling trades should add
transparency to trading on the NSX\SM\ and should eliminate unnecessary
steps in clearing and settling these trades. The proposed rule requires
that the NSX\SM\ member clearing firm accept financial responsibility
for all transactions with non-members. It further requires non-members
to enter into a contract consenting to the disciplinary jurisdiction of
the NSX\SM\. This requirement should provide an adequate level of
control by the NSX\SM\ over non-members engaging in transactions on the
NSX\SM\.
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\4\ In approving the 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).
\5\ 15 U.S.C. 78f(b)(5).
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It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\6\ that the proposed rule change (SR-NSX-20004-07) be, and it
hereby is, approved.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\7\
---------------------------------------------------------------------------
\7\ 17 CFR 200.30-3(a)(12).
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-1579 Filed 4-6-05; 8:45 am]
BILLING CODE 8010-01-P
