Self-Regulatory Organizations; Notice of Filing of Proposed Rule Change and Amendment No. 1 Thereto By the American Stock Exchange LLC Relating to When Floor Official Approval for a Transaction in a High-Priced Security Is Necessary, 22930-22932 [E5-2125]
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Federal Register / Vol. 70, No. 84 / Tuesday, May 3, 2005 / Notices
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[FR Doc. 05–8872 Filed 4–29–05; 12:11 pm]
BILLING CODE 7590–01–M
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BILLING CODE 3110–01–P
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51621; File No. SR–Amex–
2005–037]
Self-Regulatory Organizations; Notice
of Filing of Proposed Rule Change and
Amendment No. 1 Thereto By the
American Stock Exchange LLC
Relating to When Floor Official
Approval for a Transaction in a HighPriced Security Is Necessary
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on April 4,
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. On April 20,
2005, Amex submitted Amendment No.
April 27, 2005.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
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15:43 May 02, 2005
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1 15
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E:\FR\FM\03MYN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
03MYN1
Federal Register / Vol. 70, No. 84 / Tuesday, May 3, 2005 / Notices
1 to the proposal.3 The Commission is
publishing this notice to solicit
comments on the proposed rule change,
as amended, from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Amex seeks to amend its Rule 154,
Commentary .08 to require Floor
Official approval for a transaction in a
stock at a price of $20 or more a share
only when the trade is to be made at the
greater of 1% or two dollars away from
the last previous sale. The Exchange
also proposes a conforming amendment
to its Rule 119, governing indications,
openings, and reopenings.
The text of the proposed rule change
is available on Amex’s Web site
(https://www.amex.com), at the Amex’s
principal office, and at the
Commission’s Public Reference Room.
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 received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. 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 the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Amex Rule 154, Commentary .08
places limitations on the amount a stock
may trade away from its previous sale.
Depending upon the price of the stock,
Commentary .08 allows a stock to trade
up to 50 cents, one dollar, or two dollars
away from its previous sale. For highpriced stocks trading at more than $20
per share, Commentary .08 currently
limits members from effecting trades at
more than two dollars away from the
previous sale.4 Specialists who wish to
3 In Amendment No. 1, Amex made minor, nonsubstantive changes to the text of the proposal and
a conforming amendment to Amex Rule 119.
4 Rule 154, Commentary .08 currently allows for
stocks trading at $10 or more (but less than $20) per
share to execute at no more than one dollar away
from the last previous sale (which allows for a
minimum of just over 5% and a maximum of just
under 10% away from the last previous sale).
Stocks trading at less than $10 per share may
execute at no more than 50 cents away from the last
previous sale (which allows for a minimum just
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16:54 May 02, 2005
Jkt 205001
effect trades outside the foregoing limit
must obtain the prior approval of a
Floor Official.
High-priced stocks 5 frequently may
trade more than two dollars away from
the last sale in the ordinary course, and
Floor Officials will approve these trades
since they do not involve a significant
price change in percentage terms. The
need to obtain prior Floor Official
approval for a proposed transaction,
however, delays order processing in
circumstances where an independent
review of the transaction is not
otherwise necessary. Therefore, the
Exchange proposes to amend its Rule
154, Commentary .08 to provide that, for
stocks that trade at more than $20 per
share, the next trade may be up to the
greater of two dollars or 1% away from
the previous sale, thus eliminating the
need for Floor Official approval in those
situations. The Exchange believes that
permitting trades to be effected at the
greater of 1% or two dollars away from
the last previous sale is a moderate
adjustment, conservative in percentage
terms relative to other price moves
allowed under Rule 154, Commentary
.08 and appropriate in maintaining
adequate trade-to-trade price continuity.
The Exchange further believes that
allowing such flexibility in price
movement would improve efficiency of
order processing on the floor by
exempting those who trade in highpriced stocks from obtaining approval in
every instance they trade through the
two-dollar limit in the normal course of
business.
Corresponding to the proposed
amendment of Amex Rule 154, the
Exchange proposes a conforming change
to its Rule 119, which governs
indications, openings, and reopenings.
That rule defines a ‘‘significant order
imbalance’’ as one which would result
in a reopening at a price change
constituting two or more dollars away
from the last sale in a stock selling at
$20 or more per share, one point or
more away from the last sale in a stock
selling at $10 or more (but less than $20)
per share, and one-half point or more
away from the last sale in a stock selling
at less than $10. Amex proposes to
amend Rule 119(3)(a)(iii) to provide that
a significant order imbalance is one
which results in a reopening at a price
change constituting the greater of 1% or
two dollars from the last previous sale
for stocks that trade at $20 or more.
over 5% and, theoretically, a maximum of just
under 5000% away from the last previous sale).
5 Examples of such high priced securities include
NVR, Inc. (ticker symbol: NVR), whose last sale on
March 22, 2005 was $795.50 and Seaboard
Corporation (ticker symbol: SEB), whose last sale on
March 22, 2005 was $1,124.
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22931
Accordingly, the proposed amendment
to Rule 119 would limit the frequency
of significant order imbalances.
2. Statutory Basis
Amex believes that the proposed rule
change is consistent with Section 6(b) of
the Act,6 in general, and furthers the
objectives of Section 6(b)(5),7 in
particular, in that it is 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.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The proposed rule change would
impose no 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
No written comments were solicited
or received by the Exchange on this
proposal.
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 self-regulatory
organization 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.
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–Amex–2005–037 on the
subject line.
6 15
7 15
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U.S.C. 78f(b).
U.S.C. 78f(b)(5).
03MYN1
22932
Federal Register / Vol. 70, No. 84 / Tuesday, May 3, 2005 / Notices
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–2005–037. 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
available publicly. All submissions
should refer to File Number SR–Amex–
2005–037 and should be submitted on
or before May 24, 2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.8
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–2125 Filed 5–2–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51616; File No. SR–Amex–
2005–034]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing and Order Granting
Accelerated Approval of Proposed
Rule Change to Trade ETFs Based on
the Dow Jones STOXX 50 and the Dow
Jones EURO STOXX 50 Indexes
Pursuant to Unlisted Trading
Privileges
April 26, 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 21,
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 and II
below, which Items have been
substantially prepared by the Exchange.
The Commission is publishing this
notice and order to solicit comments on
the proposal from interested persons
and to approve the proposal on an
accelerated basis.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange is proposing to trade
shares of two exchange-traded funds
(‘‘ETFs’’)—the streetTRACKS Dow
Jones STOXX 50 Fund (ticker symbol:
FEU) and streetTRACKS Dow Jones
EURO STOXX 50 Fund (ticker symbol:
FEZ)—pursuant to unlisted trading
privileges (‘‘UTP’’). The text of the
proposed rule change is available from
the Exchange’s Web site (https://
www.amex.com/), at the principal office
of the Exchange, and at the
Commission’s Public Reference Room.
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 received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item III below. The
Exchange has prepared summaries, set
forth in Sections A, B, and C below, of
the most significant aspects of such
statements.
1 15
8 17
CFR 200.30–3(a)(12).
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15:43 May 02, 2005
2 17
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PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00092
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A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to trade FEU
and FEZ, which are Index Fund Shares
under Amex Rules 1000A et seq.,
pursuant to UTP. Each fund is a
separate series of the streetTRACKS
Index Shares Funds. STOXX Ltd., a
¨
joint venture between Deutsche Borse
AG, Dow Jones & Company (‘‘Dow
Jones’’), and the SWX Group, services
the Dow Jones STOXX 50 Index and
Dow Jones EURO STOXX 50 Index.
Both indexes track the large-cap markets
of the European and Eurozone regions.
Their components have a high degree of
liquidity and represent the largest
companies across all 18 market sectors
defined by the Dow Jones Global
Classification standard. The
Commission previously approved the
original listing and trading of FEU and
FEZ on the New York Stock Exchange,
Inc. (‘‘NYSE’’).3
The Exchange deems the shares of
these ETFs to be equity securities, thus
rendering trading in these shares subject
to the Exchange’s existing rules
governing the trading of equity
securities.4 The trading hours for these
ETFs on the Exchange would be 9:30
a.m. to 4:15 p.m. Eastern time (‘‘ET’’).5
Quotations for and last sale
information regarding these ETFs are
disseminated through the Consolidated
Tape Association (‘‘CTA’’). The NAV of
each ETF is calculated by the funds’
custodian, State Street Bank and Trust
Company, and determined each
business day, normally at the close of
regular trading on the NYSE. To provide
updated information relating to these
ETFs for use by investors, professionals,
and persons wishing to create or redeem
shares in creation unit aggregations
(‘‘creation units’’), Bloomberg calculates
an indicative optimized portfolio value
3 See Securities Exchange Act Release No. 46686
(October 18, 2002), 67 FR 65388 (October 24, 2002)
(‘‘NYSE Approval Order’’). Shares of these ETFs
commenced trading on the NYSE in October 2002.
4 This includes Amex Rule 154, Commentary
.04(c), which provides that stop and stop limit
orders to buy or sell a security (other than an
option, which is covered by Amex Rule 950(f) and
Commentary thereto) the price of which is
derivatively priced based upon another security or
index of securities, may with the prior approval of
a Floor Official, be elected by a quotation, as set
forth in Commentary .04(c)(i–v).
5 In its initial proposal to list and trade FEU and
FEZ, the NYSE stated incorrectly that the close of
trading in these ETFs would be 4:00 p.m. See NYSE
Approval Order, 67 FR at 65391. The NYSE later
corrected the misstatement and specified that the
ETFs may be traded until 4:15 p.m. See Securities
Exchange Act Release No. 49776 (May 26, 2004), 69
FR 31439 (June 3, 2004).
E:\FR\FM\03MYN1.SGM
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]]>Agencies
[Federal Register Volume 70, Number 84 (Tuesday, May 3, 2005)]
[Notices]
[Pages 22930-22932]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-2125]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51621; File No. SR-Amex-2005-037]
Self-Regulatory Organizations; Notice of Filing of Proposed Rule
Change and Amendment No. 1 Thereto By the American Stock Exchange LLC
Relating to When Floor Official Approval for a Transaction in a High-
Priced Security Is Necessary
April 27, 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 April 4, 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. On April
20, 2005, Amex submitted Amendment No.
[[Page 22931]]
1 to the proposal.\3\ The Commission is publishing this notice to
solicit comments on the proposed rule change, as amended, from
interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ In Amendment No. 1, Amex made minor, non-substantive changes
to the text of the proposal and a conforming amendment to Amex Rule
119.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Amex seeks to amend its Rule 154, Commentary .08 to require Floor
Official approval for a transaction in a stock at a price of $20 or
more a share only when the trade is to be made at the greater of 1% or
two dollars away from the last previous sale. The Exchange also
proposes a conforming amendment to its Rule 119, governing indications,
openings, and reopenings.
The text of the proposed rule change is available on Amex's Web
site (https://www.amex.com), at the Amex's principal office, and at the
Commission's Public Reference Room.
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 received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. 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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
Amex Rule 154, Commentary .08 places limitations on the amount a
stock may trade away from its previous sale. Depending upon the price
of the stock, Commentary .08 allows a stock to trade up to 50 cents,
one dollar, or two dollars away from its previous sale. For high-priced
stocks trading at more than $20 per share, Commentary .08 currently
limits members from effecting trades at more than two dollars away from
the previous sale.\4\ Specialists who wish to effect trades outside the
foregoing limit must obtain the prior approval of a Floor Official.
---------------------------------------------------------------------------
\4\ Rule 154, Commentary .08 currently allows for stocks trading
at $10 or more (but less than $20) per share to execute at no more
than one dollar away from the last previous sale (which allows for a
minimum of just over 5% and a maximum of just under 10% away from
the last previous sale). Stocks trading at less than $10 per share
may execute at no more than 50 cents away from the last previous
sale (which allows for a minimum just over 5% and, theoretically, a
maximum of just under 5000% away from the last previous sale).
---------------------------------------------------------------------------
High-priced stocks \5\ frequently may trade more than two dollars
away from the last sale in the ordinary course, and Floor Officials
will approve these trades since they do not involve a significant price
change in percentage terms. The need to obtain prior Floor Official
approval for a proposed transaction, however, delays order processing
in circumstances where an independent review of the transaction is not
otherwise necessary. Therefore, the Exchange proposes to amend its Rule
154, Commentary .08 to provide that, for stocks that trade at more than
$20 per share, the next trade may be up to the greater of two dollars
or 1% away from the previous sale, thus eliminating the need for Floor
Official approval in those situations. The Exchange believes that
permitting trades to be effected at the greater of 1% or two dollars
away from the last previous sale is a moderate adjustment, conservative
in percentage terms relative to other price moves allowed under Rule
154, Commentary .08 and appropriate in maintaining adequate trade-to-
trade price continuity.
---------------------------------------------------------------------------
\5\ Examples of such high priced securities include NVR, Inc.
(ticker symbol: NVR), whose last sale on March 22, 2005 was $795.50
and Seaboard Corporation (ticker symbol: SEB), whose last sale on
March 22, 2005 was $1,124.
---------------------------------------------------------------------------
The Exchange further believes that allowing such flexibility in
price movement would improve efficiency of order processing on the
floor by exempting those who trade in high-priced stocks from obtaining
approval in every instance they trade through the two-dollar limit in
the normal course of business.
Corresponding to the proposed amendment of Amex Rule 154, the
Exchange proposes a conforming change to its Rule 119, which governs
indications, openings, and reopenings. That rule defines a
``significant order imbalance'' as one which would result in a
reopening at a price change constituting two or more dollars away from
the last sale in a stock selling at $20 or more per share, one point or
more away from the last sale in a stock selling at $10 or more (but
less than $20) per share, and one-half point or more away from the last
sale in a stock selling at less than $10. Amex proposes to amend Rule
119(3)(a)(iii) to provide that a significant order imbalance is one
which results in a reopening at a price change constituting the greater
of 1% or two dollars from the last previous sale for stocks that trade
at $20 or more. Accordingly, the proposed amendment to Rule 119 would
limit the frequency of significant order imbalances.
2. Statutory Basis
Amex believes that the proposed rule change is consistent with
Section 6(b) of the Act,\6\ in general, and furthers the objectives of
Section 6(b)(5),\7\ in particular, in that it is 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.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The proposed rule change would impose no 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
No written comments were solicited or received by the Exchange on
this proposal.
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 self-regulatory organization 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.
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 rule-comments@sec.gov. Please include
File Number SR-Amex-2005-037 on the subject line.
[[Page 22932]]
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-2005-037. 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
available publicly. All submissions should refer to File Number SR-
Amex-2005-037 and should be submitted on or before May 24, 2005.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\8\
Margaret H. McFarland,
Deputy Secretary.
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\8\ 17 CFR 200.30-3(a)(12).
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[FR Doc. E5-2125 Filed 5-2-05; 8:45 am]
BILLING CODE 8010-01-P
