Self-Regulatory Organizations; Notice of Filing of Proposed Rule Change and Amendment No. 1 Thereto by the Pacific Exchange, Inc. Relating to the Calculation of the National Best Bid or Offer When Another Exchange is Disconnected From the Intermarket Option Linkage, 23290-23291 [E5-2170]
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23290
Federal Register / Vol. 70, No. 85 / Wednesday, May 4, 2005 / Notices
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.26
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E5–2169 Filed 5–3–05; 8:45 am]
at the Commission Public Reference
Room.
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51627; File No. SR–PCX–
2005–27]
Self-Regulatory Organizations; Notice
of Filing of Proposed Rule Change and
Amendment No. 1 Thereto by the
Pacific Exchange, Inc. Relating to the
Calculation of the National Best Bid or
Offer When Another Exchange is
Disconnected From the Intermarket
Option Linkage
April 28, 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 31,
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, II and III
below, which Items have been prepared
by the Exchange. On April 19, 2005, the
Exchange filed Amendment No. 1 to the
proposed rule change.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
The Exchange is proposing to add
Exchange Rule 6.94(e) to add provisions
for declaring an away market unreliable
when an away market is disconnected
from the Intermarket Option Linkage
(‘‘Linkage’’) 4 and to relocate the current
rule on declaring an away market
unreliable to Exchange Rule 6.94(e). The
text of the proposed rule change, as
amended, is available on the Exchange’s
Web site (https://www.pacificex.com), at
the principal office of the Exchange, and
26 17
CFR 200.30–3(a)(12).
15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Form 19b–4 dated April 19, 2005
(‘‘Amendment No. 1’’). Amendment No. 1 replaced
and superseded the original filing in its entirety.
4 ‘‘Linkage’’ means the systems and data
communications network that link electronically
the Participants to one another for the purpose of
sending and receiving Linkage Orders, related
confirmations, order statuses and Administrative
Messages. See Section 2(14) of the Plan for the
Purpose of Creating and Operating and Intermarket
Option Linkage.
11
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21:08 May 03, 2005
Jkt 205001
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. 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
The purpose of the proposed rule
change is to codify the Exchange’s
current policy on declaring an away
market unreliable when an away market
is disconnected from Linkage.
Currently, the Exchange relies on
Exchange Rule 6.87(h)(4) to determine
whether an away market is unreliable.
In order to clarify the Exchange’s
practices for declaring an away market
unreliable, the Exchange is proposing to
add Exchange Rule 6.94(e). Proposed
Exchange Rule 6.94(e) is substantially
similar to current Exchange Rule
6.87(h)(4), except that proposed
Exchange Rule 6.94(e) adds provisions
relating to declaring an away market
unreliable when such away market is
disconnected from Linkage. Proposed
Exchange Rule 6.94(e)(A)(iii) would
codify the Exchange’s policy to declare
an away market unreliable if such away
market is disconnected from Linkage.
The Exchange believes that declaring an
away market that has been disconnected
from Linkage unreliable is necessary to
eliminate quotes from the National Best
Bid or Offer (‘‘NBBO’’) calculation that
are not readily available to PCX OTP
Holders 5 and OTP Firms.6 When the
Exchange receives notice that an away
market has been disconnected from
Linkage, the senior person in charge of
the Exchange Control Room will direct
that the away market that has been
disconnected from Linkage be declared
unreliable and removed from the
Exchange’s NBBO calculation until the
sooner of the end of the trading day or
the time that the quotes are confirmed
by the Exchange to be reliable again.
PO 00000
5 See
6 See
Exchange Rule 1.1(q).
Exchange Rule 1.1(r).
Frm 00203
Fmt 4703
Sfmt 4703
The Exchange believes that the
described procedure for removing an
away market from, or including an away
market in, the Exchange’s NBBO
calculation is appropriate and efficient
because the Exchange receives
electronic confirmation that an away
market has been disconnected from or
reconnected to Linkage.7 Receipt of this
real time information, in conjunction
with the proposed rule change, will
allow the Exchange to disseminate the
most accurate NBBO calculation to the
PCX OTP Holders and OTP Firms.
The Exchange is also proposing to
move the provisions for declaring an
away market unreliable in Exchange
Rule 6.87(h)(4) to proposed Exchange
Rule 6.94 (Order Protection), because
the Exchange believes Exchange Rule
6.94 is a more appropriate rule to
address declaring an away market
unreliable.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act 8 in general, and
furthers the objectives of Section 6(b)(5)
of the Act 9 in particular, because the
proposed rule change 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
The Exchange has neither solicited
nor received written comments on the
proposed rule change.
7 At the request of the Exchange, the Commission
staff made a change to this sentence to clarify that
the Exchange believes that the described procedures
are appropriate and efficient for both removing an
away market, as well as for including an away
market, in the Exchange’s NBBO calculation.
Telephone conversation between Steven Matlin,
Senior Counsel, Exchange, and Kim Allen,
Attorney, Division of Market Regulation, on April
22, 2005.
8 15 U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(5).
E:\FR\FM\04MYN1.SGM
04MYN1
Federal Register / Vol. 70, No. 85 / Wednesday, May 4, 2005 / Notices
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.
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–2005–27 and should
be submitted on or before May 25, 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 is consistent with the Act.
Comments may be submitted by any of
the following methods:
DEPARTMENT OF STATE
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–2005–27 on the
subject line.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.10
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E5–2170 Filed 5–3–05; 8:45 am]
BILLING CODE 8010–01–P
[Public Notice 5021]
Bureau of Oceans and International
Environmental and Scientific Affairs;
Advisory Committee to the U.S.
Section of the Inter-American Tropical
Tuna Commission (Committee
Renewal)
Summary: On March 30, 2005, the
Department of State renewed the
Charter of the Advisory Committee to
the U.S. Section of the Inter-American
Tropical Tuna Commission (IATTC) for
an additional two years.
Effective Date: Upon Publication.
For Further Information Contact:
Paper Comments
David F. Hogan, IATTC GAC Designated
• Send paper comments in triplicate
Federal Official, Office of Marine
to Jonathan G. Katz, Secretary,
Conservation, Bureau of Oceans and
Securities and Exchange Commission,
International Environmental and
450 Fifth Street, NW., Washington, DC
Scientific Affairs, U.S. Department of
20549–0609.
State, Washington DC 20520, Phone:
All submissions should refer to File
202–647–2335.
Number SR–PCX–2005–27. This file
Supplementary Information: The
number should be included on the
IATTC was established pursuant to the
subject line if e-mail is used. To help the Convention for the Establishment of an
Commission process and review your
Inter-American Tropical Tuna
comments more efficiently, please use
Commission, signed in 1949. The
only one method. The Commission will purpose of the Commission is to
post all comments on the Commission’s conserve and manage the fisheries and
Internet Web site (https://www.sec.gov/
associated resources of the eastern
rules/sro.shtml). Copies of the
tropical Pacific Ocean. The United
submission, all subsequent
States is represented to the IATTC by
amendments, all written statements
the U.S. Section, which includes four
with respect to the proposed rule
Presidentially-appointed
change that are filed with the
Commissioners and a Department of
Commission, and all written
State representative.
communications relating to the
The General Advisory Committee to
proposed rule change between the
the United States Section of the IATTC
Commission and any person, other than was established pursuant to Section 4 of
those that may be withheld from the
the Tuna Conventions Act of 1950 (16
public in accordance with the
U.S.C. 953, as amended), the
provisions of 5 U.S.C. 552, will be
implementing statute for the IATTC
available for inspection and copying in
Convention. The goal of the Advisory
the Commission’s Public Reference
Committee is to serve the U.S. Section
Room. Copies of the filing also will be
to the IATTC, the Department of State,
available for inspection and copying at
and other agencies of the U.S.
the principal office of the Exchange. All
10 17 CFR 200.30–3(a)(12).
comments received will be posted
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21:08 May 03, 2005
Jkt 205001
PO 00000
Frm 00204
Fmt 4703
Sfmt 4703
23291
Government as advisors on matters
relating to international conservation
and management of stocks of tuna and
dolphins in the eastern tropical Pacific
Ocean, and in particular on the
development of U.S. policy and
positions associated with such matters.
The Advisory Committee to the U.S.
Section of the IATTC may be terminated
only by law. In accordance with the
provisions of the Federal Advisory
Committee Act (Pub. L. 92–463), a new
Charter must be issued on a biennial
basis from the date the current Charter
was approved and filed with Congress
and the Library of Congress. The current
Charter expired in 2004 due to staff
changes.
The Committee is composed of
representatives of the major U.S. tuna
harvesting, processing, and marketing
sectors. Additionally, Committee
membership includes representatives of
recreational fishing interests and
environmental interests formulating
specific U.S. policy recommendations
and positions.
The Advisory Committee will
continue to follow the procedure
prescribed by the Federal Advisory
Committee Act (FACA). Meetings will
continue to be open to the public unless
a determination is made in accordance
with Section 10 of the FACA, 5 U.S.C.
Secs. 552b(c)(1) and (4), that a meeting
or a portion of the meeting should be
closed to the public. Notice of each
meeting continues to be provided for
publication in the Federal Register as
far in advance as possible prior to the
meeting.
Dated: April 11, 2005.
David A. Balton,
Deputy Assistant Secretary of State for
Oceans and Fisheries, Department of State.
[FR Doc. 05–8877 Filed 5–3–05; 8:45 am]
BILLING CODE 4710–09–P
DEPARTMENT OF TRANSPORTATION
Office of the Secretary
Aviation Proceedings, Agreements
Filed the Week Ending April 22, 2005
The following Agreements were filed
with the Department of Transportation
under the provisions of 49 U.S.C.
Sections 412 and 414. Answers may be
filed within 21 days after the filing of
the application.
Docket Number: OST–2005–21049.
Date Filed: April 20, 2005.
Parties: Members of the International
Air Transport Association.
Subject:
PTC3 0860 dated 22 April 2005.
E:\FR\FM\04MYN1.SGM
04MYN1
]]>Agencies
[Federal Register Volume 70, Number 85 (Wednesday, May 4, 2005)]
[Notices]
[Pages 23290-23291]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-2170]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51627; File No. SR-PCX-2005-27]
Self-Regulatory Organizations; Notice of Filing of Proposed Rule
Change and Amendment No. 1 Thereto by the Pacific Exchange, Inc.
Relating to the Calculation of the National Best Bid or Offer When
Another Exchange is Disconnected From the Intermarket Option Linkage
April 28, 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 31, 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, II and III below, which
Items have been prepared by the Exchange. On April 19, 2005, the
Exchange filed Amendment No. 1 to the proposed rule change.\3\ The
Commission is publishing this notice to solicit comments on the
proposed rule change, as amended, from interested persons.
---------------------------------------------------------------------------
\1\ 1 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Form 19b-4 dated April 19, 2005 (``Amendment No. 1'').
Amendment No. 1 replaced and superseded the original filing in its
entirety.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is proposing to add Exchange Rule 6.94(e) to add
provisions for declaring an away market unreliable when an away market
is disconnected from the Intermarket Option Linkage (``Linkage'') \4\
and to relocate the current rule on declaring an away market unreliable
to Exchange Rule 6.94(e). The text of the proposed rule change, as
amended, is available on the Exchange's Web site (https://
www.pacificex.com), at the principal office of the Exchange, and at the
Commission Public Reference Room.
---------------------------------------------------------------------------
\4\ ``Linkage'' means the systems and data communications
network that link electronically the Participants to one another for
the purpose of sending and receiving Linkage Orders, related
confirmations, order statuses and Administrative Messages. See
Section 2(14) of the Plan for the Purpose of Creating and Operating
and Intermarket Option Linkage.
---------------------------------------------------------------------------
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. 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
The purpose of the proposed rule change is to codify the Exchange's
current policy on declaring an away market unreliable when an away
market is disconnected from Linkage. Currently, the Exchange relies on
Exchange Rule 6.87(h)(4) to determine whether an away market is
unreliable.
In order to clarify the Exchange's practices for declaring an away
market unreliable, the Exchange is proposing to add Exchange Rule
6.94(e). Proposed Exchange Rule 6.94(e) is substantially similar to
current Exchange Rule 6.87(h)(4), except that proposed Exchange Rule
6.94(e) adds provisions relating to declaring an away market unreliable
when such away market is disconnected from Linkage. Proposed Exchange
Rule 6.94(e)(A)(iii) would codify the Exchange's policy to declare an
away market unreliable if such away market is disconnected from
Linkage. The Exchange believes that declaring an away market that has
been disconnected from Linkage unreliable is necessary to eliminate
quotes from the National Best Bid or Offer (``NBBO'') calculation that
are not readily available to PCX OTP Holders \5\ and OTP Firms.\6\ When
the Exchange receives notice that an away market has been disconnected
from Linkage, the senior person in charge of the Exchange Control Room
will direct that the away market that has been disconnected from
Linkage be declared unreliable and removed from the Exchange's NBBO
calculation until the sooner of the end of the trading day or the time
that the quotes are confirmed by the Exchange to be reliable again. The
Exchange believes that the described procedure for removing an away
market from, or including an away market in, the Exchange's NBBO
calculation is appropriate and efficient because the Exchange receives
electronic confirmation that an away market has been disconnected from
or reconnected to Linkage.\7\ Receipt of this real time information, in
conjunction with the proposed rule change, will allow the Exchange to
disseminate the most accurate NBBO calculation to the PCX OTP Holders
and OTP Firms.
---------------------------------------------------------------------------
\5\ See Exchange Rule 1.1(q).
\6\ See Exchange Rule 1.1(r).
\7\ At the request of the Exchange, the Commission staff made a
change to this sentence to clarify that the Exchange believes that
the described procedures are appropriate and efficient for both
removing an away market, as well as for including an away market, in
the Exchange's NBBO calculation. Telephone conversation between
Steven Matlin, Senior Counsel, Exchange, and Kim Allen, Attorney,
Division of Market Regulation, on April 22, 2005.
---------------------------------------------------------------------------
The Exchange is also proposing to move the provisions for declaring
an away market unreliable in Exchange Rule 6.87(h)(4) to proposed
Exchange Rule 6.94 (Order Protection), because the Exchange believes
Exchange Rule 6.94 is a more appropriate rule to address declaring an
away market unreliable.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act \8\ in general, and furthers the
objectives of Section 6(b)(5) of the Act \9\ in particular, because the
proposed rule change 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.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 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
The Exchange has neither solicited nor received written comments on
the proposed rule change.
[[Page 23291]]
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 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-PCX-2005-27 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-2005-27. 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 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-2005-27 and should be submitted on or before May 25,
2005.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E5-2170 Filed 5-3-05; 8:45 am]
BILLING CODE 8010-01-P
