Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Revisions to the Implementation Date of the ANTE System, 24130-24131 [E5-2210]
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Federal Register / Vol. 70, No. 87 / Friday, May 6, 2005 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51642; File No. SR–Amex–
2005–041)]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing and Immediate Effectiveness
of Revisions to the Implementation
Date of the ANTE System
May 2, 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 18,
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. 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
The Amex proposes to amend: (i) Rule
900—ANTE to provide a revised date for
the implementation of the ANTE System
to the three hundred most actively
traded option classes; and (ii) Rule
935—ANTE, Commentary .01 to
establish a revised date for increased
floor broker functionality in the ANTE
System. The text of the proposed rule
change is available on the Amex’s Web
site (https://www.amex.com), at the
Amex’s Office of the Secretary, 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
Amex 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 Amex has
prepared summaries, set forth in
Sections A, B, and C below, of the most
significant aspects of such statements.
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
VerDate jul<14>2003
18:03 May 05, 2005
Jkt 205001
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Revised Implementation Date—Rule
900—ANTE. On May 20, 2004, the
Commission approved the Amex’s
proposal to implement a new options
trading platform known as the Amex
New Trading Environment (‘‘ANTE’’).
On May 25, 2004, the Amex began
rolling out the ANTE System on its
trading floor on a specialist’s post-byspecialist’s post basis. At that time it
was anticipated that the three hundred
most actively traded option classes
would be trading on the ANTE System
by January 31, 2005. On January 28,
2005, the Amex submitted a proposal to
revise its implementation schedule and
amend Rule 900—ANTE to provide that
the 300 most active option classes will
be on the ANTE System by March 31,
2005.3 The Amex is now proposing to
further revise its implementation
schedule to provide that the remaining
10 of the 300 most active classes will be
on the ANTE System by April 30, 2005.
Due to various issues the Amex decided
to slow the ANTE implementation
schedule down for the more active
option classes while it assess the impact
of recent systems enhancements.
Thus, it is now anticipated that all of
the three hundred most active option
classes (that is, the remaining 10
classes) will be on the ANTE System by
April 30, 2005. Maintaining two systems
for the trading of options—the legacy
system (XTOPS, AODB and Auto-Ex)
and ANTE is costly. As a result, the
Exchange is working diligently to have
all option classes on the ANTE System
by May 30, 2005 so that it can retire its
legacy systems before its original
estimated date of completion, which is
the end of the second quarter.
Increased Floor Broker
Functionality—Rule 935—ANTE. Rule
935—ANTE (b) provides for the post
trade allocation of contracts executed as
the result of the submission of orders to
trade with orders in the ANTE Central
Book. If more than one ANTE
Participant 4 and/or a floor broker
representing a customer order submits
an order to trade with an order in the
ANTE Central book within a period not
to exceed five seconds after the initial
ANTE Participant has submitted its
3 Securities Exchange Act Release No. 51306
(March 3, 2005), 70 FR 12250 (March 11, 2005) (SR–
Amex–2005–013).
4 Rule 900—ANTE (b)(45) defines ANTE
Participant as the specialist and/or registered
options trader(s) assigned to trade a specific options
class on the ANTE System.
PO 00000
Frm 00170
Fmt 4703
Sfmt 4703
order, all those ANTE Participants and
the floor broker’s customer will be
entitled to participate in the allocation
of any executed contracts. The ANTE
System is currently unable to provide
the functionality necessary for floor
brokers representing customer orders in
the trading crowd the ability to directly
participate in the post trade allocation
of orders taken off the Central Book.
Commentary .01 to Rule 935—ANTE
provides a temporary methodology for
the specialist to disengage the post trade
allocation system in a specific series,
which allows the floor broker to alert
the specialist within the five second
timeframe whenever his customer wants
to participate in post trade allocation,
and allows the specialist to provide for
the customer’s participation in post
trade allocation when appropriate. The
Commission approved the procedures
set forth in Commentary .01 as a
‘‘reasonable, temporary solution.’’ 5
Commentary .01 to Rule 935—ANTE
also provides that the ANTE System
will give floor brokers greater
functionality accessing the Central Book
on March 31, 2005 or such other date as
established by the Exchange and
submitted to the Commission pursuant
to Section 19(b) of the Act. The
Exchange is now proposing to amend
Commentary .01 to establish June 30,
2005, as the date the increased
functionality will be available in the
ANTE System.
2. Statutory Basis
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) of the Act 7 in particular
in that it is designed to prevent
fraudulent and manipulative acts and
practices and 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; and is
designed to prohibit unfair
discrimination between customers,
issuers, brokers and dealers.
5 Securities Exchange Act Release No. 49747 (May
20, 2004) 69 FR 30344 (May 27, 2004).
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(5).
E:\FR\FM\06MYN1.SGM
06MYN1
Federal Register / Vol. 70, No. 87 / Friday, May 6, 2005 / Notices
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.
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 with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 8 and subparagraph (f)(6) of
Rule 19b–4 thereunder 9 because it does
not: (i) Significantly affect the
protection of investors or the public
interest; (ii) impose any significant
burden on competition; or (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate; and
the Exchange has given the Commission
written notice of its intention to file the
proposed rule change at least five
business days prior to filing. At any
time within 60 days of the filing of such
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
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 rulecomments@sec.gov. Please include File
Number SR–Amex–2005–041 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–Amex–2005–041. 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–
2005–041 and should be submitted on
or before May 27, 2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.10
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5–2210 Filed 5–5–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
Issuer Delisting; Notice of Application
of Top Image Systems Ltd. To
Withdraw Its Ordinary Shares, .04 NIS
Par Value, From Listing and
Registration on the Boston Stock
Exchange, Inc., File No. 1–14552
April 29, 2005
On April 4, 2005, Top Image Systems
Ltd., a company organized under the
laws of the State of Israel (‘‘Issuer’’),
filed an application with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
12(d) of the Securities Exchange Act of
1934 (‘‘Act’’) 1 and Rule 12d2–2(d)
thereunder,2 to withdraw its ordinary
shares, .04 NIS par value (‘‘Security’’),
from listing and registration on the
Boston Stock Exchange, Inc. (‘‘BSE’’).
On March 10, 2005, the Board of
Directors (‘‘Board’’) of the Issuer
approved a resolution to withdraw the
Security from listing and registration on
BSE. In making the decision to delist the
Security from BSE, the Issuer stated that
the following reason factored into its
decision: (i) There has been no trading
activity in the Security on BSE for a
significant period of time; and (ii)
remaining on BSE subjects the Issuer to
the rules and regulations of the
Exchange in addition to the rules and
regulations of Nasdaq SmallCap Market
(‘‘Nasdaq’’). In addition, the Issuer
stated that the Security has been listed
on both BSE and Nasdaq since 1996.
However, there has been no trading
activity on BSE since at least the
beginning of 2002. The Issuer intends to
maintain its listing of the Security on
Nasdaq.
The Issuer’s application relates solely
to withdrawal of the Security from
listing on BSE and from registration
under Section 12(b) of the Act,3 and
shall not affect its obligation to be
registered under Section 12(g) of the
Act.4
Any interested person may, on or
before May 24, 2005, comment on the
facts bearing upon whether the
application has been made in
accordance with the rules of BSE, and
what terms, if any, should be imposed
by the Commission for the protection of
investors. All comment letters may be
submitted by either of the following
methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/delist.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include the
File Number 1–14552 or;
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 1–14552. This file number
should be included on the subject line
if e-mail is used. To help us process and
review your comments more efficiently,
please use only one method. The
Commission will post all comments on
2 17
8 15
U.S.C. 78s(b)(3)(A).
9 17 CFR 240.19b–4(f)(6).
VerDate jul<14>2003
18:03 May 05, 2005
10 7
CFR 200.30–3(a)(12).
1 15 U.S.C. 78l(d).
Jkt 205001
PO 00000
Frm 00171
Fmt 4703
Sfmt 4703
24131
CFR 240.12d2–2(d).
U.S.C. 78l(b).
4 15 U.S.C. 78l(g).
3 15
E:\FR\FM\06MYN1.SGM
06MYN1
]]>Agencies
[Federal Register Volume 70, Number 87 (Friday, May 6, 2005)]
[Notices]
[Pages 24130-24131]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-2210]
[[Page 24130]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51642; File No. SR-Amex-2005-041)]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Revisions to the
Implementation Date of the ANTE System
May 2, 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 18, 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. 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.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Amex proposes to amend: (i) Rule 900--ANTE to provide a revised
date for the implementation of the ANTE System to the three hundred
most actively traded option classes; and (ii) Rule 935--ANTE,
Commentary .01 to establish a revised date for increased floor broker
functionality in the ANTE System. The text of the proposed rule change
is available on the Amex's Web site (https://www.amex.com), at the
Amex's Office of the Secretary, 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 Amex 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 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
Statutory Basis for, the Proposed Rule Change
1. Purpose
Revised Implementation Date--Rule 900--ANTE. On May 20, 2004, the
Commission approved the Amex's proposal to implement a new options
trading platform known as the Amex New Trading Environment (``ANTE'').
On May 25, 2004, the Amex began rolling out the ANTE System on its
trading floor on a specialist's post-by-specialist's post basis. At
that time it was anticipated that the three hundred most actively
traded option classes would be trading on the ANTE System by January
31, 2005. On January 28, 2005, the Amex submitted a proposal to revise
its implementation schedule and amend Rule 900--ANTE to provide that
the 300 most active option classes will be on the ANTE System by March
31, 2005.\3\ The Amex is now proposing to further revise its
implementation schedule to provide that the remaining 10 of the 300
most active classes will be on the ANTE System by April 30, 2005. Due
to various issues the Amex decided to slow the ANTE implementation
schedule down for the more active option classes while it assess the
impact of recent systems enhancements.
---------------------------------------------------------------------------
\3\ Securities Exchange Act Release No. 51306 (March 3, 2005),
70 FR 12250 (March 11, 2005) (SR-Amex-2005-013).
---------------------------------------------------------------------------
Thus, it is now anticipated that all of the three hundred most
active option classes (that is, the remaining 10 classes) will be on
the ANTE System by April 30, 2005. Maintaining two systems for the
trading of options--the legacy system (XTOPS, AODB and Auto-Ex) and
ANTE is costly. As a result, the Exchange is working diligently to have
all option classes on the ANTE System by May 30, 2005 so that it can
retire its legacy systems before its original estimated date of
completion, which is the end of the second quarter.
Increased Floor Broker Functionality--Rule 935--ANTE. Rule 935--
ANTE (b) provides for the post trade allocation of contracts executed
as the result of the submission of orders to trade with orders in the
ANTE Central Book. If more than one ANTE Participant \4\ and/or a floor
broker representing a customer order submits an order to trade with an
order in the ANTE Central book within a period not to exceed five
seconds after the initial ANTE Participant has submitted its order, all
those ANTE Participants and the floor broker's customer will be
entitled to participate in the allocation of any executed contracts.
The ANTE System is currently unable to provide the functionality
necessary for floor brokers representing customer orders in the trading
crowd the ability to directly participate in the post trade allocation
of orders taken off the Central Book. Commentary .01 to Rule 935--ANTE
provides a temporary methodology for the specialist to disengage the
post trade allocation system in a specific series, which allows the
floor broker to alert the specialist within the five second timeframe
whenever his customer wants to participate in post trade allocation,
and allows the specialist to provide for the customer's participation
in post trade allocation when appropriate. The Commission approved the
procedures set forth in Commentary .01 as a ``reasonable, temporary
solution.'' \5\ Commentary .01 to Rule 935--ANTE also provides that the
ANTE System will give floor brokers greater functionality accessing the
Central Book on March 31, 2005 or such other date as established by the
Exchange and submitted to the Commission pursuant to Section 19(b) of
the Act. The Exchange is now proposing to amend Commentary .01 to
establish June 30, 2005, as the date the increased functionality will
be available in the ANTE System.
---------------------------------------------------------------------------
\4\ Rule 900--ANTE (b)(45) defines ANTE Participant as the
specialist and/or registered options trader(s) assigned to trade a
specific options class on the ANTE System.
\5\ Securities Exchange Act Release No. 49747 (May 20, 2004) 69
FR 30344 (May 27, 2004).
---------------------------------------------------------------------------
2. Statutory Basis
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) of the
Act \7\ in particular in that it is designed to prevent fraudulent and
manipulative acts and practices and 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; and is designed to prohibit
unfair discrimination between customers, issuers, brokers and dealers.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
[[Page 24131]]
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.
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 with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \8\ and subparagraph (f)(6) of Rule 19b-4
thereunder \9\ because it does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; or (iii) become operative for 30
days from the date on which it was filed, or such shorter time as the
Commission may designate; and the Exchange has given the Commission
written notice of its intention to file the proposed rule change at
least five business days prior to filing. At any time within 60 days of
the filing of such 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.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
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-Amex-2005-041 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-Amex-2005-041. 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-2005-041 and should be submitted on or before May 27, 2005.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------
\10\ 7 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5-2210 Filed 5-5-05; 8:45 am]
BILLING CODE 8010-01-P
