Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing of Proposed Rule Change and Amendment No. 1 Thereto To Amend Rule 918-ANTE(a)(4) Regarding Closing Rotations, 25629-25630 [E5-2380]

Download as PDF Federal Register / Vol. 70, No. 92 / Friday, May 13, 2005 / Notices Multiemployer Plan Valuations Following Mass Withdrawal The PBGC’s regulation on Duties of Plan Sponsor Following Mass Withdrawal (29 CFR part 4281) prescribes the use of interest assumptions under the PBGC’s regulation on Allocation of Assets in Single-Employer Plans (29 CFR part 4044). The interest assumptions applicable to valuation dates in June 2005 under part 4044 are contained in an amendment to part 4044 published elsewhere in today’s Federal Register. Tables showing the assumptions applicable to prior periods are codified in appendix B to 29 CFR part 4044. Issued in Washington, DC, on this 6th day of May 2005. Vincent K. Snowbarger, Deputy Executive Director, Pension Benefit Guaranty Corporation. [FR Doc. 05–9549 Filed 5–12–05; 8:45 am] At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact: The Office of the Secretary at (202) 942–7070. Dated: May 10, 2005. Jonathan G. Katz, Secretary. [FR Doc. 05–9678 Filed 5–11–05; 11:15 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–51671; File No. SR–Amex– 2005–033] SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing of Proposed Rule Change and Amendment No. 1 Thereto To Amend Rule 918—ANTE(a)(4) Regarding Closing Rotations Sunshine Act Meeting May 9, 2005. Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Public Law 94–409, that the Securities and Exchange Commission will hold the following meeting during the week of May 16, 2005: A Closed Meeting will be held on Tuesday, May 17, 2005 at 10 a.m. Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries will attend the Closed Meeting. Certain staff members who have an interest in the matters may also be present. The General Counsel of the Commission, or his designee, has certified that, in his opinion, one or more of the exemptions set forth in 5 U.S.C. 552b(c)(3), (5), (7), (9)(B), and (10) and 17 CFR 200.402(a)(3), (5), (7), 9(ii) and (10), permit consideration of the scheduled matters at the Closed Meeting. Commissioner Glassman, as duty officer, voted to consider the items listed for the closed meeting in closed session. The subject matter of the Closed Meeting scheduled for Tuesday, May 17, 2005, will be: Formal orders of investigations; Institution and settlement of injunctive actions; and Institution and settlement of administrative proceedings of an enforcement nature. 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 17, 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 Amex. The Amex submitted an amendment to the proposal on April 14, 2005.3 The Commission is publishing this notice to solicit comments on the proposed rule change, as amended, from interested persons. BILLING CODE 7708–01–P VerDate jul<14>2003 15:59 May 12, 2005 Jkt 205001 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Amex proposes to amend Rule 918—ANTE (a)(4) to eliminate the requirement that a closing rotation be held in every option series at the end of every trading day. The text of the proposed rule change, as amended, is available on the Amex’s Web site (http:/ /www.amex.com), at the Amex’s Office of the Secretary, and at the Commission’s Public Reference Room. U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Form 19b–4 dated April 4, 2005 (‘‘Amendment No. 1’’). Amendment No. 1 replaced the proposal in its entirety. PO 00000 1 15 2 17 Frm 00109 Fmt 4703 Sfmt 4703 25629 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, as amended, and discussed any comments it received on the proposed rule change, as amended. 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 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. Amex Rule 918— ANTE (a)(4) currently requires an automatic trading rotation to be employed promptly after the close of trading on each trading day for every option series. The automated closing rotation is used to execute at-the-close orders received by the Exchange prior to the close. If no at-the-close orders are received in a particular option series, the ANTE System’s automated closing rotation simply closes trading in that series. Orders may be entered, modified or cancelled into the ANTE System up to 4:02 p.m. or 4:15 p.m. for options on Exchange Traded Fund Shares, when the underlying Fund Share ceases trading at 4:15 p.m. Quotes may be submitted up until the commencement of the rotation in such series. The closing rotation may begin once the underlying security has closed. The Exchange believes that use of the ANTE System during the last eleven months has shown that a closing rotation is not necessary and serves no purpose when no market-on-close or limit-on-close orders have been submitted. Therefore, the Exchange proposes to revise the text of Amex Rule 918—ANTE (a)(4) to provide that closing rotations shall only occur in those option series in which market-onclose and limit-on-close orders have been submitted. E:\FR\FM\13MYN1.SGM 13MYN1 25630 Federal Register / Vol. 70, No. 92 / Friday, May 13, 2005 / Notices 2. Statutory Basis Electronic Comments The Exchange believes that the proposed rule change, as amended, is consistent with section 6(b) of the Act,4 in general, and furthers the objectives of section 6(b)(5) of the Act,5 in particular, in that 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 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. • 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–2005–033 on the subject line. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change, as amended, 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 No written comments were solicited or received by the Exchange on this proposal, as amended. 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 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: Paper Comments SECURITIES AND EXCHANGE COMMISSION [Release No. 34–51675; File No. SR–DTC– 2005–03] Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing of a Proposed Rule Change Relating to the Collection of Fees for Services Provided by Other Entities • Send paper comments in triplicate to Jonathan G. Katz, Secretary, Securities and Exchange Commission, 450 Fifth Street, NW., Washington, DC 20549–0609. May 9, 2005. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.6 Jill M. Peterson, Assistant Secretary. [FR Doc. E5–2380 Filed 5–12–05; 8:45 am] DTC is a subsidiary of DTCC. Participants of DTC and their affiliates may from time to time utilize the services of DTCC subsidiaries that are not registered as clearing agencies with the Commission. Such subsidiaries include Global Asset Solutions LLC and DTCC Deriv/Serv LLC. In addition, Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 notice is hereby given that on April 26, 2005, The Depository Trust Company (‘‘DTC’’) filed with the Securities and Exchange Commission All submissions should refer to File (‘‘Commission’’) the proposed rule Number SR–Amex–2005–033. This file change as described in Items I, II, and number should be included on the subject line if e-mail is used. To help the III below, which items have been prepared primarily by DTC. The Commission process and review your Commission is publishing this notice to comments more efficiently, please use solicit comments on the proposed rule only one method. The Commission will change from interested persons. post all comments on the Commission’s I. Self-Regulatory Organization’s Internet Web site (https://www.sec.gov/ Statement of the Terms of Substance of rules/sro.shtml). Copies of the the Proposed Rule Change submission, all subsequent amendments, all written statements The proposed rule change would with respect to the proposed rule amend DTC’s rules to allow DTC to change that are filed with the collect fees for services provided by Commission, and all written unregulated subsidiaries of The Depository Trust and Clearing communications relating to the Corporation (‘‘DTCC’’) and by other proposed rule change between the Commission and any person, other than entities. those that may be withheld from the II. Self-Regulatory Organization’s public in accordance with the Statement of the Purpose of, and provisions of 5 U.S.C. 552, will be Statutory Basis for, the Proposed Rule available for inspection and copying in Change the Commission’s Public Reference In its filing with the Commission, Section, 450 Fifth Street, NW., DTC included statements concerning Washington, DC 20549. Copies of such the purpose of and basis for the filing also will be available for proposed rule change and discussed any inspection and copying at the principal comments it received on the proposed office of the Amex. All comments rule change. The text of these statements received will be posted without change; may be examined at the places specified the Commission does not edit personal in Item IV below. DTC has prepared identifying information from summaries, set forth in sections (A), (B), submissions. You should submit only and (C) below, of the most significant information that you wish to make aspects of such statements.2 available publicly. All submissions (A) Self-Regulatory Organization’s should refer to File Number SR–Amex– Statement of the Purpose of, and 2005–033 and should be submitted on Statutory Basis for, the Proposed Rule or before June 6, 2005. Change BILLING CODE 8010–01–P 1 15 4 15 U.S.C. 78f(b). 5 15 U.S.C. 78f(b)(5). VerDate jul<14>2003 15:59 May 12, 2005 U.S.C. 78s(b)(1). Commission has modified parts of these statements. 2 The 6 17 Jkt 205001 PO 00000 CFR 200.30–3(a)(12). Frm 00110 Fmt 4703 Sfmt 4703 E:\FR\FM\13MYN1.SGM 13MYN1

Agencies

[Federal Register Volume 70, Number 92 (Friday, May 13, 2005)]
[Notices]
[Pages 25629-25630]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-2380]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-51671; File No. SR-Amex-2005-033]


Self-Regulatory Organizations; American Stock Exchange LLC; 
Notice of Filing of Proposed Rule Change and Amendment No. 1 Thereto To 
Amend Rule 918--ANTE(a)(4) Regarding Closing Rotations

May 9, 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 17, 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 Amex. The Amex 
submitted an amendment to the proposal on April 14, 2005.\3\ The 
Commission is publishing this notice to solicit comments on the 
proposed rule change, as amended, from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Form 19b-4 dated April 4, 2005 (``Amendment No. 1''). 
Amendment No. 1 replaced the proposal in its entirety.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Amex proposes to amend Rule 918--ANTE (a)(4) to eliminate the 
requirement that a closing rotation be held in every option series at 
the end of every trading day. The text of the proposed rule change, as 
amended, 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, as 
amended, and discussed any comments it received on the proposed rule 
change, as amended. 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
    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. Amex Rule 918--ANTE (a)(4) currently requires an automatic 
trading rotation to be employed promptly after the close of trading on 
each trading day for every option series. The automated closing 
rotation is used to execute at-the-close orders received by the 
Exchange prior to the close. If no at-the-close orders are received in 
a particular option series, the ANTE System's automated closing 
rotation simply closes trading in that series. Orders may be entered, 
modified or cancelled into the ANTE System up to 4:02 p.m. or 4:15 p.m. 
for options on Exchange Traded Fund Shares, when the underlying Fund 
Share ceases trading at 4:15 p.m. Quotes may be submitted up until the 
commencement of the rotation in such series. The closing rotation may 
begin once the underlying security has closed.
    The Exchange believes that use of the ANTE System during the last 
eleven months has shown that a closing rotation is not necessary and 
serves no purpose when no market-on-close or limit-on-close orders have 
been submitted. Therefore, the Exchange proposes to revise the text of 
Amex Rule 918--ANTE (a)(4) to provide that closing rotations shall only 
occur in those option series in which market-on-close and limit-on-
close orders have been submitted.

[[Page 25630]]

2. Statutory Basis
    The Exchange believes that the proposed rule change, as amended, is 
consistent with section 6(b) of the Act,\4\ in general, and furthers 
the objectives of section 6(b)(5) of the Act,\5\ in particular, in that 
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 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.
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    \4\ 15 U.S.C. 78f(b).
    \5\ 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, as 
amended, 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

    No written comments were solicited or received by the Exchange on 
this proposal, as amended.

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 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-2005-033 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-2005-033. 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-2005-033 and should be submitted on or before June 6, 2005.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5-2380 Filed 5-12-05; 8:45 am]
BILLING CODE 8010-01-P
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