Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto To Correct a Typographical Error in Its Schedule of Fees and Charges, 34173-34174 [E5-3051]
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Federal Register / Vol. 70, No. 112 / Monday, June 13, 2005 / Notices
things, that a national securities
exchange’s rules be designed, to prevent
fraud and manipulative acts and
practices; to promote just and equitable
principles of trade; to remove
impediments to and to perfect the
mechanism of a free and open market
and a national market system and; in
general, to protect investors and the
public interest. The Commission
believes that the NYSE proposal, as
amended, is designed to accomplish
these ends by facilitating the efficient
and timely execution of orders in nonconvertible bonds submitted to ABS.
The Commission believes that the
proposed codification in NYSE Rule 86
of the existing practice that a subscriber
firm confirm an order that is submitted
to ABS at a price two or more points
away from the last sale should minimize
the risk that ABS will execute an order
at a price that the user did not intend.
The Commission further believes that
the proposal to require that orders
submitted to ABS be priced is
appropriate because it reflects the
existing practice on ABS, which the
Commission believes promotes the price
discovery process.
V. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,10 that the
proposed rule change (SR–NYSE–2004–
42), as amended, be, and it hereby is,
approved.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.11
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–3057 Filed 6–10–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51788; File No. SR–PCX–
2005–70]
Self-Regulatory Organizations; Pacific
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change and Amendment No. 1
Thereto To Correct a Typographical
Error in Its Schedule of Fees and
Charges
June 6, 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 May 19,
10 15
U.S.C. 78s(b)(2).
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
11 17
VerDate jul<14>2003
16:45 Jun 10, 2005
Jkt 205001
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 PCX. The Exchange has filed this
proposal pursuant to Section
19(b)(3)(A)(ii) of the Act,3 and Rule
19b–4(f)(2) thereunder,4 which renders
the proposal effective upon filing with
the Commission. On May 31, 2005, the
Exchange filed an amendment to the
proposed rule change.5 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 PCX proposes to correct a
typographical error in the Trade-Related
Charges portion of its Schedule of Fees
and Charges (‘‘Schedule’’). The text of
the proposed rule change is available on
the Exchange’s Web site (https://
www.pacificex.com), at the PCX’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
PCX 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 PCX 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 this proposed rule
change is to correct a typographical
error in the Trade-Related Charges
portion of the Schedule. On April 27,
2005, the Exchange submitted a rule
proposal to eliminate the Market Maker
incentive program and to reinstate the
$0.21 per contract transaction fee for
U.S.C. 78s(b)(3)(A)(ii).
4 17 CFR 240.19b–4(f)(2).
5 See Partial Amendment dated May 31, 2005
(‘‘Amendment No. 1’’). Amendment No. 1 made
minor, technical corrections to the discussion
section and the rule text.
PO 00000
3 15
Frm 00092
Fmt 4703
Sfmt 4703
34173
Market Makers.6 The Exchange
inadvertently deleted the footnote that
relates to the transaction fee. The
footnote states that the PCX will rebate
the fee for PCX executions that result
from principal acting as agent orders
sent and executed at away market
centers. The rebate will be based on the
aggregate Market Maker transaction
charge and the aggregate Market Maker
comparison charge calculated at monthend. The footnote would apply to
Market Maker transactions in general
and, according to the PCX, was deleted
in error with the elimination of the
Market Maker incentive program.
2. Statutory Basis
The Exchange believes that its
proposed rule change is consistent with
Section 6(b) of the Act,7 in general, and
furthers the objectives of Section 6(b)(4)
of the Act,8 in particular, in that it
provides for the equitable allocation of
reasonable dues, fees, and other charges
among its members.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any inappropriate burden on
competition.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments on the proposed
rule change were neither solicited nor
received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change
has become immediately effective
pursuant to Section 19(b)(3)(A)(ii) of the
Act 9 and subparagraph (f)(2) of Rule
19b–4 thereunder,10 in that it
establishes or changes a due, fee or
other charge imposed by the Exchange.
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,
6 See Securities Exchange Act Release No. 51672
(May 9, 2005), 70 FR 28347 (May 17, 2005) (SR–
PCX–2005–62).
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(4).
9 15 U.S.C. 78s(b)(3)(A)(ii).
10 17 CFR 240.19b–4(f)(2).
E:\FR\FM\13JNN1.SGM
13JNN1
34174
Federal Register / Vol. 70, No. 112 / Monday, June 13, 2005 / Notices
or otherwise in furtherance of the
purposes of the Act.11
Number SR–PCX–2005–70 and should
be submitted on or before July 5, 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:
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.12
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–3051 Filed 6–10–05; 8:45 am]
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–2005–70 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Jonathan G. Katz, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–0609.
All submissions should refer to File
Number SR–PCX–2005–70. 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. Copies of the filing also will be
available for inspection and copying at
the principal office of the PCX. 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
11 The effective date of the original proposed rule
change is May 19, 2005, and the effective date of
the amendment is May 31, 2005. For purposes of
calculating the 60-day period within which the
Commission may summarily abrogate the proposed
rule change, as amended, under Section 19(b)(3)(C)
of the Act, the Commission considers the period to
commence on May 31, 2005, the date on which the
Exchange submitted Amendment No. 1. See 15
U.S.C. 78s(b)(3)(C).
VerDate jul<14>2003
16:45 Jun 10, 2005
Jkt 205001
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51787; File No. SR–PCX–
2005–65]
Self-Regulatory Organizations; Pacific
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change and Amendment No. 1
Thereto Relating to Exchange Fees
and Charges
June 6, 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 May 2,
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 PCX. PCX submitted Amendment
No. 1 to the proposal on May 13, 2005.3
The Exchange filed this proposal
pursuant to Section 19(b)(3)(A) of the
Act,4 and Rule 19b–4(f)(2) thereunder,5
which renders the proposal effective
upon filing with the Commission. 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
PCX proposes to amend its Schedule
of Fees and Charges in order to modify
the list of eligible strategies that apply
to Option Strategy Executions. The text
of the proposed rule change, as
amended, is available on PCX’s Web site
(https://www.pacificex.com), at PCX’s
Office of the Secretary, and at the
Commission’s Public Reference Room.
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 Amendment No. 1 made a minor clarifying
change to the proposal.
4 15 U.S.C. 78s(b)(3)(A).
5 17 CFR 240.19b–4(f)(2).
PO 00000
12 17
1 15
Frm 00093
Fmt 4703
Sfmt 4703
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
PCX 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. PCX 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 this proposed rule
change, as amended, is to modify the
list of strategies presently included in
the fee that applies to Option Strategy
Executions. The PCX proposes to add
two strategies. The first is a strategy
used to capture short stock interest. The
‘‘short stock interest spread’’ is defined
as a spread that uses two deep in the
money put options followed by the
exercise of the resulting long position of
the same class in order to establish a
short stock interest arbitrage position.
The second strategy is used when there
is corporate merger activity in an
underlying issue. A ‘‘merger spread’’ is
defined as a transaction executed
pursuant to a merger spread strategy
involving the simultaneous purchase
and sale of options of the same class and
expiration date, but with different strike
prices followed by the exercise of the
resulting long option position. Merger
Spreads are executed prior to the date
that shareholders of record are required
to elect their respective form of
consideration, i.e. cash or stock.
Because the referenced Options Strategy
Transactions are generally executed by
professionals whose profit margins are
generally narrow, the Exchange
proposes to cap the transaction fees
associated with such executions at
$1,000 per strategy execution with a
monthly cap of $50,000 per initiating
firm. The Exchange believes that by
keeping fees low, the Exchange would
be able to attract liquidity by
accommodating these transactions.
2. Statutory Basis
The Exchange believes that the
proposed rule change, as amended, is
consistent with Section 6(b) of the Act,6
6 15
E:\FR\FM\13JNN1.SGM
U.S.C. 78f(b).
13JNN1
]]>Agencies
[Federal Register Volume 70, Number 112 (Monday, June 13, 2005)]
[Notices]
[Pages 34173-34174]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-3051]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51788; File No. SR-PCX-2005-70]
Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change and
Amendment No. 1 Thereto To Correct a Typographical Error in Its
Schedule of Fees and Charges
June 6, 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 May 19, 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 PCX. The Exchange has filed this
proposal pursuant to Section 19(b)(3)(A)(ii) of the Act,\3\ and Rule
19b-4(f)(2) thereunder,\4\ which renders the proposal effective upon
filing with the Commission. On May 31, 2005, the Exchange filed an
amendment to the proposed rule change.\5\ 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\ 15 U.S.C. 78s(b)(3)(A)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
\5\ See Partial Amendment dated May 31, 2005 (``Amendment No.
1''). Amendment No. 1 made minor, technical corrections to the
discussion section and the rule text.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The PCX proposes to correct a typographical error in the Trade-
Related Charges portion of its Schedule of Fees and Charges
(``Schedule''). The text of the proposed rule change is available on
the Exchange's Web site (https://www.pacificex.com), at the PCX'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 PCX 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 PCX 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 this proposed rule change is to correct a
typographical error in the Trade-Related Charges portion of the
Schedule. On April 27, 2005, the Exchange submitted a rule proposal to
eliminate the Market Maker incentive program and to reinstate the $0.21
per contract transaction fee for Market Makers.\6\ The Exchange
inadvertently deleted the footnote that relates to the transaction fee.
The footnote states that the PCX will rebate the fee for PCX executions
that result from principal acting as agent orders sent and executed at
away market centers. The rebate will be based on the aggregate Market
Maker transaction charge and the aggregate Market Maker comparison
charge calculated at month-end. The footnote would apply to Market
Maker transactions in general and, according to the PCX, was deleted in
error with the elimination of the Market Maker incentive program.
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 51672 (May 9, 2005),
70 FR 28347 (May 17, 2005) (SR-PCX-2005-62).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposed rule change is consistent
with Section 6(b) of the Act,\7\ in general, and furthers the
objectives of Section 6(b)(4) of the Act,\8\ in particular, in that it
provides for the equitable allocation of reasonable dues, fees, and
other charges among its members.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any inappropriate burden on competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments on the proposed rule change were neither solicited
nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change has become immediately effective
pursuant to Section 19(b)(3)(A)(ii) of the Act \9\ and subparagraph
(f)(2) of Rule 19b-4 thereunder,\10\ in that it establishes or changes
a due, fee or other charge imposed by the Exchange. 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,
[[Page 34174]]
or otherwise in furtherance of the purposes of the Act.\11\
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A)(ii).
\10\ 17 CFR 240.19b-4(f)(2).
\11\ The effective date of the original proposed rule change is
May 19, 2005, and the effective date of the amendment is May 31,
2005. For purposes of calculating the 60-day period within which the
Commission may summarily abrogate the proposed rule change, as
amended, under Section 19(b)(3)(C) of the Act, the Commission
considers the period to commence on May 31, 2005, the date on which
the Exchange submitted Amendment No. 1. See 15 U.S.C. 78s(b)(3)(C).
---------------------------------------------------------------------------
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-2005-70 on the subject line.
Paper Comments
Send paper comments in triplicate to Jonathan G. Katz,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-0609.
All submissions should refer to File Number SR-PCX-2005-70. 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. Copies of the
filing also will be available for inspection and copying at the
principal office of the PCX. 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-2005-70 and should be submitted on or before July 5,
2005.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-3051 Filed 6-10-05; 8:45 am]
BILLING CODE 8010-01-P
