Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Order Granting Approval to Proposed Rule Change, and Amendment No. 1 Thereto, Relating to the Elimination of the Prohibition Against the Entry of Multiple Orders in an Option Within Any 15-Second Period for an Account or Accounts of the Same Beneficial Owner, 35491-35492 [E5-3157]
Download as PDF
<![CDATA[
Federal Register / Vol. 70, No. 117 / Monday, June 20, 2005 / Notices
The fees set forth in this proposal are
scheduled to become effective for
transactions settling on or after May 1,
2005.
The text of the proposed rule change
is available on the Phlx’s Web site,
https://www.phlx.com, at the Phlx’s
Office of the Secretary, and at the
Commission’s Public Reference Section.
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
Phlx included statements concerning
the purpose of and basis for the
proposed rule change and discussed any
comments it received on the proposal.
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 the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of assessing the iShares
Lehman products and the KBW
products license fee of $0.10 per
contract side after reaching the $60,000
cap as described in this proposal is to
help defray licensing costs associated
with the trading of these products,
while still capping member
organizations’ fees enough to attract
volume from other exchanges. The cap
operates this way in order to offer an
incentive for additional volume without
leaving the Exchange with significant
out-of-pocket costs.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act 13 in general, and
furthers the objectives of Section 6(b)(4)
of the Act 14 in particular, in that it is
an equitable allocation of reasonable
dues, fees, and other charges among
Exchange members.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Phlx believes that the proposed
rule change would impose no burden on
without license fees and then equity option and
index option transaction and comparison charges
for products with license fees (i.e., QQQ license
fees) that are assessed by the Exchange after the
$60,000 cap is reached. See Securities Exchange Act
Release No. 50836 (December 10, 2004), 69 FR
75584 (December 17, 2004) (SR–Phlx–2004–70).
13 15 U.S.C. 78f(b).
14 15 U.S.C. 78f(b)(4).
VerDate jul<14>2003
17:24 Jun 17, 2005
Jkt 205001
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 did not solicit or
receive any written comments with
respect to the proposal.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change
has been designated as a fee change
pursuant to Section 19(b)(3)(A)(ii) of the
Act 15 and Rule 19b–4(f)(2) 16
thereunder. Accordingly, the proposal is
effective upon filing with the
Commission. At any time within 60
days of the filing of the 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.17
35491
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 such 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–Phlx–2005–30 and should
be submitted on or before July 11, 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, as amended, 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.18
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–3155 Filed 6–17–05; 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–Phlx–2005–30 on the
subject line.
SECURITIES AND EXCHANGE
COMMISSION
BILLING CODE 8010–01–P
[Release No. 34–51827; File No. SR–Phlx–
2005–20]
Self-Regulatory Organizations;
Philadelphia Stock Exchange, Inc.;
Order Granting Approval to Proposed
Rule Change, and Amendment No. 1
Thereto, Relating to the Elimination of
the Prohibition Against the Entry of
Multiple Orders in an Option Within
Any 15-Second Period for an Account
or Accounts of the Same Beneficial
Owner
Paper Comments
• Send paper comments in triplicate
to Jonathan G. Katz, Secretary,
Securities and Exchange Commission,
Station Place, 100 F Street NE.,
Washington, DC 20549–9303.
All submissions should refer to File
Number SR–Phlx–2005–30. This file
June 13, 2005.
number should be included on the
On March 24, 2005, the Philadelphia
subject line if e-mail is used. To help the
Stock Exchange, Inc. (‘‘Phlx’’ or
Commission process and review your
‘‘Exchange’’) filed with the Securities
and Exchange Commission
15 15 U.S.C. 78s(b)(3)(A)(ii).
(‘‘Commission’’), pursuant to Section
16 17 CFR 240.19b–4(f)(2).
19(b)(1) of the Securities Exchange Act
17 See 15 U.S.C. 78s(b)(3)(C). For purposes of
of 1934 (‘‘Act’’),1 and Rule 19b–4
calculating the 60-day abrogation period, the
Commission considers the period to commence on
thereunder,2 a proposed rule change to
June 6, 2005, the date the Phlx filed Amendment
No. 2. The effective date of the original proposed
rule change is April 28, 2005, the effective date of
Amendment No. 1 is April 29, 2005, and the
effective date of Amendment No. 2 is June 6, 2005.
PO 00000
Frm 00099
Fmt 4703
Sfmt 4703
18 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\20JNN1.SGM
20JNN1
35492
Federal Register / Vol. 70, No. 117 / Monday, June 20, 2005 / Notices
amend Exchange Rule 1080,
Philadelphia Stock Exchange
Automated Options Market (‘‘AUTOM’’)
System,3 to eliminate the restriction
against Order Entry Firms 4 entering or
permitting the entry of multiple orders
in an option within any 15-second
period for an account or accounts of the
same beneficial owner and to eliminate
a similar provision in Commentary .05
to Exchange Rule 1080 relating to
proprietary orders submitted by off-floor
broker-dealers.5
On April 11, 2005, the Exchange filed
Amendment No. 1 to the proposed rule
change.6 The proposed rule change, as
amended, was published for comment
in the Federal Register on May 6, 2005.7
The Commission received no comments
on the proposal.
The Commission finds that the
proposed rule change, as amended, is
consistent with the requirements of the
Act and the rules and regulations
thereunder applicable to a national
securities exchange 8 and, in particular,
the requirements of Section 6(b) of the
Act 9 and the rules and regulations
thereunder. The Commission finds
specifically that the proposed rule
change, as amended, is consistent with
Section 6(b)(5) of the Act,10 in that it is
designed to promote just and equitable
principles of trade, remove
impediments to and perfect the
mechanism of a free and open market
3 AUTOM
is the Exchange’s electronic order
delivery, routing, execution and reporting system,
which provides for the automatic entry and routing
of equity option and index option orders to the
Exchange trading floor. Orders delivered through
AUTOM may be executed manually, or certain
orders are eligible for AUTOM’s automatic
execution features, Book Sweep and Book Match.
Equity option and index option specialists are
required by the Exchange to participate in AUTOM
and its features and enhancements. See Exchange
Rule 1080.
4 The Exchange defines an ‘‘Order Entry Firm’’ as
a member organization of the Exchange that is able
to route orders to AUTOM. See Exchange Rule
1080(c)(ii)(A)(1).
5 The term ‘‘off-floor broker-dealer’’ means a
broker-dealer that delivers orders from off the floor
of the Exchange for the proprietary account(s) of
such broker-dealer, including a market maker
located on an exchange or trading floor other than
the Exchange’s trading floor who elects to deliver
orders via AUTOM for the proprietary account(s) of
such market maker. See Exchange Rule
1080(b)(i)(C).
6 In Amendment No. 1, the Exchange revised the
status of the proposed rule change from one that
would take effect upon filing with the Commission
under Section 19(b)(3)(A) of the Act, 15 U.S.C.
78s(b)(3)(A), to one that is filed under Section
19(b)(2) of the Act.
7 See Securities Exchange Act Release No. 51640
(April 29, 2005), 70 FR 24156.
8 In approving this proposed rule change, the
Commission notes that it has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. 15 U.S.C. 78c(f).
9 15 U.S.C. 78f(b).
10 15 U.S.C. 78f(b)(5).
VerDate jul<14>2003
17:24 Jun 17, 2005
Jkt 205001
and a national market system, and, in
general, to protect investors and the
public interest. In the Commission’s
view, removal of the limitation on the
entry into AUTOM of multiple orders by
an Order Entry Firm for the same
beneficial account owner within any 15second period should help facilitate
more efficient and immediate
executions on the Exchange.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,11 that the
proposed rule change (SR–Phlx–2005–
20), as amended, be, and hereby is,
approved.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.12
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–3157 Filed 6–17–05; 8:45 am]
BILLING CODE 8010–01–P
DEPARTMENT OF STATE
[Public Notice 5114]
Bureau of Political-Military Affairs;
Notice of Information Collection Under
Emergency Review: Form DS–4076;
Request for Commodity Jurisdiction
(CJ)/U.S. Munitions List (USML)
Determination; OMB Control Number
1405–XXXX
Department of State.
Notice.
AGENCY:
ACTION:
SUMMARY: The Department of State has
submitted the following information
collection request to the Office of
Management and Budget (OMB) for
review and approval in accordance with
the emergency review procedures of the
Paperwork Reduction Act of 1995.
• Type of Request: Emergency
Review.
• Originating Office: Bureau of
Political-Military Affairs, Directorate of
Defense Trade Controls, (PM/DDTC).
• Title of Information Collection:
Request for Commodity Jurisdiction
(CJ)/U.S. Munitions List (USML)
Determination.
• OMB Control Number: None.
• Frequency: Once per year per
respondent.
• Form Number: DS–4076.
• Respondents: Business
organizations.
• Estimated Number of Respondents:
300.
• Estimated Number of Responses:
300.
• Average Hours Per Response: 2
hours.
PO 00000
11 15
12 17
U.S.C. 78s(b)(2).
CFR 200.30–3(a)(12).
Frm 00100
Fmt 4703
Sfmt 4703
• Total Estimated Burden: 600 hours.
• Obligation to Respond: Voluntary.
The proposed information collection
is published to obtain comments from
the public and affected agencies.
Emergency review and approval of this
collection has been requested from OMB
by July 29, 2005. If granted, the
emergency approval is only valid for
180 days. Comments should be directed
to the State Department Desk Officer,
Office of Information and Regulatory
Affairs, Office of Management and
Budget (OMB), Washington, DC 20530,
who may be reached on 202–395–7316.
You may submit comments by any of
the following methods:
• E-mail: Katherine_T._Astrich@omb.
eop.gov. You must include the form
number (DS–4076) and information
collection title in the subject line of
your message.
• Hand Delivery or Courier: OIRA
State Department Desk Officer, Office of
Management and Budget, 725 17th
Street, NW., Washington, DC 20503.
• Fax: 202–395–6974.
SUPPLEMENTARY INFORMATION: During the
first 60 days of this same period a
regular review of this information
collection is also being undertaken.
Comments are encouraged and will be
accepted until 60 days from the date
that this notice is published in the
Federal Register. The agency requests
written comments and suggestions from
the public and affected agencies
concerning the proposed collection of
information. Your comments are being
solicited to permit the agency to:
• Evaluate whether the proposed
collection of information is necessary
for the proper performance of the
functions of the agency, including
whether the information will have
practical utility.
• Evaluate the accuracy of the
agency’s estimate of the burden of the
proposed collection, including the
validity of the methodology and
assumptions used.
• Enhance the quality, utility, and
clarity of the information to be
collected.
• Minimize the reporting burden on
those who are to respond, including
through the use of automated collection
techniques or other forms of technology.
Abstract of proposed collection: The
information will be used to evaluate
whether or not a particular article is
covered by the U.S. Munitions List; to
change the U.S. Munitions List category
designation; to confirm the U.S.
Munitions List Category designation; to
remove a defense article from the U.S.
Munitions List; or to reconsider a
previous commodity jurisdiction
determination.
E:\FR\FM\20JNN1.SGM
20JNN1
]]>Agencies
[Federal Register Volume 70, Number 117 (Monday, June 20, 2005)]
[Notices]
[Pages 35491-35492]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-3157]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51827; File No. SR-Phlx-2005-20]
Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.;
Order Granting Approval to Proposed Rule Change, and Amendment No. 1
Thereto, Relating to the Elimination of the Prohibition Against the
Entry of Multiple Orders in an Option Within Any 15-Second Period for
an Account or Accounts of the Same Beneficial Owner
June 13, 2005.
On March 24, 2005, the Philadelphia Stock Exchange, Inc. (``Phlx''
or ``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to
[[Page 35492]]
amend Exchange Rule 1080, Philadelphia Stock Exchange Automated Options
Market (``AUTOM'') System,\3\ to eliminate the restriction against
Order Entry Firms \4\ entering or permitting the entry of multiple
orders in an option within any 15-second period for an account or
accounts of the same beneficial owner and to eliminate a similar
provision in Commentary .05 to Exchange Rule 1080 relating to
proprietary orders submitted by off-floor broker-dealers.\5\
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ AUTOM is the Exchange's electronic order delivery, routing,
execution and reporting system, which provides for the automatic
entry and routing of equity option and index option orders to the
Exchange trading floor. Orders delivered through AUTOM may be
executed manually, or certain orders are eligible for AUTOM's
automatic execution features, Book Sweep and Book Match. Equity
option and index option specialists are required by the Exchange to
participate in AUTOM and its features and enhancements. See Exchange
Rule 1080.
\4\ The Exchange defines an ``Order Entry Firm'' as a member
organization of the Exchange that is able to route orders to AUTOM.
See Exchange Rule 1080(c)(ii)(A)(1).
\5\ The term ``off-floor broker-dealer'' means a broker-dealer
that delivers orders from off the floor of the Exchange for the
proprietary account(s) of such broker-dealer, including a market
maker located on an exchange or trading floor other than the
Exchange's trading floor who elects to deliver orders via AUTOM for
the proprietary account(s) of such market maker. See Exchange Rule
1080(b)(i)(C).
---------------------------------------------------------------------------
On April 11, 2005, the Exchange filed Amendment No. 1 to the
proposed rule change.\6\ The proposed rule change, as amended, was
published for comment in the Federal Register on May 6, 2005.\7\ The
Commission received no comments on the proposal.
---------------------------------------------------------------------------
\6\ In Amendment No. 1, the Exchange revised the status of the
proposed rule change from one that would take effect upon filing
with the Commission under Section 19(b)(3)(A) of the Act, 15 U.S.C.
78s(b)(3)(A), to one that is filed under Section 19(b)(2) of the
Act.
\7\ See Securities Exchange Act Release No. 51640 (April 29,
2005), 70 FR 24156.
---------------------------------------------------------------------------
The Commission finds that the proposed rule change, as amended, is
consistent with the requirements of the Act and the rules and
regulations thereunder applicable to a national securities exchange \8\
and, in particular, the requirements of Section 6(b) of the Act \9\ and
the rules and regulations thereunder. The Commission finds specifically
that the proposed rule change, as amended, is consistent with Section
6(b)(5) of the Act,\10\ in that it is designed to promote just and
equitable principles of trade, 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. In the
Commission's view, removal of the limitation on the entry into AUTOM of
multiple orders by an Order Entry Firm for the same beneficial account
owner within any 15-second period should help facilitate more efficient
and immediate executions on the Exchange.
---------------------------------------------------------------------------
\8\ In approving this proposed rule change, the Commission notes
that it has considered the proposed rule's impact on efficiency,
competition, and capital formation. 15 U.S.C. 78c(f).
\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\11\ that the proposed rule change (SR-Phlx-2005-20), as amended,
be, and hereby is, approved.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78s(b)(2).
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. E5-3157 Filed 6-17-05; 8:45 am]
BILLING CODE 8010-01-P
