Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing of Proposed Rule Change and Amendment Nos. 1 and 2 thereto Relating to Quotes in Nasdaq UTP Stocks To Be Disseminated by Amex Specialists Before 9:30 a.m., 35466-35468 [E5-3178]
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<![CDATA[
35466
Federal Register / Vol. 70, No. 117 / Monday, June 20, 2005 / Notices
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 1–12072 or;
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 1–12072. 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
the Commission’s Internet Web site
(https://www.sec.gov/rules/delist.shtml).
Comments are also available for public
inspection and copying in the
Commission’s Public Reference Room.
All comments received will be posted
without change; we do not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly.
The Commission, based on the
information submitted to it, will issue
an order granting the application after
the date mentioned above, unless the
Commission determines to order a
hearing on the matter.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.5
Jonathan G. Katz,
Secretary.
[FR Doc. E5–3153 Filed 6–17–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
File No. 1–13253
Issuer Delisting; Notice of Application
of Renasant Corporation To Withdraw
its Common Stock, $5.00 Par Value,
From Listing and Registration on the
American Stock Exchange LLC
June 13, 2005.
On April 29, 2005, Renasant
Corporation, a Mississippi corporation
(‘‘Issuer’’), filed an application with the
Securities and Exchange Commission
5 17
(‘‘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 common
stock, $5.00 par value (‘‘Security’’), from
listing and registration on the American
Stock Exchange LLC (‘‘Amex’’).
On October 19, 2004, the Board of
Directors (‘‘Board’’) of the Issuer
approved a resolution to withdraw the
Security from listing and registration on
Amex and to list the Security on the
Nasdaq National Market Systems
(‘‘Nasdaq’’). The Issuer stated that the
Board determined to withdraw the
Security from listing on Amex based on
the following opinions of the Board: (i)
Nasdaq is a more efficient and better
structured marketplace that may
provide the Issuer with a variety of
advantages over Amex, including, but
not limited to, (a) a screen-based
electronic marketplace with competing
market makers, (b) increased liquidity,
(c) faster trade execution time, and (d)
better execution quality; (ii) the Issuer
will have improved visibility to
investors by listing on Nasdaq; and (iii)
Nasdaq will provide the Issuer with
greater exposure to institutional
investors. Trading in the Security on
Nasdaq commenced on May 2, 2005.
The Issuer stated in its application
that it has met the requirements of
Amex Rule 18 by complying with all
applicable laws in effect in the state of
Mississippi, in which it is incorporated,
and provided written notice of
withdrawal to Amex.
The Issuer’s application relates solely
to withdrawal of the Security from
listing on the Amex 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 July 6, 2005, comment on the
facts bearing upon whether the
application has been made in
accordance with the rules of Amex, 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 1–13253 or;
CFR 200.30–3(a)(1).
VerDate jul<14>2003
17:24 Jun 17, 2005
Jkt 205001
PO 00000
U.S.C. 78l(d).
CFR 240.12d2–2(d).
3 15 U.S.C. 781(b).
4 15 U.S.C. 781(g).
Paper Comments
• Send paper comments in triplicate
to Jonathan G. Katz, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–9303.
All submissions should refer to File
Number 1–13253. 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
the Commission’s Internet Web site
(https://www.sec.gov/rules/delist.shtml).
Comments are also available for public
inspection and copying in the
Commission’s Public Reference Room.
All comments received will be posted
without change; we do not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly.
The Commission, based on the
information submitted to it, will issue
an order granting the application after
the date mentioned above, unless the
Commission determines to order a
hearing on the matter.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.5
Jonathan G. Katz,
Secretary.
[FR Doc. E5–3154 Filed 6–17–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51834; File No. SR-Amex2005–026]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing of Proposed Rule Change and
Amendment Nos. 1 and 2 thereto
Relating to Quotes in Nasdaq UTP
Stocks To Be Disseminated by Amex
Specialists Before 9:30 a.m.
June 13, 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 February
24, 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. On
1 15
2 17
Frm 00074
Fmt 4703
Sfmt 4703
5 17
CFR 200.30–3(a)(1).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\20JNN1.SGM
20JNN1
Federal Register / Vol. 70, No. 117 / Monday, June 20, 2005 / Notices
April 14, 2005, the Amex amended the
proposed rule change (‘‘Amendment No.
1’’). On May 26, 2005, the Amex
amended the proposed rule change
(‘‘Amendment No. 2’’). 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 Amex seeks to amend Rule 1,
Commentary .05 to allow indicative
quotes in Nasdaq stocks traded pursuant
to unlisted trading privileges (‘‘UTP’’) to
be disseminated by Amex specialists
before 9:30 a.m. The text of the
proposed rule change, as amended, is
set forth below. Proposed new language
is in italics.
*
*
*
*
*
General Rules
Hours of Business
Rule 1 No change
Commentary
.01–.04 No change.
.05 The hours of business for a
security traded on the Exchange
pursuant to unlisted trading privileges
shall be the same as the hours during
which the security is traded in the
primary market for such security,
provided, however, that Exchange
specialists in Nasdaq securities may
send quotations to the SIP between 9:25
and 9:30 a.m., and such quotations
shall be for test purposes only.
Notwithstanding the foregoing, in
accordance with Rules 1000 and 1000A,
Portfolio Depositary Receipts and Index
Fund Shares trading on the Exchange
pursuant to unlisted trading privileges
may trade until 4:00 p.m. or 4:15 p.m.
as specified by the Exchange.
*
*
*
*
*
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. 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.
VerDate jul<14>2003
17:24 Jun 17, 2005
Jkt 205001
35467
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
acts and practices, to promote just and
equitable principles of trade, and, in
general, to protect investors and the
public interest.
1. Purpose
Amex Rule 1 provides that the
Exchange is not open for the transaction
of business before 9:30 a.m. except as
otherwise determined by the Board of
Governors. Exceptions to this general
rule include the transmission of
required pre-opening notifications to
Intermarket Trading System participants
and the publication of ‘‘indications’’ of
the anticipated opening price range in a
given security. The proposed rule
change would codify this existing
practice of the Exchange.
Quotations by Amex specialists in
Nasdaq UTP securities are transmitted
to the Nasdaq Securities Information
Processor (‘‘SIP’’) through the UTP
Quotation Data Feed (‘‘UQDF’’). The SIP
will not accept pre-opening indications.
It will only accept standard quotations
(i.e., a bid and offer composed of both
price and size). These quotations are
collected, consolidated and
disseminated by the SIP to quotation
vendors through UQDF. While the hours
of operation of the UTP Plan are 8 a.m.
to 6:30 p.m., the SIP opens at 7:30 a.m.
to handle pre-opening quotes from UTP
participants as necessary. Amex
believes that its specialists should be
able to send Nasdaq UTP quotations to
the SIP before 9:30 a.m. in order to
ensure that their quotations are being
accurately received by SIP and that they
are, in turn, receiving quotations from
the other market centers.3 Bids and
offers in these Amex quotations sent to
the SIP before 9:30 a.m. (or, in the case
of a delayed opening, when a given
Nasdaq security opens on the Amex) are
not eligible to be hit or taken, but rather,
are for test purposes only. Accordingly,
Amex believes that it should amend its
rules to codify its existing practice of
allowing indicative quotes in Nasdaq
UTP stocks to be disseminated by
specialists between 9:25 and 9:30 a.m.
for testing purposes and that that any
such pre-opening quotations should not
be available to create a binding contract.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
2. Statutory Basis
The Amex believes that the proposed
rule change is consistent with Section
6(b) of the Act,4 in general, and furthers
the objectives of Section 6(b)(5),5 in
particular in that it is designed to
prevent fraudulent and manipulative
3 The proposed amendment to Rule 1,
Commentary .05 would codify this current practice
of the Exchange.
4 15 U.S.C. 78f(b).
5 15 U.S.C. 78f(b)(5).
PO 00000
Frm 00075
Fmt 4703
Sfmt 4703
The Exchange believes that the
proposed rule change, as amended, will
impose no burden on competition 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 with respect to the proposed
rule change, 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 self-regulatory
organization consents, the Commission
will:
A. By order approve such proposed
rule change, as amended, or
B. Institute proceedings to determine
whether the proposed rule change, as
amended, 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 rulecomments@sec.gov. Please include File
Number SR–Amex–2005–026 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
20549–9303.
All submissions should refer to File
Number SR–Amex–2005–026. This file
number should be included on the
subject line if e-mail is used. To help the
Commission process and review your
E:\FR\FM\20JNN1.SGM
20JNN1
35468
Federal Register / Vol. 70, No. 117 / Monday, June 20, 2005 / Notices
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 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–2005–026 and
should be submitted on or before July
11, 2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.6
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–3178 Filed 6–17–05; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51840; File No. SR-Amex2005–042]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing and Order Granting
Accelerated Approval of a Proposed
Rule Change Relating to the Listing
and Trading of Notes Linked to the
Performance of the CBOE DJIA
BuyWrite Index(sm)
June 14, 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 20,
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 and II
below, which Items have been prepared
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
17:24 Jun 17, 2005
The Exchange proposes to list and
trade notes, the performance of which is
linked to the DJIA BuyWrite Index(sm)
(the ‘‘BXD Index’’ or ‘‘Index’’). The text
of the proposed rule change is available
on the Amex’s Web site (https://
www.amex.com), at the principal offices
of the Amex, 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 III below. The Amex has
prepared summaries, set forth in
Sections A, B and C below, of the most
significant aspects of such statements.
1. Purpose
Under Section 107A of the Amex
Company Guide (‘‘Company Guide’’),
the Exchange may approve for listing
and trading securities that cannot be
readily categorized under the listing
criteria for common and preferred
stocks, bonds, debentures, or warrants.3
The Amex proposes to list for trading
under Section 107A of the Company
Guide notes linked to the performance
of the BXD Index (the ‘‘Notes’’). The
BXD Index is determined, calculated,
and maintained solely by the Chicago
Board Options Exchange, Inc.
3 See Securities Exchange Act Release No. 27753
(Mar. 1, 1990), 55 FR 8626 (Mar. 8, 1990) (File No.
SR-Amex-89–29).
1 15
VerDate jul<14>2003
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
BILLING CODE 8010–01–P
6 17
by the Exchange. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons and is
approving the proposal on an
accelerated basis.
Jkt 205001
PO 00000
Frm 00076
Fmt 4703
Sfmt 4703
(‘‘CBOE’’).4 JPMorgan Chase & Co.
(‘‘JPMorgan’’) will issue the Notes.5
4 If the BXD Index is discontinued or suspended,
the calculation agent, in its sole discretion, may
substitute the BXD Index with an index
substantially similar to the discontinued or
suspended BXD Index (the ‘‘Successor Index’’). The
Successor Index may be calculated and/or
published by the CBOE or any other third party. If
the CBOE discontinues publication of the BXD
Index prior to, and such discontinuance is
continuing on, the Final Valuation Date and the
calculation agent determines, in its sole discretion,
that no Successor Index is available at such time,
then the calculation agent will determine the BXD
Index closing level for such date. The BXD Index
closing level will be computed by the calculation
agent in accordance with the formula for and
method of calculating the BXD Index last in effect
prior to such discontinuance, using the closing
price of the DJIA or the stocks underlying the DJIA
at the discretion of the calculation agent (or, if
trading in the relevant securities has been
materially suspended or materially limited, its good
faith estimate of the closing price that would have
prevailed but for such suspension or limitation) at
the close of the principal trading session on such
date for the DJIA or for each security comprising the
DJIA, the arithmetic average of the last bid and ask
prices (or, if trading in the relevant call option has
been materially suspended or materially limited, its
good faith estimate of the arithmetic average of the
last bid and ask prices that would have prevailed
but for such suspension or limitation) of the
relevant call option reported before 4:00 p.m.
Eastern time and such other inputs as may
reasonably be necessary. Notwithstanding these
alternative arrangements, discontinuance of the
publication of the BXD Index on the relevant
exchange may adversely affect the value of the
notes. If at any time the method of calculating the
BXD Index, the DJIA, or a Successor Index, or the
level thereof is changed in a material respect, or if
the BXD Index, the DJIA, or a Successor Index is
in any other way modified so that the BXD Index
or a Successor Index does not, in the opinion of the
calculation agent, fairly represent the level of the
BXD Index or such Successor Index had such
changes or modifications not been made, then, from
and after such time, the calculation agent will, at
the close of business in New York City on each date
on which the BXD Index closing level is to be
determined, make such calculations and
adjustments as, in the good faith judgment of the
calculation agent, may be necessary in order to
arrive at a level of an index comparable to the BXD
Index or such Successor Index, as the case may be,
as if such changes or modifications had not been
made, and the calculation agent will calculate the
BXD Index closing level with reference to the BXD
Index or such Successor Index, as adjusted.
Accordingly, if the method of calculating the BXD
Index, the DJIA, or a Successor Index is modified
so that the level of the BXD Index or a Successor
Index is a fraction of what it would have been if
there had been no such modification (e.g., due to
a split in the index), then the calculation agent will
adjust such index in order to arrive at a level of the
BXD Index or such Successor Index as if there had
been no such modification (e.g., as if such split had
not occurred).
J.P. Morgan Securities Inc., an affiliate of
JPMorgan, has been appointed to act as the
calculation agent. Telephone conversation between
Jeffrey P. Burns, Associate General Counsel, Amex
and David Liu, Attorney, Division of Market
Regulation (‘‘Division’’), Commission, on May 26,
2005.
5 The Exchange states that JPMorgan and Dow
Jones & Co. (‘‘Dow Jones’’) are negotiating a nonexclusive license agreement, with up to a 165-day
exclusivity period, providing for the use of the BXD
Index by JPMorgan in connection with certain
securities, including the Notes. Dow Jones is not
E:\FR\FM\20JNN1.SGM
20JNN1
]]>Agencies
[Federal Register Volume 70, Number 117 (Monday, June 20, 2005)]
[Notices]
[Pages 35466-35468]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-3178]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51834; File No. SR-Amex-2005-026]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing of Proposed Rule Change and Amendment Nos. 1 and 2
thereto Relating to Quotes in Nasdaq UTP Stocks To Be Disseminated by
Amex Specialists Before 9:30 a.m.
June 13, 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 February 24, 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. On
[[Page 35467]]
April 14, 2005, the Amex amended the proposed rule change (``Amendment
No. 1''). On May 26, 2005, the Amex amended the proposed rule change
(``Amendment No. 2''). 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.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Amex seeks to amend Rule 1, Commentary .05 to allow indicative
quotes in Nasdaq stocks traded pursuant to unlisted trading privileges
(``UTP'') to be disseminated by Amex specialists before 9:30 a.m. The
text of the proposed rule change, as amended, is set forth below.
Proposed new language is in italics.
* * * * *
General Rules
Hours of Business
Rule 1 No change
Commentary
.01-.04 No change.
.05 The hours of business for a security traded on the Exchange
pursuant to unlisted trading privileges shall be the same as the hours
during which the security is traded in the primary market for such
security, provided, however, that Exchange specialists in Nasdaq
securities may send quotations to the SIP between 9:25 and 9:30 a.m.,
and such quotations shall be for test purposes only. Notwithstanding
the foregoing, in accordance with Rules 1000 and 1000A, Portfolio
Depositary Receipts and Index Fund Shares trading on the Exchange
pursuant to unlisted trading privileges may trade until 4:00 p.m. or
4:15 p.m. as specified by the Exchange.
* * * * *
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. 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
Amex Rule 1 provides that the Exchange is not open for the
transaction of business before 9:30 a.m. except as otherwise determined
by the Board of Governors. Exceptions to this general rule include the
transmission of required pre-opening notifications to Intermarket
Trading System participants and the publication of ``indications'' of
the anticipated opening price range in a given security. The proposed
rule change would codify this existing practice of the Exchange.
Quotations by Amex specialists in Nasdaq UTP securities are
transmitted to the Nasdaq Securities Information Processor (``SIP'')
through the UTP Quotation Data Feed (``UQDF''). The SIP will not accept
pre-opening indications. It will only accept standard quotations (i.e.,
a bid and offer composed of both price and size). These quotations are
collected, consolidated and disseminated by the SIP to quotation
vendors through UQDF. While the hours of operation of the UTP Plan are
8 a.m. to 6:30 p.m., the SIP opens at 7:30 a.m. to handle pre-opening
quotes from UTP participants as necessary. Amex believes that its
specialists should be able to send Nasdaq UTP quotations to the SIP
before 9:30 a.m. in order to ensure that their quotations are being
accurately received by SIP and that they are, in turn, receiving
quotations from the other market centers.\3\ Bids and offers in these
Amex quotations sent to the SIP before 9:30 a.m. (or, in the case of a
delayed opening, when a given Nasdaq security opens on the Amex) are
not eligible to be hit or taken, but rather, are for test purposes
only. Accordingly, Amex believes that it should amend its rules to
codify its existing practice of allowing indicative quotes in Nasdaq
UTP stocks to be disseminated by specialists between 9:25 and 9:30 a.m.
for testing purposes and that that any such pre-opening quotations
should not be available to create a binding contract.
---------------------------------------------------------------------------
\3\ The proposed amendment to Rule 1, Commentary .05 would
codify this current practice of the Exchange.
---------------------------------------------------------------------------
2. Statutory Basis
The Amex believes that the proposed rule change is consistent with
Section 6(b) of the Act,\4\ in general, and furthers the objectives of
Section 6(b)(5),\5\ in particular in that it is designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, and, in general, to protect investors
and the public interest.
---------------------------------------------------------------------------
\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 believes that the proposed rule change, as amended,
will impose no burden on competition 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 with respect to the
proposed rule change, 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 self-regulatory organization consents, the Commission will:
A. By order approve such proposed rule change, as amended, or
B. Institute proceedings to determine whether the proposed rule
change, as amended, 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-2005-026 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 20549-9303.
All submissions should refer to File Number SR-Amex-2005-026. This
file number should be included on the subject line if e-mail is used.
To help the Commission process and review your
[[Page 35468]]
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 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-2005-026 and should be
submitted on or before July 11, 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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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-3178 Filed 6-17-05; 8:45 am]
BILLING CODE 8010-01-P
