Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Amending Obvious Error Rule for Equity Options, 41069-41071 [E5-3769]

Download as PDF Federal Register / Vol. 70, No. 135 / Friday, July 15, 2005 / Notices unlisted debt securities that have been issued by an NYSE equity-listed company or wholly owned subsidiary thereof and that satisfy the requirements of proposed NYSE Rules 1400 and 1401. The NYSE intends to provide an opportunity for NYSE members and member organizations to trade all eligible debt securities. Once unlisted debt securities are identified and verified as satisfying the requirements of proposed NYSE Rules 1400 and 1401, the NYSE would notify its members and member organizations that such unlisted debt securities are eligible to be traded on ABS through ticker notices and postings on the ABS Web site. Debt securities that do not satisfy the requirements of proposed NYSE Rules 1400 and 1401 could continue to be listed on the NYSE. Debt securities that would not satisfy the proposed requirements for trading include convertible debt securities; debt securities that were listed under Sections 703.19 and 703.21 of the NYSE’s Listed Company Manual; debt issued by listed company subsidiaries that are not wholly owned; foreign government debt; and debt issued by an issuer that does not have an equity security listed on the NYSE. Debt securities traded on ABS would not be subject to the provisions of the NYSE’s Listed Company Manual that relate to debt securities that are listed on the NYSE. While both traded and listed debt securities would be subject to the same quantitative thresholds for initial trading/listing and continued trading/ listing, listed debt securities are also subject to other requirements, including: • Providing immediate notice to the NYSE and the public of defaults or other unusual circumstances relating to the payment of interest; • Providing immediate notice to the NYSE and the public of any corporate action it (or third parties) may take towards the redemption, retirement, or cancellation of the security; • Certain requirements for transfer agents; and • Submission of a listing application to list the securities. As noted above, in the case of traded debt securities, the NYSE would obtain notice regarding defaults and redemptions through the third-party tracking system. 2. Statutory Basis The basis under the Exchange Act for this proposed rule change is the requirement under Section 6(b)(5) of the Act 12 that an exchange have rules that are designed to prevent fraudulent and 12 15 U.S.C. 78f(b)(5). VerDate jul<14>2003 17:47 Jul 14, 2005 Jkt 205001 manipulative acts and practices; to promote just and equitable principles of trade; to remove impediments to, and perfect the mechanism of a free and open market; and, in general, to protect investors and the public interest. B. Self-Regulatory Organization’s Statement on Burden on Competition The NYSE does not believe that the proposed rule change, as amended, could result in 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 Written comments were neither solicited nor received. 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 NYSE 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. 41069 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 Room, 100 F Street, NE., Washington, DC 20549–9303. 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 publicly available. All submissions should refer to File Number SR–NYSE– 2004–69 and should be submitted on or before August 15, 2005. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.13 Jill M. Peterson, Assistant Secretary. [FR Doc. E5–3775 Filed 7–14–05; 8:45 am] BILLING CODE 8010–01–P 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–NYSE–2004–69 on the subject line. 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–NYSE–2004–69. This file number should be included on the subject line if e-mail is used. To help the PO 00000 Frm 00095 Fmt 4703 Sfmt 4703 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–52008; File No. SR–PCX– 2005–78] Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Amending Obvious Error Rule for Equity Options July 11, 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 July 1, 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 13 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 E:\FR\FM\15JYN1.SGM 15JYN1 41070 Federal Register / Vol. 70, No. 135 / Friday, July 15, 2005 / Notices filed the proposed rule change as a ‘‘non-controversial’’ rule change under Rule 19b–4(f)(6) under the Act,3 which renders the proposal effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The PCX proposes to amend its obvious error rule for equity options. Below is the text of the proposed rule change. Proposed additions are in italics and proposed deletions are in [brackets]. * * * * * Pacific Exchange, Incorporated * * * * * Rule 6.87(a)–6.87(g) Commentary .03— No Change Rule 6.87(g) Commentary .04—Buyers of options with a zero bid [and $.05 offer (i.e., a Theoretical Price of $.05)] may request that their execution be busted if at least [the two] one strike[s] below (for calls) or above (for puts) in the same options class [were] was quoted with a zero bid [and $.05 offer] at the time of the execution. Such buyers must follow the procedures of Rule 6.87(g)(3) above. * * * * * 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, Proposed Rule Change 1. Purpose The Exchange proposes to revise its obvious error rule with respect to equity options (PCX Rule 6.87(g)) (‘‘Obvious Error Rule’’) to adjust the terms that relate to nullification of no bid series as set forth in PCX Rule 6.87(g) Commentary .04. Under the current Obvious Error Rule, transactions in options series quoted no 3 17 CFR 240.19b–4(f)(6). VerDate jul<14>2003 17:47 Jul 14, 2005 Jkt 205001 bid at a nickel (i.e., $0.05 offer) will be nullified provided at least two strike prices below (for calls) or above (for puts) in the same options class was quoted no bid at a nickel at the time of execution. A ‘‘no bid’’ option refers to an option where the bid price is $0.00.4 Series of options quoted no bid are usually deep out-of-the-money series that are perceived as having little if any chance of expiring in-the-money.5 For this reason, relatively few transactions occur in these series, and those that do are usually the result of a momentary pricing error. In some cases, the pricing error is substantial enough such that other provisions in the Obvious Error Rule become applicable. In many cases PCX Rule 6.87(g) Commentary .04 is the only provision that would apply to the pricing error. The proposed rule change would amend the conditions set forth in PCX Rule 6.87(g) Commentary .04 that provide that the option series must be quoted at no bid at a nickel and instead only require that the option series be quoted at no bid. In addition, the proposed rule would allow a transaction to be nullified if a series is quoted at no bid one strike price below (for calls) or above (for puts) instead of two strikes below (for calls) or above (for puts) as set forth in the current rule. The reason for these changes is that options that are priced at no bid, regardless of the offer, are usually deep out-of-the-money series that are perceived as having little if any chance of expiring in-the-money. This is especially the case when the series below (for calls) or above (for puts) in the same option class similarly is quoted no bid. In this regard, the offer price is irrelevant. Therefore, transactions in series that are quoted no bid at a dime, for example, are just as likely to be the result of an obvious error as are transactions in series that are quoted no bid at a nickel when the series below (for calls) or above (for puts) in the same option class similarly is quoted at no bid. 2. Statutory Basis The PCX believes that the proposed rule change is consistent with Section 6(b) of the Act 6 in general, and furthers the objectives of Section 6(b)(5) of the Act 7 in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and 4 When the bid price is $0.00, the offer price is typically $0.05. In this instance, the option typically is referred to as ‘‘no bid at a nickel.’’ 5 For example, on July 11th with the underlying stock trading at $21, the July 40 calls likely will be quoted no bid at a nickel. 6 15 U.S.C. 78f(b). 7 15 U.S.C. 78f(b)(5). PO 00000 Frm 00096 Fmt 4703 Sfmt 4703 equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, and to remove impediments to and perfect the mechanism of a free and open market and national market system. B. Self-Regulatory Organization’s Statement on Burden on Competition The PCX does not believe that the proposed rule change will impose any inappropriate 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 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 Because the proposed rule change: (i) Does not significantly affect the protection of investors or the public interest; (ii) does not impose any significant burden on competition; and (iii) by its terms, does not become operative for 30 days after the date of filing, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 8 and subparagraph (f)(6) of Rule 19b–4 thereunder.9 As required under Rule 19b–4(f)(6)(iii),10 the Exchange provided the Commission with written notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of the filing of the proposed rule change. 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 the furtherance of the purposes of the Act. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: 8 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). 10 17 CFR 240.19b–4(f)(6)(iii). 9 17 E:\FR\FM\15JYN1.SGM 15JYN1 Federal Register / Vol. 70, No. 135 / Friday, July 15, 2005 / Notices Electronic Comments SMALL BUSINESS ADMINISTRATION • 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–2005–78 on the subject line. Public Federal Regulatory Enforcement Fairness Hearing; Region X Regulatory Fairness Board The U.S. Small Business Administration (SBA) Region X Regulatory Fairness Board and the SBA Office of the National Ombudsman will hold a public hearing on Wednesday, Paper Comments July 20, 2005 at 9 a.m. The meeting will • Send paper comments in triplicate take place at the WSU Health Sciences to Jonathan G. Katz, Secretary, Building, room 110A, 310 N. Riverpoint Securities and Exchange Commission, Boulevard, Spokane, WA 99210–1495, to receive comments and testimony 100 F Street, NE., Washington, DC from small business owners, small 20549–9309. government entities, and small nonAll submissions should refer to File profit organizations concerning Number SR–PCX–2005–78. This file regulatory enforcement and compliance number should be included on the actions taken by federal agencies. subject line if e-mail is used. To help the Anyone wishing to attend or to make Commission process and review your a presentation must contact Patricia comments more efficiently, please use Jordan in writing or by fax, in order to only one method. The Commission will be put on the agenda. Patricia Jordan, post all comments on the Commission’s Public Information Officer, SBA Seattle Internet Web site (https://www.sec.gov/ District Office, Spokane Branch Office, rules/sro.shtml). Copies of the 801 West Riverside Avenue, Suite 200, submission, all subsequent Spokane, WA 99201–0908, phone (509) amendments, all written statements 353–2879, fax (509) 353–2829, e-mail: with respect to the proposed rule patricia.jordan@sba.gov. change that are filed with the For more information, see our Web Commission, and all written site at https://www.sba.gov/ombudsman. communications relating to the Matthew K. Becker, proposed rule change between the Commission and any person, other than Committee Management Officer. [FR Doc. 05–13902 Filed 7–14–05; 8:45 am] those that may be withheld from the BILLING CODE 8025–01–P public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in SMALL BUSINESS ADMINISTRATION the Commission’s Public Reference Section, 100 F Street, NE., Washington, Public Federal Regulatory DC 20549. Copies of such filing also will Enforcement Fairness Hearing; Region be available for inspection and copying VIII Regulatory Fairness Board at the principal office of the PCX. All The U.S. Small Business comments received will be posted Administration (SBA) Region VIII without change; the Commission does Regulatory Fairness Board and the SBA not edit personal identifying Office of the National Ombudsman will information from submissions. You hold a public hearing on Wednesday, should submit only information that you wish to make available publicly. All July 27, 2005 at 8:30 a.m. The meeting will take place at the SBA Wyoming submissions should refer to File District Office, Dick Cheney Federal Number SR–PCX–2005–78 and should Building, 100 E. ‘‘B’’ Street, Casper, WY be submitted on or before August 5, 82602, phone (307) 261–6556, to receive 2005. comments and testimony from small For the Commission, by the Division of business owners, small government Market Regulation, pursuant to delegated entities, and small non-profit authority.11 organizations concerning regulatory Jill M. Peterson, enforcement and compliance actions taken by federal agencies. Assistant Secretary. Anyone wishing to attend or to make [FR Doc. E5–3769 Filed 7–14–05; 8:45 am] a presentation must contact Steven BILLING CODE 8010–01–P Lobdell in writing or by fax, in order to be put on the agenda. Steven Lobdell, District Counsel, SBA Wyoming District Office, Dick Cheney Federal Building, 11 17 CFR 200.30–3(a)(12). 100 E. ‘‘B’’ Street, Casper, WY 82602, VerDate jul<14>2003 17:47 Jul 14, 2005 Jkt 205001 PO 00000 Frm 00097 Fmt 4703 Sfmt 4703 41071 phone (307) 261–6503, fax (307) 261– 6535, e-mail: steven.lobdell@sba.gov. For more information, see our Web site at https://www.sba.gov/ombudsman. Matthew K. Becker, Committee Management Officer. [FR Doc. 05–13903 Filed 7–14–05; 8:45 am] BILLING CODE 8025–01–P SMALL BUSINESS ADMINISTRATION Public Federal Regulatory Enforcement Fairness Hearing; Region II Regulatory Fairness Board The U.S. Small Business Administration (SBA) Region II Regulatory Fairness Board and the SBA Office of the National Ombudsman will hold a public hearing on Thursday, July 14, 2005 at 8:30 a.m. The meeting will take place at the SBA New York District Office, 26 Federal Plaza, Corner of Duane Street and Broadway, 6th Floor, Conference Room A, New York, NY 10278, to receive comments and testimony from small business owners, small government entities, and small non-profit organizations concerning regulatory enforcement and compliance actions taken by Federal agencies. Anyone wishing to attend or to make a presentation must contact Herbert Austin in writing or by fax, in order to be put on the agenda. Herbert Austin, Acting Deputy District Director, SBA New York District Office, 26 Federal Plaza, Suite 3100, New York, NY 10278, phone (212) 264–1482, fax (212) 264– 7751, e-mail: Herbert.austin@sba.gov. For more information, see our Web site at https://www.sba.gov/ombudsman. Matthew K. Becker, Committee Management Officer. [FR Doc. 05–13904 Filed 7–14–05; 8:45 am] BILLING CODE 8025–01–P DEPARTMENT OF STATE [Public Notice 5137] Culturally Significant Objects Imported for Exhibition Determinations: ‘‘RUSSIA!’’ Department of State. Notice. AGENCY: ACTION: SUMMARY: Notice is hereby given of the following determinations: Pursuant to the authority vested in me by the Act of October 19, 1965 (79 Stat. 985; 22 U.S.C. 2459), Executive Order 12047 of March 27, 1978, the Foreign Affairs Reform and Restructuring Act of 1998 (112 Stat. 2681, et seq.; 22 U.S.C. 6501 note, et seq.), Delegation of Authority No. 234 of E:\FR\FM\15JYN1.SGM 15JYN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 70, Number 135 (Friday, July 15, 2005)]
[Notices]
[Pages 41069-41071]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-3769]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-52008; File No. SR-PCX-2005-78]


Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change Amending 
Obvious Error Rule for Equity Options

July 11, 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 July 1, 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

[[Page 41070]]

filed the proposed rule change as a ``non-controversial'' rule change 
under Rule 19b-4(f)(6) under the Act,\3\ which renders the proposal 
effective upon filing with the Commission. The Commission is publishing 
this notice to solicit comments on the proposed rule change from 
interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The PCX proposes to amend its obvious error rule for equity 
options. Below is the text of the proposed rule change. Proposed 
additions are in italics and proposed deletions are in [brackets].
* * * * *
Pacific Exchange, Incorporated
* * * * *
Rule 6.87(a)-6.87(g) Commentary .03--No Change
    Rule 6.87(g) Commentary .04--Buyers of options with a zero bid [and 
$.05 offer (i.e., a Theoretical Price of $.05)] may request that their 
execution be busted if at least [the two] one strike[s] below (for 
calls) or above (for puts) in the same options class [were] was quoted 
with a zero bid [and $.05 offer] at the time of the execution. Such 
buyers must follow the procedures of Rule 6.87(g)(3) above.
* * * * *

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, Proposed Rule Change

1. Purpose
    The Exchange proposes to revise its obvious error rule with respect 
to equity options (PCX Rule 6.87(g)) (``Obvious Error Rule'') to adjust 
the terms that relate to nullification of no bid series as set forth in 
PCX Rule 6.87(g) Commentary .04.
    Under the current Obvious Error Rule, transactions in options 
series quoted no bid at a nickel (i.e., $0.05 offer) will be nullified 
provided at least two strike prices below (for calls) or above (for 
puts) in the same options class was quoted no bid at a nickel at the 
time of execution. A ``no bid'' option refers to an option where the 
bid price is $0.00.\4\ Series of options quoted no bid are usually deep 
out-of-the-money series that are perceived as having little if any 
chance of expiring in-the-money.\5\ For this reason, relatively few 
transactions occur in these series, and those that do are usually the 
result of a momentary pricing error. In some cases, the pricing error 
is substantial enough such that other provisions in the Obvious Error 
Rule become applicable. In many cases PCX Rule 6.87(g) Commentary .04 
is the only provision that would apply to the pricing error.
---------------------------------------------------------------------------

    \4\ When the bid price is $0.00, the offer price is typically 
$0.05. In this instance, the option typically is referred to as ``no 
bid at a nickel.''
    \5\ For example, on July 11th with the underlying stock trading 
at $21, the July 40 calls likely will be quoted no bid at a nickel.
---------------------------------------------------------------------------

    The proposed rule change would amend the conditions set forth in 
PCX Rule 6.87(g) Commentary .04 that provide that the option series 
must be quoted at no bid at a nickel and instead only require that the 
option series be quoted at no bid. In addition, the proposed rule would 
allow a transaction to be nullified if a series is quoted at no bid one 
strike price below (for calls) or above (for puts) instead of two 
strikes below (for calls) or above (for puts) as set forth in the 
current rule. The reason for these changes is that options that are 
priced at no bid, regardless of the offer, are usually deep out-of-the-
money series that are perceived as having little if any chance of 
expiring in-the-money. This is especially the case when the series 
below (for calls) or above (for puts) in the same option class 
similarly is quoted no bid. In this regard, the offer price is 
irrelevant. Therefore, transactions in series that are quoted no bid at 
a dime, for example, are just as likely to be the result of an obvious 
error as are transactions in series that are quoted no bid at a nickel 
when the series below (for calls) or above (for puts) in the same 
option class similarly is quoted at no bid.
2. Statutory Basis
    The PCX believes that the proposed rule change is consistent with 
Section 6(b) of the Act \6\ in general, and furthers the objectives of 
Section 6(b)(5) of the Act \7\ in particular, in that it is designed to 
prevent fraudulent and manipulative acts and practices, to promote just 
and equitable principles of trade, to foster cooperation and 
coordination with persons engaged in facilitating transactions in 
securities, and to remove impediments to and perfect the mechanism of a 
free and open market and national market system.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The PCX does not believe that the proposed rule change will impose 
any inappropriate 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

    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

    Because the proposed rule change: (i) Does not significantly affect 
the protection of investors or the public interest; (ii) does not 
impose any significant burden on competition; and (iii) by its terms, 
does not become operative for 30 days after the date of filing, the 
proposed rule change has become effective pursuant to Section 
19(b)(3)(A) of the Act \8\ and subparagraph (f)(6) of Rule 19b-4 
thereunder.\9\ As required under Rule 19b-4(f)(6)(iii),\10\ the 
Exchange provided the Commission with written notice of its intent to 
file the proposed rule change, along with a brief description and text 
of the proposed rule change, at least five business days prior to the 
date of the filing of the proposed rule change.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f)(6).
    \10\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------

    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 the furtherance of the purposes of the Act.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

[[Page 41071]]

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-2005-78 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 20549-9309.
    All submissions should refer to File Number SR-PCX-2005-78. 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, 100 F Street, 
NE., Washington, DC 20549. Copies of such 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-2005-78 and should be 
submitted on or before August 5, 2005.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5-3769 Filed 7-14-05; 8:45 am]
BILLING CODE 8010-01-P

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