Self-Regulatory Organizations; New York Stock Exchange, Inc.; Order Granting Approval to Proposed Rule Change and Amendment No. 1 Thereto To Extend the Closing Time of Crossing Session II, and To Amend Its Crossing Sessions III and IV To Eliminate the Share Size Restriction and the Process by Which an Order Is Executed if There Is No Execution Prior to 4 p.m., 41806 [05-14235]
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41806
Federal Register / Vol. 70, No. 138 / Wednesday, July 20, 2005 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52026; File No. SR–NYSE–
2005–26]
Self-Regulatory Organizations; New
York Stock Exchange, Inc.; Order
Granting Approval to Proposed Rule
Change and Amendment No. 1 Thereto
To Extend the Closing Time of
Crossing Session II, and To Amend Its
Crossing Sessions III and IV To
Eliminate the Share Size Restriction
and the Process by Which an Order Is
Executed if There Is No Execution
Prior to 4 p.m.
July 13, 2005.
On April 8, 2005, the New York Stock
Exchange, Inc. (‘‘NYSE’’ 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 amend rules governing its OffHours Trading Facility (‘‘OHTF’’),
Crossing Sessions II, III, and IV, in
particular. On May 19, 2005, NYSE filed
Amendment No. 1 to the proposed rule
change.3 The proposed rule change as
amended, was published for comment
in the Federal Register on June 8, 2005.4
The Commission received no comments
on the proposal. This order approves the
proposed rule change, as amended.
The NYSE proposes to amend rules
governing its OHTF. The proposed rule
change would (1) extend the closing
time of Crossing Session II from 6:15
p.m. to 6:30 p.m., and (2) amend rules
governing Crossing Sessions III and IV
to (i) eliminate the 10,000 share size
restriction for both types of orders in
Crossing Sessions III and IV, and (ii)
provide that if there is no execution
prior to 4 p.m, the entire order would
be eligible for execution in the crossing
session, rather than just the portion of
the customer’s order that could not be
executed prior to 4 p.m.
The Commission finds that the
proposed rule change is consistent with
the requirements of the Act and the
rules and regulations thereunder
applicable to a national securities
exchange 5 and, in particular, the
requirements of section 6 of the Act 6
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
No. 1 made clarifying changes to
the Purpose section of the filing.
4 See Securities Exchange Act Release No. 51747
(May 26, 2005), 70 FR 33571 (June 8, 2005) (SR–
NYSE–2005–26).
5 In approving this proposed rule change, as
amended, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
6 15 U.S.C. 78f.
2 17
3 Amendment
VerDate jul<14>2003
14:24 Jul 19, 2005
Jkt 205001
and the rules and regulations
thereunder. Specifically, the
Commission finds the proposal to be
consistent with section 6(b)(5) of the
Act,7 in that is designed to promote just
and equitable principles of trade, to
remove impediments to and perfect the
mechanism of a free and open market
and a national market system and, in
general, to protect investors and the
public interest.
The Commission believes that the
changes should enhance the usefulness
and practicality of Crossing Session II
by making it available to member
organizations for a greater time period
and making its closing time consistent
with the closing time of Crossing
Sessions III and IV. Additionally, the
Commission believes that the
elimination of the size restriction for
orders in Crossing Sessions III and IV
should increase the availability of these
sessions to member organizations.
It is therefore ordered, pursuant to
section 19(b)(2) of the Act,8 that the
proposed rule change (SR–NYSE–2005–
26), as amended, be, and it hereby is,
approved.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.9
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. 05–14235 Filed 7–19–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52024; File No. SR–PCX–
2005–82]
Self-Regulatory Organizations; Pacific
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change Relating to Exchange
Fees and Charges
July 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 June 28,
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 Exchange. The PCX has
designated this proposal as one
changing a fee imposed by the PCX
PO 00000
7 15
U.S.C. 78f(b)(5).
U.S.C. 78s(b)(2).
9 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
8 15
Frm 00128
Fmt 4703
Sfmt 4703
under 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. 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
Schedule of Fees and Charges For
Exchange Services (‘‘Schedule’’) in
order to modify the Exchange’s
marketing fee program. Below is the text
of the proposed rule change. Proposed
new language is in italics; proposed
deletions are in [brackets].
Rules of the Pacific Exchange, Inc.
*
*
*
*
*
PCX OPTIONS: TRADE-RELATED
CHARGES
MARKETING CHARGE—For Nasdaq100 Tracking Stock Options (QQQQ)
$0.95 per contract side on all Market
Maker transactions (excluding Market
Maker to Market Maker transactions)
and for Standard and Poor’s Depository
Receipts (SPY) $1.00 per contract side
on all Market Maker transactions
(excluding Market Maker to Market
Maker transactions). For all other PCX
Equity Options: $0.[60]45 per contract
side on transactions of Lead Market
Makers and Market Makers against all
public customer orders [from payment
accepting firms in the Exchange
program].
[Cap on Marketing Charge—$200 per
trade except for trades of Standard and
Poor’s Depository Receipts SPY and
QQQQ. There is no cap on marketing
charges for trades of SPY and QQQQ.]
*
*
*
*
*
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.
3 15
4 17
E:\FR\FM\20JYN1.SGM
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
20JYN1
]]>Agencies
[Federal Register Volume 70, Number 138 (Wednesday, July 20, 2005)]
[Notices]
[Page 41806]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-14235]
[[Page 41806]]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-52026; File No. SR-NYSE-2005-26]
Self-Regulatory Organizations; New York Stock Exchange, Inc.;
Order Granting Approval to Proposed Rule Change and Amendment No. 1
Thereto To Extend the Closing Time of Crossing Session II, and To Amend
Its Crossing Sessions III and IV To Eliminate the Share Size
Restriction and the Process by Which an Order Is Executed if There Is
No Execution Prior to 4 p.m.
July 13, 2005.
On April 8, 2005, the New York Stock Exchange, Inc. (``NYSE'' 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 amend rules governing its Off-Hours Trading
Facility (``OHTF''), Crossing Sessions II, III, and IV, in particular.
On May 19, 2005, NYSE filed Amendment No. 1 to the proposed rule
change.\3\ The proposed rule change as amended, was published for
comment in the Federal Register on June 8, 2005.\4\ The Commission
received no comments on the proposal. This order approves the proposed
rule change, as amended.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Amendment No. 1 made clarifying changes to the Purpose
section of the filing.
\4\ See Securities Exchange Act Release No. 51747 (May 26,
2005), 70 FR 33571 (June 8, 2005) (SR-NYSE-2005-26).
---------------------------------------------------------------------------
The NYSE proposes to amend rules governing its OHTF. The proposed
rule change would (1) extend the closing time of Crossing Session II
from 6:15 p.m. to 6:30 p.m., and (2) amend rules governing Crossing
Sessions III and IV to (i) eliminate the 10,000 share size restriction
for both types of orders in Crossing Sessions III and IV, and (ii)
provide that if there is no execution prior to 4 p.m, the entire order
would be eligible for execution in the crossing session, rather than
just the portion of the customer's order that could not be executed
prior to 4 p.m.
The Commission finds that the proposed rule change is consistent
with the requirements of the Act and the rules and regulations
thereunder applicable to a national securities exchange \5\ and, in
particular, the requirements of section 6 of the Act \6\ and the rules
and regulations thereunder. Specifically, the Commission finds the
proposal to be consistent with section 6(b)(5) of the Act,\7\ in that
is designed to promote just and equitable principles of trade, to
remove impediments to and perfect the mechanism of a free and open
market and a national market system and, in general, to protect
investors and the public interest.
---------------------------------------------------------------------------
\5\ In approving this proposed rule change, as amended, the
Commission has considered the proposed rule's impact on efficiency,
competition, and capital formation. See 15 U.S.C. 78c(f).
\6\ 15 U.S.C. 78f.
\7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Commission believes that the changes should enhance the
usefulness and practicality of Crossing Session II by making it
available to member organizations for a greater time period and making
its closing time consistent with the closing time of Crossing Sessions
III and IV. Additionally, the Commission believes that the elimination
of the size restriction for orders in Crossing Sessions III and IV
should increase the availability of these sessions to member
organizations.
It is therefore ordered, pursuant to section 19(b)(2) of the
Act,\8\ that the proposed rule change (SR-NYSE-2005-26), as amended,
be, and it hereby is, approved.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\9\
---------------------------------------------------------------------------
\9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. 05-14235 Filed 7-19-05; 8:45 am]
BILLING CODE 8010-01-P
