Self-Regulatory Organizations; Pacific Exchange, Inc.; Order Granting Accelerated Approval to a Proposed Rule Change and Amendment No. 1 Relating to Complex Orders on the PCX Plus System, 42610-42611 [E5-3946]
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Federal Register / Vol. 70, No. 141 / Monday, July 25, 2005 / Notices
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 the 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–NYSE–2005–45 and should
be submitted on or before August 15,
2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.6
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5–3947 Filed 7–22–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
Release No. 34–52060; File No. SR–PCX–
2005–71]
Self-Regulatory Organizations; Pacific
Exchange, Inc.; Order Granting
Accelerated Approval to a Proposed
Rule Change and Amendment No. 1
Relating to Complex Orders on the
PCX Plus System
July 19, 2005.
I. Introduction
On June 7, 2005, the Pacific Exchange,
Inc. (‘‘PCX’’) 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 to create a
Complex Trading Engine (‘‘CTE’’) to
facilitate more automated handling of
complex options orders. On June 14,
2005, the PCX submitted Amendment
No. 1 to the proposed rule change.3 The
proposed rule change and Amendment
No. 1 were published for comment in
the Federal Register on June 27, 2005.4
The Commission received no comments
regarding the proposal. This order
6 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 In Amendment No. 1, the PCX revised Exhibit
5 to the proposal to add underscoring that was
inadvertently deleted from the text of proposed PCX
Rule 6.91(b).
4 See Securities Exchange Act Release No. 51885
(June 20, 2005), 70 FR 36995.
1 15
VerDate jul<14>2003
14:21 Jul 22, 2005
Jkt 205001
grants accelerated approval to the
proposed rule change, as amended.
II. Description of the Proposed Rule
Change
Complex options orders involve
multiple options transactions that are
executed simultaneously as part of a
single strategy. The PCX currently
routes complex orders to the Electronic
Order Capture System (‘‘EOC’’), which
is a function of the Floor Broker Hand
Held System. Orders on the trading floor
are announced by a Floor Broker to the
trading crowd and trade in open outcry.
As an enhancement to the PCX Plus
system, the Exchange intends to develop
a CTE, which will facilitate more
automated handling of complex orders.
Additionally, the Exchange proposes to
adopt a separate complex order rule
applicable solely to the PCX Plus
system.5
Complex Orders on PCX Plus will
route either to the EOC or the CTE, as
determined by the Exchange.6 Orders
from public customers and registered
broker-dealers are eligible to be routed
to the CTE.7 The PCX will announce
routing decisions to OTP Holders and
OTP Firms via Regulatory Bulletin.8
When a complex order routes to the
EOC, the Floor Broker will announce
the order to the trading crowd, which
may trade with the order at its limit
price or offer price improvement. If the
trading crowd chooses not to trade with
the order, the order will reside on the
EOC or be entered into the CTE, at the
Floor Broker’s discretion. Any complex
order represented by a Floor Broker will
be subject to PCX Rule 6.46(a).9
When an order is routed directly into
the CTE, the order may trade in one of
three ways. First, if individual orders or
quotes in the Exchange’s consolidated
book ‘‘line-up’’ against the legs of the
complex order, an automatic execution
occurs, provided the complex order can
be executed in full (or in a permissible
ratio) by the orders in the consolidated
book. Second, if a subsequent incoming
complex order is marketable against a
resting complex order in the CTE, it will
5 The following types of complex orders, as
defined in PCX Rule 6.91(a), will be eligible for
routing to the CTE: Spread orders; straddle orders;
strangle orders; combination orders; ratio orders;
butterfly spread orders; box/roll spread orders; and
collar orders and risk reversals. Only complex
orders with no more than four legs are eligible for
the CTE. See PCX Rule 6.91(c)(4). Conversions and
reversals will not be eligible for routing to the CTE.
See PCX Rule 6.91, Commentary .01.
6 See PCX Rule 6.91(c)(1).
7 Id.
8 Id.
9 PCX Rule 6.46(a) requires a Floor Broker
handling an order to use due diligence to execute
the order at the best price or prices available to him,
in accordance with the rules of the PCX.
PO 00000
Frm 00080
Fmt 4703
Sfmt 4703
automatically execute against the resting
complex order in the CTE. Third, OTP
Holders and OTP Firms will have the
ability to view orders in the CTE and
submit orders to trade against those
orders.
A complex order in the CTE will be
allocated to market participants in
accordance with the allocation
procedures described in PCX Rule
6.76(b). In addition, PCX Rule 6.76(c),
which deals with crossing orders on
PCX Plus, will apply to orders in the
CTE.10
Complex orders resting in the CTE
may be executed without consideration
to the prices of the same complex orders
that might be available on other
exchanges.11 Orders of public customers
in the CTE will have priority over orders
from non-public customers, and
multiple public customer complex
orders at the same price will be
accorded priority based on time.12
PCX Rule 6.75(e) and PCX Rule 6.75,
Commentary .04 generally allow a
member holding a complex order to
trade ahead of the book on one leg of the
order, provided that the other leg of the
order betters the corresponding bid
(offer) in the consolidated order book.
These rules will continue to apply to the
trading of complex orders.
III. Discussion
The Commission has carefully
reviewed the proposed rule change and
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.13 In
particular, the Commission finds that
the proposed rule change, as amended,
is consistent with Section 6(b)(5) of the
Act,14 which requires, among other
things, that the rules of a national
securities exchange be designed to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism of a free and
10 PCX Rule 6.76(c) prohibits an order entry firm
from executing as principal against an order it
represent as agent unless: (1) The agency order is
first exposed on the Exchange for at least 30
seconds; (2) the PCX Broker utilizes the Crossing
Mechanism pursuant to PCX Rule 6.76(c)(2); or (3)
the PCX Broker executes the orders pursuant to PCX
Rule 6.47.
11 See PCX Rule 6.91(c)(2). The Options Price
Reporting Authority does not disseminate complex
order prices. This provision of the PCX’s proposal
is similar to International Securities Exchange Rule
722(b)(3) and CBOE Rule 6.53C(c)(iii).
12 See PCX Rule 6.76(a)(A).
13 In approving this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
14 15 U.S.C. 78f(b)(5).
E:\FR\FM\25JYN1.SGM
25JYN1
Federal Register / Vol. 70, No. 141 / Monday, July 25, 2005 / Notices
open market, and, in general, to protect
investors and the public interest.
A complex order sent to the PCX
currently routes to and resides on the
EOC until it trades in open outcry.
Thus, a complex order currently cannot
be executed on the PCX without manual
intervention by a Floor Broker.
The CTE will allow complex orders to
trade electronically, without the
intervention of a Floor Broker. OTP
Holders and OTP Firms will use an
electronic interface to the PCX to view
complex orders resting in the CTE. As
described more fully above, a complex
order routed to the CTE may execute
automatically against orders in the
Exchange’s consolidated book or against
an order resting in the CTE. In addition,
OTP Holders and OTP Firms may trade
against orders resting in the CTE.
Accordingly, the Commission believes
that the CTE should increase the
transparency of complex orders and
could facilitate the execution of
complex orders.
Under the proposal, the Exchange will
determine which options classes will
route directly to the CTE and those that
will route to the EOC. The Commission
notes that PCX Rule 6.76(c) applies to
complex orders on PCX Plus.15
Accordingly, an OTP Holder or OTP
Firm seeking to trade with its
customer’s complex order, or to cross
complex orders, would be required to
comply with PCX Rule 6.76(c).
In addition, the complex order
priority provisions in PCX Rule 6.75(e)
and PCX Rule 6.75, Commentary .04,
will continue to apply to complex
orders. Accordingly, complex orders
will be able to trade ahead of orders in
the consolidated book only under the
conditions specified in PCX Rule 6.75(e)
and PCX Rule 6.75, Commentary .04.
The Commission also notes that
complex orders from public customers
will have priority over complex orders
from non-public customers.16
The Commission finds good cause for
approving the proposed rule change
prior to the thirtieth day after the date
of publication of notice thereof in the
Federal Register. The Commission notes
that the proposal is similar to a Chicago
Board Options Exchange, Inc. (‘‘CBOE’’)
proposal that the Commission
approved.17 Accelerated approval of the
PCX’s proposal may help the PCX to
compete for complex orders.
Accordingly, the Commission finds
good cause, consistent with Sections
15 See
note 10, supra.
PCX Rule 6.76(a)(A).
17 See Securities Exchange Act Release No. 51271
(February 28, 2005), 70 FR 10712 (March 4, 2005)
(SR–CBOE–2004–45).
16 See
VerDate jul<14>2003
14:21 Jul 22, 2005
Jkt 205001
6(b)(5)and 19(b) of the Exchange Act, to
approve the proposed rule change, as
amended, on an accelerated basis.
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,18 that the
proposed rule change (SR–PCX–2005–
71), as amended, is approved.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.19
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5–3946 Filed 7–22–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52054; File No. SR–Phlx–
2005–40]
Self-Regulatory Organizations;
Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change and Amendment No. 1 Thereto
To Impose a New Licensing Fee in
Connection With the Firm-Related
Equity Option and Index Option Fee
Cap
July 18, 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 7,
2005, the Philadelphia Stock Exchange,
Inc. (‘‘Phlx’’ 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.
On July 5, 2005, the Exchange filed
Amendment No. 1 to the proposed rule
change.3 Phlx has designated this
proposal as one establishing or changing
a due, fee, or other charge imposed by
a self-regulatory organization pursuant
to Section 19(b)(3)(A) of the Act,4 and
U.S.C. 78s(b)(2).
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 In Amendment No. 1, the Exchange made nonsubstantive changes to re-format a defined term and
clarify the addition of disclaimer language in its
$60,000 ‘‘Firm Related’’ Equity Option and Index
Option Cap schedule. The effective date of the
original proposed rule change is June 7, 2005, and
the effective date of Amendment No. 1 is July 5,
2005. For purposes of calculating the 60-day period
within which the Commission may summarily
abrogate the proposed rule change, as amended,
under Section 19(b)(3)(C) of the Act, the
Commission considers such period to commence on
July 5, 2005, the date on which the Exchange filed
Amendment No. 1. See 15 U.S.C. 78s(b)(3)(C).
4 15 U.S.C. 78s(b)(3)(A).
PO 00000
18 15
19 17
Frm 00081
Fmt 4703
Sfmt 4703
42611
Rule 19b–4(f)(2) thereunder,5 which
renders the proposal effective upon
filing with the Commission. The
Commission is publishing this notice to
solicit comments on the proposed rule
change, as amended, from interested
persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Phlx proposes to amend its
schedule of fees to adopt a license fee
of $0.10 for options traded on the
following products: 6 (1) iShares S&P
100 Index, traded under the symbol
OEF; (2) iShares S&P Europe 350, traded
under the symbol IEV; (3) iShares S&P
Global 100 Index, traded under the
symbol IOO; (4) iShares S&P Global
Energy Sector Index, traded under the
symbol IXC; (5) iShares S&P Global
Financial Sector Index, traded under the
symbol IXG; (6) iShares S&P Global
Healthcare Sector Index, traded under
the symbol IXJ; (7) iShares S&P Global
Information Technology Sector Index,
traded under the symbol IXN; (8)
iShares S&P Global Telecom Sector
Index, traded under the symbol IXP; (9)
iShares S&P Latin America 40, traded
under the symbol ILF; (10) iShares S&P
MidCap 400, traded under the symbol
IJH; (11) iShares S&P SmallCap 600,
traded under the symbol IJR; (12)
iShares S&P TOPIX 150, traded under
the symbol ITF; (13) iShares S&P 500,
traded under the symbol IVV; (14) S&P
Industrial Select Sector SPDR, traded
under the symbol XLI; (15) S&P
Technology Select Sector SPDR, traded
under the symbol XLK; (16) S&P
Utilities Select Sector SPDR, traded
under the symbol XLU; (17) S&P
Consumer Staples Select Sector SPDR,
traded under the symbol XLP; (18) S&P
Energy Select Sector SPDR, traded
under the symbol XLE; (19) S&P
Financial Select Sector SPDR, traded
under the symbol XLF; (20) S&P Health
Care Select Sector SPDR, traded under
the symbol XLV; (21) S&P Materials
Select Sector SPDR, traded under the
symbol XLB; (22) S&P Consumer
Discretionary Select Sector SPDR,
traded under the symbol XLY; (23)
MidCap SPDR, traded under the symbol
MDY (collectively, the ‘‘S&P products’’);
and (24) WellSpring Bio-Clinical Trials
5 17
CFR 240.19b–4(f)(2).
Exchange represents that this fee will be
charged only to Exchange members. Telephone
conversation between Cynthia Hoekstra, Director,
Phlx, and Edward Cho, Attorney, Division of
Market Regulation (‘‘Division’’), Commission (July
7, 2005).
6 The
E:\FR\FM\25JYN1.SGM
25JYN1
]]>Agencies
[Federal Register Volume 70, Number 141 (Monday, July 25, 2005)]
[Notices]
[Pages 42610-42611]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-3946]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Release No. 34-52060; File No. SR-PCX-2005-71]
Self-Regulatory Organizations; Pacific Exchange, Inc.; Order
Granting Accelerated Approval to a Proposed Rule Change and Amendment
No. 1 Relating to Complex Orders on the PCX Plus System
July 19, 2005.
I. Introduction
On June 7, 2005, the Pacific Exchange, Inc. (``PCX'') 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 to create a Complex
Trading Engine (``CTE'') to facilitate more automated handling of
complex options orders. On June 14, 2005, the PCX submitted Amendment
No. 1 to the proposed rule change.\3\ The proposed rule change and
Amendment No. 1 were published for comment in the Federal Register on
June 27, 2005.\4\ The Commission received no comments regarding the
proposal. This order grants accelerated approval to the proposed rule
change, as amended.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ In Amendment No. 1, the PCX revised Exhibit 5 to the
proposal to add underscoring that was inadvertently deleted from the
text of proposed PCX Rule 6.91(b).
\4\ See Securities Exchange Act Release No. 51885 (June 20,
2005), 70 FR 36995.
---------------------------------------------------------------------------
II. Description of the Proposed Rule Change
Complex options orders involve multiple options transactions that
are executed simultaneously as part of a single strategy. The PCX
currently routes complex orders to the Electronic Order Capture System
(``EOC''), which is a function of the Floor Broker Hand Held System.
Orders on the trading floor are announced by a Floor Broker to the
trading crowd and trade in open outcry. As an enhancement to the PCX
Plus system, the Exchange intends to develop a CTE, which will
facilitate more automated handling of complex orders. Additionally, the
Exchange proposes to adopt a separate complex order rule applicable
solely to the PCX Plus system.\5\
---------------------------------------------------------------------------
\5\ The following types of complex orders, as defined in PCX
Rule 6.91(a), will be eligible for routing to the CTE: Spread
orders; straddle orders; strangle orders; combination orders; ratio
orders; butterfly spread orders; box/roll spread orders; and collar
orders and risk reversals. Only complex orders with no more than
four legs are eligible for the CTE. See PCX Rule 6.91(c)(4).
Conversions and reversals will not be eligible for routing to the
CTE. See PCX Rule 6.91, Commentary .01.
---------------------------------------------------------------------------
Complex Orders on PCX Plus will route either to the EOC or the CTE,
as determined by the Exchange.\6\ Orders from public customers and
registered broker-dealers are eligible to be routed to the CTE.\7\ The
PCX will announce routing decisions to OTP Holders and OTP Firms via
Regulatory Bulletin.\8\
---------------------------------------------------------------------------
\6\ See PCX Rule 6.91(c)(1).
\7\ Id.
\8\ Id.
---------------------------------------------------------------------------
When a complex order routes to the EOC, the Floor Broker will
announce the order to the trading crowd, which may trade with the order
at its limit price or offer price improvement. If the trading crowd
chooses not to trade with the order, the order will reside on the EOC
or be entered into the CTE, at the Floor Broker's discretion. Any
complex order represented by a Floor Broker will be subject to PCX Rule
6.46(a).\9\
---------------------------------------------------------------------------
\9\ PCX Rule 6.46(a) requires a Floor Broker handling an order
to use due diligence to execute the order at the best price or
prices available to him, in accordance with the rules of the PCX.
---------------------------------------------------------------------------
When an order is routed directly into the CTE, the order may trade
in one of three ways. First, if individual orders or quotes in the
Exchange's consolidated book ``line-up'' against the legs of the
complex order, an automatic execution occurs, provided the complex
order can be executed in full (or in a permissible ratio) by the orders
in the consolidated book. Second, if a subsequent incoming complex
order is marketable against a resting complex order in the CTE, it will
automatically execute against the resting complex order in the CTE.
Third, OTP Holders and OTP Firms will have the ability to view orders
in the CTE and submit orders to trade against those orders.
A complex order in the CTE will be allocated to market participants
in accordance with the allocation procedures described in PCX Rule
6.76(b). In addition, PCX Rule 6.76(c), which deals with crossing
orders on PCX Plus, will apply to orders in the CTE.\10\
---------------------------------------------------------------------------
\10\ PCX Rule 6.76(c) prohibits an order entry firm from
executing as principal against an order it represent as agent
unless: (1) The agency order is first exposed on the Exchange for at
least 30 seconds; (2) the PCX Broker utilizes the Crossing Mechanism
pursuant to PCX Rule 6.76(c)(2); or (3) the PCX Broker executes the
orders pursuant to PCX Rule 6.47.
---------------------------------------------------------------------------
Complex orders resting in the CTE may be executed without
consideration to the prices of the same complex orders that might be
available on other exchanges.\11\ Orders of public customers in the CTE
will have priority over orders from non-public customers, and multiple
public customer complex orders at the same price will be accorded
priority based on time.\12\
---------------------------------------------------------------------------
\11\ See PCX Rule 6.91(c)(2). The Options Price Reporting
Authority does not disseminate complex order prices. This provision
of the PCX's proposal is similar to International Securities
Exchange Rule 722(b)(3) and CBOE Rule 6.53C(c)(iii).
\12\ See PCX Rule 6.76(a)(A).
---------------------------------------------------------------------------
PCX Rule 6.75(e) and PCX Rule 6.75, Commentary .04 generally allow
a member holding a complex order to trade ahead of the book on one leg
of the order, provided that the other leg of the order betters the
corresponding bid (offer) in the consolidated order book. These rules
will continue to apply to the trading of complex orders.
III. Discussion
The Commission has carefully reviewed the proposed rule change and
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.\13\ In particular, the
Commission finds that the proposed rule change, as amended, is
consistent with Section 6(b)(5) of the Act,\14\ which requires, among
other things, that the rules of a national securities exchange be
designed to promote just and equitable principles of trade, to remove
impediments to and perfect the mechanism of a free and
[[Page 42611]]
open market, and, in general, to protect investors and the public
interest.
---------------------------------------------------------------------------
\13\ In approving this proposal, the Commission has considered
the proposed rule's impact on efficiency, competition, and capital
formation. 15 U.S.C. 78c(f).
\14\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
A complex order sent to the PCX currently routes to and resides on
the EOC until it trades in open outcry. Thus, a complex order currently
cannot be executed on the PCX without manual intervention by a Floor
Broker.
The CTE will allow complex orders to trade electronically, without
the intervention of a Floor Broker. OTP Holders and OTP Firms will use
an electronic interface to the PCX to view complex orders resting in
the CTE. As described more fully above, a complex order routed to the
CTE may execute automatically against orders in the Exchange's
consolidated book or against an order resting in the CTE. In addition,
OTP Holders and OTP Firms may trade against orders resting in the CTE.
Accordingly, the Commission believes that the CTE should increase the
transparency of complex orders and could facilitate the execution of
complex orders.
Under the proposal, the Exchange will determine which options
classes will route directly to the CTE and those that will route to the
EOC. The Commission notes that PCX Rule 6.76(c) applies to complex
orders on PCX Plus.\15\ Accordingly, an OTP Holder or OTP Firm seeking
to trade with its customer's complex order, or to cross complex orders,
would be required to comply with PCX Rule 6.76(c).
---------------------------------------------------------------------------
\15\ See note 10, supra.
---------------------------------------------------------------------------
In addition, the complex order priority provisions in PCX Rule
6.75(e) and PCX Rule 6.75, Commentary .04, will continue to apply to
complex orders. Accordingly, complex orders will be able to trade ahead
of orders in the consolidated book only under the conditions specified
in PCX Rule 6.75(e) and PCX Rule 6.75, Commentary .04. The Commission
also notes that complex orders from public customers will have priority
over complex orders from non-public customers.\16\
---------------------------------------------------------------------------
\16\ See PCX Rule 6.76(a)(A).
---------------------------------------------------------------------------
The Commission finds good cause for approving the proposed rule
change prior to the thirtieth day after the date of publication of
notice thereof in the Federal Register. The Commission notes that the
proposal is similar to a Chicago Board Options Exchange, Inc.
(``CBOE'') proposal that the Commission approved.\17\ Accelerated
approval of the PCX's proposal may help the PCX to compete for complex
orders. Accordingly, the Commission finds good cause, consistent with
Sections 6(b)(5)and 19(b) of the Exchange Act, to approve the proposed
rule change, as amended, on an accelerated basis.
---------------------------------------------------------------------------
\17\ See Securities Exchange Act Release No. 51271 (February 28,
2005), 70 FR 10712 (March 4, 2005) (SR-CBOE-2004-45).
---------------------------------------------------------------------------
IV. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\18\ that the proposed rule change (SR-PCX-2005-71), as amended, is
approved.
---------------------------------------------------------------------------
\18\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\19\
---------------------------------------------------------------------------
\19\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5-3946 Filed 7-22-05; 8:45 am]
BILLING CODE 8010-01-P
