Self-Regulatory Organizations; The Pacific Exchange, Inc.; Notice of Filing of Proposed Rule Change, and Amendment No. 1 Thereto, Establishing a De Minimus Exception to the 80/20 Test, 43490-43492 [E5-3981]

Download as PDF 43490 Federal Register / Vol. 70, No. 143 / Wednesday, July 27, 2005 / Notices 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 The Exchange has neither solicited nor received written comments on the proposed rule change. submissions should refer to File Number SR–NYSE–2005–44 and should be submitted on or before August 17, 2005. IV. Commission’s Findings and Order Granting Accelerated Approval of Proposed Rule Change After careful consideration, the Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules III. Solicitation of Comments and regulations thereunder, applicable Interested persons are invited to to a national securities exchange.11 In submit written data, views, and particular, the Commission believes that arguments concerning the foregoing, the proposed rule change is consistent including whether the proposed rule with section 6(b)(5) of the Act,12 which change is consistent with the Act. requires among other things, that the Comments may be submitted by any of rules of the Exchange are designed to the following methods: promote just and equitable principles of trade, to remove impediments to and Electronic Comments perfect the mechanism of a free and • Use the Commission’s Internet open market and a national market comment form (http://www.sec.gov/ system, and, in general, to protect rules/sro.shtml); or investors and the public interest. The • Send an e-mail to ruleCommission believes that the proposed comments@sec.gov. Please include File change would continue to provide for Number SR–NYSE–2005–44 on the widespread availability of index subject line. information in connection with listing or trading ICUs under the generic Paper Comments standards in Section 703.16 of the • Send paper comments in triplicate Company Manual and will facilitate the to Jonathan G. Katz, Secretary, utilization of the generic standards, Securities and Exchange Commission, while maintaining comparable or 100 F Street, NE., Washington, DC increased public availability of index 20549–9303. information.13 All submissions should refer to File The NYSE has requested that the Number SR–NYSE–2005–44. This file Commission find good cause for number should be included on the approving the proposed rule change subject line if e-mail is used. To help the prior to the thirtieth day after Commission process and review your publication of notice thereof in the comments more efficiently, please use Federal Register. The Commission notes only one method. The Commission will that it has recently approved similar post all comments on the Commission’s proposals regarding the dissemination Internet Web site (http://www.sec.gov/ of the underlying index value for ICU’s rules/sro.shtml). Copies of the traded on Nasdaq and the American submission, all subsequent Stock Exchange LLC (‘‘Amex’’).14 The amendments, all written statements Commission believes that granting with respect to the proposed rule accelerated approval of the proposal change that are filed with the will allow the NYSE to immediately Commission, and all written implement these listing standards for communications relating to the dissemination of the underlying index proposed rule change between the value that already are in place on Commission and any person, other than Nasdaq and the Amex, along with those that may be withheld from the dissemination of the IIV through one or public in accordance with the more major market vendors. provisions of 5 U.S.C. 552, will be Accordingly, the Commission finds available for inspection and copying in good cause, pursuant to section 19(b)(2) the Commission’s Public Reference of the Act,15 for approving the proposed Section, 100 F Street, NE., Washington, DC 20549. Copies of such filing also will 11 In approving this proposal, the Commission has be available for inspection and copying considered its impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). at the principal office of the NYSE. All 12 15 U.S.C. 78f(b)(5). comments received will be posted 13 See Securities Exchange Act Release Nos. without change; the Commission does 51748 (May 26, 2005), 70 FR 32684 (June 3, 2005) not edit personal identifying (SR–NASD–2005–024); and 51868 (June 17, 2005), information from submissions. You 70 FR 36672 (June 24, 2005) (SR–Amex–2005–44). 14 Id. should submit only information that 15 15 U.S.C. 78s(b)(2). you wish to make publicly available. All VerDate jul<14>2003 19:40 Jul 26, 2005 Jkt 205001 PO 00000 Frm 00101 Fmt 4703 Sfmt 4703 rule change prior to the thirtieth day after the date of publication of notice thereof in the Federal Register. V. Conclusion It is therefore ordered, pursuant to section 19(b)(2) of the Act,16 that the proposed rule change (SR–NYSE–2005– 44) be, and hereby is, approved on an accelerated basis. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.17 Jill M. Peterson, Assistant Secretary. [FR Doc. E5–4000 Filed 7–26–05; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–52070; File No. SR–PCX– 2005–61] Self-Regulatory Organizations; The Pacific Exchange, Inc.; Notice of Filing of Proposed Rule Change, and Amendment No. 1 Thereto, Establishing a De Minimus Exception to the 80/20 Test July 20, 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 26, 2005, the Pacific Exchange, Inc. (‘‘Exchange’’ or ‘‘PCX’’) 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. On June 29, 2005, the Exchange submitted Amendment No. 1 to the proposed rule change.3 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 Exchange proposes to modify the ‘‘80/20 Test’’ in determining limitations on Principal Order access under the rules imposed by the Plan for the Purpose of Creating and Operating an Intermarket Option Linkage (‘‘Linkage Plan’’) 4 and related rules. 16 15 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 Amendment No.1 added clarifying language to the proposed rule text. 4 On July 28, 2000, the Commission approved a national market system plan for the purpose of creating and operating an intermarket options 17 17 E:\FR\FM\27JYN1.SGM 27JYN1 Federal Register / Vol. 70, No. 143 / Wednesday, July 27, 2005 / Notices The text of the proposed rule change, as amended, is available on the PCX’s Web site at http://www.pacificex.com, the PCX’s Office of the Secretary, 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 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 Exchange has prepared summaries, set forth in sections A, B and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of this proposed rule change, as amended, is to implement proposed Joint Amendment No. 17 to the Linkage Plan. Joint Amendment No. 17, together with this proposed rule change, will modify the so called ‘‘80/ 20 Test’’ set forth in Section 8(b)(iii) of the Linkage Plan and PCX Rule 6.96. PCX Rule 6.96 states that Market Makers should send Principal Orders through Linkage on a limited basis and not as a primary aspect of their business.5 The 80/20 Test implements this general principle by prohibiting a Market Maker from sending Principal Orders in an eligible option class if, in the last calendar quarter, the Market Maker’s Principal Order contract volume is disproportionate to the Market Maker’s contract volume executed against customer orders in its own market. The Exchange believes that applying the 80/20 Test has resulted in anomalies for Market Makers with limited volume in an eligible option class. Specifically, market linkage (‘‘Linkage’’) proposed by the American Stock Exchange, LLC, Chicago Board Options Exchange, Inc. and the International Securities Exchange, Inc. See Securities Exchange Act Release No. 43086 (July 28, 2000), 65 FR 48023 (August 4, 2000). Subsequently, the Philadelphia Stock Exchange, Inc., the PCX, and the Boston Stock Exchange, Inc. joined the Linkage Plan. See Securities Exchange Act Release Nos. 43573 (November 16, 2000), 65 FR 70851 (November 28, 2000); 43574 (November 16, 2000), 65 FR 70850 (November 28, 2000); and 49198 (February 5, 2004), 69 FR 7029 (February 12, 2004). 5 The Exchange defines a Principal Order as an order for a principal account of an eligible Market Maker that does not relate to a customer order the Market Maker is holding. See PCX Rule 6.92(a)(12)(ii). VerDate jul<14>2003 19:40 Jul 26, 2005 Jkt 205001 if a Market Maker has very little overall trading volume in an option, the execution of one or two Principal Orders during a calendar quarter could result in the Market Maker failing to meet the Test. This would bar the Market Maker from using the Linkage to send Principal Orders in that option class for the following calendar quarter. It was not the intent of the Exchange to bar Market Makers with limited volume from sending Principal Order through the Linkage in these circumstances since such trading was not ‘‘a primary aspect of their business.’’ Thus, the proposed rule would create a de minimus exemption from the 80/20 Test for Market Makers that have total contract volume of less than 1000 contracts in an option class for a calendar quarter. 2. Statutory Basis The Exchange 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) 7 in particular because 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 a 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 burden on competition. 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. 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 Exchange consents, the Commission will: PO 00000 6 15 7 15 U.S.C. 78f(b). U.S.C. 78f(b)(5). Frm 00102 Fmt 4703 Sfmt 4703 43491 (A) By order approve such proposed rule change; or (B) Institute proceedings to determine whether the proposed rule change 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 at http://www.sec.gov/ rules/sro.shtml or send an e-mail to rule-comments@sec.gov. Please include File No. SR–PCX–2005–61 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 No. SR–PCX–2005–61. 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 (http://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, 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–2005–61 and should be submitted on or before August 17, 2005. E:\FR\FM\27JYN1.SGM 27JYN1 43492 Federal Register / Vol. 70, No. 143 / Wednesday, July 27, 2005 / Notices For the Commission, by the Division of Market Regulation, pursuant to delegated authority.8 Jill M. Peterson, Assistant Secretary. [FR Doc. E5–3981 Filed 7–26–05; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–52090; File No. SR–PCX– 2005–68] Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of Filing of Proposed Rule Change and Amendment No. 1 Thereto To Modify Its Rate Schedule Retroactively to January 1, 2002 To Cap the Fees on Multiple Options Issues Transfers July 20, 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 May 13, 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. On July 1, 2005, the Exchange filed Amendment No. 1 to the proposed rule change.3 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 Exchange proposes to modify its rate schedule retroactive to January 1, 2002 to allow the Exchange to cap the fee it charges a Lead Market Maker (‘‘LMM’’) when multiple options issues are transferred. The text of the proposed rule change, as amended, is available on the Exchange’s Web site (http:// www.pacificex.com), at the Exchange’s principal office, 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 Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed 8 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 Amendment No. 1 replaced and superseded the original proposal. 1 15 VerDate jul<14>2003 19:40 Jul 26, 2005 Jkt 205001 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 Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The PCX proposes to add a defined rate schedule applicable to the cap on issue transfer fees. The PCX charges a Lead Market Maker (LMM) that has been allocated an options issue a $1000 fee in the event that the LMM transfers the issue to another LMM, in accordance with PCX Transfer of Issues Guidelines.4 The purpose of this fee, which was filed as part of PCX–2001– 51,5 is to help offset the administrative and technological costs related to transferring an options issue. While it is still accurate to charge $1000 for the transfer of one issue, when multiple issues are transferred as part of a single transaction the overall costs associated with the transfer may be reduced. To assess an LMM the full $1000 on every transferred issue, with no limit to the total charges, is not in keeping with the original intent of the transfer fee. By establishing a cap on the fees the Exchange charges an LMM, the Exchange is attempting to more accurately assess the LMM the true cost associated with a transfer, which was the purpose of the fee when first implemented. The PCX proposes to continue charging $1000 per issue transferred, but cap the fee at $15,000 for the first one hundred issues transferred, and $5000 for every one hundred (or any part of) additional issues transferred. Using this rate schedule the PCX would cap the transfer fee at $15,000 for the first 100 issues, $20,000 for up to 200 issues transferred and $25,000 for up to 300 issues transferred, and so forth using the same formula. To qualify for the rate cap all transfers must be deemed to be part of a single transaction and meet the guidelines of the PCX Transfer of Issues Guidelines. The new fee cap will allow the PCX to more accurately assess an LMM the technological and administrative costs associated with the transfer of allocated issues. The 4 PCX Transfer of Issues Guidelines is explained in PCX Regulatory Information Bulletin RBO–03–09 (Aug. 11, 2003). 5 See Securities Exchange Act Release No. 45351, (January 29, 2002), 67 FR 5631 (February 6, 2002). PO 00000 Frm 00103 Fmt 4703 Sfmt 4703 Exchange proposes to make this fee effective retroactive to January 1, 2002, the date that PCX–2001–51 was effective. By making this filing retroactive to coincide with the date the transfer fee was originally implemented, the Exchange will have the ability to make any adjustments it deems necessary to allow previous charges to properly reflect the true intent of PCX– 2001–51. The PCX will review all past transfers to determine if any adjustments are warranted pursuant to the proposed rate schedule contained in this filing. 2. Statutory Basis The proposal is consistent with section 6(b) of the Act,6 in general, and section 6(b)(4) of the Act,7 in particular, in that it provides for the equitable allocation of dues, fees, and other charges among its members. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose 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 on the proposed rule change 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 self-regulatory organization consents, the Commission will: (A) By order approve such proposed rule change, or (B) Institute proceedings to determine whether the proposed rule change 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 is consistent with the Act. Comments may be submitted by any of the following methods: 6 15 7 15 E:\FR\FM\27JYN1.SGM U.S.C. 78f(b). U.S.C. 78f(b)(4). 27JYN1

Agencies

[Federal Register Volume 70, Number 143 (Wednesday, July 27, 2005)]
[Notices]
[Pages 43490-43492]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-3981]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-52070; File No. SR-PCX-2005-61]


Self-Regulatory Organizations; The Pacific Exchange, Inc.; Notice 
of Filing of Proposed Rule Change, and Amendment No. 1 Thereto, 
Establishing a De Minimus Exception to the 80/20 Test

July 20, 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 26, 2005, the Pacific Exchange, Inc. (``Exchange'' or ``PCX'') 
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. On June 29, 2005, the Exchange 
submitted Amendment No. 1 to the proposed rule change.\3\ 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.
    \3\ Amendment No.1 added clarifying language to the proposed 
rule text.
---------------------------------------------------------------------------

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

    The Exchange proposes to modify the ``80/20 Test'' in determining 
limitations on Principal Order access under the rules imposed by the 
Plan for the Purpose of Creating and Operating an Intermarket Option 
Linkage (``Linkage Plan'') \4\ and related rules.
---------------------------------------------------------------------------

    \4\ On July 28, 2000, the Commission approved a national market 
system plan for the purpose of creating and operating an intermarket 
options market linkage (``Linkage'') proposed by the American Stock 
Exchange, LLC, Chicago Board Options Exchange, Inc. and the 
International Securities Exchange, Inc. See Securities Exchange Act 
Release No. 43086 (July 28, 2000), 65 FR 48023 (August 4, 2000). 
Subsequently, the Philadelphia Stock Exchange, Inc., the PCX, and 
the Boston Stock Exchange, Inc. joined the Linkage Plan. See 
Securities Exchange Act Release Nos. 43573 (November 16, 2000), 65 
FR 70851 (November 28, 2000); 43574 (November 16, 2000), 65 FR 70850 
(November 28, 2000); and 49198 (February 5, 2004), 69 FR 7029 
(February 12, 2004).

---------------------------------------------------------------------------

[[Page 43491]]

    The text of the proposed rule change, as amended, is available on 
the PCX's Web site at http://www.pacificex.com, the PCX's Office of the 
Secretary, 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 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 Exchange has prepared summaries, set forth in 
sections A, B and C below, of the most significant aspects of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of this proposed rule change, as amended, is to 
implement proposed Joint Amendment No. 17 to the Linkage Plan. Joint 
Amendment No. 17, together with this proposed rule change, will modify 
the so called ``80/20 Test'' set forth in Section 8(b)(iii) of the 
Linkage Plan and PCX Rule 6.96. PCX Rule 6.96 states that Market Makers 
should send Principal Orders through Linkage on a limited basis and not 
as a primary aspect of their business.\5\ The 80/20 Test implements 
this general principle by prohibiting a Market Maker from sending 
Principal Orders in an eligible option class if, in the last calendar 
quarter, the Market Maker's Principal Order contract volume is 
disproportionate to the Market Maker's contract volume executed against 
customer orders in its own market.
---------------------------------------------------------------------------

    \5\ The Exchange defines a Principal Order as an order for a 
principal account of an eligible Market Maker that does not relate 
to a customer order the Market Maker is holding. See PCX Rule 
6.92(a)(12)(ii).
---------------------------------------------------------------------------

    The Exchange believes that applying the 80/20 Test has resulted in 
anomalies for Market Makers with limited volume in an eligible option 
class. Specifically, if a Market Maker has very little overall trading 
volume in an option, the execution of one or two Principal Orders 
during a calendar quarter could result in the Market Maker failing to 
meet the Test. This would bar the Market Maker from using the Linkage 
to send Principal Orders in that option class for the following 
calendar quarter. It was not the intent of the Exchange to bar Market 
Makers with limited volume from sending Principal Order through the 
Linkage in these circumstances since such trading was not ``a primary 
aspect of their business.'' Thus, the proposed rule would create a de 
minimus exemption from the 80/20 Test for Market Makers that have total 
contract volume of less than 1000 contracts in an option class for a 
calendar quarter.
2. Statutory Basis
    The Exchange 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) \7\ in particular because 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 a 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 burden on competition.

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.

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 Exchange consents, the Commission will:
    (A) By order approve such proposed rule change; or
    (B) Institute proceedings to determine whether the proposed rule 
change 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 at http://
www.sec.gov/rules/sro.shtml or send an e-mail to rule-comments@sec.gov. 
Please include File No. SR-PCX-2005-61 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 No. SR-PCX-2005-61. 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 (http://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, 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-2005-61 
and should be submitted on or before August 17, 2005.


[[Page 43492]]


    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\8\
---------------------------------------------------------------------------

    \8\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5-3981 Filed 7-26-05; 8:45 am]
BILLING CODE 8010-01-P