Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Order Granting Accelerated Approval to Proposed Rule Change Relating to the Extension of a Pilot Program Relating to Transaction Charges Applicable to Linkage “P” and “P/A” Orders, 43733-43735 [E5-4015]
Download as PDF
<![CDATA[
Federal Register / Vol. 70, No. 144 / Thursday, July 28, 2005 / Notices
safeguarding of securities or funds in
the custody or control of OCC or for
which it is responsible and does not
significantly affect the respective rights
or obligations of the clearing agency or
persons using the service. At any time
within sixty 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 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:
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–OCC–2005–11 on the
subject line.
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–OCC–2005–11 and
should be submitted on or before
August 18, 2005.
For the Commission by the Division of
Market Regulation, pursuant to delegated
authority.7
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–4017 Filed 7–27–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52083; File No. SR–PCX–
2005–67]
Self-Regulatory Organizations; Pacific
Exchange, Inc.; Order Approving
Proposed Rule Change Relating to
Exchange Fees and Charges
July 20, 2005.
On May 6, 2005, the Pacific Exchange,
Inc. (‘‘PCX’’ or ‘‘Exchange’’), through its
wholly-owned subsidiary PCX Equities,
Inc. (‘‘PCXE’’), filed with the Securities
Paper Comments
and Exchange Commission
• Send paper comments in triplicate
(‘‘Commission’’) a proposed rule change
to Jonathan G. Katz, Secretary,
pursuant to section 19(b)(1) of the
Securities and Exchange Commission,
Securities Exchange Act of 1934
100 F Street, NE., Washington, DC
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 to
20549–9303.
modify the list of eligible strategies that
All submissions should refer to File
apply to Option Strategy Executions
Number SR–OCC–2005–11. This file
retroactive to January 1, 2005. The
number should be included on the
proposed rule change was published for
subject line if e-mail is used. To help the comment in the Federal Register on
Commission process and review your
June 14, 2005.3 The Commission
comments more efficiently, please use
received no comments on the proposal.
only one method. The Commission will This order approves the proposed rule
post all comments on the Commission’s change.
Internet Web site (https://www.sec.gov/
After careful review, the Commission
rules/sro.shtml). Copies of the
finds that the proposal is consistent
submission, all subsequent
with the requirements of the Act and the
amendments, all written statements
rules and regulations thereunder
with respect to the proposed rule
applicable to a national securities
change that are filed with the
exchange.4 In particular, the
Commission, and all written
Commission finds that the proposed
communications relating to the
rule change is consistent with the
proposed rule change between the
requirements of section 6(b)(5) of the
Commission and any person, other than Act 5 and the rules and regulations
those that may be withheld from the
thereunder because it is designed to
public in accordance with the
provisions of 5 U.S.C. 552, will be
7 17 CFR 200.30–3(a)(12).
available for inspection and copying in
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
the Commission’s Public Reference
3 See Securities Exchange Act Release No. 51795
Section, 100 F Street, NE., Washington,
(June 7, 2005), 70 FR 34511.
DC 20549. Copies of such filings also
4 In approving this proposed rule change, the
will be available for inspection and
Commission notes that it has considered the
copying at the principal office of OCC
proposed rule’s impact on efficiency, competition
and on OCC’s Web site at https://
and capital formation. See 15 U.S.C. 78c(f).
5 15 U.S.C. 78f(b)(5).
www.optionsclearing.com. All
VerDate jul<14>2003
13:40 Jul 27, 2005
Jkt 205001
PO 00000
Frm 00055
Fmt 4703
Sfmt 4703
43733
foster cooperation and coordination
with persons engaged in facilitating
transactions in securities, to promote
just and equitable principles of trade
and 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.
Specifically, the Commission believes
that the Exchange’s proposal to
retroactively modify certain transaction
fees associated with its short-term
interest spread transactions should
allow the PCX to continue to attract
liquidity and conform the Exchange’s
fees and rates to those previously
approved under the Option Strategy
Execution rate plan.
It is therefore ordered, pursuant to
section 19(b)(2) of the Act,6 that the
proposed rule change, (SR–PCX–2005–
67) be, and hereby is, approved.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.7
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–4014 Filed 7–27–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52095; File No. SR–Phlx–
2005–46]
Self-Regulatory Organizations;
Philadelphia Stock Exchange, Inc.;
Notice of Filing and Order Granting
Accelerated Approval to Proposed
Rule Change Relating to the Extension
of a Pilot Program Relating to
Transaction Charges Applicable to
Linkage ‘‘P’’ and ‘‘P/A’’ Orders
July 21, 2005.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 2 thereunder,
notice is hereby given that on July 15,
2005, the Philadelphia Stock Exchange,
Inc. (‘‘Phlx’’ or ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (‘‘SEC’’ or ‘‘Commission’’)
the proposed rule change as described
in Items I and II, below, which Items
have been prepared by the Phlx. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
6 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.
7 17
E:\FR\FM\28JYN1.SGM
28JYN1
43734
Federal Register / Vol. 70, No. 144 / Thursday, July 28, 2005 / Notices
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Phlx proposes to extend, for a
one-year period, a pilot relating to
transaction fees included in the
Exchange’s schedule of dues, fees and
charges applicable to the execution of
Principal Acting as Agent Orders (‘‘P/A
Orders’’) 3 and Principal Orders (‘‘P
Orders’’) 4 sent to the Exchange
pursuant to the Plan for the Purpose of
Creating and Operating an Intermarket
Option Linkage (the ‘‘Plan’’).5 The
Exchange proposes to extend the pilot
through July 31, 2006.
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
Phlx included statements concerning
the purpose of and basis for the
proposed rule change and discussed any
comments it received on the proposed
rule change. The text of these statements
may be examined at the places specified
in Item III below. The Phlx 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
In July, 2004, the Exchange
established, on a one-year pilot basis, a
fee of $.45 per contract for inbound P
Orders (the ‘‘pilot’’).6 Subsequently, in
February, 2005, the Exchange modified
the pilot by (i) reducing the transaction
3 A P/A Order is an order for the principal
account of a specialist (or equivalent entity on
another Participant Exchange that is authorized to
represent Public Customer orders), reflecting the
terms of a related unexecuted Public Customer
order for which the specialist is acting as agent. See
Exchange Rule 1083(k)(i).
4 A P Order is an order for the principal account
of an Eligible Market Maker and is not a P/A Order.
See Exchange Rule 1083(k)(ii).
5 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 International Securities
Exchange, Inc. See Securities Exchange Act Release
No. 43086 (July 28, 2000), 65 FR 48023 (August 4,
2000). Subsequently, Phlx, Pacific Exchange, Inc.,
and 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).
6 See Securities Exchange Act Release No. 50125
(July 30, 2004), 69 FR 47479 (August 5, 2004) (SR–
Phlx–2004–44).
VerDate jul<14>2003
13:40 Jul 27, 2005
Jkt 205001
charge for inbound P Orders from $.45
per contract to $.15 per contract, and (ii)
establishing a transaction charge of $.15
per contract for inbound P/A Orders.7
The purpose of the proposed rule
change is to extend the pilot for one
year, through July 31, 2006.
Thus, the Exchange’s current
schedule of dues, fees and charges
includes a transaction charge of $.15 per
contract applicable to Linkage P/A
Orders and P Orders sent to the
Exchange pursuant to the Plan. The
pilot is scheduled to expire on July 31,
2005. The Exchange proposes to extend
the current pilot for an additional oneyear period, through July 31, 2006.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act 8 in general, and furthers the
objectives of Section 6(b)(4) of the Act 9
in particular, in that it is it is an
equitable allocation of reasonable fees
among Exchange members.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any inappropriate 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 either
solicited or received.
III. 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:
100 F Street, NE., Washington, DC
20549–9303.
All submissions should refer to File
Number SR–Phlx–2005–46. 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
Room. Copies of the filing also will be
available for inspection and copying at
the principal office of the Phlx. 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–Phlx–2005–46 and should
be submitted on or before August 18,
2005.
IV. Commission’s Findings and Order
Granting Accelerated Approval of
Proposed Rule Change
• Send paper comments in triplicate
to Jonathan G. Katz, Secretary,
Securities and Exchange Commission,
After careful consideration, 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,10 and,
in particular, with the requirements of
Section 6(b) of the Act 11 and the rules
and regulations thereunder. The
Commission finds that the proposed
rule change is consistent with Section
6(b)(4) of the Act,12 which requires that
the rules of the Exchange provide for the
equitable allocation of reasonable dues,
fees and other charges among its
members and other persons using its
facilities. The Commission believes that
the extension of the Linkage fee pilot
until July 31, 2006 will give the
Commission further opportunity to
7 See Securities Exchange Act Release No. 51257
(February 25, 2005), 70 FR 10736 (March 4, 2005)
(SR–Phlx–2005–10).
8 15 U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(4).
10 In approving this rule, the Commission notes
that it has considered its impact on efficiency,
competition and capital formation. 15 U.S.C. 78c(f).
11 15 U.S.C. 78f(b).
12 15 U.S.C. 78f(b)(4).
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–Phlx–2005–46 on the
subject line.
Paper Comments
PO 00000
Frm 00056
Fmt 4703
Sfmt 4703
E:\FR\FM\28JYN1.SGM
28JYN1
Federal Register / Vol. 70, No. 144 / Thursday, July 28, 2005 / Notices
evaluate whether such fees are
appropriate.
The Commission finds good cause,
pursuant to Section 19(b)(2) of the
Act,13 for approving the proposed rule
change prior to the thirtieth day after
the date of publication of the notice of
the filing thereof in the Federal
Register. The Commission believes that
granting accelerating approval will
preserve the Exchange’s existing pilot
program for Linkage fees without
interruption as the Phlx and the
Commission further consider the
appropriateness of Linkage fees.
V. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act 14 that the
proposed rule change (SR–Phlx–2005–
46) is hereby approved on an
accelerated basis for a pilot period to
expire on July 31, 2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.15
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–4015 Filed 7–27–05; 8:45 am]
BILLING CODE 8010–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #10135 and #10136]
Alabama Disaster Number AL–00001
Small Business Administration.
Amendment 2.
AGENCY:
ACTION:
SUMMARY: This is an amendment of the
Presidential declaration of a major
disaster for the State of Alabama
(FEMA–1593–DR), dated 07/10/2005.
Incident: Hurricane Dennis.
Incident Period: 07/10/2005 and
continuing through 07/16/2005.
DATES: Effective Date: 07/16/2005.
Physical Loan Application Deadline
Date: 09/08/2005.
EIDL Loan Application Deadline Date:
04/10/2006.
ADDRESSES: Submit completed loan
applications to: Small Business
Administration, Disaster Office 3, 14925
Kingsport Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street, SW., Suite 6050,
Washington, DC 20416.
SUPPLEMENTARY INFORMATION: The notice
of the President’s major disaster
declaration for the State of Alabama,
13 15
U.S.C. 78s(b)(2).
14 Id.
15 17
CFR 200.30–3(a)(12).
VerDate jul<14>2003
13:40 Jul 27, 2005
dated 07/10/2005, is hereby amended to
establish the incident period for this
disaster as beginning 07/10/2005 and
continuing through 07/16/2005.
All other information in the original
declaration remains unchanged.
(Catalog of Federal Domestic Assistance
Numbers 59002 and 59008)
Herbert L. Mitchell,
Associate Administrator for Disaster
Assistance.
[FR Doc. 05–14913 Filed 7–27–05; 8:45 am]
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #10137 and #10138]
Florida Disaster Number FL–00005
Small Business Administration.
Amendment 2.
AGENCY:
ACTION:
SUMMARY: This is an amendment of the
Presidential declaration of a major
disaster for the State of Florida (FEMA–
1595–DR), dated 07/10/2005.
Incident: Hurricane Dennis.
Incident Period: 07/10/2005 and
continuing .
DATES: Effective Date: 07/20/2005.
Physical Loan Application Deadline
Date: 09/08/2005.
EIDL Loan Application Deadline Date:
04/10/2006.
ADDRESSES: Submit completed loan
applications to: Small Business
Administration, Disaster Area Office 3,
14925 Kingsport Road, Fort Worth, TX
76155.
A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street, SW., Suite 6050,
Washington, DC 20416.
SUPPLEMENTARY INFORMATION: The notice
of the Presidential disaster declaration
for the State of Florida, dated 07/10/
2005 is hereby amended to include the
following areas as adversely affected by
the disaster:
Primary Counties:
Dixie, Taylor
Contiguous Counties: Florida
Gilchrist, Lafayette, Levy, Madison
All other information in the original
declaration remains unchanged.
FOR FURTHER INFORMATION CONTACT:
(Catalog of Federal Domestic Assistance
Numbers 59002 and 59008)
Herbert L. Mitchell,
Associate Administrator for Disaster
Assistance.
[FR Doc. 05–14914 Filed 7–27–05; 8:45 am]
BILLING CODE 8025–01–P
Jkt 205001
PO 00000
Frm 00057
Fmt 4703
Sfmt 4703
43735
SMALL BUSINESS ADMINISTRATION
Small Business Size Standards:
Waiver of the Nonmanufacturer Rule
U.S. Small Business
Administration.
ACTION: Notice of intent to terminate
waiver of the Nonmanufacturer Rule for
Sporting and Athletic Goods
Manufacturing.
AGENCY:
SUMMARY: The U.S. Small Business
Administration (SBA) is considering
terminating the waiver of the
Nonmanufacturer Rule for Sporting and
Athletic Goods Manufacturing based on
our recent discovery of a small business
manufacturer for this class of products.
Terminating this waiver will require
recipients of contracts set aside for
small businesses, service-disabled
veteran-owned small businesses, or
SBA’s 8(a) Business Development
Program to provide the products of
small business manufacturers or
processors on such contracts.
DATES: Comments and sources must be
submitted on or before August 15, 2005.
FOR FURTHER INFORMATI0N CONTACT:
Edith Butler, Program Analyst, by
telephone at (202) 619–0422; by FAX at
(202) 481–1788; or by e-mail at
edith.butler@sba.gov.
Section
8(a)(17) of the Small Business Act, (Act)
15 U.S.C. 637(a)(17), requires that
recipients of Federal contracts set aside
for small businesses, service-disabled
veteran-owned small businesses, or
SBA’s 8(a) Business Development
Program provide the product of a small
business manufacturer or processor, if
the recipient is other than the actual
manufacturer or processor of the
product. This requirement is commonly
referred to as the Nonmanufacturer
Rule.
The SBA regulations imposing this
requirement are found at 13 CFR
121.406 (b). Section 8(a)(17)(b)(iv) of the
Act authorizes SBA to waive the
Nonmanufacturer Rule for any ‘‘class of
products’’ for which there are no small
business manufacturers or processors
available to participate in the Federal
market.
As implemented in SBA’s regulations
at 13 CFR 121.1204, in order to be
considered available to participate in
the Federal market for a class of
products, a small business manufacturer
must have submitted a proposal for a
contract solicitation or received a
contract from the Federal government
within the last 24 months. The SBA
defines ‘‘class of products’’ based on six
digit coding systems. The first coding
SUPPLEMENTARY INFORMATION:
E:\FR\FM\28JYN1.SGM
28JYN1
]]>Agencies
[Federal Register Volume 70, Number 144 (Thursday, July 28, 2005)]
[Notices]
[Pages 43733-43735]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-4015]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-52095; File No. SR-Phlx-2005-46]
Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.;
Notice of Filing and Order Granting Accelerated Approval to Proposed
Rule Change Relating to the Extension of a Pilot Program Relating to
Transaction Charges Applicable to Linkage ``P'' and ``P/A'' Orders
July 21, 2005.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 \2\ thereunder, notice is hereby given
that on July 15, 2005, the Philadelphia Stock Exchange, Inc. (``Phlx''
or ``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I and II, below, which Items have been prepared by the Phlx. 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.
---------------------------------------------------------------------------
[[Page 43734]]
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Phlx proposes to extend, for a one-year period, a pilot
relating to transaction fees included in the Exchange's schedule of
dues, fees and charges applicable to the execution of Principal Acting
as Agent Orders (``P/A Orders'') \3\ and Principal Orders (``P
Orders'') \4\ sent to the Exchange pursuant to the Plan for the Purpose
of Creating and Operating an Intermarket Option Linkage (the
``Plan'').\5\ The Exchange proposes to extend the pilot through July
31, 2006.
---------------------------------------------------------------------------
\3\ A P/A Order is an order for the principal account of a
specialist (or equivalent entity on another Participant Exchange
that is authorized to represent Public Customer orders), reflecting
the terms of a related unexecuted Public Customer order for which
the specialist is acting as agent. See Exchange Rule 1083(k)(i).
\4\ A P Order is an order for the principal account of an
Eligible Market Maker and is not a P/A Order. See Exchange Rule
1083(k)(ii).
\5\ 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
International Securities Exchange, Inc. See Securities Exchange Act
Release No. 43086 (July 28, 2000), 65 FR 48023 (August 4, 2000).
Subsequently, Phlx, Pacific Exchange, Inc., and 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).
---------------------------------------------------------------------------
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 Phlx included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item III below. The Phlx 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
In July, 2004, the Exchange established, on a one-year pilot basis,
a fee of $.45 per contract for inbound P Orders (the ``pilot'').\6\
Subsequently, in February, 2005, the Exchange modified the pilot by (i)
reducing the transaction charge for inbound P Orders from $.45 per
contract to $.15 per contract, and (ii) establishing a transaction
charge of $.15 per contract for inbound P/A Orders.\7\ The purpose of
the proposed rule change is to extend the pilot for one year, through
July 31, 2006.
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 50125 (July 30,
2004), 69 FR 47479 (August 5, 2004) (SR-Phlx-2004-44).
\7\ See Securities Exchange Act Release No. 51257 (February 25,
2005), 70 FR 10736 (March 4, 2005) (SR-Phlx-2005-10).
---------------------------------------------------------------------------
Thus, the Exchange's current schedule of dues, fees and charges
includes a transaction charge of $.15 per contract applicable to
Linkage P/A Orders and P Orders sent to the Exchange pursuant to the
Plan. The pilot is scheduled to expire on July 31, 2005. The Exchange
proposes to extend the current pilot for an additional one-year period,
through July 31, 2006.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \8\ in general, and furthers the objectives of Section
6(b)(4) of the Act \9\ in particular, in that it is it is an equitable
allocation of reasonable fees among Exchange members.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any inappropriate 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 either solicited or received.
III. 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:
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-Phlx-2005-46 on the subject line.
Paper Comments
Send paper comments in triplicate to Jonathan G. Katz,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-9303.
All submissions should refer to File Number SR-Phlx-2005-46. 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 Room. Copies of the
filing also will be available for inspection and copying at the
principal office of the Phlx. 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-Phlx-2005-46 and should be submitted on or before August
18, 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 and regulations thereunder, applicable to a national securities
exchange,\10\ and, in particular, with the requirements of Section 6(b)
of the Act \11\ and the rules and regulations thereunder. The
Commission finds that the proposed rule change is consistent with
Section 6(b)(4) of the Act,\12\ which requires that the rules of the
Exchange provide for the equitable allocation of reasonable dues, fees
and other charges among its members and other persons using its
facilities. The Commission believes that the extension of the Linkage
fee pilot until July 31, 2006 will give the Commission further
opportunity to
[[Page 43735]]
evaluate whether such fees are appropriate.
---------------------------------------------------------------------------
\10\ In approving this rule, the Commission notes that it has
considered its impact on efficiency, competition and capital
formation. 15 U.S.C. 78c(f).
\11\ 15 U.S.C. 78f(b).
\12\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
The Commission finds good cause, pursuant to Section 19(b)(2) of
the Act,\13\ for approving the proposed rule change prior to the
thirtieth day after the date of publication of the notice of the filing
thereof in the Federal Register. The Commission believes that granting
accelerating approval will preserve the Exchange's existing pilot
program for Linkage fees without interruption as the Phlx and the
Commission further consider the appropriateness of Linkage fees.
---------------------------------------------------------------------------
\13\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------
V. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the Act
\14\ that the proposed rule change (SR-Phlx-2005-46) is hereby approved
on an accelerated basis for a pilot period to expire on July 31, 2006.
---------------------------------------------------------------------------
\14\ Id.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\15\
---------------------------------------------------------------------------
\15\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-4015 Filed 7-27-05; 8:45 am]
BILLING CODE 8010-01-P
