Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of Filing and Order Granting Accelerated Approval of a Proposed Rule Change To Extend the Linkage Fee Pilot Program, 44713-44714 [E5-4126]
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Federal Register / Vol. 70, No. 148 / Wednesday, August 3, 2005 / Notices
interest; (ii) does not impose any
significant burden on competition; and
(iii) does not become operative for 30
days from the date on which it was
filed, or such shorter time as the
Commission may designate. Therefore,
the foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 12 and Rule 19b–4(f)(6) 13
thereunder. At any time within 60 days
of the filing of the proposed rule change,
the Commission may summarily
abrogate such rule change if it appears
to the Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the Act.
Pursuant to Rule 19b–4(f)(6)(iii) under
the Act,14 the proposal may not become
operative for 30 days after the date of its
filing, or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest, and the Exchange must
file notice of its intent to file the
proposed rule change at least five
business days beforehand. The
Exchange has requested that the
Commission waive the five-day prefiling requirement and the 30-day
operative delay so that the proposed
rule change will become immediately
effective upon filing.
The Commission is exercising its
authority to waive the five-day pre-filing
requirement and believes that waiver of
the 30-day operative delay is consistent
with the protection of investors and the
public interest.15 In this regard, the
Commission notes that the proposal is
the extension of a pilot program that has
been in effect at the Exchange since
August 2000. The Commission has also
published for comment amendments to
NYSE Rule 607 which would, in effect,
make permanent a variation of the pilot
program described herein. For these
reasons, the Commission designates the
proposed rule change as effective and
operative immediately. Nothing in the
current notice should be interpreted as
suggesting the Commission is
predisposed to approving on a
permanent basis the proposed variation
of the pilot program.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
12 15
U.S.C. 78s(b)(3)(A).
13 17 CFR 240.19b–4(f)(6).
14 17 CFR 240.19b–4(f)(6)(iii).
15 For purposes only of accelerating the operative
date of this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
VerDate jul<14>2003
15:22 Aug 02, 2005
Jkt 205001
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–NYSE–2005–52 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–NYSE–2005–52.
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 such filing also will be
available for inspection and copying at
the principal office of the NYSE. 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–2005–52 and should
be submitted on or before August 24,
2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.16
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–4123 Filed 8–2–05; 8:45 am]
BILLING CODE 8010–01–P
PO 00000
16 17
CFR 200.30–3(a)(12).
Frm 00161
Fmt 4703
Sfmt 4703
44713
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52151; File No. SR–PCX–
2005–86]
Self-Regulatory Organizations; Pacific
Exchange, Inc.; Notice of Filing and
Order Granting Accelerated Approval
of a Proposed Rule Change To Extend
the Linkage Fee Pilot Program
July 28, 2005.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on July 21,
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 and II
below, which Items have been prepared
by the Exchange. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons and is
approving the proposal on an
accelerated basis for a pilot period
through July 31, 2006.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend its
Schedule of Fees and Charges for
Exchange Services to extend until July
31, 2006 the current pilot program
regarding transaction fees charged for
trades executed on the Exchange that
are submitted through the intermarket
option linkage (‘‘Linkage’’).3 The text of
the proposed fee schedule is available
on the Exchange’s Web site (https://
www.pacificex.com), at the Exchange’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
Exchange 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
Exchange has prepared summaries, set
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 At the request of the Exchange, the Commission
staff made a change to clarify the statement
regarding the orders to which the transaction fees
apply. Telephone conversation between Steven
Matlin, Senior Counsel, Exchange, and Kim Allen,
Attorney, Division of Market Regulation, on July 26,
2005.
2 17
E:\FR\FM\03AUN1.SGM
03AUN1
44714
Federal Register / Vol. 70, No. 148 / Wednesday, August 3, 2005 / Notices
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 the proposed rule
change is to extend for one year the
pilot program establishing Exchange
fees for Principal (‘‘P’’) Orders and
Principal Acting as Agent (‘‘P/A’’)
Orders executed on the Exchange that
are submitted through Linkage. The fees
currently are effective for a pilot
program set to expire on July 31, 2005,
and this proposal would extend such
fees through July 31, 2006. The two fees
the Exchange charges for P and P/A
orders are: The basic execution fee for
trading on the Exchange; and a $.05
comparison fee, each per contract side.
These are the same fees that all PCX
Option Trading Permit Holders pay for
non-customer transactions executed on
the Exchange. The Exchange does not
charge for the execution of Satisfaction
Orders sent through Linkage and is not
proposing to charge for such orders.
2. Statutory Basis
The Exchange believes that the
proposal is consistent with Section 6(b)
of the Act,4 in general, and Section
6(b)(4) of the Act 5 in particular, in that
the proposed rule change provides for
the equitable allocation of dues, fees
and other charges among its members
and other persons using its facilities for
the purpose of executing P/A Orders or
P Orders that are routed to the Exchange
from other market centers.
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
The Exchange has neither solicited
nor received written comments on the
proposed rule change.
III. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
4 15
5 15
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
VerDate jul<14>2003
15:22 Aug 02, 2005
Jkt 205001
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
6(b) of the Act 7 and the rules and
regulations thereunder. The
Commission finds that the proposed
rule change is consistent with Section
Electronic Comments
6(b)(4) of the Act,8 which requires that
• Use the Commission’s Internet
the rules of the Exchange provide for the
comment form (https://www.sec.gov/
equitable allocation of reasonable dues,
rules/sro.shtml); or
fees and other charges among its
• Send an e-mail to rulemembers and other persons using its
comments@sec.gov. Please include File
facilities. The Commission believes that
Number SR–PCX–2005–86 on the
the extension of the Linkage fee pilot
subject line.
until July 31, 2006 will give the
Exchange and the Commission further
Paper Comments
opportunity to evaluate whether such
• Send paper comments in triplicate
fees are appropriate.
to Jonathan G. Katz, Secretary,
The Commission finds good cause
Securities and Exchange Commission,
pursuant to Section 19(b)(2) of the Act,9
100 F Street, NE., Washington, DC
for approving the proposed rule change
20549–9303. All submissions should
prior to the thirtieth day after
refer to File Number SR–PCX–2005–86.
This file number should be included on publication of notice thereof in the
the subject line if e-mail is used. To help Federal Register. The Commission
believes that granting accelerated
the Commission process and review
approval of the proposed rule change
your comments more efficiently, please
will preserve the Exchange’s existing
use only one method. The Commission
pilot program for Linkage fees without
will post all comments on the
interruption as the Exchange and the
Commission’s Internet Web site (https://
www.sec.gov/rules/sro.shtml). Copies of Commission further consider the
appropriateness of Linkage fees.
the submission, all subsequent
amendments, all written statements
V. Conclusion
with respect to the proposed rule
It is therefore ordered, pursuant to
change that are filed with the
Section 19(b)(2) of the Act,10 that the
Commission, and all written
proposed rule change (SR–PCX–2005–
communications relating to the
86) is hereby approved on an
proposed rule change between the
Commission and any person, other than accelerated basis for a pilot period to
expire on July 31, 2006.
those that may be withheld from the
For the Commission, by the Division of
public in accordance with the
Market Regulation, pursuant to delegated
provisions of 5 U.S.C. 552, will be
authority.11
available for inspection and copying in
Margaret H. McFarland,
the Commission’s Public Reference
Room. Copies of such filing also will be Deputy Secretary.
available for inspection and copying at
[FR Doc. E5–4126 Filed 8–2–05; 8:45 am]
the principal office of the Exchange. All BILLING CODE 8010–01–P
comments received will be posted
without change; the Commission does
not edit personal identifying
OFFICE OF THE UNITED STATES
information from submissions. You
TRADE REPRESENTATIVE
should submit only information that
you wish to make available publicly. All Request for Comments and Notice of
submissions should refer to File
Public Hearing Concerning China’s
Number SR–PCX–2005–86 and should
Compliance with WTO Commitments
be submitted on or before August 24,
AGENCY: Office of the United States
2005.
Trade Representative.
IV. Commission’s Findings and Order
ACTION: Request for comments and
Granting Accelerated Approval of the
notice of public hearing concerning
Proposed Rule Change
China’s compliance with its WTO
After careful consideration, the
commitments.
Commission finds that the proposed
SUMMARY: The interagency Trade Policy
rule change is consistent with the
Staff Committee (TPSC) will convene a
requirements of the Act and the rules
and regulations thereunder applicable to public hearing and seek public
comment to assist the Office of the
a national securities exchange,6 and, in
particular, the requirements of Section
7 15.U.S.C.
6 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).
PO 00000
Frm 00162
Fmt 4703
Sfmt 4703
78f(b).
U.S.C. 78f(b)(4).
9 15 U.S.C. 78s(b)(2).
10 Id.
11 17 CFR 200.30–3(a)(12).
8 15
E:\FR\FM\03AUN1.SGM
03AUN1
]]>Agencies
[Federal Register Volume 70, Number 148 (Wednesday, August 3, 2005)]
[Notices]
[Pages 44713-44714]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-4126]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-52151; File No. SR-PCX-2005-86]
Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of
Filing and Order Granting Accelerated Approval of a Proposed Rule
Change To Extend the Linkage Fee Pilot Program
July 28, 2005.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on July 21, 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 and II below, which Items
have been prepared by the Exchange. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons and is approving the proposal on an accelerated basis for a
pilot period through July 31, 2006.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend its Schedule of Fees and Charges for
Exchange Services to extend until July 31, 2006 the current pilot
program regarding transaction fees charged for trades executed on the
Exchange that are submitted through the intermarket option linkage
(``Linkage'').\3\ The text of the proposed fee schedule is available on
the Exchange's Web site (https://www.pacificex.com), at the Exchange's
Office of the Secretary, and at the Commission's Public Reference Room.
---------------------------------------------------------------------------
\3\ At the request of the Exchange, the Commission staff made a
change to clarify the statement regarding the orders to which the
transaction fees apply. Telephone conversation between Steven
Matlin, Senior Counsel, Exchange, and Kim Allen, Attorney, Division
of Market Regulation, on July 26, 2005.
---------------------------------------------------------------------------
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 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 Exchange has prepared summaries, set
[[Page 44714]]
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 the proposed rule change is to extend for one year
the pilot program establishing Exchange fees for Principal (``P'')
Orders and Principal Acting as Agent (``P/A'') Orders executed on the
Exchange that are submitted through Linkage. The fees currently are
effective for a pilot program set to expire on July 31, 2005, and this
proposal would extend such fees through July 31, 2006. The two fees the
Exchange charges for P and P/A orders are: The basic execution fee for
trading on the Exchange; and a $.05 comparison fee, each per contract
side. These are the same fees that all PCX Option Trading Permit
Holders pay for non-customer transactions executed on the Exchange. The
Exchange does not charge for the execution of Satisfaction Orders sent
through Linkage and is not proposing to charge for such orders.
2. Statutory Basis
The Exchange believes that the proposal is consistent with Section
6(b) of the Act,\4\ in general, and Section 6(b)(4) of the Act \5\ in
particular, in that the proposed rule change provides for the equitable
allocation of dues, fees and other charges among its members and other
persons using its facilities for the purpose of executing P/A Orders or
P Orders that are routed to the Exchange from other market centers.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 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 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.
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-PCX-2005-86 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-PCX-2005-86. 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 such filing also will be available for
inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-PCX-2005-86 and should be
submitted on or before August 24, 2005.
IV. Commission's Findings and Order Granting Accelerated Approval of
the 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,\6\ and, in particular, the requirements of Section 6(b) of
the Act \7\ and the rules and regulations thereunder. The Commission
finds that the proposed rule change is consistent with Section 6(b)(4)
of the Act,\8\ 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 Exchange and the Commission further
opportunity to evaluate whether such fees are appropriate.
---------------------------------------------------------------------------
\6\ 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).
\7\ 15.U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
The Commission finds good cause pursuant to Section 19(b)(2) of the
Act,\9\ for approving the proposed rule change prior to the thirtieth
day after publication of notice thereof in the Federal Register. The
Commission believes that granting accelerated approval of the proposed
rule change will preserve the Exchange's existing pilot program for
Linkage fees without interruption as the Exchange and the Commission
further consider the appropriateness of Linkage fees.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------
V. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\10\ that the proposed rule change (SR-PCX-2005-86) is hereby
approved on an accelerated basis for a pilot period to expire on July
31, 2006.
---------------------------------------------------------------------------
\10\ Id.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-4126 Filed 8-2-05; 8:45 am]
BILLING CODE 8010-01-P
