Self-Regulatory Organizations; Stock Clearing Corporation of Philadelphia; Notice of Filing of Proposed Rule Change by Relating Anonymous Features on Trading Systems, 46565-46566 [E5-4311]

Download as PDF Federal Register / Vol. 70, No. 153 / Wednesday, August 10, 2005 / Notices product.38 Accordingly, with respect to indexes not previously approved by the Commission, the Commission finds that PCX’s commitment to implement comprehensive surveillance sharing agreements,39 as necessary, and the definitive requirements that (i) each component security shall be a registered reporting company under the Act and (ii) no more than 20 percent of the weight of the Underlying Index or Underlying Indexes may be comprised of foreign country securities or ADRs not subject to a comprehensive surveillance sharing agreement,40 will make possible adequate surveillance of trading of Index Securities listed pursuant to the proposed generic listing standards. With regard to actual oversight, PCX represents that its surveillance procedures are sufficient to detect fraudulent trading among members in the trading of Index Securities pursuant to proposed PCXE Rule 5.2(j)(6). SECURITIES AND EXCHANGE COMMISSION C. Acceleration I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The proposed rule change would allow SCCP to processes trades executed on a trading system that provides for anonymous trading.3 The Commission finds good cause for approving proposed rule change, as amended, prior to the 30th day after the date of publication of notice of filing thereof in the Federal Register. The proposal implements generic listing standards substantially identical to those already approved for the Amex. The Commission does not believe that the Exchange’s proposal raises any novel regulatory issues. The proposed generic listing criteria should enable more expeditious review and listing of Index Securities by PCX, thereby reducing administrative burdens and benefiting the investing public. Thus, the Commission finds good cause to accelerate approval of the proposed rule change, as amended. V. Conclusion It is therefore ordered, pursuant to section 19(b)(2) of the Act,41 that the proposed rule change (SR–PCX–2005– 63), as amended, is hereby approved on an accelerated basis. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.42 J. Lynn Taylor, Assistant Secretary. [FR Doc. E5–4326 Filed 8–9–05; 8:45 am] BILLING CODE 8010–01–P 38 See id. 39 Proposed PCXE Rule 5.2(j)(6)(j). PCXE Rule 5.2(j)(6)(g)(vii). 41 15 U.S.C. 78s(b)(2). 42 17 CFR 200.30–3(a)(12). 40 Proposed VerDate jul<14>2003 15:02 Aug 09, 2005 Jkt 205001 [Release No. 34–52201; File No. SR–SCCP– 2004–03] Self-Regulatory Organizations; Stock Clearing Corporation of Philadelphia; Notice of Filing of Proposed Rule Change by Relating Anonymous Features on Trading Systems August 3, 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 September 7, 2004, Stock Clearing Corporation of Philadelphia (‘‘SCCP‘‘) 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 SCCP. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, SCCP 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. SCCP 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 Currently, SCCP receives and processes its participants’ trades. In the future, SCCP may receive locked-in trade data from a trading system that 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 The proposed rule change is similar to a rule change approved by the Commission in 2003 that allowed the National Securities Clearing Corporation (‘‘NSCC’’) to accommodate the reporting of trades executed on a system that provides trading anonymity. Securities Exchange Act Release No. 48526 (September 23, 2003), 68 FR 56367 (September 30, 2003) [File No. SR–NSCC– 2003–14]. 2 17 PO 00000 Frm 00095 Fmt 4703 Sfmt 4703 46565 provides anonymity. In such a situation, SCCP would report such trades to its participants using an anonymous acronym instead of naming or identifying the actual contra side account number. In the event that SCCP ceases to act for a participant in an anonymous trade, the operator of the trading system shall have the responsibility to identify to its users the trades, which are generally included in reports produced by SCCP, involving the affected participant. SCCP would forward to the operator of the trading system the appropriate information to facilitate its notification of its users. In addition, should SCCP receive information from NSCC that NSCC had ceased to act for an NSCC member that is an unidentified contra side of any such trade, SCCP would also forward this information to the operator of the trading system.4 SCCP believes that its proposed rule change is consistent with the requirements of section 17A(b)(3)(F) of the Act because it is designed to promote the prompt and accurate clearance and settlement of securities transactions and to remove impediments to and perfect the mechanism of a national system for the prompt and accurate clearance and settlement of securities transactions in that the proposed rule change should allow SCCP to accommodate trades executed on an anonymous trading system and should provide for the prompt and accurate clearance of those trades. B. Self-Regulatory Organization’s Statement on Burden on Competition SCCP 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 4 NSCC’s anonymous trading rule includes similar notification requirements. E:\FR\FM\10AUN1.SGM 10AUN1 46566 Federal Register / Vol. 70, No. 153 / Wednesday, August 10, 2005 / Notices • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–SCCP–2004–03 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–SCCP–2004–03. 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 Section, 100 F Street, NE., Washington, DC 20549–9303. Copies of such filing also will be available for inspection and copying at the principal office of SCCP and on SCCP’s Web site at https:// www.phlx.com/SCCP. 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–SCCP– 2004–03 and should be submitted on or before August 31, 2005. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.5 J. Lynn Taylor, Assistant Secretary. [FR Doc. E5–4311 Filed 8–9–05; 8:45 am] Correction to Notice of Order To Show Cause (Order 2005–7–14) Docket OST–2004–19877. ACTION: DEPARTMENT OF STATE [Public Notice 5154] Culturally Significant Objects Imported for Exhibition Determinations: ‘‘New Photography ’05: Carlos Garaicoa, Bertien van Manen, Phillip Pisciotta, Robin Rhode’’ SUMMARY: Notice is hereby given of the following determinations: Pursuant to the authority vested in me by the Act of October 19, 1965 (79 Stat. 985; 22 U.S.C. 2459), Executive Order 12047 of March 27, 1978, the Foreign Affairs Reform and Restructuring Act of 1998 (112 Stat. 2681, et seq.; 22 U.S.C. 6501 note, et seq.), Delegation of Authority No. 234 of October 1, 1999, Delegation of Authority No. 236 of October 19, 1999, as amended, and Delegation of Authority No. 257 of April 15, 2003 [68 FR 19875], I hereby determine that the objects to be included in the exhibition ‘‘New Photography ’05: Carlos Garaicoa, Bertien van Manen, Phillip Pisciotta, Robin Rhode’’ imported from abroad for temporary exhibition within the United States, are of cultural significance. The objects are imported pursuant to loan agreements with the foreign owner or custodian. I also determine that the exhibition or display of the exhibit objects at The Museum of Modern Art, New York New York, from on or about October 21, 2005 to on or about January 16, 2006, and at possible additional venues yet to be determined, is in the national interest. Public Notice of these Determinations is ordered to be published in the Federal Register. FOR FURTHER INFORMATION CONTACT: For further information, including a list of the exhibit objects, contact Wolodymyr R. Sulzynsky, the Office of the Legal Adviser, Department of State, (telephone: 202/453–8050). The address is Department of State, SA–44, 301 4th Street, SW., Room 700, Washington, DC 20547–0001. Dated: August 2, 2005. C. Miller Crouch, Principal Deputy Assistant Secretary for Educational and Cultural Affairs, Department of State. [FR Doc. 05–15818 Filed 8–9–05; 8:45 am] BILLING CODE 4710–08–P SUMMARY: By Order 2005–7–14, served on July 15, 2005, the Department tentatively concluded that GoJet Airlines, LLC is fit, willing, and able to provide interstate scheduled air transportation of persons, property and mail, and should be issued a certificate of public convenience and necessity authorizing such operations, subject to conditions. At that time, we directed interested parties to file objections no later than 14 days after the service date of the order (i.e., July 29, 2005). Subsequently, the Department published a notice in the Federal Register on July 21, 2005, inadvertently directing all interested parties wishing to file objections to do so by August 29, 2005. In order to correct this administrative error, while, at the same time, providing interested parties with a suitable period of time to file comments, we find it appropriate to direct persons wishing to file objections to our tentative decision to do so by August 15, 2005. FOR FURTHER INFORMATION CONTACT: Ms. Lauralyn Remo, Air Carrier Fitness Division (X–56, Room 6401), U.S. Department of Transportation, 400 Seventh Street, SW., Washington, DC 20590, (202) 366–9721. Correction In the Federal Register of July 21, 2005, in FR Doc. 05–14378, on page 42135, in the second column, correct the DATES caption to read: DATES: Persons wishing to file objections should do so no later than August 15, 2005. Dated: August 4, 2005. Karan K. Bhatia, Assistant Secretary for Aviation and International Affairs. [FR Doc. 05–15916 Filed 8–9–05; 8:45 am] BILLING CODE 4910–62–P DEPARTMENT OF TRANSPORTATION Office of the Secretary; Application of GoJet Airlines, LLC for Certificate Authority: Correction Department of Transportation. Correction to Notice of Order To Show Cause (Order 2005–7–14) Docket OST–2004–19877. AGENCY: BILLING CODE 8010–01–P ACTION: DEPARTMENT OF TRANSPORTATION Office of the Secretary Application of GoJet Airlines, LLC for Certificate Authority: Correction 5 17 AGENCY: CFR 200.30–3(a)(12). VerDate jul<14>2003 15:02 Aug 09, 2005 Jkt 205001 PO 00000 Department of Transportation. Frm 00096 Fmt 4703 Sfmt 4703 SUMMARY: By Order 2005–7–14, served on July 15, 2005, the Department tentatively concluded that GoJet Airlines, LLC is fit, willing, and able to provide tentatively scheduled air E:\FR\FM\10AUN1.SGM 10AUN1

Agencies

[Federal Register Volume 70, Number 153 (Wednesday, August 10, 2005)]
[Notices]
[Pages 46565-46566]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-4311]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-52201; File No. SR-SCCP-2004-03]


Self-Regulatory Organizations; Stock Clearing Corporation of 
Philadelphia; Notice of Filing of Proposed Rule Change by Relating 
Anonymous Features on Trading Systems

August 3, 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 September 7, 2004, Stock Clearing Corporation of Philadelphia 
(``SCCP``) 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 SCCP. 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.
---------------------------------------------------------------------------

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

    The proposed rule change would allow SCCP to processes trades 
executed on a trading system that provides for anonymous trading.\3\
---------------------------------------------------------------------------

    \3\ The proposed rule change is similar to a rule change 
approved by the Commission in 2003 that allowed the National 
Securities Clearing Corporation (``NSCC'') to accommodate the 
reporting of trades executed on a system that provides trading 
anonymity. Securities Exchange Act Release No. 48526 (September 23, 
2003), 68 FR 56367 (September 30, 2003) [File No. SR-NSCC-2003-14].
---------------------------------------------------------------------------

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

    In its filing with the Commission, SCCP 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. SCCP 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

    Currently, SCCP receives and processes its participants' trades. In 
the future, SCCP may receive locked-in trade data from a trading system 
that provides anonymity. In such a situation, SCCP would report such 
trades to its participants using an anonymous acronym instead of naming 
or identifying the actual contra side account number.
    In the event that SCCP ceases to act for a participant in an 
anonymous trade, the operator of the trading system shall have the 
responsibility to identify to its users the trades, which are generally 
included in reports produced by SCCP, involving the affected 
participant. SCCP would forward to the operator of the trading system 
the appropriate information to facilitate its notification of its 
users. In addition, should SCCP receive information from NSCC that NSCC 
had ceased to act for an NSCC member that is an unidentified contra 
side of any such trade, SCCP would also forward this information to the 
operator of the trading system.\4\
---------------------------------------------------------------------------

    \4\ NSCC's anonymous trading rule includes similar notification 
requirements.
---------------------------------------------------------------------------

    SCCP believes that its proposed rule change is consistent with the 
requirements of section 17A(b)(3)(F) of the Act because it is designed 
to promote the prompt and accurate clearance and settlement of 
securities transactions and to remove impediments to and perfect the 
mechanism of a national system for the prompt and accurate clearance 
and settlement of securities transactions in that the proposed rule 
change should allow SCCP to accommodate trades executed on an anonymous 
trading system and should provide for the prompt and accurate clearance 
of those trades.

B. Self-Regulatory Organization's Statement on Burden on Competition

    SCCP 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

[[Page 46566]]

     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-SCCP-2004-03 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-SCCP-2004-03. 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 Section, 100 F Street, 
NE., Washington, DC 20549-9303. Copies of such filing also will be 
available for inspection and copying at the principal office of SCCP 
and on SCCP's Web site at https://www.phlx.com/SCCP. 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-SCCP-2004-03 and should be 
submitted on or before August 31, 2005.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\5\
---------------------------------------------------------------------------

    \5\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E5-4311 Filed 8-9-05; 8:45 am]
BILLING CODE 8010-01-P
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