Self-Regulatory Organizations; New York Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 2 Thereto Relating to NYSE Rule 103.12 Requiring Specialists and Clerks To Record Their Time on the Trading Floor of the Exchange, 48790-48792 [E5-4533]
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48790
Federal Register / Vol. 70, No. 160 / Friday, August 19, 2005 / Notices
Exchange is proposing to adopt an
execution fee and a comparison fee for
all transactions in options on JLO, SIN,
RND, IXZ, IXX, and IXK.10 The amount
of the execution fee and comparison fee
for products covered by this filing shall
be the same for all order types on the
Exchange—that is, orders for Public
Customers, Market Makers, and Firm
Proprietary—and shall be equal to the
execution fee and comparison fee
currently charged by the Exchange for
Market Maker and Firm Proprietary
transactions in equity options.11
Further, since options on JLO, SIN,
RND, IXZ, IXX, and IXK are not
multiply-listed, the Payment for Order
Flow fee shall not apply. The Exchange
believes that the proposed rule change,
as amended, will further the Exchange’s
goal of introducing new products to the
marketplace that are competitively
priced.
2. Statutory Basis
The Exchange believes that the
proposed rule change, as amended, is
consistent with section 6(b)(4) of the
Act,12 which requires that an exchange
have an equitable allocation of
reasonable dues, fees, and other charges
among its members and other persons
using its facilities.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange believes that the
proposed rule change, as amended, does
not 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 not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any
unsolicited written comments from
members or other interested parties.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change, as
amended, establishes or changes a due,
fee, or other charge imposed by the
Exchange, it has become effective
pursuant to section 19(b)(3) of the Act 13
10 The Exchange represents that these fees will be
charged only to Exchange members.
11 The execution fee is currently between $.21
and $.12 per contract side, depending on the
Exchange Average Daily Volume, and the
comparison fee is currently $.03 per contract per
side.
12 15 U.S.C. 78f(b)(4).
13 15 U.S.C. 78s(b)(3)(A).
VerDate jul<14>2003
16:47 Aug 18, 2005
Jkt 205001
and Rule 19b–4(f)(2) 14 thereunder. At
any time within 60 days of the filing of
such amended 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.15
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 (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
No. SR–ISE–2005–34 on the subject
line.
Paper Comments
• Send paper comments in triplicate
to Jonathan G. Katz, Secretary,
Securities and Exchange Commission,
Station Place, 100 F Street, NE.,
Washington, DC 20549–9303.
All submissions should refer to File
Number SR–ISE–2005–34. 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
CFR 19b–4(f)(2).
effective date of the original proposed rule
is July 12, 2005. The effective date of Amendment
No. 1 is July 29, 2005. The effective date of
Amendment No. 2 is August 10, 2005. The effective
date of Amendment No. 3 is August 11, 2005. For
purposes of calculating the 60-day period within
which the Commission may summarily abrogate the
proposed rule change under Section 19(b)(3)(C) of
the Act, the Commission considers the period to
commence on August 11, 2005, the date on which
the ISE submitted Amendment No. 3. See 15 U.S.C.
78s(b)(3)(C).
PO 00000
14 17
15 The
Frm 00128
Fmt 4703
Sfmt 4703
the Commission’s Public Reference
Room. Copies of such filing also will be
available for inspection and copying at
the principal office of the ISE. 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–ISE–2005–34 and should be
submitted on or before September 9,
2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.16
Jonathan G. Katz,
Secretary.
[FR Doc. E5–4536 Filed 8–18–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52251; File No. SR–NYSE–
2005–47]
Self-Regulatory Organizations; New
York Stock Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change and
Amendment No. 2 Thereto Relating to
NYSE Rule 103.12 Requiring
Specialists and Clerks To Record Their
Time on the Trading Floor of the
Exchange
August 12, 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 11,
2005, the New York Stock Exchange,
Inc. (‘‘NYSE’’ 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
Exchange has designated the proposed
rule change as constituting a ‘‘noncontroversial’’ rule change under
Section 19(b)(3)(A)(iii) of the Act,3 and
paragraph (f)(6) of Rule 19b–4 under the
Act,4 which renders the proposal
effective upon receipt of this filing by
the Commission.5 On August 10, 2005,
NYSE filed Amendment No. 1 to the
16 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
5 NYSE has requested that the Commission waive
both the five-day pre-filing notification requirement
and the 30-day operative delay, as specified in Rule
19b–4(f)(6)(iii). 17 CFR 240.19b–4(f)(6)(iii).
1 15
E:\FR\FM\19AUN1.SGM
19AUN1
Federal Register / Vol. 70, No. 160 / Friday, August 19, 2005 / Notices
proposed rule change.6 On August 12,
2005, NYSE filed Amendment No. 2 to
the proposed rule change.7 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 proposed rule change seeks to
amend NYSE rules to include NYSE
Rule 103.12 to require specialists and
their clerks to record the time they
spend on the trading floor of the
Exchange (‘‘Floor’’) working in those
capacities. The text of the proposed rule
change is available on the NYSE’s Web
site (https://www.nyse.com), at the
NYSE’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. 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
As part of a recent settlement with the
Commission,8 the Exchange agreed to
undertake certain initiatives concerning
the oversight of the Floor. In one of
these undertakings, the Exchange is
required to develop systems to track the
identity of specialists and their clerks
and the times when each specialist and
clerk act as such while on the Floor.
The Exchange believes that proposed
NYSE Rule 103.12 will enable it to more
6 NYSE withdrew Amendment No. 1 on August
11, 2005.
7 In Amendment No. 2, NYSE clarified that the
specialist organization as well as individual
specialists and Floor clerks must comply with
separate obligations under the proposed rule. NYSE
also withdrew the proposed addition of NYSE Rule
103.12 to the ‘‘List of Exchange Rule Violations and
Fines Applicable Thereto Pursuant to Rule 476A,’’
which the Exchange represents it will file
separately at a later date.
8 See Securities Exchange Act Release No. 51524
(April 12, 2005) announcing Administrative
Proceeding File No. 3–11892 (the ‘‘Administrative
Proceeding’’).
VerDate jul<14>2003
16:47 Aug 18, 2005
Jkt 205001
accurately track the identity of
specialists and their clerks and the
times when each specialist and clerk act
as such while on the Floor. The
proposed rule would require that
specialist member organizations make
and keep, in the regular course of
business, records of the times that each
of the member organization’s specialists
and clerks work in these capacities on
the Floor. The records created and
maintained by the specialist member
organizations must be able to be
provided to the Exchange within the
time frame and in a format determined
by the Exchange.
In addition, while the Exchange can
utilize the identification badges issued
to members and member organization
employees, such as clerks, working on
the Floor to record the time when they
enter the trading Floor, the undertaking
requires more detail as to the times
when specialists and clerks act as such.
To facilitate the Exchange’s ability to
monitor specialist and clerk activity, the
Exchange will install a system to
capture this information electronically.
This system, to be known as IDTrack,
will require specialists and clerks to log
in to the IDTrack system and register
their presence with respect to specialty
stocks in which they are working.
IDTrack will provide reports and
information to the Exchange’s Division
of Market Surveillance and to specialist
firms. Accordingly, under the proposed
rule the Exchange will have an
independent record of the times that
specialists and their clerks spend on the
Floor of the Exchange working in those
capacities.
2. Statutory Basis
The Exchange believes that the basis
under the Act for this proposed rule
change is the requirement under section
6(b)(5) 9 that an Exchange have rules
that are designed to prevent fraudulent
and manipulative acts and practices, to
promote just and equitable principles of
trade, 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.
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.
PO 00000
9 15
U.S.C. 78f(b)(5).
Frm 00129
Fmt 4703
Sfmt 4703
48791
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. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change: (i)
Does not significantly affect the
protection of investors or the public
interest; (ii) does not impose any
significant burden on competition; and
(iii) does not become operative for 30
days (or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest) after the date of the
filing, the proposed rule change has
become effective pursuant to Section
19(b)(3)(A) of the Act 10 and Rule 19b–
4(f)(6) thereunder.11 At any time within
60 days of the filing of such 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.12
A proposed rule change filed under
Rule 19b–4(f)(6) normally does not
become operative for 30 days after the
date of filing. However, Rule 19b–
4(f)(6)(iii) permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. In
addition, Rule 19b–4(f)(6)(iii) requires a
self-regulatory organization to provide
the Commission with written notice of
its intent to file the proposed rule
change, along with a brief description
and text of the proposed rule change, at
least five business days prior to the date
of filing of the proposed rule change, or
such shorter time as designated by the
Commission.
The Exchange has asked the
Commission to waive the five-day prefiling requirement and the 30-day
operative delay to allow NYSE to
implement the undertaking in the
Administrative Proceeding with respect
to the recording of time specialists and
clerks spend on the Floor acting in those
capacities. The Commission has
decided, consistent with the protection
10 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
12 For purposes of calculating the 60-day
abrogation period, the Commission considers the
proposed rule change to have been filed on August
12, 2005, the date the NYSE filed Amendment No.
2.
11 17
E:\FR\FM\19AUN1.SGM
19AUN1
48792
Federal Register / Vol. 70, No. 160 / Friday, August 19, 2005 / Notices
of investors and the public interest, to
waive the five-day pre-filing notice and
30-day operative date so that the NYSE
may meet the requirement in the
Administrative Proceeding that the
tracking of the time specialists and
clerks spend on the Floor begin on or
before October 1, 2005.13
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 (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–NYSE–2005–47 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–NYSE–2005–47. 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 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 No.
SR–NYSE–2005–47 and should be
submitted on or before September 9,
2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.14
Jonathan G. Katz,
Secretary.
[FR Doc. E5–4533 Filed 8–18–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52255; File No. SR–NYSE–
2005–54]
Self-Regulatory Organizations; New
York Stock Exchange, Inc.; Notice of
Filing of Proposed Rule Change To
Amend NYSE Rule 123C (Market on the
Close Policy and Expiration
Procedures) To Eliminate the
Requirement To Publish Pre-Opening
Market Order Imbalances on Expiration
Fridays
August 15, 2005.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on July 26,
2005, the New York Stock Exchange,
Inc. (‘‘NYSE’’ 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 NYSE. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The proposed rule change seeks to
amend NYSE Rule 123C (Market on the
Close Policy and Expiration Procedures)
to eliminate the requirement to publish
pre-opening market order imbalances on
expiration Fridays.
The text of the proposed rule change
is below. Proposed new language is in
italics; proposed deletions are in
[brackets].
Market on the Close Policy and
Expiration Procedures
Rule 123C
*
13 For purposes only of waiving the 30-day
operative delay, 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
16:47 Aug 18, 2005
Jkt 205001
PO 00000
*
*
*
*
14 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
Frm 00130
Fmt 4703
Sfmt 4703
(6) Expiration Friday Auxiliary
Procedures for the Opening
The Exchange adopted monthly
auxiliary procedures for expiration days
in order to integrate stock orders
relating to expiring index contracts into
the NYSE’s opening procedures in a
manner that will assure an efficient
market opening in each stock as close to
9:30 a.m. as possible. An expiration day
is a trading day prior to the expiration
of index-related derivative products
(futures, options or options on futures),
whose settlement pricing is based upon
opening or closing prices on the
Exchange, as identified by a qualified
clearing corporation (e.g., the Options
Clearing Corporation). The twelve
expiration days are ‘‘expiration Fridays’’
which fall on the third Friday in every
month. If that Friday is an Exchange
holiday, there will be an expiration
Thursday in such a month.
Order Entry
Stock orders relating to index
contracts whose settlement pricing is
based upon the ‘‘Expiration Friday’s’’
opening prices must be received by
SuperDOT or by the specialist by 9 a.m.
• These orders may be cancelled or
reduced in size. Firms cancelling these
orders or reducing them in size shall
prepare contemporaneously a written
record describing the rationale for the
change and shall preserve it as Rule 410
provides.
• Stock orders relating to index
contracts whose settlement pricing is
not based upon the ‘‘Expiration
Friday’s’’ opening prices may be entered
before or after 9 a.m.
To facilitate early order entry,
SuperDOT (a) will begin accepting
orders at 7:30 a.m. and (b) will accept
orders of 500,000 shares or less.
‘‘Limit at the opening’’ (‘‘limit OPG’’)
orders are permitted, including delivery
through Exchange systems.
• Ordinary limit orders may also be
entered.
Order Identification
Stock orders relating to opening-price
settling contracts must be identified
‘‘OPG’’.
• Firms entering these orders through
SuperDOT, but unable to identify orders
as ‘‘OPG,’’ may use a unique branch
code or firm identifier (mnemonic) to
identify these orders.
• Firms unable to identify these
orders in either way, and firms not
using SuperDOT, must submit a list of
all these orders and related details to the
NYSE Market Surveillance Division.
E:\FR\FM\19AUN1.SGM
19AUN1
]]>Agencies
[Federal Register Volume 70, Number 160 (Friday, August 19, 2005)]
[Notices]
[Pages 48790-48792]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-4533]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-52251; File No. SR-NYSE-2005-47]
Self-Regulatory Organizations; New York Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
and Amendment No. 2 Thereto Relating to NYSE Rule 103.12 Requiring
Specialists and Clerks To Record Their Time on the Trading Floor of the
Exchange
August 12, 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 11, 2005, the New York Stock Exchange, Inc. (``NYSE'' 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 Exchange
has designated the proposed rule change as constituting a ``non-
controversial'' rule change under Section 19(b)(3)(A)(iii) of the
Act,\3\ and paragraph (f)(6) of Rule 19b-4 under the Act,\4\ which
renders the proposal effective upon receipt of this filing by the
Commission.\5\ On August 10, 2005, NYSE filed Amendment No. 1 to the
[[Page 48791]]
proposed rule change.\6\ On August 12, 2005, NYSE filed Amendment No. 2
to the proposed rule change.\7\ 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\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
\5\ NYSE has requested that the Commission waive both the five-
day pre-filing notification requirement and the 30-day operative
delay, as specified in Rule 19b-4(f)(6)(iii). 17 CFR 240.19b-
4(f)(6)(iii).
\6\ NYSE withdrew Amendment No. 1 on August 11, 2005.
\7\ In Amendment No. 2, NYSE clarified that the specialist
organization as well as individual specialists and Floor clerks must
comply with separate obligations under the proposed rule. NYSE also
withdrew the proposed addition of NYSE Rule 103.12 to the ``List of
Exchange Rule Violations and Fines Applicable Thereto Pursuant to
Rule 476A,'' which the Exchange represents it will file separately
at a later date.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The proposed rule change seeks to amend NYSE rules to include NYSE
Rule 103.12 to require specialists and their clerks to record the time
they spend on the trading floor of the Exchange (``Floor'') working in
those capacities. The text of the proposed rule change is available on
the NYSE's Web site (https://www.nyse.com), at the NYSE'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. 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
As part of a recent settlement with the Commission,\8\ the Exchange
agreed to undertake certain initiatives concerning the oversight of the
Floor. In one of these undertakings, the Exchange is required to
develop systems to track the identity of specialists and their clerks
and the times when each specialist and clerk act as such while on the
Floor.
---------------------------------------------------------------------------
\8\ See Securities Exchange Act Release No. 51524 (April 12,
2005) announcing Administrative Proceeding File No. 3-11892 (the
``Administrative Proceeding'').
---------------------------------------------------------------------------
The Exchange believes that proposed NYSE Rule 103.12 will enable it
to more accurately track the identity of specialists and their clerks
and the times when each specialist and clerk act as such while on the
Floor. The proposed rule would require that specialist member
organizations make and keep, in the regular course of business, records
of the times that each of the member organization's specialists and
clerks work in these capacities on the Floor. The records created and
maintained by the specialist member organizations must be able to be
provided to the Exchange within the time frame and in a format
determined by the Exchange.
In addition, while the Exchange can utilize the identification
badges issued to members and member organization employees, such as
clerks, working on the Floor to record the time when they enter the
trading Floor, the undertaking requires more detail as to the times
when specialists and clerks act as such. To facilitate the Exchange's
ability to monitor specialist and clerk activity, the Exchange will
install a system to capture this information electronically. This
system, to be known as IDTrack, will require specialists and clerks to
log in to the IDTrack system and register their presence with respect
to specialty stocks in which they are working. IDTrack will provide
reports and information to the Exchange's Division of Market
Surveillance and to specialist firms. Accordingly, under the proposed
rule the Exchange will have an independent record of the times that
specialists and their clerks spend on the Floor of the Exchange working
in those capacities.
2. Statutory Basis
The Exchange believes that the basis under the Act for this
proposed rule change is the requirement under section 6(b)(5) \9\ that
an Exchange have rules that are designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, 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.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
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. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change: (i) Does not significantly affect
the protection of investors or the public interest; (ii) does not
impose any significant burden on competition; and (iii) does not become
operative for 30 days (or such shorter time as the Commission may
designate if consistent with the protection of investors and the public
interest) after the date of the filing, the proposed rule change has
become effective pursuant to Section 19(b)(3)(A) of the Act \10\ and
Rule 19b-4(f)(6) thereunder.\11\ At any time within 60 days of the
filing of such 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.\12\
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6).
\12\ For purposes of calculating the 60-day abrogation period,
the Commission considers the proposed rule change to have been filed
on August 12, 2005, the date the NYSE filed Amendment No. 2.
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A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative for 30 days after the date of filing. However,
Rule 19b-4(f)(6)(iii) permits the Commission to designate a shorter
time if such action is consistent with the protection of investors and
the public interest. In addition, Rule 19b-4(f)(6)(iii) requires a
self-regulatory organization to provide the Commission with written
notice of its intent to file the proposed rule change, along with a
brief description and text of the proposed rule change, at least five
business days prior to the date of filing of the proposed rule change,
or such shorter time as designated by the Commission.
The Exchange has asked the Commission to waive the five-day pre-
filing requirement and the 30-day operative delay to allow NYSE to
implement the undertaking in the Administrative Proceeding with respect
to the recording of time specialists and clerks spend on the Floor
acting in those capacities. The Commission has decided, consistent with
the protection
[[Page 48792]]
of investors and the public interest, to waive the five-day pre-filing
notice and 30-day operative date so that the NYSE may meet the
requirement in the Administrative Proceeding that the tracking of the
time specialists and clerks spend on the Floor begin on or before
October 1, 2005.\13\
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\13\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
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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 (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NYSE-2005-47 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-NYSE-2005-47. 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 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 No. SR-
NYSE-2005-47 and should be submitted on or before September 9, 2005.
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\14\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\14\
Jonathan G. Katz,
Secretary.
[FR Doc. E5-4533 Filed 8-18-05; 8:45 am]
BILLING CODE 8010-01-P
