Self-Regulatory Organizations; International Securities Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Extension of a Pilot Period To Increase Position Limits and Exercise Limits for Equity Options and Options on the Nasdaq-100 Tracking Stock, 48996-48997 [E5-4550]
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48996
Federal Register / Vol. 70, No. 161 / Monday, August 22, 2005 / Notices
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
No. SR–CBOE–2005–61 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
No. SR–CBOE–2005–61. This file
number should be included on the
subject line if e-mail is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (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, 100 F Street, NE., Washington,
DC 20549. Copies of such filing will also
be available for inspection and copying
at the principal office of the CBOE. 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–CBOE–2005–61 and should be
submitted on or before September 12,
2005.
VerDate jul<14>2003
16:09 Aug 19, 2005
Jkt 205001
For the Commission, by the Division
of Market Regulation, pursuant to
delegated authority.13
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–4558 Filed 8–19–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52265; File No. SR–ISE–
2005–39]
Self-Regulatory Organizations;
International Securities Exchange, Inc.;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to the Extension of a
Pilot Period To Increase Position
Limits and Exercise Limits for Equity
Options and Options on the Nasdaq100 Tracking Stock
August 15, 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 August
10, 2005, the International Securities
Exchange, Inc. (‘‘ISE’’ 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 ISE. The Exchange
has filed the proposal as a ‘‘noncontroversial’’ rule change pursuant to
section 19(b)(3)(A) of the Act 3 and Rule
19b–4(f)(6) thereunder,4 which renders
it effective upon filing with the
Commission. 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 ISE proposes to extend the time
period for the ISE Rule 412 and ISE Rule
414 position and exercise limits pilot
program for equity option contracts and
options on the Nasdaq-100 Index
Tracking Stock (‘‘QQQQ’’) (‘‘Pilot
Program’’). The text of the proposed rule
change is available on the ISE’s Web site
(https://www.iseoptions.com), at the
ISE’s principal office, and at the
Commission’s Public Reference Room.
PO 00000
13 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).
4 17 CFR 240.19b–4(f)(6).
1 15
Frm 00065
Fmt 4703
Sfmt 4703
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
ISE included statements concerning the
purpose of and basis for the proposed
rule change and discussed any
comments it received on the proposed
rule change. The text of these statements
may be examined at the places specified
in Item IV below. The Exchange has
prepared summaries, set forth in
Sections A, B, and C below, of the most
significant aspects of such statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Pilot Program provides for an
increase to the standard position and
exercise limits for equity option
contracts and for options on QQQQs for
a six month period.5 Specifically, the
Pilot Program increased the applicable
position and exercise limits for equity
options and options on the QQQQ to the
following levels: 6
Current equity option contract limit
13,500
22,500
31,500
60,000
75,000
contracts
contracts
contracts
contracts
contracts
........
........
........
........
........
Pilot Program equity option contract
limit
25,000 contracts.
50,000 contracts.
75,000 contracts.
200,000 contracts.
250,000 contracts.
Current QQQQ OpPilot Program
tion Contract Limit.
QQQQ Option
Contract Limit
300,000 contracts ......
900,000 contracts.
The purpose of the proposed rule
change is to extend the Pilot Program for
an additional six month period. The
Exchange believes that extending the
Pilot Program for six months is
warranted due to the positive feedback
from members and for the reasons cited
in the original rule filing that proposed
the adoption of the Pilot Program.7
Additionally, the Exchange represents
that it has not experienced any
problems or difficulties relating to the
Pilot Program since its inception. For
these reasons, the Exchange requests
that the Commission extend the Pilot
5 The Pilot Program is set to expire on August 23,
2005. See Securities Exchange Act Release No.
51295 (March 2, 2005), 70 FR 11292 (March 8,
2005) (notice of filing and immediate effectiveness
of File No. SR–ISE–2005–14) (‘‘Pilot Program
Notice’’).
6 Except when the Pilot Program is in effect.
7 See Pilot Program Notice, supra note 5.
E:\FR\FM\22AUN1.SGM
22AUN1
Federal Register / Vol. 70, No. 161 / Monday, August 22, 2005 / Notices
Program for an additional six month
period.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with section 6(b)
of the Act 8 in general, and furthers the
objective of section 6(b)(5) of the Act 9
in particular, in that it is designed to
promote just and equitable principles of
trade and to protect investors and the
public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The proposed rule change does not
impose any burden on competition.
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 forgoing rule change does
not: (1) Significantly affect the
protection of investors or the public
interest; (2) impose any significant
burden on competition; and (3) become
operative for 30 days after the date of
this filing, or such shorter time as the
Commission may designate, it has
become effective pursuant to section
19(b)(3)(A) of the Act 10 and Rule 19b–
4(f)(6) thereunder.11
A proposed rule change filed under
19b–4(f)(6) normally may not become
operative prior to 30 days after the date
of filing.12 However, Rule 19b–
4(f)(6)(iii) 13 permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange has requested that the
Commission waive the five-day prefiling notice requirement and the 30-day
pre-operative delay. The Commission is
exercising its authority to waive the
five-day pre-filing requirement and
believes that waiver of the 30-day preoperative delay is consistent with the
protection of investors and in the public
interest. Waiving the five-day pre-filing
requirement and 30-day pre-operative
8 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
10 15 U.S.C. 78s(b)(3)(A).
11 17 CFR 240.19b–4(f)(6).
12 17 CFR 240.19b–4(f)(6)(iii).
13 Id.
9 15
VerDate jul<14>2003
16:09 Aug 19, 2005
delay will allow the Pilot Program to
continue uninterrupted.14
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.
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
No. SR–ISE–2005–39 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
No. SR–ISE–2005–39. 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, 100 F Street, NE., Washington,
DC 20549. Copies of such filing will also
be available for inspection and copying
at the principal office of the ISE. All
comments received will be posted
without change; the Commission does
14 For the purposes only of waiving 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).
Jkt 205001
PO 00000
Frm 00066
Fmt 4703
Sfmt 4703
48997
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–ISE–2005–39 and should be
submitted on or before September 12,
2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.15
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–4550 Filed 8–19–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52259; File No. SR–NYSE–
2004–64]
Self-Regulatory Organizations; New
York Stock Exchange, Inc., Notice of
Filing of Proposed Rule Change and
Amendments No. 1 and 2 Thereto
Relating to Proposed Changes to
Exchange Rule 342 (‘‘Offices—
Approval, Supervision and Control’’)
August 15, 2005.
Pursuant to section 19(b)(1) 1 of the
Securities Exchange Act of 1934
(‘‘Exchange Act’’ or ‘‘Act’’),2 and Rule
19b–4 thereunder,3 notice is hereby
given that on November 2, 2004, 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. On July 11, 2005, the
NYSE filed Amendment No. 1 to the
proposed rule change (‘‘Amendment No.
1’’).4 On August 12, 2005, the NYSE
filed Amendment No. 2 to the proposed
rule change (‘‘Amendment No. 2’’).5 The
Commission is publishing this notice to
solicit comments on the proposed rule
15 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
4 In Amendment No. 1, which supplemented the
original filing, the Exchange added its proposed
Interpretive Handbook Interpretations 342.30(d)/01
and 342.30(e)/01 for purposes of clarifying issues
related to the designation of a Chief Compliance
Officer and the Annual Certification, respectively.
The text of interpretations 342.30(d)/01 and
342.30(e)/01 is available on the NYSE’s Web site
(https://www.NYSE.com), at the NYSE’s principal
office, and at the Commission’s Public Reference
Room.
5 In Amendment No. 2, which supplemented the
original filing, the Exchange modified interpretation
342.30(e)/01 in order to clarify the obligations of
member organizations in the preparation of annual
certifications.
1 15
E:\FR\FM\22AUN1.SGM
22AUN1
]]>Agencies
[Federal Register Volume 70, Number 161 (Monday, August 22, 2005)]
[Notices]
[Pages 48996-48997]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-4550]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-52265; File No. SR-ISE-2005-39]
Self-Regulatory Organizations; International Securities Exchange,
Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change Relating to the Extension of a Pilot Period To Increase Position
Limits and Exercise Limits for Equity Options and Options on the
Nasdaq-100 Tracking Stock
August 15, 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 August 10, 2005, the International Securities Exchange, Inc.
(``ISE'' 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 ISE. The
Exchange has filed the proposal as a ``non-controversial'' rule change
pursuant to section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(6)
thereunder,\4\ which renders it effective upon filing with the
Commission. 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.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The ISE proposes to extend the time period for the ISE Rule 412 and
ISE Rule 414 position and exercise limits pilot program for equity
option contracts and options on the Nasdaq-100 Index Tracking Stock
(``QQQQ'') (``Pilot Program''). The text of the proposed rule change is
available on the ISE's Web site (https://www.iseoptions.com), at the
ISE's principal office, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the ISE included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
Sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Pilot Program provides for an increase to the standard position
and exercise limits for equity option contracts and for options on
QQQQs for a six month period.\5\ Specifically, the Pilot Program
increased the applicable position and exercise limits for equity
options and options on the QQQQ to the following levels: \6\
---------------------------------------------------------------------------
\5\ The Pilot Program is set to expire on August 23, 2005. See
Securities Exchange Act Release No. 51295 (March 2, 2005), 70 FR
11292 (March 8, 2005) (notice of filing and immediate effectiveness
of File No. SR-ISE-2005-14) (``Pilot Program Notice'').
\6\ Except when the Pilot Program is in effect.
------------------------------------------------------------------------
Pilot Program equity option
Current equity option contract limit contract limit
------------------------------------------------------------------------
13,500 contracts.......................... 25,000 contracts.
22,500 contracts.......................... 50,000 contracts.
31,500 contracts.......................... 75,000 contracts.
60,000 contracts.......................... 200,000 contracts.
75,000 contracts.......................... 250,000 contracts.
-------------------------------------------
Current QQQQ Option Contract Limit........ Pilot Program QQQQ Option
Contract Limit
-------------------------------------------
300,000 contracts......................... 900,000 contracts.
------------------------------------------------------------------------
The purpose of the proposed rule change is to extend the Pilot
Program for an additional six month period. The Exchange believes that
extending the Pilot Program for six months is warranted due to the
positive feedback from members and for the reasons cited in the
original rule filing that proposed the adoption of the Pilot
Program.\7\ Additionally, the Exchange represents that it has not
experienced any problems or difficulties relating to the Pilot Program
since its inception. For these reasons, the Exchange requests that the
Commission extend the Pilot
[[Page 48997]]
Program for an additional six month period.
---------------------------------------------------------------------------
\7\ See Pilot Program Notice, supra note 5.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposal is consistent with section
6(b) of the Act \8\ in general, and furthers the objective of section
6(b)(5) of the Act \9\ in particular, in that it is designed to promote
just and equitable principles of trade and to protect investors and the
public interest.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The proposed rule change does not impose any burden on competition.
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 forgoing rule change does not: (1) Significantly affect
the protection of investors or the public interest; (2) impose any
significant burden on competition; and (3) become operative for 30 days
after the date of this filing, or such shorter time as the Commission
may designate, it has become effective pursuant to section 19(b)(3)(A)
of the Act \10\ and Rule 19b-4(f)(6) thereunder.\11\
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
A proposed rule change filed under 19b-4(f)(6) normally may not
become operative prior to 30 days after the date of filing.\12\
However, Rule 19b-4(f)(6)(iii) \13\ permits the Commission to designate
a shorter time if such action is consistent with the protection of
investors and the public interest. The Exchange has requested that the
Commission waive the five-day pre-filing notice requirement and the 30-
day pre-operative delay. The Commission is exercising its authority to
waive the five-day pre-filing requirement and believes that waiver of
the 30-day pre-operative delay is consistent with the protection of
investors and in the public interest. Waiving the five-day pre-filing
requirement and 30-day pre-operative delay will allow the Pilot Program
to continue uninterrupted.\14\
---------------------------------------------------------------------------
\12\ 17 CFR 240.19b-4(f)(6)(iii).
\13\ Id.
\14\ For the purposes only of waiving 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).
---------------------------------------------------------------------------
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.
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 rule-comments@sec.gov. Please include
File No. SR-ISE-2005-39 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 No. SR-ISE-2005-39. 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, 100 F Street, NE.,
Washington, DC 20549. Copies of such filing will also 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 No. SR-ISE-2005-39 and should be
submitted on or before September 12, 2005.
---------------------------------------------------------------------------
\15\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\15\
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-4550 Filed 8-19-05; 8:45 am]
BILLING CODE 8010-01-P
