Self-Regulatory Organizations; American Stock Exchange LLC; Order Granting Approval of Proposed Rule Change and Amendment Nos. 1 and 2 Thereto Relating to Amendments to Amex Rules 26 and 27, 61854 [E5-5946]
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61854
Federal Register / Vol. 70, No. 206 / Wednesday, October 26, 2005 / Notices
Section 17(b) of the Act and that the
requested orders should be granted.
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. E5–5944 Filed 10–25–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52646; File No. SR–Amex–
2005–068]
Self-Regulatory Organizations;
American Stock Exchange LLC; Order
Granting Approval of Proposed Rule
Change and Amendment Nos. 1 and 2
Thereto Relating to Amendments to
Amex Rules 26 and 27
October 20, 2005.
On June 17, 2005, the American Stock
Exchange LLC (‘‘Amex’’ or ‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change to: (i) Combine the Equities,
Options and Special Allocations
Committees into a single Allocations
Committee; (ii) change the composition
of the new Allocations Committee; and
(iii) provide the Performance Committee
with sole authority to reallocate
securities in connection with specialist
unit transfers resulting from business
transactions. On June 30, 2005, Amex
filed Amendment No. 1 to the proposed
rule change.3 On August 19, 2005,
Amex filed Amendment No. 2 to the
proposed rule change.4 The proposed
rule change, as amended, was published
for comment in the Federal Register on
September 1, 2005.5 The Commission
received no comments on the proposal.
This order approves the proposed rule
change, as amended.
The proposed rule change would
combine the existing Equity, Options
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 In Amendment No. 1, the Exchange made a
technical correction to the proposed amendment to
Amex Rule 26 and proposed to amend Amex Rule
27 to reflect that, in the case of an equity security,
the list of qualified specialists shall consist of five
specialists.
4 In Amendment No. 2, the Exchange proposed to
amend Amex Rule 27 to clarify: (1) the composition
of the Allocations Committee for equities and other
securities admitted for trading on the Exchange
except Exchange Traded Funds (‘‘ETFs’’) and
options; and (2) that the Allocations Committee
may be chaired by the Chief Executive Officer’s
designee.
5 See Securities Exchange Act Release No. 52334
(August 25, 2005), 70 FR 52146.
2 17
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16:26 Oct 25, 2005
Jkt 208001
and Special Allocations Committees
into a single Allocations Committee for
equities, options and other listed
securities. The proposal would create a
single Allocations Committee consisting
of the Chief Executive Officer (or his or
her designee 6), a representative of an
upstairs member firm and either: (i)
Four (4) brokers for equities and other
securities admitted to trading on the
Exchange except for Exchange Traded
Funds and options; (ii) two (2) brokers
and two (2) Registered Traders for ETFs;
or (iii) two (2) brokers and two (2)
Registered Options Traders for options.
The Chief Executive Officer (or his or
her designee) would chair the
Allocations Committee and would not
vote except to make or break a tie. In the
absence of the Chief Executive Officer
(or his or her designee), a Floor
Governor or a Senior Floor Official may
chair the Allocation Committee. In
addition, the Exchange proposes to
permit the Performance Committee to
reallocate securities in connection with
specialist unit transfers resulting from
business transactions.
The Commission finds that the
proposed rule change, as amended, is
consistent with the requirements of
section 6 of the Act,7 and the rules and
regulations thereunder applicable to a
national securities exchange.8 In
particular, the Commission finds that
the proposed rule change is consistent
with section 6(b)(5) of the Act,9 which
requires, among other things, that the
Exchange’s rules be designed to prevent
fraudulent and manipulative acts and
practices, to promote just and equitable
principles of trade, to foster cooperation
and coordination with persons engaged
in facilitating transactions in securities,
and to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system. The Commission believes that,
by combining the Equities, Options and
Special Allocations Committees into a
single Allocations Committee and
streamlining the composition of the
Allocations Committee, the proposed
rule change is designed to reduce
potential inefficiencies in connection
6 The Exchange represents that the designee of the
Chief Executive Officer would be an Exchange
employee knowledgeable about the securities
business and capable of representing the views of
the Chief Executive Officer. Telephone conversation
of October 12, 2005, between Jeffery Burns,
Associate General Counsel, Amex, and David
Michehl, Attorney, Division of Market Regulation,
Commission.
7 15 U.S.C. 78f(b).
8 In approving this proposed rule change, the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. 15 U.S.C. 78c(f).
9 15 U.S.C. 78f(b)(5).
PO 00000
Frm 00078
Fmt 4703
Sfmt 4703
with the securities allocation process. In
addition, the Commission believes that,
by providing the Performance
Committee with the sole authority to
reallocate securities in connection with
specialist unit transfers, the proposed
rule change is designed to streamline
the reallocation process in these special
circumstances.
It is therefore ordered, pursuant to
section 19(b)(2) of the Act,10 that the
proposed rule change (SR–Amex–2005–
068), as amended, is approved.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.11
Jonathan G. Katz,
Secretary.
[FR Doc. E5–5946 Filed 10–25–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52639; File No. SR–BSE–
2005–41]
Self-Regulatory Organizations; Boston
Stock Exchange, Inc.; Notice of Filing
and Order Granting Accelerated
Approval to Proposed Rule Change To
Establish Certain Fees With Respect to
Transactions Executed Through the
Intermarket Trading System
October 19, 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 9, 2005, the Boston Stock
Exchange, Inc. (‘‘BSE’’ or ‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’ or ‘‘SEC’’)
the proposed rule change as described
in Items I and II below, which Items
have been prepared by the BSE. 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to enter into
arrangements with other national
securities exchanges to pass certain fees
they have collected from members for
transactions executed on another
exchange through the Intermarket
Trading System (‘‘ITS’’). This proposal
10 15
U.S.C. 78s(b)(2).
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
11 17
E:\FR\FM\26OCN1.SGM
26OCN1
]]>Agencies
[Federal Register Volume 70, Number 206 (Wednesday, October 26, 2005)]
[Notices]
[Page 61854]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-5946]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-52646; File No. SR-Amex-2005-068]
Self-Regulatory Organizations; American Stock Exchange LLC; Order
Granting Approval of Proposed Rule Change and Amendment Nos. 1 and 2
Thereto Relating to Amendments to Amex Rules 26 and 27
October 20, 2005.
On June 17, 2005, the American Stock Exchange LLC (``Amex'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to: (i) Combine the Equities, Options and Special
Allocations Committees into a single Allocations Committee; (ii) change
the composition of the new Allocations Committee; and (iii) provide the
Performance Committee with sole authority to reallocate securities in
connection with specialist unit transfers resulting from business
transactions. On June 30, 2005, Amex filed Amendment No. 1 to the
proposed rule change.\3\ On August 19, 2005, Amex filed Amendment No. 2
to the proposed rule change.\4\ The proposed rule change, as amended,
was published for comment in the Federal Register on September 1,
2005.\5\ The Commission received no comments on the proposal. This
order approves the proposed rule change, as amended.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ In Amendment No. 1, the Exchange made a technical correction
to the proposed amendment to Amex Rule 26 and proposed to amend Amex
Rule 27 to reflect that, in the case of an equity security, the list
of qualified specialists shall consist of five specialists.
\4\ In Amendment No. 2, the Exchange proposed to amend Amex Rule
27 to clarify: (1) the composition of the Allocations Committee for
equities and other securities admitted for trading on the Exchange
except Exchange Traded Funds (``ETFs'') and options; and (2) that
the Allocations Committee may be chaired by the Chief Executive
Officer's designee.
\5\ See Securities Exchange Act Release No. 52334 (August 25,
2005), 70 FR 52146.
---------------------------------------------------------------------------
The proposed rule change would combine the existing Equity, Options
and Special Allocations Committees into a single Allocations Committee
for equities, options and other listed securities. The proposal would
create a single Allocations Committee consisting of the Chief Executive
Officer (or his or her designee \6\), a representative of an upstairs
member firm and either: (i) Four (4) brokers for equities and other
securities admitted to trading on the Exchange except for Exchange
Traded Funds and options; (ii) two (2) brokers and two (2) Registered
Traders for ETFs; or (iii) two (2) brokers and two (2) Registered
Options Traders for options. The Chief Executive Officer (or his or her
designee) would chair the Allocations Committee and would not vote
except to make or break a tie. In the absence of the Chief Executive
Officer (or his or her designee), a Floor Governor or a Senior Floor
Official may chair the Allocation Committee. In addition, the Exchange
proposes to permit the Performance Committee to reallocate securities
in connection with specialist unit transfers resulting from business
transactions.
---------------------------------------------------------------------------
\6\ The Exchange represents that the designee of the Chief
Executive Officer would be an Exchange employee knowledgeable about
the securities business and capable of representing the views of the
Chief Executive Officer. Telephone conversation of October 12, 2005,
between Jeffery Burns, Associate General Counsel, Amex, and David
Michehl, Attorney, Division of Market Regulation, Commission.
---------------------------------------------------------------------------
The Commission finds that the proposed rule change, as amended, is
consistent with the requirements of section 6 of the Act,\7\ and the
rules and regulations thereunder applicable to a national securities
exchange.\8\ In particular, the Commission finds that the proposed rule
change is consistent with section 6(b)(5) of the Act,\9\ which
requires, among other things, that the Exchange's rules be designed to
prevent fraudulent and manipulative acts and practices, to promote just
and equitable principles of trade, to foster cooperation and
coordination with persons engaged in facilitating transactions in
securities, and to remove impediments to and perfect the mechanism of a
free and open market and a national market system. The Commission
believes that, by combining the Equities, Options and Special
Allocations Committees into a single Allocations Committee and
streamlining the composition of the Allocations Committee, the proposed
rule change is designed to reduce potential inefficiencies in
connection with the securities allocation process. In addition, the
Commission believes that, by providing the Performance Committee with
the sole authority to reallocate securities in connection with
specialist unit transfers, the proposed rule change is designed to
streamline the reallocation process in these special circumstances.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. 15 U.S.C. 78c(f).
\9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
It is therefore ordered, pursuant to section 19(b)(2) of the
Act,\10\ that the proposed rule change (SR-Amex-2005-068), as amended,
is approved.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Jonathan G. Katz,
Secretary.
[FR Doc. E5-5946 Filed 10-25-05; 8:45 am]
BILLING CODE 8010-01-P
