Self-Regulatory Organizations; National Stock Exchange; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendments No. 1 and 2 Thereto Relating to Manual Processing Fee, 68124-68126 [05-22294]

Download as PDF 68124 Federal Register / Vol. 70, No. 216 / Wednesday, November 9, 2005 / Notices proposed rule change, or such shorter time as designated by the Commission. NASD 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 believes that waiving the five-day prefiling provision and the 30-day operative delay is consistent with the protection of investors and the public interest.12 Waiving the pre-filing requirement and accelerating the operative date will merely permit the immediate implementation of changes that will allow firms to more efficiently discharge their reporting obligations. For these reasons, the Commission designates the proposed rule change as effective and operative immediately. 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. 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 Number SR–NASD–2005–121 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–NASD–2005–121. 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/ 12 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 16:18 Nov 08, 2005 Jkt 208001 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 also will be available for inspection and copying at the principal office of NASD. 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 the File Number SR–NASD–2005–121 and should be submitted on or before November 30, 2005. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.13 Jonathan G. Katz, Secretary. [FR Doc. 05–22335 Filed 11–8–05; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–52713; File No. SR–NSX– 2005–08] Self-Regulatory Organizations; National Stock Exchange; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendments No. 1 and 2 Thereto Relating to Manual Processing Fee November 1, 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 28, 2005, National Stock ExchangeSM (‘‘Exchange’’ or ‘‘NSXSM’’) 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 Exchange. On October 21, 2005, the Exchange filed Amendment No. 1 to the proposed rule PO 00000 13 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 Frm 00139 Fmt 4703 Sfmt 4703 change.3 On October 31, 2005, the Exchange filed Amendment No. 2 to the proposed rule change.4 The Exchange filed the proposed rule change pursuant Section 19(b)(3)(A)(ii) of the Act 5 and Rule 19b–4(f)(2) 6 thereunder, which renders the proposal effective upon filing with the Commission. 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 NSX proposes to amend its manual processing fee for crosses and meets phoned into the NSX Control Room and the book fees charged to its Designated Dealers. The text of the proposed rule change is reproduced below. Additions are indicated by italics. Deletions are contained within the brackets. RULES OF NATIONAL STOCK EXCHANGE * * * * * * * CHAPTER XI Trading Rules * * * Rule 11.10 National Securities Trading System Fees A. Trading Fees (a)–(d) No change. (e) Crosses and Meets (1)–(3) No change. (4) Users executing crosses and meets in Tape A, B or C securities through the Exchange’s System Supervisory Center shall be charged [$15 per contra-party] $.0025 per share, up to a maximum of $75 per side of transaction. This transaction fee shall be in lieu of any transaction fee otherwise applicable under Paragraphs (A)(e)(1) through (A)(e)(3) above. (f)–(l) No change. (m) DD Issue/Book Fees. Designated Dealers will be charged a monthly book fee based on the following incremental schedule: Number of issues 0 to 150 ........................................ 151 to 300 .................................... 301 to 500 .................................... Fee per issue $30.00 20.00 15.00 3 In Amendment No. 1, the Exchanged (1) clarified who may phone orders into the NSX Control Room, (2) defined ‘‘cross’’ and ‘‘meet,’’ and (3) made other technical changes. 4 In Amendment No. 2, the Exchange made a correction to the rule text. 515 U.S.C. 78s(b)(3)(A)(ii). 617 CFR 240.19b–4(f)(2). E:\FR\FM\09NON1.SGM pfrm13 PsN: 09NON1 Federal Register / Vol. 70, No. 216 / Wednesday, November 9, 2005 / Notices member pays an equitable share of the costs associated with operating the Exchange. 501 and higher ............................. 2.00 With respect to the book fee, the Exchange currently charges a monthly Notwithstanding the above, any fee for the number of registered issues Designated Dealer that has been approved as a designated dealer in for each Designated Dealer. Some firms excess of 500 issues will be charged a are beginning to change their business monthly book fee based on the number models to solicit fewer, larger size of issues it traded for the prior month. orders across a significant number of * * * * * securities. This new model requires the firms to be registered in a significant II. Self-Regulatory Organization’s number of securities to attract order Statement of the Purpose of, and flow even though they may not receive Statutory Basis for, the Proposed Rule order flow for some time. The Exchange Change believes that the proposed change In its filing with the Commission, the would initially reduce the cost to these Exchange included statements concerning the purpose of, and basis for, firms while they are expanding their the proposed rule change and discussed coverage of securities by charging the per issue fee based upon the issues that any comments it received on the are traded for any Designated Dealer proposed rule change. The text of these that has registered in excess of 500 statements may be examined at the issues. The Exchange believes that the places specified in Item IV below. The implementation of this proposed fee Exchange has prepared summaries, set would encourage Designated Dealers to forth in Sections A, B, and C below, of trade more issues and be charged on the the most significant parts of such statements. basis of what they actually traded. Number of issues Fee per issue A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Currently, orders can be entered on the Exchange either via an electronic connection or by phoning the NSX Control Room.7 For orders phoned into the NSX Control Room, NSX currently charges a manual processing fee of $15 per contra-party, with a cap of $75 per side, on every cross or meet.8 The Exchange has been billing on a per contra basis because the number of contra-parties determines the time it takes to process a trade and the cost of the trade. The Exchange’s member firms, however, are more accustomed to being billed on a per share basis and have asked the Exchange to consider billing on such basis to keep firm billing in line with all of the other business lines. The Exchange believes that the implementation of this manual processing fee on a per share basis is reasonable and ensures that each NSX 7 Orders may be phoned into the NSX Control Room (or the Exchange’s Systems Supervisory Center) by ‘‘Users.’’ ‘‘Users’’ are defined in NSX Rule 11.9(a)(7) as ‘‘a Member of the Exchange or an Approved Dealer. Access Participant Members are considered to be Users in their limited capacity of executing transactions through the facilities of a Proprietary Member.’’ 8 A ‘‘cross’’ is a transaction in which one Member represents both the buyer and the seller of a security. A ‘‘meet’’ is a transaction in which a Member represents the buyer or seller of a security and other Members represent the contra parties. VerDate jul<14>2003 16:18 Nov 08, 2005 Jkt 208001 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,9 in general, and Section 6(b)(4),10 in particular, in that it is designed to provide an equitable allocation of reasonable dues, fees, and other charges. The Exchange believes that the proposed change is also consistent with Section 6(b)(5) of the Act 11 in that it is designed 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. Further, the Exchange believes that the proposed change would create incentives for NSX members to electronically connect to the Exchange’s trading system, thereby increasing efficiency and competition, which, in turn, would enhance the national market system. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change would impose any inappropriate burden on competition. PO 00000 9 15 U.S.C. 78f(b). U.S.C. 78f(b)(4). 11 15 U.S.C. 78f(b)(5). 10 15 Frm 00140 Fmt 4703 Sfmt 4703 68125 C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others No written comments were solicited or received in connection with the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The proposed rule change, as amended, has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act 12 and Rule 19b–4(f)(2)13 thereunder, because it involves a member due, fee, or other charge. At any time within sixty (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.14 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 Number SR–NSX–2005–08 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–NSX–2005–08. This file number should be included in the subject line if e-mail is used. To help the Commission process and review 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 12 15 U.S.C. 78s(b)(3)(A)(ii). CFR 240.19b–4(f)(2). 14 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 that period to commence on October 31, 2005, the date the Exchange filed Amendment No. 2 to the proposed rule change. See 15 U.S.C. 78s(b)(3)(C). 13 17 E:\FR\FM\09NON1.SGM pfrm13 PsN: 09NON1 68126 Federal Register / Vol. 70, No. 216 / Wednesday, November 9, 2005 / Notices 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. Copies of such filings will also 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–NSX– 2005–08 and should be submitted on or before November 30, 2005. For the Commission by the Division of Market Regulation, pursuant to the delegated authority.15 Jonathan G. Katz, Secretary. [FR Doc. 05–22294 Filed 11–8–05; 8:45 am] BILLING CODE 8010–01–P DEPARTMENT OF TRANSPORTATION Office of the Secretary [Docket No. OST–2005–22902] Notice of Request for Extension of Currenlty Approved Information Collection Office of the Secretary, DOT. Notice and request for comments. AGENCY: ACTION: SUMMARY: In accordance with the Paperwork Reduction Act of 1995 (44 U.S.C. Chapter 35, as amended) this notice announces the Department of Transportation’s (DOT) intention to request an extension without change for a currently approved information collection. DATES: Comments on this notice must be received by January 9, 2006. ADDRESSES: To ensure that you do not duplicate your docket submissions, please submit them by only one of the following means, identified by DOT DMS Docket Number OST–2005–22902: (1) By mail to the Docket Management Facility, U.S. Department of 15 17 CFR 200.30–3(a)(12). VerDate jul<14>2003 16:18 Nov 08, 2005 Jkt 208001 Transportation, Room PL–401, 400 Seventh Street, SW., Washington, DC 20590–0001. [It is important to note that because of current security procedures affecting the U.S. Mail, other means (e.g., FedEx, UPS) may be faster]; (2) By delivery to room PL–401 on the Plaza Level of the Nassif Building, 400 Seventh Street, SW., Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday, except Federal holidays. (3) By fax to the Docket Management Facility at (202) 493–2551; or (4) By electronic means through the web site for the Docket Management System at: https://dms.dot.gov. The Docket Management Facility maintains the public docket for this rulemaking. Comments to the docket will be available for inspection or copying at room PL–401 on the Plaza level of the Nassif Building, 400 Seventh Street, SW., Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday, except Federal holidays. The public may also review docketed comments electronically at https:// dms.dot.gov. FOR FURTHER INFORMATION CONTACT: Ms. Cynthia A. Roscoe, Committee Management Officer, Executive Secretariat, Office of the Secretary, Department of Transportation, at the address listed above. Telephone: (202) 366–9764. SUPLEMENTARY INFORMATION: Title: Advisory Committee Candidate Biographical Information Request, DOT F1120.1. OMB Control Number: 2105–0009. Type of Request: Extension without change for a currently approved information collection. Abstract: The collection of information obtained by the Advisory Committee Candidate Biographical Information Request form enables Department officials to review the qualifications of individuals who wish to serve on Department-sponsored advisory committees and the qualifications of persons who have been recommended to serve. The collection provides uniform data for each individual and enables DOT to comply with the Federal Advisory Committee Act (Pub. L. 92–463) (5 U.S.C. App.) which requires that advisory committee membership be balanced. A number of DOT’s advisory committees were created by statute and have statutory requirements for education, experience, or expertise. The data collection enables DOT to comply with such membership requirements, by providing information form which PO 00000 Frm 00141 Fmt 4703 Sfmt 4703 officials may determine which individuals meet specific qualification standards for particular advisory committees and for particular positions within a committee. In fact, some statutory committees require very narrow and specific expertise for each position on the committee, which can be ascertained by reviewing the Advisory Committee Candidate Biographical Request form. Finally, the data collection allows officials to retain a file of interested applicants. As vacancies occur on specific advisory committees, the applications and qualifications can be reviewed for possible placement. In the absence of the data collection, officials would have to contact by telephone or by letter each person who expressed an interest or who was recommended for an advisory committee position to determine his/her interest, education, experience, or expertise. This would be a more timeconsuming and costly data collection effort which would have to be repeated if the individual were to be considered at a later time for vacancies on other advisory committees. Respondents: Individuals who have contacted DOT to indicate interest in appointment to an advisory committee and individuals who have been recommended for membership on an advisory committee. Only one collection is expected per individual. Estimated Number of Respondents per year: 100. Total Burden: 35 hours. This information collection is available for inspection at the Office of the Executive Secretariat, Room 10205, Office of the Secretary, DOT, at the above address. Comments are invited on: (a) Whether the continued collection of the information is necessary for the proper performance of the functions of the Department, (b) the accuracy of the Department’s estimate of the burden of the current information collection, (c) ways to enhance the quality, utility, and clarity of the information collection, (c) ways to enhance the quality, utility, and clarity of the information being collected and (d) ways to minimize the burden of the collection techniques or other forms of information technology. All responses to this notice will be summarized an included in the request for OMB approval. All comments will also become a matter of public record. E:\FR\FM\09NON1.SGM pfrm13 PsN: 09NON1

Agencies

[Federal Register Volume 70, Number 216 (Wednesday, November 9, 2005)]
[Notices]
[Pages 68124-68126]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-22294]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-52713; File No. SR-NSX-2005-08]


Self-Regulatory Organizations; National Stock Exchange; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change and 
Amendments No. 1 and 2 Thereto Relating to Manual Processing Fee

November 1, 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 28, 2005, National Stock ExchangeSM 
(``Exchange'' or ``NSXSM'') 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 Exchange. On October 21, 2005, the Exchange filed Amendment No. 
1 to the proposed rule change.\3\ On October 31, 2005, the Exchange 
filed Amendment No. 2 to the proposed rule change.\4\ The Exchange 
filed the proposed rule change pursuant Section 19(b)(3)(A)(ii) of the 
Act \5\ and Rule 19b-4(f)(2) \6\ thereunder, which renders the proposal 
effective upon filing with the Commission. The Commission is publishing 
this notice to solicit comments on the proposed rule change, as 
amended, from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ In Amendment No. 1, the Exchanged (1) clarified who may 
phone orders into the NSX Control Room, (2) defined ``cross'' and 
``meet,'' and (3) made other technical changes.
    \4\ In Amendment No. 2, the Exchange made a correction to the 
rule text.
    \5\15 U.S.C. 78s(b)(3)(A)(ii).
    \6\17 CFR 240.19b-4(f)(2).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    NSX proposes to amend its manual processing fee for crosses and 
meets phoned into the NSX Control Room and the book fees charged to its 
Designated Dealers.
    The text of the proposed rule change is reproduced below. Additions 
are indicated by italics. Deletions are contained within the brackets.
RULES OF NATIONAL STOCK EXCHANGE
* * * * *
CHAPTER XI
Trading Rules
* * * * *
Rule 11.10 National Securities Trading System Fees
    A. Trading Fees
    (a)-(d) No change.
    (e) Crosses and Meets
    (1)-(3) No change.
    (4) Users executing crosses and meets in Tape A, B or C securities 
through the Exchange's System Supervisory Center shall be charged [$15 
per contra-party] $.0025 per share, up to a maximum of $75 per side of 
transaction. This transaction fee shall be in lieu of any transaction 
fee otherwise applicable under Paragraphs (A)(e)(1) through (A)(e)(3) 
above.
    (f)-(l) No change.
    (m) DD Issue/Book Fees. Designated Dealers will be charged a 
monthly book fee based on the following incremental schedule:

------------------------------------------------------------------------
                                                                Fee per
                       Number of issues                          issue
------------------------------------------------------------------------
0 to 150.....................................................     $30.00
151 to 300...................................................      20.00
301 to 500...................................................      15.00

[[Page 68125]]

 
501 and higher...............................................       2.00
------------------------------------------------------------------------

    Notwithstanding the above, any Designated Dealer that has been 
approved as a designated dealer in excess of 500 issues will be charged 
a monthly book fee based on the number of issues it traded for the 
prior month.
* * * * *

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 IV below. The Exchange has prepared summaries, set forth in 
Sections A, B, and C below, of the most significant parts of such 
statements.

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

1. Purpose
    Currently, orders can be entered on the Exchange either via an 
electronic connection or by phoning the NSX Control Room.\7\ For orders 
phoned into the NSX Control Room, NSX currently charges a manual 
processing fee of $15 per contra-party, with a cap of $75 per side, on 
every cross or meet.\8\ The Exchange has been billing on a per contra 
basis because the number of contra-parties determines the time it takes 
to process a trade and the cost of the trade. The Exchange's member 
firms, however, are more accustomed to being billed on a per share 
basis and have asked the Exchange to consider billing on such basis to 
keep firm billing in line with all of the other business lines. The 
Exchange believes that the implementation of this manual processing fee 
on a per share basis is reasonable and ensures that each NSX member 
pays an equitable share of the costs associated with operating the 
Exchange.
---------------------------------------------------------------------------

    \7\ Orders may be phoned into the NSX Control Room (or the 
Exchange's Systems Supervisory Center) by ``Users.'' ``Users'' are 
defined in NSX Rule 11.9(a)(7) as ``a Member of the Exchange or an 
Approved Dealer. Access Participant Members are considered to be 
Users in their limited capacity of executing transactions through 
the facilities of a Proprietary Member.''
    \8\ A ``cross'' is a transaction in which one Member represents 
both the buyer and the seller of a security. A ``meet'' is a 
transaction in which a Member represents the buyer or seller of a 
security and other Members represent the contra parties.
---------------------------------------------------------------------------

    With respect to the book fee, the Exchange currently charges a 
monthly fee for the number of registered issues for each Designated 
Dealer. Some firms are beginning to change their business models to 
solicit fewer, larger size orders across a significant number of 
securities. This new model requires the firms to be registered in a 
significant number of securities to attract order flow even though they 
may not receive order flow for some time. The Exchange believes that 
the proposed change would initially reduce the cost to these firms 
while they are expanding their coverage of securities by charging the 
per issue fee based upon the issues that are traded for any Designated 
Dealer that has registered in excess of 500 issues. The Exchange 
believes that the implementation of this proposed fee would encourage 
Designated Dealers to trade more issues and be charged on the basis of 
what they actually traded.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\9\ in general, and Section 6(b)(4),\10\ 
in particular, in that it is designed to provide an equitable 
allocation of reasonable dues, fees, and other charges. The Exchange 
believes that the proposed change is also consistent with Section 
6(b)(5) of the Act \11\ in that it is designed 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. Further, the 
Exchange believes that the proposed change would create incentives for 
NSX members to electronically connect to the Exchange's trading system, 
thereby increasing efficiency and competition, which, in turn, would 
enhance the national market system.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(4).
    \11\ 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 would 
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 solicited or received in connection with 
the proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The proposed rule change, as amended, has become effective pursuant 
to Section 19(b)(3)(A)(ii) of the Act \12\ and Rule 19b-4(f)(2)\13\ 
thereunder, because it involves a member due, fee, or other charge. At 
any time within sixty (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.\14\
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \13\ 17 CFR 240.19b-4(f)(2).
    \14\ 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 that period 
to commence on October 31, 2005, the date the Exchange filed 
Amendment No. 2 to the proposed rule change. See 15 U.S.C. 
78s(b)(3)(C).
---------------------------------------------------------------------------

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 Number SR-NSX-2005-08 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-NSX-2005-08. This file 
number should be included in the subject line if e-mail is used. To 
help the Commission process and review 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

[[Page 68126]]

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. 
Copies of such filings will also 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-NSX-2005-08 and should be submitted on 
or before November 30, 2005.

    For the Commission by the Division of Market Regulation, 
pursuant to the delegated authority.\15\
---------------------------------------------------------------------------

    \15\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Jonathan G. Katz,
Secretary.
[FR Doc. 05-22294 Filed 11-8-05; 8:45 am]
BILLING CODE 8010-01-P
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