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]
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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).
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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).
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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.
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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
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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.
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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]
-----------------------------------------------------------------------
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.
---------------------------------------------------------------------------
\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).
---------------------------------------------------------------------------
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\
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\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).
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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 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\
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\15\ 17 CFR 200.30-3(a)(12).
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Jonathan G. Katz,
Secretary.
[FR Doc. 05-22294 Filed 11-8-05; 8:45 am]
BILLING CODE 8010-01-P