Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Market Maker Transaction Credits for Round Lots of Certain Listed Securities, 73506-73507 [E5-7190]

Download as PDF 73506 Federal Register / Vol. 70, No. 237 / Monday, December 12, 2005 / Notices and limitations on the LLCs and would give the Exchange authority with respect to transfer of ownership interests in the LLCs. For instance, the trading rights associated with the membership transferred to the LLC cannot be exercised by anyone other than a lessee to whom the LLC has leased its membership (such lessee must be approved by the Exchange, pursuant to the Exchange’s current requirements for lessees).20 The Commission further notes that other exchanges permit entities as well as individuals to own memberships. The Commission believes that waiving the 30-day operative delay achieves a reasonable balance between the Exchange’s interest in providing members with the flexibility to establish LLCs as soon as possible for estate and tax planning purposes and preserving the Exchange’s interest in regulating and protecting its membership. 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.21 IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change, as amended, is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NYSE–2005–83 on the subject line. Paper Comments SECURITIES AND EXCHANGE COMMISSION • 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–NYSE–2005–83. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (https://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission’s Public Reference Room. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–NYSE–2005–83 and should be submitted on or before January 3, 2006. 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 November 29, 2005, the Pacific Exchange, Inc. (‘‘PCX’’ or ‘‘Exchange’’), through its wholly-owned subsidiary PCX Equities, Inc. (‘‘PCXE’’), submitted to 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 PCX. The Exchange filed the proposed rule change pursuant to Section 19(b)(3)(A) of the Act 3 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. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.22 Jill M. Peterson, Assistant Secretary. [FR Doc. E5–7196 Filed 12–9–05; 8:45 am] Schedule of Fees and Charges for Exchange Services [Release No. 34–52882; File No. SR–PCX– 2005–130] Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Market Maker Transaction Credits for Round Lots of Certain Listed Securities December 2, 2005. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend the PCXE Schedule of Fees and Charges (‘‘Schedule’’) to reduce the transaction credit payable to Market Makers for the execution of round lot orders of NYSE listed securities. The text of the proposed rule change is below. Additions are italicized; deletions are [bracketed]. Archipelago Exchange: Market Maker Fees and Charges * BILLING CODE 8010–01–P * * * * MARKET MAKER TRANSACTION CREDITS Round Lots: NYSE Listed Securities [(other than ETFs and ADRs)] ................. Listed Securities (other than NYSE Listed) and Nasdaq Securities. 20 See proposed Article II, Section 15(b) of the Exchange’s Constitution. 21 For purposes of calculating the 60-day period within which the Commission may summarily VerDate Aug<31>2005 17:51 Dec 09, 2005 Jkt 208001 $0.001[25] per share (credit) (applicable to Q orders executed against other participants’ orders). $0.002 per share (credit) (applicable to Q orders executed against other participants’ orders). abrogate the proposed rule change under section 19(b)(3)(C) of the Act, the Commission considers the period to commence on December 5, 2005, the date the Exchange filed Amendment No. 2 to the proposed rule change. See 15 U.S.C. 78s(c)(3)(C). PO 00000 Frm 00077 Fmt 4703 Sfmt 4703 22 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). 1 15 E:\FR\FM\12DEN1.SGM 12DEN1 Federal Register / Vol. 70, No. 237 / Monday, December 12, 2005 / Notices * * * * * 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 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 Exchange proposes to amend the Fee Schedule, effective December 1, 2005, to reduce the transaction credit payable to Market Makers 4 for Q Orders 5 executed against other Exchange participants’ orders for round lots of NYSE listed securities. Currently, the credit to Market Makers for transactions of this type is $0.0025 per share; however, as a strategy to better manage costs to the Exchange due to an increase in Market Maker participants and while maintaining incentives for providing liquidity in NYSE listed securities, the Exchange proposes to reduce these transaction credits to $0.001 per share for NYSE listed securities and maintain the existing $0.002 per share credit for securities listed on an exchange other than the NYSE and for Nasdaq listed securities. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6 of the Act,6 in general, and furthers the objectives of Section 6(b)(4) of the Act,7 in particular, in that it provides for the equitable allocation of reasonable dues, fees, and other charges among its ETP Holders, issuers, and other persons using its facilities. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. 4 As defined by PCXE Rule 1.1(u). defined by PCXE Rule 7.31(k) 6 15 U.S.C. 78f. 7 15 U.S.C. 78f(b)(4). 5 As VerDate Aug<31>2005 17:51 Dec 09, 2005 C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others Written comments on the proposed rule change were neither solicited nor received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change establishes or changes a due, fee, or other charge imposed by the Exchange and therefore has become effective pursuant to Section 19(b)(3)(A) of the Act 8 and subparagraph (f)(2) of Rule 19b–4 thereunder.9 At any time within 60 days of the filing of such 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 purpose 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–PCX–2005–130 on the subject line. communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission’s Public Reference Room. Copies of such filing also will be available for inspection and copying at the principal office of the PCX. 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–PCX–2005–130 and should be submitted on or before January 3, 2006. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.10 Jill M. Peterson, Assistant Secretary. [FR Doc. E5–7190 Filed 12–9–05; 8:45 am] BILLING CODE 8010–01–P SMALL BUSINESS ADMINISTRATION Data Collection Available for Public Comments and Recommendations Notice and request for comments. ACTION: SUMMARY: In accordance with the Paperwork Reduction Act of 1995, this notice announces the Small Business Administration’s intentions to request approval on a new and/or currently approved information collection. DATES: Submit comments on or before Paper Comments February 10, 2006. • Send paper comments in triplicate ADDRESSES: Send all comments to Jonathan G. Katz, Secretary, regarding whether this information Securities and Exchange Commission, collection is necessary for the proper 100 F Street NE., Washington, DC, performance of the function of the 20549–0609. agency, whether the burden estimates All submissions should refer to File are accurate, and if there are ways to Number SR–PCX–2005–130. This file minimize the estimated burden and number should be included on the enhance the quality of the collection, to subject line if e-mail is used. To help the Joseph Shattan, Director, SBA Center for Commission process and review your Faith-Based and Community Initiatives, comments more efficiently, please use Small Business Administration, 409 3rd only one method. The Commission will Street, SW., Suite 7000, Wash., DC post all comments on the Commission’s 20416. Internet Web site (https://www.sec.gov/ FOR FURTHER INFORMATION CONTACT: rules/sro.shtml). Copies of the Joseph Shattan, Director, SBA Center for submission, all subsequent Faith-Based and Community Initiatives amendments, all written statements 202–205–7316, joseph.shattan@sba.gov, with respect to the proposed rule Curtis B. Rich, Management Analyst, change that are filed with the 202–205–7030, curtis.rich@sba.gov. Commission, and all written SUPPLEMENTARY INFORMATION: 8 15 9 17 Jkt 208001 73507 PO 00000 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(1)(2). Frm 00078 Fmt 4703 10 17 Sfmt 4703 E:\FR\FM\12DEN1.SGM CFR 200.30–3(a)(12). 12DEN1

Agencies

[Federal Register Volume 70, Number 237 (Monday, December 12, 2005)]
[Notices]
[Pages 73506-73507]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-7190]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-52882; File No. SR-PCX-2005-130]


Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change Relating to 
Market Maker Transaction Credits for Round Lots of Certain Listed 
Securities

December 2, 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 November 29, 2005, the Pacific Exchange, Inc. (``PCX'' or 
``Exchange''), through its wholly-owned subsidiary PCX Equities, Inc. 
(``PCXE''), submitted to 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 PCX. The Exchange 
filed the proposed rule change pursuant to Section 19(b)(3)(A) of the 
Act \3\ 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).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend the PCXE Schedule of Fees and 
Charges (``Schedule'') to reduce the transaction credit payable to 
Market Makers for the execution of round lot orders of NYSE listed 
securities. The text of the proposed rule change is below. Additions 
are italicized; deletions are [bracketed].

Schedule of Fees and Charges for Exchange Services

Archipelago Exchange: Market Maker Fees and Charges

* * * * *

                    Market Maker Transaction Credits
 
 
 
Round Lots:
    NYSE Listed Securities [(other than  $0.001[25] per share (credit)
     ETFs and ADRs)].                     (applicable to Q orders
                                          executed against other
                                          participants' orders).
    Listed Securities (other than NYSE   $0.002 per share (credit)
     Listed) and Nasdaq Securities.       (applicable to Q orders
                                          executed against other
                                          participants' orders).
 


[[Page 73507]]

* * * * *

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 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 Exchange proposes to amend the Fee Schedule, effective December 
1, 2005, to reduce the transaction credit payable to Market Makers \4\ 
for Q Orders \5\ executed against other Exchange participants' orders 
for round lots of NYSE listed securities. Currently, the credit to 
Market Makers for transactions of this type is $0.0025 per share; 
however, as a strategy to better manage costs to the Exchange due to an 
increase in Market Maker participants and while maintaining incentives 
for providing liquidity in NYSE listed securities, the Exchange 
proposes to reduce these transaction credits to $0.001 per share for 
NYSE listed securities and maintain the existing $0.002 per share 
credit for securities listed on an exchange other than the NYSE and for 
Nasdaq listed securities.
---------------------------------------------------------------------------

    \4\ As defined by PCXE Rule 1.1(u).
    \5\ As defined by PCXE Rule 7.31(k)
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6 of the Act,\6\ in general, and furthers the objectives 
of Section 6(b)(4) of the Act,\7\ in particular, in that it provides 
for the equitable allocation of reasonable dues, fees, and other 
charges among its ETP Holders, issuers, and other persons using its 
facilities.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f.
    \7\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants or Others

    Written comments on the proposed rule change were neither solicited 
nor received.

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

    The foregoing rule change establishes or changes a due, fee, or 
other charge imposed by the Exchange and therefore has become effective 
pursuant to Section 19(b)(3)(A) of the Act \8\ and subparagraph (f)(2) 
of Rule 19b-4 thereunder.\9\ At any time within 60 days of the filing 
of such 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 purpose of the Act.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(1)(2).
---------------------------------------------------------------------------

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-PCX-2005-130 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, 20549-0609.
    All submissions should refer to File Number SR-PCX-2005-130. This 
file number should be included on the subject line if e-mail is used. 
To help the Commission process and review your comments more 
efficiently, please use only one method. The Commission will post all 
comments on the Commission's Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the submission, all subsequent amendments, 
all written statements with respect to the proposed rule change that 
are filed with the Commission, and all written communications relating 
to the proposed rule change between the Commission and any person, 
other than those that may be withheld from the public in accordance 
with the provisions of 5 U.S.C. 552, will be available for inspection 
and copying in the Commission's Public Reference Room. Copies of such 
filing also will be available for inspection and copying at the 
principal office of the PCX. 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-PCX-2005-130 and should be submitted on or before 
January 3, 2006.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\10\
---------------------------------------------------------------------------

    \10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Jill M. Peterson,
Assistant Secretary.
 [FR Doc. E5-7190 Filed 12-9-05; 8:45 am]
BILLING CODE 8010-01-P
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