Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Clarifying the Hours Certain Vanguard International Equity Index Funds Are Eligible To Trade on the Archipelago Exchange, 74397-74398 [E5-7371]
Download as PDF
Federal Register / Vol. 70, No. 240 / Thursday, December 15, 2005 / Notices
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will result in
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
Comments were neither solicited nor
received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The proposed rule change has become
effective pursuant to section
19(b)(3)(A)(i) 9 of the Act and Rule 19b–
4(f)(1) thereunder,10 in that the
proposed rule change constitutes a
stated policy, practice, or interpretation
with respect to the meaning,
administration, or enforcement of an
existing rule of the self-regulatory
organization. The Exchange will
announce the implementation date to its
members and member organizations in
an Information Memo to be published
no later than 30 days after SEC Notice
of this filing.
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
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:
100 F Street, NE., Washington, DC
20549–9303.
All submissions should refer to File
Number SR–NYSE–2005–84. 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 NYSE. 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–2005–84 and should
be submitted on or before January 5,
2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.11
Jonathan G. Katz,
Secretary.
[FR Doc. E5–7367 Filed 12–14–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52927; File No. SR–PCX–
2005–128]
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–2005–84 on the
subject line.
Self-Regulatory Organizations; Pacific
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Clarifying the Hours
Certain Vanguard International Equity
Index Funds Are Eligible To Trade on
the Archipelago Exchange
Paper Comments
December 8, 2005.
• Send paper comments in triplicate
to Jonathan G. Katz, Secretary,
Securities and Exchange Commission,
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
notice is hereby given that on November
22, 2005, the Pacific Exchange, Inc.
(‘‘PCX’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The Exchange filed the
proposed rule change as a ‘‘noncontroversial’’ rule change under Rule
19b–4(f)(6) under the Act,3 which
rendered the proposal effective upon
filing with the Commission. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange, through its wholly
owned subsidiary PCX Equities, Inc.
(‘‘PCXE’’), proposes to amend its rules
governing the Archipelago Exchange
(‘‘ArcaEx’’), the equity trading facility of
PCXE. With this filing, the Exchange
proposes to clarify the hours under
PCXE Rule 7.34 that three exchange
traded funds based on Vanguard
International Equity Indices—Morgan
Stanley Capital International Inc.
(‘‘MSCI’’) Europe Index (ticker symbol:
VGK), MSCI Pacific Index (ticker
symbol: VPL), and MSCI Emerging
Markets Select Index (ticker symbol:
VWO) (the ‘‘Funds’’)—are eligible to
trade on ArcaEx pursuant to unlisted
trading privileges (‘‘UTP’’). A copy of
the proposed rule change is available on
the PCX Web site (https://
www.pacificex.com), at the PCX’s Office
of the Secretary, and at the
Commission’s Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
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.
11 17
9 15
U.S.C. 78s(b)(3)(A)(i).
10 17 CFR 240.19b–4(f)(1).
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3 17
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74398
Federal Register / Vol. 70, No. 240 / Thursday, December 15, 2005 / Notices
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
On August 8, 2005, the Commission
approved the Exchange’s proposal to
trade the Funds pursuant to UTP.4 The
Approval Order provided that the Funds
would be eligible to trade on ArcaEx
during the hours that the Intraday
Indicative Value (‘‘IIV’’) is
disseminated.5 With this filing, the
Exchange seeks to clarify the Funds’
trading hours, proposing that the Funds
should instead be eligible to trade on
ArcaEx in accordance with PCXE Rule
7.34, except that the Funds will not be
eligible to trade during the Opening
Session (4 a.m. ET to 9:30 a.m. e.t.)
unless the IIV is disseminated during
that time.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
section 6(b) 6 of the Act, in general, and
furthers the objectives of section 6(b)(5)
of the Act,7 in particular, in that it is
designed to facilitate transactions in
securities, to promote just and equitable
principles of trade, to enhance
competition and to protect investors and
the public interest.
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 Exchange has designated the
proposed rule change as one that: (i)
Does not significantly affect the
protection of investors or the public
interest; (ii) does not impose any
significant burden on competition; and
(iii) by its terms, does not become
operative for 30 days from the date on
4 See Securities Exchange Act Release No. 34–
52221 (August 8, 2005), 70 FR 48222 (August 16,
2005) (SR–PCX–2005–74) (‘‘Approval Order’’).
5 See id. at text accompanying note 8.
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(5).
VerDate Aug<31>2005
17:24 Dec 14, 2005
Jkt 208001
which it was filed, or such shorter time
as the Commission may designate if
consistent with the protection of
investors and the public interest
pursuant to section 19(b)(3)(A)(iii) of the
Act 8 and subparagraph (f)(6) of Rule
19b–4 thereunder.9
As required by Rule 19b–4(f)(6)(iii)
under the Act,10 the Exchange provided
the Commission with written notice of
its intent to file the proposed rule
change, along with a brief description
and text of the proposed rule change, at
least five business days prior to the date
of filing the proposed rule change.
Pursuant to Rule 19b–4(f)(6)(iii) under
the Act,11 the proposal does not become
operative for 30 days after the date of its
filing, or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest. The PCX has requested
that the Commission waive the 30-day
operative delay so that the proposed
rule change can become immediately
effective upon filing.
The Commission believes that
waiving the 30-day operative date is
consistent with the protection of
investors and the public interest.12
Specifically, the Funds are currently
trading on ArcaEx in accordance with
the Approval Order, and accelerating
the operative date to allow the Funds to
trade on ArcaEx, immediately upon
effectiveness, in accordance with the
proposed revised trading hours, would
provide Equity Trading Permit Holders
and the public greater liquidity and
opportunities to trade, thereby helping
to reduce trading costs and promote
competition among marketplaces. For
these reasons, the Commission
designates the proposed rule change to
be effective and operative upon filing
with the Commission.
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
the 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,
8 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
10 17 CFR 240.19b–4(f)(6)(iii).
11 17 CFR 240.19b–4(f)(6)(iii).
12 For the purpose 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).
9 17
PO 00000
Frm 00110
Fmt 4703
Sfmt 4703
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 email to rulecomments@sec.gov. Please include File
No. SR–PCX–2005–128 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–PCX–2005–128. 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 No.
SR–PCX–2005–128 and should be
submitted on or before January 5, 2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.
Jonathan G. Katz,
Secretary.
[FR Doc. E5–7371 Filed 12–14–05; 8:45 am]
BILLING CODE 8010–01–P
E:\FR\FM\15DEN1.SGM
15DEN1
Agencies
[Federal Register Volume 70, Number 240 (Thursday, December 15, 2005)]
[Notices]
[Pages 74397-74398]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-7371]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-52927; File No. SR-PCX-2005-128]
Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Clarifying
the Hours Certain Vanguard International Equity Index Funds Are
Eligible To Trade on the Archipelago Exchange
December 8, 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 22, 2005, the Pacific Exchange, Inc. (``PCX'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the Exchange. The Exchange
filed the proposed rule change as a ``non-controversial'' rule change
under Rule 19b-4(f)(6) under the Act,\3\ which rendered the proposal
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\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange, through its wholly owned subsidiary PCX Equities,
Inc. (``PCXE''), proposes to amend its rules governing the Archipelago
Exchange (``ArcaEx''), the equity trading facility of PCXE. With this
filing, the Exchange proposes to clarify the hours under PCXE Rule 7.34
that three exchange traded funds based on Vanguard International Equity
Indices--Morgan Stanley Capital International Inc. (``MSCI'') Europe
Index (ticker symbol: VGK), MSCI Pacific Index (ticker symbol: VPL),
and MSCI Emerging Markets Select Index (ticker symbol: VWO) (the
``Funds'')--are eligible to trade on ArcaEx pursuant to unlisted
trading privileges (``UTP''). A copy of the proposed rule change is
available on the PCX Web site (https://www.pacificex.com), at the PCX's
Office of the Secretary, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the 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.
[[Page 74398]]
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
On August 8, 2005, the Commission approved the Exchange's proposal
to trade the Funds pursuant to UTP.\4\ The Approval Order provided that
the Funds would be eligible to trade on ArcaEx during the hours that
the Intraday Indicative Value (``IIV'') is disseminated.\5\ With this
filing, the Exchange seeks to clarify the Funds' trading hours,
proposing that the Funds should instead be eligible to trade on ArcaEx
in accordance with PCXE Rule 7.34, except that the Funds will not be
eligible to trade during the Opening Session (4 a.m. ET to 9:30 a.m.
e.t.) unless the IIV is disseminated during that time.
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 34-52221 (August 8,
2005), 70 FR 48222 (August 16, 2005) (SR-PCX-2005-74) (``Approval
Order'').
\5\ See id. at text accompanying note 8.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with section 6(b) \6\ of the Act, in general, and furthers the
objectives of section 6(b)(5) of the Act,\7\ in particular, in that it
is designed to facilitate transactions in securities, to promote just
and equitable principles of trade, to enhance competition and to
protect investors and the public interest.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 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 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 Exchange has designated the proposed rule change as one that:
(i) Does not significantly affect the protection of investors or the
public interest; (ii) does not impose any significant burden on
competition; and (iii) by its terms, does not become operative for 30
days from the date on which it was filed, or such shorter time as the
Commission may designate if consistent with the protection of investors
and the public interest pursuant to section 19(b)(3)(A)(iii) of the Act
\8\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\9\
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
As required by Rule 19b-4(f)(6)(iii) under the Act,\10\ the
Exchange provided the Commission with written notice of its intent to
file the proposed rule change, along with a brief description and text
of the proposed rule change, at least five business days prior to the
date of filing the proposed rule change. Pursuant to Rule 19b-
4(f)(6)(iii) under the Act,\11\ the proposal does not become operative
for 30 days after the date of its filing, or such shorter time as the
Commission may designate if consistent with the protection of investors
and the public interest. The PCX has requested that the Commission
waive the 30-day operative delay so that the proposed rule change can
become immediately effective upon filing.
---------------------------------------------------------------------------
\10\ 17 CFR 240.19b-4(f)(6)(iii).
\11\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
The Commission believes that waiving the 30-day operative date is
consistent with the protection of investors and the public
interest.\12\ Specifically, the Funds are currently trading on ArcaEx
in accordance with the Approval Order, and accelerating the operative
date to allow the Funds to trade on ArcaEx, immediately upon
effectiveness, in accordance with the proposed revised trading hours,
would provide Equity Trading Permit Holders and the public greater
liquidity and opportunities to trade, thereby helping to reduce trading
costs and promote competition among marketplaces. For these reasons,
the Commission designates the proposed rule change to be effective and
operative upon filing with the Commission.
---------------------------------------------------------------------------
\12\ For the purpose 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).
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate the 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 email to rule-comments@sec.gov. Please include
File No. SR-PCX-2005-128 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-PCX-2005-128. 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 No. SR-
PCX-2005-128 and should be submitted on or before January 5, 2006.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. E5-7371 Filed 12-14-05; 8:45 am]
BILLING CODE 8010-01-P