Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Specialist Transaction Fee, 7087-7089 [E6-1843]
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Federal Register / Vol. 71, No. 28 / Friday, February 10, 2006 / Notices
Under the Exchange’s proposal,
RROTs would also use an authorized or
proprietary automated quote system to
calculate and disseminate quotes.
RROTs may not use the ‘‘join quote’’
feature in ANTE. The Exchange believes
that requiring RROTs to submit their
own quotes in options that an RROT is
assigned will serve to further foster
active quote competition. Finally, the
Exchange proposes that RROTs, as well
as ROTs and specialists, must compete
with each other to improve the quoted
markets in all series of option classes
which they trade. The Exchange further
proposes to remove the in-person
requirement for RROTs as provided in
paragraph (h) because the RROT may
not be physically present.
xi. 958A—ANTE. Rule 958A—ANTE,
the Exchange’s Firm Quote Rule,
currently provides that ROTs, when
inputting their own quotes through an
Exchange provided or proprietary
automated quote calculation system,
would each be considered a responsible
broker or dealer for their bids or offers
to the extent of their quotation size. The
Exchange proposes to amend Rule
958A—ANTE (a)(ii)(C) to include
RROTs as responsible broker-dealers to
the extent of their quotation size for the
purposes of this rule.
2. Statutory Basis
The Exchange believes that the
proposed rule change, as amended, is
consistent with Section 6(b) of the
Act,10 in general, and furthers the
objectives of Section 6(b)(5) of the Act,11
in particular, in that it is designed to
prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principals of trade, and, in
general, to protect investors and the
public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange believes that the
proposed rule change will impose no
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
rmajette on PROD1PC67 with NOTICES1
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 by the Exchange on this
proposal.
10 15
11 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
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15:10 Feb 09, 2006
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III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the Exchange consents,
the Commission will:
(A) By order approve such proposed
rule change, as amended, or
(B) Institute proceedings to determine
whether the proposed rule change, as
amended, should be disapproved.
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–Amex–2005–100 on the
subject line.
7087
office of the Amex. 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–Amex–
2005–100 and should be submitted on
or before March 3, 2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.12
Nancy M. Morris,
Secretary.
[FR Doc. E6–1832 Filed 2–9–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53232; File No. SR–Amex–
2006–008]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change Relating to
the Specialist Transaction Fee
February 6, 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 February
1, 2006, the American Stock Exchange
Paper Comments
LLC (‘‘Amex’’ or ‘‘Exchange’’) filed with
• Send paper comments in triplicate
the Securities and Exchange
to Nancy M. Morris, Secretary,
Commission (‘‘Commission’’) the
Securities and Exchange Commission,
proposed rule change as described in
Station Place, 100 F Street, NE.,
Items I, II, and III below, which Items
Washington, DC 20549–1090.
have been prepared by the Amex. The
All submissions should refer to File
Exchange has designated this proposal
Number SR–Amex–2005–100. This file
as one establishing or changing a due,
number should be included on the
subject line if e-mail is used. To help the fee or other charge imposed by the 3
Exchange under section 19(b)(3)(A),
Commission process and review your
and Rule 19b–4(f)(2) thereunder,4 which
comments more efficiently, please use
only one method. The Commission will renders the proposal effective upon
post all comments on the Commission’s filing with the Commission. The
Commission is publishing this notice to
Internet Web site (https://www.sec.gov/
solicit comments on the proposed rule
rules/sro.shtml). Copies of the
change from interested persons.
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, Station Place, 100 F Street, NE.,
Washington, DC 20549. Copies of such
filing also will be available for
inspection and copying at the principal
PO 00000
Frm 00086
Fmt 4703
Sfmt 4703
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to revise its
Specialist Transaction Fee. The text of
the proposed rule change is available on
the Amex’s Web site at https://
www.amex.com, the Office of the
Secretary, the Amex, and at the
Commission’s Public Reference Room.
12 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).
4 17 CFR 240.19b–4(f)(2).
1 15
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7088
Federal Register / Vol. 71, No. 28 / Friday, February 10, 2006 / 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,
Amex included statements concerning
the purpose of, and basis for, the
proposed rule change and discussed any
comments it received on the proposal.
The text of these statements may be
examined at the places specified in Item
IV below. Amex has prepared
summaries, set forth in sections A, B,
and C below, of the most significant
aspects of such statements.
rmajette on PROD1PC67 with NOTICES1
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Effective with transactions beginning
October 3, 2005, the Exchange increased
the Specialist Transaction Fee from
$.00005 to $.00007 of the total value of
a specialist’s transactions in equities.5
After further consideration, analysis of
the impact of the fee increase and
discussions with its members, the
Exchange proposes to rollback the
increase in the Specialist Transaction
Fee to $.00005. The increase in the
Specialist Transaction Fee implemented
in October 2005 was part of a number
of changes to the Equity Fee Schedule,
the purpose of which was to generate
additional revenue for the Exchange and
to create additional incentives for
market participants to send order flow
to the Amex. For market participants
other than the specialists, the changes in
the aggregate contributed to the increase
in revenue for the Exchange. The
changes to fees imposed on the
specialists, which also generated an
increase in revenue, included an
increase in the Specialist Transaction
Fee and the elimination of a rarely used
exemption from the Transaction Fee for
trades in paired securities.
According to the Exchange, the
Specialist Transaction Fee is based on
the dollar value of equity shares
executed by the specialist. As a result,
specialists trading high-priced and/or
high volume securities account for a
disproportionate amount of the revenue
generated by the fee. The recent increase
in the fee exacerbated this result.
Rolling back the increase will alleviate,
in part, this disproportionate impact on
certain specialists. The rollback of the
increase in the Specialist Transaction
Fee will result in a decrease in the
5 See Securities Exchange Act Release No. 52701
(October 28, 2005), 70 FR 67504 (November 7, 2005)
(notice of filing and immediate effectiveness of SR–
Amex 2005–101).
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15:10 Feb 09, 2006
Jkt 208001
additional revenues expected to be
generated by the recent changes to the
Equity Fee Schedule. The Exchange
represents that this decrease will not
result in an increase or other revisions
to fees charged to other market
participants.
Notwithstanding the proposed
reduction in the Specialist Transaction
Fee,6 the Exchange believes that the
recent changes to the Equity Fee
Schedule continue to be an equitable
allocation of reasonable fees among its
members, issuers and other users of its
facilities.
In a separate filing, submitted
pursuant to section 19(b)(2) of the Act,7
the Exchange is also requesting approval
to rebate the amount of increase in the
Specialist Transaction Fee collected
since October 3, 2005.8
2. Statutory Basis
The Amex believes that the proposed
rule change is consistent with section
6(b) of the Act,9 in general, and furthers
the objectives of section 6(b)(4) of the
Act,10 in particular, in that it is designed
to assure the equitable allocation of
reasonable dues, fees and other charges
among its members and issuers and
other persons using its facilities.
Specifically, the Exchange is proposing
to eliminate a recent fee increase that it
believes disproportionately impacts
some members.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Amex 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
No written comments were solicited
or received with respect to the proposed
rule change.
6 Amex clarified that although it refers in this
sentence to the proposed rollback of the Specialist
Transaction Fee from $.00007 to $.00005 as a
‘‘rebate,’’ it is more accurately characterized here as
a ‘‘reduction’’ in the Specialist Transaction Fee.
Telephone conversation between Claire McGrath,
Senior Vice President and General Counsel, Amex,
and Johnna B. Dumler, Attorney, Division of Market
Regulation, Commission, on February 6, 2006.
7 15 U.S.C. 78s(b).
8 See SR–Amex–2005–130.
9 15 U.S.C. 78f(b).
10 15 U.S.C. 78f(b)(4).
PO 00000
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Fmt 4703
Sfmt 4703
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to section 19(b)(3)(A)
of the Act 11 and subparagraph (f)(2) of
Rule 19b–4 thereunder,12 since it
establishes or changes a due, fee or
other charge imposed by the Exchange.
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 the 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–Amex–2006–008 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington DC
20549–1090.
All submissions should refer to File
Number SR–Amex–2006–008. 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
11 15
12 17
E:\FR\FM\10FEN1.SGM
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
10FEN1
Federal Register / Vol. 71, No. 28 / Friday, February 10, 2006 / Notices
Section. Copies of such filing also will
be available for inspection and copying
at the principal office of the Amex. 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–Amex–2006–008 and should be
submitted on or before March 3, 2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.13
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E6–1843 Filed 2–9–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53222; File No. SR–CBOE–
2005–60]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Order Granting Approval
of Proposed Rule Change and
Amendment No. 1 Thereto and Notice
of Filing and Order Granting
Accelerated Approval to Amendment
No. 2 to the Proposed Rule Change
Relating to an Automated Improvement
Mechanism
February 3, 2006.
I. Introduction
On August 5, 2005, the Chicago Board
Options Exchange, Incorporated
(‘‘CBOE’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’), pursuant to section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change to
adopt an electronic price improvement
mechanism. On September 2, 2005, the
Exchange filed Amendment No. 1 to the
proposed rule change.3 The proposed
rule change, as amended, was published
for comment in the Federal Register on
October 18, 2005.4 On October 12, 2005,
the Exchange filed Amendment No. 2 to
the proposed rule change.5 The
13 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 Amendment No. 1 superseded and replaced the
proposed rule filing in its entirety.
4 See Securities Exchange Act Release No. 52577
(October 7, 2005), 70 FR 60586.
5 In Amendment No. 2, the CBOE proposes to
amend proposed CBOE Rule 6.74A(b)(1)(E) so that
members, not floor brokers, may submit RFR
responses on behalf of customer orders resting at
the top of the Exchange book. Amendment No. 2
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1 15
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15:10 Feb 09, 2006
Jkt 208001
Commission received two comment
letters with respect to the amended
proposal,6 and on December 2, 2005, the
Exchange filed its response to the
comment letters.7 This order approves
the proposed rule change as amended
by Amendment No. 1, notices and
solicits comments on Amendment No.
2, and grants accelerated approval to
Amendment No. 2.
II. Description of the Proposal
The Exchange proposes to establish
an electronic auction system
(Automated Improvement Mechanism
or ‘‘AIM’’), which would expose certain
orders electronically in an auction to
provide such orders with the
opportunity to receive an execution at
an improved price.
The AIM auction is available only for
orders that an Exchange member
represents as an agent (‘‘Agency
Order’’). To initiate the electronic
auction, the Exchange member
(‘‘Initiating Member’’) who represents
an Agency Order would submit the
Agency Order and a second order for the
same size as the Agency Order (on the
opposite side of the Agency Order) into
the auction. If the Agency Order is for
less than 50 contracts, the Initiating
Member must stop the entire Agency
Order as principal or with a solicited
order at the better of (A) the national
best bid or offer (‘‘NBBO’’) price
improved by one minimum price
improvement increment, which
increment shall be determined by the
Exchange but may not be smaller than
one cent or (B) the Agency Order’s limit
price (if the Agency Order is a limit
order). If the Agency Order is for 50
contracts or more, the Initiating Member
must stop the entire Agency Order as
principal or with a solicited order at the
better of the NBBO or the Agency
Order’s limit price (if the Agency Order
is a limit order). Thereafter, other
also would amend proposed CBOE Rule 6.74A.06
with respect to information that the Exchange may
provide to the Commission regarding a pilot
program that would end on July 18, 2006.
6 See letters to Jonathan G. Katz, Secretary,
Commission, from Matthew B. Hinerfeld, Managing
Director & Deputy General Counsel, Citadel
Investment Group, LLC on behalf of Citadel
Derivatives Group LLC (‘‘Citadel’’), dated November
8, 2005 (‘‘Citadel Letter’’) and from Annah Y. Kim,
Chief Regulatory Officer, Boston Options Exchange
Regulation (‘‘BOX’’), dated November 10, 2005
(‘‘BOX Letter’’). Citadel also commented on the
American Stock Exchange LLC’s (‘‘Amex’’) proposal
to implement the Amex New Trading Environment
Price Improvement Auction (‘‘PIA’’) (File No. SRAmex-2004–107). This Order and Notice does not
address the Amex proposal. A discussion of the
comment letters is provided in section III below.
7 See letter from Angelo Evangelou, Managing
Senior Attorney, Legal Division, CBOE, to Jonathan
G. Katz, Secretary, Commission, dated December 2,
2005 (‘‘Response Letter’’).
PO 00000
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7089
Exchange participants would compete
with the Initiating Member’s second
order to execute against the Agency
Order. The second order submitted by
the Initiating Member could be an order
for the principal account of the
Initiating Member (‘‘principal order’’) or
an order solicited by the Initiating
Member to trade with another member
or a non-member customer or brokerdealer (‘‘solicited order’’).8 Under the
proposal, the Initiating Member may
enter the second order in one of two
formats: (1) At a specified single price
or (2) with a non-price specific
commitment to match as principal the
price and size of all auction responses
(‘‘Auto-Match’’). If the Initiating
Member enters the second order with
Auto-Match, then the Initiating Member
would not have control over the prices
at which it receives an allocation at the
conclusion of the auction. After the
commencement of an auction, the
Initiating Member would not be able to
cancel the auction.
Upon receipt of an Agency Order and
the second order, the Exchange would
commence the auction by issuing a
request for responses (‘‘RFR’’) detailing
the side and size of the Agency Order.9
The auction would last for a random
time period, from 3 seconds to 5
seconds, determined by the Exchange’s
system. During such time period, any
Exchange market maker with an
appointment in the options class may
submit RFR responses (including
multiple responses). In addition, any
Exchange member acting as an agent for
customer orders resting at the top of the
Exchange’s book opposite the Agency
Order, may submit RFR responses on
behalf of such customer orders (such
RFR responses may not exceed the size
of the customer orders).10 The RFR
responses must specify price and size,
and may not cross the Exchange’s quote
on the opposite side of the market as the
Agency Order. All RFR responses would
be ‘‘blind,’’ i.e., the RFR responses
would not be visible to any other
participants in the auction. Under the
proposal, market makers may modify or
cancel RFR responses prior to the
conclusion of the auction. The Exchange
may set the RFR response minimum
price increment at no less than one cent.
Normally, the auction would end at
the conclusion of the random 3 seconds
8 See CBOE Rule 6.9 for a definition of solicited
order.
9 The Exchange would send each RFR to all
members electing to receive RFRs (i.e., those
members who have established the necessary
systems connectivity to receive RFRs). Thus, an
Exchange member’s election to receive RFRs would
not be on an auction-by-auction basis.
10 See Amendment No. 2, supra note 5.
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]]>Agencies
[Federal Register Volume 71, Number 28 (Friday, February 10, 2006)]
[Notices]
[Pages 7087-7089]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-1843]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-53232; File No. SR-Amex-2006-008]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to the Specialist Transaction Fee
February 6, 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 February 1, 2006, the American Stock Exchange LLC (``Amex'' or
``Exchange'') 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 Amex. The Exchange
has designated this proposal as one establishing or changing a due, fee
or other charge imposed by the Exchange under section 19(b)(3)(A),\3\
and Rule 19b-4(f)(2) thereunder,\4\ which renders 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\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to revise its Specialist Transaction Fee. The
text of the proposed rule change is available on the Amex's Web site at
https://www.amex.com, the Office of the Secretary, the Amex, and at the
Commission's Public Reference Room.
[[Page 7088]]
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, Amex included statements
concerning the purpose of, and basis for, the proposed rule change and
discussed any comments it received on the proposal. The text of these
statements may be examined at the places specified in Item IV below.
Amex 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
Effective with transactions beginning October 3, 2005, the Exchange
increased the Specialist Transaction Fee from $.00005 to $.00007 of the
total value of a specialist's transactions in equities.\5\ After
further consideration, analysis of the impact of the fee increase and
discussions with its members, the Exchange proposes to rollback the
increase in the Specialist Transaction Fee to $.00005. The increase in
the Specialist Transaction Fee implemented in October 2005 was part of
a number of changes to the Equity Fee Schedule, the purpose of which
was to generate additional revenue for the Exchange and to create
additional incentives for market participants to send order flow to the
Amex. For market participants other than the specialists, the changes
in the aggregate contributed to the increase in revenue for the
Exchange. The changes to fees imposed on the specialists, which also
generated an increase in revenue, included an increase in the
Specialist Transaction Fee and the elimination of a rarely used
exemption from the Transaction Fee for trades in paired securities.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 52701 (October 28,
2005), 70 FR 67504 (November 7, 2005) (notice of filing and
immediate effectiveness of SR-Amex 2005-101).
---------------------------------------------------------------------------
According to the Exchange, the Specialist Transaction Fee is based
on the dollar value of equity shares executed by the specialist. As a
result, specialists trading high-priced and/or high volume securities
account for a disproportionate amount of the revenue generated by the
fee. The recent increase in the fee exacerbated this result. Rolling
back the increase will alleviate, in part, this disproportionate impact
on certain specialists. The rollback of the increase in the Specialist
Transaction Fee will result in a decrease in the additional revenues
expected to be generated by the recent changes to the Equity Fee
Schedule. The Exchange represents that this decrease will not result in
an increase or other revisions to fees charged to other market
participants.
Notwithstanding the proposed reduction in the Specialist
Transaction Fee,\6\ the Exchange believes that the recent changes to
the Equity Fee Schedule continue to be an equitable allocation of
reasonable fees among its members, issuers and other users of its
facilities.
---------------------------------------------------------------------------
\6\ Amex clarified that although it refers in this sentence to
the proposed rollback of the Specialist Transaction Fee from $.00007
to $.00005 as a ``rebate,'' it is more accurately characterized here
as a ``reduction'' in the Specialist Transaction Fee. Telephone
conversation between Claire McGrath, Senior Vice President and
General Counsel, Amex, and Johnna B. Dumler, Attorney, Division of
Market Regulation, Commission, on February 6, 2006.
---------------------------------------------------------------------------
In a separate filing, submitted pursuant to section 19(b)(2) of the
Act,\7\ the Exchange is also requesting approval to rebate the amount
of increase in the Specialist Transaction Fee collected since October
3, 2005.\8\
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b).
\8\ See SR-Amex-2005-130.
---------------------------------------------------------------------------
2. Statutory Basis
The Amex believes that the proposed rule change is consistent with
section 6(b) of the Act,\9\ in general, and furthers the objectives of
section 6(b)(4) of the Act,\10\ in particular, in that it is designed
to assure the equitable allocation of reasonable dues, fees and other
charges among its members and issuers and other persons using its
facilities. Specifically, the Exchange is proposing to eliminate a
recent fee increase that it believes disproportionately impacts some
members.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Amex 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
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to section
19(b)(3)(A) of the Act \11\ and subparagraph (f)(2) of Rule 19b-4
thereunder,\12\ since it establishes or changes a due, fee or other
charge imposed by the Exchange.
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\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(2).
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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 the 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 rule-comments@sec.gov. Please include
File Number SR-Amex-2006-008 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington DC 20549-1090.
All submissions should refer to File Number SR-Amex-2006-008. 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
[[Page 7089]]
Section. Copies of such filing also will be available for inspection
and copying at the principal office of the Amex. 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-Amex-2006-008 and should be submitted on or
before March 3, 2006.
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\13\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\13\
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E6-1843 Filed 2-9-06; 8:45 am]
BILLING CODE 8010-01-P
