Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to “All or None” Orders, 7817-7820 [E6-2011]
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Federal Register / Vol. 71, No. 30 / Tuesday, February 14, 2006 / Notices
Facility Operating License No. DPR–
49: The amendment revised the
Operating License. Date of initial notice
in Federal Register: September 20, 2005
(70 FR 55175).
The supplemental letters contained
clarifying information and did not
change the initial no significant hazards
consideration determination and did not
expand the scope of the original Federal
Register notice.
The Commission’s related evaluation
of the amendment is contained in a
Safety Evaluation dated December 23,
2005.
No significant hazards consideration
comments received: No.
rmajette on PROD1PC67 with NOTICES
Southern Nuclear Operating Company,
Inc., Georgia Power Company,
Oglethorpe Power Corporation,
Municipal Electric Authority of Georgia,
City of Dalton, Georgia, Docket Nos. 50–
321 and 50–366, Edwin I. Hatch Nuclear
Plant, Units 1 and 2, Appling County,
Georgia
Date of application for amendments:
August 23, 2004, as supplemented by
letter dated May 20, 2005.
Brief description of amendments: The
amendments revised the Technical
Specifications Surveillance
Requirements for certain containment
purge valves. The amendments replace
requirements for valve seat replacement
every 24 months with a requirement to
perform an Appendix J leakage rate test
of the valves at a frequency of at least
once every 30 months.
Date of issuance: January 20, 2006.
Effective date: As of the date of
issuance and shall be implemented
within 60 days.
Amendment Nos.: 248/192.
Renewed Facility Operating License
Nos. DPR–57 and NPF–5: Amendments
revised the Technical Specifications.
Date of initial notice in Federal
Register: January 4, 2005 (70 FR 405).
The supplemental letter contained
clarifying information and did not
change the initial no significant hazards
consideration determination and did not
expand the scope of the original Federal
Register notice.
The Commission’s related evaluation
of the amendments is contained in a
Safety Evaluation dated January 20,
2006.
No significant hazards consideration
comments received: No.
Dated at Rockville, Maryland, this 2nd day
of February 2006.
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14:46 Feb 13, 2006
Jkt 208001
For the Nuclear Regulatory Commission.
Catherine Haney,
Director, Division of Operating Reactor
Licensing, Office of Nuclear Reactor
Regulation.
[FR Doc. 06–1162 Filed 2–13–06; 8:45 am]
BILLING CODE 7590–01–P
SECURITIES AND EXCHANGE
COMMISSION
[File No. 1–05084]
7817
by the Commission for the protection of
investors. All comment letters may be
submitted by either of the following
methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/delist.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include the
File Number 1–05084 or;
Paper Comments
Issuer Delisting; Notice of Application
of Tasty Baking Company To Withdraw
Its Common Stock, $.50 Par Value, and
Common Stock Purchase Rights From
Listing and Registration on the New
York Stock Exchange, Inc.
February 7, 2006.
On October 19, 2005, Tasty Baking
Company, a Pennsylvania corporation
(‘‘Issuer’’), filed an application with the
Securities and Exchange Commission
(‘‘Commission’’), pursuant to Section
12(d) of the Securities Exchange Act of
1934 (‘‘Act’’) 1 and Rule 12d2–2(d)
thereunder,2 to withdraw its common
stock, $.50 par value, and common stock
purchase rights (collectively
‘‘Securities’’), from listing and
registration on the New York Stock
Exchange, Inc. (‘‘NYSE’’).
The Board of Directors (‘‘Board’’) of
the Issuer approved resolutions on
October 6, 2005 to withdraw the
Securities from listing and registration
on the NYSE and to list the Securities
on the Nasdaq National Market
(‘‘Nasdaq’’). The Board determined that
it is in the best interests of the Issuer to
list the Securities on Nasdaq.
The Issuer stated in its application
that it has complied with NYSE’s rules
governing an issuer’s voluntary
withdrawal of a security from listing
and registration by providing NYSE
with the required documents governing
the removal of securities from listing
and registration on NYSE.
The Issuer’s application relates solely
to the withdrawal of the Securities from
listing on the NYSE and from
registration under Section 12(b) of the
Act,3 and shall not affect its obligation
to be registered under Section 12(g) of
the Act.4
Any interested person may, on or
before March 6, 2006, comment on the
facts bearing upon whether the
application has been made in
accordance with the rules of NYSE, and
what terms, if any, should be imposed
U.S.C. 78l(d).
2 17 CFR 240.12d2–2(d).
3 15 U.S.C. 78l(b).
4 15 U.S.C. 78l(g).
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Fmt 4703
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.5
Nancy M. Morris,
Secretary.
[FR Doc. E6–2012 Filed 2–13–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53234; File No. SR–Amex–
2006–009]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing and Immediate Effectiveness
of a Proposed Rule Change Relating to
‘‘All or None’’ Orders
February 6, 2006.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
1 15
PO 00000
• 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 1–05084. This file number
should be included on the subject line
if e-mail is used. To help us 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/delist.shtml).
Comments are also available for public
inspection and copying in the
Commission’s Public Reference Room.
All comments received will be posted
without change; we do not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly.
The Commission, based on the
information submitted to it, will issue
an order granting the application after
the date mentioned above, unless the
Commission determines to order a
hearing on the matter.
5 17
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CFR 200.30–3(a)(1).
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Federal Register / Vol. 71, No. 30 / Tuesday, February 14, 2006 / Notices
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on February
2, 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 and II below, which Items have
been prepared by the Amex. On
February 3, 2006, the Exchange
submitted Amendment No. 1 to the
proposed rule change.3 The Exchange
filed the proposed rule change, as
amended, as a ‘‘non-controversial’’ rule
change under Rule 19b–4(f)(6) under the
Act,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,
as amended, from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Amex proposes to eliminate the
‘‘all or none’’ (‘‘AON’’) order type.5 The
text of the proposed rule change, as
amended, is below. Proposed new
language is in italics. Proposed
deletions are in [brackets].
Rule 118. Trading in Nasdaq National
Market Securities
(a)–(p) No change.
(q) An institutional order is a limit
order for a Nasdaq National Market
Security of 10,000 shares or more
transmitted to the order book
electronically which is to be executed
automatically in full at one price. If it
is not executed automatically in full at
one price, it is to be routed to the
specialist for execution and may be
partially executed. [Unlike an all or
none order, a]An institutional order has
standing on the limit order book. An
institutional order may not be entered
for the proprietary account of a brokerdealer.
Rule 122. Bids or Offers for More Than
Unit of Trading
Bids or offers for more than one unit
of trading shall be deemed to be for the
amount thereof or a smaller number of
units[, except that bids or offers may be
made and executed ‘‘all or none’’ if all
of the following conditions are met:
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Partial Amendment No. 1 (‘‘Amendment No. 1’’)
corrects an error in the heading of Exhibit 5 of Form
19b–4.
4 17 CFR 240.19b–4(f)(6).
5 The Exchange is proposing to eliminate the
AON order type for equities (including Exchange
Traded funds, Trust Issued Receipts and other
equity traded products), options, and bonds.
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2 17
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Bids or offers, ‘‘all or none’’
(1) The securities bid for or offered are
bonds;
(2) The amount bid for or offered
equals or exceeds $25,000 of par value;
(3) The bid or offer is executed at a
price higher than the best bid price and
lower than the best offer price, ‘‘regular
way,’’ at the time of execution].
Rule 124. Types of Bids and Offers
(a)–(f) No change.
[‘‘All or none’’
(g) ‘‘All or none,’’ i.e., that the bid or
offer is for an amount of securities equal
to the total amount of securities bid for
or offered and no less; provided,
however, that such condition may be
specified only in accordance with the
provisions of Rule 122.]
Rule 128A. Automatic Execution
(a) No change.
(b) Definitions:
Amex Published Quote (‘‘APQ’’)—
Specialist/Registered Trader Quantity—
No change.
Available Book Quantity: The
Available Book Quantity is the number
of shares on the order book at the APQ
plus additional orders on the book that
can be executed at or within the APQ
minus shares on the book priced at or
within the APQ that cannot be executed
by their terms (e.g., [all or none orders
and ]tick sensitive orders).
Trade Threshold—Maximum Spread
Value—No change.
(c)–(i) No change.
(j) Auto-Ex Unavailability. Auto-Ex
will be unavailable in the following
situations.
(i)–(vii) No change.
(viii) Auto-Ex will not occur with
respect to an incoming Auto-Ex Eligible
[All Or None or] Institutional Order in
the event that there is insufficient size
to execute the order in full at one price.
(ix)–(xi) No change.
(xii) [Auto-Ex will not occur if it
would cause a trade to occur through
the price of an all or none order on the
book.
(xiii)] Auto-Ex will not occur if there
are orders on both sides of the market
when the order book comes out of a
Freeze condition to allow the specialist
to pair-off the orders.
(xiii) [(xiv)] Auto-Ex will not occur if
the spread exceeds the Maximum
Spread Value.
Auto-Ex Eligible Orders that are not
automatically executed will be routed to
the specialist for handling.
*
*
*
*
*
Rule 131. Types of Orders
(a)–(b) No change.
[All or none order
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(c) An all or none order is a market
or limited price order which is to be
executed in its entirety or not at all, but,
unlike a fill or kill order, is not to be
treated as cancelled if not executed as
soon as it is represented in the Trading
Crowd. The making of ‘‘all or none’’
bids or offers in stocks is prohibited,
and the making of ‘‘all or none’’ bids or
offers in bonds is subject to the
restrictions of Rule 122.]
(d)–(t) No change.
*
*
*
*
*
Rule 904. Position Limits
(a)–(b) No change.
* * * Commentary
.01–.09 No change.
.10 No change.
(a)–(b) No change.
(c) The facilitation firm shall comply
with the following provisions regarding
the execution of its customer’s order
and its own facilitating order:
(1) Neither the customer order nor the
facilitation order may be contingent on
[‘‘all or none’’ or] ‘‘fill or kill’’
instructions;
(2) The orders may not be executed
until Rule 950(d) procedures have been
satisfied and all market participants
have been given a reasonable time to
participate in the order.
*
*
*
*
*
.11 No change.
Rule 904C. Position Limits
(a)–(d) No change.
* * * Commentary
.01 No change.
.02 No change.
(a)–(b) No change.
(c) The facilitation firm shall comply
with the following provisions regarding
the execution of its customer’s order
and its own facilitating order:
(1) Neither the customer order nor the
facilitation order may be contingent on
[‘‘all or none’’ or] ‘‘fill or kill’’
instructions;
(2) The orders may not be executed
until Rule 950(d) procedures have been
satisfied and all market participants
have been given a reasonable time to
participate in the order;
*
*
*
*
*
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, as amended,
and discussed any comments it received
on the proposed rule change, as
amended. The text of these statements
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Federal Register / Vol. 71, No. 30 / Tuesday, February 14, 2006 / Notices
may be examined at the places specified
in Item IV below. The 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, Proposed Rule
Change
rmajette on PROD1PC67 with NOTICES
1. Purpose
The Exchange proposes the
elimination of the AON order type. The
Amex states that, Exchange Rule 131(c)
defines an AON order as a market or
limited price order which is to be
executed in its entirety or not at all, but,
unlike a ‘‘fill or kill’’ 6 order, is not to
be treated as cancelled if not executed
as soon as it is represented in the
Trading Crowd.
The Amex believes that, AON orders
are unnecessary and should be
eliminated because: (i) AON orders are
infrequently used and represent a very
small percentage of order flow; (ii) the
resources and programming effort
necessary to support AON orders cannot
be justified; (iii) the availability of
‘‘immediate or cancel’’ 7 and ‘‘fill or
kill’’ orders provide a better substitute
for customers seeking similar types of
executions; and (iv) AON orders cannot
be represented in the Amex’s published
best bid/offer due to the conditional
nature of the order’s execution.
In support of the infrequent use of
AON orders, Amex states that, an
analysis of all AON equity orders on the
Exchange for the months of November
2005 and December 2005 revealed that
AON orders are infrequently used and
represent a very small percentage of
equity order flow. The Exchange notes
that out of 7,854,438 and 8,736,624
orders entered on the Exchange during
November 2005 and December 2005,
respectively, only 53,405, or 0.68% and
54,607, or 0.63%, respectively, were
6 The Exchange states that, Amex Rule 131(i)
defines a ‘‘fill or kill’’ order as a market or limited
price order which is to be executed in its entirety
as soon as it is represented in the Trading Crowd,
and such order, if not so executed, is to be treated
as cancelled. The Amex states that, for purposes of
this definition, a ‘‘stop’’ is considered an execution.
The Amex states, that a fill or kill order for
securities other than options sent to the order book
electronically and not executed by Auto-Ex would
be cancelled immediately.
7 The Exchange states that, Amex Rule 131(k)
defines an ‘‘immediate or cancel’’ order as a market
or limited price order which is to be executed in
whole or in part as soon as such order is
represented in the Trading Crowd, and the portion
not so executed is to be treated as cancelled. The
Amex states that, for the purposes of this definition,
a ‘‘stop’’ is considered an execution. The Amex
states that, in the case of an immediate or cancel
order for securities other than options sent to the
order book electronically, any portion not executed
by Auto-Ex would be cancelled automatically.
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14:46 Feb 13, 2006
Jkt 208001
AON orders. In addition, approximately
70.1% and 72.1% of these AON orders
that were entered during the respective
months of November and December
were cancelled.
The Amex states that, similarly, an
analysis of all AON options orders on
the Exchange for the months of
November 2005 and December 2005 also
revealed that AON orders are
infrequently used and represent a very
small percentage of options order flow.
The Exchange notes that out of
1,093,173 and 996,564 orders entered on
the Exchange during November 2005
and December 2005, respectively, only
6,857, or 0.63% and 4,278 or 0.43%,
respectively, were AON orders. In
addition, approximately 26.6% and
28.3% of these AON orders that were
entered during the respective months of
November and December were
cancelled.
Additionally, Amex notes that the
New York Stock Exchange (the ‘‘NYSE’’)
filed a proposal with the Commission in
July 2005 to eliminate the AON order
type citing similar reasons.8 The
Exchange believes that the AON order
type should be eliminated, and
accordingly, all references to AON
orders should be eliminated from
relevant Amex rules.
2. Statutory Basis
The Exchange believes that its
proposal, as amended, is consistent with
section 6(b) of the Act 9 in general, and
furthers the objectives of section 6(b)(5)
of the Act 10 in particular, in that it is
designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
regulating, clearing, settling, processing
information with respect to, and
facilitating transactions in securities, to
remove impediments to and perfect the
mechanism of a free and open market
and national market system and, in
general, to protect investors and the
public interest; and is not designed to
permit unfair discrimination between
customers, issuers, brokers, or dealers,
or to regulate by virtue of any authority
conferred by the Act matters not related
to the purpose of the Act or the
administration of the Exchange.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change, as amended,
8 Securities Exchange Act Release No. 52154 (July
28, 2005), 70 FR 44966 (August 4, 2005) (order
approving file No. SR–NYSE–2005–51).
9 15 U.S.C. 78f(b).
10 15 U.S.C. 78f(b)(5).
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7819
will impose any inappropriate 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
The Exchange states that, no written
comments were solicited or received
with respect to the proposed rule
change, as amended.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change, as
amended, does not: (i) Significantly
affect the protection of investors or the
public interest; (ii) impose any
significant burden on competition; and
(iii) become operative for 30 days after
the date of filing (or such shorter time
as the Commission may designate if
consistent with the protection of
investors and the public interest), the
proposed rule change, as amended, has
become effective pursuant to section
19(b)(3)(A) of the Act 11 and
subparagraph (f)(6) of Rule 19b–4
thereunder.12
A proposed rule change filed under
19b–4(f)(6) normally may not become
operative prior to 30 days after the date
of filing.13 However, Rule 19b–
4(f)(6)(iii)14 permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange has satisfied the five-day
filing requirement. In addition, the
Exchange has requested that the
Commission waive the 30-day preoperative delay and designate the
proposed rule change, as amended, to
become upon filing. The Commission
believes that waiving the 30-day preoperative delay is consistent with the
protection of investors and the public
interest because it would allow the
Exchange to expeditiously eliminate an
infrequently used order type, which
may increase the efficiency of the
Exchange. The Commission also notes
that this proposed rule change, as
amended, is similar to SR–NYSE–2005–
51.15 For the reasons stated above, the
Commission designates the proposal, as
amended, to become effective and
operative immediately.16
11 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
13 17 CFR 240.19b–4(f)(6)(iii).
14 Id.
15 See supra, note 8.
16 For purposes only of accelerating the operative
date of this proposal, the Commission has
12 17
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Federal Register / Vol. 71, No. 30 / Tuesday, February 14, 2006 / Notices
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 the furtherance of the
purposes of the Act.17
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–2006–009 on the
subject line.
rmajette on PROD1PC67 with NOTICES
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–2006–009. 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
Section, 100 F Street, NE., Washington,
considered the impact of the proposed rule on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
17 The effective date of the original proposed rule
change is February 2, 2006, and the effective date
of Amendment No. 1 is February 3, 2006. For
purposes of calculating the 60-day period within
which the Commission may summarily abrogate the
proposed rule change, as amended, the Commission
considers the period to commence on February 3,
2006, the date on which the Exchange submitted
Amendment No. 1. See 15 U.S.C. 78s(b)(3)(C).
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14:46 Feb 13, 2006
Jkt 208001
DC 20549. 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
Number SR–Amex–2006–009 and
should be submitted on or before March
7, 2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.18
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E6–2011 Filed 2–13–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53235; File No. SR–NYSE–
2005–92]
Self-Regulatory Organizations; New
York Stock Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of
a Proposed Rule Change and
Amendment No. 1 Thereto Relating to
Increasing Certain Fees Charged by
the Exchange to Its Members and
Member Organizations
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 December
23, 2005, the New York Stock Exchange,
Inc. (‘‘NYSE’’ 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 NYSE. On
February 2, 2006, the NYSE filed
Amendment No. 1 to the proposed rule
change.3 The Exchange has designated
this proposal as one establishing or
changing a due, fee, or other charge
imposed by the NYSE under section
19(b)(3)(A)(ii) of the Act,4 and Rule
19b–4(f)(2) thereunder,5 which renders
the proposal effective upon filing with
the Commission. The Commission is
publishing this notice to solicit
18 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 In Amendment No. 1, the NYSE made nonsubstantive changes to the text of the proposed rule
change.
4 15 U.S.C. 78s(b)(3)(A)(ii).
5 17 CFR 240.19b–4(f)(2).
1 15
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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
The NYSE proposes to modify certain
fees that the Exchange charges its
members and member organizations.
The proposed rule change increases the
following fees: (1) Margin Extension
Fees; (2) The Series 7 (General
Securities Registered Representative)
Examination Development Fee; (3)
Statutory Disqualification Fees; and (4)
the session fee for the regulatory
element of the continuing education
requirements of NYSE Rule 345A
(‘‘Continuing Education for Registered
Persons’’). Below is the text of the
proposed rule change. Proposed new
language is in italics; proposed
deletions are in [brackets].
NYSE 2005 Price List
*
*
*
*
*
Pages 1–8 No changes.
Registration Fees
*
*
*
*
*
Credit Extensions
Amount per extension [$2.00]$4.00 6
*
*
*
*
*
Statutory Disqualification Filing Fee
[1,000.00]$1,500.00
Statutory Disqualification Review Fee
$1,000.00 7
*
*
*
*
*
Regulatory Element Fee
$75.00 8
Testing Fees: Please call 212.656.2578
for information.
Qualification Examinations
Series 7 Fee
*
*
*
$100.00 9
*
*
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
NYSE 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
6 The $4.00 fee is effective as of January 1, 2006.
The fee was $2.00 prior to January 1, 2006.
7 The $1,000.00 fee is effective as of January 1,
2006. There was no fee before for the review of
statutory disqualification applications, prior to
January 1, 2006.
8 The $75.00 fee is effective as of January 1, 2006.
The fee was $60.00, prior to January 1, 2006.
9 The $100.00 fee is effective as of January 1,
2006. The fee was $90.00, prior to January 1, 2006.
E:\FR\FM\14FEN1.SGM
14FEN1
]]>Agencies
[Federal Register Volume 71, Number 30 (Tuesday, February 14, 2006)]
[Notices]
[Pages 7817-7820]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-2011]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-53234; File No. SR-Amex-2006-009]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
Relating to ``All or None'' Orders
February 6, 2006.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
[[Page 7818]]
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on February 2, 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 and
II below, which Items have been prepared by the Amex. On February 3,
2006, the Exchange submitted Amendment No. 1 to the proposed rule
change.\3\ The Exchange filed the proposed rule change, as amended, as
a ``non-controversial'' rule change under Rule 19b-4(f)(6) under the
Act,\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, as amended, from interested
persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Partial Amendment No. 1 (``Amendment No. 1'') corrects an
error in the heading of Exhibit 5 of Form 19b-4.
\4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Amex proposes to eliminate the ``all or none'' (``AON'') order
type.\5\ The text of the proposed rule change, as amended, is below.
Proposed new language is in italics. Proposed deletions are in
[brackets].
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\5\ The Exchange is proposing to eliminate the AON order type
for equities (including Exchange Traded funds, Trust Issued Receipts
and other equity traded products), options, and bonds.
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Rule 118. Trading in Nasdaq National Market Securities
(a)-(p) No change.
(q) An institutional order is a limit order for a Nasdaq National
Market Security of 10,000 shares or more transmitted to the order book
electronically which is to be executed automatically in full at one
price. If it is not executed automatically in full at one price, it is
to be routed to the specialist for execution and may be partially
executed. [Unlike an all or none order, a]An institutional order has
standing on the limit order book. An institutional order may not be
entered for the proprietary account of a broker-dealer.
Rule 122. Bids or Offers for More Than Unit of Trading
Bids or offers for more than one unit of trading shall be deemed to
be for the amount thereof or a smaller number of units[, except that
bids or offers may be made and executed ``all or none'' if all of the
following conditions are met:
Bids or offers, ``all or none''
(1) The securities bid for or offered are bonds;
(2) The amount bid for or offered equals or exceeds $25,000 of par
value;
(3) The bid or offer is executed at a price higher than the best
bid price and lower than the best offer price, ``regular way,'' at the
time of execution].
Rule 124. Types of Bids and Offers
(a)-(f) No change.
[``All or none''
(g) ``All or none,'' i.e., that the bid or offer is for an amount
of securities equal to the total amount of securities bid for or
offered and no less; provided, however, that such condition may be
specified only in accordance with the provisions of Rule 122.]
Rule 128A. Automatic Execution
(a) No change.
(b) Definitions:
Amex Published Quote (``APQ'')--Specialist/Registered Trader
Quantity--No change.
Available Book Quantity: The Available Book Quantity is the number
of shares on the order book at the APQ plus additional orders on the
book that can be executed at or within the APQ minus shares on the book
priced at or within the APQ that cannot be executed by their terms
(e.g., [all or none orders and ]tick sensitive orders).
Trade Threshold--Maximum Spread Value--No change.
(c)-(i) No change.
(j) Auto-Ex Unavailability. Auto-Ex will be unavailable in the
following situations.
(i)-(vii) No change.
(viii) Auto-Ex will not occur with respect to an incoming Auto-Ex
Eligible [All Or None or] Institutional Order in the event that there
is insufficient size to execute the order in full at one price.
(ix)-(xi) No change.
(xii) [Auto-Ex will not occur if it would cause a trade to occur
through the price of an all or none order on the book.
(xiii)] Auto-Ex will not occur if there are orders on both sides of
the market when the order book comes out of a Freeze condition to allow
the specialist to pair-off the orders.
(xiii) [(xiv)] Auto-Ex will not occur if the spread exceeds the
Maximum Spread Value.
Auto-Ex Eligible Orders that are not automatically executed will be
routed to the specialist for handling.
* * * * *
Rule 131. Types of Orders
(a)-(b) No change.
[All or none order
(c) An all or none order is a market or limited price order which
is to be executed in its entirety or not at all, but, unlike a fill or
kill order, is not to be treated as cancelled if not executed as soon
as it is represented in the Trading Crowd. The making of ``all or
none'' bids or offers in stocks is prohibited, and the making of ``all
or none'' bids or offers in bonds is subject to the restrictions of
Rule 122.]
(d)-(t) No change.
* * * * *
Rule 904. Position Limits
(a)-(b) No change.
* * * Commentary
.01-.09 No change.
.10 No change.
(a)-(b) No change.
(c) The facilitation firm shall comply with the following
provisions regarding the execution of its customer's order and its own
facilitating order:
(1) Neither the customer order nor the facilitation order may be
contingent on [``all or none'' or] ``fill or kill'' instructions;
(2) The orders may not be executed until Rule 950(d) procedures
have been satisfied and all market participants have been given a
reasonable time to participate in the order.
* * * * *
.11 No change.
Rule 904C. Position Limits
(a)-(d) No change.
* * * Commentary
.01 No change.
.02 No change.
(a)-(b) No change.
(c) The facilitation firm shall comply with the following
provisions regarding the execution of its customer's order and its own
facilitating order:
(1) Neither the customer order nor the facilitation order may be
contingent on [``all or none'' or] ``fill or kill'' instructions;
(2) The orders may not be executed until Rule 950(d) procedures
have been satisfied and all market participants have been given a
reasonable time to participate in the order;
* * * * *
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, as
amended, and discussed any comments it received on the proposed rule
change, as amended. The text of these statements
[[Page 7819]]
may be examined at the places specified in Item IV below. The 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, Proposed Rule Change
1. Purpose
The Exchange proposes the elimination of the AON order type. The
Amex states that, Exchange Rule 131(c) defines an AON order as a market
or limited price order which is to be executed in its entirety or not
at all, but, unlike a ``fill or kill'' \6\ order, is not to be treated
as cancelled if not executed as soon as it is represented in the
Trading Crowd.
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\6\ The Exchange states that, Amex Rule 131(i) defines a ``fill
or kill'' order as a market or limited price order which is to be
executed in its entirety as soon as it is represented in the Trading
Crowd, and such order, if not so executed, is to be treated as
cancelled. The Amex states that, for purposes of this definition, a
``stop'' is considered an execution. The Amex states, that a fill or
kill order for securities other than options sent to the order book
electronically and not executed by Auto-Ex would be cancelled
immediately.
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The Amex believes that, AON orders are unnecessary and should be
eliminated because: (i) AON orders are infrequently used and represent
a very small percentage of order flow; (ii) the resources and
programming effort necessary to support AON orders cannot be justified;
(iii) the availability of ``immediate or cancel'' \7\ and ``fill or
kill'' orders provide a better substitute for customers seeking similar
types of executions; and (iv) AON orders cannot be represented in the
Amex's published best bid/offer due to the conditional nature of the
order's execution.
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\7\ The Exchange states that, Amex Rule 131(k) defines an
``immediate or cancel'' order as a market or limited price order
which is to be executed in whole or in part as soon as such order is
represented in the Trading Crowd, and the portion not so executed is
to be treated as cancelled. The Amex states that, for the purposes
of this definition, a ``stop'' is considered an execution. The Amex
states that, in the case of an immediate or cancel order for
securities other than options sent to the order book electronically,
any portion not executed by Auto-Ex would be cancelled
automatically.
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In support of the infrequent use of AON orders, Amex states that,
an analysis of all AON equity orders on the Exchange for the months of
November 2005 and December 2005 revealed that AON orders are
infrequently used and represent a very small percentage of equity order
flow. The Exchange notes that out of 7,854,438 and 8,736,624 orders
entered on the Exchange during November 2005 and December 2005,
respectively, only 53,405, or 0.68% and 54,607, or 0.63%, respectively,
were AON orders. In addition, approximately 70.1% and 72.1% of these
AON orders that were entered during the respective months of November
and December were cancelled.
The Amex states that, similarly, an analysis of all AON options
orders on the Exchange for the months of November 2005 and December
2005 also revealed that AON orders are infrequently used and represent
a very small percentage of options order flow. The Exchange notes that
out of 1,093,173 and 996,564 orders entered on the Exchange during
November 2005 and December 2005, respectively, only 6,857, or 0.63% and
4,278 or 0.43%, respectively, were AON orders. In addition,
approximately 26.6% and 28.3% of these AON orders that were entered
during the respective months of November and December were cancelled.
Additionally, Amex notes that the New York Stock Exchange (the
``NYSE'') filed a proposal with the Commission in July 2005 to
eliminate the AON order type citing similar reasons.\8\ The Exchange
believes that the AON order type should be eliminated, and accordingly,
all references to AON orders should be eliminated from relevant Amex
rules.
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\8\ Securities Exchange Act Release No. 52154 (July 28, 2005),
70 FR 44966 (August 4, 2005) (order approving file No. SR-NYSE-2005-
51).
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2. Statutory Basis
The Exchange believes that its proposal, as amended, is consistent
with section 6(b) of the Act \9\ in general, and furthers the
objectives of section 6(b)(5) of the Act \10\ in particular, in that it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanism of a free and open market and national market
system and, in general, to protect investors and the public interest;
and is not designed to permit unfair discrimination between customers,
issuers, brokers, or dealers, or to regulate by virtue of any authority
conferred by the Act matters not related to the purpose of the Act or
the administration of the Exchange.
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\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change, as
amended, will impose any inappropriate 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
The Exchange states that, no written comments were solicited or
received with respect to the proposed rule change, as amended.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change, as amended, does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days after the date of filing (or such shorter
time as the Commission may designate if consistent with the protection
of investors and the public interest), the proposed rule change, as
amended, has become effective pursuant to section 19(b)(3)(A) of the
Act \11\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\12\
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\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(6).
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A proposed rule change filed under 19b-4(f)(6) normally may not
become operative prior to 30 days after the date of filing.\13\
However, Rule 19b-4(f)(6)(iii)\14\ permits the Commission to designate
a shorter time if such action is consistent with the protection of
investors and the public interest. The Exchange has satisfied the five-
day filing requirement. In addition, the Exchange has requested that
the Commission waive the 30-day pre-operative delay and designate the
proposed rule change, as amended, to become upon filing. The Commission
believes that waiving the 30-day pre-operative delay is consistent with
the protection of investors and the public interest because it would
allow the Exchange to expeditiously eliminate an infrequently used
order type, which may increase the efficiency of the Exchange. The
Commission also notes that this proposed rule change, as amended, is
similar to SR-NYSE-2005-51.\15\ For the reasons stated above, the
Commission designates the proposal, as amended, to become effective and
operative immediately.\16\
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\13\ 17 CFR 240.19b-4(f)(6)(iii).
\14\ Id.
\15\ See supra, note 8.
\16\ For purposes only of accelerating the operative date of
this proposal, the Commission has considered the impact of the
proposed rule on efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
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[[Page 7820]]
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 the furtherance of the purposes of the Act.\17\
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\17\ The effective date of the original proposed rule change is
February 2, 2006, and the effective date of Amendment No. 1 is
February 3, 2006. For purposes of calculating the 60-day period
within which the Commission may summarily abrogate the proposed rule
change, as amended, the Commission considers the period to commence
on February 3, 2006, the date on which the Exchange submitted
Amendment No. 1. 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, 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 rule-comments@sec.gov. Please include
File Number SR-Amex-2006-009 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-2006-009. 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 Section, 100 F Street,
NE., Washington, DC 20549. 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 Number SR-Amex-2006-009 and should be
submitted on or before March 7, 2006.
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\18\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\18\
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E6-2011 Filed 2-13-06; 8:45 am]
BILLING CODE 8010-01-P
