Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Deadline for Implementation of the ANTE System, 9391-9392 [06-1653]
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Federal Register / Vol. 71, No. 36 / Thursday, February 23, 2006 / Notices
11. Before a Registered Participating
Fund may participate in the Securities
Lending Program, a majority of the
Board (including a majority of the
Independent Trustees) will approve the
Registered Participating Fund’s
participation in the Securities Lending
Program. No less frequently than
annually, the Board also will evaluate,
with respect to each Registered
Participating Fund, any securities
lending arrangement and its results and
determine that any investment of Cash
Collateral in the Central Funds is in the
best interests of the Registered
Participating Fund.
12. The Board of each Registered
Participating Fund will satisfy the fund
governance standards as defined in rule
0–1(a)(7) under the Act by the
compliance date for the rule.
For the Commission, by the Division of
Investment Management, under delegated
authority.
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E6–2534 Filed 2–22–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53319; File No. SR–Amex–
2006–13]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change To Extend
the Deadline for Implementation of the
ANTE System
rwilkins on PROD1PC63 with NOTICES
February 15, 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
6, 2006, the American Stock Exchange
LLC (‘‘Exchange’’ or ‘‘Amex’’) 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. Amex
has designated this proposal as noncontroversial under Section
19(b)(3)(A)(iii) of the Act 3 and Rule
19b–4(f)(6) thereunder,4 which renders
the proposed rule change 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).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
2 17
VerDate Aug<31>2005
16:15 Feb 22, 2006
Jkt 205001
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Amex Rule 900—ANTE to extend the
deadline for implementation of the
Amex New Trading Environment
trading platform (the ‘‘ANTE System’’ or
‘‘ANTE’’) for all option classes from
December 31, 2005, to June 30, 2006.
The text of the proposed rule change is
available on Amex’s Web site (https://
www.amex.com), at Amex’s principal
office, 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.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
On May 20, 2004, the Commission
approved Amex’s proposal to
implement a new options trading
platform known as ANTE.5 On May 25,
2004, Amex began rolling out the ANTE
System on its trading floor on a
specialist’s post-by-specialist’s post
basis. At that time it was anticipated the
roll-out would be completed by the end
of the second quarter of 2005. The
implementation date for the full roll-out
of the ANTE System was subsequently
extended to December 31, 2005.6 Amex
has rolled out the ANTE System to all
its option classes except one—the
Nasdaq 100 Index (‘‘NDX’’). NDX has
the largest notional value of any option
class, with average option premiums of
$40. The specialist for this product is
concerned that the theoretical price
calculator provided by the ANTE
System may not accurately price the
options on this index. The specialist has
installed its own theoretical index price
calculator, which currently calculates
prices for the firm’s other options
products, including the Mini Nasdaq
Index (MNX), an index valued at onetenth the value of NDX. The specialist
for NDX has sought more time to gain
experience using its proprietary price
calculator before it moves NDX onto the
ANTE System. The Exchange expects
that NDX will be moved onto the ANTE
System by June 30, 2006.
Amex is now proposing to revise its
implementation schedule to provide
that all option classes traded by the
Exchange will be on the ANTE System
by June 30, 2006. Maintaining two
platforms for options trading—the
legacy systems (AODB, the Amex
Options Display Book; XTOPS, Amex’s
theoretical price calculator; and AutoEx) and ANTE—is costly. In a separate
filing submitted February 6, 2006, for
immediate effectiveness pursuant to
Section 19(b)(3)(A)(ii) of the Act,7 the
Exchange is proposing to impose a
Technology Assessment Fee on
members for the continued use of its
legacy options trading systems.8 The
intent of this assessment is to recover
some of the costs incurred for
maintaining the legacy systems and to
provide an additional incentive to the
NDX specialist to transition NDX to the
ANTE System as soon as possible.
2. Statutory Basis
The Exchange 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)(5) 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 a 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, and dealers.
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
7 15
5 See
Securities Exchange Act Release No. 49747,
69 FR 30344 (May 27, 2004) (File No. SR–Amex–
2003–89).
6 See Securities Exchange Act Release No. 52984
(December 20, 2005), 70 FR 76472 (December 27,
2005) (File No. SR–Amex–2005–123).
PO 00000
Frm 00084
Fmt 4703
Sfmt 4703
9391
U.S.C. 78s(b)(3)(A)(ii).
File No. SR–Amex–2006–12, notice of
which the Commission is separately publishing for
comment today (Securities Exchange Act Release
No. 53318).
9 15 U.S.C. 78f(b).
10 15 U.S.C. 78f(b)(5).
8 See
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9392
Federal Register / Vol. 71, No. 36 / Thursday, February 23, 2006 / Notices
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 proposed rule change
has become effective pursuant to
Section 19(b)(3)(A) of the Act 11 and
Rule 19b–4(f)(6) 12 thereunder because it
(i) Does not significantly affect the
protection of investors or the public
interest; (ii) does not impose any
significant burden on competition; and
(iii) does not become operative for 30
days from the date on which it was
filed, or such shorter time as the
Commission may designate, provided
that the self-regulatory organization has
given the Commission written notice of
its intent to file the proposed rule
change at least five business days prior
to the filing date of the proposed rule
change, or such shorter time as the
Commission may designate.
The Exchange has requested that the
Commission waive the five-day prefiling requirement and the 30-day
operative delay of Rule 19b–4(f)(6)(iii)
so that the proposed rule change may
become effective immediately.13 The
Commission believes that waiving the
pre-filing requirement and the operative
delay is consistent with the protection
of investors and the public interest.
Therefore, the Commission has
determined to waive the pre-filing
requirement and the operative delay and
allow the proposed rule change to
become operative immediately.14
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.
11 15
U.S.C. 78s(b)(3)(A).
CFR 19b–4(f)(6).
13 The Exchange gave the Commission written
notice of its intent to file the proposed rule change
by notice on January 14, 2005.
14 For purposes only of waiving the operative
delay of this proposal, the Commission notes that
it has considered the proposed rule’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
rwilkins on PROD1PC63 with NOTICES
12 17
VerDate Aug<31>2005
16:15 Feb 22, 2006
Jkt 205001
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
No. SR–Amex–2006–13 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–2006–13. 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 Commissions
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 Exchange. All
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–Amex–2006–13 and should
be submitted on or before March 16,
2006.
PO 00000
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.15
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. 06–1653 Filed 2–22–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53318; File No. SR–Amex–
2006–12]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change To Establish
a Technology Assessment Fee for the
Use of Legacy Options Trading
Systems
February 15, 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
6, 2006, the American Stock Exchange
LLC (‘‘Exchange’’ or ‘‘Amex’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the Exchange.
Amex has designated this proposal as
one establishing or changing a due, fee,
or other charge imposed by Amex under
section 19(b)(3)(A)(ii) of the Act 3 and
Rule 19b–4(f)(2) thereunder,4 which
renders the proposed rule change
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 proposes to adopt a
Technology Assessment Fee to be
assessed on its members for the
continued use of legacy options trading
systems. The text of the proposed rule
change is available on Amex’s Web site
(https://www.amex.com), at Amex’s
principal office, and at the
Commission’s Public Reference Room.
15 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)(ii).
4 17 CFR 240.19b–4(f)(2).
1 15
Frm 00085
Fmt 4703
Sfmt 4703
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]]>Agencies
[Federal Register Volume 71, Number 36 (Thursday, February 23, 2006)]
[Notices]
[Pages 9391-9392]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-1653]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-53319; File No. SR-Amex-2006-13]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Extend the Deadline for Implementation of the ANTE System
February 15, 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 6, 2006, the American Stock Exchange LLC (``Exchange'' or
``Amex'') 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. Amex has
designated this proposal as non-controversial under Section
19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6) thereunder,\4\
which renders the proposed rule change 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)(iii).
\4\ 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 proposes to amend Amex Rule 900--ANTE to extend the
deadline for implementation of the Amex New Trading Environment trading
platform (the ``ANTE System'' or ``ANTE'') for all option classes from
December 31, 2005, to June 30, 2006. The text of the proposed rule
change is available on Amex's Web site (https://www.amex.com), at Amex's
principal office, 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.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
On May 20, 2004, the Commission approved Amex's proposal to
implement a new options trading platform known as ANTE.\5\ On May 25,
2004, Amex began rolling out the ANTE System on its trading floor on a
specialist's post-by-specialist's post basis. At that time it was
anticipated the roll-out would be completed by the end of the second
quarter of 2005. The implementation date for the full roll-out of the
ANTE System was subsequently extended to December 31, 2005.\6\ Amex has
rolled out the ANTE System to all its option classes except one--the
Nasdaq 100 Index (``NDX''). NDX has the largest notional value of any
option class, with average option premiums of $40. The specialist for
this product is concerned that the theoretical price calculator
provided by the ANTE System may not accurately price the options on
this index. The specialist has installed its own theoretical index
price calculator, which currently calculates prices for the firm's
other options products, including the Mini Nasdaq Index (MNX), an index
valued at one-tenth the value of NDX. The specialist for NDX has sought
more time to gain experience using its proprietary price calculator
before it moves NDX onto the ANTE System. The Exchange expects that NDX
will be moved onto the ANTE System by June 30, 2006.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 49747, 69 FR 30344
(May 27, 2004) (File No. SR-Amex-2003-89).
\6\ See Securities Exchange Act Release No. 52984 (December 20,
2005), 70 FR 76472 (December 27, 2005) (File No. SR-Amex-2005-123).
---------------------------------------------------------------------------
Amex is now proposing to revise its implementation schedule to
provide that all option classes traded by the Exchange will be on the
ANTE System by June 30, 2006. Maintaining two platforms for options
trading--the legacy systems (AODB, the Amex Options Display Book;
XTOPS, Amex's theoretical price calculator; and Auto-Ex) and ANTE--is
costly. In a separate filing submitted February 6, 2006, for immediate
effectiveness pursuant to Section 19(b)(3)(A)(ii) of the Act,\7\ the
Exchange is proposing to impose a Technology Assessment Fee on members
for the continued use of its legacy options trading systems.\8\ The
intent of this assessment is to recover some of the costs incurred for
maintaining the legacy systems and to provide an additional incentive
to the NDX specialist to transition NDX to the ANTE System as soon as
possible.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A)(ii).
\8\ See File No. SR-Amex-2006-12, notice of which the Commission
is separately publishing for comment today (Securities Exchange Act
Release No. 53318).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange 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)(5) \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 a 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, and
dealers.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78f(b).
\10\ 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
[[Page 9392]]
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 proposed rule change has become effective pursuant to
Section 19(b)(3)(A) of the Act \11\ and Rule 19b-4(f)(6) \12\
thereunder because it (i) Does not significantly affect the protection
of investors or the public interest; (ii) does not impose any
significant burden on competition; and (iii) does not become operative
for 30 days from the date on which it was filed, or such shorter time
as the Commission may designate, provided that the self-regulatory
organization has given the Commission written notice of its intent to
file the proposed rule change at least five business days prior to the
filing date of the proposed rule change, or such shorter time as the
Commission may designate.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 19b-4(f)(6).
---------------------------------------------------------------------------
The Exchange has requested that the Commission waive the five-day
pre-filing requirement and the 30-day operative delay of Rule 19b-
4(f)(6)(iii) so that the proposed rule change may become effective
immediately.\13\ The Commission believes that waiving the pre-filing
requirement and the operative delay is consistent with the protection
of investors and the public interest. Therefore, the Commission has
determined to waive the pre-filing requirement and the operative delay
and allow the proposed rule change to become operative immediately.\14\
---------------------------------------------------------------------------
\13\ The Exchange gave the Commission written notice of its
intent to file the proposed rule change by notice on January 14,
2005.
\14\ For purposes only of waiving the operative delay of this
proposal, the Commission notes that it 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 such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File No. SR-Amex-2006-13 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-2006-13. 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 Commissions 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 Exchange. All comments received will be posted
without change; the Commission does not edit personal identifying
information from submissions. You should submit only information that
you wish to make available publicly. All submissions should refer to
File Number SR-Amex-2006-13 and should be submitted on or before March
16, 2006.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\15\
---------------------------------------------------------------------------
\15\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. 06-1653 Filed 2-22-06; 8:45 am]
BILLING CODE 8010-01-P
