Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Exchange's Standard Position and Exercise Limit Pilot Program, 10582-10583 [E6-2845]
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10582
Federal Register / Vol. 71, No. 40 / Wednesday, March 1, 2006 / Notices
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–NASD–2006–025 and should be
submitted on or before March 22, 2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.13
Nancy M. Morris,
Secretary.
[FR Doc. E6–2820 Filed 2–28–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53350; File No. SR–PCX–
2006–08]
Self-Regulatory Organizations; Pacific
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Extend the
Exchange’s Standard Position and
Exercise Limit Pilot Program
February 22, 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
14, 2006, the Pacific Exchange, Inc.
(‘‘PCX’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the PCX. The Exchange has filed the
proposal as a ‘‘non-controversial’’ rule
change pursuant to Section 19(b)(3)(A)
of the Act 3 and Rule 19b–4(f)(6)
thereunder,4 which renders it effective
upon filing with the Commission. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
The PCX proposes to amend its rules
to extend the time period in PCX Rule
6.8(a), which covers the position limit
and exercise limits pilot program for
equity option contracts and options on
the Nasdaq–100 Tracking Stock
(‘‘QQQQ’’) (‘‘Pilot Program’’). The text
of the proposed rule change is available
on the PCX’s Web site (https://
www.pacificex.com), at the PCX’s
principal office, and at the
Commission’s Public Reference Room.
1. Purpose
In its filing with the Commission, the
PCX 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.
The purpose of this proposal is to
extend the period for the Exchange’s
Pilot Program relating to standard
position and exercise limits for equity
option contracts and for options on
QQQQs until September 1, 2006.5
Specifically, the Pilot Program increased
the applicable position and exercise
limits for equity options and options on
the QQQQ in accordance with the
following levels:
Current equity option contract limit 6
Pilot program equity option contract limit
13,500
22,500
31,500
60,000
75,000
25,000
50,000
75,000
200,000
250,000
Current QQQQ option contract limit
Pilot program QQQQ option contract limit
300,000
900,000
wwhite on PROD1PC61 with NOTICES
The Exchange believes that extending
the Pilot Program until September 1,
2006 is warranted due to the positive
feedback from OTP Holders and for the
reasons cited in the original rule filing
that proposed the Pilot Program.7 While
previously the Pilot Program was
extended for a ‘‘six-month period’’ this
proposal actually calls for an extension
of six months and four days. This slight
change to the time period, which makes
no material change to the Pilot Program
itself, is being proposed in order to
coordinate the expiration of the Pilot
Program with the end of the calendar
13 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)(6).
5 The Pilot Program, which was effective upon
filing on February 25, 2005 and subsequently
1 15
VerDate Aug<31>2005
18:25 Feb 28, 2006
Jkt 208001
month. The Exchange has not
encountered any problems or
difficulties relating to the Pilot Program
since its inception. For these reasons,
the Exchange requests that the
Commission extend the Pilot Program
until September 1, 2006.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with the Act
and the rules and regulations
thereunder and, in particular, the
requirements of section 6(b) of the Act.8
Specifically, the Exchange believes the
extended, is set to expire on February 26, 2006. See
Securities Exchange Act Release No. 51286 (March
1, 2005), 70 FR 11297 (March 8, 2005) (notice of
filing and immediate effectiveness of File No. SR–
PCX–2003–55, as amended) (‘‘Pilot Program
Notice’’). See also Securities Exchange Act Release
No. 52263 (August 15, 2005), 70 FR 49003 (August
PO 00000
Frm 00121
Fmt 4703
Sfmt 4703
proposed rule change is consistent with
Section 6(b)(5) of the Act 9 that requires
that the rules of an exchange be
designed to promote just and equitable
principles of trade, to prevent
fraudulent and manipulative acts, to
remove impediments to and perfect the
mechanism for a free and open market
and a national market system, and, in
general, to protect investors and the
public interest.
22, 2005) (notice of filing and immediate
effectiveness of File No. SR–PCX–2005–95).
6 Except when the Pilot Program is in effect.
7 See Pilot Program Notice, supra note 5.
8 15 U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(5).
E:\FR\FM\01MRN1.SGM
01MRN1
Federal Register / Vol. 71, No. 40 / Wednesday, March 1, 2006 / Notices
IV. Solicitation of Comments
B. Self-Regulatory Organization’s
Statement on Burden on Competition
10583
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.15
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
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
SOCIAL SECURITY ADMINISTRATION
• 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–PCX–2006–08 on the subject
line.
Privacy Act of 1974 as Amended;
Computer Matching Program (SSA/
Railroad Retirement Board (RRB))—
Match Number 1006
Written comments on the proposed
rule change were neither solicited nor
received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the forgoing rule change does
not: (1) Significantly affect the
protection of investors or the public
interest; (2) impose any significant
burden on competition; and (3) become
operative for 30 days after the date of
this filing, or such shorter time as the
Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 10 and Rule 19b–
4(f)(6) thereunder.11
A proposed rule change filed under
19b–4(f)(6) normally may not become
operative prior to 30 days after the date
of filing.12 However, Rule 19b–
4(f)(6)(iii) 13 permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange provided the Commission
with written notice of its intent to file
this proposed rule change at least five
business days prior to the date of filing
the proposed rule change. In addition,
the Exchange has requested that the
Commission waive the 30-day preoperative delay. The Commission
believes that waiving the 30-day preoperative delay is consistent with the
protection of investors and in the public
interest because it will allow the Pilot
Program to continue uninterrupted.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 Act.
wwhite on PROD1PC61 with NOTICES
10 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
12 17 CFR 240.19b–4(f)(6)(iii).
13 Id.
14 For the purposes only of waiving the preoperative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. 15 U.S.C. 78c(f).
11 17
VerDate Aug<31>2005
18:25 Feb 28, 2006
Jkt 208001
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
Station Place, 100 F Street, NE.,
Washington, DC 20549–1090.
All submissions should refer to File No.
SR–PCX–2006–08. This file number
should be included on the subject line
if e-mail is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
Room, 100 F Street, NE., Washington,
DC 20549. Copies of such filing will also
be available for inspection and copying
at the principal office of the PCX. All
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File No.
SR–PCX–2006–08 and should be
submitted on or before March 22, 2006.
PO 00000
Nancy M. Morris,
Secretary.
[FR Doc. E6–2845 Filed 2–28–06; 8:45 am]
BILLING CODE 8010–01–P
AGENCY:
Notice of the renewal of an
existing computer matching program,
which is scheduled to expire on March
7, 2006.
ACTION:
SUMMARY: In accordance with the
provisions of the Privacy Act, as
amended, this notice announces the
renewal of an existing computer
matching program that SSA is currently
conducting with the RRB.
DATES: SSA will file a report of the
subject matching program with the
Committee on Homeland Security and
Governmental Affairs of the Senate; the
Committee on Government Reform of
the House of Representatives and the
Office of Information and Regulatory
Affairs, Office of Management and
Budget (OMB). The renewal of the
matching program will be effective as
indicated below.
ADDRESSES: Interested parties may
comment on this notice by either telefax
to (410) 965–8582 or writing to the
Associate Commissioner, Office of
Income Security Programs, 252
Altmeyer Building, 6401 Security
Boulevard, Baltimore, MD 21235–6401.
All comments received will be available
for public inspection at this address.
FOR FURTHER INFORMATION CONTACT: The
Associate Commissioner for Income
Security Programs as shown above.
SUPPLEMENTARY INFORMATION:
A. General
The Computer Matching and Privacy
Protection Act of 1988 (Pub. L. 100–
503), amended the Privacy Act (5 U.S.C.
552a) by describing the manner in
which computer matching involving
Federal agencies could be performed
and adding certain protections for
individuals applying for, and receiving,
Federal benefits. Section 7201 of the
Omnibus Budget Reconciliation Act of
1990 (Pub. L. 101–508) further amended
15 17
Frm 00122
Fmt 4703
Sfmt 4703
Social Security Administration
(SSA).
E:\FR\FM\01MRN1.SGM
CFR 200.30–3(a)(12).
01MRN1
]]>Agencies
[Federal Register Volume 71, Number 40 (Wednesday, March 1, 2006)]
[Notices]
[Pages 10582-10583]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-2845]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-53350; File No. SR-PCX-2006-08]
Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Extend
the Exchange's Standard Position and Exercise Limit Pilot Program
February 22, 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 14, 2006, the Pacific Exchange, Inc. (``PCX'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the PCX. The Exchange has
filed the proposal as a ``non-controversial'' rule change pursuant to
Section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(6) thereunder,\4\
which renders it effective upon filing with the Commission. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\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 PCX proposes to amend its rules to extend the time period in
PCX Rule 6.8(a), which covers the position limit and exercise limits
pilot program for equity option contracts and options on the Nasdaq-100
Tracking Stock (``QQQQ'') (``Pilot Program''). The text of the proposed
rule change is available on the PCX's Web site (https://
www.pacificex.com), at the PCX'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 PCX included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
Sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of this proposal is to extend the period for the
Exchange's Pilot Program relating to standard position and exercise
limits for equity option contracts and for options on QQQQs until
September 1, 2006.\5\ Specifically, the Pilot Program increased the
applicable position and exercise limits for equity options and options
on the QQQQ in accordance with the following levels:
---------------------------------------------------------------------------
\5\ The Pilot Program, which was effective upon filing on
February 25, 2005 and subsequently extended, is set to expire on
February 26, 2006. See Securities Exchange Act Release No. 51286
(March 1, 2005), 70 FR 11297 (March 8, 2005) (notice of filing and
immediate effectiveness of File No. SR-PCX-2003-55, as amended)
(``Pilot Program Notice''). See also Securities Exchange Act Release
No. 52263 (August 15, 2005), 70 FR 49003 (August 22, 2005) (notice
of filing and immediate effectiveness of File No. SR-PCX-2005-95).
\6\ Except when the Pilot Program is in effect.
------------------------------------------------------------------------
Current equity option contract Pilot program equity option
limit \6\ contract limit
------------------------------------------------------------------------
13,500 25,000
22,500 50,000
31,500 75,000
60,000 200,000
75,000 250,000
------------------------------------------------------------------------
Current QQQQ option contract limit Pilot program QQQQ option contract
limit
------------------------------------------------------------------------
300,000 900,000
------------------------------------------------------------------------
The Exchange believes that extending the Pilot Program until
September 1, 2006 is warranted due to the positive feedback from OTP
Holders and for the reasons cited in the original rule filing that
proposed the Pilot Program.\7\ While previously the Pilot Program was
extended for a ``six-month period'' this proposal actually calls for an
extension of six months and four days. This slight change to the time
period, which makes no material change to the Pilot Program itself, is
being proposed in order to coordinate the expiration of the Pilot
Program with the end of the calendar month. The Exchange has not
encountered any problems or difficulties relating to the Pilot Program
since its inception. For these reasons, the Exchange requests that the
Commission extend the Pilot Program until September 1, 2006.
---------------------------------------------------------------------------
\7\ See Pilot Program Notice, supra note 5.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder and, in particular,
the requirements of section 6(b) of the Act.\8\ Specifically, the
Exchange believes the proposed rule change is consistent with Section
6(b)(5) of the Act \9\ that requires that the rules of an exchange be
designed to promote just and equitable principles of trade, to prevent
fraudulent and manipulative acts, to remove impediments to and perfect
the mechanism for a free and open market and a national market system,
and, in general, to protect investors and the public interest.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
[[Page 10583]]
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments on the proposed rule change were neither solicited
nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the forgoing rule change does not: (1) Significantly affect
the protection of investors or the public interest; (2) impose any
significant burden on competition; and (3) become operative for 30 days
after the date of this filing, or such shorter time as the Commission
may designate, it has become effective pursuant to Section 19(b)(3)(A)
of the Act \10\ and Rule 19b-4(f)(6) thereunder.\11\
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
A proposed rule change filed under 19b-4(f)(6) normally may not
become operative prior to 30 days after the date of filing.\12\
However, Rule 19b-4(f)(6)(iii) \13\ permits the Commission to designate
a shorter time if such action is consistent with the protection of
investors and the public interest. The Exchange provided the Commission
with written notice of its intent to file this proposed rule change at
least five business days prior to the date of filing the proposed rule
change. In addition, the Exchange has requested that the Commission
waive the 30-day pre-operative delay. The Commission believes that
waiving the 30-day pre-operative delay is consistent with the
protection of investors and in the public interest because it will
allow the Pilot Program to continue uninterrupted.\14\
---------------------------------------------------------------------------
\12\ 17 CFR 240.19b-4(f)(6)(iii).
\13\ Id.
\14\ For the purposes only of waiving the pre-operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate 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 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-PCX-2006-08 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street, NE., Washington, DC 20549-1090.
All submissions should refer to File No. SR-PCX-2006-08. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (https://www.sec.gov/rules/
sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for inspection and
copying in the Commission's Public Reference Room, 100 F Street, NE.,
Washington, DC 20549. Copies of such filing will also be available for
inspection and copying at the principal office of the PCX. All comments
received will be posted without change; the Commission does not edit
personal identifying information from submissions. You should submit
only information that you wish to make available publicly. All
submissions should refer to File No. SR-PCX-2006-08 and should be
submitted on or before March 22, 2006.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\15\
---------------------------------------------------------------------------
\15\ 17 CFR 200.30-3(a)(12).
Nancy M. Morris,
Secretary.
[FR Doc. E6-2845 Filed 2-28-06; 8:45 am]
BILLING CODE 8010-01-P
