Self-Regulatory Organizations; Pacific Stock Exchange, Inc.; Notice of Filing of Proposed Rule Change Relating to Clearly Erroneous Executions, 11008-11010 [E6-3030]
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11008
Federal Register / Vol. 71, No. 42 / Friday, March 3, 2006 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53371; File No. SR–NASD–
2005–144]
Self-Regulatory Organizations;
National Association of Securities
Dealers, Inc.; Order Granting Approval
of a Proposed Rule Change Relating to
Order Entry and Execution Practices
February 24, 2006.
I. Introduction
On December 8, 2005, the National
Association of Securities Dealers, Inc.
(‘‘NASD’’) filed with the Securities and
Exchange Commission (‘‘Commission’’)
pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934, as
amended, (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change
relating to order entry and execution
practices. The proposed rule change was
published in the Federal Register on
January 23, 2006.3 The Commission has
received one comment on the proposal.4
This order approves the proposed rule
change.
II. Description of the Proposal
The NASD proposed to add Rule 3380
to prohibit members and associated
persons from splitting any order into
multiple smaller orders for execution or
any execution into multiple smaller
executions for transaction reporting for
the primary purpose of maximizing a
monetary or in-kind payment to the
member or associated persons as a result
of the execution of such orders or the
transaction reporting of such
executions.
III. Discussion and Commission
Findings
The Commission has reviewed
carefully the proposed rule change and
finds that it is consistent with the
requirements of the Act and the rules
and regulations thereunder applicable to
a national securities association,5
particularly Section 15A(b)(6) of the
Act,6 which requires that an
association’s rules be designed to
prevent fraudulent and manipulative
acts and practices, promote just and
equitable principles of trade, remove
impediments to, and perfect the
mechanism of, a free and open market
and, in general, protect investors and
the public interest.
In its comment letter on behalf of Sun
Trading LLC,7 the commenter argues, in
essence, that the rule proposal should
be limited to the splitting of customer
orders, and that trade shredding should
be permitted for member proprietary
trades, since this could allow members
to make tighter and more efficient
markets. Accordingly, the commenter
suggests that the Commission limit the
application of the rule to exclude
trading by market makers and
proprietary trading firms where no
customer orders are involved. The
commenter believes that the
Commission has adequately addressed
the issue of trade shredding in the
newly adopted Regulation NMS and
that further steps would be counter
productive.
While Regulation NMS will revise the
current plan formulas, which allocate
market data revenues based either solely
on the number of trades, or on trade and
share volume, to reduce the emphasis
on trade volume, the Commission
believes it is appropriate for selfregulatory organizations (‘‘SROs’’) to
take additional steps to address trade
shredding and its potentially distortive
effects. The Commission notes that, to
date, it has approved rule changes to
address the practice of trade shredding
from four SROs.8 The remaining SROs
have filed proposed rule changes to
address the issue of trade shredding.9
The Commission believes that the
proposed rule change should further
deter the distortive practice of trade
shredding, and, therefore, promote just
and equitable principles of trade.
U.S.C. 78s(b)(l).
CFR 240. 19b–4.
3 See Securities Exchange Act Release No. 53132
(January 17, 2006), 71 FR 3584.
4 See email comment from Jefferson Wigley,
Managing Member, Sun Trading LLC, dated
February 15, 2006 (‘‘Sun Trading Letter’’).
5 In approving this proposed rule change, the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
6 15 U.S.C. 78o–3(b)(6).
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2 17
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BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53376; File No. SR–PCX–
2006–12]
Self-Regulatory Organizations; Pacific
Stock Exchange, Inc.; Notice of Filing
of Proposed Rule Change Relating to
Clearly Erroneous Executions
February 27, 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
23, 2006, the Pacific Stock Exchange,
Inc. (‘‘PCX’’ 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 PCX. 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 PCX proposes to amend PCX
Equities, Inc. (‘‘PCXE’’) Rule 7.10(e)
pertaining to clearly erroneous
executions of securities issued in initial
public offerings. The text of the
proposed rule change is set forth
below.3 Brackets indicate deletions;
italics indicates new text.
*
*
*
*
*
Rules of the PCX Equities, Inc.
IV. Conclusion
Rule 7
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,10 that the
proposed rule change (File No. SR–
NASD–2005–144), be and hereby is,
approved.
Rule 7.10
7 See
supra note 4.
Securities Exchange Act Release Nos. 52341
(August 26, 2005), 70 FR 52455 (September 2, 2005)
(SR–BSE–2005–20); 52683 (October 26, 2005), 70
FR 66480 (November 2, 2005) (SR–NYSE–2005–62);
53070 (January 6, 2006), 71 FR 2286 (January 13,
2006) (SR–Phlx–2005–63); 53088 (January 10,
2006), 71 FR 2605 (January 17, 2006) (SR–CBOE–
2005–92).
9 See SR–Amex–2005–112, SR–CHX–2006–03,
SR–PCX–2006–10. National Stock Exchange expects
to file a trade shredding rule change proposal in the
near future.
10 15 U.S.C. 78s(b)(2).
8 See
1 15
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.11
Nancy M. Morris,
Secretary.
[FR Doc. E6–3029 Filed 3–2–06; 8:45 am]
PO 00000
Frm 00059
Fmt 4703
Sfmt 4703
Clearly Erroneous Executions
(a)–(d) No Change.
(e) Trade Nullification and Price
Adjustments for UTP Securities that are
Subject of Initial Public Offerings
(‘‘IPOs’’). Pursuant to SEC Rule 12f–2, as
amended, the Corporation may extend
unlisted trading privileges to a security
that is the subject of an initial public
offering when at least one transaction in
11 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 The Exchange inadvertently indicated that the
title of PCXE Rule 7.10 was new text. The
Commission corrected this technical error in the
text of the proposed rule change.
1 15
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03MRN1
Federal Register / Vol. 71, No. 42 / Friday, March 3, 2006 / Notices
the subject security has been effected on
the national securities exchange or
association upon which the security is
listed and the transaction has been
reported pursuant to an effective
transaction reporting plan. A clearly
erroneous error [will] may be deemed to
have occurred in the opening
transaction of the subject security if the
execution price of the opening
transaction on the Corporation is the
lesser of $1.00 or 10% away from the
opening price on the listing exchange or
association. In such circumstances, the
Officer shall declare the opening
transaction null and void or adjust the
transaction price to the opening price on
the listing exchange or association.
Clearly erroneous executions of
subsequent transactions of the subject
security will be reviewed in the same
manner as the procedure set forth in
(c)(1). Absent extraordinary
circumstances, any such action of the
Officer pursuant to this subsection (e)
shall be taken in a timely fashion,
generally within thirty (30) minutes of
the detection of the erroneous
transaction. Each party involved in the
transaction shall be notified as soon as
practicable by the Corporation, and the
party aggrieved by the action may
appeal such action to the PCXE CRO in
accordance with the provisions of
subsection (c)(2)–(4) above.
*
*
*
*
*
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.
wwhite on PROD1PC61 with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of the proposed rule
change is to revise the procedures for
trade nullifications (‘‘busts’’) and price
adjustments (‘‘adjusts’’) for securities
issued in initial public offerings
(‘‘IPOs’’) from an automatic to a
discretionary basis. Given the unique
nature of IPOs, public customers have
an expectation that the opening of the
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16:43 Mar 02, 2006
Jkt 208001
security will be orderly and that the
pricing will be reasonable for the listing
company. Opening execution prices
transacted on the primary listed
exchange (and other market centers)
represent the price of the stock in the
secondary market, which may not
necessarily reflect the IPO pricing
disseminated prior to the start of
secondary market trading by the
underwriters/syndicates. According to
the Exchange, there may be varying first
prices in a security that is issued in an
IPO because market centers may have
different prices at the same second.
Due to the possibility of varying
prices at the same second in a security
issued in an IPO, PCXE staff reviews the
openings of IPOs on ArcaEx on a best
efforts basis. The review of IPO opening
prices utilizes criteria that also are used
to judge erroneous executions during
the pre-core, core and post-core
sessions. IPO trades are evaluated for
uniformity with the primary listed
exchange as well as with other market
centers’ prices. Currently, initial trades
on ArcaEx that are executed at prices
more than $1.00 from the primary listed
exchange’s opening price are
automatically busted or adjusted to the
primary listed exchange’s opening price.
Under the proposed rule, PCXE staff
would have the discretion to bust or
adjust initial trades that are executed
more than $1.00 from the primary listed
exchange’s opening price. The Exchange
believes that the change from automatic
to discretionary adjustments or busts is
necessary because often the primary
exchange lists the IPO at multiple first
prices. Many times, but not always, the
first price is not indicative of the actual
price of the IPO and thus the PCXE staff
must review all of the first prices to
determine if the trade at issue has to be
adjusted or busted.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act 4 in general, and
furthers the objectives of Section 6(b)(5)
of the Act 5 in particular, because 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
facilitating transactions in securities,
and to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system.
4 15
5 15
PO 00000
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
Frm 00060
Fmt 4703
Sfmt 4703
11009
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
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding, or
(ii) as to which the Exchange consents,
the Commission will:
(A) By order approve the proposed
rule change or
(B) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form at https://www.sec.gov/
rules/sro.shtml; or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–PCX–2006–12 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–PCX–2006–12. 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
E:\FR\FM\03MRN1.SGM
03MRN1
11010
Federal Register / Vol. 71, No. 42 / Friday, March 3, 2006 / Notices
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. Copies of such filing also will
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
Number SR–PCX–2006–12 and should
be submitted on or before March 24,
2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.6
Nancy M. Morris,
Secretary.
[FR Doc. E6–3030 Filed 3–2–06; 8:45 am]
BILLING CODE 8010–01–P
DEPARTMENT OF TRANSPORTATION
Office of the Secretary
wwhite on PROD1PC61 with NOTICES
Aviation Proceedings, Agreements
Filed the Week Ending February 10,
2006
The following Agreements were filed
with the Department of Transportation
under the Sections 412 and 414 of the
Federal Aviation Act, as amended (49
U.S.C. 1382 and 1384) and procedures
governing proceedings to enforce these
provisions. Answers may be filed within
21 days after the filing of the
application.
Docket Number: OST–2006–23881.
Date Filed: February 7, 2006.
Parties: Members of the International
Air Transport Association.
Subject: TC3 South Asian
Subcontinent—South West Pacific.
Singapore, 21 November—30 November
2005.
Intended effective date: 1 April 2006
(Memo 0930).
Minutes: TC3 South Asian
Subcontinent—South West Pacific.
Singapore, 21 November—30 November
2005 (Memo 0943).
Tables: TC3 South Asian
Subcontinent—South West Pacific
6 17
CFR 200.30–3(a)(12).
VerDate Aug<31>2005
16:43 Mar 02, 2006
Jkt 208001
Singapore, 21 November—30 November
2005.
Intended effective date: 1 April 2006
(Memo 0381).
Docket Number: OST–2006–23892.
Date Filed: February 8, 2006.
Parties: Members of the International
Air Transport Association.
Subject: TC3 South East Asia—South
West Pacific between Malaysia and
American Samoa. Singapore, 21
November—30 November 2005.
Intended Effective Date: 1 April 2006
(Memo 0924).
Minutes: TC3 South East Asia—South
West Pacific between Malaysia and
American Samoa. Singapore, 21
November—30 November 2005 (Memo
0943).
Fares: TC3 South East Asia—South
West Pacific between Malaysia and
American Samoa. Singapore, 21
November—30 November 2005.
Specified fare tables.
Intended effective date: 1 April 2006
(Memo 0383).
Docket Number: OST–2006–23915.
Date Filed: February 9, 2006.
Parties: Members of the International
Air Transport Association.
Subject: Mail Vote Number S 084. RP
1720a–13 Digit Numbering System for
Traffic Documents Request for an
Additional Form Code for Increased
Usage of Electronic Tickets (ETs) in an
OPTAT Environment.
Intended effective date: 20 February
2006.
Renee V. Wright,
Program Manager, Docket Operations,
Federal Register Liaison.
[FR Doc. E6–2963 Filed 3–2–06; 8:45 am]
BILLING CODE 4910–62–P
DEPARTMENT OF TRANSPORTATION
Office of the Secretary
Notice of Applications for Certificates
of Public Convenience and Necessity
and Foreign Air Carrier Permits Filed
Under Subpart B (Formerly Subpart Q)
During the Week Ending February 10,
2006
The following Applications for
Certificates of Public Convenience and
Necessity and Foreign Air Carrier
Permits were filed under Subpart B
(formerly Subpart Q) of the Department
of Transportation’s Procedural
Regulations (See 14 CFR 301.201 et
seq.). The due date for Answers,
Conforming Applications, or Motions to
Modify Scope are set forth below for
each application. Following the Answer
period DOT may process the application
by expedited procedures. Such
PO 00000
Frm 00061
Fmt 4703
Sfmt 4703
procedures may consist of the adoption
of a show-cause order, a tentative order,
or in appropriate cases a final order
without further proceedings.
Docket Number: OST–2005–23898.
Date Filed: February 8, 2006.
Due Date for Answers, Conforming
Applications, or Motion to Modify
Scope: March 1, 2006.
Description: Application of Pacific
Airways, Inc. requesting a certificate of
public convenience and necessity to
transport passengers, property, and mail
in interstate air transportation.
Docket Number: OST–2005–22228
and OST–1997–2558.
Date Filed: February 9, 2006.
Due Date for Answers, Conforming
Applications, or Motion to Modify
Scope: March 2, 2006.
Description: Amendment of
Continental Micronesia, Inc. to its
application for renewal of certain
segments of its certificate for Route 171
to include authority, pursuant to the
Department’s August 23, 2005 notice on
streamlining regulatory procedures, to
provide scheduled air transportation of
persons, property and mail between
Guam and Cairns, Australia; Guam and
Nagoya, Japan; and Honolulu and
Nagoya, Japan and authority to integrate
this authority with authority currently
held by Continental Micronesia, Inc.
Docket Number: OST–2003–16773
and OST–2003–16774.
Date Filed: February 10, 2006.
Due Date for Answers, Conforming
Applications, or Motion to Modify
Scope: March 3, 2006.
Description: Application of Ameristar
Air Cargo, Inc. d/b/a Ameristar Charters
requesting renewal of its certificates of
public convenience and necessity to
engage in interstate and foreign charter
air transportation of persons on a
permanent basis.
Renee V. Wright,
Program Manager, Docket Operations,
Federal Register Liaison.
[FR Doc. E6–2962 Filed 3–2–06; 8:45 am]
BILLING CODE 4910–62–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
Public Notice for a Change in Use of
Aeronautical Property at Pease
International Tradeport, Portsmouth,
NH
Federal Aviation
Administration (FAA), DOT.
ACTION: Request for public comments.
AGENCY:
SUMMARY: The FAA is requesting public
comment on the Pease Development
E:\FR\FM\03MRN1.SGM
03MRN1
]]>Agencies
[Federal Register Volume 71, Number 42 (Friday, March 3, 2006)]
[Notices]
[Pages 11008-11010]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-3030]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-53376; File No. SR-PCX-2006-12]
Self-Regulatory Organizations; Pacific Stock Exchange, Inc.;
Notice of Filing of Proposed Rule Change Relating to Clearly Erroneous
Executions
February 27, 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 23, 2006, the Pacific Stock Exchange, Inc. (``PCX'' 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 PCX. 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.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The PCX proposes to amend PCX Equities, Inc. (``PCXE'') Rule
7.10(e) pertaining to clearly erroneous executions of securities issued
in initial public offerings. The text of the proposed rule change is
set forth below.\3\ Brackets indicate deletions; italics indicates new
text.
---------------------------------------------------------------------------
\3\ The Exchange inadvertently indicated that the title of PCXE
Rule 7.10 was new text. The Commission corrected this technical
error in the text of the proposed rule change.
---------------------------------------------------------------------------
* * * * *
Rules of the PCX Equities, Inc.
Rule 7
Rule 7.10
Clearly Erroneous Executions
(a)-(d) No Change.
(e) Trade Nullification and Price Adjustments for UTP Securities
that are Subject of Initial Public Offerings (``IPOs''). Pursuant to
SEC Rule 12f-2, as amended, the Corporation may extend unlisted trading
privileges to a security that is the subject of an initial public
offering when at least one transaction in
[[Page 11009]]
the subject security has been effected on the national securities
exchange or association upon which the security is listed and the
transaction has been reported pursuant to an effective transaction
reporting plan. A clearly erroneous error [will] may be deemed to have
occurred in the opening transaction of the subject security if the
execution price of the opening transaction on the Corporation is the
lesser of $1.00 or 10% away from the opening price on the listing
exchange or association. In such circumstances, the Officer shall
declare the opening transaction null and void or adjust the transaction
price to the opening price on the listing exchange or association.
Clearly erroneous executions of subsequent transactions of the subject
security will be reviewed in the same manner as the procedure set forth
in (c)(1). Absent extraordinary circumstances, any such action of the
Officer pursuant to this subsection (e) shall be taken in a timely
fashion, generally within thirty (30) minutes of the detection of the
erroneous transaction. Each party involved in the transaction shall be
notified as soon as practicable by the Corporation, and the party
aggrieved by the action may appeal such action to the PCXE CRO in
accordance with the provisions of subsection (c)(2)-(4) above.
* * * * *
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
The purpose of the proposed rule change is to revise the procedures
for trade nullifications (``busts'') and price adjustments
(``adjusts'') for securities issued in initial public offerings
(``IPOs'') from an automatic to a discretionary basis. Given the unique
nature of IPOs, public customers have an expectation that the opening
of the security will be orderly and that the pricing will be reasonable
for the listing company. Opening execution prices transacted on the
primary listed exchange (and other market centers) represent the price
of the stock in the secondary market, which may not necessarily reflect
the IPO pricing disseminated prior to the start of secondary market
trading by the underwriters/syndicates. According to the Exchange,
there may be varying first prices in a security that is issued in an
IPO because market centers may have different prices at the same
second.
Due to the possibility of varying prices at the same second in a
security issued in an IPO, PCXE staff reviews the openings of IPOs on
ArcaEx on a best efforts basis. The review of IPO opening prices
utilizes criteria that also are used to judge erroneous executions
during the pre-core, core and post-core sessions. IPO trades are
evaluated for uniformity with the primary listed exchange as well as
with other market centers' prices. Currently, initial trades on ArcaEx
that are executed at prices more than $1.00 from the primary listed
exchange's opening price are automatically busted or adjusted to the
primary listed exchange's opening price.
Under the proposed rule, PCXE staff would have the discretion to
bust or adjust initial trades that are executed more than $1.00 from
the primary listed exchange's opening price. The Exchange believes that
the change from automatic to discretionary adjustments or busts is
necessary because often the primary exchange lists the IPO at multiple
first prices. Many times, but not always, the first price is not
indicative of the actual price of the IPO and thus the PCXE staff must
review all of the first prices to determine if the trade at issue has
to be adjusted or busted.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act \4\ in general, and furthers the
objectives of Section 6(b)(5) of the Act \5\ in particular, because 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 facilitating
transactions in securities, and to remove impediments to and perfect
the mechanism of a free and open market and a national market system.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
Written comments on the proposed rule change were neither solicited
nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding, or (ii) as to
which the Exchange consents, the Commission will:
(A) By order approve the proposed rule change or
(B) Institute proceedings to determine whether the proposed rule
change should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form at https://
www.sec.gov/rules/sro.shtml; or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-PCX-2006-12 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-PCX-2006-12. 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
[[Page 11010]]
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. Copies of such filing also will 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 Number SR-PCX-2006-12 and should be
submitted on or before March 24, 2006.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\6\
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\6\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
[FR Doc. E6-3030 Filed 3-2-06; 8:45 am]
BILLING CODE 8010-01-P
