Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Extension of the Pilot Until March 24, 2006 To Put Into Operation Phase 1 of the NYSE HYBRID MARKETSM, 14278-14279 [E6-4057]
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14278
Federal Register / Vol. 71, No. 54 / Tuesday, March 21, 2006 / Notices
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:
SECURITIES AND EXCHANGE
COMMISSION
Electronic Comments
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to the
Extension of the Pilot Until March 24,
2006 To Put Into Operation Phase 1 of
the NYSE HYBRID MARKETSM
• 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–NYSE–2005–72 on the
subject line.
[Release No. 34–53487; File No. SR–NYSE–
2006–21]
March 15, 2006.
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
self-regulatory organization 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
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 March 13,
• Send paper comments in triplicate
2006, the New York Stock Exchange
to Nancy M. Morris, Secretary,
LLC (‘‘NYSE’’ or ‘‘Exchange’’) filed with
Securities and Exchange Commission,
the Securities and Exchange
100 F Street, NE., Washington, DC
Commission (‘‘Commission’’) the
20549–1090.
proposed rule change as described in
All submissions should refer to File
Items I and II below, which Items have
Number SR–NYSE–2005–72. This file
been prepared by the Exchange. NYSE
number should be included on the
filed the proposed rule change pursuant
subject line if e-mail is used. To help the
to Section 19(b)(3)(A) of the Act 3 and
Commission process and review your
Rule 19b–4(f)(6) thereunder,4 which
comments more efficiently, please use
renders the proposal effective upon
only one method. The Commission will
filing with the Commission. The
post all comments on the Commission’s
Commission is publishing this notice to
Internet Web site (https://www.sec.gov/
solicit comments on the proposed rule
rules/sro.shtml). Copies of the
change from interested persons.
submission, all subsequent
amendments, all written statements
I. Self-Regulatory Organization’s
with respect to the proposed rule
Statement of the Terms of Substance of
change that are filed with the
the Proposed Rule Change
Commission, and all written
NYSE proposes to extend the pilot
communications relating to the
which put into operation Phase 1 of the
proposed rule change between the
NYSE HYBRID MARKETSM (‘‘Hybrid
Commission and any person, other than Market’’) initiative (‘‘Pilot’’) 5 proposed
those that may be withheld from the
in SR–NYSE–2004–05 6 and
public in accordance with the
amendments thereto (‘‘Hybrid Market
provisions of 5 U.S.C. 552, will be
filings’’).
available for inspection and copying in
II. Self-Regulatory Organization’s
the Commission’s Public Reference
Statement of the Purpose of, and
Room. Copies of the filing also will be
Statutory Basis for, the Proposed Rule
available for inspection and copying at
the principal office of the Exchange. All Change
comments received will be posted
In its filing with the Commission, the
without change; the Commission does
Exchange included statements
not edit personal identifying
concerning the purpose of and basis for
information from submissions. You
1 15 U.S.C. 78s(b)(1).
should submit only information that
2 17 CFR 240.19b–4.
you wish to make available publicly. All
3 15 U.S.C. 78s(b)(3)(A).
submissions should refer to File
4 17 CFR 240.19b–4(f)(6).
Number SR–NYSE–2005–72 and should
5 See Securities Exchange Act Release No. 52954
be submitted on or before April 11,
(December 14, 2005), 70 FR 75519 (December 20,
2006.
2005) (SR–NYSE–2005–87). See also Securities
On December 14, 2005, the
Commission approved the Pilot to put
into operation Phase 1 of the Hybrid
Market initiative with respect to a group
of securities, known as Phase 1 Pilot
securities (‘‘Pilot securities’’).7 The
approval provided that the Pilot would
terminate the earlier of: (1) March 14,
2006 or (2) Commission action on the
Hybrid Market proposal.8
The Exchange proposes to extend the
Pilot through March 24, 2006, while the
Commission continues to review the
Hybrid Market filings.
The Exchange believes that an
extension of the Pilot through March 24,
2006 will allow the Exchange to
continue to conduct real-time system
and user testing of certain features of the
Hybrid Market filings in order to be in
a position to comply with the
implementation of Regulation NMS.9
The Exchange believes the Pilot has
proven beneficial from both a
technology and a training perspective. It
has given the Exchange the opportunity
to identify and address any system
problems and to identify and
incorporate beneficial system changes
that become apparent as a result of
usage in real time and under real market
conditions. The ability to have such real
time user interface is invaluable, as it is
impossible to accurately anticipate
behavioral changes in a development or
mock-trading environment. In addition,
the Pilot has allowed users to gain
essential practical experience with the
new systems and processes in a wellmodulated way.
The Pilot has operated with minimal
problems given the amount and degree
Exchange Act Release No. 53359 (February 24,
2006), 71 FR 10736 (March 2, 2006) (SR–NYSE–
2006–09) (amending the Pilot to provide for the
automatic conversion of CAP–DI orders in certain
situations).
6 See Securities Exchange Act Release Nos. 50173
(August 10, 2004), 69 FR 50407 (August 16, 2004);
50667 (November 15, 2004), 69 FR 67980
(November 22, 2004); and 51906 (June 22, 2005), 70
FR 37463 (June 29, 2005). See also Amendment No.
6, filed on September 16, 2005 and Amendment No.
7, filed on October 11, 2005.
7 See Securities Exchange Act Release No. 51906
(June 22, 2005), 70 FR 37463 (June 29, 2005)
(Amendment No. 5 to SR–NYSE–2004–05); see also
Securities Exchange Act Release No. 52954
(December 14, 2005), 70 FR 75519 (December 20,
2005) (SR–NYSE–2005–87).
8 See Telephone conversation between Jeffrey
Rosenstrock, Principal Rule Counsel, NYSE, and
Steve L. Kuan, Special Counsel, Division of Market
Regulation, Commission, on March 14, 2006.
9 See Securities Exchange Act Release No. 51808
(June 9, 2005), 70 FR 37496 (June 29, 2005).
sroberts on PROD1PC70 with NOTICES
Paper Comments
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.11
Nancy M. Morris,
Secretary.
[FR Doc. 06–2753 Filed 3–16–06; 4:15 pm]
BILLING CODE 8010–01–P
11 17
CFR 200.30–3(a)(12).
VerDate Aug<31>2005
19:01 Mar 20, 2006
Jkt 208001
PO 00000
Frm 00115
Fmt 4703
Sfmt 4703
1. Purpose
E:\FR\FM\21MRN1.SGM
21MRN1
Federal Register / Vol. 71, No. 54 / Tuesday, March 21, 2006 / Notices
of testing and training that has occurred
to date.10
Therefore, the Exchange believes it is
appropriate to extend the Pilot through
March 24, 2006.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act 11 in general, and
furthers the objectives of Section 6(b)(5)
of the Act 12 in particular, in that it is
designed 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. The
Exchange believes that the proposed
rule change is also designed to support
the principles of Section 11A(a)(1) of
the Act 13 in that it seeks to assure
economically efficient execution of
securities transactions, make it
practicable for brokers to execute
investors’ orders in the best market, and
provide an opportunity for investors’
orders to be executed without the
participation of a dealer.
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
The Exchange has neither solicited
nor received written comments on the
proposed rule change.
sroberts on PROD1PC70 with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not significantly affect the
protection of investors or the public
interest; does not impose any significant
burden on competition; and by its
terms, does not become operative for 30
days from the date on which it was
filed, or such shorter time as the
10 See Telephone conversation between Jeffrey
Rosenstrock, Principal Rule Counsel, NYSE, and
Steve L. Kuan, Special Counsel, Division of Market
Regulation, Commission, on March 14, 2006.
11 15 U.S.C. 78f.
12 15 U.S.C. 78f(b)(5).
13 15 U.S.C. 78k–1(a)(1).
VerDate Aug<31>2005
19:01 Mar 20, 2006
Jkt 208001
Commission may designate if consistent
with the protection of investors and the
public interest, it has become effective
pursuant to Section 19(b)(3)(A) of the
Act 14 and Rule 19b–4(f)(6)
thereunder.15
A proposed rule change filed under
Rule 19b–4(f)(6) normally may not
become operative prior to 30 days after
the date of filing. However, Rule 19b–
4(f)(6)(iii) 16 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 requested that the
Commission waive the five-day prefiling notice requirement and the 30-day
operative delay and designate the
proposed rule change immediately
operative upon filing. The Commission
believes that waiver of the five-day prefiling notice requirement and the 30-day
operative delay is consistent with the
protection of investors and the public
interest because it would allow the Pilot
to continue without interruption.
Accordingly, the Commission
designates the proposal to be effective
and operative upon filing with the
Commission.17
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 rulecomments@sec.gov. Please include File
Number SR–NYSE–2006–21 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
14 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
16 17 CFR 240.19b–4(f)(6)(iii).
17 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. 15 U.S.C. 78c(f).
15 17
PO 00000
Frm 00116
Fmt 4703
Sfmt 4703
14279
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–NYSE–2006–21. 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. 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–NYSE–2006–21 and should
be submitted on or before April 11,
2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.18
Nancy M. Morris,
Secretary.
[FR Doc. E6–4057 Filed 3–20–06; 8:45 am]
BILLING CODE 8010–01–P
SOCIAL SECURITY ADMINISTRATION
Agency Information Collection
Activities: Comment Request
The Social Security Administration
(SSA) publishes a list of information
collection packages that will require
clearance by the Office of Management
and Budget (OMB) in compliance with
Public Law 104–13, the Paperwork
Reduction Act of 1995, effective October
1, 1995. The information collection
package included in this notice is for
approval of a new information
collection.
SSA is soliciting comments on the
accuracy of the agency’s burden
estimate; the need for the information;
18 17
E:\FR\FM\21MRN1.SGM
CFR 200.30–3(a)(12).
21MRN1
]]>Agencies
[Federal Register Volume 71, Number 54 (Tuesday, March 21, 2006)]
[Notices]
[Pages 14278-14279]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-4057]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-53487; File No. SR-NYSE-2006-21]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to the Extension of the Pilot Until March 24, 2006 To Put Into
Operation Phase 1 of the NYSE HYBRID MARKETSM
March 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 March 13, 2006, the New York Stock Exchange LLC (``NYSE'' 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 Exchange. NYSE filed
the proposed rule change pursuant to Section 19(b)(3)(A) of the Act \3\
and Rule 19b-4(f)(6) thereunder,\4\ which renders the proposal
effective upon filing with the Commission. The Commission is publishing
this notice to solicit comments on the proposed rule change from
interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
NYSE proposes to extend the pilot which put into operation Phase 1
of the NYSE HYBRID MARKET\SM\ (``Hybrid Market'') initiative
(``Pilot'') \5\ proposed in SR-NYSE-2004-05 \6\ and amendments thereto
(``Hybrid Market filings'').
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 52954 (December 14,
2005), 70 FR 75519 (December 20, 2005) (SR-NYSE-2005-87). See also
Securities Exchange Act Release No. 53359 (February 24, 2006), 71 FR
10736 (March 2, 2006) (SR-NYSE-2006-09) (amending the Pilot to
provide for the automatic conversion of CAP-DI orders in certain
situations).
\6\ See Securities Exchange Act Release Nos. 50173 (August 10,
2004), 69 FR 50407 (August 16, 2004); 50667 (November 15, 2004), 69
FR 67980 (November 22, 2004); and 51906 (June 22, 2005), 70 FR 37463
(June 29, 2005). See also Amendment No. 6, filed on September 16,
2005 and Amendment No. 7, filed on October 11, 2005.
---------------------------------------------------------------------------
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 self-regulatory organization 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 December 14, 2005, the Commission approved the Pilot to put into
operation Phase 1 of the Hybrid Market initiative with respect to a
group of securities, known as Phase 1 Pilot securities (``Pilot
securities'').\7\ The approval provided that the Pilot would terminate
the earlier of: (1) March 14, 2006 or (2) Commission action on the
Hybrid Market proposal.\8\
---------------------------------------------------------------------------
\7\ See Securities Exchange Act Release No. 51906 (June 22,
2005), 70 FR 37463 (June 29, 2005) (Amendment No. 5 to SR-NYSE-2004-
05); see also Securities Exchange Act Release No. 52954 (December
14, 2005), 70 FR 75519 (December 20, 2005) (SR-NYSE-2005-87).
\8\ See Telephone conversation between Jeffrey Rosenstrock,
Principal Rule Counsel, NYSE, and Steve L. Kuan, Special Counsel,
Division of Market Regulation, Commission, on March 14, 2006.
---------------------------------------------------------------------------
The Exchange proposes to extend the Pilot through March 24, 2006,
while the Commission continues to review the Hybrid Market filings.
The Exchange believes that an extension of the Pilot through March
24, 2006 will allow the Exchange to continue to conduct real-time
system and user testing of certain features of the Hybrid Market
filings in order to be in a position to comply with the implementation
of Regulation NMS.\9\
---------------------------------------------------------------------------
\9\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496 (June 29, 2005).
---------------------------------------------------------------------------
The Exchange believes the Pilot has proven beneficial from both a
technology and a training perspective. It has given the Exchange the
opportunity to identify and address any system problems and to identify
and incorporate beneficial system changes that become apparent as a
result of usage in real time and under real market conditions. The
ability to have such real time user interface is invaluable, as it is
impossible to accurately anticipate behavioral changes in a development
or mock-trading environment. In addition, the Pilot has allowed users
to gain essential practical experience with the new systems and
processes in a well-modulated way.
The Pilot has operated with minimal problems given the amount and
degree
[[Page 14279]]
of testing and training that has occurred to date.\10\
Therefore, the Exchange believes it is appropriate to extend the
Pilot through March 24, 2006.
---------------------------------------------------------------------------
\10\ See Telephone conversation between Jeffrey Rosenstrock,
Principal Rule Counsel, NYSE, and Steve L. Kuan, Special Counsel,
Division of Market Regulation, Commission, on March 14, 2006.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act \11\ in general, and furthers the
objectives of Section 6(b)(5) of the Act \12\ in particular, in that it
is designed 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.
The Exchange believes that the proposed rule change is also designed to
support the principles of Section 11A(a)(1) of the Act \13\ in that it
seeks to assure economically efficient execution of securities
transactions, make it practicable for brokers to execute investors'
orders in the best market, and provide an opportunity for investors'
orders to be executed without the participation of a dealer.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78f.
\12\ 15 U.S.C. 78f(b)(5).
\13\ 15 U.S.C. 78k-1(a)(1).
---------------------------------------------------------------------------
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
The Exchange has neither solicited nor received written comments on
the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not significantly
affect the protection of investors or the public interest; does not
impose any significant burden on competition; and by its terms, does
not become operative for 30 days from the date on which it was filed,
or such shorter time as the Commission may designate if consistent with
the protection of investors and the public interest, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \14\ and Rule 19b-
4(f)(6) thereunder.\15\
---------------------------------------------------------------------------
\14\ 15 U.S.C. 78s(b)(3)(A).
\15\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) normally may
not become operative prior to 30 days after the date of filing.
However, Rule 19b-4(f)(6)(iii) \16\ 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 requested that the
Commission waive the five-day pre-filing notice requirement and the 30-
day operative delay and designate the proposed rule change immediately
operative upon filing. The Commission believes that waiver of the five-
day pre-filing notice requirement and the 30-day operative delay is
consistent with the protection of investors and the public interest
because it would allow the Pilot to continue without interruption.
Accordingly, the Commission designates the proposal to be effective and
operative upon filing with the Commission.\17\
---------------------------------------------------------------------------
\16\ 17 CFR 240.19b-4(f)(6)(iii).
\17\ For purposes only of waiving the 30-day 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 purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NYSE-2006-21 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-NYSE-2006-21. 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. 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-NYSE-2006-21 and should be submitted on or before April
11, 2006.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\18\
---------------------------------------------------------------------------
\18\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Nancy M. Morris,
Secretary.
[FR Doc. E6-4057 Filed 3-20-06; 8:45 am]
BILLING CODE 8010-01-P
