Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Order Granting Accelerated Approval to a Proposed Rule Change and Amendment No. 1 Thereto Relating to the Automated Delivery and Handling of Stop and Stop-Limit Orders, 23977-23978 [E6-6147]
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Federal Register / Vol. 71, No. 79 / Tuesday, April 25, 2006 / Notices
B. Self-Regulatory Organization’s
Statement on Burden on Competition
Nasdaq does not believe that the
proposed rule change will result in any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act, as amended.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received from
Members, Participants, or Others
Written comments were neither
solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Nasdaq has designated the foregoing
rule change as a ‘‘non-controversial’’
rule change pursuant to Section
19(b)(3)(A) of the Act 8 and Rule 19b–
4(f)(6) thereunder 9 because the rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; or (iii) become
operative for 30 days from the day 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.
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:
All submissions should refer to File
Number SR–NASD–2006–049. 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 NASD. 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–NASD–2006–049 and
should be submitted on or before May
16, 2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.10
Nancy M. Morris,
Secretary.
[FR Doc. E6–6126 Filed 4–24–06; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53673; File No. SR–Phlx–
2005–80]
wwhite on PROD1PC65 with NOTICES
Self-Regulatory Organizations;
Philadelphia Stock Exchange, Inc.;
Order Granting Accelerated Approval
to a Proposed Rule Change and
Amendment No. 1 Thereto Relating to
the Automated Delivery and Handling
of Stop and Stop-Limit Orders
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
I. Introduction
On December 15, 2005, the
Philadelphia Stock Exchange, Inc.
(‘‘Phlx’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) pursuant to section
19(b)(1) of the Securities Exchange Act
9 17
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
VerDate Aug<31>2005
16:59 Apr 24, 2006
April 18, 2006.
10 17
Jkt 208001
PO 00000
CFR 200.30–3(a)(12).
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Fmt 4703
II. Description of the Proposal
The Phlx proposed to amend Phlx
Rules 1066(c)(1) and 1080(b)(i)(A) and
(C), and to delete Options Floor
Procedure Advices (‘‘OFPAs’’) A–5 and
A–6, to permit customer and off-floor
broker-dealer stop 5 and stop-limit 6
orders in options to be delivered via the
Exchange’s Automated Options Market
(‘‘AUTOM’’) System 7 and to be handled
electronically. The Exchange also
proposed to amend Phlx Rule
1080(b)(i)(A) to include the definition of
‘‘agency order’’ in the rule and to delete
certain provisions in the Exchange’s
rules that were either redundant or no
longer practical.
III. Discussion
The Commission has reviewed the
proposed rule change, as amended, and
finds that it is consistent with the
requirements of the Act and the rules
and regulations thereunder applicable to
a national securities exchange.8 In
particular, the Commission finds the
U.S.C. 78s(b)(l).
CFR 240.19b–4.
3 Amendment No. 1, which replaced the original
filing in its entirety, added clarifying language to
the description of the proposed rule change and
adopted a definition of ‘‘agency order’’ in Phlx Rule
1080(b)(i)(A).
4 See Securities Exchange Act Release No. 53514
(March 17, 2006), 71 FR 15240 (March 27, 2006).
5 A stop order is a contingency order to buy or
sell when the market for a particular option contract
reaches a specified price. A stop order to buy
becomes a market order when the option contract
trades or is bid at or above the stop price. A stop
order to sell becomes a market order when the
option contract trades or is offered at or below the
stop price. See Phlx Rule 1066(c)(1).
6 A stop-limit order is a contingency order to buy
or sell at a limited price when the market for a
particular option contract reaches a specified price.
A stop limit order to buy becomes a limit order
executable at the limit price or better when the
option contract trades or is bid at or above the stoplimit price. A stop limit order to sell becomes a
limit order executable at the limit price or better
when the option contract trades or is offered at or
below the stop limit price. See id.
7 See Phlx Rule 1080.
8 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).
2 17
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–NASD–2006–049 on the
subject line.
8 15
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 the proposed rule change
relating to the automated delivery and
handling of stop and stop-limit orders.
On March 6, 2006, Phlx filed
Amendment No. 1 to the proposed rule
change with the Commission.3 The
proposed rule change, as amended, was
published for comment in the Federal
Register on March 27, 2006.4 The
Commission received no comments on
the proposal. This order approves the
proposed rule change, as amended, on
an accelerated basis.
1 15
BILLING CODE 8010–01–P
Sfmt 4703
23977
E:\FR\FM\25APN1.SGM
25APN1
23978
Federal Register / Vol. 71, No. 79 / Tuesday, April 25, 2006 / Notices
proposed rule change, as amended, is
consistent with section 6(b)(5) of the
Act 9 which, among other things,
requires that the rules of a national
securities exchange be designed to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
regulating securities transactions, to
remove impediments to 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 proposal is intended to increase
the number of orders handled
electronically and establish rules that
permit the electronic delivery and
handling of stop and stop-limit orders
via the Exchange’s AUTOM System. The
Commission notes that increasing the
number of orders handled electronically
should increase the efficiency and
accuracy of the handling of such orders.
In addition, the proposal is substantially
similar to a rule currently in effect on
the International Securities Exchange,
Inc.10
The Exchange requests accelerated
approval of the proposal to permit
implementation of the functionality for
stop and stop-limit orders in AUTOM as
soon as possible. Therefore, the
Exchange requests that the Commission
find good cause for approving the
proposal, as amended, prior to the
thirtieth day after the date of
publication of notice of filing thereof in
the Federal Register.
The Commission notes that the
proposal and Amendment No. 1 were
noticed for the full 21-day comment
period, and the Commission received no
comments regarding the proposal, as
amended. As discussed more fully
above, the Commission believes that the
proposed rule change should permit the
Exchange to handle stop orders and stop
limit orders more efficiently.
Accordingly, the Commission finds
good cause pursuant to section 19(b)(2)
of the Act 11 to approve the proposed
rule change, as amended, prior to the
thirtieth day after the date of
publication of notice of filing thereof in
the Federal Register.
IV. Conclusion
wwhite on PROD1PC65 with NOTICES
It is therefore ordered, pursuant to
section 19(b)(2) of the Act,12 that the
proposed rule change (File No. SR–
Phlx–2005–80), as amended, be and
9 15
16:59 Apr 24, 2006
Jkt 208001
The number assigned to this disaster
for physical damage is 10453.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.13
Nancy M. Morris,
Secretary.
[FR Doc. E6–6147 Filed 4–24–06; 8:45 am]
(Catalog of Federal Domestic Assistance
Number 59008)
BILLING CODE 8010–01–P
Herbert L. Mitchell,
Associate Administrator for Disaster
Assistance.
[FR Doc. E6–6192 Filed 4–24–06; 8:45 am]
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration # 10453]
[Disaster Declaration # 10442 and # 10443]
Kansas Disaster # KS–00012
Missouri Disaster Number MO–00003
U.S. Small Business
Administration.
ACTION: Notice.
AGENCY:
SUMMARY: This is a Notice of the
Presidential declaration of a major
disaster for Public Assistance Only for
the State of Kansas (FEMA–1638–DR),
dated 4/13/2006.
Incident: Severe Storms, Tornadoes,
and Straight Line Winds.
Incident Period: 3/12/2006 through 3/
13/2006.
Effective Date: 4/13/2006.
Physical Loan Application Deadline
Date: 6/12/2006.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, National Processing
and Disbursement Center, 14925
Kingsport Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street, SW., Suite 6050,
Washington, DC 20416.
SUPPLEMENTARY INFORMATION: Notice is
hereby given that as a result of the
President’s major disaster declaration on
04/13/2006, applications for Private
Non-Profit organizations that provide
essential services of a governmental
nature may file disaster loan
applications at the address listed above
or other locally announced locations.
The following areas have been
determined to be adversely affected by
the disaster:
Primary Counties:
Douglas, Wyandotte.
The Interest Rates are:
Other (Including Non-Profit Organizations) With Credit Available
Elsewhere: ................................
Businesses And Non-Profit Organizations Without Credit Available Elsewhere: ........................
13 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00085
Fmt 4703
Sfmt 4703
U.S. Small Business
Administration.
ACTION: Amendment 1.
AGENCY:
Percent
U.S.C. 78f(b)(5).
10 See Securities Exchange Act Release No. 48811
(November 20, 2003), 68 FR 66909 (November 28,
2003).
11 15 U.S.C. 78s(b)(2).
12 15 U.S.C. 78s(b)(2).
VerDate Aug<31>2005
hereby is, approved on an accelerated
basis.
5.000
4.000
SUMMARY: This is an amendment of the
Presidential declaration of a major
disaster for the State of Missouri
(FEMA–1635–DR ), dated 4/5/2006.
Incident: Severe Storms, Tornadoes,
and Flooding
Incident Period: 3/30/2006 through 4/
3/2006.
Effective Date: 4/17/2006.
Physical Loan Application Deadline
Date: 6/5/2006.
EIDL Loan Application Deadline Date:
1/5/2007.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, National Processing
And Disbursement Center, 14925
Kingsport Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street, SW., Suite 6050,
Washington, DC 20416.
SUPPLEMENTARY INFORMATION: The notice
of the Presidential disaster declaration
for the State of Missouri, dated 4/5/2006
is hereby amended to include the
following areas as adversely affected by
the disaster:
Primary Counties: Andrew, Butler,
Dunklin, Pettis, St. Francois, Stoddard.
Contiguous Counties:
Missouri:
Benton, Bollinger, Buchanan, Cape
Girardeau, Carter, Cooper, Dekalb ,
Gentry, Henry, Holt, Iron, Jefferson,
Johnson, Lafayette, Madison, Morgan,
Nodaway, Perry, Ripley, Saline, Scott,
Ste. Genevieve, Washington, Wayne.
Arkansas:
Clay, Craighead, Greene.
Kansas:
Doniphan.
All other information in the original
declaration remains unchanged.
E:\FR\FM\25APN1.SGM
25APN1
]]>Agencies
[Federal Register Volume 71, Number 79 (Tuesday, April 25, 2006)]
[Notices]
[Pages 23977-23978]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-6147]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-53673; File No. SR-Phlx-2005-80]
Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.;
Order Granting Accelerated Approval to a Proposed Rule Change and
Amendment No. 1 Thereto Relating to the Automated Delivery and Handling
of Stop and Stop-Limit Orders
April 18, 2006.
I. Introduction
On December 15, 2005, the Philadelphia Stock Exchange, Inc.
(``Phlx'' or ``Exchange'') filed with the Securities and Exchange
Commission (``Commission'') pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4
thereunder,\2\ the proposed rule change relating to the automated
delivery and handling of stop and stop-limit orders. On March 6, 2006,
Phlx filed Amendment No. 1 to the proposed rule change with the
Commission.\3\ The proposed rule change, as amended, was published for
comment in the Federal Register on March 27, 2006.\4\ The Commission
received no comments on the proposal. This order approves the proposed
rule change, as amended, on an accelerated basis.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(l).
\2\ 17 CFR 240.19b-4.
\3\ Amendment No. 1, which replaced the original filing in its
entirety, added clarifying language to the description of the
proposed rule change and adopted a definition of ``agency order'' in
Phlx Rule 1080(b)(i)(A).
\4\ See Securities Exchange Act Release No. 53514 (March 17,
2006), 71 FR 15240 (March 27, 2006).
---------------------------------------------------------------------------
II. Description of the Proposal
The Phlx proposed to amend Phlx Rules 1066(c)(1) and 1080(b)(i)(A)
and (C), and to delete Options Floor Procedure Advices (``OFPAs'') A-5
and A-6, to permit customer and off-floor broker-dealer stop \5\ and
stop-limit \6\ orders in options to be delivered via the Exchange's
Automated Options Market (``AUTOM'') System \7\ and to be handled
electronically. The Exchange also proposed to amend Phlx Rule
1080(b)(i)(A) to include the definition of ``agency order'' in the rule
and to delete certain provisions in the Exchange's rules that were
either redundant or no longer practical.
---------------------------------------------------------------------------
\5\ A stop order is a contingency order to buy or sell when the
market for a particular option contract reaches a specified price. A
stop order to buy becomes a market order when the option contract
trades or is bid at or above the stop price. A stop order to sell
becomes a market order when the option contract trades or is offered
at or below the stop price. See Phlx Rule 1066(c)(1).
\6\ A stop-limit order is a contingency order to buy or sell at
a limited price when the market for a particular option contract
reaches a specified price. A stop limit order to buy becomes a limit
order executable at the limit price or better when the option
contract trades or is bid at or above the stop-limit price. A stop
limit order to sell becomes a limit order executable at the limit
price or better when the option contract trades or is offered at or
below the stop limit price. See id.
\7\ See Phlx Rule 1080.
---------------------------------------------------------------------------
III. Discussion
The Commission has reviewed the proposed rule change, as amended,
and finds that it is consistent with the requirements of the Act and
the rules and regulations thereunder applicable to a national
securities exchange.\8\ In particular, the Commission finds the
[[Page 23978]]
proposed rule change, as amended, is consistent with section 6(b)(5) of
the Act \9\ which, among other things, requires that the rules of a
national securities exchange be designed to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in regulating securities transactions, to remove
impediments to perfect the mechanism of a free and open market and a
national market system and, in general, to protect investors and the
public interest.
---------------------------------------------------------------------------
\8\ 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).
\9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The proposal is intended to increase the number of orders handled
electronically and establish rules that permit the electronic delivery
and handling of stop and stop-limit orders via the Exchange's AUTOM
System. The Commission notes that increasing the number of orders
handled electronically should increase the efficiency and accuracy of
the handling of such orders. In addition, the proposal is substantially
similar to a rule currently in effect on the International Securities
Exchange, Inc.\10\
---------------------------------------------------------------------------
\10\ See Securities Exchange Act Release No. 48811 (November 20,
2003), 68 FR 66909 (November 28, 2003).
---------------------------------------------------------------------------
The Exchange requests accelerated approval of the proposal to
permit implementation of the functionality for stop and stop-limit
orders in AUTOM as soon as possible. Therefore, the Exchange requests
that the Commission find good cause for approving the proposal, as
amended, prior to the thirtieth day after the date of publication of
notice of filing thereof in the Federal Register.
The Commission notes that the proposal and Amendment No. 1 were
noticed for the full 21-day comment period, and the Commission received
no comments regarding the proposal, as amended. As discussed more fully
above, the Commission believes that the proposed rule change should
permit the Exchange to handle stop orders and stop limit orders more
efficiently. Accordingly, the Commission finds good cause pursuant to
section 19(b)(2) of the Act \11\ to approve the proposed rule change,
as amended, prior to the thirtieth day after the date of publication of
notice of filing thereof in the Federal Register.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------
IV. Conclusion
It is therefore ordered, pursuant to section 19(b)(2) of the
Act,\12\ that the proposed rule change (File No. SR-Phlx-2005-80), as
amended, be and hereby is, approved on an accelerated basis.
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78s(b)(2).
\13\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\13\
Nancy M. Morris,
Secretary.
[FR Doc. E6-6147 Filed 4-24-06; 8:45 am]
BILLING CODE 8010-01-P
