Intermarket Trading System; Notice of Filing and Immediate Effectiveness of the Twenty Third Amendment to the ITS Plan Relating to the Interaction of Chicago Stock Exchange, Inc. With ITS, the Change in Opening of Trading in a Halted Security, and the Change in Name from the New York Stock Exchange, Inc. to New York Stock Exchange LLC and From Pacific Exchange, Inc. to NYSE Arca, Inc., 27754-27755 [E6-7244]

Download as PDF 27754 Federal Register / Vol. 71, No. 92 / Friday, May 12, 2006 / Notices amount at least equal to any compensation received from a VIPER Fund by the Subadvisor or an affiliated person of the Subadvisor, other than any advisory fees paid to the Subadvisor or its affiliated person by the VIPER Fund, in connection with the investment by the Investing Non-Vanguard Management Company in the VIPER Fund made at the direction of the Subadvisor. In the event that the Subadvisor waives fees, the benefit of the waiver will be passed through to the Investing Non-Vanguard Management Company. 11. Any sales charges and/or service fees charged with respect to shares of an Investing Fund will not exceed the limits applicable to a fund of funds as set forth in Conduct Rule 2830 of the National Association of Securities Dealers. 12. No VIPER Fund will acquire securities of any investment company, or of any company relying on Sections 3(c)(1) or 3(c)(7) of the Act, in excess of the limits contained in Section 12(d)(1)(A) of the Act, except to the extent permitted by an exemptive order that allows the VIPER Fund to purchase shares of an affiliated fund for shortterm cash management purposes. 13. The board of any Investing Management Company and any VIPER Fund will satisfy the fund governance standards as defined in Rule 0–1(a)(7) under the Act by the date on which the Investing Non-Vanguard Management Company and the VIPER Fund execute an Investing Agreement. Amendment to Prior Orders sroberts on PROD1PC70 with NOTICES Applicants agree to replace condition 2 of the Prior Orders with the following condition: 14. Each VIPER Shares Prospectus and Product Description will clearly disclose that, for purposes of the Act, VIPER Shares are issued by a VIPER Fund, which is a registered investment company, and that the acquisition of VIPER Shares by investment companies is subject to the restrictions of Section 12(d)(1) of the Act, except as permitted by an exemptive order that permits registered investment companies to invest in a VIPER Fund beyond the limits of Section 12(d)(1), subject to certain terms and conditions. For the Commission, by the Division of Investment Management, pursuant to delegated authority. Nancy M. Morris, Secretary. [FR Doc. E6–7258 Filed 5–11–06; 8:45 am] BILLING CODE 8010–01–P VerDate Aug<31>2005 16:54 May 11, 2006 Jkt 208001 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–53763; File No. 4–208] Intermarket Trading System; Notice of Filing and Immediate Effectiveness of the Twenty Third Amendment to the ITS Plan Relating to the Interaction of Chicago Stock Exchange, Inc. With ITS, the Change in Opening of Trading in a Halted Security, and the Change in Name from the New York Stock Exchange, Inc. to New York Stock Exchange LLC and From Pacific Exchange, Inc. to NYSE Arca, Inc. May 5, 2006. Pursuant to Section 11A of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 608 thereunder,2 notice is hereby given that on April 24, 2006, the ITS Participants, through the ITS Operating Committee, submitted to the Securities and Exchange Commission (‘‘Commission’’) a proposed amendment (‘‘Twenty Third Amendment’’) to the restated ITS Plan.3 The purpose of the Twenty Third Amendment is to recognize the manner in which Chicago Stock Exchange, Inc. (‘‘CHX’’) will interact with ITS, to allow Participant markets to open trading in a halted security after a shorter period of time after a re-indication, and to reflect the name changes from the New York Stock Exchange, Inc. to New York Stock Exchange LLC and from Pacific Exchange, Inc. to NYSE Arca, Inc. Pursuant to Rule 608(b)(3)(ii) under the Act,4 the ITS Participants designated the amendment as concerned solely with the administration of the Plan. As a result, the Twenty Third Amendment has become effective upon filing with the Commission.5 At any time within 60 days of the filing of the amendment, the Commission may summarily abrogate the amendment and require that such 1 15 U.S.C. 78k–1. CFR 242.608. 3 The ITS Plan is a National Market System (‘‘NMS’’) plan, which was designed to facilitate intermarket trading in exchange-listed equity securities based on current quotation information emanating from the linked markets. See Securities Exchange Act Release No. 19456 (January 27, 1983), 48 FR 4938 (February 3, 1983). The ITS Participants currently include the American Stock Exchange LLC (Amex’’), the Boston Stock Exchange, Inc. (‘‘BSE’’); the Chicago Boad Options Exchange, Inc. (‘‘CBOE’’); the Chicago Stock Exchange (‘‘CHX’’), Inc., the National Stock Exchange (‘‘NSX’’), the National Association of Securities Dealers, Inc. (‘‘NASD’’), NASDAQ Stock Market LLC (‘‘NASDAQ’’), the New York Stock Exchange, Inc. (‘‘NYSE’’), the Pacific Exchange, Inc. (‘‘PCX’’), and the Philadelphia Stock Exchange, Inc. (‘‘Phlx’’) (‘‘Participants’’). 4 17 CFR 242.608(b)(3)(ii). 5 CHX intends to give ITS Participants 10 days notice prior to implementation of the amended manner of CHX’s interaction with ITS. 2 17 PO 00000 Frm 00094 Fmt 4703 Sfmt 4703 amendment be refiled in accordance with paragraph (a)(1) of Rule 608 and reviewed in accordance with paragraph (b)(2) of Rule 608, if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or the maintenance of fair and orderly markets, to remove impediments to, and perfect the mechanisms of, a national market system or otherwise in furtherance of the purposes of the Act. The Commission is publishing this notice to solicit comments from interested persons. I. Description and Purpose of the Proposed Amendment A. CHX’s Interaction With ITS The ITS Participants propose to amend the restated ITS Plan to eliminate all references to CHX in Section 6(a)(ii)(A) and to add new subparagraph (H) to section 6(a)(ii). Proposed new language is italicized: (H) Description Applicable to CHX With respect to an ITS transaction that involves a CHX member, the commitment to trade or response thereto destined for or originating with the CHX will leave and enter the System at the CHX. A trade involving the CHX would take place as follows. In the example in section 6(a)(ii)(A) above, assume that the order is for 300 shares. Assume also that when the NYSE member checks the continuously updated quotation display at the appropriate NYSE trading post, he sees that the best offer is one of 40.15 for 300 shares from the CHX. Having learned this information, the NYSE member may decide to attempt to buy the 300 shares for his customer from the 40.15 offer. By using an ITS station located on the NYSE trading floor, the broker would send, or cause to be sent, to the CHX a commitment to buy 300 shares of the stock at 40.15. When the commitment to buy is entered into the System, the System will route the commitment to the CHX. If the 40.15 offer is still available when the commitment to buy reaches the CHX, or if a better offer is available and if the rules of the CHX permit an execution at that price, then the CHX would generate an acceptance of the commitment on behalf of the one or more CHX members responsible for the 40.15 offer (or the better offer) and route it to the System. The execution would occur at 40.15 (or at the better price) if the applicable time period had not expired. CHX would report the trade to the CTA Plan Processor for dissemination under the CTA Plan at 40.15 (or at the better price) E:\FR\FM\12MYN1.SGM 12MYN1 Federal Register / Vol. 71, No. 92 / Friday, May 12, 2006 / Notices with the same identifier that is assigned to CHX. If the example is reversed and a CHX member seeks to purchase 300 shares, the CHX member would send the NYSE a commitment to buy 300 shares of the stock at 40.15. When the commitment to buy is entered into the CHX, the CHX will route the commitment to the System, which will in turn route the commitment to the NYSE. If the 40.15 offer is still available when the commitment to buy reaches the NYSE, or if a better offer is available, and if the rules of the NYSE permit an execution at that price, then the NYSE offer would accept the commitment during the applicable time period and an execution at 40.15 (or at the better price) would take place. The NYSE would then report the trade to the CTA Plan Processor for dissemination under the CTA Plan at 40.15 (or at the better price) with the identifier assigned to the NYSE. This description shall take effect upon 10 days’ written notice from the CHX to all Participants. B. Opening of Trading in a Halted Security The ITS Participants propose to amend the restated ITS Plan to have Section (b)(i)(B) of Exhibit A (‘‘Tape Indications’’) read as follows. Proposed new language is italicized: * * * * * In any such situation, the specialist shall not open or reopen the security until not less than three minutes after his transmission of the opening or reopening indication of interest. However, where more than one indication is disseminated, a stock may re-open one minute after the last indication, provided that at least three minutes must have elapsed from the dissemination of the first indication. For the purposes of paragraphs (b)(ii)(A), (b)(ii)(B), (b)(iii) and (c), ‘‘pre-opening notification’’ includes an indication of interest furnished to the consolidated last sale reporting service. C. Renumbering The ITS Participants propose to renumber former section 6(a)(ii)(H) as section 6(a)(ii)(I). sroberts on PROD1PC70 with NOTICES D. Name Change The ITS Participants propose to reflect the name changes from the New York Stock Exchange, Inc. to New York Stock Exchange LLC and from Pacific Exchange, Inc. to NYSE Arca, Inc. to reflect the legal name changes that occurred on March 7, 2006. VerDate Aug<31>2005 16:54 May 11, 2006 Jkt 208001 E. Additional Information 1. Governing or Constituent Documents Not applicable. 2. Implementation of Amendment The ITS Participants have manifested their approval of the proposed amendment by means of their execution of the Twenty Third Amendment. The Amendment has become effective upon filing.6 3. Development and Implementation Phases Not applicable. 4. Analysis of Impact on Competition The Participants believe that the proposed amendment does not impose any burden on competition. 5. Written Understanding or Agreements Relating to Interpretation of, or Participation in, Plan Not applicable. 6. Approval by Sponsors in Accordance With Plan Under section 4(c) of the restated ITS Plan, the requisite approval of the amendment is achieved by execution of the amendment on behalf of each ITS Participant. The amendment is so executed. 7. Description of Operation of Facility Contemplated by the Proposed Amendment Not applicable. 8. Terms and Conditions of Access Not applicable. 9. Method of Determination and Imposition, and Amount of, Fees and Charges Not applicable. 10. Method of Frequency of Processor Evaluation Not applicable. 11. Dispute Resolution Not applicable. II. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed Plan amendment is consistent with the Act. Comments may be submitted by any of the following methods: • Send an e-mail to rulecomments@sec.gov. Please include File No. 4–208 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. 4–208. 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 (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed Plan amendment that are filed with the Commission, and all written communications relating to the proposed Plan amendment 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 the filing also will be available for inspection and copying at the principal office of the ITS. 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. 4– 208 and should be submitted on or before June 2, 2006. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.7 Nancy M. Morris, Secretary. [FR Doc. E6–7244 Filed 5–11–06; 8:45 am] BILLING CODE 8010–01–P Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or 6 See PO 00000 id. Frm 00095 7 17 Fmt 4703 Sfmt 4703 27755 CFR 200.30–3(a)(27). E:\FR\FM\12MYN1.SGM 12MYN1

Agencies

[Federal Register Volume 71, Number 92 (Friday, May 12, 2006)]
[Notices]
[Pages 27754-27755]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-7244]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-53763; File No. 4-208]


Intermarket Trading System; Notice of Filing and Immediate 
Effectiveness of the Twenty Third Amendment to the ITS Plan Relating to 
the Interaction of Chicago Stock Exchange, Inc. With ITS, the Change in 
Opening of Trading in a Halted Security, and the Change in Name from 
the New York Stock Exchange, Inc. to New York Stock Exchange LLC and 
From Pacific Exchange, Inc. to NYSE Arca, Inc.

May 5, 2006.
    Pursuant to Section 11A of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 608 thereunder,\2\ notice is hereby given that 
on April 24, 2006, the ITS Participants, through the ITS Operating 
Committee, submitted to the Securities and Exchange Commission 
(``Commission'') a proposed amendment (``Twenty Third Amendment'') to 
the restated ITS Plan.\3\ The purpose of the Twenty Third Amendment is 
to recognize the manner in which Chicago Stock Exchange, Inc. (``CHX'') 
will interact with ITS, to allow Participant markets to open trading in 
a halted security after a shorter period of time after a re-indication, 
and to reflect the name changes from the New York Stock Exchange, Inc. 
to New York Stock Exchange LLC and from Pacific Exchange, Inc. to NYSE 
Arca, Inc. Pursuant to Rule 608(b)(3)(ii) under the Act,\4\ the ITS 
Participants designated the amendment as concerned solely with the 
administration of the Plan. As a result, the Twenty Third Amendment has 
become effective upon filing with the Commission.\5\ At any time within 
60 days of the filing of the amendment, the Commission may summarily 
abrogate the amendment and require that such amendment be refiled in 
accordance with paragraph (a)(1) of Rule 608 and reviewed in accordance 
with paragraph (b)(2) of Rule 608, if it appears to the Commission that 
such action is necessary or appropriate in the public interest, for the 
protection of investors, or the maintenance of fair and orderly 
markets, to remove impediments to, and perfect the mechanisms of, a 
national market system or otherwise in furtherance of the purposes of 
the Act. The Commission is publishing this notice to solicit comments 
from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78k-1.
    \2\ 17 CFR 242.608.
    \3\ The ITS Plan is a National Market System (``NMS'') plan, 
which was designed to facilitate intermarket trading in exchange-
listed equity securities based on current quotation information 
emanating from the linked markets. See Securities Exchange Act 
Release No. 19456 (January 27, 1983), 48 FR 4938 (February 3, 1983).
    The ITS Participants currently include the American Stock 
Exchange LLC (Amex''), the Boston Stock Exchange, Inc. (``BSE''); 
the Chicago Boad Options Exchange, Inc. (``CBOE''); the Chicago 
Stock Exchange (``CHX''), Inc., the National Stock Exchange 
(``NSX''), the National Association of Securities Dealers, Inc. 
(``NASD''), NASDAQ Stock Market LLC (``NASDAQ''), the New York Stock 
Exchange, Inc. (``NYSE''), the Pacific Exchange, Inc. (``PCX''), and 
the Philadelphia Stock Exchange, Inc. (``Phlx'') (``Participants'').
    \4\ 17 CFR 242.608(b)(3)(ii).
    \5\ CHX intends to give ITS Participants 10 days notice prior to 
implementation of the amended manner of CHX's interaction with ITS.
---------------------------------------------------------------------------

 I. Description and Purpose of the Proposed Amendment

A. CHX's Interaction With ITS

    The ITS Participants propose to amend the restated ITS Plan to 
eliminate all references to CHX in Section 6(a)(ii)(A) and to add new 
subparagraph (H) to section 6(a)(ii). Proposed new language is 
italicized:
    (H) Description Applicable to CHX
    With respect to an ITS transaction that involves a CHX member, the 
commitment to trade or response thereto destined for or originating 
with the CHX will leave and enter the System at the CHX. A trade 
involving the CHX would take place as follows. In the example in 
section 6(a)(ii)(A) above, assume that the order is for 300 shares. 
Assume also that when the NYSE member checks the continuously updated 
quotation display at the appropriate NYSE trading post, he sees that 
the best offer is one of 40.15 for 300 shares from the CHX. Having 
learned this information, the NYSE member may decide to attempt to buy 
the 300 shares for his customer from the 40.15 offer. By using an ITS 
station located on the NYSE trading floor, the broker would send, or 
cause to be sent, to the CHX a commitment to buy 300 shares of the 
stock at 40.15.
    When the commitment to buy is entered into the System, the System 
will route the commitment to the CHX. If the 40.15 offer is still 
available when the commitment to buy reaches the CHX, or if a better 
offer is available and if the rules of the CHX permit an execution at 
that price, then the CHX would generate an acceptance of the commitment 
on behalf of the one or more CHX members responsible for the 40.15 
offer (or the better offer) and route it to the System. The execution 
would occur at 40.15 (or at the better price) if the applicable time 
period had not expired. CHX would report the trade to the CTA Plan 
Processor for dissemination under the CTA Plan at 40.15 (or at the 
better price)

[[Page 27755]]

with the same identifier that is assigned to CHX.
    If the example is reversed and a CHX member seeks to purchase 300 
shares, the CHX member would send the NYSE a commitment to buy 300 
shares of the stock at 40.15.
    When the commitment to buy is entered into the CHX, the CHX will 
route the commitment to the System, which will in turn route the 
commitment to the NYSE. If the 40.15 offer is still available when the 
commitment to buy reaches the NYSE, or if a better offer is available, 
and if the rules of the NYSE permit an execution at that price, then 
the NYSE offer would accept the commitment during the applicable time 
period and an execution at 40.15 (or at the better price) would take 
place. The NYSE would then report the trade to the CTA Plan Processor 
for dissemination under the CTA Plan at 40.15 (or at the better price) 
with the identifier assigned to the NYSE.
    This description shall take effect upon 10 days' written notice 
from the CHX to all Participants.

B. Opening of Trading in a Halted Security

    The ITS Participants propose to amend the restated ITS Plan to have 
Section (b)(i)(B) of Exhibit A (``Tape Indications'') read as follows. 
Proposed new language is italicized:
* * * * *
    In any such situation, the specialist shall not open or reopen the 
security until not less than three minutes after his transmission of 
the opening or reopening indication of interest. However, where more 
than one indication is disseminated, a stock may re-open one minute 
after the last indication, provided that at least three minutes must 
have elapsed from the dissemination of the first indication. For the 
purposes of paragraphs (b)(ii)(A), (b)(ii)(B), (b)(iii) and (c), ``pre-
opening notification'' includes an indication of interest furnished to 
the consolidated last sale reporting service.

C. Renumbering

    The ITS Participants propose to renumber former section 6(a)(ii)(H) 
as section 6(a)(ii)(I).

D. Name Change

    The ITS Participants propose to reflect the name changes from the 
New York Stock Exchange, Inc. to New York Stock Exchange LLC and from 
Pacific Exchange, Inc. to NYSE Arca, Inc. to reflect the legal name 
changes that occurred on March 7, 2006.

E. Additional Information

1. Governing or Constituent Documents
    Not applicable.
2. Implementation of Amendment
    The ITS Participants have manifested their approval of the proposed 
amendment by means of their execution of the Twenty Third Amendment. 
The Amendment has become effective upon filing.\6\
---------------------------------------------------------------------------

    \6\ See id.
---------------------------------------------------------------------------

3. Development and Implementation Phases
    Not applicable.
4. Analysis of Impact on Competition
    The Participants believe that the proposed amendment does not 
impose any burden on competition.
5. Written Understanding or Agreements Relating to Interpretation of, 
or Participation in, Plan
    Not applicable.
6. Approval by Sponsors in Accordance With Plan
    Under section 4(c) of the restated ITS Plan, the requisite approval 
of the amendment is achieved by execution of the amendment on behalf of 
each ITS Participant. The amendment is so executed.
 7. Description of Operation of Facility Contemplated by the Proposed 
Amendment
    Not applicable.
8. Terms and Conditions of Access
    Not applicable.
9. Method of Determination and Imposition, and Amount of, Fees and 
Charges
    Not applicable.
10. Method of Frequency of Processor Evaluation
    Not applicable.
11. Dispute Resolution
    Not applicable.

II. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed Plan 
amendment is consistent with the Act. Comments may be submitted by any 
of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File No. 4-208 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. 4-208. 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 (http://www.sec.gov/rules/sro.shtml). 
Copies of the submission, all subsequent amendments, all written 
statements with respect to the proposed Plan amendment that are filed 
with the Commission, and all written communications relating to the 
proposed Plan amendment 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 the filing 
also will be available for inspection and copying at the principal 
office of the ITS. 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. 4-208 and 
should be submitted on or before June 2, 2006.
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(27).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\7\
Nancy M. Morris,
Secretary.
 [FR Doc. E6-7244 Filed 5-11-06; 8:45 am]
BILLING CODE 8010-01-P