Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Prohibition Against the Entry of Multiple Options Orders, 30204-30206 [E6-8052]
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30204
Federal Register / Vol. 71, No. 101 / Thursday, May 25, 2006 / Notices
Room 10230, New Executive Office
Building, Washington, DC 20503.
SECURITIES AND EXCHANGE
COMMISSION
Charles Mierzwa,
Clearance Officer.
[FR Doc. E6–8050 Filed 5–24–06; 8:45 am]
[Release No. 34–53842; File No. SR–Amex–
2006–45]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change Relating to
the Prohibition Against the Entry of
Multiple Options Orders
BILLING CODE 7905–01–P
RAILROAD RETIREMENT BOARD
Agency Forms Submitted for OMB
Review
May 19, 2006.
Summaary: In accordance with the
Paperwork Reduction Act of 1995 (44
U.S.C. Chapter 35), the Railroad
Retirement Board (RRB) has submitted
the following proposal(s) for the
collection of information to the Office of
Management and Budget for review and
approval.
cchase on PROD1PC60 with NOTICES
Summary of Proposal(s)
(1) Collection title: Employer’s
Deemed Service Month Questionnaire.
(2) Form(s) submitted: GL–99.
(3) OMB Number: 3220–0156.
(4) Expiration date of current OMB
clearance: 8/31/2006.
(5) Type of request: Extension of a
currently approved collection.
(6) Respondents: Business or other
for-profit.
(7) Estimated annual number of
respondents: 150.
(8) Total annual responses: 4,000.
(9) Total annual reporting hours: 133.
(10) Collection description: Under
Section 3(i) of the Railroad Retirement
Act, the Railroad Retirement Board may
deem months of service in cases where
an employee does not actually work in
every month of the year. The collection
obtains service and compensation
information from railroad employers
needed to determine if an employee
may be credited with additional months
of railroad service.
Additional Information or Comments:
Copies of the forms and supporting
documents can be obtained from
Charles Mierzwa, the agency clearance
officer (312–751–3363) or
Charles.Mierzwa@rrb.gov.
Comments regarding the information
collection should be addressed to
Ronald J. Hodapp, Railroad Retirement
Board, 844 North Rush Street, Chicago,
Illinois, 60611–2092 or
Ronald.Hodapp@rrb.gov and to the
OMB Desk Officer for the RRB, at the
Office of Management and Budget,
Room 10230, New Executive Office
Building, Washington, DC 20503.
Charles Mierzwa,
Clearance Officer.
[FR Doc. E6–8051 Filed 5–24–06; 8:45 am]
BILLING CODE 7905–01–P
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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 May 8,
2006, the American Stock Exchange LLC
(‘‘Amex’’ 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. The Exchange has
designated the proposed rule change as
constituting a ‘‘non-controversial’’ rule
change under Section 19(b)(3)(A)(iii) of
the Act,3 and Rule 19b–4(f)(6)
thereunder,4 which renders the proposal
effective upon filing with the
Commission.5 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 Exchange proposes to revise
Amex Rule 933—ANTE(e) prohibiting
the entry via the Amex New Trading
Environment system (‘‘ANTE’’) of
multiple orders for any account of the
same beneficial owner in the same
option within any fifteen (15) second
period. The text of the proposed rule
change appears below. Proposed
deletions are in [brackets].
Rule 933—ANTE
Automatic Matching and Execution of
Options Orders
(a)–(d) No change.
(e) The Options Trading Committee
shall determine the size parameters of
orders eligible for automatic matching
and execution. The Committee may
determine to set the eligible order size
parameter in any option class as the
disseminated quote size. [An automatic
matching and execution eligible order
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
5 The Amex has requested that the Commission
waive the 30-day operative delay, as specified in
Rule 19b–4(f)(6)(iii). 17 CFR 240.19b–4(f)(6)(iii).
2 17
PO 00000
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Fmt 4703
Sfmt 4703
for any account in which the same
person is directly or indirectly
interested may only be entered at
intervals of no less than 15 seconds
between entry of each such order in a
call class and/or a put class for the same
option. Members and member
organizations are responsible for
establishing procedures to prevent
orders in a call class and/or a put class
for the same option for any account in
which the same person is directly or
indirectly interested from being entered
at intervals of less than 15 seconds.]
(f)–(g) No change.
Commentary * * * No change.
*
*
*
*
*
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. 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 Exchange proposes to revise
Amex Rule 933—ANTE(e) in order to
increase the number of orders handled
through ANTE. Currently, Amex Rule
933—ANTE(e) prohibits the entry of
multiple orders for any account of the
same beneficial owner in the same
option class within any fifteen (15)
second period. The original purpose of
the Rule in connection with the
Exchange’s Automatic Execution
System (‘‘Auto-Ex’’) 6 was to assist
Exchange specialists and Registered
Options Traders (‘‘ROTs’’) in managing
their risk of multiple executions of
orders delivered in rapid succession.
Prior to the introduction of ANTE,
specialists and ROTs would find it very
difficult to timely revise their
quotations. As a result, the Exchange, as
well as the other options exchanges, at
that time adopted rules to prohibit the
entry of multiple orders for any account
of the same beneficial owner within
fifteen (15) seconds. The purpose of the
Rule was to protect investors and other
market participants from the potential
6 The Auto-Ex system was established to provide
small customer orders with an immediate single
price execution.
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Federal Register / Vol. 71, No. 101 / Thursday, May 25, 2006 / Notices
negative consequences that might result
from Order Entry Firms or off-floor
broker-dealers ‘‘picking off’’ specialists
and/or ROTs. The Exchange believed
that if persons were allowed to
effectively increase the size of Auto-Ex
eligible orders by entering more than
one such order at intervals of less than
15 seconds, Amex specialists and ROTs
would be unable to make markets with
the same liquidity as if there were
effective limits on the size and
frequency of Auto-Ex eligible orders.
The Amex has substantially improved
its electronic trading systems such that
the risk associated with multiple orders
in the same option delivered for any
account of the same or an affiliated
beneficial account holder has become
more manageable through electronic
means. Specifically, ANTE now allows
specialists and ROTs to submit
proprietary electronic quotes through
ANTE and to revise their quotes
electronically, which reduces the risk of
multiple executions of orders delivered
in rapid succession before the specialist
or ROT is able to revise its quotation. In
addition, a revised and updated version
of ANTE has incorporated a risk
management tool to allow specialists
and ROTs to set criteria for the system
to adjust their quotes (the ‘‘Quote Risk
Manager’’) if a certain number of trades
are executed within a certain period of
time. The Commission recently
approved the Exchange’s Quote Risk
Manager.7 Due to the substantial
increase in automated option order
handling and risk mitigation tools
provided by ANTE, the Amex submits
that the fifteen (15) second prohibition
currently included in its Amex Rule
933—ANTE(e) is unnecessary.
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2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,8 in general, and
furthers the objectives of Section 6(b)(5)
of the Act,9 in particular, in that 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
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.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The proposed rule change does not
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
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change: (i)
Does not significantly affect the
protection of investors or the public
interest; (ii) does not impose any
significant burden on competition; and
(iii) by its terms, does not become
operative for 30 days after the date of
the filing, or such shorter time as the
Commission may designate, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 10 and Rule 19b–4(f)(6)
thereunder.11 As required by Rule 19b–
4(f)(6)(iii) under the Act, the Exchange
also provided with the Commission
with written notice of its intent to file
the proposed rule change, along with a
brief description and text of the
proposed rule change, at least five
business days prior to the date of filing
of the proposed rule change.12
A proposed rule change filed under
Rule 19b–4(f)(6) normally does not
become operative for 30 days after the
date of filing.13 However, Rule 19b–
4(f)(6)(iii) 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 asked the Commission to
waive the 30-day operative delay and
allow the proposed rule change to
become operative on May 8, 2006, the
date that it was filed with the
Commission. The Commission hereby
grants that request.14 The Commission
believes that waiving the 30-day
operative delay is consistent with the
protection of investors and the public
interest because the Commission has
10 15
11 17
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
12 Id.
7 See
Securities Exchange Act Release No. 53148
(January 19, 2006), 71 FR 4386 (January 26, 2006)
(SR–Amex–2005–131).
8 15 U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(5).
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16:42 May 24, 2006
Jkt 208001
13 Id.
14 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. See 15 U.S.C. 78c(f).
PO 00000
Frm 00093
Fmt 4703
Sfmt 4703
30205
approved a similar proposed rule
change by the Philadelphia Stock
Exchange, Inc.,15 and thus the proposal
does not raise any new regulatory
issues.
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–Amex–2006–45 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 No.
SR–Amex–2006–45. 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 the filing also will be
available for inspection and copying at
the principal office of the Exchange. All
15 See Securities Exchange Act Release No. 51827
(June 13, 2005), 70 FR 35491 (June 20, 2005) (SR–
Phlx–2005–20).
E:\FR\FM\25MYN1.SGM
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30206
Federal Register / Vol. 71, No. 101 / Thursday, May 25, 2006 / Notices
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File No.
SR–Amex–2006–45 and should be
submitted on or before June 15, 2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.16
Nancy M. Morris,
Secretary.
[FR Doc. E6–8052 Filed 5–24–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53836; File No. SR–BSE–
2006–17]
Self-Regulatory Organizations; Boston
Stock Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change To Change Its
Hours of Operation for Trading in
Nasdaq Securities
May 18, 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 May 1,
2006, the Boston Stock Exchange, Inc.
(‘‘BSE’’ 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. The BSE 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
it effective upon filing with the
Commission. 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 BSE proposes to amend Chapter
XXXV, Trading in Nasdaq Securities,
Section 7, Dealings On Floor—Hours.
The text of the proposed rule change is
available on the BSE Web site at
https://www.bostonstock.com, at the
16 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6). The BSE provided the
Commission with written notice of its intention to
file the proposed rule change on April 6, 2006. The
BSE asked the Commission to waive the 30-day
operative delay. See 17 CFR 240.19b–4(f)(6).
cchase on PROD1PC60 with NOTICES
1 15
VerDate Aug<31>2005
16:42 May 24, 2006
Jkt 208001
Office of the Secretary, and at the
Commission.
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 Exchange proposes to change its
hours of operation for trading in Nasdaq
Securities from 7 a.m. until 6:30 p.m.,
to 7 a.m. until 4:30 p.m. This change
would decrease the Exchange’s
transacting of business in Nasdaq
Securities during Nasdaq’s after hours
trading session by two hours, ending at
4:30 p.m. The BSE believes this change
meets the current needs of its members.
2. Statutory Basis
The BSE believes that the proposed
rule change is consistent with the
requirements of Section 6(b) of the Act,5
in general, and Section 6(b)(5) 6 in
particular, in that it is designed to
promote just and equitable principles of
trade, and to protect investors and the
public interest.
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 comments on the proposed
rule change.
5 15
6 15
PO 00000
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
Frm 00094
Fmt 4703
Sfmt 4703
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not:
(i) Significantly affect the protection
of investors or the public interest;
(ii) Impose any significant burden on
competition; and
(iii) Become operative for 30 days
from the date on which it was filed, or
such shorter time as the Commission
may designate, it has become effective
pursuant to Section 19(b)(3)(A) of the
Act 7 and Rule 19b–4(f)(6) thereunder.
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.
The BSE has asked that the
Commission waive the 30-day operative
delay contained in Rule 19b–4(f)(6)(iii)
under the Act.8 The Commission
believes such waiver is consistent with
the protection of investors and the
public interest, for it will allow BSE to
implement a change that meets the
current needs of its members. For this
reason, the Commission designates the
proposal to be effective and operative
upon filing with the Commission.9
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–BSE–2006–17 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–BSE–2006–17. This file
7 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6)(iii).
9 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. See 15 U.S.C. 78c(f).
8 17
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]]>Agencies
[Federal Register Volume 71, Number 101 (Thursday, May 25, 2006)]
[Notices]
[Pages 30204-30206]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-8052]
=======================================================================
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-53842; File No. SR-Amex-2006-45]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to the Prohibition Against the Entry of Multiple Options
Orders
May 19, 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 May 8, 2006, the American Stock Exchange LLC (``Amex'' 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. The Exchange
has designated the proposed rule change as constituting a ``non-
controversial'' rule change under Section 19(b)(3)(A)(iii) of the
Act,\3\ and Rule 19b-4(f)(6) thereunder,\4\ which renders the proposal
effective upon filing with the Commission.\5\ 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)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
\5\ The Amex has requested that the Commission waive the 30-day
operative delay, as specified in Rule 19b-4(f)(6)(iii). 17 CFR
240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to revise Amex Rule 933--ANTE(e) prohibiting
the entry via the Amex New Trading Environment system (``ANTE'') of
multiple orders for any account of the same beneficial owner in the
same option within any fifteen (15) second period. The text of the
proposed rule change appears below. Proposed deletions are in
[brackets].
Rule 933--ANTE
Automatic Matching and Execution of Options Orders
(a)-(d) No change.
(e) The Options Trading Committee shall determine the size
parameters of orders eligible for automatic matching and execution. The
Committee may determine to set the eligible order size parameter in any
option class as the disseminated quote size. [An automatic matching and
execution eligible order for any account in which the same person is
directly or indirectly interested may only be entered at intervals of
no less than 15 seconds between entry of each such order in a call
class and/or a put class for the same option. Members and member
organizations are responsible for establishing procedures to prevent
orders in a call class and/or a put class for the same option for any
account in which the same person is directly or indirectly interested
from being entered at intervals of less than 15 seconds.]
(f)-(g) No change.
Commentary * * * No change.
* * * * *
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. 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 Exchange proposes to revise Amex Rule 933--ANTE(e) in order to
increase the number of orders handled through ANTE. Currently, Amex
Rule 933--ANTE(e) prohibits the entry of multiple orders for any
account of the same beneficial owner in the same option class within
any fifteen (15) second period. The original purpose of the Rule in
connection with the Exchange's Automatic Execution System (``Auto-Ex'')
\6\ was to assist Exchange specialists and Registered Options Traders
(``ROTs'') in managing their risk of multiple executions of orders
delivered in rapid succession. Prior to the introduction of ANTE,
specialists and ROTs would find it very difficult to timely revise
their quotations. As a result, the Exchange, as well as the other
options exchanges, at that time adopted rules to prohibit the entry of
multiple orders for any account of the same beneficial owner within
fifteen (15) seconds. The purpose of the Rule was to protect investors
and other market participants from the potential
[[Page 30205]]
negative consequences that might result from Order Entry Firms or off-
floor broker-dealers ``picking off'' specialists and/or ROTs. The
Exchange believed that if persons were allowed to effectively increase
the size of Auto-Ex eligible orders by entering more than one such
order at intervals of less than 15 seconds, Amex specialists and ROTs
would be unable to make markets with the same liquidity as if there
were effective limits on the size and frequency of Auto-Ex eligible
orders.
---------------------------------------------------------------------------
\6\ The Auto-Ex system was established to provide small customer
orders with an immediate single price execution.
---------------------------------------------------------------------------
The Amex has substantially improved its electronic trading systems
such that the risk associated with multiple orders in the same option
delivered for any account of the same or an affiliated beneficial
account holder has become more manageable through electronic means.
Specifically, ANTE now allows specialists and ROTs to submit
proprietary electronic quotes through ANTE and to revise their quotes
electronically, which reduces the risk of multiple executions of orders
delivered in rapid succession before the specialist or ROT is able to
revise its quotation. In addition, a revised and updated version of
ANTE has incorporated a risk management tool to allow specialists and
ROTs to set criteria for the system to adjust their quotes (the ``Quote
Risk Manager'') if a certain number of trades are executed within a
certain period of time. The Commission recently approved the Exchange's
Quote Risk Manager.\7\ Due to the substantial increase in automated
option order handling and risk mitigation tools provided by ANTE, the
Amex submits that the fifteen (15) second prohibition currently
included in its Amex Rule 933--ANTE(e) is unnecessary.
---------------------------------------------------------------------------
\7\ See Securities Exchange Act Release No. 53148 (January 19,
2006), 71 FR 4386 (January 26, 2006) (SR-Amex-2005-131).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\8\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\9\ in particular, in that 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 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.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The proposed rule change does not 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
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change: (i) Does not significantly affect
the protection of investors or the public interest; (ii) does not
impose any significant burden on competition; and (iii) by its terms,
does not become operative for 30 days after the date of the filing, or
such shorter time as the Commission may designate, the proposed rule
change has become effective pursuant to Section 19(b)(3)(A) of the Act
\10\ and Rule 19b-4(f)(6) thereunder.\11\ As required by Rule 19b-
4(f)(6)(iii) under the Act, the Exchange also provided with the
Commission with written notice of its intent to file the proposed rule
change, along with a brief description and text of the proposed rule
change, at least five business days prior to the date of filing of the
proposed rule change.\12\
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\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6).
\12\ Id.
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A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative for 30 days after the date of filing.\13\ However,
Rule 19b-4(f)(6)(iii) 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 asked the Commission to waive the
30-day operative delay and allow the proposed rule change to become
operative on May 8, 2006, the date that it was filed with the
Commission. The Commission hereby grants that request.\14\ The
Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest
because the Commission has approved a similar proposed rule change by
the Philadelphia Stock Exchange, Inc.,\15\ and thus the proposal does
not raise any new regulatory issues.
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\13\ Id.
\14\ 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. See 15 U.S.C.
78c(f).
\15\ See Securities Exchange Act Release No. 51827 (June 13,
2005), 70 FR 35491 (June 20, 2005) (SR-Phlx-2005-20).
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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-Amex-2006-45 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 No. SR-Amex-2006-45. 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 the filing
also will be available for inspection and copying at the principal
office of the Exchange. All
[[Page 30206]]
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File No. SR-Amex-2006-45 and should be
submitted on or before June 15, 2006.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\16\
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\16\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
[FR Doc. E6-8052 Filed 5-24-06; 8:45 am]
BILLING CODE 8010-01-P
