Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Moratorium on the Qualification and Registration of New Competitive Traders and New Registered Competitive Market Makers, Governed by NYSE Rules 110 and 107A, Respectively, for an Additional Six Months, 41491-41493 [E6-11569]

Download as PDF Federal Register / Vol. 71, No. 140 / Friday, July 21, 2006 / Notices Paragraph .05 concerns the termination of the exposure period by unrelated orders. The Exchange proposes to extend these pilots for an additional year to give the Exchange and the Commission additional time to evaluate the effects of the provisions before requesting permanent approval of the rules. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b)(5) of the Act 6 in that it is designed to promote just and equitable principles of trade, remove impediments to and perfect the mechanisms of a free and open market and a national market system and, in general, to protect investors and the public interest. Since the Price Improvement Mechanism has only been operating for a relatively short period of time, the Exchange believes it is appropriate to extend the pilot periods to provide the Exchange and the Commission more data upon which to evaluate the rules. 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 The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any written comments from members or other interested parties. rwilkins on PROD1PC63 with NOTICES_1 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) by its terms, 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 7 and Rule 19b–4(f)(6) thereunder.8 A proposed rule change filed under Rule 19b–4(f)(6) normally may not U.S.C. 78f(b)(5). U.S.C. 78s(b)(3)(A). 8 17 CFR 240.19b–4(f)(6). 7 15 17:59 Jul 20, 2006 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 (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–ISE–2006–39 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–ISE–2006–39. 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 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 9 17 CFR 240.19b–4(f)(6)(iii). 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). 10 For 6 15 VerDate Aug<31>2005 become operative prior to 30 days after the date of filing. However, Rule 19b– 4(f)(6)(iii) 9 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 30-day operative delay and designate the proposed rule change immediately operative upon filing. The Commission believes that waiver of the 30-day operative delay is consistent with the protection of investors and the public interest because it would allow the pilots to continue without interruption until July 18, 2007. For this reason, the Commission designates the proposal to be effective and operative upon filing with the Commission.10 Jkt 208001 PO 00000 Frm 00077 Fmt 4703 Sfmt 4703 41491 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–ISE–2006–39 and should be submitted on or before August 11, 2006. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.11 Jill M. Peterson, Assistant Secretary. [FR Doc. E6–11573 Filed 7–20–06; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–54140; File No. SR–NYSE– 2006–48] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Moratorium on the Qualification and Registration of New Competitive Traders and New Registered Competitive Market Makers, Governed by NYSE Rules 110 and 107A, Respectively, for an Additional Six Months July 13, 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 June 30, 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. The Exchange has designated the proposed rule change as constituting a ‘‘noncontroversial’’ 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. The Commission is publishing this notice to 11 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)(iii). 4 17 CFR 240.19b–4(f)(6). 1 15 E:\FR\FM\21JYN1.SGM 21JYN1 41492 Federal Register / Vol. 71, No. 140 / Friday, July 21, 2006 / Notices 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 extend for six months the present moratorium, as modified, related to the qualification and registration of Competitive Traders (‘‘CTs’’) pursuant to NYSE Rule 110 and Registered Competitive Market Makers (‘‘RCMMs’’) pursuant to NYSE Rule 107A. The text of the proposed rule change is available on the NYSE’s Web site (http://www.nyse.com), at the NYSE’s Office of the Secretary, and at the Commission’s Public Reference Room. 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 rwilkins on PROD1PC63 with NOTICES_1 1. Purpose The Exchange proposes to extend for six months the present moratorium, as modified, related to the qualification and registration of CTs pursuant to NYSE Rule 110 and RCMMs pursuant to NYSE Rule 107A. On September 22, 2005, the Exchange filed SR–NYSE–2005–63 5 (‘‘Filing 2005–63’’) with the Commission proposing to implement a moratorium on the qualification and registration of new CTs and RCMMS in order to allow the Exchange an opportunity to review the viability of CTs and RCMMs in the NYSE HYBRID MARKETSM (‘‘Hybrid Market’’).6 Subsequent to the filing of Filing 2005–63, the Exchange filed SR–NYSE– 2006–11 7 (‘‘Filing 2006–11’’) proposing to modify the moratorium and grant 5 See Securities Exchange Act Release No. 52648 (October 21, 2005), 70 FR 62155 (October 28, 2005) (SR–NYSE–2005–63). 6 See Securities Exchange Act Release No. 53539 (March 22, 2006), 71 FR 16353 (March 31, 2006) (SR–NYSE–2004–05). 7 See Securities Exchange Act Release No. 53549 (March 24, 2006), 71 FR 16388 (March 31, 2006) (SR–NYSE–2006–11). VerDate Aug<31>2005 17:59 Jul 20, 2006 Jkt 208001 RCMM firms the ability to replace a RCMM who relinquishes his or her registration and ceases to conduct business as a RCMM during the moratorium with a newly qualified and registered RCMM. The moratorium does not restrict RCMMs from joining any RCMM firm or becoming or remaining an independent RCMM. Neither does the moratorium restrict any RCMM firm from hiring any existing RCMMs. At that time, the Exchange represented to the Commission that it intended to complete its review regarding CTs and RCMMs by June 30, 2006. In this filing, the Exchange seeks to extend the moratorium as amended for an additional six months in order to include in its review the impact of the Hybrid Market with respect to CTs and RCMMs. Additional phases of the Hybrid Market will be rolled out later this year and the Exchange plans to include the new data that these phases will provide into its evaluation. The Exchange will issue an Information Memo announcing the extension of the moratorium. The review is currently estimated to be completed on or about December 31, 2006. 2. Statutory Basis The Exchange believes that the basis under the Act for this proposed rule change is the requirement under Section 6(b)(5) 8 that an exchange have rules that are 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. 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. PO 00000 8 15 U.S.C. 78f(b)(5). Frm 00078 Fmt 4703 Sfmt 4703 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) does not become operative for 30 days after the date of the filing, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 9 and Rule 19b– 4(f)(6) thereunder.10 A proposed rule change filed under Rule 19b–4(f)(6) 11 normally does not become operative prior to thirty days after the date of filing. NYSE requests that the Commission waive the 30-day operative delay, as specified in Rule 19b–4(f)(6)(iii), and designate the proposed rule change to become operative immediately. The Commission hereby grants the request. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because the extension will give the Exchange time to fully study the future viability of CTs and RCMMs in order to improve their market.12 For these reasons, the Commission designates the proposed rule change as effective and operative immediately. At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate such proposed 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 9 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). Pursuant to Rule 19b– 4(f)(6)(iii) under the Act, the Exchange is required to give the Commission 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, or such shorter time as designated by the Commission. The Exchange has requested that the Commission waive the 5-day pre-filing notice requirement. The Commission has determined to waive this requirement. 11 Id. 12 For purposes only of waiving the operative delay for this proposal, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 10 17 E:\FR\FM\21JYN1.SGM 21JYN1 Federal Register / Vol. 71, No. 140 / Friday, July 21, 2006 / Notices 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 (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NYSE–2006–48 on the subject line. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–54142; File No. SR–NYSE– 2006–46] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Revise Equity Transaction Fees and to Exempt Specialist Firms From ETF Transaction Fees 41493 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 (i) to revise Paper Comments Pursuant to Section 19(b)(1) of the the fees it charges to its member Securities Exchange Act of 1934 organizations in connection with • Send paper comments in triplicate (‘‘Act’’),1 and Rule 19b–4 thereunder,2 transactions in equity securities, and (ii) to Nancy M. Morris, Secretary, notice is hereby given that on July 10, to exempt specialist firms from the fees Securities and Exchange Commission, 2006, the New York Stock Exchange it charges to its member organizations in 100 F Street, NE., Washington, DC LLC (‘‘Exchange’’ or ‘‘NYSE’’) filed with connection with transactions in ETF 20549–1090. the Securities and Exchange securities. The fee changes will take Commission (‘‘Commission’’) the All submissions should refer to File effect on August 1, 2006. The amended proposed rule change as described in Number SR–NYSE–2006–48. This file section of the 2006 Exchange Price List Items I, II, and III below, which Items number should be included on the was filed with the Commission as subject line if e-mail is used. To help the have been prepared by the Exchange. Exhibit 5 to the proposed rule filing. The Exchange has designated this Commission process and review your The fee changes are also described proposal as one establishing or changing below. comments more efficiently, please use The Exchange proposes to implement only one method. The Commission will a due, fee, or other charge imposed by a more simplified transaction fee post all comments on the Commission’s the Exchange under Section 19(b)(3)(A)(ii) of the Act 3 and Rule 19b– structure for equities that it believes will Internet Web site (http://www.sec.gov/ 4(f)(2) thereunder,4 which renders the make its fees more transparent and will rules/sro.shtml). Copies of the proposed rule change effective upon distribute costs more equitably across submission, all subsequent filing with the Commission. The our customer base. In place of the amendments, all written statements Commission is publishing this notice to current policy of charging a variable fee with respect to the proposed rule solicit comments on the proposed rule on equity transactions depending on the change that are filed with the change from interested persons. number of shares traded, the Exchange Commission, and all written intends to implement a flat fee of I. Self-Regulatory Organization’s communications relating to the $0.00025 per share, which will continue Statement of the Terms of Substance of proposed rule change between the to be subject to the current $80 per the Proposed Rule Change Commission and any person, other than transaction cap. System trades (trades those that may be withheld from the The Exchange proposes (i) to revise executed electronically) for less than public in accordance with the the fees it charges to its member 2,100 shares, which were previously provisions of 5 U.S.C. 552, will be organizations in connection with exempt from Exchange transaction fees, available for inspection and copying in transactions in equity securities, and (ii) will be subject to the same $0.00025 per to exempt specialist firms from the fees the Commission’s Public Reference share fee as all other equity transactions. it charges to its member organizations in The Exchange is also eliminating the Room. Copies of the filing also will be connection with transactions in available for inspection and copying at 1.2% rebate on floor brokerage (fees a the principal office of the Exchange. All Exchange Traded Fund (‘‘ETF’’) member organization receives from securities. The fee changes will take comments received will be posted another member organization for which effect on August 1, 2006. The text of the it executes a transaction) previously without change; the Commission does proposed rule change is available on not edit personal identifying paid to the member organization that NYSE’s Web site (http://www.nyse.com), had paid the floor brokerage. information from submissions. You at NYSE’s principal office, and at the Monthly equity transaction fees are should submit only information that currently capped at the lesser of: (i) you wish to make available publicly. All Commission’s Public Reference Room. $600,000 per month or (ii) 2% of the submissions should refer to File II. Self-Regulatory Organization’s member organization’s self-reported Number SR–NYSE–2006–48 and should Statement of the Purpose of, and monthly net commissions.5 The be submitted on or before August 11, Statutory Basis for, the Proposed Rule Exchange proposes to increase the cap, 2006. Change for the first time since 2003, from For the Commission, by the Division of In its filing with the Commission, the $600,000 to $750,000 per month and to Market Regulation, pursuant to delegated Exchange included statements eliminate the 2% cap alternative, which authority.13 concerning the purpose of, and basis for, has been in place since 1981. The the proposed rule change and discussed Exchange believes that doing so will Jill M. Peterson, any comments it received on the Assistant Secretary. enable it to grow its trading revenues rwilkins on PROD1PC63 with NOTICES_1 July 13, 2006. [FR Doc. E6–11569 Filed 7–20–06; 8:45 am] BILLING CODE 8010–01–P 13 17 17:59 Jul 20, 2006 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(ii). 4 17 CFR 240.19b–4(f)(2). 2 17 CFR 200.30–3(a)(12). VerDate Aug<31>2005 1 15 Jkt 208001 PO 00000 Frm 00079 Fmt 4703 Sfmt 4703 5 A member organization’s net commissions are calculated as the difference between gross commissions charged and commissions payable to other members. E:\FR\FM\21JYN1.SGM 21JYN1

Agencies

[Federal Register Volume 71, Number 140 (Friday, July 21, 2006)]
[Notices]
[Pages 41491-41493]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-11569]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-54140; File No. SR-NYSE-2006-48]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change 
To Extend the Moratorium on the Qualification and Registration of New 
Competitive Traders and New Registered Competitive Market Makers, 
Governed by NYSE Rules 110 and 107A, Respectively, for an Additional 
Six Months

July 13, 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 June 30, 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. 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. The Commission is publishing 
this notice to

[[Page 41492]]

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).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to extend for six months the present 
moratorium, as modified, related to the qualification and registration 
of Competitive Traders (``CTs'') pursuant to NYSE Rule 110 and 
Registered Competitive Market Makers (``RCMMs'') pursuant to NYSE Rule 
107A. The text of the proposed rule change is available on the NYSE's 
Web site (http://www.nyse.com), at the NYSE's Office of the Secretary, 
and at the Commission's Public Reference Room.

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 extend for six months the present 
moratorium, as modified, related to the qualification and registration 
of CTs pursuant to NYSE Rule 110 and RCMMs pursuant to NYSE Rule 107A.
    On September 22, 2005, the Exchange filed SR-NYSE-2005-63 \5\ 
(``Filing 2005-63'') with the Commission proposing to implement a 
moratorium on the qualification and registration of new CTs and RCMMS 
in order to allow the Exchange an opportunity to review the viability 
of CTs and RCMMs in the NYSE HYBRID MARKETSM (``Hybrid 
Market'').\6\
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 52648 (October 21, 
2005), 70 FR 62155 (October 28, 2005) (SR-NYSE-2005-63).
    \6\ See Securities Exchange Act Release No. 53539 (March 22, 
2006), 71 FR 16353 (March 31, 2006) (SR-NYSE-2004-05).
---------------------------------------------------------------------------

    Subsequent to the filing of Filing 2005-63, the Exchange filed SR-
NYSE-2006-11 \7\ (``Filing 2006-11'') proposing to modify the 
moratorium and grant RCMM firms the ability to replace a RCMM who 
relinquishes his or her registration and ceases to conduct business as 
a RCMM during the moratorium with a newly qualified and registered 
RCMM. The moratorium does not restrict RCMMs from joining any RCMM firm 
or becoming or remaining an independent RCMM. Neither does the 
moratorium restrict any RCMM firm from hiring any existing RCMMs. At 
that time, the Exchange represented to the Commission that it intended 
to complete its review regarding CTs and RCMMs by June 30, 2006.
---------------------------------------------------------------------------

    \7\ See Securities Exchange Act Release No. 53549 (March 24, 
2006), 71 FR 16388 (March 31, 2006) (SR-NYSE-2006-11).
---------------------------------------------------------------------------

    In this filing, the Exchange seeks to extend the moratorium as 
amended for an additional six months in order to include in its review 
the impact of the Hybrid Market with respect to CTs and RCMMs. 
Additional phases of the Hybrid Market will be rolled out later this 
year and the Exchange plans to include the new data that these phases 
will provide into its evaluation.
    The Exchange will issue an Information Memo announcing the 
extension of the moratorium. The review is currently estimated to be 
completed on or about December 31, 2006.
2. Statutory Basis
    The Exchange believes that the basis under the Act for this 
proposed rule change is the requirement under Section 6(b)(5) \8\ that 
an exchange have rules that are 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.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    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 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) does not become 
operative for 30 days after the date of the filing, or such shorter 
time as the Commission may designate if consistent with the protection 
of investors and the public interest, the proposed rule change has 
become effective pursuant to Section 19(b)(3)(A) of the Act \9\ and 
Rule 19b-4(f)(6) thereunder.\10\
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(6). Pursuant to Rule 19b-4(f)(6)(iii) 
under the Act, the Exchange is required to give the Commission 
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, or such shorter time as designated by the Commission. 
The Exchange has requested that the Commission waive the 5-day pre-
filing notice requirement. The Commission has determined to waive 
this requirement.
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) \11\ normally 
does not become operative prior to thirty days after the date of 
filing. NYSE requests that the Commission waive the 30-day operative 
delay, as specified in Rule 19b-4(f)(6)(iii), and designate the 
proposed rule change to become operative immediately. The Commission 
hereby grants the request. The Commission believes that waiving the 30-
day operative delay is consistent with the protection of investors and 
the public interest because the extension will give the Exchange time 
to fully study the future viability of CTs and RCMMs in order to 
improve their market.\12\ For these reasons, the Commission designates 
the proposed rule change as effective and operative immediately.
---------------------------------------------------------------------------

    \11\ Id.
    \12\ For purposes only of waiving the operative delay for this 
proposal, the Commission has considered the proposed rule's impact 
on efficiency, competition, and capital formation. See 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 proposed 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

[[Page 41493]]

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 (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-NYSE-2006-48 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-2006-48. 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 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 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-2006-48 and should be submitted on or before August 11, 2006.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\13\
---------------------------------------------------------------------------

    \13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

 Jill M. Peterson,
 Assistant Secretary.
 [FR Doc. E6-11569 Filed 7-20-06; 8:45 am]
BILLING CODE 8010-01-P