Self-Regulatory Organizations; New York Stock Exchange, Inc. (n/k/a New York Stock Exchange LLC); Order Approving Proposed Rule Change to Require Specialists to Publish a 100 x 100 Share Market to Suspend Direct+ for Exchange Rule 127 Block Cross Transactions, 43260 [E6-12147]

Download as PDF 43260 Federal Register / Vol. 71, No. 146 / Monday, July 31, 2006 / Notices Comments may be submitted by any of the following methods: SECURITIES AND EXCHANGE COMMISSION Electronic Comments [Release No. 34–54195; File No. SR–NYSE– 2006–01] • 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–NSX–2006–10 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. Self-Regulatory Organizations; New York Stock Exchange, Inc. (n/k/a New York Stock Exchange LLC); Order Approving Proposed Rule Change to Require Specialists to Publish a 100 x 100 Share Market to Suspend Direct+ for Exchange Rule 127 Block Cross Transactions July 24, 2006. sroberts on PROD1PC70 with NOTICES On January 17, 2006, the New York Stock Exchange, Inc.1 (n/k/a New York Stock Exchange LLC) (‘‘NYSE’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section All submissions should refer to File 19(b)(1) of the Securities Exchange Act Number SR–NSX–2006–10. This file of 1934 (‘‘Act’’) 2 and Rule 19b–4 number should be included on the 3 subject line if e-mail is used. To help the thereunder, a proposed rule change to eliminate Exchange Rule 1000(v), which Commission process and review your suspends the Exchange’s Direct+ facility comments more efficiently, please use if the specialist publishes a bid and/or only one method. The Commission will offer that is more than five cents away post all comments on the Commission’s from the last reported transaction price Internet Web site (http://www.sec.gov/ when an Exchange Rule 127 block cross rules/ sro.shtml). Copies of the transaction is being executed. The submission, all subsequent Exchange proposes to replace this amendments, all written statements procedure with a rule that requires the with respect to the proposed rule specialist to quote a 100 x 100 share change that are filed with the market when all Exchange Rule 127 Commission, and all written block cross transactions are being communications relating to the executed, regardless of the amount the proposed rule change between the cross price is away from the last Commission and any person, other than reported transaction price. The proposed rule change was published for those that may be withheld from the comment in the Federal Register on public in accordance with the June 8, 2006.4 The Commission received provisions of 5 U.S.C. 552, will be no comments regarding the proposal. available for inspection and copying in The Commission finds that the the Commission’s Public Reference proposed rule change is consistent with Room. Copies of such filing also will be the requirements of the Act and the available for inspection and copying at rules and regulations thereunder the principal office of NSX. All applicable to a national securities comments received will be posted exchange, and, in particular, with the without change; the Commission does requirements of Section 6(b) of the Act.5 not edit personal identifying Specifically, the Commission finds that information from submissions. You the proposed rule change is consistent should submit only information that with Section 6(b)(5) of the Act 6 in that you wish to make available publicly. All it is designed to promote just and submissions should refer to File equitable principles of trade, to foster Number SR–NSX–2006–10 and should cooperation and coordination with be submitted on or before August 21, persons engaged in regulating, clearing, 2006. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.17 Jill M. Peterson, Assistant Secretary. [FR Doc. E6–12149 Filed 7–28–06; 8:45 am] BILLING CODE 8010–01–P 17 17 CFR 200.30–3(a)(12). VerDate Aug<31>2005 17:34 Jul 28, 2006 Jkt 208001 1 The Exchange is now known as the New York Stock Exchange LLC. See Securities Exchange Act Release No. 53382 (February 27, 2006), 71 FR 11251 (March 6, 2006). 2 15 U.S.C. 78s(b)(1). 3 17 CFR 240.19b–4. 4 See Securities Exchange Act Release No. 53932 (June 1, 2006), 71 FR 33328. 5 15 U.S.C. 78f(b). In approving this proposed rule change, the Commission considered the proposed rule’s impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). 6 15 U.S.C. 78f(b)(5). PO 00000 Frm 00167 Fmt 4703 Sfmt 4703 settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. The Commission believes that eliminating the requirement that specialists quote a price that is more than five cents away from the last reported transaction price when a Rule 127 transaction is being executed should simplify the procedure for suspending Direct+ while a Rule 127 block transaction is being executed.7 It is therefore ordered, pursuant to Section 19(b)(2) of the Act,8 that the proposed rule change (SR–NYSE–2006– 01) is hereby approved. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.9 Jill M. Peterson, Assistant Secretary. [FR Doc. E6–12147 Filed 7–28–06; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–54205; File No. SR–NYSE– 2005–38] Self-Regulatory Organizations; New York Stock Exchange, Inc. (n/k/a New York Stock Exchange LLC); Order Approving Proposed Rule Change and Amendment No. 1 Thereto to Rules 104 (‘‘Dealings by Specialists’’) and 123E (‘‘Specialist Combination Review Policy’’) To Change the Exchange’s Capital Requirements for Specialist Organizations July 25, 2006. I. Introduction On May 26, 2005, the New York Stock Exchange, Inc. (n/k/a New York Stock Exchange LLC) (the ‘‘Exchange’’ or ‘‘NYSE’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or the ‘‘Commission’’) a proposed rule change to amend Rules 104 (‘‘Dealings by Specialists’’) and 123E (‘‘Specialist Combination Review Policy’’) in order to change the Exchange’s capital requirements for specialist organizations pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (the 7 The Commission notes that this rule will not be in effect upon the implementation of the Hybrid Market. See Securities Exchange Act Release No. 53539 (March 22, 2006), 71 FR 16353 (March 31, 2006). 8 15 U.S.C. 78s(b)(2). 9 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). E:\FR\FM\31JYN1.SGM 31JYN1

Agencies

[Federal Register Volume 71, Number 146 (Monday, July 31, 2006)]
[Notices]
[Page 43260]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-12147]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-54195; File No. SR-NYSE-2006-01]


Self-Regulatory Organizations; New York Stock Exchange, Inc. (n/
k/a New York Stock Exchange LLC); Order Approving Proposed Rule Change 
to Require Specialists to Publish a 100 x 100 Share Market to Suspend 
Direct+ for Exchange Rule 127 Block Cross Transactions

July 24, 2006.
    On January 17, 2006, the New York Stock Exchange, Inc.\1\ (n/k/a 
New York Stock Exchange LLC) (``NYSE'' or ``Exchange'') filed with the 
Securities and Exchange Commission (``Commission''), pursuant to 
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \2 
\and Rule 19b-4 thereunder,\3\ a proposed rule change to eliminate 
Exchange Rule 1000(v), which suspends the Exchange's Direct+ facility 
if the specialist publishes a bid and/or offer that is more than five 
cents away from the last reported transaction price when an Exchange 
Rule 127 block cross transaction is being executed. The Exchange 
proposes to replace this procedure with a rule that requires the 
specialist to quote a 100 x 100 share market when all Exchange Rule 127 
block cross transactions are being executed, regardless of the amount 
the cross price is away from the last reported transaction price. The 
proposed rule change was published for comment in the Federal Register 
on June 8, 2006.\4\ The Commission received no comments regarding the 
proposal.
---------------------------------------------------------------------------

    \1\ The Exchange is now known as the New York Stock Exchange 
LLC. See Securities Exchange Act Release No. 53382 (February 27, 
2006), 71 FR 11251 (March 6, 2006).
    \2\ 15 U.S.C. 78s(b)(1).
    \3\ 17 CFR 240.19b-4.
    \4\ See Securities Exchange Act Release No. 53932 (June 1, 
2006), 71 FR 33328.
---------------------------------------------------------------------------

    The Commission finds that the proposed rule change is consistent 
with the requirements of the Act and the rules and regulations 
thereunder applicable to a national securities exchange, and, in 
particular, with the requirements of Section 6(b) of the Act.\5\ 
Specifically, the Commission finds 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, 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.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f(b). In approving this proposed rule change, 
the Commission considered the proposed rule's impact on efficiency, 
competition, and capital formation. 15 U.S.C. 78c(f).
    \6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Commission believes that eliminating the requirement that 
specialists quote a price that is more than five cents away from the 
last reported transaction price when a Rule 127 transaction is being 
executed should simplify the procedure for suspending Direct+ while a 
Rule 127 block transaction is being executed.\7\
---------------------------------------------------------------------------

    \7\ The Commission notes that this rule will not be in effect 
upon the implementation of the Hybrid Market. See Securities 
Exchange Act Release No. 53539 (March 22, 2006), 71 FR 16353 (March 
31, 2006).
---------------------------------------------------------------------------

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\8\ that the proposed rule change (SR-NYSE-2006-01) is hereby 
approved.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\9 \
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Jill M. Peterson,
Assistant Secretary.
 [FR Doc. E6-12147 Filed 7-28-06; 8:45 am]
BILLING CODE 8010-01-P