Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc., Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the Broker/Dealer (Non-AUTOM-Delivered) Equity Option Transaction Charge, 54701-54702 [E6-15404]

Download as PDF Federal Register / Vol. 71, No. 180 / Monday, September 18, 2006 / Notices This proposal is scheduled to become effective for trades settling on or after September 1, 2006 and the $1,000 and $25,000 fee caps on equity option transaction and comparison charges, as described above, will be subject to the pilot program currently in effect until March 1, 2007.13 The purpose of the proposal is to attract additional order flow to the Exchange. The Exchange believes that implementing a lower fee cap of $1,000 and a monthly $25,000 per month per member organization fee cap, should increase the Exchange’s ability to compete with other options exchanges for order flow in connection with these types of options strategies. 2. Statutory Basis The Exchange believes that its proposal to amend its schedule of fees is consistent with Section 6(b) of the Act 14 in general, and furthers the objectives of Section 6(b)(4) of the Act 15 in particular, in that it is an equitable allocation of reasonable fees and other charges among Exchange members. 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 No written comments were solicited or received on the proposed rule change. cprice-sewell on PROD1PC66 with NOTICES III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act 16 and subparagraph (f)(2) of Rule 19b–4 thereunder 17 because it establishes or changes a due, fee, or other charge. 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. 13 See footnote 8. U.S.C. 78f(b). 15 15 U.S.C. 78f(b)(4). 16 15 U.S.C. 78s(b)(3)(A)(ii). 17 17 CFR 240.19b–4(f)(2). 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: 14:48 Sep 15, 2006 Jkt 208001 • 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–Phlx–2006–55 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–Phlx–2006–55. 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 such filing also will be available for inspection and copying at the principal office of Phlx. 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–Phlx–2006–55 and should be submitted on or before October 10, 2006. PO 00000 Frm 00094 Fmt 4703 For the Commission, by the Division of Market Regulation, pursuant to delegated authority.18 Nancy M. Morris, Secretary. [FR Doc. E6–15402 Filed 9–15–06; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION Electronic Comments 14 15 VerDate Aug<31>2005 54701 Sfmt 4703 [Release No. 34–54423; File No. SR–Phlx– 2006–54] Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc., Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the Broker/Dealer (Non-AUTOM-Delivered) Equity Option Transaction Charge September 11, 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 August 31, 2006, the Philadelphia Stock Exchange, Inc. (‘‘Phlx’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I, II, and III, below, which Items have been prepared by the Phlx. 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 Phlx proposes to amend the broker/dealer equity option (nonAUTOM-delivered) 3 transaction charge from a tiered fee schedule based on the number of contracts to a flat fee of $0.25 per contract. The text of the proposed rule change is available on the Exchange’s Web site at http:// www.Phlx.com, at the Phlx’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 Phlx included statements concerning the purpose of and basis for the 18 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 AUTOM is the Exchange’s electronic order delivery, routing, execution and reporting system, which provides for the automatic entry and routing of equity option and index option orders to the Exchange trading floor. See Exchange Rules 1014(b)(ii) and 1080). 1 15 E:\FR\FM\18SEN1.SGM 18SEN1 54702 Federal Register / Vol. 71, No. 180 / Monday, September 18, 2006 / Notices 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 Phlx 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 Phlx proposes to amend the broker/dealer equity option (nonAUTOM-delivered) transaction charge from a tiered fee schedule based on the number of contracts to a flat fee of $0.25 per contract. The proposed $0.25 per contract charge replaces the three-tiered charges of $0.35, $0.25 or $0.20 per contract, depending on the volume. The $0.45 per contract charge for broker/ dealer (AUTOM-delivered) transactions remains unchanged. This proposal is scheduled to become effective for trades settling on or after September 1, 2006. The purpose of this proposal is to remain competitive with other exchanges 4 and to attract additional broker/dealer (non-AUTOM-delivered) business to the Exchange. 2. Statutory Basis The Exchange believes that its proposal to amend its schedule of fees is consistent with Section 6(b) of the Act 5 in general, and furthers the objectives of Section 6(b)(4) of the Act 6 in particular, in that it is an equitable allocation of reasonable fees and other charges among Exchange members. 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. cprice-sewell on PROD1PC66 with NOTICES C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 4 See Securities Exchange Act Release No. 53485 (March 14, 2006), 71 FR 14564 (March 22, 2006) (SR–PCX–2006–15). 5 15 U.S.C. 78f(b). 6 15 U.S.C. 78f(b)(4). VerDate Aug<31>2005 14:48 Sep 15, 2006 Jkt 208001 19(b)(3)(A)(ii) of the Act 7 and paragraph (f)(2) of Rule 19b–4 8 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. 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–Phlx–2006–54 on the subject line. should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–Phlx–2006–54 and should be submitted on or before October 10, 2006. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.9 Nancy M. Morris, Secretary. [FR Doc. E6–15404 Filed 9–15–06; 8:45 am] BILLING CODE 8010–01–P SMALL BUSINESS ADMINISTRATION Reporting and Recordkeeping Requirements Under OMB Review Small Business Administration. Notice of reporting requirements submitted for OMB review. AGENCY: ACTION: SUMMARY: Under the provisions of the Paperwork Reduction Act (44 U.S.C. Chapter 35), agencies are required to submit proposed reporting and recordkeeping requirements to OMB for review and approval, and to publish a Paper Comments notice in the Federal Register notifying • Send paper comments in triplicate the public that the agency has made to Nancy M. Morris, Secretary, such a submission. Securities and Exchange Commission, DATES: Submit comments on or before 100 F Street, NE., Washington, DC October 18, 2006. If you intend to 20549–1090. comment but cannot prepare comments All submissions should refer to File promptly, please advise the OMB Number SR–Phlx–2006–54. This file Reviewer and the Agency Clearance number should be included on the Officer before the deadline. subject line if e-mail is used. To help the Copies: Request for clearance (OMB Commission process and review your 83–1), supporting statement, and other comments more efficiently, please use documents submitted to OMB for only one method. The Commission will review may be obtained from the post all comments on the Commission’s Agency Clearance Officer. Internet Web site (http://www.sec.gov/ ADDRESSES: Address all comments rules/sro.shtml). Copies of the concerning this notice to: Agency submission, all subsequent Clearance Officer, Jacqueline White, amendments, all written statements Small Business Administration, 409 3rd with respect to the proposed rule Street, SW., 5th Floor, Washington, DC change that are filed with the 20416; and David_Rostker@omb. Commission, and all written eop.gov, fax number 202–395–7285, communications relating to the Office of Information and Regulatory proposed rule change between the Commission and any person, other than Affairs, Office of Management and Budget. those that may be withheld from the FOR FURTHER INFORMATION CONTACT: public in accordance with the Jacqueline White, Agency Clearance provisions of 5 U.S.C. 552, will be Officer, jacqueline.white@sba.gov (202) available for inspection and copying in 205–7044. the Commission’s Public Reference Room. Copies of the filing also will be SUPPLEMENTARY INFORMATION: available for inspection and copying at Title: Disaster Home Loan Application the principal office of the Phlx. All (ODA). comments received will be posted Form Nos: 5C, 739. Frequency: On occasion. without change; the Commission does Description of Respondents: not edit personal identifying Applicants Requesting SBA Disaster information from submissions. You Home Loan. 7 15 8 17 PO 00000 U.S.C. 78s(b)(3)(A)(ii). CFR 240.19b–4(f)(2). Frm 00095 Fmt 4703 Sfmt 4703 9 17 E:\FR\FM\18SEN1.SGM CFR 200.30–3(a)(12). 18SEN1

Agencies

[Federal Register Volume 71, Number 180 (Monday, September 18, 2006)]
[Notices]
[Pages 54701-54702]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-15404]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-54423; File No. SR-Phlx-2006-54]


Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc., 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Amending the Broker/Dealer (Non-AUTOM-Delivered) Equity Option 
Transaction Charge

September 11, 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 August 31, 2006, the Philadelphia Stock Exchange, Inc. (``Phlx'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I, II, 
and III, below, which Items have been prepared by the Phlx. 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.
---------------------------------------------------------------------------

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

    The Phlx proposes to amend the broker/dealer equity option (non-
AUTOM-delivered) \3\ transaction charge from a tiered fee schedule 
based on the number of contracts to a flat fee of $0.25 per contract. 
The text of the proposed rule change is available on the Exchange's Web 
site at http://www.Phlx.com, at the Phlx's Office of the Secretary, and 
at the Commission's Public Reference Room.
---------------------------------------------------------------------------

    \3\ AUTOM is the Exchange's electronic order delivery, routing, 
execution and reporting system, which provides for the automatic 
entry and routing of equity option and index option orders to the 
Exchange trading floor. See Exchange Rules 1014(b)(ii) and 1080).
---------------------------------------------------------------------------

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 Phlx included statements 
concerning the purpose of and basis for the

[[Page 54702]]

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 Phlx 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 Phlx proposes to amend the broker/dealer equity option (non-
AUTOM-delivered) transaction charge from a tiered fee schedule based on 
the number of contracts to a flat fee of $0.25 per contract. The 
proposed $0.25 per contract charge replaces the three-tiered charges of 
$0.35, $0.25 or $0.20 per contract, depending on the volume. The $0.45 
per contract charge for broker/dealer (AUTOM-delivered) transactions 
remains unchanged. This proposal is scheduled to become effective for 
trades settling on or after September 1, 2006. The purpose of this 
proposal is to remain competitive with other exchanges \4\ and to 
attract additional broker/dealer (non-AUTOM-delivered) business to the 
Exchange.
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 53485 (March 14, 
2006), 71 FR 14564 (March 22, 2006) (SR-PCX-2006-15).
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that its proposal to amend its schedule of 
fees is consistent with Section 6(b) of the Act \5\ in general, and 
furthers the objectives of Section 6(b)(4) of the Act \6\ in 
particular, in that it is an equitable allocation of reasonable fees 
and other charges among Exchange members.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

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

    No written comments were either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(ii) of the Act \7\ and paragraph (f)(2) of Rule 19b-4 \8\ 
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.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \8\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

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 rule-comments@sec.gov. Please include 
File Number SR-Phlx-2006-54 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-Phlx-2006-54. 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 Phlx. 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-Phlx-2006-54 and should be submitted on or before 
October 10, 2006.

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

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

Nancy M. Morris,
Secretary.
[FR Doc. E6-15404 Filed 9-15-06; 8:45 am]
BILLING CODE 8010-01-P