Self-Regulatory Organizations; NYSE Arca, Inc.; Order Approving Proposed Rule Change To Amend NYSE Arca Equities, Inc.'s Clearly Erroneous Executions Rule To Include an Appeal Fee for the NYSE Arca Marketplace (f/k/a the Archipelago Exchange), 64596 [E6-18449]
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Federal Register / Vol. 71, No. 212 / Thursday, November 2, 2006 / Notices
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
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.16
Nancy M. Morris,
Secretary.
[FR Doc. E6–18450 Filed 11–1–06; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54655; File No. SR–
NYSEArca–2006–48]
• 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–NYSE–2006–94 on the
subject line.
Self-Regulatory Organizations; NYSE
Arca, Inc.; Order Approving Proposed
Rule Change To Amend NYSE Arca
Equities, Inc.’s Clearly Erroneous
Executions Rule To Include an Appeal
Fee for the NYSE Arca Marketplace (f/
k/a the Archipelago Exchange)
Paper Comments
October 26, 2006.
mstockstill on PROD1PC61 with NOTICES
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
On August 11, 2006, NYSE Arca, Inc.
(‘‘NYSE Arca’’ or ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) a
proposed rule change pursuant to
Section 19(b)(1) of the Securities
All submissions should refer to File
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
Number SR–NYSE–2006–94. This file
19b–4 thereunder,2 to assess a fee
number should be included on the
associated with the appeals process of
subject line if e-mail is used. To help the NYSE Arca Equities, Inc. (‘‘NYSE Arca
Commission process and review your
Equities’’) Rule 7.10. The proposed rule
comments more efficiently, please use
change was published for comment in
only one method. The Commission will the Federal Register on September 22,
post all comments on the Commission’s 2006.3 The Commission received no
comments on the proposal. This order
Internet Web site (https://www.sec.gov/
approves the proposed rule change.
rules/sro.shtml). Copies of the
NYSE Arca proposes to amend NYSE
submission, all subsequent
Arca Equities Rule 7.10 governing
amendments, all written statements
clearly erroneous executions (‘‘CEEs’’)
with respect to the proposed rule
on the NYSE Arca Marketplace (f/k/a
change that are filed with the
the Archipelago Exchange), the equities
Commission, and all written
trading facility of NYSE Arca Equities.
communications relating to the
Specifically, under the proposed rule
proposed rule change between the
change, if an Equity Trading Permit
Commission and any person, other than
(‘‘ETP’’) Holder appeals a CEE decision
those that may be withheld from the
made by an NYSE Arca Equities officer
public in accordance with the
to the CEE Panel and the CEE Panel
provisions of 5 U.S.C. 552, will be
subsequently upholds the decision, the
available for inspection and copying in
ETP Holder would be assessed a
the Commission’s Public Reference
$500.00 fee. The Exchange believes that
Room. Copies of such filing also will be assessing a $500.00 fee against any ETP
available for inspection and copying at
Holder who appeals a CEE decision that
the principal office of the Exchange. All is subsequently upheld by the CEE
comments received will be posted
Panel would discourage frivolous and
without change; the Commission does
abusive uses of the CEE appeal process.
not edit personal identifying
The Exchange noted that some ETP
information from submissions. You
Holders have taken advantage of the
should submit only information that
appeals process by appealing all
you wish to make available publicly. All decisions in which they are involved,
submissions should refer to File
16 17 CFR 200.30–3(a)(12).
Number SR–NYSE–2006–94 and should
1 15 U.S.C. 78s(b)(1).
be submitted on or before November 24,
2 17 CFR 240.19b–4.
2006.
3
See Securities Exchange Act Release No. 54466
(September 18, 2006), 71 FR 55537.
VerDate Aug<31>2005
14:49 Nov 01, 2006
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including decisions that involve a de
minimis value.
After careful review, 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.4 In particular, the
Commission finds that the proposed
rule change is consistent with Section
6(b)(4) of the Act,5 which requires that
the rules of an exchange provide for the
equitable allocation of reasonable dues,
fees, and other charges among its
members and issuers and other persons
using its facilities, and with Section
6(b)(5) of the Act,6 which requires that
the rules of an exchange be designed to
promote just and equitable principles of
trade, remove impediments to and
perfect the mechanism of a free and
open market and a national securities
system, and, in general, protect
investors and the public interest. The
Commission believes that the proposed
fee is reasonable as a method to
discourage frivolous uses by ETP
Holders of the Exchange’s CEE appeal
process. In addition, the Commission
believes that the proposal would not
unduly affect the rights of an ETP
Holder to appeal to the CEE Panel the
decisions of NYSE Arca Equities officers
with respect to transactions that are
alleged to involve a clearly erroneous
execution.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,7 that the
proposed rule change (SR–NYSEArca–
2006–48) is approved.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.8
Nancy M. Morris,
Secretary.
[FR Doc. E6–18449 Filed 11–1–06; 8:45 am]
BILLING CODE 8011–01–P
4 In approving this proposed rule change, the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
5 15 U.S.C. 78f(b)(4).
6 15 U.S.C. 78f(b)(5).
7 15 U.S.C. 78s(b)(2).
8 17 CFR 200.30–3(a)(12).
E:\FR\FM\02NON1.SGM
02NON1
]]>Agencies
[Federal Register Volume 71, Number 212 (Thursday, November 2, 2006)]
[Notices]
[Page 64596]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-18449]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-54655; File No. SR-NYSEArca-2006-48]
Self-Regulatory Organizations; NYSE Arca, Inc.; Order Approving
Proposed Rule Change To Amend NYSE Arca Equities, Inc.'s Clearly
Erroneous Executions Rule To Include an Appeal Fee for the NYSE Arca
Marketplace (f/k/a the Archipelago Exchange)
October 26, 2006.
On August 11, 2006, NYSE Arca, Inc. (``NYSE Arca'' or ``Exchange'')
filed with the Securities and Exchange Commission (``Commission'') a
proposed rule change pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ to
assess a fee associated with the appeals process of NYSE Arca Equities,
Inc. (``NYSE Arca Equities'') Rule 7.10. The proposed rule change was
published for comment in the Federal Register on September 22, 2006.\3\
The Commission received no comments on the proposal. This order
approves the proposed rule change.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 54466 (September 18,
2006), 71 FR 55537.
---------------------------------------------------------------------------
NYSE Arca proposes to amend NYSE Arca Equities Rule 7.10 governing
clearly erroneous executions (``CEEs'') on the NYSE Arca Marketplace
(f/k/a the Archipelago Exchange), the equities trading facility of NYSE
Arca Equities. Specifically, under the proposed rule change, if an
Equity Trading Permit (``ETP'') Holder appeals a CEE decision made by
an NYSE Arca Equities officer to the CEE Panel and the CEE Panel
subsequently upholds the decision, the ETP Holder would be assessed a
$500.00 fee. The Exchange believes that assessing a $500.00 fee against
any ETP Holder who appeals a CEE decision that is subsequently upheld
by the CEE Panel would discourage frivolous and abusive uses of the CEE
appeal process. The Exchange noted that some ETP Holders have taken
advantage of the appeals process by appealing all decisions in which
they are involved, including decisions that involve a de minimis value.
After careful review, 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.\4\
In particular, the Commission finds that the proposed rule change is
consistent with Section 6(b)(4) of the Act,\5\ which requires that the
rules of an exchange provide for the equitable allocation of reasonable
dues, fees, and other charges among its members and issuers and other
persons using its facilities, and with Section 6(b)(5) of the Act,\6\
which requires that the rules of an exchange be designed to promote
just and equitable principles of trade, remove impediments to and
perfect the mechanism of a free and open market and a national
securities system, and, in general, protect investors and the public
interest. The Commission believes that the proposed fee is reasonable
as a method to discourage frivolous uses by ETP Holders of the
Exchange's CEE appeal process. In addition, the Commission believes
that the proposal would not unduly affect the rights of an ETP Holder
to appeal to the CEE Panel the decisions of NYSE Arca Equities officers
with respect to transactions that are alleged to involve a clearly
erroneous execution.
---------------------------------------------------------------------------
\4\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
\5\ 15 U.S.C. 78f(b)(4).
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\7\ that the proposed rule change (SR-NYSEArca-2006-48) is
approved.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(2).
\8\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\8\
Nancy M. Morris,
Secretary.
[FR Doc. E6-18449 Filed 11-1-06; 8:45 am]
BILLING CODE 8011-01-P
