Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to New Hours of Business on the Exchange's Foreign Currency Options Floor, 68875-68876 [E6-20127]
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Federal Register / Vol. 71, No. 228 / Tuesday, November 28, 2006 / Notices
indemnification of OCC by PBOT based
on claims of infringement of intellectual
property rights or similar claims in
connection with commodity contracts
governed by the Clearing Agreement;
and provide for the transfer of open
positions from OCC to a successor
clearing organization in the event PBOT
makes alternative clearing
arrangements. OCC is proposing to make
several other less significant changes to
the Clearing Agreement, many of which
are designed to conform the Clearing
Agreement to the agreement between
OCC and CFE.
OCC believes that the proposed rule
change is consistent with Section 17A of
the Act because it is designed to permit
OCC to clear certain commodity futures
transactions without creating any
adverse impact upon the prompt and
accurate clearance and settlement of
transactions in securities. The proposed
rule change is not inconsistent with the
existing rules of OCC, including any
other rules proposed to be amended.
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
OCC does not believe that the
proposed rule change would impose any
burden on competition.
(C) Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were not and are
not intended to be solicited with respect
to the proposed rule change, and none
have been received.
ycherry on PROD1PC61 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)(iii) of the Act 6 and Rule
19b–4(f)(4) 7 promulgated thereunder
because the proposal effects a change in
an existing service of OCC that (A) does
not adversely affect the safeguarding of
securities or funds in the custody or
control of OCC or for which it is
responsible and (B) does not
significantly affect the respective rights
or obligations of OCC or persons using
the service. At any time within sixty
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,
6 15
7 17
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(4).
VerDate Aug<31>2005
15:42 Nov 27, 2006
Jkt 211001
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:
68875
For the Commission by the Division of
Market Regulation, pursuant to delegated
authority.8
Nancy M. Morris,
Secretary.
[FR Doc. E6–20050 Filed 11–27–06; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Electronic Comments
[Release No. 34–54802; File No. SR–Phlx–
2006–72]
• 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–OCC–2006–18 on the
subject line.
Self-Regulatory Organizations;
Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to New Hours of
Business on the Exchange’s Foreign
Currency Options Floor
Paper Comments
November 21, 2006.
• 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–OCC–2006–18. 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
Section, 100 F Street, NE., Washington,
DC 20549. Copies of such filing also will
be available for inspection and copying
at the principal office of OCC and on
OCC’s Web site at https://
www.optionsclearing.com.
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-OCC–2006–18 and should
be submitted on or before December 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 November
8, 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 Exchange.
The Commission is publishing this
notice to solicit comments on the
proposed rule change from interested
persons.
PO 00000
Frm 00082
Fmt 4703
Sfmt 4703
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Phlx, pursuant to Section 19(b)(1)
of the Act 3 and Rule 19b–4 thereunder,4
proposes to modify its hours of business
for dealings on the Exchange to change
the opening of foreign currency options
(‘‘FCOs’’) trading from 2:30 a.m. Eastern
Time (‘‘ET’’) to 7:30 a.m. ET. The
change would become effective on
December 1, 2006. The text of the
proposed rule change is available on the
Phlx’s Web site (https://www.phlx.com),
at the Phlx’s principal office, 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,
8 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)(1).
4 17 CFR 240.19b–4.
1 15
E:\FR\FM\28NON1.SGM
28NON1
68876
Federal Register / Vol. 71, No. 228 / Tuesday, November 28, 2006 / Notices
the proposed rule change and discussed
any comments it received on the
proposal. 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
ycherry on PROD1PC61 with NOTICES
The purpose of the proposed rule
change is to make the Exchange’s FCO
floor more cost effective by reducing the
duration of the foreign currency option
trading session. Currently, Phlx Rule
101, Hours of Business, states that FCO
trading sessions shall be conducted at
such times as the Exchange’s Board of
Governors (‘‘Board’’) shall specify
between 6 p.m., Sundays and 3 p.m.,
Fridays. Accordingly, the Board adopted
the current hours for FCO trading
sessions, opening at 2:30 a.m. ET and
closing at 2:30 p.m. ET.5
The Exchange proposes to adopt a
reduced time period for foreign
currency option trading sessions by
specifying that, beginning December 1,
2006, foreign currency option trading
sessions would open at 7:30 a.m. ET and
close at 2:30 p.m. ET. The Exchange
represents that a significant majority of
trades in foreign currency options occur
during this time period, and thus the
Exchange believes that it would be more
cost effective to reduce the duration of
the trading session with little or no
impact on volume in FCOs.
In connection with the proposed rule
change adopting Phlx Rule 101, the
Exchange committed to make future
filings under section 19(b)(3)(A) of the
Act,6 any time it expands or changes
FCO trading hours in connection with
5 In 1993, the Exchange filed a proposed rule
change to amend Phlx Rule 101 to provide that all
FCO trading, except FCOs on the Canadian dollar,
will be conducted between 1:30 a.m. ET and 2:30
p.m. ET each business day. See Securities Exchange
Act Release No. 33246 (November 24, 1993), 58 FR
63421 (December 1, 1993) (SR–Phlx–93–42).
Subsequently, the trading hours were modified to
move the opening of FCO trading from 1:30 a.m. ET
to 2:30 a.m. ET for all Exchange-listed FCOs except
the Canadian dollar. See Securities Exchange Act
Release No. 34898 (October 26, 1994), 59 FR 54651
(November 1, 1994) (File No. SR–Phlx–94–47). In
May 2004, the Exchange expanded the trading
hours for options on the Canadian dollar to conform
to the trading hours for all other FCOs on the
Exchange. See Securities Exchange Act Release No.
49690 (May 12, 2004), 69 FR 28972 (May 19, 2004)
(SR–Phlx–2004–24). Thus, all Exchange-listed FCOs
currently trade on the Exchange from 2:30 a.m. ET
until 2:30 p.m. ET.
6 15 U.S.C. 78s(b)(3)(A).
VerDate Aug<31>2005
15:42 Nov 27, 2006
Jkt 211001
Phlx Rule 101.7 The Exchange intends
to notify its membership of the change
in trading hours for FCOs by issuing a
circular to members. The new trading
hours for FCOs would be in effect
beginning December 1, 2006.
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, because it is
designed to promote just and equitable
principles of trade, 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
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 foregoing proposed rule
change has been designated as a practice
with respect to the administration of an
existing rule, it has become effective
pursuant to Section 19(b)(3)(A)(i) of the
Act 10 and Rule 19b–4(f)(1)
thereunder.11 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.
7 See Securities Exchange Act Release No. 26087
(September 16, 1988), 53 FR 36930 (September 22,
1988) (File No. SR–Phlx–88–25).
8 15 U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(5).
10 15 U.S.C. 78s(b)(3)(A)(i).
11 17 CFR 240.19b–4(f)(1).
PO 00000
Frm 00083
Fmt 4703
Sfmt 4703
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–Phlx–2006–72 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–2006–72. 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 such 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 2006–72 and should
be submitted on or before December 19,
2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.12
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E6–20127 Filed 11–27–06; 8:45 am]
BILLING CODE 8011–01–P
12 17
E:\FR\FM\28NON1.SGM
CFR 200.30–3(a)(12).
28NON1
]]>Agencies
[Federal Register Volume 71, Number 228 (Tuesday, November 28, 2006)]
[Notices]
[Pages 68875-68876]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-20127]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-54802; File No. SR-Phlx-2006-72]
Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to New Hours of Business on the Exchange's Foreign Currency
Options Floor
November 21, 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 November 8, 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 Exchange. 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, pursuant to Section 19(b)(1) of the Act \3\ and Rule 19b-
4 thereunder,\4\ proposes to modify its hours of business for dealings
on the Exchange to change the opening of foreign currency options
(``FCOs'') trading from 2:30 a.m. Eastern Time (``ET'') to 7:30 a.m.
ET. The change would become effective on December 1, 2006. The text of
the proposed rule change is available on the Phlx's Web site (https://
www.phlx.com), at the Phlx's principal office, and at the Commission's
Public Reference Room.
---------------------------------------------------------------------------
\3\ 15 U.S.C. 78s(b)(1).
\4\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
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,
[[Page 68876]]
the proposed rule change and discussed any comments it received on the
proposal. 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 purpose of the proposed rule change is to make the Exchange's
FCO floor more cost effective by reducing the duration of the foreign
currency option trading session. Currently, Phlx Rule 101, Hours of
Business, states that FCO trading sessions shall be conducted at such
times as the Exchange's Board of Governors (``Board'') shall specify
between 6 p.m., Sundays and 3 p.m., Fridays. Accordingly, the Board
adopted the current hours for FCO trading sessions, opening at 2:30
a.m. ET and closing at 2:30 p.m. ET.\5\
---------------------------------------------------------------------------
\5\ In 1993, the Exchange filed a proposed rule change to amend
Phlx Rule 101 to provide that all FCO trading, except FCOs on the
Canadian dollar, will be conducted between 1:30 a.m. ET and 2:30
p.m. ET each business day. See Securities Exchange Act Release No.
33246 (November 24, 1993), 58 FR 63421 (December 1, 1993) (SR-Phlx-
93-42). Subsequently, the trading hours were modified to move the
opening of FCO trading from 1:30 a.m. ET to 2:30 a.m. ET for all
Exchange-listed FCOs except the Canadian dollar. See Securities
Exchange Act Release No. 34898 (October 26, 1994), 59 FR 54651
(November 1, 1994) (File No. SR-Phlx-94-47). In May 2004, the
Exchange expanded the trading hours for options on the Canadian
dollar to conform to the trading hours for all other FCOs on the
Exchange. See Securities Exchange Act Release No. 49690 (May 12,
2004), 69 FR 28972 (May 19, 2004) (SR-Phlx-2004-24). Thus, all
Exchange-listed FCOs currently trade on the Exchange from 2:30 a.m.
ET until 2:30 p.m. ET.
---------------------------------------------------------------------------
The Exchange proposes to adopt a reduced time period for foreign
currency option trading sessions by specifying that, beginning December
1, 2006, foreign currency option trading sessions would open at 7:30
a.m. ET and close at 2:30 p.m. ET. The Exchange represents that a
significant majority of trades in foreign currency options occur during
this time period, and thus the Exchange believes that it would be more
cost effective to reduce the duration of the trading session with
little or no impact on volume in FCOs.
In connection with the proposed rule change adopting Phlx Rule 101,
the Exchange committed to make future filings under section 19(b)(3)(A)
of the Act,\6\ any time it expands or changes FCO trading hours in
connection with Phlx Rule 101.\7\ The Exchange intends to notify its
membership of the change in trading hours for FCOs by issuing a
circular to members. The new trading hours for FCOs would be in effect
beginning December 1, 2006.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(3)(A).
\7\ See Securities Exchange Act Release No. 26087 (September 16,
1988), 53 FR 36930 (September 22, 1988) (File No. SR-Phlx-88-25).
---------------------------------------------------------------------------
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, because it
is designed to promote just and equitable principles of trade, 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 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 with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change has been designated as a
practice with respect to the administration of an existing rule, it has
become effective pursuant to Section 19(b)(3)(A)(i) of the Act \10\ and
Rule 19b-4(f)(1) thereunder.\11\ 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.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A)(i).
\11\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------
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-Phlx-2006-72 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-2006-72. 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 such
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 2006-72 and should be submitted on or before
December 19, 2006.
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\12\
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E6-20127 Filed 11-27-06; 8:45 am]
BILLING CODE 8011-01-P
