Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Inclusion of an Additional Security in the Pilot to Put Into Operation Certain Rule Changes Pending Before the Securities and Exchange Commission to Coincide With the Exchange's Implementation of Phase 3 of the NYSE HYBRID MARKETSM, 70575-70577 [E6-20517]
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Federal Register / Vol. 71, No. 233 / Tuesday, December 5, 2006 / Notices
Lance Carrington ............................
LaVan Griffith ..................................
Timothy Barry ..................................
Gordon Milbourn .............................
Colleen McAntee .............................
Mary Demory ..................................
John Cihota .....................................
Deputy Assistant Inspector General for
Deputy Assistant Inspector General for
Deputy Assistant Inspector General for
Assistant Inspector General for Audits.
Deputy Assistant Inspector General for
Deputy Assistant Inspector General for
Deputy Assistant Inspector General for
Dated: November 8, 2006.
Earl E. Devaney,
Inspector General, Department of the Interior
and Chair, Human Resources Committee,
PCIE.
[FR Doc. E6–20548 Filed 12–4–06; 8:45 am]
BILLING CODE 3110–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54837; File No. SR–NYSE–
2006–102]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to the
Inclusion of an Additional Security in
the Pilot to Put Into Operation Certain
Rule Changes Pending Before the
Securities and Exchange Commission
to Coincide With the Exchange’s
Implementation of Phase 3 of the NYSE
HYBRID MARKETSM and the
Substitution of the Name and Trading
Symbol of a Security Operating in the
Pilot A
November 29, 2006.
ycherry on PROD1PC64 with NOTICES
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
28, 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, II, and III below, which Items
have been substantially prepared by the
Exchange. NYSE filed the proposed rule
change pursuant to Section 19(b)(3)(A)
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 solicit
comments on the proposed rule change
from interested persons.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6).
2 17
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15:14 Dec 04, 2006
Jkt 211001
Investigations—South.
Headquarters.
Investigations—East (Acting).
Audits—Core Operations.
Audits—Headquarters Operations.
Audits—Financial Operations.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange is proposing to include
an additional security to participate in
the Exchange’s current pilot (‘‘Pilot’’)
program which puts into operation
certain rule changes pending before the
Commission to coincide with the
Exchange’s implementation of NYSE
HYBRID MARKETSM (‘‘Hybrid
Market’’) 5 Phase 3. The Exchange
further seeks to change the name of a
security currently operating under the
Pilot and substitute the name and
trading symbol of its successor entity.
The relevant securities are identified in
Exhibit 3 to the filing, which is available
on the NYSE’s Web site (https://
www.nyse.com), at the principal office
of the NYSE, 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
On October 5, 2006, the Commission
approved an Exchange Pilot 6 to, among
other things, put into operation certain
proposed modifications to Exchange
Rules that are currently pending 7 before
5 The Hybrid Market was approved on March 22,
2006. See Securities Exchange Act Release No.
53539 (March 22, 2006), 71 FR 16353 (March 31,
2006).
6 See Securities Exchange Act Release Nos. 54578,
71 FR 60216 (October 12, 2006) and 54610 (October
16, 2006), 71 FR 62142 (October 23, 2006).
7 See Securities Exchange Act Release Nos. 54520
(September 27, 2006), 71 FR 57590 (September 29,
2006) (SR–NYSE–2006–65 and the Amendments
thereto proposing to amend several Exchange Rules
to clarify certain definitions and systemic processes
PO 00000
Frm 00075
Fmt 4703
70575
Sfmt 4703
the Commission to coincide with the
Exchange’s implementation of the
Hybrid Market Phase 3. The Pilot
commenced on October 6, 2006 8 and is
scheduled to terminate on the close of
business November 30, 2006 9 or the
earlier of Commission approval of the
Omnibus Filing,10 Stabilization Filing
and the Block Cross Filing while the
Commission continues to review the
aforementioned pending filings. The
Pilot applies to a group of securities,
known as Phase 3 Pilot securities (‘‘Pilot
securities’’).11
The Exchange is currently in the
process of phasing in the securities
operating under the Pilot. As expected,
the Pilot is operating with minimal
problems and the benefits are proving
invaluable. The Pilot is providing the
Exchange with the opportunity to
identify and address any system
problems. Moreover, the Exchange has
the ability to identify and incorporate
beneficial system changes that become
apparent as a result of usage in real time
and under real market conditions.
(‘‘Omnibus Filing’’)); 54504 (September 26, 2006),
71 FR 57011 (September 28, 2006) (SR–NYSE 2006–
76 proposing to amend the specialist stabilization
requirements set forth in Exchange Rule 104.10
(‘‘Stabilization Filing’’)); and SR–NYSE–2006–73
(filed on September 13, 2006) and Amendment No.
2 thereto (filed on October 13, 2006) (proposing to
amend Exchange Rule 127 which governs the
execution of a block cross transaction at a price
outside the prevailing NYSE quotation (‘‘Block
Cross Filing’’). The Commission notes that it
approved the Omnibus Filing on November 27,
2006. See Securities Exchange Act Release No.
54820.
8 The changes related to stop orders and stop
limit orders proposed in the Omnibus Filing were
implemented on October 16, 2006 in order to give
customers and member organizations sufficient
time to make any changes necessary as a result of
the elimination of stop limit orders.
9 On October 31, 2006 the Exchange filed to
extend the Pilot until November 30, 2006. See
Securities Exchange Act Release No. 54675 (October
31, 2006), 71 FR 65019 (November 6, 2006). The
extension made clear that approval of any one of
the pending filings would act to terminate the
operation of the rules associated with the approved
filing from the Pilot. Accordingly, the changes
approved in the Omnibus Filing are no longer part
of the Pilot. The Pilot shall not terminate in its
entirety unless and until all pending filings are
approved or November 30, 2006.
10 See note 7 supra.
11 Phase 3 Pilot Securities are posted on the
Exchange’s Web site. The securities posted on the
Exchange’s Web site include securities added to
operate under the Pilot pursuant to Securities
Exchange Act Release No. 54685 (November 1,
2006), 71 FR 65559 (November 8, 2006).
E:\FR\FM\05DEN1.SGM
05DEN1
ycherry on PROD1PC64 with NOTICES
70576
Federal Register / Vol. 71, No. 233 / Tuesday, December 5, 2006 / Notices
The Exchange further has the ability
to have real time user interface which is
proving very useful to the Exchange. In
addition to its usefulness to the
Exchange, the Pilot is providing the
current users with essential practical
experience with the new systems and
processes in a well-modulated way, in
real time and under real market
conditions that cannot be completely
replicated in the mock-trading
environment.
As of Tuesday November 28, 2006,
the Exchange will complete the phasing
in of all Banc of America Specialists
allocated securities approved to operate
under the Pilot. In order to continue
increasing the users that may benefit
from the enhanced educational and
supervisory training experience that the
Pilot provides, the Exchange seeks
through this filing to include an
additional security handled by Banc of
America Specialists for participation in
the Pilot. Specifically, the Exchange
seeks to include the security traded
under the symbol GE (General Electric
Company).
The Exchange believes that the
addition of this security will continue to
provide an increased number of
individual specialists with the
educational opportunity of real time
experience under real market conditions
that cannot be completely replicated in
the mock-trading environment. It will
further provide an increased number of
the firm’s supervisory personnel with
additional opportunities for supervisory
training in real time and under real
market conditions.
In addition to including GE in the
Pilot, the Exchange seeks to substitute
the trading symbol for Lucent
Technologies which is currently
operating in the Pilot under the trading
symbol LU with the symbol ALU to
reflect the December 1, 2006 business
combination of Lucent Technologies
with Alcatel. The Exchange therefore
seeks to change the trading symbol LU
to ALU in order to accurately reflect the
successor entity which is now AlcatelLucent.
Accordingly, the Exchange believes
that the inclusion of this additional
security will only further the Exchange’s
ability to identify and address any
system problems and to identify and
incorporate beneficial system changes
while providing the new users with real
time education.
The securities proposed for inclusion
in the Pilot are identified in Exhibit 3
to the filing.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
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15:14 Dec 04, 2006
Jkt 211001
the requirement under Section 6(b)(5) 12
of the Act 13 that an Exchange have rules
that are 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. The proposed rule
change also is designed to support the
principles of Section 11A(a)(1) 14 in that
it seeks to assure economically efficient
execution of securities transactions.
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
The proposed rule change is filed
pursuant to Section 19(b)(3)(A) 15 of the
Act and Rule 19b–4(f)(6) 16 thereunder.
This proposed rule change does not
significantly affect the protection of
investors or the public interest and does
not impose any significant burden on
competition. Accordingly, the Exchange
believes that this amendment is noncontroversial.
In connection with the filing being
made under Section 19(b)(3)(A) of the
Act, the Exchange requests that the
Commission waive the 30-day delayed
operative date and five-day pre-filing
period of Rule 19b–4(f)(6)(iii).
A proposed rule change filed under
Rule 19b–4(f)(6) normally may not
become operative prior to 30 days after
the date of filing. However, Rule 19b–
4(f)(6)(iii) 17 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 is exercising
authority to waive the five-day pre-filing
12 15
U.S.C. 78f(b)(5).
U.S.C. 78a.
14 15 U.S.C. 78k–1(a)(1).
15 15 U.S.C. 78s(b)(3)(A).
16 17 CFR 240.19b–4(f)(6)(iii).
17 17 CFR 240.19b–4(f)(6)(iii).
13 15
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Frm 00076
Fmt 4703
Sfmt 4703
requirement and believes that waiver of
the 30-day operative delay is consistent
with the protection of investors and the
public interest. Specifically, the
Commission believes that the proposal
could allow Banc of America Specialists
to provide more of its personnel with
the educational opportunity of real-time
experience with real market conditions
under the Pilot. In addition, the
Commission believes that replacing LU
with ALU is appropriate so that the
successor security to LU would
continue to trade in a similar manner on
the Exchange. Accordingly, the
Commission designates the proposal to
be effective and operative upon filing
with the Commission.18
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 (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–NYSE–2006–102 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–2006–102. 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
18 For 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).
E:\FR\FM\05DEN1.SGM
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Federal Register / Vol. 71, No. 233 / Tuesday, December 5, 2006 / Notices
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 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–2006–102 and
should be submitted on or before
December 26, 2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.19
Nancy M. Morris,
Secretary.
[FR Doc. E6–20517 Filed 12–4–06; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
Notice of Opportunity for Public
Comment on Grant Acquired Property
Release at Concord Regional Airport,
Concord, NC
Federal Aviation
Administration (FAA), DOT.
ACTION: Notice.
ycherry on PROD1PC64 with NOTICES
AGENCY:
SUMMARY: Under the provisions of Title
49, U.S.C. Section 47153(c), notice is
being given that the FAA is considering
a request from the City of Concord to
waive the requirement that
approximately 0.66-acres of airport
property, located at the Concord
Regional Airport, be used for
aeronautical purposes.
DATES: Comments must be received on
or before January 4, 2007.
ADDRESSES: Comments on this notice
may be mailed or delivered in triplicate
to the FAA at the following address:
Atlanta Airports District Office, Attn:
Rusty Nealis, Program Manager, 1701
Columbia Ave., Suite 2–260, Atlanta,
GA 30337–2747.
In addition, one copy of any
comments submitted to the FAA must
be mailed or delivered to W. Brian Hiatt,
19 17
CFR 200.30–3(a)(12).
VerDate Aug<31>2005
15:14 Dec 04, 2006
Jkt 211001
City Manager of the City of Concord at
the following address: City of Concord,
Post Office Box 308, Concord, NC
28026.
FOR FURTHER INFORMATION CONTACT:
Rusty Nealis, Program Manager, Atlanta
Airports District Office, 1701 Columbia
Ave., Suite 2–260, Atlanta, GA 30337–
2747, (404) 305–7142. The application
may be reviewed in person at this same
location.
SUPPLEMENTARY INFORMATION: The FAA
is reviewing a request by the City of
Concord to release approximately 0.66
acres of airport property at the Concord
Regional Airport. The property consists
of one parcel roughly located on the
Western edge of Ivey Cline Road
approximately 600-ft south of Popular
Tent Road and adjacent to 7.30 acres
previously requested for release. This
property is currently shown on the
approved Airport Layout Plan as
aeronautical use land; however the
property is currently not being used for
aeronautical purposes and the proposed
use of this property is compatible with
airport operations. The City will
ultimately sell the property for future
industrial use with proceeds of the sale
providing funding for future airport
development.
Any person may inspect the request
in person at the FAA office listed above
under FOR FURTHER INFORMATION
CONTACT. In addition, any person may,
upon request, inspect the request, notice
and other documents germane to the
request in person at the Concord
Regional Airport.
Issued in Atlanta, Georgia on November 21,
2006.
Scott L. Seritt,
Manager, Atlanta Airports District Office,
Southern Region.
[FR Doc. 06–9511 Filed 12–4–06; 8:45 am]
BILLING CODE 4910–13–M
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
Notice of Intent To Rule on Request To
Release Airport Property at the Rogue
Valley; International—Medford Airport,
Medford, OR
Federal Aviation
Administration (FAA), DOT.
ACTION: Notice of Request to Release
Airport Property.
AGENCY:
SUMMARY: The FAA proposes to rule and
invite public comment on the release of
land at Rogue Valley International—
Medford Airport under the provisions of
Section 125 of the Wendell H. Ford
Aviation Investment Reform Act for the
PO 00000
Frm 00077
Fmt 4703
Sfmt 4703
70577
21st Century (AIR 21), now 49 U.S.C.
47107(h)(2).
Comments must be received on
or before January 4, 2007.
DATES:
Comments on this
application may be mailed or delivered
to the FAA at the following address: Mr.
J. Wade Bryant, Manager, Federal
Aviation Administration, Northwest
Mountain Region, Airports Division,
Seattle Airports District Office, 1601
Lind Avenue, SW., Suite 250, Renton,
Washington, 98057–3356.
In addition, one copy of any
comments submitted to the FAA must
be mailed or delivered to Mr. Bern E.
Case, Airport Director, at the following
address: Mr. Bern E. Case, Airport
Director, 3650 Biddle Road, Medford,
OR 97504.
ADDRESSES:
Mr.
William L. Watson, OR/ID Section
Supervisor, Federal Aviation
Administration, Northwest Mountain
Region, Seattle Airports District Office,
1601 Lind Avenue, SW., Suite 250,
Renton, Washington 98057–3356.
The request to release property may
be reviewed, by appointment, in person
at this same location.
FOR FURTHER INFORMATION CONTACT:
The FAA
invites public comment on the request
to release property at the Rogue Valley
International—Medford Airport under
the provisions of the AIR 21 (49 U.S.C.
47107(h)(2)).
On November 16, 2006, the FAA
determined that the request to release
property at Rogue Valley International—
Medford Airport submitted by the
airport meets the procedural
requirements of the Federal Aviation
Administration. The FAA may approve
the request, in whole or in part, no later
than January 4, 2006.
The following is a brief overview of
the request:
Rogue Valley International—Medford
Airport is proposing the release of
approximately 1.70 acres of airport
property in exchange of 1.34 acres of
private property currently used to house
runway approach lights.
Any person may inspect, by
appointment, the request in person at
the FAA office listed above under FOR
FURTHER INFORMATION CONTACT.
In addition, any person may, upon
appointment and request, inspect the
application, notice and other documents
germane to the application in person at
Rogue Valley International—Medford
Airport.
SUPPLEMENTARY INFORMATION:
E:\FR\FM\05DEN1.SGM
05DEN1
]]>Agencies
[Federal Register Volume 71, Number 233 (Tuesday, December 5, 2006)]
[Notices]
[Pages 70575-70577]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-20517]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-54837; File No. SR-NYSE-2006-102]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to the Inclusion of an Additional Security in the Pilot to Put
Into Operation Certain Rule Changes Pending Before the Securities and
Exchange Commission to Coincide With the Exchange's Implementation of
Phase 3 of the NYSE HYBRID MARKETSM and the Substitution of
the Name and Trading Symbol of a Security Operating in the Pilot A
November 29, 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 28, 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, II,
and III below, which Items have been substantially prepared by the
Exchange. NYSE filed the proposed rule change pursuant to Section
19(b)(3)(A) 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 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).
\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 is proposing to include an additional security to
participate in the Exchange's current pilot (``Pilot'') program which
puts into operation certain rule changes pending before the Commission
to coincide with the Exchange's implementation of NYSE HYBRID
MARKETSM (``Hybrid Market'') \5\ Phase 3. The Exchange
further seeks to change the name of a security currently operating
under the Pilot and substitute the name and trading symbol of its
successor entity. The relevant securities are identified in Exhibit 3
to the filing, which is available on the NYSE's Web site (https://
www.nyse.com), at the principal office of the NYSE, and at the
Commission's Public Reference Room.
---------------------------------------------------------------------------
\5\ The Hybrid Market was approved on March 22, 2006. See
Securities Exchange Act Release No. 53539 (March 22, 2006), 71 FR
16353 (March 31, 2006).
---------------------------------------------------------------------------
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
On October 5, 2006, the Commission approved an Exchange Pilot \6\
to, among other things, put into operation certain proposed
modifications to Exchange Rules that are currently pending \7\ before
the Commission to coincide with the Exchange's implementation of the
Hybrid Market Phase 3. The Pilot commenced on October 6, 2006 \8\ and
is scheduled to terminate on the close of business November 30, 2006
\9\ or the earlier of Commission approval of the Omnibus Filing,\10\
Stabilization Filing and the Block Cross Filing while the Commission
continues to review the aforementioned pending filings. The Pilot
applies to a group of securities, known as Phase 3 Pilot securities
(``Pilot securities'').\11\
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release Nos. 54578, 71 FR 60216
(October 12, 2006) and 54610 (October 16, 2006), 71 FR 62142
(October 23, 2006).
\7\ See Securities Exchange Act Release Nos. 54520 (September
27, 2006), 71 FR 57590 (September 29, 2006) (SR-NYSE-2006-65 and the
Amendments thereto proposing to amend several Exchange Rules to
clarify certain definitions and systemic processes (``Omnibus
Filing'')); 54504 (September 26, 2006), 71 FR 57011 (September 28,
2006) (SR-NYSE 2006-76 proposing to amend the specialist
stabilization requirements set forth in Exchange Rule 104.10
(``Stabilization Filing'')); and SR-NYSE-2006-73 (filed on September
13, 2006) and Amendment No. 2 thereto (filed on October 13, 2006)
(proposing to amend Exchange Rule 127 which governs the execution of
a block cross transaction at a price outside the prevailing NYSE
quotation (``Block Cross Filing''). The Commission notes that it
approved the Omnibus Filing on November 27, 2006. See Securities
Exchange Act Release No. 54820.
\8\ The changes related to stop orders and stop limit orders
proposed in the Omnibus Filing were implemented on October 16, 2006
in order to give customers and member organizations sufficient time
to make any changes necessary as a result of the elimination of stop
limit orders.
\9\ On October 31, 2006 the Exchange filed to extend the Pilot
until November 30, 2006. See Securities Exchange Act Release No.
54675 (October 31, 2006), 71 FR 65019 (November 6, 2006). The
extension made clear that approval of any one of the pending filings
would act to terminate the operation of the rules associated with
the approved filing from the Pilot. Accordingly, the changes
approved in the Omnibus Filing are no longer part of the Pilot. The
Pilot shall not terminate in its entirety unless and until all
pending filings are approved or November 30, 2006.
\10\ See note 7 supra.
\11\ Phase 3 Pilot Securities are posted on the Exchange's Web
site. The securities posted on the Exchange's Web site include
securities added to operate under the Pilot pursuant to Securities
Exchange Act Release No. 54685 (November 1, 2006), 71 FR 65559
(November 8, 2006).
---------------------------------------------------------------------------
The Exchange is currently in the process of phasing in the
securities operating under the Pilot. As expected, the Pilot is
operating with minimal problems and the benefits are proving
invaluable. The Pilot is providing the Exchange with the opportunity to
identify and address any system problems. Moreover, the Exchange has
the ability to identify and incorporate beneficial system changes that
become apparent as a result of usage in real time and under real market
conditions.
[[Page 70576]]
The Exchange further has the ability to have real time user
interface which is proving very useful to the Exchange. In addition to
its usefulness to the Exchange, the Pilot is providing the current
users with essential practical experience with the new systems and
processes in a well-modulated way, in real time and under real market
conditions that cannot be completely replicated in the mock-trading
environment.
As of Tuesday November 28, 2006, the Exchange will complete the
phasing in of all Banc of America Specialists allocated securities
approved to operate under the Pilot. In order to continue increasing
the users that may benefit from the enhanced educational and
supervisory training experience that the Pilot provides, the Exchange
seeks through this filing to include an additional security handled by
Banc of America Specialists for participation in the Pilot.
Specifically, the Exchange seeks to include the security traded under
the symbol GE (General Electric Company).
The Exchange believes that the addition of this security will
continue to provide an increased number of individual specialists with
the educational opportunity of real time experience under real market
conditions that cannot be completely replicated in the mock-trading
environment. It will further provide an increased number of the firm's
supervisory personnel with additional opportunities for supervisory
training in real time and under real market conditions.
In addition to including GE in the Pilot, the Exchange seeks to
substitute the trading symbol for Lucent Technologies which is
currently operating in the Pilot under the trading symbol LU with the
symbol ALU to reflect the December 1, 2006 business combination of
Lucent Technologies with Alcatel. The Exchange therefore seeks to
change the trading symbol LU to ALU in order to accurately reflect the
successor entity which is now Alcatel-Lucent.
Accordingly, the Exchange believes that the inclusion of this
additional security will only further the Exchange's ability to
identify and address any system problems and to identify and
incorporate beneficial system changes while providing the new users
with real time education.
The securities proposed for inclusion in the Pilot are identified
in Exhibit 3 to the filing.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the requirement under Section 6(b)(5) \12\ of the Act \13\ that an
Exchange have rules that are 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. The proposed
rule change also is designed to support the principles of Section
11A(a)(1) \14\ in that it seeks to assure economically efficient
execution of securities transactions.
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\12\ 15 U.S.C. 78f(b)(5).
\13\ 15 U.S.C. 78a.
\14\ 15 U.S.C. 78k-1(a)(1).
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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
The proposed rule change is filed pursuant to Section 19(b)(3)(A)
\15\ of the Act and Rule 19b-4(f)(6) \16\ thereunder.
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\15\ 15 U.S.C. 78s(b)(3)(A).
\16\ 17 CFR 240.19b-4(f)(6)(iii).
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This proposed rule change does not significantly affect the
protection of investors or the public interest and does not impose any
significant burden on competition. Accordingly, the Exchange believes
that this amendment is non-controversial.
In connection with the filing being made under Section 19(b)(3)(A)
of the Act, the Exchange requests that the Commission waive the 30-day
delayed operative date and five-day pre-filing period of Rule 19b-
4(f)(6)(iii).
A proposed rule change filed under Rule 19b-4(f)(6) normally may
not become operative prior to 30 days after the date of filing.
However, Rule 19b-4(f)(6)(iii) \17\ 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 is
exercising authority to waive the five-day pre-filing requirement and
believes that waiver of the 30-day operative delay is consistent with
the protection of investors and the public interest. Specifically, the
Commission believes that the proposal could allow Banc of America
Specialists to provide more of its personnel with the educational
opportunity of real-time experience with real market conditions under
the Pilot. In addition, the Commission believes that replacing LU with
ALU is appropriate so that the successor security to LU would continue
to trade in a similar manner on the Exchange. Accordingly, the
Commission designates the proposal to be effective and operative upon
filing with the Commission.\18\
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\17\ 17 CFR 240.19b-4(f)(6)(iii).
\18\ For 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).
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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 (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NYSE-2006-102 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-2006-102. 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
[[Page 70577]]
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
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-2006-102 and should be submitted on or before December 26, 2006.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\19\
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\19\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
[FR Doc. E6-20517 Filed 12-4-06; 8:45 am]
BILLING CODE 8011-01-P
