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]

Download as PDF 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 VerDate Aug<31>2005 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 (http:// 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 VerDate Aug<31>2005 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 PO 00000 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 (http://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 (http://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 05DEN1 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]


=======================================================================
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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).
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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 (http://
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.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78f(b)(5).
    \13\ 15 U.S.C. 78a.
    \14\ 15 U.S.C. 78k-1(a)(1).
---------------------------------------------------------------------------

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.
---------------------------------------------------------------------------

    \15\ 15 U.S.C. 78s(b)(3)(A).
    \16\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------

    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\
---------------------------------------------------------------------------

    \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).
---------------------------------------------------------------------------

    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 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 (http://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