Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Rule 13 (Definitions of Orders), 2320-2321 [E7-616]
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Federal Register / Vol. 72, No. 11 / Thursday, January 18, 2007 / Notices
(C) Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The SIA Data Conversion Privacy
Working Group initially requested
NSCC provide this service. No written
comments relating to the proposed rule
change have been solicited or received.
On November 3, 2006, NSCC notified
members of the terms of AIT by
Important Notice A#6334, P&S#5904.
NSCC will notify the Commission of any
written comments it receives.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within thirty-five days of the date of
publication of this notice in the Federal
Register or within such longer period:
(i) As the Commission may designate up
to ninety days of such date if it finds
such longer period to be appropriate
and publishes its reasons for so finding
or (ii) as to which the self-regulatory
organization consents, the Commission
will:
(A) By order approve such proposed
rule change or
(B) institute proceedings to determine
whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
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 filings also
will be available for inspection and
copying at the principal office of NSCC
and on NSCC’s Web site at https://
www.nscc.com/legal/2006/2006-18amendment.pdf. 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–NSCC–
2006–18 and should be submitted on or
before February 2, 2007.
For the Commission by the Division of
Market Regulation, pursuant to delegated
authority.6
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–585 Filed 1–17–07; 8:45 am]
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:
BILLING CODE 8011–01–P
Electronic Comments
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to
Rule 13 (Definitions of Orders)
pwalker on PROD1PC71 with NOTICES
• 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–NSCC–2006–18 on the
subject line.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55084; File No. SR–NYSE–
2006–90]
January 10, 2007.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
Paper Comments
notice is hereby given that on December
• Send paper comments in triplicate
27, 2006, the New York Stock Exchange
to Nancy M. Morris, Secretary,
LLC (‘‘NYSE’’ or ‘‘Exchange’’) filed with
Securities and Exchange Commission,
the Securities and Exchange
100 F Street, NE., Washington, DC
Commission (‘‘Commission’’) the
20549–1090.
proposed rule change as described in
All submissions should refer to File
Items I and II below, which Items have
Number SR–NSCC–2006–18. This file
been substantially prepared by the selfnumber should be included on the
regulatory organization. The Exchange
subject line if e-mail is used. To help the filed the proposed rule change pursuant
Commission process and review your
to Section 19(b)(3)(A) of the Act 3 and
comments more efficiently, please use
only one method. The Commission will
6 17 CFR 200.30–3(a)(12).
post all comments on the Commission’s
1 15 U.S.C.78s(b)(1).
2 17 CFR 240.19b–4.
Internet Web site (https://www.sec.gov/
3 15 U.S.C.78s(b)(3)(A).
rules/sro.shtml). Copies of the
VerDate Aug<31>2005
17:52 Jan 17, 2007
Jkt 211001
PO 00000
Frm 00069
Fmt 4703
Sfmt 4703
Rule 19b–4(f)(6) thereunder,4 which
renders the proposed rule change
effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
NYSE proposes to amend Exchange
Rule 13.30 to clarify that Stop Orders in
Exchange Traded Funds (as defined
below) are elected on quotes and trades.
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
self-regulatory organization 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 self-regulatory
organization 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 Exchange is seeking to amend
Exchange Rule 13.30 to clarify that Stop
Orders (‘‘STP’’) in Investment Company
Units,5 Trust Issued Receipts,6 and
securities treated similarly (i.e.,
streetTRACKS Gold Shares, See
Exchange Rule 1300) (collectively
Exchange-Traded Funds (‘‘ETFs’’)) are
elected on both quotes and trades.
Prior to December 1, 2000, STP 7
Orders in ETFs were elected only on
trades. At that time a STP Order to buy
ETFs was elected and became a market
order only when a transaction in the
security occurred at or above the stop
price, after the order was routed to the
Display Book or was manually
represented by a Floor broker in the
4 17
CFR 240.19b–4(f)(6).
Company Units are defined in Rule
703.16 of the NYSE Listed Company Manual.
6 Trust Issued Receipts are defined in Exchange
Rule 1200.
7 At that time, order types available to customers
included both Stop Orders and Stop Limit Orders.
Subsequently, on November 27, 2006, the
Commission approved the Exchange’s proposal to
eliminate Stop Limit Orders as an acceptable order
type on the Exchange. See Securities Exchange Act
Release No. 54820 (November 27, 2006), 71 FR
70824 (December 6, 2006) (SR–NYSE–2006–65).
Stop Limit Orders are therefore not addressed in
this filing.
5 Investment
E:\FR\FM\18JAN1.SGM
18JAN1
Federal Register / Vol. 72, No. 11 / Thursday, January 18, 2007 / Notices
Crowd. Similarly, a STP Order to sell
ETFs was elected and became a market
order only when a transaction in the
security occurred at or below the stop
price, after the order was routed to the
Display Book or was manually
represented by a Floor broker in the
Crowd.
On December 1, 2000, due to the
inherent speed of ETF trading and quote
changes, the Exchange amended Rule
13.30 to allow STP Orders in ETFs to be
elected also on quotations.8 The
purpose of that amendment was to
allow STP Orders in ETFs to participate
more often and minimize STP Orders in
ETFs from missing the market. It was
not the Exchange’s intent to preclude
STP Orders in ETFs from being elected
on trades and nothing in that filing or
the rule amendment excludes STP
Orders in ETFs from election on trades.
Rather, it added a section to provide
that STP Orders in ETFs are elected on
quotes, leaving the previous section
regarding elections on trades intact.
Since the amendment, the Exchange has
elected STP Orders in ETFs on quotes
and trades. In this filing, the Exchange
seeks to amend Rule 13.30 to clarify that
STP orders are elected on quotes and
trades, in order to eliminate any
ambiguity inherent in the current rule’s
structure.
2. Statutory Basis
The basis under the Act for this
proposed rule change is the requirement
under Section 6(b)(5) 9 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.
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.
pwalker on PROD1PC71 with NOTICES
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.
8 See Securities Exchange Act Release No. 43658
(December 1, 2000), 65 FR 77408 (December 11,
2000) (SR–NYSE–2000–53).
9 15 U.S.C. 78f(b)(5).
VerDate Aug<31>2005
17:52 Jan 17, 2007
Jkt 211001
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not significantly affect the
protection of investors or the public
interest; does not impose any significant
burden on competition; and by its
terms, does not become operative for 30
days from the date on which it was
filed, or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest, it has become effective
pursuant to Section 19(b)(3)(A) of the
Act 10 and Rule 19b–4(f)(6)
thereunder.11
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) 12 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 believes that
waiver of the 30-day operative delay is
consistent with the protection of
investors and the public interest
because it would clarify that stop orders
in ETFs are elected on quotes and
trades. Accordingly, the Commission
designates the proposal to be effective
and operative upon filing with the
Commission.13
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
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
12 17 CFR 240.19b–4(f)(6)(iii).
13 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).
• ( Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–NYSE–2006–90 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–2006–90. 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 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–2006–90 and should
be submitted on or before February 8,
2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.14
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–616 Filed 1–17–07; 8:45 am]
BILLING CODE 8011–01–P
10 15
11 17
PO 00000
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14 17
E:\FR\FM\18JAN1.SGM
CFR 200.30–3(a)(12).
18JAN1
]]>Agencies
[Federal Register Volume 72, Number 11 (Thursday, January 18, 2007)]
[Notices]
[Pages 2320-2321]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-616]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55084; File No. SR-NYSE-2006-90]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to Rule 13 (Definitions of Orders)
January 10, 2007.
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 December 27, 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 and
II below, which Items have been substantially prepared by the self-
regulatory organization. The Exchange 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 proposed rule change 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
NYSE proposes to amend Exchange Rule 13.30 to clarify that Stop
Orders in Exchange Traded Funds (as defined below) are elected on
quotes and trades.
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 self-regulatory organization
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 self-regulatory organization
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 Exchange is seeking to amend Exchange Rule 13.30 to clarify
that Stop Orders (``STP'') in Investment Company Units,\5\ Trust Issued
Receipts,\6\ and securities treated similarly (i.e.,
streetTRACKS[supreg] Gold Shares, See Exchange Rule 1300) (collectively
Exchange-Traded Funds (``ETFs'')) are elected on both quotes and
trades.
---------------------------------------------------------------------------
\5\ Investment Company Units are defined in Rule 703.16 of the
NYSE Listed Company Manual.
\6\ Trust Issued Receipts are defined in Exchange Rule 1200.
---------------------------------------------------------------------------
Prior to December 1, 2000, STP \7\ Orders in ETFs were elected only
on trades. At that time a STP Order to buy ETFs was elected and became
a market order only when a transaction in the security occurred at or
above the stop price, after the order was routed to the Display
Book[supreg] or was manually represented by a Floor broker in the
[[Page 2321]]
Crowd. Similarly, a STP Order to sell ETFs was elected and became a
market order only when a transaction in the security occurred at or
below the stop price, after the order was routed to the Display
Book[supreg] or was manually represented by a Floor broker in the
Crowd.
---------------------------------------------------------------------------
\7\ At that time, order types available to customers included
both Stop Orders and Stop Limit Orders. Subsequently, on November
27, 2006, the Commission approved the Exchange's proposal to
eliminate Stop Limit Orders as an acceptable order type on the
Exchange. See Securities Exchange Act Release No. 54820 (November
27, 2006), 71 FR 70824 (December 6, 2006) (SR-NYSE-2006-65). Stop
Limit Orders are therefore not addressed in this filing.
---------------------------------------------------------------------------
On December 1, 2000, due to the inherent speed of ETF trading and
quote changes, the Exchange amended Rule 13.30 to allow STP Orders in
ETFs to be elected also on quotations.\8\ The purpose of that amendment
was to allow STP Orders in ETFs to participate more often and minimize
STP Orders in ETFs from missing the market. It was not the Exchange's
intent to preclude STP Orders in ETFs from being elected on trades and
nothing in that filing or the rule amendment excludes STP Orders in
ETFs from election on trades. Rather, it added a section to provide
that STP Orders in ETFs are elected on quotes, leaving the previous
section regarding elections on trades intact. Since the amendment, the
Exchange has elected STP Orders in ETFs on quotes and trades. In this
filing, the Exchange seeks to amend Rule 13.30 to clarify that STP
orders are elected on quotes and trades, in order to eliminate any
ambiguity inherent in the current rule's structure.
---------------------------------------------------------------------------
\8\ See Securities Exchange Act Release No. 43658 (December 1,
2000), 65 FR 77408 (December 11, 2000) (SR-NYSE-2000-53).
---------------------------------------------------------------------------
2. Statutory Basis
The basis under the Act for this proposed rule change is the
requirement under Section 6(b)(5) \9\ 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.
---------------------------------------------------------------------------
\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
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
Because the foregoing proposed rule change does not significantly
affect the protection of investors or the public interest; does not
impose any significant burden on competition; and by its terms, does
not become operative for 30 days from the date on which it was filed,
or such shorter time as the Commission may designate if consistent with
the protection of investors and the public interest, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \10\ and Rule 19b-
4(f)(6) thereunder.\11\
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
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) \12\ 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 believes
that waiver of the 30-day operative delay is consistent with the
protection of investors and the public interest because it would
clarify that stop orders in ETFs are elected on quotes and trades.
Accordingly, the Commission designates the proposal to be effective and
operative upon filing with the Commission.\13\
---------------------------------------------------------------------------
\12\ 17 CFR 240.19b-4(f)(6)(iii).
\13\ 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 (https://
www.sec.gov/rules/sro.shtml); or
( Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NYSE-2006-90 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-2006-90. 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 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-2006-90 and should be submitted on or before
February 8, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\14\
---------------------------------------------------------------------------
\14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-616 Filed 1-17-07; 8:45 am]
BILLING CODE 8011-01-P
