Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Effective Date of a Previous Rule Change Relating to Information Contained in a Directed Order on the Boston Options Exchange, 3448-3450 [E7-1103]

Download as PDF 3448 Federal Register / Vol. 72, No. 16 / Thursday, January 25, 2007 / Notices C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing proposed rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act 8 and Rule 19b–4(f)(2) thereunder 9 because it establishes or changes a due, fee, or other charge imposed by the Exchange. At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act.10 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 the filing also will be available for inspection and copying at the principal office of Amex. 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–Amex–2006–116 and should be submitted on or before February 15, 2007. 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: For the Commission, by the Division of Market Regulation, pursuant to delegated authority.11 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–1110 Filed 1–24–07; 8:45 am] 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 No. SR–Amex–2006–116 on the subject line. SECURITIES AND EXCHANGE COMMISSION Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, Station Place, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–Amex–2006–116. 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 Commissions Internet Web site (http://www.sec.gov/ rules/sro.shtml). Copies of the ycherry on PROD1PC64 with NOTICES 8 15 U.S.C. 78s(b)(3)(A)(ii). CFR 19b–4(f)(2). 10 For purposes of calculating the 60-day period within which the Commission may summarily abrogate the proposed rule change, the Commission considers the period to commence on January 16, 2007, the date on which the Exchange filed Amendment No. 1. 9 17 VerDate Aug<31>2005 14:58 Jan 24, 2007 Jkt 211001 BILLING CODE 8011–01–P [Release No. 34–55139; File No. SR–BSE– 2007–01] Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Effective Date of a Previous Rule Change Relating to Information Contained in a Directed Order on the Boston Options Exchange January 19, 2007. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on January 16, 2007, the Boston Stock Exchange, Inc. (‘‘BSE’’ 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 BSE. The BSE filed the proposed rule change pursuant to Section 19(b)(3)(A) of the 11 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 PO 00000 Frm 00066 Fmt 4703 Sfmt 4703 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. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The BSE proposes to extend the effective date of the amended rule governing the Exchange’s Directed Order process on the Boston Options Exchange (‘‘BOX’’) from January 31, 2007 to July 31, 2007. 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 BSE included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The BSE 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 March 20, 2006 the BSE proposed an amendment to its rules governing its Directed Order process on the BOX.5 The rules were amended to clearly state that the BOX Trading Host identifies to an Executing Participant (‘‘EP’’) the identity of the firm entering a Directed Order. The amended rule was to be effective until June 30, 2006, while the Commission considered a corresponding Exchange proposal 6 to amend its rules to permit EPs to choose the firms from which they will accept Directed Orders, while providing complete anonymity of the firm entering a Directed Order. On June 30, 2006, the Exchange proposed extending the effective date of the amended rule governing its Directed Order process on the BOX from June 30, 3 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). 5 See Securities Exchange Act Release No. 53516 (March 20, 2006), 71 FR 15232 (March 27, 2006) (SR–BSE–2006–14). 6 See Securities Exchange Act Release No. 53357 (February 23, 2006), 71 FR 10730 (March 2, 2006) (SR-BSE–2005–52). 4 17 E:\FR\FM\25JAN1.SGM 25JAN1 Federal Register / Vol. 72, No. 16 / Thursday, January 25, 2007 / Notices 2006 to September 30, 2006 7 while the Commission continued to consider the corresponding Exchange proposal to amend its rules to permit EPs to choose the firms from which they would accept Directed Orders, while providing complete anonymity of the firm entering a Directed Order and, on September 11, 2006, the Exchange again proposed extending the effective date of the amended rule governing its Directed Order process on the BOX from September 30, 2006 to January 31, 2007.8 The Exchange now proposes another extension of the effective date of the amended rule governing its Directed Order process on the BOX from January 31, 2007, to July 31, 2007. In the event the Commission reaches a decision with respect to the corresponding Exchange proposal to amend its rules before July 31, 2007, the amended rule governing the Exchange’s Directed Order process on the BOX will cease to be effective at the time of that decision. This filing proposes to extend the effective date of the amended rule governing the Exchange’s Directed Order process on the BOX from January 31, 2007 to July 31, 2007.9 ycherry on PROD1PC64 with NOTICES 2. Statutory Basis The amended rule is designed to clarify the information contained in a Directed Order. This proposed rule filing seeks to extend the amended rule’s effectiveness from January 31, 2007 to July 31, 2007. This extension will afford the Commission the necessary time to consider SR-BSE– 2005–52 which would amend the BOX rules on a permanent basis to permit EPs to choose the firms from which they will accept Directed Orders while providing complete anonymity of the firm entering a Directed Order. Accordingly, the Exchange believes that the proposal is consistent with the requirements of Section 6(b) of the Act,10 in general, and Section 6(b)(5) of the Act,11 in particular, in that it is designed to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transaction in securities, to 7 See Securities Exchange Act Release No. 54082 (June 30, 2006), 71 FR 38913 (July 10, 2006) (SRBSE–2006–29). 8 See Securities Exchange Act Release 54469 (September 19, 2006), 71 FR 56201 (September 26, 2006) (SR–BSE–2006–38). 9 In the event that the issue of anonymity in the Directed Order process is not resolved by July 31, 2007, the Exchange intends to submit another filing under Rule 19b–4(f)(6) under the Act extending this rule and system process. 10 15 U.S.C. 78f(b). 11 15 U.S.C. 78f(b)(5). VerDate Aug<31>2005 14:58 Jan 24, 2007 Jkt 211001 remove impediments to and perfect the mechanism for a free and open market and a national market system, and, in general, to protect investors and the public interest. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others The Exchange has neither solicited nor received 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: (1) Does not significantly affect the protection of investors or the public interest; (2) does not impose any significant burden on competition; and (3) by its terms does not become operative for 30 days after the date of this filing, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) 12 of the Act and Rule 19b–4(f)(6) thereunder.13 A proposed rule change filed under Rule 19b–4(f)(6) 14 normally may not become operative prior to 30 days after the date of filing. However, Rule 19b– 4(f)(6)(iii) 15 permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The BSE requests that the Commission waive the 5-day pre-filing notice requirement and the 30-day operative delay, as specified in Rule 19b– 4(f)(6)(iii),16 which would make the rule change effective and operative upon filing. The Commission believes that waiving the 5-day pre-filing notice and the 30-day operative delay is consistent with the protection of investors and the public interest because such waiver would continue to conform the BOX rules with BOX’s current practice and clarify that Directed Orders on BOX are not anonymous.17 Accordingly, the 12 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). 14 17 CFR 240.19b–4(f)(6). 15 17 CFR 240.19b–4(f)(6)(iii). 16 17 CFR 240.19b–4(f)(6)(iii). 17 For purposes only of waiving the operative delay for this proposal, the Commission has 13 17 PO 00000 Frm 00067 Fmt 4703 Sfmt 4703 3449 Commission designates that the proposed rule change effective and operative upon filing with the Commission. At any time within 60 days of the filing of such 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 No. SR-BSE–2007–01 on the subject line. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, Station Place, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR-BSE–2007–01. 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 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 BSE. All comments received will be posted without change; the Commission does considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). E:\FR\FM\25JAN1.SGM 25JAN1 3450 Federal Register / Vol. 72, No. 16 / Thursday, January 25, 2007 / Notices 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-BSE–2007–01 and should be submitted on or before February 15, 2007. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.18 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–1103 Filed 1–24–07; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–55134; File No. SR–FICC– 2006–14] Self-Regulatory Organizations; Fixed Income Clearing Corporation; Order Granting Approval of Proposed Rule Change Relating To Returning Excess Clearing Fund Collateral January 19, 2007. I. Introduction On September 22, 2006, the Fixed Income Clearing Corporation (‘‘FICC’’) submitted to the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to amend FICC’s Government Securities Division’s (‘‘GSD’’) rules to permit GSD members to request the return of their excess clearing fund collateral held on deposit with FICC on a more frequent basis than is currently allowed under GSD’s rules. The proposed rule change was published for comment in the Federal Register on November 27, 2006.3 No comment letters were received on the proposal. This order approves the proposal. II. Description of the Proposal Prior to this rule change, GSD members were permitted to request the return of excess clearing fund collateral once per month.4 In addition, on any business day, if a GSD member had exceeded its required clearing fund 18 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 Securities Exchange Act Release No. 54787 (Nov. 20, 2006), 71 FR 68664. 4 Excess clearing fund is the amount of collateral held on deposit at GSD that is greater than a member’s required clearing fund deposit as set forth in GSD Rule 4 (Clearing Fund, Watch List and Loss Allocation). ycherry on PROD1PC64 with NOTICES 1 15 VerDate Aug<31>2005 14:58 Jan 24, 2007 Jkt 211001 obligation by $5 million or more, the member could request the return of the excess deposit provided that, among other requirements, the return would not result in the member having a clearing fund deposit amount of less than the greater of (1) 110 percent of the member’s clearing fund requirement or (2) $1 million more than its required clearing fund deposit. In an effort to harmonize GSD’s process with respect to the return of excess collateral with the processes of other Depository Trust & Clearing Corporation (‘‘DTCC’’) subsidiary clearing agencies, FICC is changing GSD’s rules to give GSD the discretion to return excess clearing fund more frequently and without regard to the limitations noted above.5 Although the rule change will enable GSD members to request the return of excess clearing fund on a daily basis, GSD will retain the right to deny the return of some or all of a member’s excess collateral if: (i) The member has an outstanding payment obligation to FICC; (ii) the member’s funds-only settlement amounts or net settlement positions over the upcoming 90 days may reasonably be expected to be materially different than those of the preceding 90 days; (iii) the member is on the watch list; or (iv) the return of excess clearing fund will cause the member to be in violation of another GSD rule. In addition, excess clearing fund would not be returned to a member if doing so would reduce a member’s crossguaranty repayment deposit or crossmargining repayment deposit to the clearing fund below the required amount.6 agency to assure the safeguarding of securities and funds that are in the custody or control of the clearing agency or for which it is responsible. Although the rule change will enable FICC members to request and receive an earlier return of excess clearing fund collateral, FICC will retain explicit rights to deny such return requests when doing so would subject FICC to undue risks. Accordingly, the proposed rule change will assure FICC’s ability to safeguard securities and funds in its possession or control or for which it is responsible. IV. Conclusion On the basis of the foregoing, the Commission finds that the proposal is consistent with the requirements of the Act and in particular with the requirements of Section 17A of the Act 8 and the rules and regulations thereunder. It is therefore ordered, pursuant to Section 19(b)(2) of the Act,9 that the proposed rule change (File No. SR– FICC–2006–14) be, and hereby is, approved.10 For the Commission by the Division of Market Regulation, pursuant to delegated authority.11 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–1107 Filed 1–24–07; 8:45 am] BILLING CODE 8011–01–P III. Discussion The Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a registered clearing agency. In particular, the Commission believes the proposal is consistent with the requirements of Section 17A(b)(3)(F),7 which, among other things, requires the rules of a clearing 5 The rules of the National Securities Clearing Corporation (‘‘NSCC’’) and FICC’s Mortgage Backed Securities Division (‘‘MBSD’’) permit their respective members to request under normal circumstances the return of their excess clearing fund. 6 Under GSD’s rules, a ‘‘cross-guaranty repayment deposit’’ is a deposit to the clearing fund required to be made by a cross-guaranty beneficiary member pursuant to Rule 41, Section 4 of GSD’s Rules. A ‘‘cross-margining repayment deposit’’ is a deposit to the clearing fund required to be made by a crossmargining beneficiary participant pursuant to Rule 43, Section 6 of GSD’s Rules. 7 15 U.S.C. 78q–1(b)(3)(F). PO 00000 Frm 00068 Fmt 4703 Sfmt 4703 8 15 U.S.C. 78q–1. U.S.C. 78s(b)(2). 10 In approving the proposed rule change, the Commission considered the proposal’s impact on efficiency, competition and capital formation. 15 U.S.C. 78c(f). 11 17 CFR 200.30–3(a)(12). 9 15 E:\FR\FM\25JAN1.SGM 25JAN1

Agencies

[Federal Register Volume 72, Number 16 (Thursday, January 25, 2007)]
[Notices]
[Pages 3448-3450]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-1103]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55139; File No. SR-BSE-2007-01]


Self-Regulatory Organizations; Boston Stock Exchange, Inc.; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Extend the Effective Date of a Previous Rule Change Relating to 
Information Contained in a Directed Order on the Boston Options 
Exchange

January 19, 2007.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on January 16, 2007, the Boston Stock Exchange, Inc. (``BSE'' 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 BSE. The 
BSE 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

    The BSE proposes to extend the effective date of the amended rule 
governing the Exchange's Directed Order process on the Boston Options 
Exchange (``BOX'') from January 31, 2007 to July 31, 2007.

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 BSE included statements 
concerning the purpose of, and basis for, the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The BSE 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 March 20, 2006 the BSE proposed an amendment to its rules 
governing its Directed Order process on the BOX.\5\ The rules were 
amended to clearly state that the BOX Trading Host identifies to an 
Executing Participant (``EP'') the identity of the firm entering a 
Directed Order. The amended rule was to be effective until June 30, 
2006, while the Commission considered a corresponding Exchange proposal 
\6\ to amend its rules to permit EPs to choose the firms from which 
they will accept Directed Orders, while providing complete anonymity of 
the firm entering a Directed Order.
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 53516 (March 20, 
2006), 71 FR 15232 (March 27, 2006) (SR-BSE-2006-14).
    \6\ See Securities Exchange Act Release No. 53357 (February 23, 
2006), 71 FR 10730 (March 2, 2006) (SR-BSE-2005-52).
---------------------------------------------------------------------------

    On June 30, 2006, the Exchange proposed extending the effective 
date of the amended rule governing its Directed Order process on the 
BOX from June 30,

[[Page 3449]]

2006 to September 30, 2006 \7\ while the Commission continued to 
consider the corresponding Exchange proposal to amend its rules to 
permit EPs to choose the firms from which they would accept Directed 
Orders, while providing complete anonymity of the firm entering a 
Directed Order and, on September 11, 2006, the Exchange again proposed 
extending the effective date of the amended rule governing its Directed 
Order process on the BOX from September 30, 2006 to January 31, 
2007.\8\
---------------------------------------------------------------------------

    \7\ See Securities Exchange Act Release No. 54082 (June 30, 
2006), 71 FR 38913 (July 10, 2006) (SR-BSE-2006-29).
    \8\ See Securities Exchange Act Release 54469 (September 19, 
2006), 71 FR 56201 (September 26, 2006) (SR-BSE-2006-38).
---------------------------------------------------------------------------

    The Exchange now proposes another extension of the effective date 
of the amended rule governing its Directed Order process on the BOX 
from January 31, 2007, to July 31, 2007. In the event the Commission 
reaches a decision with respect to the corresponding Exchange proposal 
to amend its rules before July 31, 2007, the amended rule governing the 
Exchange's Directed Order process on the BOX will cease to be effective 
at the time of that decision.
    This filing proposes to extend the effective date of the amended 
rule governing the Exchange's Directed Order process on the BOX from 
January 31, 2007 to July 31, 2007.\9\
---------------------------------------------------------------------------

    \9\ In the event that the issue of anonymity in the Directed 
Order process is not resolved by July 31, 2007, the Exchange intends 
to submit another filing under Rule 19b-4(f)(6) under the Act 
extending this rule and system process.
---------------------------------------------------------------------------

2. Statutory Basis
    The amended rule is designed to clarify the information contained 
in a Directed Order. This proposed rule filing seeks to extend the 
amended rule's effectiveness from January 31, 2007 to July 31, 2007. 
This extension will afford the Commission the necessary time to 
consider SR-BSE-2005-52 which would amend the BOX rules on a permanent 
basis to permit EPs to choose the firms from which they will accept 
Directed Orders while providing complete anonymity of the firm entering 
a Directed Order. Accordingly, the Exchange believes that the proposal 
is consistent with the requirements of Section 6(b) of the Act,\10\ in 
general, and Section 6(b)(5) of the Act,\11\ in particular, in that it 
is designed to foster cooperation and coordination with persons engaged 
in regulating, clearing, settling, processing information with respect 
to, and facilitating transaction in securities, to remove impediments 
to and perfect the mechanism for a free and open market and a national 
market system, and, in general, to protect investors and the public 
interest.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78f(b).
    \11\ 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 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: (1) Does not 
significantly affect the protection of investors or the public 
interest; (2) does not impose any significant burden on competition; 
and (3) by its terms does not become operative for 30 days after the 
date of this filing, or such shorter time as the Commission may 
designate if consistent with the protection of investors and the public 
interest, the proposed rule change has become effective pursuant to 
Section 19(b)(3)(A) \12\ of the Act and Rule 19b-4(f)(6) 
thereunder.\13\
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78s(b)(3)(A).
    \13\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) \14\ normally 
may not become operative prior to 30 days after the date of filing. 
However, Rule 19b-4(f)(6)(iii) \15\ permits the Commission to designate 
a shorter time if such action is consistent with the protection of 
investors and the public interest. The BSE requests that the Commission 
waive the 5-day pre-filing notice requirement and the 30-day operative 
delay, as specified in Rule 19b-4(f)(6)(iii),\16\ which would make the 
rule change effective and operative upon filing. The Commission 
believes that waiving the 5-day pre-filing notice and the 30-day 
operative delay is consistent with the protection of investors and the 
public interest because such waiver would continue to conform the BOX 
rules with BOX's current practice and clarify that Directed Orders on 
BOX are not anonymous.\17\ Accordingly, the Commission designates that 
the proposed rule change effective and operative upon filing with the 
Commission.
---------------------------------------------------------------------------

    \14\ 17 CFR 240.19b-4(f)(6).
    \15\ 17 CFR 240.19b-4(f)(6)(iii).
    \16\ 17 CFR 240.19b-4(f)(6)(iii).
    \17\ For purposes only of waiving the operative delay for this 
proposal, the Commission has considered the proposed rule's impact 
on efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such 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 No. SR-BSE-2007-01 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, Station Place, 100 F 
Street, NE., Washington, DC 20549-1090.
    All submissions should refer to File Number SR-BSE-2007-01. 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 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 BSE.
    All comments received will be posted without change; the Commission 
does

[[Page 3450]]

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-BSE-2007-01 and should be 
submitted on or before February 15, 2007.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\18\
---------------------------------------------------------------------------

    \18\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-1103 Filed 1-24-07; 8:45 am]
BILLING CODE 8011-01-P