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]
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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 (https://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 (https://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
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14:58 Jan 24, 2007
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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
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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).
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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
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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 (https://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 (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 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).
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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
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]]>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.
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\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).
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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 (https://
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 (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 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\
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\18\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-1103 Filed 1-24-07; 8:45 am]
BILLING CODE 8011-01-P
