Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt New Rule 15B(T) Relating to Intermarket Sweep Orders, 5777-5778 [E7-1942]
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Federal Register / Vol. 72, No. 25 / Wednesday, February 7, 2007 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55061A; File No. SR–
NASDAQ–2006–061]
of the most significant aspects of such
statements.
[Release No. 34–55210; File No. SR–NYSE–
2007–08]
SECURITIES AND EXCHANGE
COMMISSION
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by the
NASDAQ Stock Market LLC To Codify
Sponsored Access Rule
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Adopt New
Rule 15B(T) Relating to Intermarket
Sweep Orders
January 31, 2007.
January 31, 2007.
Correction
In FR Document No. E7–543,
beginning on page 2052 for Wednesday,
January 17, 2007, the first paragraph is
revised to read as follows:
‘‘Pursuant to the provisions of Section
19(b)(1) under the Securities Exchange
Act of 1934 (‘‘Act’’),1 and Rule 19b–4
thereunder,2 notice is hereby given that
on December 20, 2006, The NASDAQ
Stock Market LLC (‘‘Nasdaq’’) 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 prepared by Nasdaq. Nasdaq
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.’’
For the Commission, by the Division
of Market Regulation, pursuant to
delegated authority.5
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–1951 Filed 2–6–07; 8:45 am]
BILLING CODE 8010–01–P
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that on January
26, 2007, the New York Stock Exchange
LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I and II, which Items have been
substantially prepared by the Exchange.
NYSE has designated the proposed rule
change as constituting a ‘‘noncontroversial’’ rule change under
Section 19(b)(3)(A) of the Act 4 and Rule
19b–4(f)(6) thereunder,5 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange is proposing to adopt
NYSE Rule 15B(T), a temporary rule
which describes the obligations of
Exchange member organizations when
sending Intermarket Sweep Orders
(‘‘ISOs’’) to the Exchange prior to the
Trading Phase Date of Regulation NMS
(‘‘Reg. NMS’’). The text of the proposed
rule change is available at NYSE, the
Commission’s Public Reference Room,
and https://www.nyse.com.
sroberts on PROD1PC70 with NOTICES
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,
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).
5 17 CFR 200.30(a)(12).
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
4 15 U.S.C. 78s(b)(3)(A).
5 17 CFR 240.19b–4(f)(6).
2 17
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21:36 Feb 06, 2007
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5777
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1. Purpose
As part of its rollout of the Hybrid
Market,SM the Exchange is set to begin
implementation of Phase IV, which
includes changes necessary for NYSE’s
compliance with Reg. NMS.
Specifically, the Phase IV software will
include the acceptance of ISOs and nonrouting immediate-or-cancel orders
(‘‘Reg. NMS IOCs’’), auto-routing to 100share quotations, and implementation of
new locking and crossing rules
approved by the Commission. The
Phase IV rollout will occur in a
controlled manner through the Trading
Phase Date, March 5, 2007.6 Following
an initial successful period of trading,
the Exchange will deploy the Phase IV
software on an accelerated basis,
providing notice to members and
member organizations of the timing for
each group of securities migrating to
Phase IV.
The Exchange seeks to amend its rules
to require member organizations that
send ISOs to the Exchange prior to the
Trading Phase Date of Reg. NMS to
simultaneously send an ISO (or
comparable order) for the full displayed
size of the top of the book of every other
ITS participant displaying a betterpriced quotation. This temporary rule is
intended to mirror the requirement,
which will be operative after the
Trading Phase Date, that all incoming
ISOs meet the requirements as described
in Rule 600(b)(30) of Reg. NMS,7 and is
designed to ensure that member
organizations honor better-priced quotes
of other ITS participants when
submitting ISOs to the Exchange prior to
the Trading Phase Date.8 The NYSE
expects that this temporary rule will be
in effect only until the Trading Phase
Date, at which time it will be deleted
from its rulebook.
6 See Securities Exchange Act Release No. 55160
(January 24, 2007), available at https://www.sec.gov/
rules/final/2007/34–55160.pdf (extending the
Trading Phase Date until March 5, 2007).
7 17 CFR 242.600(b)(30).
8 See Telephone call between Craig Hammond,
Managing Director, NYSE, and Richard Holley III,
Special Counsel, Division of Market Regulation,
Commission, dated January 29, 2007.
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07FEN1
5778
Federal Register / Vol. 72, No. 25 / Wednesday, February 7, 2007 / Notices
In addition, the NYSE notes that it has
requested an exemption from certain
provisions of the Intermarket Trading
System Plan and NYSE Rule 15A to
allow the NYSE to implement the Reg.
NMS Compliance aspects of the Phase
IV rollout prior to the Trading Phase
Date.9
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the requirement under Section 6(b)(5) of
the Act 10 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 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 written comments on the
proposed rule change.
sroberts on PROD1PC70 with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 11 and Rule 19b–4(f)(6)
thereunder 12 because the proposal does
not: (i) Significantly affect the
protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) 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.13
NYSE has requested that the
Commission waive the 30-day operative
9 See Letter from Mary Yeager, Assistant
Secretary, NYSE, to Nancy M. Morris, Secretary,
Commission, dated January 26, 2007.
10 15 U.S.C. 78f(b)(5).
11 15 U.S.C. 78s(b)(3)(A).
12 17 CFR 240.19b–4(f)(6).
13 Rule 19b–4(f)(6)(iii) under the Act requires that
a self-regulatory organization submit to the
Commission written notice of its intent to file the
proposed rule change, along with a brief description
and text of the proposed rule change, at least five
business days prior to the date of filing of the
proposed rule change, or such shorter time as
designated by the Commission. NYSE has satisfied
the pre-filing requirement.
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21:36 Feb 06, 2007
Jkt 211001
delay and designate the proposed rule
change effective immediately. The
Commission hereby grants the request.14
The Commission believes that such
waiver is consistent with the protection
of investors and the public interest
because immediate effectiveness of the
proposed rule change will assist the
Exchange in its efforts to ensure that its
member organizations honor betterpriced quotations of other ITS
participants when they send ISOs to the
Exchange for execution.
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.15
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–NYSE–2007–08 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–2007–08. 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
14 For purposes only of waiving the 30-day
operative delay of the proposal, the Commission
has considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
15 See 15 U.S.C. 78s(b)(3)(C).
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Frm 00104
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Sfmt 4703
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 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–2007–08 and should
be submitted on or before February 28,
2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.16
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–1942 Filed 2–6–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55198; File No. SR–NYSE–
2006–116]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Order
Approving Proposed Rule Change
Amending Annual Report Timely Filing
Requirements
January 30, 2007.
I. Introduction
On December 14, 2006, the New York
Stock Exchange, Inc. (‘‘NYSE’’ or
‘‘Exchange’’) 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 Section 802.01E of its Listed
Company Manual (‘‘Manual’’) to end, as
of December 31, 2007, the Exchange’s
discretion to continue the listing of
certain companies that are twelve
months late in filing their annual
reports with the Commission. The
proposed rule change was published for
public comment in the Federal Register
on December 28, 2006.3 The
Commission received no comment
letters regarding the proposed rule
16 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. 54977
(December 20, 2006), 71 FR 78249.
1 15
E:\FR\FM\07FEN1.SGM
07FEN1
]]>Agencies
[Federal Register Volume 72, Number 25 (Wednesday, February 7, 2007)]
[Notices]
[Pages 5777-5778]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-1942]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55210; File No. SR-NYSE-2007-08]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Adopt New Rule 15B(T) Relating to Intermarket Sweep Orders
January 31, 2007.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that on January 26, 2007, the New York Stock Exchange LLC
(``NYSE'' or the ``Exchange'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule change as described in
Items I and II, which Items have been substantially prepared by the
Exchange. NYSE has designated the proposed rule change as constituting
a ``non-controversial'' rule change under Section 19(b)(3)(A) of the
Act \4\ and Rule 19b-4(f)(6) thereunder,\5\ 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\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
\4\ 15 U.S.C. 78s(b)(3)(A).
\5\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is proposing to adopt NYSE Rule 15B(T), a temporary
rule which describes the obligations of Exchange member organizations
when sending Intermarket Sweep Orders (``ISOs'') to the Exchange prior
to the Trading Phase Date of Regulation NMS (``Reg. NMS''). The text of
the proposed rule change is available at NYSE, the Commission's Public
Reference Room, and https://www.nyse.com.
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
As part of its rollout of the Hybrid Market,\SM\ the Exchange is
set to begin implementation of Phase IV, which includes changes
necessary for NYSE's compliance with Reg. NMS. Specifically, the Phase
IV software will include the acceptance of ISOs and non-routing
immediate-or-cancel orders (``Reg. NMS IOCs''), auto-routing to 100-
share quotations, and implementation of new locking and crossing rules
approved by the Commission. The Phase IV rollout will occur in a
controlled manner through the Trading Phase Date, March 5, 2007.\6\
Following an initial successful period of trading, the Exchange will
deploy the Phase IV software on an accelerated basis, providing notice
to members and member organizations of the timing for each group of
securities migrating to Phase IV.
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 55160 (January 24,
2007), available at https://www.sec.gov/rules/final/2007/34-55160.pdf
(extending the Trading Phase Date until March 5, 2007).
---------------------------------------------------------------------------
The Exchange seeks to amend its rules to require member
organizations that send ISOs to the Exchange prior to the Trading Phase
Date of Reg. NMS to simultaneously send an ISO (or comparable order)
for the full displayed size of the top of the book of every other ITS
participant displaying a better-priced quotation. This temporary rule
is intended to mirror the requirement, which will be operative after
the Trading Phase Date, that all incoming ISOs meet the requirements as
described in Rule 600(b)(30) of Reg. NMS,\7\ and is designed to ensure
that member organizations honor better-priced quotes of other ITS
participants when submitting ISOs to the Exchange prior to the Trading
Phase Date.\8\ The NYSE expects that this temporary rule will be in
effect only until the Trading Phase Date, at which time it will be
deleted from its rulebook.
---------------------------------------------------------------------------
\7\ 17 CFR 242.600(b)(30).
\8\ See Telephone call between Craig Hammond, Managing Director,
NYSE, and Richard Holley III, Special Counsel, Division of Market
Regulation, Commission, dated January 29, 2007.
---------------------------------------------------------------------------
[[Page 5778]]
In addition, the NYSE notes that it has requested an exemption from
certain provisions of the Intermarket Trading System Plan and NYSE Rule
15A to allow the NYSE to implement the Reg. NMS Compliance aspects of
the Phase IV rollout prior to the Trading Phase Date.\9\
---------------------------------------------------------------------------
\9\ See Letter from Mary Yeager, Assistant Secretary, NYSE, to
Nancy M. Morris, Secretary, Commission, dated January 26, 2007.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the requirement under Section 6(b)(5) of the Act \10\ 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 national market system, and, in general,
to protect investors and the public interest.
---------------------------------------------------------------------------
\10\ 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
The proposed rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \11\ and Rule 19b-4(f)(6) thereunder \12\
because the proposal does not: (i) Significantly affect the protection
of investors or the public interest; (ii) impose any significant burden
on competition; and (iii) 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.\13\ NYSE has requested that the Commission waive the 30-day
operative delay and designate the proposed rule change effective
immediately. The Commission hereby grants the request.\14\ The
Commission believes that such waiver is consistent with the protection
of investors and the public interest because immediate effectiveness of
the proposed rule change will assist the Exchange in its efforts to
ensure that its member organizations honor better-priced quotations of
other ITS participants when they send ISOs to the Exchange for
execution.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(6).
\13\ Rule 19b-4(f)(6)(iii) under the Act requires that a self-
regulatory organization submit to the Commission written notice of
its intent to file the proposed rule change, along with a brief
description and text of the proposed rule change, at least five
business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. NYSE
has satisfied the pre-filing requirement.
\14\ For purposes only of waiving the 30-day operative delay of
the 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 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.\15\
---------------------------------------------------------------------------
\15\ See 15 U.S.C. 78s(b)(3)(C).
---------------------------------------------------------------------------
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-2007-08 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-2007-08. 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 the 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-2007-08 and should be submitted on or before February 28, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\16\
---------------------------------------------------------------------------
\16\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-1942 Filed 2-6-07; 8:45 am]
BILLING CODE 8010-01-P
