Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by the NASDAQ Stock Market LLC To Codify Sponsored Access Rule, 5777 [E7-1951]
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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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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.
E:\FR\FM\07FEN1.SGM
07FEN1
]]>Agencies
[Federal Register Volume 72, Number 25 (Wednesday, February 7, 2007)]
[Notices]
[Page 5777]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-1951]
[[Page 5777]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55061A; File No. SR-NASDAQ-2006-061]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the NASDAQ Stock Market LLC To
Codify Sponsored Access Rule
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.''
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(6).
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For the Commission, by the Division of Market Regulation, pursuant
to delegated authority.\5\
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\5\ 17 CFR 200.30(a)(12).
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-1951 Filed 2-6-07; 8:45 am]
BILLING CODE 8010-01-P
