Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to a Clarification to the Exchange's Payment for Order Flow Plan, 6299-6300 [E7-2150]
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Federal Register / Vol. 72, No. 27 / Friday, February 9, 2007 / Notices
the costs of Commission rules. An
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suggestions submitted in writing within
60 days of this publication.
Please direct your written comments
to R. Corey Booth, Director/Chief
Information Officer, Securities and
Exchange Commission, C/O Shirley
Martinson 6432 General Green Way,
Alexandria, Virginia, 22312; or send an
e-mail to: PRA_Mailbox@sec.gov.
Dated: February 5, 2007.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–2170 Filed 2–8–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meeting
Federal Register Citation of Previous
Announcement: [72 FR 5090, February
2, 2007]
STATUS:
PLACE:
Closed Meeting.
100 F Street, NE., Washington,
DC.
DATE AND TIME OF PREVIOUSLY ANNOUNCED
MEETING: Thursday, February 8, 2007 at
2 p.m.
Time Change.
The Closed Meeting scheduled for
Thursday, February 8, 2007 at 2 p.m.
has been changed to Thursday, February
8, 2007 at 10 a.m.
At times, changes in Commission
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jlentini on PROD1PC65 with NOTICES
CHANGE IN THE MEETING:
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6299
Dated: February 6, 2007.
Nancy M. Morris,
Secretary.
[FR Doc. 07–610 Filed 2–7–07; 10:52 am]
has substantially prepared summaries,
set forth in Sections A, B, and C below,
of the most significant aspects of such
statements.
BILLING CODE 8010–01–P
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55229; File No. SR–Amex–
2007–12]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing and Immediate Effectiveness
of a Proposed Rule Change Relating to
a Clarification to the Exchange’s
Payment for Order Flow Plan
February 2, 2007.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on January
22, 2007, the American Stock Exchange
LLC (‘‘Amex’’ or ‘‘Exchange’’) 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 substantially prepared by the
Exchange. Amex has designated this
proposal as one establishing or changing
a due, fee, or other charge imposed by
Amex under Section 19(b)(3)(A)(ii) of
the Act 3 and Rule 19b–4(f)(2)
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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to clarify the
current Payment for Order Flow Plan
with respect to funds collected from
Supplemental Registered Options
Traders (‘‘SROTs’’).
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, 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. Amex
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii).
4 17 CFR 240.19b–4(f)(2).
2 17
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1. Purpose
The Exchange adopted its current
Payment for Order Flow Plan in
February of 2006.5 Under the current
plan, the Exchange charges an equity
options marketing fee of $0.75 per
contract 6 solely to customer orders that
are from payment accepting firms with
whom a specialist or a Supplemental
Registered Options Trader (‘‘SROT’’),
has negotiated a payment for order flow
arrangement.7 This fee solely applies to
those orders which are executed
electronically through the Exchange’s
ANTE system.
As noted in the Exchange’s previous
Payment for Order Flow filings, fees are
collected from any SROT, specialist or
ROT who participates in a trade with a
payment accepting firm with whom a
specialist has negotiated a payment for
order flow arrangement, or with whom
an SROT has negotiated a payment with
an affiliated SROT.
The Exchange proposes to clarify the
current Payment for Order Flow Plan to
limit the spending of funds collected
from SROTs, which are allocated to a
specialist, when the SROT participates
in a trade where the specialist has
negotiated a payment for order flow
arrangement. In these instances, the
Exchange proposes to require that the
specialist be limited to spending any
SROT collected funds only in those
options classes in which the SROT is
able to trade.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act 8 in general, and
Section 6(b)(4) of the Act 9 in particular,
because it is an equitable allocation of
reasonable dues, fees, and other charges
among exchange members and other
persons using exchange facilities.
5 See Securities Exchange Act Release No. 53341
(February 21, 2006), 71 FR 10085 (February 28,
2006) (approving SR–Amex 2006–15).
6 The fee is $1.00 for SPDR contracts.
7 See Securities Exchange Act Release Nos. 54324
(August 16, 2006), 71 FR 50110 (August 24, 2006)
(SR–Amex 2006–63); and 54486 (September 22,
2006), 71 FR 57009 (September 28, 2006) (SR–Amex
2006–79).
8 15 U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(4).
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Federal Register / Vol. 72, No. 27 / Friday, February 9, 2007 / Notices
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
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 been designated as a fee change
pursuant to Section 19(b)(3)(A)(ii) of the
Act 10 and Rule 19b–4(f)(2) 11
thereunder, because it establishes or
changes a due, fee, or other charge
imposed by the Exchange. Accordingly,
the proposal will take effect 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:
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 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–2007–12 and should
be submitted on or before March 2,
2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.12
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–2150 Filed 2–8–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55226; File No. SR–Amex–
2007–15]
jlentini on PROD1PC65 with NOTICES
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–Amex–2007–12 on the
subject line.
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change to Extend a
Pilot Program That Increases Position
and Exercise Limits for Equity Options
and Options on the Nasdaq-100
Tracking Stock
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–Amex–2007–12. This file
number should be included on the
subject line if e-mail is used. To help the
February 1, 2007.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on January
30, 2007, the American Stock Exchange
LLC (‘‘Amex’’ or ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
12 17
CFR 200.30–3(a)(12).
15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
10 15
U.S.C. 78s(b)(3)(A)(ii).
11 17 CFR 240.19b–4(f)(2).
VerDate Aug<31>2005
21:06 Feb 08, 2007
1
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Sfmt 4703
Items I, II, and III below, which Items
have been substantially prepared by
Amex. The Exchange has filed the
proposal as a ‘‘non-controversial’’ rule
change pursuant to Section 19(b)(3)(A)
of the Act 3 and Rule 19b–4(f)(6)
thereunder,4 which renders it 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 seeks a six-month
extension of its pilot program increasing
the standard position and exercise
limits for options on the QQQQ and
equity option classes traded on the
Exchange (‘‘Pilot Program’’). The text of
the proposed rule change is available at
Amex, the Commission’s Public
Reference Room, and https://
www.amex.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,
Amex 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 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
The Exchange is requesting to extend
its current Pilot Program increasing the
standard position and exercise limits for
options on the QQQQ and equity option
classes traded on the Exchange for a
time period of six months from March
1, 2007, through and including
September 1, 2007.
In March 2005, the Exchange
established the Pilot Program for a sixmonth period.5 Under the Pilot
15 U.S.C. 78s(b)(3)(A).
17 CFR 240.19b–4(f)(6).
5 See Securities Exchange Act Release No. 51316
(March 3, 2005), 70 FR 12251 (March 11, 2005) (SR–
Amex–2005–029). The Pilot Program was extended
three times and is due to expire on March 1, 2007.
See Securities Exchange Act Release Nos. 54386
(August 30, 2006), 71 FR 52831 (September 7, 2006)
(SR–Amex–2006–75); 53349 (February 22, 2006), 71
FR 10571 (March 1, 2006) (SR–Amex–2006–07);
and 52260 (August 15, 2005), 70 FR 48991 (August
22, 2005) (SR–Amex–2005–082).
3
4
E:\FR\FM\09FEN1.SGM
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]]>Agencies
[Federal Register Volume 72, Number 27 (Friday, February 9, 2007)]
[Notices]
[Pages 6299-6300]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-2150]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55229; File No. SR-Amex-2007-12]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
Relating to a Clarification to the Exchange's Payment for Order Flow
Plan
February 2, 2007.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on January 22, 2007, the American Stock Exchange LLC (``Amex'' or
``Exchange'') 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 substantially prepared by the
Exchange. Amex has designated this proposal as one establishing or
changing a due, fee, or other charge imposed by Amex under Section
19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2) 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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to clarify the current Payment for Order Flow
Plan with respect to funds collected from Supplemental Registered
Options Traders (``SROTs'').
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, 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. Amex has substantially prepared summaries, set forth in
Sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange adopted its current Payment for Order Flow Plan in
February of 2006.\5\ Under the current plan, the Exchange charges an
equity options marketing fee of $0.75 per contract \6\ solely to
customer orders that are from payment accepting firms with whom a
specialist or a Supplemental Registered Options Trader (``SROT''), has
negotiated a payment for order flow arrangement.\7\ This fee solely
applies to those orders which are executed electronically through the
Exchange's ANTE system.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 53341 (February 21,
2006), 71 FR 10085 (February 28, 2006) (approving SR-Amex 2006-15).
\6\ The fee is $1.00 for SPDR contracts.
\7\ See Securities Exchange Act Release Nos. 54324 (August 16,
2006), 71 FR 50110 (August 24, 2006) (SR-Amex 2006-63); and 54486
(September 22, 2006), 71 FR 57009 (September 28, 2006) (SR-Amex
2006-79).
---------------------------------------------------------------------------
As noted in the Exchange's previous Payment for Order Flow filings,
fees are collected from any SROT, specialist or ROT who participates in
a trade with a payment accepting firm with whom a specialist has
negotiated a payment for order flow arrangement, or with whom an SROT
has negotiated a payment with an affiliated SROT.
The Exchange proposes to clarify the current Payment for Order Flow
Plan to limit the spending of funds collected from SROTs, which are
allocated to a specialist, when the SROT participates in a trade where
the specialist has negotiated a payment for order flow arrangement. In
these instances, the Exchange proposes to require that the specialist
be limited to spending any SROT collected funds only in those options
classes in which the SROT is able to trade.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act \8\ in general, and Section 6(b)(4) of the
Act \9\ in particular, because it is an equitable allocation of
reasonable dues, fees, and other charges among exchange members and
other persons using exchange facilities.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
[[Page 6300]]
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
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 been designated as a fee
change pursuant to Section 19(b)(3)(A)(ii) of the Act \10\ and Rule
19b-4(f)(2) \11\ thereunder, because it establishes or changes a due,
fee, or other charge imposed by the Exchange. Accordingly, the proposal
will take effect 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.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A)(ii).
\11\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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-Amex-2007-12 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-Amex-2007-12. 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 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-2007-12 and should be submitted on or before March 2, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-2150 Filed 2-8-07; 8:45 am]
BILLING CODE 8010-01-P
