Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto Relating to Rule 70 (Bids and Offers), 8825-8827 [E7-3289]
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Federal Register / Vol. 72, No. 38 / Tuesday, February 27, 2007 / Notices
which it was filed, 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)
of the Act and Rule 19b–4(f)(6)(iii)
thereunder.10
The Exchange requests that the
Commission waive the 30-day operative
delay specified in Rule 19b–4(f)(6)(iii).11
The Exchange believes that the
proposed amendment does not affect
investors as it simply waives a fee that
is applicable to companies listing on the
Exchange. Moreover, Nasdaq has
already instituted such a waiver and the
Exchange is at a competitive
disadvantage as long as Nasdaq can list
transferring companies without the
payment of original listing fees and the
Exchange cannot. Therefore, the
Exchange believes that waiving the 30day operative delay is consistent with
the protection of investors and the
public interest.
The Commission has determined to
waive the 30-day delay and allow the
proposed rule change to become
operative immediately.12 The
Commission believes that waiving the
30-day operative delay is consistent
with the protection of investors and the
public interest. The proposed rule is
substantially similar to provisions in
Nasdaq’s Rules 4510(a) and 4520(a),
which were previously approved by the
Commission.13
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.
IV. Solicitation of Comments
cprice-sewell on PROD1PC62 with NOTICES
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:
10 The Exchange provided written notice to the
Commission 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 filing, as required by Rule 19b–4(f)(6)(iii).
11 17 CFR 240.19b–4(f)(6)(iii).
12 For purposes only of waiving the operative
delay of this proposal, the Commission notes that
it has considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
13 See supra note 5.
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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–NYSE–2007–17 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–2007–17. 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 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–2007–17 and should
be submitted on or before March 20,
2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.14
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–3287 Filed 2–26–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55316; File No. SR–NYSE–
2007–14]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change and
Amendment No. 1 Thereto Relating to
Rule 70 (Bids and Offers)
February 20, 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 February
7, 2007, the New York Stock Exchange
LLC (‘‘NYSE’’ 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 selfregulatory organization. On February 16,
2007, the Exchange filed Amendment
No. 1 to the proposed rule change.
NYSE filed the proposed rule change
pursuant to Section 19(b)(3) 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,
as amended, from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange is proposing to amend
Exchange Rule 70.30 which sets forth
the definition of Crowd. The text of the
proposed rule change is available on the
Exchange’s Web site (https://
www.nyse.com), at the Exchange’s
Office of the Secretary, and at the
Commission’s Public Reference Room.
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
self-regulatory organization 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 self-regulatory
organization has prepared summaries,
set forth in sections A, B, and C below,
of the most significant aspects of such
statements.
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).
2 17
14 17
PO 00000
CFR 200.30–3(a)(12).
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Sfmt 4703
8825
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Federal Register / Vol. 72, No. 38 / Tuesday, February 27, 2007 / Notices
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
cprice-sewell on PROD1PC62 with NOTICES
1. Purpose
The Exchange’s Hybrid Market SM
(‘‘Hybrid Market’’) integrates the auction
market with automated trading.
Essential to the auction market is the
interaction among members on the Floor
and between Floor brokers and orders in
the Display Book System that creates
opportunities for price improvement,
provides information about changing
market conditions and serves as a
catalyst to trading. Exchange Rule
70.30 5 defines a Crowd as ‘‘ * * * the
specific identifiable areas on the Floor
where Floor brokers generally are able
to see and hear the business conducted
at each post/panel within the Crowd.’’
Each designated area served to delineate
the boundaries of the Crowd. In order to
identify the specific boundaries of the
Crowd, the Exchange divided each
trading room of the Floor into specific
areas which were identified on the Floor
by colored tiles.
Exchange Rule 70.30 further requires
that Floor brokers be in the Crowd in
order to represent orders that the Floor
broker has in his or her agency interest
files (i.e., in order to ‘‘e-Quote’’).
Pursuant to Rule 70.30 a Floor broker
may only have agency interest files or eQuote in one Crowd at a time.
As the Exchange continues its
implementation of the Hybrid Market, it
has gained experience operating in the
Hybrid Market environment. Based on
this experience, the Exchange seeks to
amend the definition of Crowd in order
to better facilitate the critical interaction
among members on the Floor.
In practice, the current definition of
the Crowd proved difficult and
confusing. Individuals that were unable
to easily discern Crowd boundaries and
those with color blindness must rely on
charts that list the post/panels that are
designated areas that make up the
specified Crowd, adding a level of
inefficiency to their ability to trade.
In addition, as announced on October
31, 2006,6 the Exchange is in the
process of consolidating its trading
operations from five rooms to four over
an 18-month period. The trading floor
consolidation plan calls for the closing
of the trading room that currently
occupies 30 Broad Street and the
5 See Securities Exchange Act Release No. 54427
(September 12, 2006), 71 FR 54862 (September 19,
2006) (SR–NYSE–2006–58).
6 NYSE Announces Floor Consolidation Plan,
NYSE Group Newsletter, October 31, 2006,
available at https://www.nyse.com/about/
publication/1164799108193.html.
VerDate Aug<31>2005
15:22 Feb 26, 2007
Jkt 211001
relocation of the specialist firm and the
33 floor brokerage firms from that
facility to the Exchange’s other trading
rooms.
Given the practical difficulties with
the current definition of a Crowd and
the current consolidation of the Floor,
the Exchange proposes to amend the
definition of the Crowd in order to
reflect more accurately the areas which
most efficiently facilitate the beneficial
interaction among the members on the
Floor. The Exchange believes that this is
best reflected in defining the Crowd as
encompassing the trading Floor in each
remaining trading room.
The Exchange will divide the Floor
into three trading zones. Each trading
zone will represent a specific
identifiable Crowd. As a result, the
current Main Room and Garage will
each constitute two separate Crowds.
The third Crowd will include the
current Blue Room and Extended Blue
Room.
As is the case today, once in a Crowd,
a Floor broker is able to e-Quote in all
securities located in that Crowd. If the
Floor broker leaves one Crowd in order
to work in another, the Floor broker is
required to withdraw his or her agency
interest from the Crowd he or she is
leaving. However, a Floor Broker may
obtain ‘‘market looks’’ in a securities
located in other Crowds without
canceling his or her e-Quotes. The
Exchange intends that the proposed rule
change will be operative on February
20, 2007.
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) of the Act,7
in general, and furthers the objectives of
Section 6(b)(5) of the Act 8 in particular
in that it is designed to prevent
fraudulent and manipulative acts and
practices, to promote just and equitable
principles of trade, to foster cooperation
and coordination with persons engaged
in facilitating transactions in securities,
and to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system.
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.
7 15
8 15
PO 00000
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
Frm 00149
Fmt 4703
Sfmt 4703
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
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) by its
terms, 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, it has become effective
pursuant to Section 19(b)(3)(A) of the
Act 9 and Rule 19b–4(f)(6) thereunder.10
A proposed rule change filed under
Rule 19b–4(f)(6) normally may not
become operative prior to 30 days after
the date of filing. However, Rule 19b–
4(f)(6)(iii)11 permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange has requested that the
Commission waive the five-day prefiling notice requirement and the 30-day
operative delay. The Commission
believes that waiver of the five-day prefiling notice requirement and the 30-day
operative delay is consistent with the
protection of investors and the public
interest. Specifically, the Commission
believes that the proposal could more
accurately reflect the areas which most
efficiently facilitate the beneficial
interaction among the Floor brokers and
allow the exchange to implement the
proposal immediately.12
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
such proposed 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.13
9 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
11 17 CFR 240.19b–4(f)(6)(iii).
12 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).
13 For purposes of calculating the 60-day period
within which the Commission may summarily
abrogate the proposed rule change under Section
19(b)(3)(C) of the Act, 15 U.S.C. 78s(b)(3)(C), the
Commission considers the period to commence on
10 17
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Federal Register / Vol. 72, No. 38 / Tuesday, February 27, 2007 / Notices
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–2007–14 on the
subject line.
cprice-sewell on PROD1PC62 with NOTICES
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–2007–14. 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 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–2007–14 and should
be submitted on or before March 20,
2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.14
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–3289 Filed 2–26–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55312; File No. SR–
NYSEArca-2007–16]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to the SizeQuote Pilot Program
February 16, 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 February
14, 2007, NYSE Arca, Inc. (‘‘NYSE
Arca’’ or ‘‘Exchange’’), filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items substantially have
been prepared substantially by NYSE
Arca. NYSE Arca has designated the
proposed rule change as one
constituting a non-controversial rule
change under Section 19(b)(3)(A)(iii) 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
NYSE Arca, Inc. is proposing to
amend its rules in order to restore
certain rule text to Rule 6.47 regarding
the Size Quote Pilot Program (‘‘Pilot
Program’’) and to extend the Pilot
Program, for a one-year period ending
February 15, 2008. The text of the
proposed rule change is available at
(https://www.nyse.com), NYSE Arca, and
the Commission’s Public Reference
Room.
14 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
1 15
February 16, 2007, the date NYSE filed Amendment
No. 1 to the proposed rule change.
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15:22 Feb 26, 2007
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Fmt 4703
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8827
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
NYSE Arca 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. NYSE
Arca 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 purpose of this proposal is to
restore rule text that was inadvertently
deleted from NYSEArca Rule 6.47(f) and
to extend, for a one year period, the
Exchange’s Size Quote Pilot Program.
The Pilot Program was initially
established when the Exchange filed
SR–PCX–2005–35.5 The Pilot Program
was extended when the Exchange filed
PCX–06–09,6 and was set to expire on
February 15, 2007.
The rule text relating to the SizeQuote Pilot Program was mistakenly
deleted from the Rules of NYSE Arca
when the Exchange proposed, and
subsequently received approval for SR–
NYSEArca 2006–13.7 Due to an
oversight on behalf of Exchange staff,
certain sections of established rule text,
that the Exchange intended to keep in
the Rules, were inadvertently deleted by
the filing. The Exchange now proposes
to restore the rule text covering the Pilot
Program.
The Exchange has represented that at
the completion of the Pilot Program,
NYSE Arca would provide to the
Commission a report summarizing the
effectiveness of the Size Quote program.
While the Exchange believes that the
Size Quote Mechanism can be an
effective tool for Floor Brokers to use
while executing large size orders in
5 See Securities Exchange Act Release No. 51576
(April 19, 2005), 70 FR 21488 (April 26, 2005).
6 See Securities Exchange Act Release No. 53315
(February 15, 2006), 71 FR 9406 (February 23,
2006).
7 See Securities Exchange Act Release No. 54238
(July 28, 2006), 71 FR 44758 (August 7, 2006) (SR–
NYSEArca-2006–13) (approval of OX trading rules).
See also telephone conversation between Glenn
Gsell, Director, NYSE Arca, Ira Brandriss, Special
Counsel, Division of Market Regulation
(‘‘Division’’), Commission, and Jennifer Dodd,
Special Counsel, Division, Commission, on
February 15, 2007.
E:\FR\FM\27FEN1.SGM
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]]>Agencies
[Federal Register Volume 72, Number 38 (Tuesday, February 27, 2007)]
[Notices]
[Pages 8825-8827]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-3289]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55316; File No. SR-NYSE-2007-14]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
and Amendment No. 1 Thereto Relating to Rule 70 (Bids and Offers)
February 20, 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 February 7, 2007, the New York Stock Exchange LLC (``NYSE'' 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 self-
regulatory organization. On February 16, 2007, the Exchange filed
Amendment No. 1 to the proposed rule change. NYSE filed the proposed
rule change pursuant to Section 19(b)(3) 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, as amended,
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 Exchange is proposing to amend Exchange Rule 70.30 which sets
forth the definition of Crowd. The text of the proposed rule change is
available on the Exchange's Web site (https://www.nyse.com), at the
Exchange's Office of the Secretary, and at the Commission's Public
Reference Room.
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 self-regulatory organization
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 self-regulatory organization
has prepared summaries, set forth in sections A, B, and C below, of the
most significant aspects of such statements.
[[Page 8826]]
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange's Hybrid Market SM (``Hybrid Market'')
integrates the auction market with automated trading. Essential to the
auction market is the interaction among members on the Floor and
between Floor brokers and orders in the Display Book [supreg] System
that creates opportunities for price improvement, provides information
about changing market conditions and serves as a catalyst to trading.
Exchange Rule 70.30 \5\ defines a Crowd as `` * * * the specific
identifiable areas on the Floor where Floor brokers generally are able
to see and hear the business conducted at each post/panel within the
Crowd.'' Each designated area served to delineate the boundaries of the
Crowd. In order to identify the specific boundaries of the Crowd, the
Exchange divided each trading room of the Floor into specific areas
which were identified on the Floor by colored tiles.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 54427 (September 12,
2006), 71 FR 54862 (September 19, 2006) (SR-NYSE-2006-58).
---------------------------------------------------------------------------
Exchange Rule 70.30 further requires that Floor brokers be in the
Crowd in order to represent orders that the Floor broker has in his or
her agency interest files (i.e., in order to ``e-Quote''). Pursuant to
Rule 70.30 a Floor broker may only have agency interest files or e-
Quote in one Crowd at a time.
As the Exchange continues its implementation of the Hybrid Market,
it has gained experience operating in the Hybrid Market environment.
Based on this experience, the Exchange seeks to amend the definition of
Crowd in order to better facilitate the critical interaction among
members on the Floor.
In practice, the current definition of the Crowd proved difficult
and confusing. Individuals that were unable to easily discern Crowd
boundaries and those with color blindness must rely on charts that list
the post/panels that are designated areas that make up the specified
Crowd, adding a level of inefficiency to their ability to trade.
In addition, as announced on October 31, 2006,\6\ the Exchange is
in the process of consolidating its trading operations from five rooms
to four over an 18-month period. The trading floor consolidation plan
calls for the closing of the trading room that currently occupies 30
Broad Street and the relocation of the specialist firm and the 33 floor
brokerage firms from that facility to the Exchange's other trading
rooms.
---------------------------------------------------------------------------
\6\ NYSE Announces Floor Consolidation Plan, NYSE Group
Newsletter, October 31, 2006, available at https://www.nyse.com/
about/publication/1164799108193.html.
---------------------------------------------------------------------------
Given the practical difficulties with the current definition of a
Crowd and the current consolidation of the Floor, the Exchange proposes
to amend the definition of the Crowd in order to reflect more
accurately the areas which most efficiently facilitate the beneficial
interaction among the members on the Floor. The Exchange believes that
this is best reflected in defining the Crowd as encompassing the
trading Floor in each remaining trading room.
The Exchange will divide the Floor into three trading zones. Each
trading zone will represent a specific identifiable Crowd. As a result,
the current Main Room and Garage will each constitute two separate
Crowds. The third Crowd will include the current Blue Room and Extended
Blue Room.
As is the case today, once in a Crowd, a Floor broker is able to e-
Quote in all securities located in that Crowd. If the Floor broker
leaves one Crowd in order to work in another, the Floor broker is
required to withdraw his or her agency interest from the Crowd he or
she is leaving. However, a Floor Broker may obtain ``market looks'' in
a securities located in other Crowds without canceling his or her e-
Quotes. The Exchange intends that the proposed rule change will be
operative on February 20, 2007.
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the
Act,\7\ in general, and furthers the objectives of Section 6(b)(5) of
the Act \8\ in particular in that it is designed to prevent fraudulent
and manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in facilitating transactions in securities, and to
remove impediments to and perfect the mechanism of a free and open
market and a national market system.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 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
Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
by its terms, 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, it
has become effective pursuant to Section 19(b)(3)(A) of the Act \9\ and
Rule 19b-4(f)(6) thereunder.\10\
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\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6).
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A proposed rule change filed under Rule 19b-4(f)(6) normally may
not become operative prior to 30 days after the date of filing.
However, Rule 19b-4(f)(6)(iii)\11\ permits the Commission to designate
a shorter time if such action is consistent with the protection of
investors and the public interest. The Exchange has requested that the
Commission waive the five-day pre-filing notice requirement and the 30-
day operative delay. The Commission believes that waiver of the five-
day pre-filing notice requirement and the 30-day operative delay is
consistent with the protection of investors and the public interest.
Specifically, the Commission believes that the proposal could more
accurately reflect the areas which most efficiently facilitate the
beneficial interaction among the Floor brokers and allow the exchange
to implement the proposal immediately.\12\
At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate such proposed 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.\13\
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\11\ 17 CFR 240.19b-4(f)(6)(iii).
\12\ 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).
\13\ For purposes of calculating the 60-day period within which
the Commission may summarily abrogate the proposed rule change under
Section 19(b)(3)(C) of the Act, 15 U.S.C. 78s(b)(3)(C), the
Commission considers the period to commence on February 16, 2007,
the date NYSE filed Amendment No. 1 to the proposed rule change.
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[[Page 8827]]
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-2007-14 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-2007-14. 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 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-2007-14 and should be submitted on or before March
20, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-3289 Filed 2-26-07; 8:45 am]
BILLING CODE 8010-01-P
