Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Definition of “Complex Trade”, 9056-9057 [E7-3492]
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Federal Register / Vol. 72, No. 39 / Wednesday, February 28, 2007 / Notices
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
sroberts on PROD1PC70 with NOTICES
• 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–Phlx–2007–13 on the
subject line.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55331; File No. SR–Phlx–
2007–09]
Self-Regulatory Organizations;
Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to the Definition of
‘‘Complex Trade’’
February 22, 2007.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
Paper Comments
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on February
• Send paper comments in triplicate
7, 2007, the Philadelphia Stock
to Nancy M. Morris, Secretary,
Exchange, Inc. (‘‘Phlx’’ or ‘‘Exchange’’)
Securities and Exchange Commission,
filed with the Securities and Exchange
100 F Street, NE., Washington, DC
Commission (‘‘Commission’’) the
20549–1090.
proposed rule change as described in
All submissions should refer to File
Items I, II and III below, which Items
Number SR–Phlx–2007–13. This file
have been substantially prepared by the
number should be included on the
Phlx. The Exchange filed the proposal
subject line if e-mail is used. To help the pursuant to Section 19(b)(3)(A) of the
Commission process and review your
Act 3 and Rule 19b–4(f)(6) thereunder,4
comments more efficiently, please use
which renders the proposal effective
only one method. The Commission will upon filing with the Commission. The
post all comments on the Commission’s Commission is publishing this notice to
Internet Web site (https://www.sec.gov/
solicit comments on the proposed rule
rules/sro.shtml). Copies of the
change from interested persons.
submission, all subsequent
I. Self-Regulatory Organization’s
amendments, all written statements
Statement of the Terms of Substance of
with respect to the proposed rule
the Proposed Rule Change
change that are filed with the
The Phlx proposes to amend
Commission, and all written
Exchange Rule 1083(c) to revise the
communications relating to the
definition of ‘‘Complex Trade’’ as that
proposed rule change between the
Commission and any person, other than definition applies to trades under the
Plan for the Purpose of Creating and
those that may be withheld from the
Operating an Options Intermarket
public in accordance with the
Linkage (the ‘‘Linkage Plan’’). The text
provisions of 5 U.S.C. 552, will be
of the proposed rule change is available
available for inspection and copying in
at the Exchange, in the Commission’s
the Commission’s Public Reference
Public Reference Room, and at https://
Room. Copies of the filing also will be
www.phlx.com/exchange/
available for inspection and copying at
phlx_rule_fil.html.
the principal office of the Phlx. All
comments received will be posted
II. Self-Regulatory Organization’s
without change; the Commission does
Statement of the Purpose of, and
not edit personal identifying
Statutory Basis for, the Proposed Rule
information from submissions. You
Change
should submit only information that
In its filing with the Commission, the
you wish to make available publicly. All
Phlx included statements concerning
submissions should refer to File
the purpose of, and basis for, the
Number SR–Phlx–2007–13 and should
proposed rule change and discussed any
be submitted on or before March 21,
comments it received on the proposed
2007.
rule change. The text of these statements
For the Commission, by the Division of
may be examined at the places specified
Market Regulation, pursuant to delegated
in Item IV below. The Phlx has prepared
authority.13
summaries, set forth in Sections A, B,
and C below, of the most significant
Florence E. Harmon,
aspects of such statements.
Deputy Secretary.
[FR Doc. E7–3491 Filed 2–27–07; 8:45 am]
BILLING CODE 8010–01–P
13 17
16:08 Feb 27, 2007
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
CFR 200.30–3(a)(12).
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A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of the proposed rule
change is to amend the definition of
‘‘Complex Trade’’ in the Exchange’s
rules that relate to the Linkage Plan. For
Linkage purposes, Exchange Rule
1083(c) currently defines a ‘‘Complex
Trade’’ as a trade reflecting the
execution of an order in an options
series in conjunction with one or more
other orders in different series in the
same underlying security for the
equivalent number of contracts.
Under the proposal, a ‘‘Complex
Trade’’ includes a spread, straddle, or
combination order where the number of
contracts on the legs of the spread,
straddle, or combination order differs by
any ratio equal to or greater than oneto-three and less than or equal to threeto-one. A Complex Trade is exempt
from trade-through liability.5
The Exchange notes that its current
rules provide that the components of
spread, straddle, and combination
orders must generally offset one another
on a one-for-one basis,6 and that priority
concerning ratio and other types of
spreads currently applies only to foreign
currency options.7 In order to make
those rules and the instant proposal
consistent, the Exchange has filed a
separate proposed rule change to permit
such order types on other than a onefor-one basis, and to establish priority
for such orders in all options traded on
the Exchange.8
This proposal would adopt the same
definition of ‘‘Complex Trade’’ for
Linkage Plan purposes as that adopted
by other options exchanges.9
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,10 in general, and furthers the
objectives of Section 6(b)(5) of the Act,11
in particular, in that it is designed to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and, in general, to protect
5 See
Exchange Rule 1085(b)(7).
Exchange Rules 1066(f) and (g).
7 See Exchange Rules 1033(f), (g), and (h).
8 See File No. SR-Phlx-2006–91.
9 See Securities Exchange Act Release No. 55138
(January 19, 2007), 72 FR 3451 (January 25, 2007)
(order approving File Nos. SR–Amex–2006–119;
SR–BSE–2006–55; SR–CBOE–2006–109; SR–ISE–
2006–73; and SR–NYSEArca–2007–01).
10 15 U.S.C. 78f(b).
11 15 U.S.C. 78f(b)(5).
6 See
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Federal Register / Vol. 72, No. 39 / Wednesday, February 28, 2007 / Notices
Electronic Comments
investors and the public interest by
establishing a uniform definition of
‘‘Complex Trade’’ for purposes of the
Linkage Plan.
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 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 either
solicited or received.
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) 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, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 12 and Rule 19b–4(f)(6)
thereunder.13 As required by Rule 19b–
4(f)(6)(iii),14 the Phlx provided the
Commission with 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.
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.
sroberts on PROD1PC70 with 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:
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
14 17 CFR 240.19b–4(f)(6)(iii).
DEPARTMENT OF TRANSPORTATION
• 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–Phlx–2007–09 on the
subject line.
Office of the Secretary
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.15
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–3492 Filed 2–27–07; 8:45 am]
BILLING CODE 8010–01–P
15 17
Jkt 211001
Department of Transportation.
Notice of Order To Show Cause
(Order 2007–2–20), Docket OST–2003–
15099.
AGENCY:
SUMMARY: The Department of
Transportation is directing all interested
persons to show cause why it should
not issue an order revoking the
Canadian charter air taxi registration of
All submissions should refer to File
Flight-Ops International d/b/a
Number SR–Phlx–2007–09. This file
SkyXpress Airline.
number should be included on the
subject line if e-mail is used. To help the DATES: Persons wishing to file
objections should do so no later than
Commission process and review your
March 7, 2007.
comments more efficiently, please use
only one method. The Commission will ADDRESSES: Objections and answers to
post all comments on the Commission’s objections should be filed in Docket
OST–2003–15099 and addressed to U.S.
Internet Web site (https://www.sec.gov/
Department of Transportation, Docket
rules/sro.shtml). Copies of the
Operations, (M–30, Room PL–401), 400
submission, all subsequent
Seventh Street, SW., Washington, DC
amendments, all written statements
20590, and should be served upon the
with respect to the proposed rule
parties listed in Attachment A to Order
change that are filed with the
2007–2–20.
Commission, and all written
FOR FURTHER INFORMATION CONTACT:
communications relating to the
Jonathan R. Dols, Office of Aviation
proposed rule change between the
Commission and any person, other than Enforcement and Proceedings (C–70,
Room 4116), U.S. Department of
those that may be withheld from the
Transportation, 400 Seventh Street,
public in accordance with the
SW., Washington, DC 20590, (202) 366–
provisions of 5 U.S.C. 552, will be
9342.
available for inspection and copying in
Dated: February 20, 2007.
the Commission’s Public Reference
Andrew Steinberg,
Room. Copies of the filing also will be
Assistant Secretary for Aviation and
available for inspection and copying at
International Affairs.
the principal office of the Phlx. All
[FR Doc. 07–880 Filed 2–27–07; 8:45 am]
comments received will be posted
BILLING CODE 4910–9X–M
without change; the Commission does
not edit personal identifying
information from submissions. You
DEPARTMENT OF TRANSPORTATION
should submit only information that
you wish to make available publicly. All Federal Aviation Administration
submissions should refer to File
Number SR–Phlx–2007–09 and should
Aviation Rulemaking Advisory
be submitted on or before March 21,
Committee Meeting on Transport
Airplane and Engine Issues
2007.
13 17
16:08 Feb 27, 2007
Proposed Revocation of the Canadian
Charter Air Taxi Authority of FlightOps International, Inc., D/B/A
SkyXpress Airline
ACTION:
12 15
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Federal Aviation
Administration (FAA), DOT.
ACTION: Notice of public meeting.
AGENCY:
SUMMARY: This notice announces a
public meeting of the FAA’s Aviation
Rulemaking Advisory Committee
(ARAC) to discuss transport airplane
and engine (TAE) issues.
DATES: The meeting is scheduled for
Thursday, March 22, 2007 starting at 9
a.m. Daylight Savings Time. Arrange for
oral presentations by March 8, 2007.
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]]>Agencies
[Federal Register Volume 72, Number 39 (Wednesday, February 28, 2007)]
[Notices]
[Pages 9056-9057]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-3492]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55331; File No. SR-Phlx-2007-09]
Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to the Definition of ``Complex Trade''
February 22, 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 Philadelphia Stock Exchange, Inc. (``Phlx'' 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
Phlx. The Exchange filed the proposal 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.
---------------------------------------------------------------------------
\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 Phlx proposes to amend Exchange Rule 1083(c) to revise the
definition of ``Complex Trade'' as that definition applies to trades
under the Plan for the Purpose of Creating and Operating an Options
Intermarket Linkage (the ``Linkage Plan''). The text of the proposed
rule change is available at the Exchange, in the Commission's Public
Reference Room, and at https://www.phlx.com/exchange/phlx_rule_
fil.html.
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 Phlx 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 Phlx 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 the proposed rule change is to amend the definition
of ``Complex Trade'' in the Exchange's rules that relate to the Linkage
Plan. For Linkage purposes, Exchange Rule 1083(c) currently defines a
``Complex Trade'' as a trade reflecting the execution of an order in an
options series in conjunction with one or more other orders in
different series in the same underlying security for the equivalent
number of contracts.
Under the proposal, a ``Complex Trade'' includes a spread,
straddle, or combination order where the number of contracts on the
legs of the spread, straddle, or combination order differs by any ratio
equal to or greater than one-to-three and less than or equal to three-
to-one. A Complex Trade is exempt from trade-through liability.\5\
---------------------------------------------------------------------------
\5\ See Exchange Rule 1085(b)(7).
---------------------------------------------------------------------------
The Exchange notes that its current rules provide that the
components of spread, straddle, and combination orders must generally
offset one another on a one-for-one basis,\6\ and that priority
concerning ratio and other types of spreads currently applies only to
foreign currency options.\7\ In order to make those rules and the
instant proposal consistent, the Exchange has filed a separate proposed
rule change to permit such order types on other than a one-for-one
basis, and to establish priority for such orders in all options traded
on the Exchange.\8\
---------------------------------------------------------------------------
\6\ See Exchange Rules 1066(f) and (g).
\7\ See Exchange Rules 1033(f), (g), and (h).
\8\ See File No. SR-Phlx-2006-91.
---------------------------------------------------------------------------
This proposal would adopt the same definition of ``Complex Trade''
for Linkage Plan purposes as that adopted by other options
exchanges.\9\
---------------------------------------------------------------------------
\9\ See Securities Exchange Act Release No. 55138 (January 19,
2007), 72 FR 3451 (January 25, 2007) (order approving File Nos. SR-
Amex-2006-119; SR-BSE-2006-55; SR-CBOE-2006-109; SR-ISE-2006-73; and
SR-NYSEArca-2007-01).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\10\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\11\ in particular, in that it is designed to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system, and, in general, to protect
[[Page 9057]]
investors and the public interest by establishing a uniform definition
of ``Complex Trade'' for purposes of the Linkage Plan.
---------------------------------------------------------------------------
\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 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 either solicited or received.
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)
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, the proposed rule
change has become effective pursuant to Section 19(b)(3)(A) of the Act
\12\ and Rule 19b-4(f)(6) thereunder.\13\ As required by Rule 19b-
4(f)(6)(iii),\14\ the Phlx provided the Commission with 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.
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78s(b)(3)(A).
\13\ 17 CFR 240.19b-4(f)(6).
\14\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
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
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-Phlx-2007-09 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-Phlx-2007-09. 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 Phlx. 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-Phlx-2007-09 and should be submitted on or before March 21, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\15\
---------------------------------------------------------------------------
\15\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-3492 Filed 2-27-07; 8:45 am]
BILLING CODE 8010-01-P
