Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Exchange's Standard Position and Exercise Limit Pilot Program, 9823-9825 [E7-3745]
Download as PDF
<![CDATA[
Federal Register / Vol. 72, No. 42 / Monday, March 5, 2007 / Notices
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the forgoing rule change does
not: (1) Significantly affect the
protection of investors or the public
interest; (2) impose any significant
burden on competition; and (3) become
operative for 30 days after the date of
this filing, or such shorter time as the
Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 11 and Rule 19b–
4(f)(6) thereunder.12
A proposed rule change filed under
19b–4(f)(6) normally may not become
operative prior to 30 days after the date
of filing.13 However, Rule 19b–
4(f)(6)(iii) 14 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 30-day operative
delay. The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest
because such waiver would permit the
Exchange rules to immediately reflect
the new Trading Phase Date, March 5,
2007. For this reason, the Commission
designates the proposed rule change to
be operative upon filing with the
Commission.15
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
11 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
13 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule
19b–4(f)(6)(iii) 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 Arca has satisfied the five-day
pre-filing notice requirement.
14 Id.
15 For the purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
erjones on PRODPC74 with NOTICES
12 17
VerDate Aug<31>2005
15:17 Mar 02, 2007
Jkt 211001
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
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–NYSEArca–2007–18. 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 NYSE Arca. 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–NYSEArca–2007–18 and
should be submitted on or before March
26, 2007.
Frm 00099
Fmt 4703
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.16
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–3740 Filed 3–2–07; 8:45 am]
BILLING CODE 8010–01–P
• 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–NYSEArca–2007–18 on the
subject line.
PO 00000
9823
Sfmt 4703
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55347; File No. SR–
NYSEArca–2007–19]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Extend the
Exchange’s Standard Position and
Exercise Limit Pilot Program
February 26, 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
23, 2007, the 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 have been
substantially prepared by the Exchange.
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
NYSE Arca proposes to amend its
rules to extend the time period in NYSE
Arca Rule 6.8(a), which covers the
position limit and exercise limits pilot
program for equity option contracts and
options on the Nasdaq–100 Tracking
Stock (‘‘QQQQ’’) (‘‘Pilot Program’’). The
text of the proposed rule change is
available at NYSE Arca, the
Commission’s Public Reference Room,
and https://www.nysearca.com.
16 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).
4 17 CFR 240.19b–4(f)(6).
1 15
E:\FR\FM\05MRN1.SGM
05MRN1
9824
Federal Register / Vol. 72, No. 42 / Monday, March 5, 2007 / 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,
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
extend the period for the Exchange’s
Pilot Program relating to standard
position and exercise limits for equity
option contracts and for options on
QQQQs until September 1, 2007.5
Specifically, the Pilot Program increased
the applicable position and exercise
limits for equity options and options on
the QQQQ in accordance with the
following levels:
Current equity option contract limit 6
Pilot Program Equity Option Contract Limit
13,500
22,500
31,500
60,000
75,000
25,000
50,000
75,000
200,000
250,000
Current QQQQ option contract limit
Pilot program QQQQ option contract limit
300,000
900,000
The Exchange believes that extending
the Pilot Program until September 1,
2007 is warranted due to the positive
feedback from OTP Holders and for the
reasons cited in the original rule filing
that proposed the Pilot Program.7 The
Exchange has not encountered any
problems or difficulties relating to the
Pilot Program since its inception. For
these reasons, the Exchange requests
that the Commission extend the Pilot
Program until September 1, 2007.
2. Statutory Basis
erjones on PRODPC74 with NOTICES
The Exchange believes the proposed
rule change is consistent with the Act
and the rules and regulations
thereunder and, in particular, the
requirements of Section 6(b) of the Act.8
Specifically, the Exchange believes the
proposed rule change is consistent with
Section 6(b)(5) of the Act 9 that requires
that the rules of an exchange be
designed to promote just and equitable
principles of trade, to prevent
fraudulent and manipulative acts, to
remove impediments to and perfect the
mechanism for a free and open market
and a national market system, and, in
general, to protect investors and the
public interest.
5 The Pilot Program, which was effective upon
filing on February 25, 2005 and subsequently
extended, is due to expire on March 1, 2007. See
Securities Exchange Act Release No. 51286 (March
1, 2005), 70 FR 11297 (March 8, 2005) (SR–PCX–
2003–55) (‘‘Pilot Program Notice’’). See also
Securities Exchange Act Release Nos. 54385
(August 30, 2006), 71 FR 53150 (September 8, 2006)
(SR–NYSEArca–49); 53350 (February 22, 2006), 71
FR 10582 (March 1, 2006) (SR–PCX–2006–08); and
52263 (August 15, 2005), 70 FR 49003 (August 22,
2005) (SR–PCX–2005–95).
VerDate Aug<31>2005
15:17 Mar 02, 2007
Jkt 211001
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
Written comments on the proposed
rule change were neither solicited nor
received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change
does not: (1) Significantly affect the
protection of investors or the public
interest; (2) impose any significant
burden on competition; and (3) become
operative for 30 days from the date of
this filing, or such shorter time as the
Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 10 and Rule 19b–
4(f)(6) thereunder.11
A proposed rule change filed under
Rule 19b–4(f)(6) normally may not
6 Except
when the Pilot Program is in effect.
Pilot Program Notice, supra note 5.
8 15 U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(5).
10 15 U.S.C. 78s(b)(3)(A).
11 17 CFR 240.19b–4(f)(6).
12 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule
19b–4(f)(6)(iii) 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
7 See
PO 00000
Frm 00100
Fmt 4703
Sfmt 4703
become operative prior to 30 days after
the date of filing.12 However, Rule 19b–
4(f)(6)(iii) 13 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 30-day operative
delay. The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and in the public interest
because it will allow the Pilot Program
to continue uninterrupted.14
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 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:
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. NYSEArca has satisfied the five-day
pre-filing requirement.
13 Id.
14 For purposes only of waiving the operative
delay, the Commission has considered the proposed
rule’s impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
E:\FR\FM\05MRN1.SGM
05MRN1
Federal Register / Vol. 72, No. 42 / Monday, March 5, 2007 / 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
No. SR–NYSEArca–2007–19 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
Station Place, 100 F Street, NE.,
Washington, DC 20549–1090.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55349; File No. SR–OCC–
2006–08]
Self-Regulatory Organizations; The
Options Clearing Corporation; Order
Approving Proposed Rule Change To
Revise Stock Futures Adjustment
Methodology
February 26, 2007.
I. Introduction
On May 19, 2006, The Options
Clearing Corporation (‘‘OCC’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) proposed
All submissions should refer to File No. rule change SR–OCC–2006–08 pursuant
SR–NYSEArca–2007–19. This file
to Section 19(b)(1) of the Securities
number should be included on the
Exchange Act of 1934 (‘‘Act’’).1 Notice
subject line if e-mail is used. To help the of the proposal was published in the
Commission process and review your
Federal Register on December 14,
comments more efficiently, please use
2006.2 The Commission received no
only one method. The Commission will comment letters. For the reasons
post all comments on the Commission’s discussed below, the Commission is
approving the proposed rule change.
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
II. Description
submission, all subsequent
OCC is seeking to amend Article XII
amendments, all written statements
(Futures and Futures Options), Section
with respect to the proposed rule
3 (Adjustments to Futures and Futures
change that are filed with the
Options) of OCC’s By-Laws to conform
Commission, and all written
to the changes adopted in rule change
communications relating to the
SR–OCC–2006–01, which amended
proposed rule change between the
Article VI (Clearance of Exchange
Commission and any person, other than Transactions), Section 11A
those that may be withheld from the
(Adjustments for Stock Option
public in accordance with the
Contracts).3
provisions of 5 U.S.C. 552, will be
On January 12, 2006, OCC filed with
available for inspection and copying in
the Commission proposed rule change
the Commission’s Public Reference
SR–OCC–2006–01. Pursuant to SR–
Room. Copies of such filing will also be OCC–2006–01, OCC proposed, among
other things, to amend its adjustment
available for inspection and copying at
rules in Article VI, Section 11A for stock
the principal office of NYSE Arca. All
option contracts with respect to stock
comments received will be posted
dividends, stock distributions, and stock
without change; the Commission does
splits. Subject to the Commission
not edit personal identifying
approving proposed rule change SR–
information from submissions. You
OCC–2006–01, OCC proposed to amend
should submit only information that
you wish to make available publicly. All Article XII, Section 3 to ensure stock
futures contracts can be adjusted in a
submissions should refer to File No.
manner consistent with adjustments
SR–NYSEArca-2007–19 and should be
made to stock option contracts on the
submitted on or before March 26, 2007.
same underlying security.
For the Commission, by the Division of
As described in rule change SR–OCC–
Market Regulation, pursuant to delegated
2006–01, OCC amended certain of its
authority.15
adjustment rules with respect to stock
option contracts to eliminate the need to
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–3745 Filed 3–2–07; 8:45 am]
erjones on PRODPC74 with NOTICES
BILLING CODE 8010–01–P
15 17
CFR 200.30–3(a)(12).
VerDate Aug<31>2005
15:17 Mar 02, 2007
Jkt 211001
1 15
U.S.C. 78s(b)(1).
Exchange Act Release No. 54898
(December 8, 2006), 71 FR 75287.
3 Securities Exchange Act Release Nos. 55258
(February 8, 2007), 72 FR 7701 [File No. SR–OCC–
2006–01] (order approving proposed rule change to
revise stock options adjustment methodology) and
53400 (March 2, 2006), 71 FR 12226 [File No. SR–
OCC–2006–01] (notice of filing of proposed rule
change to revise stock options adjustment
methodology).
2 Securities
PO 00000
Frm 00101
Fmt 4703
Sfmt 4703
9825
round strike prices and/or units of
trading in the event of certain stock
dividends, stock distributions, and stock
splits.4 The adjustment rules for stock
futures as currently provided in Article
XII, Section 3 parallel the adjustment
rules for stock options provided in
Article VI, Section 11A. Uniformity of
the two provisions would ensure that
stock futures contracts can be adjusted
in a manner consistent with adjustments
made to stock option contracts on the
same underlying security. The changes
to Article XII, Section 3 that are the
subject of this proposed rule change are
made solely to track the changes made
to Article VI, Section 11A and are
intended to ensure that adjustments to
stock options and to stock futures made
for stock dividends, stock distributions,
and stock splits will remain consistent
with respect to an underlying security.
As noted above, the central purpose of
the rule change in SR–OCC–2006–01
was to eliminate inequities which
resulted from certain rounding practices
previously required by OCC’s By-Laws
because stock option strike prices are
quoted in and are therefore rounded to
the nearest one-eighth. Stock futures do
not have the same inequities because
they are quoted in decimals.
Nevertheless, in order to ensure
adjustments for stock options and for
stock futures remain consistent, OCC
proposes to revise the adjustment rules
with respect to stock futures to match
the revised adjustment rules with
respect to stock options for stock
dividends, stock distributions, and stock
splits.
OCC will implement the proposed
rule change described herein
concurrently with the implementation
of the changes approved in SR–OCC–
2006–01.
III. Discussion
Section 19(b) of the Act directs the
Commission to approve a proposed rule
change of a self-regulatory organization
if it finds that such proposed rule
change is consistent with the
requirements of the Act and the rules
and regulations thereunder applicable to
such organization. Section 17A(b)(3)(F)
of the Act requires that the rules of a
clearing agency be designed, in general,
to protect investors and the public
interest.5 The Commission believes that
OCC’s rule change is consistent with
this Section because it is intended
solely to keep the adjustment rules for
stock futures with respect to stock
4 The notice and order for SR–OCC–2006–01
describes OCC’s proposed changes to and the
rationale for the rule change to its adjustment rules
for stock options.
5 15 U.S.C. 78q–1(b)(3)(F).
E:\FR\FM\05MRN1.SGM
05MRN1
]]>Agencies
[Federal Register Volume 72, Number 42 (Monday, March 5, 2007)]
[Notices]
[Pages 9823-9825]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-3745]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55347; File No. SR-NYSEArca-2007-19]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Extend the
Exchange's Standard Position and Exercise Limit Pilot Program
February 26, 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 23, 2007, the 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 have been substantially prepared by the Exchange.
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.
---------------------------------------------------------------------------
\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
NYSE Arca proposes to amend its rules to extend the time period in
NYSE Arca Rule 6.8(a), which covers the position limit and exercise
limits pilot program for equity option contracts and options on the
Nasdaq-100 Tracking Stock (``QQQQ'') (``Pilot Program''). The text of
the proposed rule change is available at NYSE Arca, the Commission's
Public Reference Room, and https://www.nysearca.com.
[[Page 9824]]
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 extend the period for the
Exchange's Pilot Program relating to standard position and exercise
limits for equity option contracts and for options on QQQQs until
September 1, 2007.\5\ Specifically, the Pilot Program increased the
applicable position and exercise limits for equity options and options
on the QQQQ in accordance with the following levels:
---------------------------------------------------------------------------
\5\ The Pilot Program, which was effective upon filing on
February 25, 2005 and subsequently extended, is due to expire on
March 1, 2007. See Securities Exchange Act Release No. 51286 (March
1, 2005), 70 FR 11297 (March 8, 2005) (SR-PCX-2003-55) (``Pilot
Program Notice''). See also Securities Exchange Act Release Nos.
54385 (August 30, 2006), 71 FR 53150 (September 8, 2006) (SR-
NYSEArca-49); 53350 (February 22, 2006), 71 FR 10582 (March 1, 2006)
(SR-PCX-2006-08); and 52263 (August 15, 2005), 70 FR 49003 (August
22, 2005) (SR-PCX-2005-95).
------------------------------------------------------------------------
Current equity option contract Pilot Program Equity Option
limit \6\ Contract Limit
------------------------------------------------------------------------
13,500 25,000
22,500 50,000
31,500 75,000
60,000 200,000
75,000 250,000
------------------------------------------------------------------------
Current QQQQ option contract limit Pilot program QQQQ option contract
limit
------------------------------------------------------------------------
300,000 900,000
------------------------------------------------------------------------
The Exchange believes that extending the Pilot Program until
September 1, 2007 is warranted due to the positive feedback from OTP
Holders and for the reasons cited in the original rule filing that
proposed the Pilot Program.\7\ The Exchange has not encountered any
problems or difficulties relating to the Pilot Program since its
inception. For these reasons, the Exchange requests that the Commission
extend the Pilot Program until September 1, 2007.
---------------------------------------------------------------------------
\6\ Except when the Pilot Program is in effect.
\7\ See Pilot Program Notice, supra note 5.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder and, in particular,
the requirements of Section 6(b) of the Act.\8\ Specifically, the
Exchange believes the proposed rule change is consistent with Section
6(b)(5) of the Act \9\ that requires that the rules of an exchange be
designed to promote just and equitable principles of trade, to prevent
fraudulent and manipulative acts, to remove impediments to and perfect
the mechanism for a free and open market and a national market system,
and, in general, to protect investors and the public interest.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 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
Written comments on the proposed rule change were neither solicited
nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change does not: (1) Significantly
affect the protection of investors or the public interest; (2) impose
any significant burden on competition; and (3) become operative for 30
days from the date of this filing, or such shorter time as the
Commission may designate, it has become effective pursuant to Section
19(b)(3)(A) of the Act \10\ and Rule 19b-4(f)(6) thereunder.\11\
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
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.\12\
However, Rule 19b-4(f)(6)(iii) \13\ 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 30-day operative delay. The Commission believes
that waiving the 30-day operative delay is consistent with the
protection of investors and in the public interest because it will
allow the Pilot Program to continue uninterrupted.\14\
---------------------------------------------------------------------------
\12\ 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule 19b-
4(f)(6)(iii) 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. NYSEArca has satisfied the five-day pre-filing
requirement.
\13\ Id.
\14\ For purposes only of waiving the operative delay, 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 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:
[[Page 9825]]
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 No. SR-NYSEArca-2007-19 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street, NE., Washington, DC 20549-1090.
All submissions should refer to File No. SR-NYSEArca-2007-19. 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 will also be available for inspection and copying at the
principal office of NYSE Arca. 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 No. SR-NYSEArca-2007-19 and should be submitted on or before March
26, 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. E7-3745 Filed 3-2-07; 8:45 am]
BILLING CODE 8010-01-P
