Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Order Approving Proposed Rule Change as Modified by Amendment Nos. 1, 2, and 3 Thereto Relating to Electronically Submitted Limit Orders, 10288-10289 [E7-3931]

Download as PDF 10288 Federal Register / Vol. 72, No. 44 / Wednesday, March 7, 2007 / Notices 19(b)(3)(A)(ii) of the Act 12 and subparagraph (f)(2) of Rule 19b–4 thereunder,13 since it establishes or changes a due, fee or other charge imposed by the Exchange. 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 the furtherance of the purposes of the Act.14 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–2007–06 and should be submitted on or before March 27, 2007. 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: For the Commission, by the Division of Market Regulation, pursuant to delegated authority.15 J. Lynn Taylor, Assistant Secretary. [FR Doc. E7–3916 Filed 3–6–07; 8:45 am] 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–Phlx–2007–06 on the subject line. SECURITIES AND EXCHANGE COMMISSION 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–2007–06. 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 sroberts on PROD1PC70 with NOTICES 12 15 U.S.C. 78s(b)(3)(A)(ii). CFR 240.19b–4(f)(2). 14 For purposes of calculating the 60-day period within which the Commission may summarily abrogate the proposed rule change, the Commission considers the period to commence on February 28, 2007, the date on which the Exchange filed Amendment No. 1. 13 17 VerDate Aug<31>2005 18:25 Mar 06, 2007 Jkt 211001 BILLING CODE 8010–01–P [Release No. 34–55375; File No. SR–Phlx– 2006–31] Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Order Approving Proposed Rule Change as Modified by Amendment Nos. 1, 2, and 3 Thereto Relating to Electronically Submitted Limit Orders February 28, 2007. I. Introduction On May 5, 2006, the Philadelphia Stock Exchange, Inc. (‘‘Phlx’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 a proposed rule change to offer an additional mechanism for participants on the Exchange’s electronic trading platform for options, Phlx XL, to trade against orders and electronic quotations. On December 8, 2006, the Exchange filed Amendment No. 1 to the proposed rule change. The Exchange filed Amendment No. 2 to the proposed rule change on January 11, 2007. The proposed rule change, as modified by Amendment Nos. 1 and 2, was published for comment in the Federal Register on January 24, 2007.3 The Exchange filed Amendment No. 3 on February 28, 2007.4 The Commission 15 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 See Securities Exchange Act Release No. 55121 (January 18, 2007), 72 FR 3186. 4 Amendment No. 3 made minor clarifying changes to Commentary .04 to Phlx Rule 1080. 1 15 PO 00000 Frm 00177 Fmt 4703 Sfmt 4703 received no comment letters on the proposed rule change. This order approves the proposed rule change as modified by Amendment Nos. 1, 2, and 3. II. Description of the Proposal The purpose of the proposed rule change is to offer an additional mechanism for participants on the Exchange’s electronic trading platform for options, Phlx XL,5 to trade against orders and electronic quotations. Specifically, the proposal permits SQTs and RSQTs to enter Immediate or Cancel (‘‘IOC’’) 6 orders electronically and expands the types of orders that non-SQT ROTs and specialists may enter for their proprietary accounts to include electronically entered IOC orders. The proposal also changes the minimum order size for a ROT Limit Order from ten contracts to one contract if such contract is designated IOC. The Exchange further proposes to amend Commentary .02 and .03 of Phlx Rule 1082 to reduce the one-second ‘‘counting period’’ to 1⁄4 of one second during which SQTs, RSQTs and/or specialists may eliminate the locked or crossed markets caused by their electronic quotations. Any unresolved locked or crossed markets remaining after the counting period are automatically executed. III. Discussion After careful review of the proposal, the Commission finds that the proposed rule change, as modified by Amendment Nos. 1, 2, and 3, is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange.7 In particular, the Commission finds that the proposal is consistent with Section 6(b)(5) of the Act,8 which requires, among other things, that the rules of an exchange be 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 investors and the public interest. The Commission believes that the Phlx’s proposal to expand the order types that SQTs, RSQTs, non-SQT ROTs 5 See Securities Exchange Act Release No. 50100 (July 27, 2004), 69 FR 46612 (August 3, 2004) (SR– Phlx–2003–59). 6 An immediate-or-cancel order is an order that is to be executed in whole or in part as soon as such order is submitted. Any portion not so executed is to be treated as cancelled. 7 In approving this proposed rule change, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 8 15 U.S.C. 78f(b)(5). E:\FR\FM\07MRN1.SGM 07MRN1 Federal Register / Vol. 72, No. 44 / Wednesday, March 7, 2007 / Notices and specialists may enter electronically is consistent with the Act. In addition, the Commission believes that reducing the counting period from one-second to 1⁄4 of one second during which market participants may resolve locked and crossed markets should improve market efficiency by eliminating locked and crossed markets in a more timely fashion. IV. Conclusion It Is Therefore Ordered, pursuant to Section 19(b)(2) of the Act,9 that the proposed rule change (SR–Phlx–2006– 31), as modified by Amendment Nos. 1, 2, and 3 be, and it is hereby approved. FOR FURTHER INFORMATION CONTACT: Jacqueline White, Agency Clearance Officer, jacqueline.white@sba.gov (202) 205–7044. SUPPLEMENTARY INFORMATION: Title: Federal Agency Comment Form. Form No: 1993. Frequency: On Occasion. Description of Respondents: Small Business Owners and Farmers. Annual Responses: 400. Annual Burden: 300. Jacqueline White, Chief, Administrative Information Branch. [FR Doc. E7–4077 Filed 3–6–07; 8:45 am] For the Commission, by the Division of Market Regulation, pursuant to delegated authority.10 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–3931 Filed 3–6–07; 8:45 am] BILLING CODE 8025–01–P BILLING CODE 8010–01–P [Public Notice 5714] SMALL BUSINESS ADMINISTRATION Culturally Significant Objects Imported for Exhibition; Determinations: ‘‘The World of 1607’’ DEPARTMENT OF STATE Reporting and Recordkeeping Requirements Under OMB Review Small Business Administration. Notice of Reporting Requirements Submitted for OMB Review. AGENCY: sroberts on PROD1PC70 with NOTICES ACTION: SUMMARY: Under the provisions of the Paperwork Reduction Act (44 U.S.C. Chapter 35), agencies are required to submit proposed reporting and recordkeeping requirements to OMB for review and approval, and to publish a notice in the Federal Register notifying the public that the agency has made such a submission. DATES: Submit comments on or before April 6, 2007. If you intend to comment but cannot prepare comments promptly, please advise the OMB Reviewer and the Agency Clearance Officer before the deadline. Copies: Request for clearance (OMB 83–1), supporting statement, and other documents submitted to OMB for review may be obtained from the Agency Clearance Officer. ADDRESSES: Address all comments concerning this notice to: Agency Clearance Officer, Jacqueline White, Small Business Administration, 409 3rd Street, SW., 5th Floor, Washington, D.C. 20416; and David_Rostker@omb.eop.gov, fax number 202–395–7285 Office of Information and Regulatory Affairs, Office of Management and Budget. 9 15 U.S.C. 78s(b)(2). CFR 200.30–3(a)(12). 10 17 VerDate Aug<31>2005 18:25 Mar 06, 2007 Jkt 211001 SUMMARY: Notice is hereby given of the following determinations: Pursuant to the authority vested in me by the Act of October 19, 1965 (79 Stat. 985; 22 U.S.C. 2459), Executive Order 12047 of March 27, 1978, the Foreign Affairs Reform and Restructuring Act of 1998 (112 Stat. 2681, et seq.; 22 U.S.C. 6501 note, et seq.), Delegation of Authority No. 234 of October 1, 1999, Delegation of Authority No. 236 of October 19, 1999, as amended, and Delegation of Authority No. 257 of April 15, 2003 [68 FR 19875], I hereby determine that the objects to be included in the exhibition ‘‘The World of 1607’’, imported from abroad for temporary exhibition within the United States, are of cultural significance. The objects are imported pursuant to loan agreements with the foreign owners or custodians. I also determine that the exhibition or display of the exhibit objects at the Jamestown Settlement, Williamsburg, Virginia, from on or about April 10, 2007, until on or about July 20, 2007, and at possible additional venues yet to be determined, is in the national interest. Public Notice of these Determinations is ordered to be published in the Federal Register. For further information, including a list of the exhibit objects, contact Wolodymyr Sulzynsky, Attorney-Adviser, Office of the Legal Adviser, U.S. Department of State (telephone: (202) 453–8050). The address is U.S. Department of State, SA– 44, 301 4th Street, SW., Room 700, Washington, DC 20547–0001. FOR FURTHER INFORMATION CONTACT: PO 00000 Frm 00178 Fmt 4703 Sfmt 4703 10289 Dated: February 28, 2007. C. Miller Crouch, Principal Deputy Assistant Secretary for Educational and Cultural Affairs, Department of State. [FR Doc. E7–4047 Filed 3–6–07; 8:45 am] BILLING CODE 4710–05–P DEPARTMENT OF STATE [Public Notice 5692] Defense Trade Advisory Group; Notice of Open Meeting SUMMARY: The Defense Trade Advisory Group (DTAG) will meet in open session from 9 a.m. to 12 noon on Wednesday, March 21, 2007, in the Dean Acheson Auditorium at the U.S. Department of State, Harry S. Truman Building, Washington, DC. Entry and registration will begin at 8:15 a.m. Please use the building entrance located at 23rd Street, NW., Washington, DC, between C and D Streets. The membership of this advisory committee consists of private sector defense trade specialists, appointed by the Assistant Secretary of State for Political-Military Affairs, who advise the Department on policies, regulations, and technical issues affecting defense trade. The purpose of the meeting will be to discuss current defense trade issues and topics for further study. Members of the public may attend this open session and will be permitted to participate in the discussion in accordance with the Chairman’s instructions. They may also, if they wish, submit a brief statement to the committee in writing. As access to Department of State facilities is controlled, persons wishing to attend the meeting must notify the DTAG Executive Secretariat by COB Friday, March 16, 2007. If notified after this date, the DTAG Secretariat cannot guarantee that the Department’s Bureau of Diplomatic Security can complete the necessary processing required to attend the March 21 plenary. Each non-member observer or DTAG member that wishes to attend this plenary session should provide: His/her name; company or organizational affiliation; phone number; date of birth; and identifying data such as driver’s license number, U.S. Government ID, or U.S. Military ID, to the DTAG Secretariat contact person, Nicholas Memos, via e-mail at MemosNI@state.gov. A RSVP list will be provided to Diplomatic Security and the Reception Desk at the 23rd Street entrance. One of the following forms of valid photo identification will be required for admission: U.S. driver’s E:\FR\FM\07MRN1.SGM 07MRN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 72, Number 44 (Wednesday, March 7, 2007)]
[Notices]
[Pages 10288-10289]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-3931]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55375; File No. SR-Phlx-2006-31]


Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; 
Order Approving Proposed Rule Change as Modified by Amendment Nos. 1, 
2, and 3 Thereto Relating to Electronically Submitted Limit Orders

February 28, 2007.

I. Introduction

    On May 5, 2006, the Philadelphia Stock Exchange, Inc. (``Phlx'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to offer an additional mechanism for participants 
on the Exchange's electronic trading platform for options, Phlx XL, to 
trade against orders and electronic quotations. On December 8, 2006, 
the Exchange filed Amendment No. 1 to the proposed rule change. The 
Exchange filed Amendment No. 2 to the proposed rule change on January 
11, 2007. The proposed rule change, as modified by Amendment Nos. 1 and 
2, was published for comment in the Federal Register on January 24, 
2007.\3\ The Exchange filed Amendment No. 3 on February 28, 2007.\4\ 
The Commission received no comment letters on the proposed rule change. 
This order approves the proposed rule change as modified by Amendment 
Nos. 1, 2, and 3.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 55121 (January 18, 
2007), 72 FR 3186.
    \4\ Amendment No. 3 made minor clarifying changes to Commentary 
.04 to Phlx Rule 1080.
---------------------------------------------------------------------------

II. Description of the Proposal

    The purpose of the proposed rule change is to offer an additional 
mechanism for participants on the Exchange's electronic trading 
platform for options, Phlx XL,\5\ to trade against orders and 
electronic quotations. Specifically, the proposal permits SQTs and 
RSQTs to enter Immediate or Cancel (``IOC'') \6\ orders electronically 
and expands the types of orders that non-SQT ROTs and specialists may 
enter for their proprietary accounts to include electronically entered 
IOC orders. The proposal also changes the minimum order size for a ROT 
Limit Order from ten contracts to one contract if such contract is 
designated IOC.
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 50100 (July 27, 
2004), 69 FR 46612 (August 3, 2004) (SR-Phlx-2003-59).
    \6\ An immediate-or-cancel order is an order that is to be 
executed in whole or in part as soon as such order is submitted. Any 
portion not so executed is to be treated as cancelled.
---------------------------------------------------------------------------

    The Exchange further proposes to amend Commentary .02 and .03 of 
Phlx Rule 1082 to reduce the one-second ``counting period'' to \1/4\ of 
one second during which SQTs, RSQTs and/or specialists may eliminate 
the locked or crossed markets caused by their electronic quotations. 
Any unresolved locked or crossed markets remaining after the counting 
period are automatically executed.

III. Discussion

    After careful review of the proposal, the Commission finds that the 
proposed rule change, as modified by Amendment Nos. 1, 2, and 3, is 
consistent with the requirements of the Act and the rules and 
regulations thereunder applicable to a national securities exchange.\7\ 
In particular, the Commission finds that the proposal is consistent 
with Section 6(b)(5) of the Act,\8\ which requires, among other things, 
that the rules of an exchange be 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 investors and the public interest.
---------------------------------------------------------------------------

    \7\ In approving this proposed rule change, the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. See 15 U.S.C. 78c(f).
    \8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Commission believes that the Phlx's proposal to expand the 
order types that SQTs, RSQTs, non-SQT ROTs

[[Page 10289]]

and specialists may enter electronically is consistent with the Act. In 
addition, the Commission believes that reducing the counting period 
from one-second to \1/4\ of one second during which market participants 
may resolve locked and crossed markets should improve market efficiency 
by eliminating locked and crossed markets in a more timely fashion.

IV. Conclusion

    It Is Therefore Ordered, pursuant to Section 19(b)(2) of the 
Act,\9\ that the proposed rule change (SR-Phlx-2006-31), as modified by 
Amendment Nos. 1, 2, and 3 be, and it is hereby approved.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\10\
---------------------------------------------------------------------------

    \10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-3931 Filed 3-6-07; 8:45 am]
BILLING CODE 8010-01-P

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