Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Increase the Class Quoting Limit in the Option Class NYSE Group, Inc. (NYX), 11924-11925 [E7-4589]
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11924
Federal Register / Vol. 72, No. 49 / Wednesday, March 14, 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:
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
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–BSE–2007–10 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.
cprice-sewell on PROD1PC66 with NOTICES
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.9
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–4588 Filed 3–13–07; 8:45 am]
[Release No. 34–55418; File No. SR–CBOE–
2007–22]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Increase the Class
Quoting Limit in the Option Class
NYSE Group, Inc. (NYX)
March 7, 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
All submissions should refer to File
23, 2007, the Chicago Board Options
Number SR–BSE–2007–10. This file
Exchange, Incorporated (‘‘CBOE’’ or
number should be included on the
‘‘Exchange’’) filed with the Securities
subject line if e-mail is used. To help the and Exchange Commission
(‘‘Commission’’) the proposed rule
Commission process and review your
change as described in Items I and II
comments more efficiently, please use
only one method. The Commission will below, which Items have been
post all comments on the Commission’s substantially prepared by the Exchange.
The Exchange filed the proposed rule
Internet Web site (https://www.sec.gov/
change pursuant to Section 19(b)(3)(A)
rules/sro.shtml). Copies of the
of the Act 3 and Rule 19b–4(f)(1)
submission, all subsequent
thereunder, which renders it effective
amendments, all written statements
upon filing with the Commission.4 The
with respect to the proposed rule
Commission is publishing this notice to
change that are filed with the
solicit comments on the proposed rule
Commission, and all written
change from interested persons.
communications relating to the
I. Self-Regulatory Organization’s
proposed rule change between the
Commission and any person, other than Statement of the Terms of Substance of
the Proposed Rule Change
those that may be withheld from the
public in accordance with the
CBOE proposes to increase the class
provisions of 5 U.S.C. 552, will be
quoting limit in the option class NYSE
available for inspection and copying in
Group, Inc. (NYX). The text of the
the Commission’s Public Reference
proposed rule change is available at the
Room. Copies of such filing also will be CBOE, the Commission’s Public
available for inspection and copying at
Reference Room, and https://
www.cboe.com.
the principal office of the BSE. 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
Exchange included statements
submissions should refer to File
concerning the purpose of, and basis for,
Number SR–BSE–2007–10 and should
the proposed rule change and discussed
be submitted on or before April 4, 2007.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
CBOE Rule 8.3A, Maximum Number
of Market Participants Quoting
Electronically per Product, establishes
class quoting limits (‘‘CQLs’’) for each
class traded on the Hybrid Trading
System.5 A CQL is the maximum
number of quoters that may quote
electronically in a given product and the
current levels are established from 25–
40, depending on the trading activity of
the particular product.
Rule 8.3A, Interpretation .01(c)
provides a procedure by which the
President of the Exchange may increase
the CQL for a particular product. In this
regard, the President of the Exchange
may increase the CQL in exceptional
circumstances, which are defined in the
rule as ‘‘* * * substantial trading
volume, whether actual or expected.’’ 6
The effect of an increase in the CQL is
procompetitive in that it increases the
number of market participants that may
quote electronically in a product. The
purpose of this filing is to increase the
CQL in the option class NYSE Group,
Inc. (NYX) from its current limit of 40
to 45.7
Increasing the CQL in NYX options
will enable the Exchange to enhance the
liquidity offered, thereby offering
deeper and more liquid markets
2. Statutory Basis
CBOE believes the proposed rule
change is consistent with the Act and
the rules and regulations under the Act
applicable to a national securities
exchange and, in particular, the
requirements of Section 6(b) of the Act.8
Specifically, the Exchange believes the
proposed rule change is consistent with
the Section 6(b)(5) 9 requirements that
the rules of an exchange be designed to
promote just and equitable principles of
trade, to prevent fraudulent and
manipulative acts and, in general, to
protect investors and the public interest.
1 15
CFR 200.30–3(a)(12).
VerDate Aug<31>2005
15:03 Mar 13, 2007
Jkt 211001
2 17
2 17
9 17
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)(1).
5 See Rule 8.3A.01.
any comments it received on the
proposed rule change. The Exchange
has prepared summaries, set forth in
Sections A, B, and C below, of the most
significant aspects of such statements.
3 15
PO 00000
Frm 00102
Fmt 4703
CFR 240.19b–4.
U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(1).
5 See Rule 8.3A.01.
6 ‘‘Any actions taken by the President of the
Sfmt 4703
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14MRN1
Federal Register / Vol. 72, No. 49 / Wednesday, March 14, 2007 / Notices
B. Self Regulatory Organization’s
Statement on Burden on Competition
CBOE 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 Exchange Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
The Exchange neither solicited nor
received written comments on the
proposal.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change constitutes a stated policy,
practice, or interpretation with respect
to the meaning, administration, or
enforcement of an existing rule, it has
become effective pursuant to Section
19(b)(3)(A) 10 and Rule 19b–4(f)(1)
thereunder.11 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:
cprice-sewell on PROD1PC66 with NOTICES
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send e-mail to rulecomments@sec.gov. Please include File
Number SR–CBOE–2007–22 on the
subject line.
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 the CBOE. 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–CBOE–2007–22 and should be
submitted on or before April 4, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.12
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–4589 Filed 3–13–07; 8:45 am]
VerDate Aug<31>2005
15:03 Mar 13, 2007
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing of Proposed Rule Change To
Waive Certain Listing Fees
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
March 8, 2007.
1. Purpose
SECURITIES AND EXCHANGE
COMMISSION
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
Jkt 211001
The Exchange proposes to amend
Section 902.02 of its Listed Company
Manual (the ‘‘Manual’’) to provide that
there shall be no initial listing fee
applicable to (i) any company listing
upon emergence from bankruptcy, or (ii)
any company listing its primary class of
common stock that is not listed on a
national securities exchange but is
registered under the Act. The
amendment will also apply a separate
cap for a limited period on fees payable
by companies listing upon emergence
from bankruptcy. If approved by the
Commission, the amendments
contained in this proposal will be
applied retroactively as of the date of
this filing.
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.
[Release No. 34–55421; File No. SR–NYSE–
2007–19]
BILLING CODE 8010–01–P
12 17
U.S.C. 78s(b)(3)(A).
11 17 CFR 240.19b–4(f)(1).
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
In its filing with the Commission,
NYSE included statements concerning
the purpose of and basis for the
proposed rule change and discussed any
comments it received on the proposed
rule change. The text of these statements
may be examined at the places specified
in Item IV below. The Exchange has
prepared summaries, set forth in
Sections A, B, and C below, of the most
significant aspects of such statements.
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
Paper Comments
22, 2007, the New York Stock Exchange
• Send paper comments in triplicate
LLC (‘‘NYSE’’ or ‘‘Exchange’’) filed with
to Nancy M. Morris, Secretary,
the Securities and Exchange
Securities and Exchange Commission,
Commission (‘‘Commission’’) the
100 F Street, NE., Washington, DC
proposed rule change as described in
20549–1090.
Items I, II, and III below, which Items
have been substantially prepared by the
All submissions should refer to File
Exchange. The Commission is
Number SR–CBOE–2007–22. This file
publishing this notice to solicit
number should be included on the
subject line if e-mail is used. To help the comment on the proposed rule change
from interested persons.
Commission process and review your
comments more efficiently, please use
10 15
11925
PO 00000
Frm 00103
Fmt 4703
Sfmt 4703
The Exchange proposes to amend
Section 902.02 of the Manual to provide
that there shall be no initial listing fee
applicable to:
• Any company listing following
emergence from bankruptcy; 3 or
• Any company listing its primary
class of common stock that is not listed
on a national securities exchange but is
registered under the Act.
The amendment will also apply a
separate cap for a limited period on fees
3 The Exchange interprets ‘‘listing following
emergence from bankruptcy’’ to mean that the
company lists at the same time it emerges from
bankruptcy. Telephone conversation between John
Carey, Assistant General Counsel, NYSE, and
Nathan Saunders, Special Counsel, Division of
Market Regulation, Commission, March 6, 2007.
E:\FR\FM\14MRN1.SGM
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]]>Agencies
[Federal Register Volume 72, Number 49 (Wednesday, March 14, 2007)]
[Notices]
[Pages 11924-11925]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-4589]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55418; File No. SR-CBOE-2007-22]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change To Increase the Class Quoting Limit in the Option Class
NYSE Group, Inc. (NYX)
March 7, 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 Chicago Board Options Exchange, Incorporated
(``CBOE'' 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 filed the proposed rule change pursuant to
Section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(1) thereunder,
which renders it effective upon filing with the Commission.\4\ 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)(1).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
CBOE proposes to increase the class quoting limit in the option
class NYSE Group, Inc. (NYX). The text of the proposed rule change is
available at the CBOE, the Commission's Public Reference Room, and
https://www.cboe.com.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of, and basis for, the proposed rule change and
discussed any comments it received on the proposed rule change. The
Exchange has prepared summaries, set forth in Sections A, B, and C
below, of the most significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
CBOE Rule 8.3A, Maximum Number of Market Participants Quoting
Electronically per Product, establishes class quoting limits (``CQLs'')
for each class traded on the Hybrid Trading System.\5\ A CQL is the
maximum number of quoters that may quote electronically in a given
product and the current levels are established from 25-40, depending on
the trading activity of the particular product.
---------------------------------------------------------------------------
\5\ See Rule 8.3A.01.
---------------------------------------------------------------------------
Rule 8.3A, Interpretation .01(c) provides a procedure by which the
President of the Exchange may increase the CQL for a particular
product. In this regard, the President of the Exchange may increase the
CQL in exceptional circumstances, which are defined in the rule as ``*
* * substantial trading volume, whether actual or expected.'' \6\ The
effect of an increase in the CQL is procompetitive in that it increases
the number of market participants that may quote electronically in a
product. The purpose of this filing is to increase the CQL in the
option class NYSE Group, Inc. (NYX) from its current limit of 40 to
45.\7\
---------------------------------------------------------------------------
\6\ ``Any actions taken by the President of the Exchange
pursuant to this paragraph will be submitted to the SEC in a rule
filing pursuant to Section 19(b)(3)(A) of the Exchange Act.'' Rule
8.3A.01(c).
\7\ The Exchange is requesting this increase in the CQL due to
increased trading volume in NYX. Telephone conversation between
Angela Muehr, Attorney, Division of Market Regulation, Commission,
and Patrick Sexton, Associate General Counsel, CBOE, on March 7,
2007.
---------------------------------------------------------------------------
Increasing the CQL in NYX options will enable the Exchange to
enhance the liquidity offered, thereby offering deeper and more liquid
markets
2. Statutory Basis
CBOE believes the proposed rule change is consistent with the Act
and the rules and regulations under the Act applicable to a national
securities exchange and, in particular, the requirements of Section
6(b) of the Act.\8\ Specifically, the Exchange believes the proposed
rule change is consistent with the Section 6(b)(5) \9\ requirements
that the rules of an exchange be designed to promote just and equitable
principles of trade, to prevent fraudulent and manipulative acts 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).
---------------------------------------------------------------------------
[[Page 11925]]
B. Self Regulatory Organization's Statement on Burden on Competition
CBOE 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 Exchange Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
The Exchange neither solicited nor received written comments on the
proposal.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change constitutes a stated
policy, practice, or interpretation with respect to the meaning,
administration, or enforcement of an existing rule, it has become
effective pursuant to Section 19(b)(3)(A) \10\ and Rule 19b-4(f)(1)
thereunder.\11\ 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.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------
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 e-mail to rule-comments@sec.gov. Please include File
Number SR-CBOE-2007-22 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-CBOE-2007-22. 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 the CBOE. 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-CBOE-2007-22 and should be submitted\12\ on or before
April 4, 2007.
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\12\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-4589 Filed 3-13-07; 8:45 am]
BILLING CODE 8010-01-P
