Joint Industry Plan; Notice of Summary Effectiveness on a Temporary Basis of Joint Amendment No. 22 to the Plan for the Purpose of Creating and Operating an Intermarket Option Linkage Relating to Response Time for Certain Orders Sent Through the Linkage, and Notice of Filing of Such Amendment, 12639-12640 [E7-4783]

Download as PDF Federal Register / Vol. 72, No. 51 / Friday, March 16, 2007 / Notices schedule electronically, please send an electronic message to dkw@nrc.gov. Dated: March 8, 2007. R. Michelle Schroll, Office of the Secretary. [FR Doc. 07–1320 Filed 3–14–07; 2:22 pm] BILLING CODE 7590–01–P RAILROAD RETIREMENT BOARD sroberts on PROD1PC70 with NOTICES Proposed Collection; Comment Request Summary: In accordance with the requirement of Section 3506(c)(2)(A) of the Paperwork Reduction Act of 1995 which provides opportunity for public comment on new or revised data collections, the Railroad Retirement Board (RRB) will publish periodic summaries of proposed data collections. Comments are invited on: (a) Whether the proposed information collection is necessary for the proper performance of the functions of the agency, including whether the information has practical utility; (b) the accuracy of the RRB’s estimate of the burden of the collection of the information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; and (d) ways to minimize the burden related to the collection of information on respondents, including the use of automated collection techniques or other forms of information technology. Title and purpose of information collection: Employer Service and Compensation Reports; OMB 3220– 0070. Section 2(c) of the Railroad Unemployment Insurance Act (RUIA) specifies the maximum normal unemployment and sickness benefits that may be paid in a benefit year. Section 2(c) further provides for extended benefits for certain employees and for beginning a benefit year early for other employees. The conditions for these actions are prescribed in 20 CFR part 302. All information about creditable railroad service and compensation needed by the RRB to administer Section 2(c) is not always available from annual reports filed by railroad employers with the RRB (OMB 3220– 0008). When this occurs, the RRB must obtain supplemental information about service and compensation. The RRB utilizes Form UI–41, Supplemental Report of Service and Compensation, and Form UI–41a, Supplemental Report of Compensation, to obtain the additional information about service and compensation from railroad employers. Completion of the VerDate Aug<31>2005 15:24 Mar 15, 2007 Jkt 211001 forms is mandatory. One response is required of each respondent. The RRB proposes minor non-burden impacting, editorial, and formatting changes to Form UI–41 and UI–41a. The completion time for Form UI–41 and UI–41a is estimated at 8 minutes per response. Additional Information or Comments: To request more information or to obtain a copy of the information collection justifications, forms, and/or supporting material, please call the RRB Clearance Officer at (312) 751–3363 or send an e-mail request to Charles.Mierzwa@RRB.GOV. Comments regarding the information collection should be addressed to Ronald J. Hodapp, Railroad Retirement Board, 844 N. Rush Street, Chicago, Illinois 60611– 2092 or send an E-mail to Ronald.Hodapp@RRB.GOV. Comments should be received within 60 days of this notice. Charles Mierzwa, Clearance Officer [FR Doc. E7–4864 Filed 3–15–07; 8:45 am] BILLING CODE 7905–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–55436; File No. 4–429] Joint Industry Plan; Notice of Summary Effectiveness on a Temporary Basis of Joint Amendment No. 22 to the Plan for the Purpose of Creating and Operating an Intermarket Option Linkage Relating to Response Time for Certain Orders Sent Through the Linkage, and Notice of Filing of Such Amendment March 8, 2007. I. Introduction On February 2, 2007, February 15, 2007, February 5, 2007, February 7, 2007, January 30, 2007, and February 13, 2007, the American Stock Exchange LLC (‘‘Amex’’), the Boston Stock Exchange, Inc. (‘‘BSE’’), the Chicago Board Options Exchange, Incorporated (‘‘CBOE’’), the International Securities Exchange, LLC (‘‘ISE’’), the NYSE Arca, Inc., and the Philadelphia Stock Exchange, Inc. (‘‘Phlx’’) (collectively, ‘‘Participants’’), respectively, filed with the Securities and Exchange Commission (‘‘Commission’’) pursuant to Section 11A of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 608 thereunder 2 an amendment (‘‘Joint Amendment No. 22’’) to the Plan for the 1 15 2 17 PO 00000 U.S.C. 78k–1. CFR 242.608. Frm 00050 Fmt 4703 Sfmt 4703 12639 Purpose of Creating and Operating an Intermarket Option Linkage (‘‘Linkage Plan’’).3 In Joint Amendment No. 22, the Participants propose to reduce (i) The amount of time a member must wait after sending a Linkage Order 4 to a market before the member can trade through that market and (ii) the timeframe within which a Participant must respond to a Linkage Order after receipt of that Order. This order summarily puts into effect Joint Amendment No. 22 on a temporary basis not to exceed 120 days and solicits comment on Joint Amendment No. 22 from interested persons.5 II. Description of the Proposed Amendment First, the purpose of Joint Amendment No. 22 is to reduce the amount of time a member must wait after sending a Linkage Order to a market before the member can trade through that market. The Participants propose to decrease this time period from 20 seconds to 5 seconds. Second, Joint Amendment No. 22 will also reduce the time frame in which a Participant must respond to a Linkage Order from 15 to 5 seconds after receipt of that Order. Because the Linkage is highly automated and a Participant should receive a response to a Linkage Order within seconds after it is sent, the Participants do not believe it is necessary to wait the current 15 seconds for such a response. In addition, especially in fast-moving markets like the options market, the Participants believe that amending the time period to 5 seconds for the rejection of a P/A 3 On July 28, 2000, the Commission approved a national market system plan for the purpose of creating and operating an intermarket options market linkage (‘‘Linkage’’) proposed by Amex, CBOE, and ISE. See Securities Exchange Act Release No. 43086 (July 28, 2000), 65 FR 48023 (August 4, 2000). Subsequently, Phlx, Pacific Exchange, Inc. (n/k/a NYSE Arca, Inc.), and BSE joined the Linkage Plan. See Securities Exchange Act Release Nos. 43573 (November 16, 2000), 65 FR 70851 (November 28, 2000); 43574 (November 16, 2000), 65 FR 70850 (November 28, 2000); and 49198 (February 5, 2004), 69 FR 7029 (February 12, 2004). 4 See Section 2(16) of the Linkage Plan. For the purposes of this Joint Amendment No. 22 only, references to ‘‘Linkage Orders’’ herein pertain to P/A Orders and Principal Orders. For definitions of ‘‘P/A Order’’ and ‘‘Principal Order,’’ see note 6 infra. 5 A proposed amendment may be put into effect summarily upon publication of notice of such amendment, on a temporary basis not to exceed 120 days, if the Commission finds that such action is necessary or appropriate in the public interest, for the protection of investors or the maintenance of fair and orderly markets, to remove impediments to, and perfect mechanisms of, a national market system or otherwise in furtherance of the purposes of the Act. See 17 CFR 242.608(b)(4). E:\FR\FM\16MRN1.SGM 16MRN1 12640 Federal Register / Vol. 72, No. 51 / Friday, March 16, 2007 / Notices Order or Principal Order 6 due to an untimely response will provide an opportunity for the transmittal of responses while also allowing a Participant’s members to execute orders on their own exchanges in a timely manner. III. Discussion After careful consideration, the Commission finds that the proposed amendment to the Linkage Plan is consistent with the requirements of the Act and the rules and regulations thereunder.7 Specifically, the Commission finds that the proposed amendment to the Linkage Plan is consistent with Section 11A of the Act 8 and Rule 608 thereunder 9 in that it is appropriate in the public interest, for the protection of investors and the maintenance of fair and orderly markets. Specifically, the Commission believes that reducing the time required by a Participant to respond to a Linkage Order and the amount of time a member sending a Linkage Order must wait before trading through a nonresponsive Participant should facilitate the more timely execution of orders across the options markets. In addition, the Commission finds that it is appropriate to summarily put into effect Joint Amendment No. 22 upon publication of this notice on a temporary basis for 120 days. The Commission believes that such action is appropriate in the public interest, for the protection of investors and the maintenance of fair and orderly markets, because it will facilitate implementation of the Joint Amendment No. 22 in conjunction with the commencement of options penny quoting pilot program. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether proposed Joint Amendment No. 22 is consistent with the Act. Comments may be submitted by any of the following methods: sroberts on PROD1PC70 with 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 Number 4–429 on the subject line. 6 See Section 2(16)(a) and (b) of the Linkage Plan, respectively. 7 In summarily putting into effect this Joint Amendment No. 22, the Commission has considered its impact on efficiency, competition, and capital formation. 8 15 U.S.C. 78k–1. 9 17 CFR 242.608. VerDate Aug<31>2005 15:24 Mar 15, 2007 Jkt 211001 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 4–429. 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 proposed Joint Amendment No. 22 that are filed with the Commission, and all written communications relating to proposed Joint Amendment No. 22 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 filings also will be available for inspection and copying at the principal offices of the Amex, BSE, CBOE, ISE, NYSE Arca, and 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 publicly available. All submissions should refer to File Number 4–429 and should be submitted on or before April 6, 2007. V. Conclusion It is therefore ordered, pursuant to Section 11A of the Act 10 and Rule 608(b)(4) thereunder,11 that Joint Amendment No. 22 is summarily put into effect until July 16, 2007. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.12 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–4783 Filed 3–15–07; 8:45 am] BILLING CODE 8010–01–P U.S.C. 78k–1. CFR 242.608(b)(4). 12 17 CFR 200.30–3(a)(29). 11 17 Frm 00051 Fmt 4703 [Release Nos. 33–8786, 34–55456; File No. 4–515] Roundtable on Interactive Data: Creating Interactive Data To Serve Investors Securities and Exchange Commission. AGENCY: ACTION: Notice of roundtable meeting. SUMMARY: On Monday, March 19, 2007, the Securities and Exchange Commission will hold a roundtable discussion on creating interactive data to serve investors. The event begins with remarks from SEC Chairman Cox and an address by Vanguard Group Chairman and CEO John J. Brennan on the use of interactive data by public companies and mutual funds to improve disclosure for individual investors. Following Mr. Brennan’s remarks, John W. White, Director of the Commission’s Division of Corporation Finance, will discuss the use of interactive data to create better disclosure documents. The roundtable will also feature a panel discussion on the benefits, including potential cost savings, of preparing financial reports using interactive data written in a computer language called XBRL. Panelists will include executives at public companies currently providing investors with interactive data on a test basis as part of the SEC’s voluntary filing program. The panel will be moderated by Chicago Sun-Times personal finance columnist Terry Savage. Richard Bennett, Chief Executive Officer of The Corporate Library, will provide closing remarks and discuss the significance of interactive data for corporate governance. The roundtable will take place at the Commission’s headquarters at 100 F Street, NE., Auditorium, Room L–002, Washington, DC at 10 a.m. The public is invited to observe the roundtable discussions. Seating is available on a first-come, first-serve basis. FOR FURTHER INFORMATION CONTACT: Brigitte Lippmann at (202) 551–3713. 10 15 PO 00000 SECURITIES AND EXCHANGE COMMISSION Sfmt 4703 Dated: March 13, 2007. By the Commission. Nancy M. Morris, Secretary. [FR Doc. E7–4892 Filed 3–15–07; 8:45 am] BILLING CODE 8010–01–P E:\FR\FM\16MRN1.SGM 16MRN1

Agencies

[Federal Register Volume 72, Number 51 (Friday, March 16, 2007)]
[Notices]
[Pages 12639-12640]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-4783]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55436; File No. 4-429]


Joint Industry Plan; Notice of Summary Effectiveness on a 
Temporary Basis of Joint Amendment No. 22 to the Plan for the Purpose 
of Creating and Operating an Intermarket Option Linkage Relating to 
Response Time for Certain Orders Sent Through the Linkage, and Notice 
of Filing of Such Amendment

March 8, 2007.

I. Introduction

    On February 2, 2007, February 15, 2007, February 5, 2007, February 
7, 2007, January 30, 2007, and February 13, 2007, the American Stock 
Exchange LLC (``Amex''), the Boston Stock Exchange, Inc. (``BSE''), the 
Chicago Board Options Exchange, Incorporated (``CBOE''), the 
International Securities Exchange, LLC (``ISE''), the NYSE Arca, Inc., 
and the Philadelphia Stock Exchange, Inc. (``Phlx'') (collectively, 
``Participants''), respectively, filed with the Securities and Exchange 
Commission (``Commission'') pursuant to Section 11A of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 608 thereunder \2\ an 
amendment (``Joint Amendment No. 22'') to the Plan for the Purpose of 
Creating and Operating an Intermarket Option Linkage (``Linkage 
Plan'').\3\ In Joint Amendment No. 22, the Participants propose to 
reduce (i) The amount of time a member must wait after sending a 
Linkage Order \4\ to a market before the member can trade through that 
market and (ii) the timeframe within which a Participant must respond 
to a Linkage Order after receipt of that Order. This order summarily 
puts into effect Joint Amendment No. 22 on a temporary basis not to 
exceed 120 days and solicits comment on Joint Amendment No. 22 from 
interested persons.\5\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78k-1.
    \2\ 17 CFR 242.608.
    \3\ On July 28, 2000, the Commission approved a national market 
system plan for the purpose of creating and operating an intermarket 
options market linkage (``Linkage'') proposed by Amex, CBOE, and 
ISE. See Securities Exchange Act Release No. 43086 (July 28, 2000), 
65 FR 48023 (August 4, 2000). Subsequently, Phlx, Pacific Exchange, 
Inc. (n/k/a NYSE Arca, Inc.), and BSE joined the Linkage Plan. See 
Securities Exchange Act Release Nos. 43573 (November 16, 2000), 65 
FR 70851 (November 28, 2000); 43574 (November 16, 2000), 65 FR 70850 
(November 28, 2000); and 49198 (February 5, 2004), 69 FR 7029 
(February 12, 2004).
    \4\ See Section 2(16) of the Linkage Plan. For the purposes of 
this Joint Amendment No. 22 only, references to ``Linkage Orders'' 
herein pertain to P/A Orders and Principal Orders. For definitions 
of ``P/A Order'' and ``Principal Order,'' see note 6 infra.
    \5\ A proposed amendment may be put into effect summarily upon 
publication of notice of such amendment, on a temporary basis not to 
exceed 120 days, if the Commission finds that such action is 
necessary or appropriate in the public interest, for the protection 
of investors or the maintenance of fair and orderly markets, to 
remove impediments to, and perfect mechanisms of, a national market 
system or otherwise in furtherance of the purposes of the Act. See 
17 CFR 242.608(b)(4).
---------------------------------------------------------------------------

II. Description of the Proposed Amendment

    First, the purpose of Joint Amendment No. 22 is to reduce the 
amount of time a member must wait after sending a Linkage Order to a 
market before the member can trade through that market. The 
Participants propose to decrease this time period from 20 seconds to 5 
seconds.
    Second, Joint Amendment No. 22 will also reduce the time frame in 
which a Participant must respond to a Linkage Order from 15 to 5 
seconds after receipt of that Order. Because the Linkage is highly 
automated and a Participant should receive a response to a Linkage 
Order within seconds after it is sent, the Participants do not believe 
it is necessary to wait the current 15 seconds for such a response. In 
addition, especially in fast-moving markets like the options market, 
the Participants believe that amending the time period to 5 seconds for 
the rejection of a P/A

[[Page 12640]]

Order or Principal Order \6\ due to an untimely response will provide 
an opportunity for the transmittal of responses while also allowing a 
Participant's members to execute orders on their own exchanges in a 
timely manner.
---------------------------------------------------------------------------

    \6\ See Section 2(16)(a) and (b) of the Linkage Plan, 
respectively.
---------------------------------------------------------------------------

III. Discussion

    After careful consideration, the Commission finds that the proposed 
amendment to the Linkage Plan is consistent with the requirements of 
the Act and the rules and regulations thereunder.\7\ Specifically, the 
Commission finds that the proposed amendment to the Linkage Plan is 
consistent with Section 11A of the Act \8\ and Rule 608 thereunder \9\ 
in that it is appropriate in the public interest, for the protection of 
investors and the maintenance of fair and orderly markets. 
Specifically, the Commission believes that reducing the time required 
by a Participant to respond to a Linkage Order and the amount of time a 
member sending a Linkage Order must wait before trading through a 
nonresponsive Participant should facilitate the more timely execution 
of orders across the options markets. In addition, the Commission finds 
that it is appropriate to summarily put into effect Joint Amendment No. 
22 upon publication of this notice on a temporary basis for 120 days. 
The Commission believes that such action is appropriate in the public 
interest, for the protection of investors and the maintenance of fair 
and orderly markets, because it will facilitate implementation of the 
Joint Amendment No. 22 in conjunction with the commencement of options 
penny quoting pilot program.
---------------------------------------------------------------------------

    \7\ In summarily putting into effect this Joint Amendment No. 
22, the Commission has considered its impact on efficiency, 
competition, and capital formation.
    \8\ 15 U.S.C. 78k-1.
    \9\ 17 CFR 242.608.
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether proposed Joint 
Amendment No. 22 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 4-429 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 4-429. 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 proposed Joint Amendment No. 22 that are 
filed with the Commission, and all written communications relating to 
proposed Joint Amendment No. 22 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 
filings also will be available for inspection and copying at the 
principal offices of the Amex, BSE, CBOE, ISE, NYSE Arca, and 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 publicly available. All 
submissions should refer to File Number 4-429 and should be submitted 
on or before April 6, 2007.

V. Conclusion

    It is therefore ordered, pursuant to Section 11A of the Act \10\ 
and Rule 608(b)(4) thereunder,\11\ that Joint Amendment No. 22 is 
summarily put into effect until July 16, 2007.
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    \10\ 15 U.S.C. 78k-1.
    \11\ 17 CFR 242.608(b)(4).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\12 \
Florence E. Harmon,
Deputy Secretary.
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    \12\ 17 CFR 200.30-3(a)(29).
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[FR Doc. E7-4783 Filed 3-15-07; 8:45 am]
BILLING CODE 8010-01-P
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