Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Existing Fee Schedules, 13147-13149 [E7-4976]
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Federal Register / Vol. 72, No. 53 / Tuesday, March 20, 2007 / Notices
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• There is a negotiated trade; or
• AEMI’s auto-execution
functionality is disabled.
In addition, the AEMI system would
cancel a PPI order in three
circumstances: (1) if the Specialist’s or
Registered Trader’s best quote is
withdrawn; (2) at the end of the day; or
(3) there is a trading halt in the security.
If there were multiple PPI orders at
the same price, the Specialist’s PPI
order would have priority, and any
remaining size of an aggressing order
would be executed against Registered
Trader PPI orders in time priority.
Intermarket sweep orders would be
generated as necessary to clear any
better-priced protected quotations at
other trading centers before executing
any PPI orders on the AEMI system.
To reflect the proposed rule change as
described above, changes are proposed
to the following AEMI rules: Rule 123–
AEMI (Manner of Bidding and Offering),
Rule 131–AEMI (Types of Orders), Rule
157–AEMI (Orders with More than One
Broker), and Rule 170–AEMI
(Registration and Functions of
Specialists).
III. Summary of Comments and Amex
Response
The Commission received one
comment letter opposing the proposed
rule change. The commenter argued that
limiting the use of PPI Orders to
Specialists and Registered Traders gives
them ‘‘an unfair advantage’’ and thus is
not consistent with Section 6(b) of the
Act.
The commenter noted that the
Specialist would have access to
aggressing orders that could be priceimproved but Floor Brokers would not.
The commenter suggested that there
would be many instances where Floor
Brokers would be willing to provide
price improvement but would not
publicly display such interest in order
to minimize any potential market
impact. The commenter also suggested
that PPI Orders could be misused to
trade ahead of a Floor Broker’s
marketable orders instead of providing
price improvement.
In its response to comments, Amex
asserted that Floor Brokers are able to
operate effectively and compete with
Specialists and Registered Traders. For
example, Amex pointed out that Floor
Brokers have the exclusive use of
certain order types on AEMI (e.g.,
percentage orders and reserve orders).
Amex also emphasized that the use of
PPI Orders would be monitored and
policed electronically. Amex stated that
its regulatory program would be able to
detect possible unfair trading practices.
Finally, Amex represented that it ‘‘is in
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15:08 Mar 19, 2007
Jkt 211001
the process of developing the means by
which other market participants,
including floor brokers, would have the
ability to systematically provide such
price improvement.’’ 8
IV. Discussion and Commission’s
Findings
After careful consideration, the
Commission finds that the proposed
rule change is consistent with the
requirements of the Act and the rules
and regulations thereunder applicable to
a national securities exchange.9 In
particular, the Commission finds that
the proposal is consistent with the
requirements of Section 6(b)(5) of the
Act,10 which requires, among other
things, that the Exchange’s rules 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 previously has
found similar exchange rules to be
consistent with the Act.11 The
Commission does not believe that the
comment raises any issue that would
preclude approval of the current
proposal. As the Commission noted in
the NYSE Hybrid Approval Order,
Specialists today are permitted to offer
price improvement to incoming orders
in the auction market.12 In this
proposal, Amex seeks to provide its
Specialists and Registered Traders with
the ability to continue to offer price
improvement in an electronic
environment, but only if certain
conditions are met. A Specialist’s or
Registered Trader’s PPI order is eligible
for execution only if its quote on the
same side of the market is at or one tick
away from the APQ. If the Specialist’s
or Registered Trader’s quotation is at the
APQ, a PPI order is eligible to execute
up to the same size as its quotation; if
it is one tick away from the APQ, the
PPI order is eligible to execute up to one
half the size of its quotation. A PPI order
will be ignored if the Specialist’s or
Registered Trader’s quotation is more
than one tick away from the APQ. Thus,
a Specialist’s ability to benefit from the
PPI order is directly correlated with the
8 Amex
Response Letter at 1.
approving this proposed rule change, the
Commission notes that it has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
10 15 U.S.C. 78f(b)(5).
11 See Securities Exchange Act Release Nos.
53539 (March 22, 2006), 71 FR 16353, 16381–82
(March 31, 2006) (‘‘NYSE Hybrid Approval Order’’)
and 54511 (September 25, 2006), 71 FR 58460
(October 3, 2006).
12 See 71 FR at 16382.
9 In
PO 00000
Frm 00070
Fmt 4703
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13147
extent to which it quotes competitive
markets in size. The Commission notes,
moreover, that Amex has represented
that it ‘‘is in the process of developing
the means by which other market
participants, including floor brokers,
would have the ability to systematically
provide such price improvement.’’ 13
The Commission further notes that a
PPI order could execute only against a
marketable incoming limit order. An
incoming order that is not marketable
against a PPI order (or a protected
quotation) and that improves the APQ
would be quoted as part of the new
APQ.
V. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,14 that the
proposed rule change (SR–Amex–2007–
08), be, and it hereby is, approved.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.15
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–5005 Filed 3–19–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55450; File No. SR–BSE–
2007–11]
Self-Regulatory Organizations; Boston
Stock Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change To Amend the
Existing Fee Schedules
March 13, 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 March 2,
2007, the Boston Stock Exchange, Inc.
(‘‘BSE’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II and III
below, which Items have been
substantially prepared by the Exchange.
The BSE has designated this proposal as
one changing a due, fee, or other charge
under Section 19(b)(3)(A)(ii) of the Act 3
and Rule 19b–4(f)(2) thereunder,4 which
renders the proposal effective upon
filing with the Commission. The
Commission is publishing this notice to
13 Amex
Response Letter at 1.
U.S.C. 78s(b)(2).
15 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii).
4 17 CFR 240.19b–4(f)(2).
14 15
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13148
Federal Register / Vol. 72, No. 53 / Tuesday, March 20, 2007 / Notices
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
The BSE proposes amending the
Boston Equities Exchange (‘‘BeX’’) fee
schedule to include a transaction fee to
be charged to BSE Members who request
a BeX purchase & Sale Blotter reflecting
the transaction information related to
the execution of a single order, part of
which was executed on BeX and part of
which was executed at an away Trading
Center. The text of the proposed rule
change is available at https://
www.bostonstock.com, at the BSE, and
at the Commission’s Public Reference
Room.
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 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.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
2. Statutory Basis
pwalker on PROD1PC71 with NOTICES
1. Purpose
On November 20, 2006, the BSE filed
BSE–2006–44, a rule filing that
amended the existing BSE fee schedule
and established a fee schedule for the
BeX, a facility of the Exchange. BSE–
2006–44 resulted in, among other
things, the deletion of all Transaction
Fees, Electronic File Access and
Processing Fees, and Floor Operation
Fees from the BSE fee schedule. The
Transaction Fees and Electronic File
Access and Processing Fees that were
deleted from the BSE fee schedule were
transferred to the BeX fee schedule. The
purpose of this proposed rule change is
to amend the BeX fee schedule to
include a transaction fee that was
deleted from the BSE fee schedule but
not transferred to the BeX fee schedule
as a part of BSE–2006–44. Specifically,
the BSE fee schedule contained a
transaction fee titled ‘‘Floor Brokered
non-BSE executions.’’ The fee for Floor
Brokered non-BSE executions was
$0.0005, or $0.05 per 100 shares. BSE
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15:08 Mar 19, 2007
Jkt 211001
Members were charged the Floor
Brokered non-BSE execution fee when
the Member requested that the
information related to the execution of
a single order, only a part of which had
been executed on the BSE with the
remaining portion executed at an away
Trading Center, be reflected on a BSE
Purchase & Sale Blotter rather than
having only the portion executed at the
BSE reflected on the BSE Purchase &
Sale Blotter. In order to include the
information related to the portion of an
order executed at the Trading Center
other than the BSE on a BSE Purchase
& Sale Blotter, in other words, in order
to consolidate the transaction
information on a single report, the BSE
performed the necessary back office
operations on behalf of the BSE Member
so the transaction information,
including the information related to the
portion of the order executed at an away
Trading Center, would appear on a BSE
Purchase & Sale Blotter reflecting the
transaction information related to the
execution of a single order, part of
which was executed on BeX and part of
which was executed at an away Trading
Center. The fee would now be titled
‘‘Non-BeX executed trades’’ and would
appear on the BeX fee schedule. As
such, what had been known as the Floor
Brokered non-BSE executions fee on the
BSE schedule will now appear on the
BeX fee schedule as the Non-BeX
executed trades fee and will apply in
the BeX environment.
The Exchange believes that the
proposed rule change is consistent with
the requirements of Section 6(b) of the
Act,5 in general, and furthers the
objectives of Section 6(b)(4) of the Act,6
in particular, in that it is designated to
provide for the equitable allocation of
reasonable dues, fees and other charges
among Exchange members and issuers
and other persons using Exchange
facilities.
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.
5 15
6 15
PO 00000
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
Frm 00071
Fmt 4703
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange has neither solicited
nor received comments on the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change
has been designated as a fee change
pursuant to Section 19(b)(3)(A)(ii) of the
Act 7 and Rule 19b–4(f)(2) thereunder,8
because it establishes or changes a due,
fee or other charge imposed by the
Exchange. Accordingly, the proposal
will take effect upon filing with the
Commission.
At any time within 60 days of the
filing of the proposed rule change the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–BSE–2007–11 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
Number SR–BSE–2007–11. 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
7 15
8 17
Sfmt 4703
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
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Federal Register / Vol. 72, No. 53 / Tuesday, March 20, 2007 / Notices
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 also will be
available for inspection and copying at
the principal office of the BSE. 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–BSE–2007–11 and should
be submitted on or before April 10,
2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.9
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–4976 Filed 3–19–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55471; File No. SR–NASD–
2007–013]
Self-Regulatory Organizations;
National Association of Securities
Dealers, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to Portfolio
Margin
pwalker on PROD1PC71 with NOTICES
March 14, 2007.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (‘‘Act’’
or ‘‘Exchange Act’’) 1 and Rule 19b–4
thereunder,2 notice is hereby given that
on February 12, 2007, the National
Association of Securities Dealers, Inc.
(‘‘NASD’’) filed with the Securities and
Exchange Commission (‘‘Commission’’)
the proposed rule change as described
in Items I, II, and III below, which Items
have been prepared by NASD. NASD
has filed the proposed rule as a ‘‘noncontroversial’’ 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
9 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
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15:08 Mar 19, 2007
Jkt 211001
13149
the frequency of computations, the
records to be reviewed and maintained,
and the person(s) within the
organization responsible for the risk
I. Self-Regulatory Organization’s
function. This risk analysis
Statement of the Terms of Substance of
methodology must be filed with NASD,
the Proposed Rule Change
or the member’s designated examining
NASD proposes to amend NASD Rule authority (‘‘DEA’’) if other than NASD,
2520 to permit members to margin
and submitted to the Commission prior
certain products according to a
to the implementation of portfolio
prescribed portfolio margin
margining. In performing the risk
methodology on a pilot basis. NASD
analysis of portfolio margin accounts
further proposes to amend NASD Rule
required by this Rule, each member
2860 to require that a disclosure
shall include in the written risk analysis
statement and written acknowledgement methodology procedures and guidelines
for use with the proposed portfolio
for:
margin program be furnished to
(A) obtaining and reviewing the
customers using a portfolio margin
appropriate account documentation
account.
and financial information necessary for
Below is the text of the proposed rule assessing the amount of credit to be
change. Proposed new rule language is
extended to eligible participants;
in italics.
(B) the determination, review and
*
*
*
*
*
approval of credit limits to each eligible
participant, and across all eligible
2520. Margin Requirements
participants, utilizing a portfolio margin
(a) through (f) No Change.
account;
(g) Portfolio Margin
(C) monitoring credit risk exposure to
As an alternative to the ‘‘strategythe member from portfolio margin
based’’ margin requirements set forth in
accounts, on both an intra-day and end
paragraphs (a) through (f) of this Rule,
of day basis, including the type, scope
members may elect to apply the
and frequency of reporting to senior
portfolio margin requirements set forth
in this paragraph (g) to all margin equity management;
(D) the use of stress testing of portfolio
securities,1 listed options, security
margin accounts in order to monitor
futures products (as defined in Section
market risk exposure from individual
3(a)(56) of the Exchange Act), unlisted
accounts and in the aggregate;
derivatives, warrants, index warrants
(E) the regular review and testing of
and related instruments, provided that
these risk analysis procedures by an
the requirements of paragraph
independent unit such as internal audit
(g)(6)(B)(i) of this Rule are met.
or other comparable group;
In addition, a member, provided that
(F) managing the impact of credit
it is a Futures Commission Merchant
extended related to portfolio margin
(‘‘FCM’’) and is either a clearing
accounts on the member’s overall risk
member of a futures clearing
exposure;
organization or has an affiliate that is a
(G) the appropriate response by
clearing member of a futures clearing
management when limits on credit
organization, is permitted under this
extensions related to portfolio margin
paragraph (g) to combine an eligible
accounts have been exceeded; and
participant’s related instruments as
(H) determining the need to collect
defined in paragraph (g)(2)(D), with
additional margin from a particular
listed index options, unlisted
derivatives, options on exchange traded eligible participant, including whether
that determination was based upon the
funds (‘‘ETF’’), index warrants and
creditworthiness of the participant and/
underlying instruments and compute a
or the risk of the eligible product.
margin requirement for such combined
Moreover, management must
products on a portfolio margin basis.
periodically review, in accordance with
The portfolio margin provisions of
written procedures, the member’s credit
this Rule shall not apply to Individual
extension activities for consistency with
Retirement Accounts (‘‘IRAs’’).
these guidelines. Management must
(1) Monitoring.—Members must
periodically determine if the data
monitor the risk of portfolio margin
accounts and maintain a comprehensive necessary to apply this paragraph (g) is
accessible on a timely basis and
written risk analysis methodology for
information systems are available to
assessing the potential risk to the
member’s capital over a specified range adequately capture, monitor, analyze
and report relevant data.
of possible market movements of
(2) Definitions.—For purposes of this
positions maintained in such accounts.
paragraph (g), the following terms shall
The risk analysis methodology shall
have the meanings specified below:
specify the computations to be made,
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
PO 00000
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]]>Agencies
[Federal Register Volume 72, Number 53 (Tuesday, March 20, 2007)]
[Notices]
[Pages 13147-13149]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-4976]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55450; File No. SR-BSE-2007-11]
Self-Regulatory Organizations; Boston Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend the Existing Fee Schedules
March 13, 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 March 2, 2007, the Boston Stock Exchange, Inc. (``BSE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II
and III below, which Items have been substantially prepared by the
Exchange. The BSE has designated this proposal as one changing a due,
fee, or other charge under Section 19(b)(3)(A)(ii) of the Act \3\ and
Rule 19b-4(f)(2) thereunder,\4\ which renders the proposal effective
upon filing with the Commission. The Commission is publishing this
notice to
[[Page 13148]]
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)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The BSE proposes amending the Boston Equities Exchange (``BeX'')
fee schedule to include a transaction fee to be charged to BSE Members
who request a BeX purchase & Sale Blotter reflecting the transaction
information related to the execution of a single order, part of which
was executed on BeX and part of which was executed at an away Trading
Center. The text of the proposed rule change is available at https://
www.bostonstock.com, at the BSE, and at the Commission's Public
Reference Room.
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
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.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
On November 20, 2006, the BSE filed BSE-2006-44, a rule filing that
amended the existing BSE fee schedule and established a fee schedule
for the BeX, a facility of the Exchange. BSE-2006-44 resulted in, among
other things, the deletion of all Transaction Fees, Electronic File
Access and Processing Fees, and Floor Operation Fees from the BSE fee
schedule. The Transaction Fees and Electronic File Access and
Processing Fees that were deleted from the BSE fee schedule were
transferred to the BeX fee schedule. The purpose of this proposed rule
change is to amend the BeX fee schedule to include a transaction fee
that was deleted from the BSE fee schedule but not transferred to the
BeX fee schedule as a part of BSE-2006-44. Specifically, the BSE fee
schedule contained a transaction fee titled ``Floor Brokered non-BSE
executions.'' The fee for Floor Brokered non-BSE executions was
$0.0005, or $0.05 per 100 shares. BSE Members were charged the Floor
Brokered non-BSE execution fee when the Member requested that the
information related to the execution of a single order, only a part of
which had been executed on the BSE with the remaining portion executed
at an away Trading Center, be reflected on a BSE Purchase & Sale
Blotter rather than having only the portion executed at the BSE
reflected on the BSE Purchase & Sale Blotter. In order to include the
information related to the portion of an order executed at the Trading
Center other than the BSE on a BSE Purchase & Sale Blotter, in other
words, in order to consolidate the transaction information on a single
report, the BSE performed the necessary back office operations on
behalf of the BSE Member so the transaction information, including the
information related to the portion of the order executed at an away
Trading Center, would appear on a BSE Purchase & Sale Blotter
reflecting the transaction information related to the execution of a
single order, part of which was executed on BeX and part of which was
executed at an away Trading Center. The fee would now be titled ``Non-
BeX executed trades'' and would appear on the BeX fee schedule. As
such, what had been known as the Floor Brokered non-BSE executions fee
on the BSE schedule will now appear on the BeX fee schedule as the Non-
BeX executed trades fee and will apply in the BeX environment.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the requirements of Section 6(b) of the Act,\5\ in general, and
furthers the objectives of Section 6(b)(4) of the Act,\6\ in
particular, in that it is designated to provide for the equitable
allocation of reasonable dues, fees and other charges among Exchange
members and issuers and other persons using Exchange facilities.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
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
The Exchange has neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change has been designated as a fee
change pursuant to Section 19(b)(3)(A)(ii) of the Act \7\ and Rule 19b-
4(f)(2) thereunder,\8\ because it establishes or changes a due, fee or
other charge imposed by the Exchange. Accordingly, the proposal will
take effect upon filing with the Commission.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A)(ii).
\8\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-BSE-2007-11 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 Number SR-BSE-2007-11. 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
[[Page 13149]]
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 also will be
available for inspection and copying at the principal office of the
BSE. 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-BSE-
2007-11 and should be submitted on or before April 10, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-4976 Filed 3-19-07; 8:45 am]
BILLING CODE 8010-01-P
