Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to the Dissemination of Currency Spot Values, 14636-14637 [E7-5638]
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14636
Federal Register / Vol. 72, No. 59 / Wednesday, March 28, 2007 / Notices
VII. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Exchange Act,56
that the proposed rule change (SR–
NYSE–2006–37), as amended, be, and it
hereby is, approved on an accelerated
basis.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.57
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–5610 Filed 3–27–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55513; File No. SR–Phlx–
2007–28]
Self-Regulatory Organizations;
Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change Relating to the Dissemination
of Currency Spot Values
March 22, 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 22,
2007, the Philadelphia Stock Exchange,
Inc. (‘‘Phlx’’ 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 prepared by the Exchange. The
Exchange filed the proposed rule change
as a ‘‘non-controversial’’ proposed rule
change pursuant to Section 19(b)(3)(A) 3
of the Act and Rule 19b–4(f)(6)
thereunder,4 which renders the proposal
effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
sroberts on PROD1PC70 with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Phlx proposes to disseminate a
modified spot rate for its U.S. dollarsettled foreign currency options
(‘‘FCOs’’). The text of the proposed rule
change is available on the Phlx’s Web
site (https://www.phlx.com), at the
principal office of Phlx, and at the
Commission’s Public Reference Room.
56 15
U.S.C. 78s(b)(2).
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).
4 17 CFR 240.19b–4(f)(6).
57 17
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17:09 Mar 27, 2007
Jkt 211001
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
The purpose of the proposed rule
change is to permit the Exchange to
disseminate over the facilities of the
Consolidated Tape Association a
modified spot rate for U.S. dollar-settled
FCOs on the British pound and the euro,
which the Exchange has listed since
January 8, 2007.5
The modified spot rate will be
calculated by the Exchange, based on
spot prices (bids and asks) it receives
from Thomson Financial LLC
(‘‘Thomson’’).6 For each currency, the
Exchange will determine the midpoint
between the bid and the ask and will
modify that rate by multiplying it by
100. For example, if 1.3200 U.S. dollars
buys 1 euro, a modifier of 100 would be
used so that the modified spot rate
would become 132.00. If 1.3358 U.S.
dollars buys 1 euro, the modified spot
rate, using the same 100 modifier,
would become 133.58. This proposed
rule change is merely for purposes of
dissemination of the modified spot rate
over the facilities of the Consolidated
Tape Association and does not amend
or affect the Exchange’s existing rules
governing U.S. dollar-settled FCOs.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
5 See Securities Exchange Act Release No. 54989
(December 21, 2006), 71 FR 78506 (December 29,
2006) (approving File No. SR-Phlx-2006–34).
6 Currently, the Thomson spot prices are based on
the bid/ask prices supplied to its agent Tenfore
System Ltd. (‘‘Tenfore’’) by contributors reporting to
Tenfore. Tenfore contributors comprise 19 different
banks, brokers and FX real time dealing portals.
Contributors provide bid/ask prices to Tenfore
which, in turn, forwards them to Thomson upon
receipt. Thomson forwards those bid/ask prices to
Phlx upon receipt from Tenfore. At any given time
the Thomson spot rate consists of the most current
bid/ask prices provided by any contributor to
Tenfore and forwarded by Tenfore to Thomson.
PO 00000
Frm 00122
Fmt 4703
Sfmt 4703
of the Act 7 in general, and furthers the
objectives of Section 6(b)(5) of the Act 8
in particular, in that it is 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, by
providing investors in U.S. dollarsettled FCOs the ability to more easily
track the value of the underlying
currencies in the spot market and
therefore make informed trading
decisions.
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
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change
does not: (i) Significantly affect the
protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days after the date of
filing (or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest), the proposed rule
change has become effective pursuant to
Section 19(b)(3)(A) of the Act 9 and
subparagraph (f)(6) of Rule 19b–4
thereunder.10
A proposed rule change filed under
Rule 19b–4(f)(6) normally may not
become operative prior to 30 days after
the date of filing.11 However, Rule 19b–
4(f)(6)(iii) 12 permits the Commission to
designate a shorter time if such action
is consistent with the protection of
7 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
9 15 U.S.C. 78s(b)(3)(A).
10 17 CFR 240.19b–4(f)(6).
11 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule
19b–4(f)(6)(iii) requires that a self-regulatory
organization submit to the Commission written
notice of its intent to file the proposed rule change,
along with a brief description and text of the
proposed rule change, at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. Phlx has satisfied the five-day prefiling requirement.
12 Id.
8 15
E:\FR\FM\28MRN1.SGM
28MRN1
Federal Register / Vol. 72, No. 59 / Wednesday, March 28, 2007 / Notices
investors and the public interest. Phlx
has requested that the Commission
waive the 30-day operative delay. The
Commission believes that waiving the
30-day operative delay is consistent
with the protection of investors and the
public interest because such waiver
would permit the Exchange to
immediately begin disseminating a
modified spot rate, which would give
investors another means to track the
value of the currencies underlying the
FCOs. For these reasons, the
Commission designates the proposal to
be operative upon filing with the
Commission.13
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 the 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:
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 SR–Phlx–2007–28 on the
subject line.
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 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–2007–28 and should
be submitted on or before April 18,
2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.14
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–5638 Filed 3–27–07; 8:45 am]
BILLING CODE 8010–01–P
DEPARTMENT OF STATE
[Public Notice 5732]
Culturally Significant Object Imported
for Exhibition; Determinations:
‘‘Poussin and Nature’’
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
Paper Comments
March 27, 1978, the Foreign Affairs
• Send paper comments in triplicate
Reform and Restructuring Act of 1998
to Nancy M. Morris, Secretary,
(112 Stat. 2681, et seq.; 22 U.S.C. 6501
Securities and Exchange Commission,
note, et seq.), Delegation of Authority
100 F Street, NE., Washington, DC
No. 234 of October 1, 1999, Delegation
20549–1090.
of Authority No. 236 of October 19,
All submissions should refer to File
1999, as amended, and Delegation of
Number SR–Phlx–2007–28. This file
Authority No. 257 of April 15, 2003 [68
number should be included on the
FR 19875], I hereby determine that the
subject line if e-mail is used. To help the object, Nicolas Pouissin’s Landscape
Commission process and review your
with Saint Francis, to be included in the
comments more efficiently, please use
exhibition ‘‘Poussin and Nature’’,
only one method. The Commission will imported from abroad for temporary
post all comments on the Commission’s exhibition within the United States, is
Internet Web site (https://www.sec.gov/
of cultural significance. The object is
rules/sro.shtml). Copies of the
imported pursuant to a loan agreement
submission, all subsequent
with the foreign owner or custodian. I
amendments, all written statements
also determine that the exhibition or
with respect to the proposed rule
display of the exhibit object at The
change that are filed with the
Metropolitan Museum of Art, New York,
New York, from on or about February
13 For purposes only of waiving the operative
12, 2008, until on or about May 11,
delay for this proposal, the Commission has
2008, and at possible additional venues
considered the proposed rule’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
VerDate Aug<31>2005
17:09 Mar 27, 2007
Jkt 211001
14 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00123
Fmt 4703
Sfmt 4703
14637
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 Contact: For
further information, including a list of
the exhibit object, 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.
Dated: March 22, 2007.
C. Miller Crouch,
Principal Deputy Assistant Secretary for
Educational and Cultural Affairs, Department
of State.
[FR Doc. E7–5684 Filed 3–27–07; 8:45 am]
BILLING CODE 4710–05–P
DEPARTMENT OF STATE
[Public Notice 5731]
Paul Simon Water for the Poor Act
2005: Comment Submission on 2006
Report
The U.S. Department of State’s Bureau
of Oceans and International
Environmental and Scientific Affairs is
inviting interested groups and
individuals to submit comments on the
2006 Report to Congress mandated by
the ‘‘Paul Simon Water for the Poor Act
of 2005’’. (The Report can be viewed or
downloaded at https://www.state.gov/g/
oes/water.) These comments, as part of
the State Department’s continuing
outreach to the greater community of
water stakeholders, will be incorporated
into our evaluation of last year’s report
and will help build the base of our
thinking on the 2007 report.
The Paul Simon Water for the Poor
Act of 2005 (HR 1973/PL–109–121)
requires the Department of State with
the U.S. Agency for International
Development to develop and implement
a strategy to further U.S. foreign
assistance objectives to provide
affordable and equitable access to safe
water and sanitation in developing
countries. The Act directs that the
strategy be developed in consultation
with ‘‘other appropriate Federal
departments and agencies, international
organizations, international financial
institutions, recipient governments,
United States and international
nongovernmental organizations,
indigenous civil society and other
appropriate entities.’’
Interested parties are invited to
submit their written comments to Mr.
Douglas McPherson, U.S. Department of
State, OES/PCI Room 2726, 2201 C
E:\FR\FM\28MRN1.SGM
28MRN1
]]>Agencies
[Federal Register Volume 72, Number 59 (Wednesday, March 28, 2007)]
[Notices]
[Pages 14636-14637]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-5638]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55513; File No. SR-Phlx-2007-28]
Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
Relating to the Dissemination of Currency Spot Values
March 22, 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 22, 2007, the Philadelphia Stock Exchange, Inc. (``Phlx'' 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 prepared by the Exchange. The Exchange
filed the proposed rule change as a ``non-controversial'' proposed rule
change pursuant to Section 19(b)(3)(A) \3\ of the Act and Rule 19b-
4(f)(6) thereunder,\4\ which renders the proposal effective upon filing
with the Commission. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Phlx proposes to disseminate a modified spot rate for its U.S.
dollar-settled foreign currency options (``FCOs''). The text of the
proposed rule change is available on the Phlx's Web site (https://
www.phlx.com), at the principal office of Phlx, 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
The purpose of the proposed rule change is to permit the Exchange
to disseminate over the facilities of the Consolidated Tape Association
a modified spot rate for U.S. dollar-settled FCOs on the British pound
and the euro, which the Exchange has listed since January 8, 2007.\5\
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 54989 (December 21,
2006), 71 FR 78506 (December 29, 2006) (approving File No. SR-Phlx-
2006-34).
---------------------------------------------------------------------------
The modified spot rate will be calculated by the Exchange, based on
spot prices (bids and asks) it receives from Thomson Financial LLC
(``Thomson'').\6\ For each currency, the Exchange will determine the
midpoint between the bid and the ask and will modify that rate by
multiplying it by 100. For example, if 1.3200 U.S. dollars buys 1 euro,
a modifier of 100 would be used so that the modified spot rate would
become 132.00. If 1.3358 U.S. dollars buys 1 euro, the modified spot
rate, using the same 100 modifier, would become 133.58. This proposed
rule change is merely for purposes of dissemination of the modified
spot rate over the facilities of the Consolidated Tape Association and
does not amend or affect the Exchange's existing rules governing U.S.
dollar-settled FCOs.
---------------------------------------------------------------------------
\6\ Currently, the Thomson spot prices are based on the bid/ask
prices supplied to its agent Tenfore System Ltd. (``Tenfore'') by
contributors reporting to Tenfore. Tenfore contributors comprise 19
different banks, brokers and FX real time dealing portals.
Contributors provide bid/ask prices to Tenfore which, in turn,
forwards them to Thomson upon receipt. Thomson forwards those bid/
ask prices to Phlx upon receipt from Tenfore. At any given time the
Thomson spot rate consists of the most current bid/ask prices
provided by any contributor to Tenfore and forwarded by Tenfore to
Thomson.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \7\ in general, and furthers the objectives of Section
6(b)(5) of the Act \8\ in particular, in that it is 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,
by providing investors in U.S. dollar-settled FCOs the ability to more
easily track the value of the underlying currencies in the spot market
and therefore make informed trading decisions.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change does not: (i) Significantly affect
the protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative for 30
days after the date of filing (or such shorter time as the Commission
may designate if consistent with the protection of investors and the
public interest), the proposed rule change has become effective
pursuant to Section 19(b)(3)(A) of the Act \9\ and subparagraph (f)(6)
of Rule 19b-4 thereunder.\10\
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) normally may
not become operative prior to 30 days after the date of filing.\11\
However, Rule 19b-4(f)(6)(iii) \12\ permits the Commission to designate
a shorter time if such action is consistent with the protection of
[[Page 14637]]
investors and the public interest. Phlx has requested that the
Commission waive the 30-day operative delay. The Commission believes
that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest because such waiver
would permit the Exchange to immediately begin disseminating a modified
spot rate, which would give investors another means to track the value
of the currencies underlying the FCOs. For these reasons, the
Commission designates the proposal to be operative upon filing with the
Commission.\13\
---------------------------------------------------------------------------
\11\ 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule 19b-
4(f)(6)(iii) requires that a self-regulatory organization submit to
the Commission written notice of its intent to file the proposed
rule change, along with a brief description and text of the proposed
rule change, at least five business days prior to the date of filing
of the proposed rule change, or such shorter time as designated by
the Commission. Phlx has satisfied the five-day pre-filing
requirement.
\12\ Id.
\13\ For purposes only of waiving the operative delay for this
proposal, the Commission has considered the proposed rule's impact
on efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in the 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-Phlx-2007-28 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-Phlx-2007-28. 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 also will be available for inspection and copying at the
principal office of 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-2007-28 and should be submitted on or before April 18, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\14\
---------------------------------------------------------------------------
\14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-5638 Filed 3-27-07; 8:45 am]
BILLING CODE 8010-01-P
