Self-Regulatory Organizations; American Stock Exchange LLC and Chicago Board Options Exchange, Incorporated: Notice of Filing and Order Granting Accelerated Approval to Proposed Rule Changes; Boston Stock Exchange, Inc.; International Securities Exchange, LLC; NYSE Arca, Inc.; and Philadelphia Stock Exchange, Inc.: Notice of Filing and Order Granting Accelerated Approval to a Proposed Rule Change, as Amended, Relating to Linkage Orders, 15731-15732 [E7-5967]

Download as PDF Federal Register / Vol. 72, No. 62 / Monday, April 2, 2007 / Notices that the amended plan is necessary or appropriate in the public interest and for the protection of investors, to foster cooperation and coordination among self-regulatory organizations, and to remove impediments to and foster the development of a national market system. In particular, the Commission continues to believe that the plan is an achievement in cooperation among the SRO participants, and that the plan will reduce unnecessary regulatory duplication by allocating to the designated SRO the responsibility for certain options-related sales practice matters that would otherwise be performed by multiple SROs. The plan promotes efficiency by reducing costs to firms that are members of more than one of the SRO participants. In addition, because the SRO participants coordinate their regulatory functions in accordance with the plan, the plan promotes, and will continue to promote, investor protection. V. Conclusion This order gives effect to the amended plan submitted to the Commission that is contained in File No. S7–966. The SRO participants shall notify all members affected by the amended plan of their rights and obligations under the amended plan. It is therefore ordered, pursuant to Sections 17(d) 16 of the Act, that the amended plan of the Amex, BSE, CBOE, ISE, NASD, NYSE, NYSE Arca, and Phlx filed pursuant to Rule 17d–2 17 is approved. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.18 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–5981 Filed 3–30–07; 8:45 am] hsrobinson on PROD1PC76 with NOTICES BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–55539; File Nos. SR–Amex– 2007–21; SR–BSE–2007–07; SR–CBOE– 2007–13; SR–ISE–2007–12; SR–NYSEArca– 2007–28; SR–Phlx–2007–21] Self-Regulatory Organizations; American Stock Exchange LLC and Chicago Board Options Exchange, Incorporated: Notice of Filing and Order Granting Accelerated Approval to Proposed Rule Changes; Boston Stock Exchange, Inc.; International Securities Exchange, LLC; NYSE Arca, Inc.; and Philadelphia Stock Exchange, Inc.: Notice of Filing and Order Granting Accelerated Approval to a Proposed Rule Change, as Amended, Relating to Linkage Orders March 27, 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 16, 2007, February 20, 2007, February 13, 2007, February 6, 2007, March 14, 2007, and March 14, 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’’), NYSE Arca, Inc. (‘‘NYSE Arca’’), and the Philadelphia Stock Exchange, Inc. (‘‘Phlx’’) (each, an ‘‘Exchange’’ and, collectively, the ‘‘Exchanges’’), respectively, filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule changes as described in Items I and II below. On March 12, 2007, March 13, 2007, March 19, 2007, and March 20, 2007, BSE, ISE, NYSE Arca, and Phlx, respectively, filed Amendment No. 1 to their proposed rule changes.3 On March 21, 2007, Phlx filed Amendment No. 2 to its proposed rule change.4 The Commission is publishing this notice to solicit comments on the proposed rule changes, as amended, from interested persons and is approving the proposed rule changes, as amended, on an accelerated basis. I. Self-Regulatory Organizations’ Statement of the Terms of Substance of the Proposed Rule Changes The Exchanges propose to amend their respective rules pertaining to the Intermarket Options Linkage 1 15 U.S.C. 78s(b)(l). CFR 240. 19b–4. 3 Amendment No. 1 effected technical corrections to the proposed rule texts. 4 Amendment No. 2 effected a technical correction to the proposed rule text. 2 17 16 15 U.S.C. 78q(d). CFR 240.17d–2. 18 17 CFR 200.30–3(a)(34). 17 17 VerDate Aug<31>2005 18:39 Mar 30, 2007 Jkt 211001 PO 00000 Frm 00088 Fmt 4703 Sfmt 4703 15731 (‘‘Linkage’’) to conform such rules to Joint Amendment No. 22 5 of the Plan for the Purpose of Creating and Operating an Intermarket Option Linkage (‘‘Linkage Plan’’).6 The text of the proposed rule changes are available at the Exchanges’ Web sites,7 the Exchanges’ principal offices, and at the Commission’s Public Reference Room. II. Self-Regulatory Organizations’ Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Changes In its filing with the Commission, each Exchange included statements concerning the purpose of, and basis for, its 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 III below. The Exchanges have prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organizations’ Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Changes 1. Purpose The Exchanges propose to reduce certain ‘‘turn-around’’ times in the Linkage to 5 seconds. Specifically, if a member 8 of an Exchange does not receive a response to its Linkage Order 9 within 5 seconds, that member would be able to reject any response purporting to be an execution received thereafter. The member would also be able to trade 5 See Securities Exchange Act Release No. 55436 (March 8, 2007), 72 FR 12639 (March, 16, 2007) (File No. 4–429). 6 On July 28, 2000, the Commission approved a national market system plan for the purpose of creating and operating the 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). 7 See https://www.amex.com, https:// www.bostonstock.com, https://www.cboe.com, https://www.iseoptions.com, https://www.nyse.com, and https://www.phlx.com. 8 The term ‘‘member,’’ as used herein, includes NYSE Arca OTP Holders and OTP Firms and Boston Options Exchange (‘‘BOX’’) Options Participants. See NYSE Arca Rules 1.1(q) and 1.1(r) and Chapter I, Sec. 1(a)(40) of BOX Rules, respectively. 9 See Section 2(16) of the Linkage Plan. For the purposes of these proposed rule changes only, references to ‘‘Linkage Orders’’ herein pertain to Principal Acting as Agent (‘‘P/A’’) Orders and Principal Orders. See Section 2(16)(a) and (b) of the Linkage Plan, respectively, for definitions of ‘‘P/A Order’’ and ‘‘Principal Order.’’ E:\FR\FM\02APN1.SGM 02APN1 15732 Federal Register / Vol. 72, No. 62 / Monday, April 2, 2007 / Notices through the Exchange that failed to respond within 5 seconds. Similarly, if a member of one Exchange responds to a Linkage Order more than 5 seconds after receiving that order, and the Exchange that sent the Linkage Order cancels such response, the member would be required to cancel any purported trade resulting from that order. The Exchanges state that, as they have become more automated, experience with Linkage indicates that reducing the turn-around time to 5 seconds is expected to facilitate speedy executions of orders while not adversely affecting the ability of members to make markets on their Exchanges. The Exchanges submitted the proposed rule changes in conjunction with Joint Amendment No. 22 to the Linkage Plan.10 2. Statutory Basis The Exchanges believe the proposed rule changes are consistent with the Act and the rules and regulations under the Act applicable to national securities exchanges and, in particular, the requirements of Section 6(b) of the Act.11 Specifically, the Exchanges believe the proposed rule changes are consistent with the requirements of Section 6(b)(5) of the Act 12 that the rules of an exchange be designed to prevent fraudulent and manipulative acts, 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. B. Self-Regulatory Organizations’ Statement on Burden on Competition The Exchanges believe that the proposed rule changes would impose no burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organizations’ Statement on Comments on the Proposed Rule Changes Received From Members, Participants or Others The Exchanges have neither solicited nor received comments on these proposals. hsrobinson on PROD1PC76 with NOTICES III. Solicitation of Comments Interested persons are invited to submit written data, views, and 10 10 Joint Amendment No. 22 to the Linkage Plan became summarily effective for a period not to exceed 120 days on March 8, 2007. See supra note 5. 11 11 15 U.S.C. 78f(b). 12 2 15 U.S.C. 78f(b)(5). VerDate Aug<31>2005 19:21 Mar 30, 2007 Jkt 211001 arguments concerning the foregoing, including whether the proposed rule changes are 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 Numbers SR–Amex–2007–21; SR–BSE– 2007–07; SR–CBOE–2007–13; SR–ISE– 2007–12; SR–NYSEArca–2007–28; SR– Phlx–2007–21 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 Numbers SR–Amex–2007–21; SR–BSE– 2007–07; SR–CBOE–2007–13; SR–ISE– 2007–12; SR–NYSEArca–2007–28; SR– Phlx–2007–21. These file numbers 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 submissions, all subsequent amendments, all written statements with respect to the proposed rule changes that are filed with the Commission, and all written communications relating to the proposed rule changes 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 the filings also will be available for inspection and copying at the principal offices of the Exchanges. 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 Numbers SR–Amex–2007–21; SR–BSE– 2007–07; SR–CBOE–2007–13; SR–ISE– 2007–12; SR–NYSEArca–2007–28; SR– Phlx–2007–21 and should be submitted on or before April 23, 2007. PO 00000 Frm 00089 Fmt 4703 Sfmt 4703 IV. Commission’s Findings and Order Granting Accelerated Approval of Proposed Rule Changes After careful consideration, the Commission finds that the proposed rule changes, as amended, are consistent with the requirements of the Act and the rules and regulations thereunder, applicable to national securities exchanges.13 In particular, the Commission finds that the proposals are consistent with the provisions of Section 6(b)(5) of the Act 14 in that they are designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and in general, to protect investors and the public interest. The Commission believes that reducing the time required by an Exchange to respond to a Linkage Order and reducing the amount of time a member sending a Linkage Order must wait before trading through a nonresponsive Exchange should facilitate the more timely execution of orders across the Exchanges. The Commission also finds good cause, pursuant to Section 19(b)(2) of the Act 15 for approving the proposal prior to the thirtieth day after the date of publication of the notice of the filing thereof in the Federal Register. Granting accelerated approval would facilitate the implementation of these changes in conjunction with the Joint Amendment No. 22 to the Linkage Plan.16 V. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act, that the proposed rule changes (SR–Amex– 2007–21 and SR–CBOE–2007–13) and proposed rule changes (SR–BSE–2007– 07; SR–ISE–2007–12; SR–NYSEArca– 2007–28; and SR–Phlx–2007–21), as amended, are hereby approved on an accelerated basis. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.17 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–5967 Filed 3–30–07; 8:45 am] BILLING CODE 8010–01–P 13 In approving this proposal, the Commission has considered its impact on efficiency, competition, and capital formation. See U.S.C. 78c(f). 14 15 U.S.C. 78f(b)(5). 15 15 U.S.C. 78s(b)(2). 16 See supra note 10. 17 17 CFR 200.30–3(a)(12). E:\FR\FM\02APN1.SGM 02APN1

Agencies

[Federal Register Volume 72, Number 62 (Monday, April 2, 2007)]
[Notices]
[Pages 15731-15732]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-5967]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55539; File Nos. SR-Amex-2007-21; SR-BSE-2007-07; SR-
CBOE-2007-13; SR-ISE-2007-12; SR-NYSEArca-2007-28; SR-Phlx-2007-21]


Self-Regulatory Organizations; American Stock Exchange LLC and 
Chicago Board Options Exchange, Incorporated: Notice of Filing and 
Order Granting Accelerated Approval to Proposed Rule Changes; Boston 
Stock Exchange, Inc.; International Securities Exchange, LLC; NYSE 
Arca, Inc.; and Philadelphia Stock Exchange, Inc.: Notice of Filing and 
Order Granting Accelerated Approval to a Proposed Rule Change, as 
Amended, Relating to Linkage Orders

 March 27, 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 16, 2007, February 20, 2007, February 13, 2007, February 6, 
2007, March 14, 2007, and March 14, 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''), NYSE Arca, Inc. (``NYSE Arca''), 
and the Philadelphia Stock Exchange, Inc. (``Phlx'') (each, an 
``Exchange'' and, collectively, the ``Exchanges''), respectively, filed 
with the Securities and Exchange Commission (``Commission'') the 
proposed rule changes as described in Items I and II below. On March 
12, 2007, March 13, 2007, March 19, 2007, and March 20, 2007, BSE, ISE, 
NYSE Arca, and Phlx, respectively, filed Amendment No. 1 to their 
proposed rule changes.\3\ On March 21, 2007, Phlx filed Amendment No. 2 
to its proposed rule change.\4\ The Commission is publishing this 
notice to solicit comments on the proposed rule changes, as amended, 
from interested persons and is approving the proposed rule changes, as 
amended, on an accelerated basis.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(l).
    \2\ 17 CFR 240. 19b-4.
    \3\ Amendment No. 1 effected technical corrections to the 
proposed rule texts.
    \4\ Amendment No. 2 effected a technical correction to the 
proposed rule text.
---------------------------------------------------------------------------

I. Self-Regulatory Organizations' Statement of the Terms of Substance 
of the Proposed Rule Changes

    The Exchanges propose to amend their respective rules pertaining to 
the Intermarket Options Linkage (``Linkage'') to conform such rules to 
Joint Amendment No. 22 \5\ of the Plan for the Purpose of Creating and 
Operating an Intermarket Option Linkage (``Linkage Plan'').\6\ The text 
of the proposed rule changes are available at the Exchanges' Web 
sites,\7\ the Exchanges' principal offices, and at the Commission's 
Public Reference Room.
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 55436 (March 8, 
2007), 72 FR 12639 (March, 16, 2007) (File No. 4-429).
    \6\ On July 28, 2000, the Commission approved a national market 
system plan for the purpose of creating and operating the 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).
    \7\ See https://www.amex.com, https://www.bostonstock.com, https://
www.cboe.com, https://www.iseoptions.com, https://www.nyse.com, and 
https://www.phlx.com.
---------------------------------------------------------------------------

II. Self-Regulatory Organizations' Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Changes

    In its filing with the Commission, each Exchange included 
statements concerning the purpose of, and basis for, its 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 III below. The Exchanges have prepared summaries, set 
forth in Sections A, B, and C below, of the most significant aspects of 
such statements.

A. Self-Regulatory Organizations' Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Changes

1. Purpose
    The Exchanges propose to reduce certain ``turn-around'' times in 
the Linkage to 5 seconds. Specifically, if a member \8\ of an Exchange 
does not receive a response to its Linkage Order \9\ within 5 seconds, 
that member would be able to reject any response purporting to be an 
execution received thereafter. The member would also be able to trade

[[Page 15732]]

through the Exchange that failed to respond within 5 seconds. 
Similarly, if a member of one Exchange responds to a Linkage Order more 
than 5 seconds after receiving that order, and the Exchange that sent 
the Linkage Order cancels such response, the member would be required 
to cancel any purported trade resulting from that order. The Exchanges 
state that, as they have become more automated, experience with Linkage 
indicates that reducing the turn-around time to 5 seconds is expected 
to facilitate speedy executions of orders while not adversely affecting 
the ability of members to make markets on their Exchanges. The 
Exchanges submitted the proposed rule changes in conjunction with Joint 
Amendment No. 22 to the Linkage Plan.\10\
---------------------------------------------------------------------------

    \8\ The term ``member,'' as used herein, includes NYSE Arca OTP 
Holders and OTP Firms and Boston Options Exchange (``BOX'') Options 
Participants. See NYSE Arca Rules 1.1(q) and 1.1(r) and Chapter I, 
Sec. 1(a)(40) of BOX Rules, respectively.
    \9\ See Section 2(16) of the Linkage Plan. For the purposes of 
these proposed rule changes only, references to ``Linkage Orders'' 
herein pertain to Principal Acting as Agent (``P/A'') Orders and 
Principal Orders. See Section 2(16)(a) and (b) of the Linkage Plan, 
respectively, for definitions of ``P/A Order'' and ``Principal 
Order.''
    \10\ 10 Joint Amendment No. 22 to the Linkage Plan became 
summarily effective for a period not to exceed 120 days on March 8, 
2007. See supra note 5.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchanges believe the proposed rule changes are consistent with 
the Act and the rules and regulations under the Act applicable to 
national securities exchanges and, in particular, the requirements of 
Section 6(b) of the Act.\11\ Specifically, the Exchanges believe the 
proposed rule changes are consistent with the requirements of Section 
6(b)(5) of the Act \12\ that the rules of an exchange be designed to 
prevent fraudulent and manipulative acts, 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.
---------------------------------------------------------------------------

    \11\ 11 15 U.S.C. 78f(b).
    \12\ 2 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

B. Self-Regulatory Organizations' Statement on Burden on Competition

    The Exchanges believe that the proposed rule changes would impose 
no burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act.

C. Self-Regulatory Organizations' Statement on Comments on the Proposed 
Rule Changes Received From Members, Participants or Others

    The Exchanges have neither solicited nor received comments on these 
proposals.

III. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
changes are 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 Numbers SR-Amex-2007-21; SR-BSE-2007-07; SR-CBOE-2007-13; SR-ISE-
2007-12; SR-NYSEArca-2007-28; SR-Phlx-2007-21 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 Numbers SR-Amex-2007-21; SR-
BSE-2007-07; SR-CBOE-2007-13; SR-ISE-2007-12; SR-NYSEArca-2007-28; SR-
Phlx-2007-21. These file numbers 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 submissions, all subsequent 
amendments, all written statements with respect to the proposed rule 
changes that are filed with the Commission, and all written 
communications relating to the proposed rule changes 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 the filings also will be available for 
inspection and copying at the principal offices of the Exchanges. 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 Numbers SR-Amex-2007-21; SR-BSE-2007-
07; SR-CBOE-2007-13; SR-ISE-2007-12; SR-NYSEArca-2007-28; SR-Phlx-2007-
21 and should be submitted on or before April 23, 2007.

IV. Commission's Findings and Order Granting Accelerated Approval of 
Proposed Rule Changes

    After careful consideration, the Commission finds that the proposed 
rule changes, as amended, are consistent with the requirements of the 
Act and the rules and regulations thereunder, applicable to national 
securities exchanges.\13\ In particular, the Commission finds that the 
proposals are consistent with the provisions of Section 6(b)(5) of the 
Act \14\ in that they are designed to promote just and equitable 
principles of trade, to remove impediments to and perfect the mechanism 
of a free and open market and a national market system, and in general, 
to protect investors and the public interest. The Commission believes 
that reducing the time required by an Exchange to respond to a Linkage 
Order and reducing the amount of time a member sending a Linkage Order 
must wait before trading through a nonresponsive Exchange should 
facilitate the more timely execution of orders across the Exchanges.
---------------------------------------------------------------------------

    \13\ In approving this proposal, the Commission has considered 
its impact on efficiency, competition, and capital formation. See 
U.S.C. 78c(f).
    \14\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Commission also finds good cause, pursuant to Section 19(b)(2) 
of the Act \15\ for approving the proposal prior to the thirtieth day 
after the date of publication of the notice of the filing thereof in 
the Federal Register. Granting accelerated approval would facilitate 
the implementation of these changes in conjunction with the Joint 
Amendment No. 22 to the Linkage Plan.\16\
---------------------------------------------------------------------------

    \15\ 15 U.S.C. 78s(b)(2).
    \16\ See supra note 10.
---------------------------------------------------------------------------

V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the Act, 
that the proposed rule changes (SR-Amex-2007-21 and SR-CBOE-2007-13) 
and proposed rule changes (SR-BSE-2007-07; SR-ISE-2007-12; SR-NYSEArca-
2007-28; and SR-Phlx-2007-21), as amended, are hereby approved on an 
accelerated basis.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\17\
---------------------------------------------------------------------------

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

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-5967 Filed 3-30-07; 8:45 am]
BILLING CODE 8010-01-P
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