Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Certain Types of Orders on Ox, 15751-15752 [E7-5987]
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Federal Register / Vol. 72, No. 62 / Monday, April 2, 2007 / Notices
Shares, Currency Trust Shares, and
Commodity Trust Shares will not be
counted toward the NYSE’s total annual
fees cap of $500,000.
In addition, the annual fee charged for
ICUs, Currency Trust Shares,
Commodity Trust Shares and
streetTRACKS Gold Shares by the
Exchange is currently a flat amount.
Under the proposed rule change, this fee
will be tiered based on the number of
shares outstanding for each issue at the
end of the preceding calendar quarter
and will be billed on a quarterly basis.
The Commission has reviewed
carefully the proposed rule change and
finds that it is consistent with the
requirements of the Act and the rules
and regulations thereunder applicable to
a national securities exchange.4 In
particular, the Commission finds that
the proposed rule change is consistent
with Section 6(b)(4) of the Act,5 which
requires that the rules of the exchange
provide for the equitable allocation of
reasonable dues, fees, and other charges
among its members and issuers and
other persons using its facilities. The
Commission notes that, in part, the
proposed rule change merely reflects on
the Exchange’s fee schedule listing fees
that had previously been approved by
the Commission.6 In addition, the
Commission notes that it has approved
similar tiered annual fee structures.7
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,8 that the
proposed rule change (File No. SR–
NYSE–2007–01) be, and hereby is,
approved.
For the Commission, by the Division of
Market Regulation, pursuant delegated
authority.9
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–5983 Filed 3–30–07; 8:45 am]
hsrobinson on PROD1PC76 with NOTICES
approving this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
5 15 U.S.C. 78f(b)(4).
6 See, e.g., Securities Exchange Act Release Nos.
50603 (October 28, 2004), 69 FR 64614 (November
5, 2004) (SR–NYSE–2004–22) and 54020 (June 20,
2006), 71 FR 36579 (June 27, 2006) (SR–NYSE–
2006–35).
7 See, e.g., Securities Exchange Act Release Nos.
53059 (January 5, 2006), 71 FR 2072 (January 12,
2006) (SR–Amex–2005–128) and 54007 (June 16,
2006), 71 FR 36155 (June 23, 2006) (SR–PCX–2006–
16).
8 15 U.S.C. 78s(b)(2).
9 17 CFR 200.30–3(a)(12).
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18:39 Mar 30, 2007
Jkt 211001
[Release No. 34–55522; File No. SR–
NYSEArca–2007–26]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change Relating to Certain Types
of Orders on Ox
March 26, 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, NYSE Arca, Inc. (‘‘NYSE Arca’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been
substantially prepared by the Exchange.
The Exchange filed the proposed rule
change 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
NYSE Arca proposes to update and
amend its rules concerning order types
by incorporating the order type
definitions of NYSE Arca Rule 6.62A
into a revised NYSE Arca Rule 6.62. The
text of the proposed rule change is
available at the Exchange, the
Commission’s Public Reference Room,
and https://www.nysearca.com.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
BILLING CODE 8010–01–P
4 In
SECURITIES AND EXCHANGE
COMMISSION
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. NYSE
Arca has substantially prepared
summaries, set forth in Sections A, B,
and C below, of the most significant
aspects of such statements.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6).
2 17
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Sfmt 4703
15751
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of this filing is to
incorporate the order definitions
contained in NYSE Arca Rule 6.62A
into a revised NYSE Arca Rule 6.62.
Presently, Rule 6.62 defines certain
order types applicable under the PCX
Plus System, which is obsolete, while
Rule 6.62A defines certain order types
applicable under the current OX
Trading System. Many of these rules
overlap and actually apply to both
systems, while some portions are
obsolete. Revising the two rules will
eliminate obsolete references and
redundancies.
In September 2006, NYSE Arca
introduced the OX Trading System
(‘‘OX’’), a new automated options
trading platform. OX replaced the
Exchange’s legacy system, PCX Plus. In
conjunction with the introduction of
OX, the Exchange filed, and received
approval for, a new rule set applicable
to the new system.5 During the
introductory phase of OX, the Exchange
operated two trading systems, which
necessitated the need for two rule sets:
one pertaining to PCX Plus; and another
pertaining to OX. The Exchange has
now completed its rollout of OX. As
such, options issues no longer trade on
the PCX Plus at the Exchange, thereby
rendering the PCX Plus rule set
effectively duplicative and obsolete.6
Order types that are contained in Rule
6.62, designated as PCX Plus rules, may
also be applicable under the OX system.
Other order types that are presently
designated as PCX Plus rules, may also
be applicable in open outcry trading.
The Exchange proposes to combine all
order types from Rule 6.62 and Rule
6.62A into one rule. Revised Rule 6.62
will now contain all defined order types
for options that trade on NYSE Arca and
Rule 6.62A will be deleted in its
entirety. In rule text where either ‘‘PCX
Plus’’ or ‘‘OX’’ has been used, the
Exchange proposes to replace such
designation with ‘‘NYSE Arca’’ or
‘‘Exchange.’’ The Exchange also
proposes removing the ‘‘PCX Plus’’
designation from the title of Rule 6.62.
A more detailed description of proposed
5 See Securities Exchange Act Release No. 54238
(July 28, 2006), 71 FR 44758 (August 7, 2006) (SR–
NYSEArca–2006–13) (Order approving rules related
to the OX Trading System).
6 The Exchange anticipates submitting a
comprehensive clean-up rule filing in the near
future. At the request of the Commission staff, the
instant filing is targeted to eliminate confusion
regarding certain order types.
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02APN1
15752
Federal Register / Vol. 72, No. 62 / Monday, April 2, 2007 / Notices
changes is shown below. In addition to
these changes, minor technical
corrections, and new subsection
designations are shown in the proposed
rule text, accompanying this filing.
• Rule 6.62(b) will include text taken
from Rule 6.62A(b) related to
‘‘marketable’’ limit orders and will also
contain new subsection (1) defining
Inside Limit Orders. This definition is
presently Rule 6.62A(c).
• Rule 6.62(c) Contingency Orders.
This rule will also cover Working Order
types, presently defined in Rule
6.62A(e), including definitions for Stop
Orders and Stop Limit Orders.
• Rule 6.62(h) Combination Orders.
New subsection (1)–(2) will be added
defining Stock/option Orders and Single
Stock Future (‘‘SSF’’)/Option Order.
These definitions are presently
contained in subsection (j)(1)–(2).
• Rule 6.62(k)–(r) are taken from Rule
6.62A(d) and (f)–(k).
2. Statutory Basis
The Exchange believes that the
proposed rule change 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, because it is
designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
facilitating transactions in securities,
and to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
IV. Solicitation of Comments
The Exchange does not believe that
the proposed rule change would 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
hsrobinson on PROD1PC76 with NOTICES
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
8 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
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18:39 Mar 30, 2007
Jkt 211001
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
The Exchange has neither solicited
nor received written comments on the
proposed rule change.
7 15
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
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) permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange has satisfied the five-day prefiling requirement. In addition, the
Exchange has requested that the
Commission waive the 30-day preoperative delay and designate the
proposed rule change to become
operative upon filing. The Commission
believes that waiving the 30-day preoperative delay is consistent with the
protection of investors and the public
interest because it would allow the
Exchange to clarify and update its rules
concerning order types without delay.
Therefore, the Commission designates
the proposal to become effective and
operative upon filing.12
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.
• 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–NYSEArca–2007–26 on the
subject line.
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).
12 For purposes only of waiving the operative
delay of this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
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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–NYSEArca–2007–26. 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 NYSE Arca. 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–NYSEArca–2007–26 and
should be submitted on or before April
23, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.13
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–5987 Filed 3–30–07; 8:45 am]
BILLING CODE 8010–01–P
SMALL BUSINESS ADMINISTRATION
[License No. 09/79–0454]
Emergence Capital Partners SBIC,
L.P.; Notice Seeking Exemption Under
Section 312 of the Small Business
Investment Act, Conflicts of Interest
Notice is hereby given that Emergence
Capital Partners SBIC, L.P., 160 Bovet
Road, Suite 300, San Mateo, CA 94402,
a Federal Licensee under the Small
Business Investment Act of 1958, as
amended (‘‘the Act’’), in connection
13 17
E:\FR\FM\02APN1.SGM
CFR 200.30–3(a)(12).
02APN1
]]>Agencies
[Federal Register Volume 72, Number 62 (Monday, April 2, 2007)]
[Notices]
[Pages 15751-15752]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-5987]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55522; File No. SR-NYSEArca-2007-26]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change Relating to
Certain Types of Orders on Ox
March 26, 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, NYSE Arca, Inc. (``NYSE Arca'' or ``Exchange'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been substantially prepared by the Exchange. The Exchange filed
the proposed rule change 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
NYSE Arca proposes to update and amend its rules concerning order
types by incorporating the order type definitions of NYSE Arca Rule
6.62A into a revised NYSE Arca Rule 6.62. The text of the proposed rule
change is available at the Exchange, the Commission's Public Reference
Room, and https://www.nysearca.com.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change, and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. NYSE Arca has substantially 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 this filing is to incorporate the order definitions
contained in NYSE Arca Rule 6.62A into a revised NYSE Arca Rule 6.62.
Presently, Rule 6.62 defines certain order types applicable under the
PCX Plus System, which is obsolete, while Rule 6.62A defines certain
order types applicable under the current OX Trading System. Many of
these rules overlap and actually apply to both systems, while some
portions are obsolete. Revising the two rules will eliminate obsolete
references and redundancies.
In September 2006, NYSE Arca introduced the OX Trading System
(``OX''), a new automated options trading platform. OX replaced the
Exchange's legacy system, PCX Plus. In conjunction with the
introduction of OX, the Exchange filed, and received approval for, a
new rule set applicable to the new system.\5\ During the introductory
phase of OX, the Exchange operated two trading systems, which
necessitated the need for two rule sets: one pertaining to PCX Plus;
and another pertaining to OX. The Exchange has now completed its
rollout of OX. As such, options issues no longer trade on the PCX Plus
at the Exchange, thereby rendering the PCX Plus rule set effectively
duplicative and obsolete.\6\
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 54238 (July 28,
2006), 71 FR 44758 (August 7, 2006) (SR-NYSEArca-2006-13) (Order
approving rules related to the OX Trading System).
\6\ The Exchange anticipates submitting a comprehensive clean-up
rule filing in the near future. At the request of the Commission
staff, the instant filing is targeted to eliminate confusion
regarding certain order types.
---------------------------------------------------------------------------
Order types that are contained in Rule 6.62, designated as PCX Plus
rules, may also be applicable under the OX system. Other order types
that are presently designated as PCX Plus rules, may also be applicable
in open outcry trading. The Exchange proposes to combine all order
types from Rule 6.62 and Rule 6.62A into one rule. Revised Rule 6.62
will now contain all defined order types for options that trade on NYSE
Arca and Rule 6.62A will be deleted in its entirety. In rule text where
either ``PCX Plus'' or ``OX'' has been used, the Exchange proposes to
replace such designation with ``NYSE Arca'' or ``Exchange.'' The
Exchange also proposes removing the ``PCX Plus'' designation from the
title of Rule 6.62. A more detailed description of proposed
[[Page 15752]]
changes is shown below. In addition to these changes, minor technical
corrections, and new subsection designations are shown in the proposed
rule text, accompanying this filing.
Rule 6.62(b) will include text taken from Rule 6.62A(b)
related to ``marketable'' limit orders and will also contain new
subsection (1) defining Inside Limit Orders. This definition is
presently Rule 6.62A(c).
Rule 6.62(c) Contingency Orders. This rule will also cover
Working Order types, presently defined in Rule 6.62A(e), including
definitions for Stop Orders and Stop Limit Orders.
Rule 6.62(h) Combination Orders. New subsection (1)-(2)
will be added defining Stock/option Orders and Single Stock Future
(``SSF'')/Option Order. These definitions are presently contained in
subsection (j)(1)-(2).
Rule 6.62(k)-(r) are taken from Rule 6.62A(d) and (f)-(k).
2. Statutory Basis
The Exchange believes that the proposed rule change 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, because it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in facilitating
transactions in securities, and to remove impediments to and perfect
the mechanism of a free and open market and a national market system.
---------------------------------------------------------------------------
\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 would
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 written comments on
the proposed rule change.
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\
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\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
A proposed rule change filed under 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) permits the Commission to designate a
shorter time if such action is consistent with the protection of
investors and the public interest. The Exchange has satisfied the five-
day pre-filing requirement. In addition, the Exchange has requested
that the Commission waive the 30-day pre-operative delay and designate
the proposed rule change to become operative upon filing. The
Commission believes that waiving the 30-day pre-operative delay is
consistent with the protection of investors and the public interest
because it would allow the Exchange to clarify and update its rules
concerning order types without delay. Therefore, the Commission
designates the proposal to become effective and operative upon
filing.\12\
---------------------------------------------------------------------------
\11\ 17 CFR 240.19b-4(f)(6)(iii).
\12\ For purposes only of waiving the operative delay of 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-NYSEArca-2007-26 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-NYSEArca-2007-26.
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 NYSE Arca. 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-NYSEArca-2007-26 and should be submitted on or before
April 23, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------
\13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-5987 Filed 3-30-07; 8:45 am]
BILLING CODE 8010-01-P
