Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Exchange's Automated Opening System, 16846-16848 [E7-6378]
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16846
Federal Register / Vol. 72, No. 65 / Thursday, April 5, 2007 / Notices
by the language set forth above. The
Exchange’s outbound routing facility
sends outbound orders to an away
market broker for execution on an away
market. Any covered sale type-fee
assessed by an away market and
incurred by the away market broker is
then passed back to Phlx for payment,
through the Exchange’s outbound
routing facility. This proposal inserts
language to reflect that sale transactions
may be routed over the Exchange’s
routing facility. Also, the proposed
language reflects that the Covered Sale
fee may be collected by the Exchange for
these transactions to help the Exchange
recover the amounts paid to other
exchanges.
Additionally, the Exchange proposes
to delete the reference to transactions
routed over the NMS Linkage Plan, as it
is no longer applicable. As discussed
above, the Exchange has contracted with
its outbound routing facility to route the
Exchange’s outbound orders. Thus,
these orders are no longer routed
outbound through the NMS Linkage
Plan. Deleting the language relating to
outbound routing over the NMS Linkage
Plan will update Phlx Rule 607 and the
XLE Fee Schedule to reflect the
Exchange’s current outbound routing
practices. The provisions of Phlx Rule
607 pertaining to arrangements with
other exchanges remain unchanged
because the Exchange accepts orders
routed inbound through the NMS
Linkage Plan.
2. Statutory Basis
The Exchange believes that its
proposal to amend its schedule of fees
is consistent with Section 6(b) of the
Act 8 in general, and furthers the
objectives of Section 6(b)(4) of the Act 9
in particular, in that it is an equitable
allocation of reasonable fees and other
charges among Exchange members.
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.
jlentini on PROD1PC65 with NOTICES
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 by the Exchange.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act 10 and
paragraph (f)(2) of Rule 19b–4 11
thereunder because it establishes a due,
fee, or other charge applicable only to a
member. 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–Phlx–2007–23 on the
subject line.
Room. Copies of the filing also will be
available for inspection and copying at
the principal office of the 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-2007–23 and should
be submitted on or before April 26,
2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.12
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–6375 Filed 4–4–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55558; File No. SR–Phlx–
2007–25]
Self-Regulatory Organizations;
Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to the Exchange’s
Automated Opening System
March 29, 2007.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
Paper Comments
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
• Send paper comments in triplicate
notice is hereby given that on March 20,
to Nancy M. Morris, Secretary,
2007, the Philadelphia Stock Exchange,
Securities and Exchange Commission,
Inc. (‘‘Phlx’’ or ‘‘Exchange’’) filed with
100 F Street, NE., Washington, DC
the Securities and Exchange
20549–1090.
Commission (‘‘Commission’’) the
All submissions should refer to File
proposed rule change as described in
Number SR–Phlx–2007–23. This file
Items I, II, and III below, which Items
number should be included on the
have been substantially prepared by the
subject line if e-mail is used. To help the
Phlx. The Phlx has filed the proposed
Commission process and review your
rule change as one effecting a change in
comments more efficiently, please use
an existing order-entry or trading system
only one method. The Commission will
of a self-regulatory organization
post all comments on the Commission’s
pursuant to Section 19(b)(3)(A)(ii) of the
Internet Web site (https://www.sec.gov/
Act 3 and Rule 19b–4(f)(5) thereunder,4
rules/sro.shtml). Copies of the
which renders the proposal effective
submission, all subsequent
upon filing with the Commission. The
amendments, all written statements
Commission is publishing this notice to
with respect to the proposed rule
solicit comments on the proposed rule
change that are filed with the
change from interested persons.
Commission, and all written
I. Self-Regulatory Organization’s
communications relating to the
Statement of the Terms of Substance of
proposed rule change between the
Commission and any person, other than the Proposed Rule Change
those that may be withheld from the
The Phlx proposes to amend
public in accordance with the
Exchange Rule 1017, Openings in
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
12 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
the Commission’s Public Reference
2 17
8 15
U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(4).
VerDate Aug<31>2005
17:37 Apr 04, 2007
10 15
U.S.C. 78s(b)(3)(A)(ii).
11 17 CFR 240.19b–4(f)(2).
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CFR 240.19b–4.
U.S.C. 78s(b)(3)(A)(ii).
4 17 CFR 240.19b–4(f)(5).
3 15
E:\FR\FM\05APN1.SGM
05APN1
Federal Register / Vol. 72, No. 65 / Thursday, April 5, 2007 / Notices
Options, to provide for a delay in the
automated opening of an option series
for up to five seconds when the
conditions for opening the option series
have been satisfied, and following: (1)
Respecting equity options, the
dissemination of an opening quote or
trade in the primary market for the
underlying security; or (2) respecting
index options, following the
dissemination of a quote or trade by the
primary markets for underlying
securities constituting 100% of the
index value. The text of the proposed
rule change is available at Phlx, the
Commission’s Public Reference Room,
and www.Phlx.com/exchange/phlx-rulefil.html.
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
Phlx 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 Phlx 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
jlentini on PROD1PC65 with NOTICES
The purpose of the proposed rule
change is to help Exchange specialists,
Streaming Quote Traders (‘‘SQTs’’),5
and Remote Streaming Quote Traders
(‘‘RSQTs’’) 6 to better manage their
market risk by delaying the opening of
an option series for a brief interval
following the dissemination of an
opening trade or quote in the underlying
security. Thus, specialist, SQTs and
RSQTs would be able to price options
series accurately on the opening.
5 An SQT is an Exchange Registered Options
Trader (‘‘ROT’’) who has received permission from
the Exchange to generate and submit option
quotations electronically through AUTOM in
eligible options to which such SQT is assigned. An
SQT may only submit such quotations while such
SQT is physically present on the floor of the
Exchange. See Exchange Rule 1014(b)(ii)(A).
6 An RSQT is an ROT that is a member or member
organization with no physical trading floor
presence who has received permission from the
Exchange to generate and submit option quotations
electronically through AUTOM in eligible options
to which such RSQT has been assigned. An RSQT
may only submit such quotations electronically
from off the floor of the Exchange. See Exchange
Rule 1014(b)(ii)(B).
VerDate Aug<31>2005
17:37 Apr 04, 2007
Jkt 211001
Currently, the Exchange’s systems
immediately open a series when the
following conditions are satisfied:
(i) The Exchange has received market
orders, or the book is crossed (highest
bid is higher than the lowest offer) or
locked (highest bid equals the lowest
offer); and either:
(ii)(A) The specialist’s quote has been
submitted;
(B) The quotes of at least two Phlx XL
participants 7 have been submitted
within two minutes of the opening trade
or quote on the primary market for the
underlying security; or
(C) If neither the specialist’s quote nor
the quotes of two Phlx XL participants
have been submitted within two
minutes of the opening trade or quote
on the primary market for the
underlying security, one Phlx XL
participant has submitted their quote.
Once these conditions are satisfied,
the system will automatically open the
series immediately upon the
dissemination of an opening trade or
quote in the primary market for the
underlying. The proposed rule change
would delay the opening of an option
series for up to five seconds from the
dissemination of an opening quote or
trade in the primary market for the
underlying security or, respecting index
options, following the dissemination of
a quote or trade by the primary markets
for underlying securities constituting
100% of the index value. The time
period would apply uniformly to all
options traded on the Exchange.
Experience with the automated
opening system has shown that
specialists, SQTs, and RSQTs frequently
do not have an adequate opportunity to
adjust their pre-opening quotes to
accurately reflect the price of the
underlying security when the
underlying trade or quote is
disseminated. As a result, the option
series may be priced incorrectly at the
opening, which places Exchange
specialists, SQTs and RSQTs at market
risk on the opening.
The delay (which time period would
be determined by the Exchange and
disseminated to membership via an
Exchange circular) should enable
Exchange specialists, SQTs and RSQTs
to better manage this market risk and to
maintain fair and orderly markets by
pricing options series accurately on the
opening.
7 Phlx XL participants include specialist, SQT,
RSQT, and non-SQT ROTs who are required to
submit continuous two-sided electronic quotations
pursuant to Exchange Rule 1014(b)(ii)(E). See
Exchange Rule 1017(a).
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16847
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act 8 in general, and furthers the
objectives of Section 6(b)(5) of the Act 9
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
enabling Exchange specialists, SQTs
and RSQTs to better manage their risk,
thus providing fair and orderly markets
and correct options pricing on the
opening of a series, all to the benefit of
customers and the marketplace as a
whole.
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 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
The foregoing proposed rule change
effects a change in an existing orderentry or trading system of a selfregulatory organization that: (1) Does
not significantly affect the protection of
investors or the public interest; (2) does
not impose any significant burden on
competition; and (3) does not have the
effect of limiting the access to or
availability of the system. Therefore, it
has become effective pursuant to
Section 19(b)(3)(A) of the Act 10 and
Rule 19b–4(f)(5) 11 thereunder. At any
time within 60 days of the filing of the
proposed rule change the Commission
may summarily abrogate such proposed
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
8 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
10 15 U.S.C. 78s(b)(3)(A).
11 17 CFR 240.19b–4(f)(5).
9 15
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05APN1
16848
Federal Register / Vol. 72, No. 65 / Thursday, April 5, 2007 / Notices
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
jlentini on PROD1PC65 with NOTICES
• 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
No. SR–Phlx–2007–25 on the subject
line.
I. Funding Opportunity Description
DEPARTMENT OF STATE
[Public Notice 5743]
Bureau of Educational and Cultural
Affairs (ECA); Request for Grant
Proposals: Edmund S. Muskie
Graduate Fellowship Program
Announcement Type: New
Cooperative Agreement.
Funding Opportunity Number: ECA/
A/E/EUR–08–01.
Catalog of Federal Domestic
Assistance Number: 00.000.
Paper Comments
Key Dates: Application Deadline: June
• Send paper comments in triplicate
1, 2007.
to Nancy M. Morris, Secretary,
Executive Summary: The Office of
Securities and Exchange Commission,
Academic Exchange Programs of the
Station Place, 100 F Street, NE.,
Bureau of Educational and Cultural
Washington, DC 20549–1090.
Affairs (ECA) announces an open
All submissions should refer to File
competition for the administration of
Number SR–Phlx–2007–25. This file
the FY 2008 Edmund S. Muskie
number should be included on the
Graduate Fellowship Program (Muskie
subject line if e-mail is used. To help the Program). Public and private non-profit
Commission process and review your
organizations meeting the provisions
comments more efficiently, please use
described in IRS regulation 26 CFR
only one method. The Commission will 1.501(c)(3) may submit proposals to
post all comments on the Commission’s administer the selection, placement,
Internet Web site (https://www.sec.gov/
monitoring, evaluation, follow-on, and
rules/sro.shtml). Copies of the
alumni activities for the Edmund S.
submission, all subsequent
Muskie Graduate Fellowship Program
amendments, all written statements
(Muskie Program). Organizations with
with respect to the proposed rule
less than four years experience in
change that are filed with the
conducting international exchange
Commission, and all written
programs are not eligible for this
communications relating to the
competition.
proposed rule change between the
The Muskie Program selects
Commission and any person, other than
outstanding citizens from Armenia,
those that may be withheld from the
Azerbaijan, Belarus, Georgia,
public in accordance with the
Kazakhstan, Kyrgyzstan, Moldova,
provisions of 5 U.S.C. 552, will be
Russia, Ukraine, Uzbekistan, Tajikistan
available for inspection and copying in
and Turkmenistan (herein referred to as
the Commission’s Public Reference
Eurasia) to receive fellowships for
Room. Copies of the filing also will be
Master’s level study in the United States
available for inspection and copying at
in the fields of business administration,
the principal office of the Phlx. All
economics, law, public administration,
comments received will be posted
and public policy. Candidates from
without change; the Commission does
countries other than Russia and Ukraine
not edit personal identifying
will be also considered in additional
information from submissions. You
fields of education, environmental
should submit only information that
you wish to make available publicly. All management, international affairs,
library and information science,
submissions should refer to File
journalism/mass communications, and
Number SR–Phlx–2007–25 and should
public health per guidelines outlined in
be submitted on or before April 26,
the Project Objectives, Goals, and
2007.
Implementation (POGI). Muskie
For the Commission, by the Division of
Program fellows will be enrolled in
Market Regulation, pursuant to delegated
graduate degree, certificate, and non12
authority.
degree programs lasting one to two
Florence E. Harmon,
academic years. Funding should
Deputy Secretary.
support a minimum of 145 fellows for
[FR Doc. E7–6378 Filed 4–4–07; 8:45 am]
Master’s level fellowships under the FY
BILLING CODE 8010–01–P
2008 program. Every effort should be
made to maximize the number of
12 17 CFR 200.30–3(a)(12).
awards granted.
VerDate Aug<31>2005
17:37 Apr 04, 2007
Jkt 211001
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Authority
Overall grant making authority for
this program is contained in the Mutual
Educational and Cultural Exchange Act
of 1961, Public Law 87–256, as
amended, also known as the FulbrightHays Act. The purpose of the Act is ‘‘to
enable the Government of the United
States to increase mutual understanding
between the people of the United States
and the people of other countries * * *;
to strengthen the ties which unite us
with other nations by demonstrating the
educational and cultural interests,
developments, and achievements of the
people of the United States and other
nations * * * and thus to assist in the
development of friendly, sympathetic
and peaceful relations between the
United States and the other countries of
the world.’’ The funding authority for
the program above is provided through
Fulbright-Hays legislation.
Purpose
The Muskie Program is designed to
promote mutual understanding, build
democracy and foster the transition to
market economies in Eurasia through
intensive academic study and
professional training. The academic
component of the program will begin in
the fall semester of academic year 2008–
2009. Fellows may participate in a nine,
twelve, eighteen, or twenty-four month
academic program leading to a Master’s
degree. Fellows also take part in an
eight to twelve week internship during
the summer following the first academic
year, with an option for a second
internship following the second year of
study. At the end of their designated
academic and/or internship programs,
fellows are required to return
immediately to their home countries.
Applicant organizations must
demonstrate the ability to administer all
aspects of the Muskie Program—
recruitment, selection, university
placements, orientation, monitoring and
support of FY 2008 fellows including all
logistics, financial management,
evaluation, follow-on, and alumni.
Applicant organizations must
demonstrate the ability to recruit and
select a diverse pool of candidates from
various geographic regions in Eurasia.
The cooperating organization will serve
as the principal liaison with Muskie
Program host institutions for the
Bureau. Further details on specific
program responsibilities can be found in
the Project Objectives, Goals, and
Implementation (POGI), which is part of
the formal solicitation package.
Interested organizations should read the
entire Federal Register announcement
E:\FR\FM\05APN1.SGM
05APN1
]]>Agencies
[Federal Register Volume 72, Number 65 (Thursday, April 5, 2007)]
[Notices]
[Pages 16846-16848]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-6378]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55558; File No. SR-Phlx-2007-25]
Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to the Exchange's Automated Opening System
March 29, 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 20, 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, II,
and III below, which Items have been substantially prepared by the
Phlx. The Phlx has filed the proposed rule change as one effecting a
change in an existing order-entry or trading system of a self-
regulatory organization pursuant to Section 19(b)(3)(A)(ii) of the Act
\3\ and Rule 19b-4(f)(5) 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)(ii).
\4\ 17 CFR 240.19b-4(f)(5).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Phlx proposes to amend Exchange Rule 1017, Openings in
[[Page 16847]]
Options, to provide for a delay in the automated opening of an option
series for up to five seconds when the conditions for opening the
option series have been satisfied, and following: (1) Respecting equity
options, the dissemination of an opening quote or trade in the primary
market for the underlying security; or (2) respecting index options,
following the dissemination of a quote or trade by the primary markets
for underlying securities constituting 100% of the index value. The
text of the proposed rule change is available at Phlx, the Commission's
Public Reference Room, and www.Phlx.com/exchange/phlx-rule-fil.html.
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 Phlx 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 Phlx 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 help Exchange
specialists, Streaming Quote Traders (``SQTs''),\5\ and Remote
Streaming Quote Traders (``RSQTs'') \6\ to better manage their market
risk by delaying the opening of an option series for a brief interval
following the dissemination of an opening trade or quote in the
underlying security. Thus, specialist, SQTs and RSQTs would be able to
price options series accurately on the opening.
---------------------------------------------------------------------------
\5\ An SQT is an Exchange Registered Options Trader (``ROT'')
who has received permission from the Exchange to generate and submit
option quotations electronically through AUTOM in eligible options
to which such SQT is assigned. An SQT may only submit such
quotations while such SQT is physically present on the floor of the
Exchange. See Exchange Rule 1014(b)(ii)(A).
\6\ An RSQT is an ROT that is a member or member organization
with no physical trading floor presence who has received permission
from the Exchange to generate and submit option quotations
electronically through AUTOM in eligible options to which such RSQT
has been assigned. An RSQT may only submit such quotations
electronically from off the floor of the Exchange. See Exchange Rule
1014(b)(ii)(B).
---------------------------------------------------------------------------
Currently, the Exchange's systems immediately open a series when
the following conditions are satisfied:
(i) The Exchange has received market orders, or the book is crossed
(highest bid is higher than the lowest offer) or locked (highest bid
equals the lowest offer); and either:
(ii)(A) The specialist's quote has been submitted;
(B) The quotes of at least two Phlx XL participants \7\ have been
submitted within two minutes of the opening trade or quote on the
primary market for the underlying security; or
---------------------------------------------------------------------------
\7\ Phlx XL participants include specialist, SQT, RSQT, and non-
SQT ROTs who are required to submit continuous two-sided electronic
quotations pursuant to Exchange Rule 1014(b)(ii)(E). See Exchange
Rule 1017(a).
---------------------------------------------------------------------------
(C) If neither the specialist's quote nor the quotes of two Phlx XL
participants have been submitted within two minutes of the opening
trade or quote on the primary market for the underlying security, one
Phlx XL participant has submitted their quote.
Once these conditions are satisfied, the system will automatically
open the series immediately upon the dissemination of an opening trade
or quote in the primary market for the underlying. The proposed rule
change would delay the opening of an option series for up to five
seconds from the dissemination of an opening quote or trade in the
primary market for the underlying security or, respecting index
options, following the dissemination of a quote or trade by the primary
markets for underlying securities constituting 100% of the index value.
The time period would apply uniformly to all options traded on the
Exchange.
Experience with the automated opening system has shown that
specialists, SQTs, and RSQTs frequently do not have an adequate
opportunity to adjust their pre-opening quotes to accurately reflect
the price of the underlying security when the underlying trade or quote
is disseminated. As a result, the option series may be priced
incorrectly at the opening, which places Exchange specialists, SQTs and
RSQTs at market risk on the opening.
The delay (which time period would be determined by the Exchange
and disseminated to membership via an Exchange circular) should enable
Exchange specialists, SQTs and RSQTs to better manage this market risk
and to maintain fair and orderly markets by pricing options series
accurately on the opening.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \8\ in general, and furthers the objectives of Section
6(b)(5) of the Act \9\ 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 enabling Exchange specialists, SQTs and RSQTs to better manage their
risk, thus providing fair and orderly markets and correct options
pricing on the opening of a series, all to the benefit of customers and
the marketplace as a whole.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 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 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
The foregoing proposed rule change effects a change in an existing
order-entry or trading system of a self-regulatory organization that:
(1) Does not significantly affect the protection of investors or the
public interest; (2) does not impose any significant burden on
competition; and (3) does not have the effect of limiting the access to
or availability of the system. Therefore, it has become effective
pursuant to Section 19(b)(3)(A) of the Act \10\ and Rule 19b-4(f)(5)
\11\ thereunder. At any time within 60 days of the filing of the
proposed rule change the Commission may summarily abrogate such
proposed 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.
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\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(5).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
[[Page 16848]]
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 No. SR-Phlx-2007-25 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-Phlx-2007-25. 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 the filing
also will be available for inspection and copying at the principal
office of the 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-2007-25 and should be submitted on or before April 26, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-6378 Filed 4-4-07; 8:45 am]
BILLING CODE 8010-01-P
