Self-Regulatory Organizations; New York Stock Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change, and Amendment No. 1 Thereto, Relating to Rule 15B(T) (Protected Bids and Offers of Away Markets), 19570-19571 [E7-7323]
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19570
Federal Register / Vol. 72, No. 74 / Wednesday, April 18, 2007 / 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–NASDAQ–2007–039 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.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55618; File No. SR–NYSE–
2007–32]
Self-Regulatory Organizations; New
York Stock Exchange, LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change, and
Amendment No. 1 Thereto, Relating to
Rule 15B(T) (Protected Bids and Offers
of Away Markets)
pwalker on PROD1PC71 with NOTICES
BILLING CODE 8010–01–P
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
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
417 CFR 240.19b–4(f)(6).
5 17 CFR 242.600 et seq.
2 17
5 17
CFR 200.30–3(a)(12).
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17:04 Apr 17, 2007
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A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
April 11, 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,
All submissions should refer to File
2007, the New York Stock Exchange,
Number SR–NASDAQ–2007–039. This
LLC (‘‘NYSE’’ or ‘‘Exchange’’) filed with
file number should be included on the
subject line if e-mail is used. To help the the Securities and Exchange
Commission (‘‘Commission’’) the
Commission process and review your
proposed rule change as described in
comments more efficiently, please use
Items I and II below, which Items have
only one method. The Commission will been substantially prepared by the
post all comments on the Commission’s NYSE. The Exchange filed the proposal
Internet Web site (https://www.sec.gov/
pursuant to Section 19(b)(3)(A) of the
rules/sro.shtml). Copies of the
Act 3 and Rule 19b–4(f)(6) thereunder,4
submission, all subsequent
which renders the proposal effective
amendments, all written statements
upon filing with the Commission. On
with respect to the proposed rule
April 9, 2007, the Exchange filed
change that are filed with the
Amendment No. 1 to the proposed rule
Commission, and all written
change. The Commission is publishing
communications relating to the
this notice to solicit comments on the
proposed rule change between the
proposed rule change, as amended, from
Commission and any person, other than interested persons.
those that may be withheld from the
I. Self-Regulatory Organization’s
public in accordance with the
Statement of the Terms of Substance of
provisions of 5 U.S.C. 552, will be
the Proposed Rule Change
available for inspection and copying in
The Exchange proposes to rescind
the Commission’s Public Reference
Room. Copies of such filing also will be NYSE Rule 15B(T), a temporary rule
which describes the obligations of
available for inspection and copying at
Exchange member organizations when
the principal office of Nasdaq. All
sending Intermarket Sweep Orders
comments received will be posted
(‘‘ISOs’’) to the Exchange prior to March
without change; the Commission does
5, 2007, the Trading Phase Date of
not edit personal identifying
Regulation NMS under the Act 5 (‘‘Reg
information from submissions. You
NMS’’). The text of the proposed rule
should submit only information that
change is available at the Exchange, on
you wish to make publicly available. All the Exchange’s Web site at https://
submissions should refer to File
www.nyse.com, and at the Commission’s
Number SR–NASDAQ–2007–039 and
Public Reference Room.
should be submitted on or before May
II. Self-Regulatory Organization’s
9, 2007.
Statement of the Purpose of, and
For the Commission, by the Division of
Statutory Basis for, the Proposed Rule
Market Regulation, pursuant to delegated
Change
authority.5
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–7330 Filed 4–17–07; 8:45 am]
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.
Sfmt 4703
On January 26, 2007, the Exchange
adopted NYSE Rule 15B(T),6 which
requires member organizations that send
ISOs to the Exchange prior to March 5,
2007, the Trading Phase Date of Reg.
NMS, to simultaneously send an ISO (or
comparable order) for the full displayed
size of the top of the book of every other
ITS participant displaying a betterpriced protected quotation.7
Given that ISO requirements are
contained in NYSE Rule 13 now that the
Trading Phase Date has passed, the
Exchange, through this filing, seeks to
delete NYSE Rule 15B(T) from Exchange
Rules in order to eliminate potential
confusion regarding the procedures for
member organizations when sending
ISOs to the Exchange.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the requirement under Section 6(b)(5) of
the Act 8 that an Exchange have rules
that 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 national market system, and, in
general, to protect investors and the
public interest.
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.
6 See Securities Exchange Act Release No. 55210
(January 31, 2007), 72 FR 5777 (February 7, 2007)
(SR–NYSE–2007–08).
7 See telephone conversation between Craig
Hammond, Managing Director, Office of General
Counsel, NYSE, and Christopher W. Chow, Special
Counsel, Division of Market Regulation
Commission, on April 11, 2007.
8 15 U.S.C. 78f(b)(5).
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Federal Register / Vol. 72, No. 74 / Wednesday, April 18, 2007 / Notices
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 forgoing rule change does
not: (1) Significantly affect the
protection of investors or the public
interest; (2) impose any significant
burden on competition; and (3) become
operative for 30 days after the date of
this filing, or such shorter time as the
Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 9 and Rule 19b–
4(f)(6) thereunder.10
NYSE has asked that the Commission
waive the 30-day operative delay
contained in Rule 19b–4(f)(6)(iii) under
the Act.11 The Commission believes that
waiver of the 30-day operative delay is
consistent with the protection of
investors and the public interest
because the immediate removal of the
temporary rule should eliminate
potential confusion relating to the usage
of ISOs on the Exchange. For this
reason, the Commission designates the
proposed rule change to be effective and
operative upon filing with the
Commission.12
At any time within 60 days of the
filing of such 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.13
9 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
11 17 CFR 240.19b–4(f)(6)(iii). Rule 19b–4(f)(6)
also requires that the self-regulatory organization to
give the Commission 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. The Commission
grants the Exchange’s request for a waiver of the
five-day pre-filing requirement.
12 For the purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
13 For purposes of calculating the 60-day period
within which the Commission may summarily
abrogate the proposed rule change under Section
19(b)(3)(C) of the Act, 15 U.S.C. 78s(b)(3)(C), the
Commission considers the period to commence on
April 9, 2007, the date NYSE filed Amendment No.
1 to the proposed rule change.
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10 17
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IV. Solicitation of Comments
nterested 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–NYSE–2007–32 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–NYSE–2007–32. 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 Exchange. 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–NYSE–2007–32 and should
be submitted on or before May 9, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.14
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–7323 Filed 4–17–07; 8:45 am]
BILLING CODE 8010–01–P
14 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00111
Fmt 4703
Sfmt 4703
19571
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55621; File No. SR–
NYSEArca–2006–86]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing of Proposed
Rule Change and Amendments No. 1,
2, 3, and 4 Thereto and Order Granting
Accelerated Approval of the Proposed
Rule Change as Modified by
Amendments No. 2 and 4 Thereto
Adopting Generic Listing Standards
for Exchange-Traded Funds Based on
International or Global Indexes or
Indexes Described in Exchange Rules
Previously Approved by the
Commission as Underlying
Benchmarks for Derivative Securities
April 12, 2007.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Exchange Act’’) 1 and Rule 19b–4
thereunder,2 notice is hereby given that
on November 13, 2006, 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. On March 19, 2007, the
Exchange filed Amendment No. 1 to the
proposal. On March 20, 2007, the
Exchange filed Amendment No. 2 to the
proposal.3 On April 4, 2007, the
Exchange filed Amendment No. 3 to the
filing. On April 10, 2007, the Exchange
filed Amendment No. 4 to the filing.4
This order provides notice of the
proposal, as amended, and approves the
proposal on an accelerated basis.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
NYSE Arca, through its wholly owned
subsidiary NYSE Arca Equities, Inc.
(‘‘NYSE Arca Equities’’), proposes to
amend its rules governing NYSE Arca,
L.L.C. (also referred to as the ‘‘NYSE
Arca Marketplace’’), the equities trading
facility of NYSE Arca Equities. The
Exchange proposes to amend NYSE
Arca Equities Rules 5.2(j)(3), 5.5(g)(2),
and 8.100 to include generic listing
standards for Investment Company
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Amendment No. 2 replaced and superseded the
original filing and Amendment No. 1 in their
entirety.
4 Amendment No. 4 superseded Amendment No.
3 in its entirety. In Amendment No. 4, the Exchange
made clarifying changes to Exhibit 5 and the
purpose section, including reflecting a recent
approval of an exchange rule that changed the
current rule text.
2 17
E:\FR\FM\18APN1.SGM
18APN1
]]>Agencies
[Federal Register Volume 72, Number 74 (Wednesday, April 18, 2007)]
[Notices]
[Pages 19570-19571]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-7323]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55618; File No. SR-NYSE-2007-32]
Self-Regulatory Organizations; New York Stock Exchange, LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change,
and Amendment No. 1 Thereto, Relating to Rule 15B(T) (Protected Bids
and Offers of Away Markets)
April 11, 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 New York Stock Exchange, LLC (``NYSE'' 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 NYSE. The
Exchange filed the proposal pursuant to Section 19(b)(3)(A) of the Act
\3\ and Rule 19b-4(f)(6) thereunder,\4\ which renders the proposal
effective upon filing with the Commission. On April 9, 2007, the
Exchange filed Amendment No. 1 to the proposed rule change. The
Commission is publishing this notice to solicit comments on the
proposed rule change, as amended, 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 Exchange proposes to rescind NYSE Rule 15B(T), a temporary rule
which describes the obligations of Exchange member organizations when
sending Intermarket Sweep Orders (``ISOs'') to the Exchange prior to
March 5, 2007, the Trading Phase Date of Regulation NMS under the Act
\5\ (``Reg NMS''). The text of the proposed rule change is available at
the Exchange, on the Exchange's Web site at https://www.nyse.com, and at
the Commission's Public Reference Room.
---------------------------------------------------------------------------
\5\ 17 CFR 242.600 et seq.
---------------------------------------------------------------------------
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
Sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
On January 26, 2007, the Exchange adopted NYSE Rule 15B(T),\6\
which requires member organizations that send ISOs to the Exchange
prior to March 5, 2007, the Trading Phase Date of Reg. NMS, to
simultaneously send an ISO (or comparable order) for the full displayed
size of the top of the book of every other ITS participant displaying a
better-priced protected quotation.\7\
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 55210 (January 31,
2007), 72 FR 5777 (February 7, 2007) (SR-NYSE-2007-08).
\7\ See telephone conversation between Craig Hammond, Managing
Director, Office of General Counsel, NYSE, and Christopher W. Chow,
Special Counsel, Division of Market Regulation Commission, on April
11, 2007.
---------------------------------------------------------------------------
Given that ISO requirements are contained in NYSE Rule 13 now that
the Trading Phase Date has passed, the Exchange, through this filing,
seeks to delete NYSE Rule 15B(T) from Exchange Rules in order to
eliminate potential confusion regarding the procedures for member
organizations when sending ISOs to the Exchange.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the requirement under Section 6(b)(5) of the Act \8\ that an
Exchange have rules that 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 national market system, and, in general,
to protect investors and the public interest.
---------------------------------------------------------------------------
\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.
[[Page 19571]]
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 forgoing rule change does not: (1) Significantly affect
the protection of investors or the public interest; (2) impose any
significant burden on competition; and (3) become operative for 30 days
after the date of this filing, or such shorter time as the Commission
may designate, it has become effective pursuant to Section 19(b)(3)(A)
of the Act \9\ and Rule 19b-4(f)(6) thereunder.\10\
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
NYSE has asked that the Commission waive the 30-day operative delay
contained in Rule 19b-4(f)(6)(iii) under the Act.\11\ The Commission
believes that waiver of the 30-day operative delay is consistent with
the protection of investors and the public interest because the
immediate removal of the temporary rule should eliminate potential
confusion relating to the usage of ISOs on the Exchange. For this
reason, the Commission designates the proposed rule change to be
effective and operative upon filing with the Commission.\12\
---------------------------------------------------------------------------
\11\ 17 CFR 240.19b-4(f)(6)(iii). Rule 19b-4(f)(6) also requires
that the self-regulatory organization to give the Commission 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. The
Commission grants the Exchange's request for a waiver of the five-
day pre-filing requirement.
\12\ For the purposes only of waiving the 30-day operative
delay, the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
At any time within 60 days of the filing of such 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.\13\
---------------------------------------------------------------------------
\13\ For purposes of calculating the 60-day period within which
the Commission may summarily abrogate the proposed rule change under
Section 19(b)(3)(C) of the Act, 15 U.S.C. 78s(b)(3)(C), the
Commission considers the period to commence on April 9, 2007, the
date NYSE filed Amendment No. 1 to the proposed rule change.
---------------------------------------------------------------------------
IV. Solicitation of Comments
nterested 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-NYSE-2007-32 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-NYSE-2007-32. 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 Exchange. 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-NYSE-2007-32 and should be submitted on or before May 9, 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. E7-7323 Filed 4-17-07; 8:45 am]
BILLING CODE 8010-01-P
