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]

Download as PDF 19570 Federal Register / Vol. 72, No. 74 / Wednesday, April 18, 2007 / Notices Electronic Comments • Use the Commission’s Internet comment form (http://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). VerDate Aug<31>2005 17:04 Apr 17, 2007 Jkt 211001 PO 00000 Frm 00110 Fmt 4703 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 (http://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 http:// 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). E:\FR\FM\18APN1.SGM 18APN1 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. pwalker on PROD1PC71 with NOTICES 10 17 VerDate Aug<31>2005 17:04 Apr 17, 2007 Jkt 211001 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 (http://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 (http://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]


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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.
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    \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).
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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 http://www.nyse.com, and at 
the Commission's Public Reference Room.
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    \5\ 17 CFR 242.600 et seq.
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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\
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    \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.
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    \8\ 15 U.S.C. 78f(b)(5).
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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\
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    \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\
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    \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).
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    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\
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    \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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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 (http://
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 (http://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\
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    \14\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-7323 Filed 4-17-07; 8:45 am]
BILLING CODE 8010-01-P