Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing of Amendment Nos. 3 and 4 Relating to Procedures for At-Risk Cross Transactions, 27155-27156 [E7-9176]
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Federal Register / Vol. 72, No. 92 / Monday, May 14, 2007 / Notices
futures market may trade security
futures products by registering as a
national securities exchange. Rule 6a–43
sets forth these registration procedures
and directs futures markets to submit a
notice registration on Form 1–N. Form
1–N calls for information regarding how
the futures market operates, its rules
and procedures, its criteria for
membership, its subsidiaries and
affiliates, and the security futures
products it intends to trade. Rule 6a–4
also would require entities that have
submitted an initial Form 1–N to file: (1)
Amendments to Form 1–N in the event
of material changes to the information
provided in the initial Form 1–N; (2)
periodic updates of certain information
provided in the initial Form 1–N; (3)
certain information that is provided to
the futures market’s members; and (4) a
monthly report summarizing the futures
market’s trading of security futures
products. The information required to
be filed with the Commission pursuant
to Rule 6a–4 is designed to enable the
Commission to carry out its statutorily
mandated oversight functions and to
ensure that registered and exempt
exchanges continue to be in compliance
with the Act.
The respondents to the collection of
information are futures markets.
The Commission estimates that the
total annual burden for all respondents
to provide the amendments and
periodic updates under Rule 6a–4
would be 105 hours (15 hours/
respondent per year × seven
respondents) and $10,066 ($1438/
response × seven responses/year). The
Commission estimates that the total
annual burden for the filing of the
supplemental information and the
monthly reports required under Rule
6a–4 would be 87.5 hours (25 filings/
respondent × seven respondents × 0.5
hours/response). The SEC estimates that
the total annual cost for all
supplemental filings would be $3675
(25 filings/respondent per year × seven
respondents × $21/response).
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information shall have practical utility;
(b) the accuracy of the agency’s estimate
of the burden of the proposed collection
of information; (c) ways to enhance the
quality, utility, and clarity of the
information to be collected; and (d)
ways to minimize the burden of the
collection of information on
respondents, including through the use
of automated collection techniques or
3 17
CFR 240.6a–4.
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18:21 May 11, 2007
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27155
other forms of information technology.
Consideration will be given to
comments and suggestions submitted in
writing within 60 days of this
publication.
Comments should be directed to: R.
Corey Booth, Director/Chief Information
Officer, Securities and Exchange
Commission, C/O Shirley Martinson,
6432 General Green Way, Alexandria,
VA 22312 or send an e-mail to:
PRA_Mailbox@sec.gov. Comments must
be submitted within 60 days of this
notice.
Amendment Nos. 3 and 4, from
interested persons.
Dated: May 7, 2007.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–9180 Filed 5–11–07; 8:45 am]
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
BILLING CODE 8010–01–P
In its filing with the Commission, the
Amex 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.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55719; File No. SR–Amex–
2006–17]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing of Amendment Nos. 3 and 4
Relating to Procedures for At-Risk
Cross Transactions
May 7, 2007.
On February 17, 2006, the American
Stock Exchange LLC (‘‘Amex’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change to
adopt a new crossing procedure, the ‘‘atrisk cross,’’ as an alternative to the
Exchange’s existing facilitation cross
procedure. On November 9, 2006, the
Exchange filed Amendment No. 1 to the
proposed rule change, and on December
1, 2006, the Exchange filed Amendment
No. 2 to the proposed rule change. The
proposed rule change, as modified by
Amendment Nos. 1 and 2, was
published for comment in the Federal
Register on January 17, 2007.3 On
March 28, 2007, the Exchange filed
Amendment No. 3 to the proposed rule
change, and on May 3, 2007, the
Exchange filed Amendment No. 4 to the
proposed rule change. Amendment Nos.
3 and 4 are described in Item II below.
The Commission is publishing this
notice to solicit comments on the
proposed rule change, as amended by
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 55068
(January 9, 2007), 72 FR 2044 (‘‘Notice’’).
2 17
PO 00000
Frm 00083
Fmt 4703
Sfmt 4703
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Amex proposes to revise the
procedures applicable to cross
transactions in equity options to provide
procedures for at-risk cross transactions.
The text of the proposed rule change is
available at the Amex, on the Amex’s
Web site at https://amex.com, and at the
Commission’s Public Reference Room.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to provide an
alternative crossing procedure to
supplement the existing facilitation
cross procedure in Commentary .02 to
Amex Rule 950–ANTE(d). In this
manner, the Amex would permit ‘‘atrisk’’ cross transactions by member
firms. A complete description and
statement of purpose of the proposed
rule change, as modified by Amendment
Nos. 1 and 2, may be found in the notice
of filing previously published for
comment in the Federal Register.4
In Amendment No. 3, the Exchange
made technical and clarifying changes
to the proposal 5 and stated that the
proposed at-risk cross procedure would
not apply to options classes that are part
of the Exchange’s options penny pilot
4 See
Notice, supra note 3.
the Exchange made a clarifying
change to the language of Commentary .03(vii) to
Amex Rule 950–ANTE(d). The Exchange also
confirmed that if a public customer order either on
the book or represented in the trading crowd has
priority over the at-risk cross, the member firm
would be permitted to participate only in those
contracts remaining after the public customer’s
order has been filled. Further, the Exchange
represented that if there is a public customer order
on the book or represented in the trading crowd on
the same side of the market as, and priced at or
better than, the public customer order that is part
of the at-risk cross, the public customer order on the
book or represented in the trading crowd would
have priority.
5 Specifically,
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Federal Register / Vol. 72, No. 92 / Monday, May 14, 2007 / Notices
program.6 In Amendment No. 4, the
Exchange proposes to allow the
proposed at-risk crossing procedure to
apply to options classes that are part of
the options penny pilot program.7
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6 of the Act 8 in general and
furthers the objectives of Section
6(b)(5) 9 in particular in that it is
designed to perfect the mechanisms of
a free and open market and the national
market system, protect investors and the
public interest, to foster cooperation and
coordination with persons engaged in
facilitating transactions in securities and
promote just and equitable principles of
trade.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The proposed rule change will impose
no 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
No written comments were solicited
or received by the Exchange on this
proposal.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the Exchange consents,
the Commission will:
(A) By order approve such proposed
rule change, or
(B) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
pwalker on PROD1PC71 with NOTICES
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.
6 See Securities Exchange Act Release No. 55162
(January 24, 2007), 72 FR 4738 (February 1, 2007)
(SR–Amex–2006–106).
7 In addition, Amendment No. 4 makes nonsubstantive rule text changes and shows the text of
the final proposal as marked against the current text
of Amex Rule 950–ANTE(d).
8 15 U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(5).
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18:21 May 11, 2007
Jkt 211001
Comments may be submitted by any of
the following methods:
SECURITIES AND EXCHANGE
COMMISSION
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–Amex–2006–17 on the
subject line.
[Release No. 34–55724; File No. SR–CBOE–
2007–39]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing of
Proposed Rule Change Regarding
Penny Price Improvement
May 8, 2007.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
• Send paper comments in triplicate
notice is hereby given that on April 24,
to Nancy M. Morris, Secretary,
2007, the Chicago Board Options
Securities and Exchange Commission,
Exchange, Incorporated (‘‘CBOE’’ or
100 F Street, NE., Washington, DC
‘‘Exchange’’) filed with the Securities
20549–1090.
and Exchange Commission
(‘‘Commission’’) the proposed rule
All submissions should refer to File
change as described in Items I, II, and
Number SR–Amex–2006–17. This file
III below, which Items have been
number should be included on the
subject line if e-mail is used. To help the substantially prepared by the CBOE.
The Commission is publishing this
Commission process and review your
notice to solicit comments on the
comments more efficiently, please use
only one method. The Commission will proposed rule change from interested
post all comments on the Commission’s persons.
Internet Web site (https://www.sec.gov/
I. Self-Regulatory Organization’s
rules/sro.shtml). Copies of the
Statement of the Terms of Substance of
the Proposed Rule Change
submission, all subsequent
amendments, all written statements
The CBOE proposes to amend its
with respect to the proposed rule
Rules regarding penny price
change that are filed with the
improvement for options not currently
Commission, and all written
quoted in one-cent increments. The text
communications relating to the
of the proposed rule change is set forth
proposed rule change between the
below. Proposed new language is
Commission and any person, other than italicized; and proposed deletions are
[bracketed].
those that may be withheld from the
public in accordance with the
*
*
*
*
*
provisions of 5 U.S.C. 552, will be
Rule 6.13B. Penny Price Improvement
available for inspection and copying in
The Exchange may designate one or
the Commission’s Public Reference
more options trading on the Hybrid
Room. Copies of the filing also will be
System for inclusion in the Penny Price
available for inspection and copying at
the principal office of the Exchange. All Improvement Program. Under this
program, the Exchange will allow all
comments received will be posted
users to provide price improvement
without change; the Commission does
beyond the Exchange’s disseminated
not edit personal identifying
quotation (‘‘Penny Pricing’’) for classes
information from submissions. You
or series that are not already quoted in
should submit only information that
one-cent increments and for which the
you wish to make available publicly. All Simple Auction Liaison system in Rule
submissions should refer to File
6.13A is not in effect.
Number SR–Amex–2006–17 and should
(a) Electronic Penny Pricing.
be submitted on or before May 29, 2007. Electronic penny prices may be
established as follows:
For the Commission, by the Division of
(1) Market-Makers. Market-Makers
Market Regulation, pursuant to delegated
may electronically provide the Exchange
authority.10
with indications of interest that are
Florence E. Harmon,
superior to their own quotations in
Deputy Secretary.
increments no smaller than one-cent.
[FR Doc. E7–9176 Filed 5–11–07; 8:45 am]
Such indications shall be firm for all
BILLING CODE 8010–01–P
interest received by the Exchange. The
Exchange shall disseminate such
Paper Comments
1 15
10 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00084
Fmt 4703
Sfmt 4703
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
E:\FR\FM\14MYN1.SGM
14MYN1
]]>Agencies
[Federal Register Volume 72, Number 92 (Monday, May 14, 2007)]
[Notices]
[Pages 27155-27156]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-9176]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55719; File No. SR-Amex-2006-17]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing of Amendment Nos. 3 and 4 Relating to Procedures for
At-Risk Cross Transactions
May 7, 2007.
On February 17, 2006, the American Stock Exchange LLC (``Amex'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to adopt a new crossing procedure, the ``at-risk
cross,'' as an alternative to the Exchange's existing facilitation
cross procedure. On November 9, 2006, the Exchange filed Amendment No.
1 to the proposed rule change, and on December 1, 2006, the Exchange
filed Amendment No. 2 to the proposed rule change. The proposed rule
change, as modified by Amendment Nos. 1 and 2, was published for
comment in the Federal Register on January 17, 2007.\3\ On March 28,
2007, the Exchange filed Amendment No. 3 to the proposed rule change,
and on May 3, 2007, the Exchange filed Amendment No. 4 to the proposed
rule change. Amendment Nos. 3 and 4 are described in Item II below. The
Commission is publishing this notice to solicit comments on the
proposed rule change, as amended by Amendment Nos. 3 and 4, from
interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 55068 (January 9,
2007), 72 FR 2044 (``Notice'').
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Amex proposes to revise the procedures applicable to cross
transactions in equity options to provide procedures for at-risk cross
transactions. The text of the proposed rule change is available at the
Amex, on the Amex's Web site at https://amex.com, and at the
Commission's Public Reference Room.
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 Amex 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.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to provide an alternative crossing procedure
to supplement the existing facilitation cross procedure in Commentary
.02 to Amex Rule 950-ANTE(d). In this manner, the Amex would permit
``at-risk'' cross transactions by member firms. A complete description
and statement of purpose of the proposed rule change, as modified by
Amendment Nos. 1 and 2, may be found in the notice of filing previously
published for comment in the Federal Register.\4\
---------------------------------------------------------------------------
\4\ See Notice, supra note 3.
---------------------------------------------------------------------------
In Amendment No. 3, the Exchange made technical and clarifying
changes to the proposal \5\ and stated that the proposed at-risk cross
procedure would not apply to options classes that are part of the
Exchange's options penny pilot
[[Page 27156]]
program.\6\ In Amendment No. 4, the Exchange proposes to allow the
proposed at-risk crossing procedure to apply to options classes that
are part of the options penny pilot program.\7\
---------------------------------------------------------------------------
\5\ Specifically, the Exchange made a clarifying change to the
language of Commentary .03(vii) to Amex Rule 950-ANTE(d). The
Exchange also confirmed that if a public customer order either on
the book or represented in the trading crowd has priority over the
at-risk cross, the member firm would be permitted to participate
only in those contracts remaining after the public customer's order
has been filled. Further, the Exchange represented that if there is
a public customer order on the book or represented in the trading
crowd on the same side of the market as, and priced at or better
than, the public customer order that is part of the at-risk cross,
the public customer order on the book or represented in the trading
crowd would have priority.
\6\ See Securities Exchange Act Release No. 55162 (January 24,
2007), 72 FR 4738 (February 1, 2007) (SR-Amex-2006-106).
\7\ In addition, Amendment No. 4 makes non-substantive rule text
changes and shows the text of the final proposal as marked against
the current text of Amex Rule 950-ANTE(d).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6 of the Act \8\ in general and furthers the objectives of
Section 6(b)(5) \9\ in particular in that it is designed to perfect the
mechanisms of a free and open market and the national market system,
protect investors and the public interest, to foster cooperation and
coordination with persons engaged in facilitating transactions in
securities and promote just and equitable principles of trade.
---------------------------------------------------------------------------
\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 proposed rule change will impose no 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
No written comments were solicited or received by the Exchange on
this proposal.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission will:
(A) By order approve such proposed rule change, or
(B) Institute proceedings to determine whether the proposed rule
change should be disapproved.
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-Amex-2006-17 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-Amex-2006-17. 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-Amex-2006-17 and should be submitted on or before May 29, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-9176 Filed 5-11-07; 8:45 am]
BILLING CODE 8010-01-P
