Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Notice of Filing of Proposed Rule Change and Amendment No. 1 Thereto Relating to Appointment of Market Makers, 29019-29020 [E7-9855]

Download as PDF Federal Register / Vol. 72, No. 99 / Wednesday, May 23, 2007 / Notices respect to such material non-public information. (3) The Exchange will halt trading in the Notes if the circuit breaker parameters of Amex Rule 117 have been reached and, in exercising its discretion to halt or suspend trading in the Notes, the Exchange may consider factors such as those set forth in Amex Rule 918C(b), in addition to other factors that may be relevant. In particular, if the Index value is not being disseminated as required, the Exchange may halt trading during the day in which the interruption to the dissemination of the Index value occurs. If the interruption to the dissemination of the Index value persists past the trading day on which it occurred, the Exchange will halt trading no later than the beginning of the trading day following the interruption. (4) Amex will distribute an Information Circular to its members providing guidance with regard to the special characteristics and risks of trading this type of security, member firm compliance responsibilities, including suitability recommendations, the specific Amex trading rules governing transactions in the Notes, and the prospectus delivery requirements applicable to the Notes. This Order is conditioned on Amex’s adherence to the foregoing representations. The Commission finds good cause to approve the proposed rule change, as modified by Amendment No. 1 thereto, prior to the thirtieth day after publication for comment in the Federal Register pursuant to Section 19(b)(2) of the Act.23 As noted earlier, the Notes are substantially similar to other notes, the listing and trading of which have previously been approved by the Commission, and do not appear to present any new regulatory concerns.24 In addition, the Commission notes that the same Index currently underlies other products previously approved for listing and trading.25 Accelerating approval of this proposed rule change would allow the Notes to trade on Amex without undue delay and should generate additional competition in the market for such products. pwalker on PROD1PC71 with NOTICES IV. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act,26 that the proposed rule change (SR–Amex–2007– 29), as modified by Amendment No. 1, be, and it hereby is, approved on an accelerated basis. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.27 J. Lynn Taylor, Assistant Secretary. [FR Doc. E7–9854 Filed 5–22–07; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–55774; File No. SR–BSE– 2007–09] VerDate Aug<31>2005 18:32 May 22, 2007 May 16, 2007. 1. Purpose 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 February 20, 2007, the Boston Stock Exchange (‘‘BSE’’ 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 BSE. On May 11, 2007, the Exchange filed with the Commission Amendment No. 1.3 The Commission is publishing this notice to solicit comments on the proposed rule change, as amended, from interested persons. The Exchange proposes to amend Section 4 (Appointment of Market Makers) of Chapter VI of the BOX Rules to grant the authority for the Exchange to approve Market Maker appointments instead of the Board or committee designated by the Board, as the rule currently states. The Exchange is also proposing to provide a process for those Market Makers who wish to withdraw from trading an option issue within their appointment. The proposed change of granting the Exchange the authority to approve Market Maker appointments instead of the Board or a committee designated by the Board will help aid in the efficiency of BOX’s Market Maker allocation process. If approved, this proposed change will allow the regulatory staff of the Exchange the ability to approve Market Maker appointments. The BSE regulatory staff is more accessible than the Board and this change will help with the expediency of the Market Marker allocation approval process. The Exchange has also proposed to add a provision to establish a process for those Market Makers who wish to withdraw from trading an option issue within their appointment.4 A Market Maker may withdraw from an appointment as long as the Market Maker provides BOX with three business days written notice of their intent to withdraw from an appointment. If such written notice is not provided to BOX, then the Market Maker may be subject to formal disciplinary action. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend Section 4 (Appointment of Market Makers) of Chapter VI of the Rules of the Boston Options Exchange (‘‘BOX’’). The BSE is proposing to amend the BOX Rules to grant the authority for the Exchange to approve Market Maker appointments instead of the Board or a committee designated by the Board, as the rule currently states. The Exchange is also proposing to provide a process for those Market Makers who wish to withdraw from trading an option issue within their appointment. The text of the proposed rule change is available on the Exchange’s website (http:// www.bse.com), at the Exchange’s Office of the Secretary and at the Commission. 1 15 Jkt 211001 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 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 Amendment No. 1 supersedes and replaces the original proposal in its entirety. U.S.C. 78s(b)(2). 24 See supra note 20. 25 See id. 26 15 U.S.C. 78s(b)(2). II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Notice of Filing of Proposed Rule Change and Amendment No. 1 Thereto Relating to Appointment of Market Makers 27 17 23 15 29019 PO 00000 Frm 00075 Fmt 4703 Sfmt 4703 4 See Proposed Section 4, subparagraph (i), Chapter VI of the BOX Rules. E:\FR\FM\23MYN1.SGM 23MYN1 29020 Federal Register / Vol. 72, No. 99 / Wednesday, May 23, 2007 / Notices 2. Statutory Basis Paper Comments The Exchange believes that the proposal is consistent with the requirements of Section 6(b) of the Act,5 in general, and Section 6(b)(5) of the Act,6 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 national market system, and protect investors and the public interest. • 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 No. SR–BSE–2007–09. 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 at the Commission’s Public Reference Room. Copies of such filing will also be available for inspection and copying at the principal office of the BSE. 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 with to make available publicly. All submissions should refer to the file number in the caption above and should be submitted on or before June 13, 2007. 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. 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 comments on the proposed rule change. 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 BSE 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 BILLING CODE 8010–01–P 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: pwalker on PROD1PC71 with 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–BSE–2007–09 on the subject line. 5 15 6 15 U.S.C. 78f(b). U.S.C. 78f(b)(5). VerDate Aug<31>2005 18:32 May 22, 2007 For the Commission, by the Division of Market Regulation, pursuant to delegated authority.7 J. Lynn Taylor, Assistant Secretary. [FR Doc. E7–9855 Filed 5–22–07; 8:45 am] SECURITIES AND EXCHANGE COMMISSION [Release No. 34–55773; File No. SR–BSE– 2007–16] Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Allow Oddlot and Mixed-lot Orders To Be Sent To the Boston Equities Exchange I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The BSE proposes amending Section 2 and 3 of Chapter XXXVII of the Rules of BSE (‘‘BSE Rules’’) to allow odd-lot and mixed-lot market or limit orders to be sent to the Boston Equities Exchange (‘‘BeX’’). The text of the proposed rule change is available at BSE, the Commission’s Public Reference Room, and (http://www.bostonstock.com). II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the BSE 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 those 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 parts of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose On June 13, 2006 the BSE filed Amendment No. 3 to File Number SR– BSE–2006–22 (the ‘‘BeX Facility Filing’’), a rule filing submitted in connection with the implementation of the first of two phases of BeX, a fully automated electronic book for the 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. U.S.C. 78s(b)(3)(A)(iii). 4 17 CFR 240.19b–4(f)(6). 5 The Exchange has asked the Commission to waive the 30- day operative delay required by Rule 19b–4(f)(6)(iii), 17 CFR 240.19b–4(f)(6)(iii). See discussion infra Section III. 2 17 May 16, 2007. 3 15 Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the 7 17 Jkt 211001 ‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on April 17, 2007, the Boston Stock Exchange, Inc. (‘‘BSE’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been substantially prepared by the BSE. The Exchange filed the proposal as a ‘‘noncontroversial’’ proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act 3 and Rule 19b–4(f)(6) thereunder,4 which renders it effective upon filing with the Commission.5 The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. PO 00000 CFR 200.30–3(a)(12). Frm 00076 Fmt 4703 Sfmt 4703 E:\FR\FM\23MYN1.SGM 23MYN1

Agencies

[Federal Register Volume 72, Number 99 (Wednesday, May 23, 2007)]
[Notices]
[Pages 29019-29020]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-9855]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55774; File No. SR-BSE-2007-09]


Self-Regulatory Organizations; Boston Stock Exchange, Inc.; 
Notice of Filing of Proposed Rule Change and Amendment No. 1 Thereto 
Relating to Appointment of Market Makers

May 16, 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 February 20, 2007, the Boston Stock Exchange (``BSE'' 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 BSE. 
On May 11, 2007, the Exchange filed with the Commission Amendment No. 
1.\3\ 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\ Amendment No. 1 supersedes and replaces the original 
proposal in its entirety.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend Section 4 (Appointment of Market 
Makers) of Chapter VI of the Rules of the Boston Options Exchange 
(``BOX''). The BSE is proposing to amend the BOX Rules to grant the 
authority for the Exchange to approve Market Maker appointments instead 
of the Board or a committee designated by the Board, as the rule 
currently states. The Exchange is also proposing to provide a process 
for those Market Makers who wish to withdraw from trading an option 
issue within their appointment. The text of the proposed rule change is 
available on the Exchange's website (http://www.bse.com), at the 
Exchange's Office of the Secretary and at the Commission.

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
    The Exchange proposes to amend Section 4 (Appointment of Market 
Makers) of Chapter VI of the BOX Rules to grant the authority for the 
Exchange to approve Market Maker appointments instead of the Board or 
committee designated by the Board, as the rule currently states. The 
Exchange is also proposing to provide a process for those Market Makers 
who wish to withdraw from trading an option issue within their 
appointment.
    The proposed change of granting the Exchange the authority to 
approve Market Maker appointments instead of the Board or a committee 
designated by the Board will help aid in the efficiency of BOX's Market 
Maker allocation process. If approved, this proposed change will allow 
the regulatory staff of the Exchange the ability to approve Market 
Maker appointments. The BSE regulatory staff is more accessible than 
the Board and this change will help with the expediency of the Market 
Marker allocation approval process.
    The Exchange has also proposed to add a provision to establish a 
process for those Market Makers who wish to withdraw from trading an 
option issue within their appointment.\4\ A Market Maker may withdraw 
from an appointment as long as the Market Maker provides BOX with three 
business days written notice of their intent to withdraw from an 
appointment. If such written notice is not provided to BOX, then the 
Market Maker may be subject to formal disciplinary action.
---------------------------------------------------------------------------

    \4\ See Proposed Section 4, subparagraph (i), Chapter VI of the 
BOX Rules.

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[[Page 29020]]

2. Statutory Basis
    The Exchange believes that the proposal is consistent with the 
requirements of Section 6(b) of the Act,\5\ in general, and Section 
6(b)(5) of the Act,\6\ 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 national market 
system, and protect investors and the public interest.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f(b).
    \6\ 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.

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 comments on the 
proposed rule change.

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 BSE 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 (http://
www.sec.gov/rules.sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-BSE-2007-09 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 No. SR-BSE-2007-09. 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 at the Commission's Public Reference Room. Copies of such 
filing will also be available for inspection and copying at the 
principal office of the BSE. 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 with to make available publicly. All submissions should refer to 
the file number in the caption above and should be submitted on or 
before June 13, 2007.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\7\
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Lynn Taylor,
Assistant Secretary.
 [FR Doc. E7-9855 Filed 5-22-07; 8:45 am]
BILLING CODE 8010-01-P