Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Allow NMS Cross Order Type To Be Sent to the Boston Equities Exchange, 33792-33793 [E7-11744]
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Federal Register / Vol. 72, No. 117 / Tuesday, June 19, 2007 / Notices
Section 213.3394 Department of
Transportation
DTGS60357 Special Assistant to the
White House Liaison and Scheduling
and Advance to the Director for
Scheduling and Advance. Effective
May 11, 2007.
DTGS60292 Associate Director for
Governmental Affairs to the Assistant
Secretary for Governmental Affairs.
Effective May 23, 2007.
DTGS60364 Special Assistant to the
Assistant Secretary for Transportation
Policy. Effective May 23, 2007.
Authority: 5 U.S.C. 3301 and 3302; E.O.
10577, 3 CFR 1954–1958 Comp., p. 218.
Office of Personnel Management.
Tricia Hollis,
Chief of Staff/Director of External Affairs.
[FR Doc. E7–11823 Filed 6–18–07; 8:45 am]
BILLING CODE 6325–39–P
SECURITIES AND EXCHANGE
COMMISSION
Proposed Collection; Comment
Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of Filings and
Information Services, Washington, DC
20549.
rwilkins on PROD1PC63 with NOTICES
Extension:
Rule 17a–3(a)(16), SEC File No. 270–452,
OMB Control No. 3235–0508.
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. Sec. 3501 et seq.), the
Securities and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
Rule 17a–3(a)(16) (17 CFR Sec.
240.17a–3(a)(16)) under the Securities
Exchange Act of 1934 (the ‘‘Act’’) (15
U.S.C. 78a et. seq.) identifies the records
required to be made by broker-dealers
that operate internal broker-dealer
systems. Those records are to be used in
monitoring compliance with the
Commission’s financial responsibility
program and antifraud and
antimanipulative rules, as well as other
rules and regulations of the Commission
and the self-regulatory organizations. It
is estimated that approximately 105
active broker-dealer respondents
registered with the Commission incur
an average burden of 2,835 hours per
year (105 respondents multiplied by 27
burden hours per respondent equals
VerDate Aug<31>2005
19:06 Jun 18, 2007
Jkt 211001
2,835 total burden hours) to comply
with this rule. The average cost per hour
is $197. Therefore the total cost of
compliance for the respondents is
$558,495.
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
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.
Dated: June 11, 2007.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–11743 Filed 6–18–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55903; File No. SR–BSE–
2007–24]
Self-Regulatory Organizations; Boston
Stock Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change To Allow NMS
Cross Order Type To Be Sent to the
Boston Equities Exchange
June 13, 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 June 7,
2007, the Boston Stock Exchange, Inc.
(‘‘BSE’’ 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.
1 15
2 17
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00058
Fmt 4703
The Exchange has designated the
proposed rule change as ‘‘noncontroversial’’ under Section
19(b)(3)(A)(iii) 3 of the Act and Rule
19b–4(f)(6) thereunder,4 which renders
the proposal effective upon filing with
the Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The BSE proposes amending the BSE
Rules to allow the NMS Cross Order
type 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 on the Exchange’s Web site
(https://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
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
BSE has prepared summaries, set forth
in Sections A, B, and C below, of the
most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of the proposed rule
change is to allow NMS Cross Orders to
be sent to BeX. An NMS Cross Order is
an order that contains an instruction to
execute a cross transaction at a specific
price and an instruction to execute all
displayed and undisplayed orders or
undisplayed portions of orders already
in BeX at their limit prices (up to a
specified number of shares) against a
specified party to allow the cross
transaction to occur and/or to route
outbound orders to other Trading
Centers to the extent necessary to
prevent an improper trade-through.
An NMS Cross may represent interest
of one or more Members of the
Exchange but, to the extent that it
represents interest of the Member
sending the order to BeX, the Member
shall not be eligible to satisfy existing
3 15
4 17
Sfmt 4703
E:\FR\FM\19JNN1.SGM
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
19JNN1
Federal Register / Vol. 72, No. 117 / Tuesday, June 19, 2007 / Notices
bids or offers in BeX at a price that is
better than the cross price (when a
Member’s customer is on the same side
of the order as the Member) and could
only satisfy bid or offers in other
markets at a price that is better than the
cross price if the cross is for at least
10,000 shares or has a value of at least
$200,000 (a ‘‘block size order’’) or is for
the account of an institutional customer
(as that term is defined in Interpretation
and Policy .03 of Chapter XXXVII,
Section 2(Q)) 5 and the Member’s
customer has specifically agreed to that
outcome. Members must handle their
customer limit orders with due care so
as to comply with Chapter II, Section 11
of the BSE Rules prohibiting a Member
from trading ahead of customer orders.
The NMS Cross Order provides a
Member with an efficient mechanism to
clear out orders in BeX that would
otherwise have time or price priority
(and/or displayed bids or offers in other
Trading Centers that would otherwise
have price priority) and then to effect a
cross transaction at a particular price. If
an NMS Cross Order is sent with a share
size that is too small to satisfy orders in
BeX or bids or offers in other markets,
as applicable, the order will be
automatically cancelled. The share size
necessary to satisfy orders in BeX or
bids and offers in other markets is
separate and distinct from the cross
quantity and the cross quantity may not
be diminished in order to supplement
the share size intended to satisfy orders
in BeX or bids and offers in other
markets. Once the satisfying execution
has occurred (or, for orders sent to other
Trading Centers, those orders have been
sent), the cross will be executed at a
price that is better than the best bid or
offer in BeX.
rwilkins on PROD1PC63 with NOTICES
2. Statutory Basis
The Exchange believes that the basis
under the Act for this proposed rule
change is the requirement under Section
6(b)(5) 6 that an Exchange have rules
that are designed to prevent fraudulent
and manipulative acts and practices, to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
regulating, clearing, settling, processing
5 Proposed Interpretation and Policy .03 of
Chapter XXXVII, Section 2(Q) defines the term
‘‘institutional customer’’ as ‘‘the account of: (a) A
bank, savings and loan association, insurance
company or registered investment company; (b) an
investment advisor registered either with the
Commission under Section 203 of the Investment
Advisers Act of 1940 or with a state securities
commission (or any agency office performing like
functions); or (c) any other entity (whether a natural
person, corporation, partnership, trust or otherwise)
with total assets of at least $50 million.’’
6 15 U.S.C. 78f(b)(5).
VerDate Aug<31>2005
18:32 Jun 18, 2007
Jkt 211001
information with respect to, and
facilitating transactions in securities, to
remove impediments to and perfect the
mechanism of a free and open market
and a national market system, and, in
general, to protect investors and the
public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change would 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 written comments on the
proposed rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change
does not: (i) Significantly affect the
protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days after the date of
filing, or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest, the proposed rule
change has become effective pursuant to
Section 19(b)(3)(A) of the Act 7 and
subparagraph (f)(6) of Rule 19b–4
thereunder.8
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in the furtherance of the
purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Number SR–BSE–2007–24 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–BSE–2007–24. 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 such filing also will be
available for inspection and copying at
the principal office of 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 wish to make available publicly. All
submissions should refer to File
Number SR–BSE–2007–24 and should
be submitted on or before July 10, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.9
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–11744 Filed 6–18–07; 8:45 am]
BILLING CODE 8010–01–P
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
7 15
8 17
PO 00000
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
Frm 00059
Fmt 4703
9 17
Sfmt 4703
33793
E:\FR\FM\19JNN1.SGM
CFR 200.30–3(a)(12).
19JNN1
]]>Agencies
[Federal Register Volume 72, Number 117 (Tuesday, June 19, 2007)]
[Notices]
[Pages 33792-33793]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-11744]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55903; File No. SR-BSE-2007-24]
Self-Regulatory Organizations; Boston Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Allow NMS Cross Order Type To Be Sent to the Boston Equities Exchange
June 13, 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 June 7, 2007, the Boston Stock Exchange, Inc. (``BSE'' 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.
The Exchange has designated the proposed rule change as ``non-
controversial'' under Section 19(b)(3)(A)(iii) \3\ of the Act and Rule
19b-4(f)(6) thereunder,\4\ which renders the proposal effective upon
filing with the Commission. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\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 BSE proposes amending the BSE Rules to allow the NMS Cross
Order type 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 on the Exchange's Web site (https://
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 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 BSE has prepared summaries, set forth in Sections A,
B, and C below, of the most significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of the proposed rule change is to allow NMS Cross
Orders to be sent to BeX. An NMS Cross Order is an order that contains
an instruction to execute a cross transaction at a specific price and
an instruction to execute all displayed and undisplayed orders or
undisplayed portions of orders already in BeX at their limit prices (up
to a specified number of shares) against a specified party to allow the
cross transaction to occur and/or to route outbound orders to other
Trading Centers to the extent necessary to prevent an improper trade-
through.
An NMS Cross may represent interest of one or more Members of the
Exchange but, to the extent that it represents interest of the Member
sending the order to BeX, the Member shall not be eligible to satisfy
existing
[[Page 33793]]
bids or offers in BeX at a price that is better than the cross price
(when a Member's customer is on the same side of the order as the
Member) and could only satisfy bid or offers in other markets at a
price that is better than the cross price if the cross is for at least
10,000 shares or has a value of at least $200,000 (a ``block size
order'') or is for the account of an institutional customer (as that
term is defined in Interpretation and Policy .03 of Chapter XXXVII,
Section 2(Q)) \5\ and the Member's customer has specifically agreed to
that outcome. Members must handle their customer limit orders with due
care so as to comply with Chapter II, Section 11 of the BSE Rules
prohibiting a Member from trading ahead of customer orders.
---------------------------------------------------------------------------
\5\ Proposed Interpretation and Policy .03 of Chapter XXXVII,
Section 2(Q) defines the term ``institutional customer'' as ``the
account of: (a) A bank, savings and loan association, insurance
company or registered investment company; (b) an investment advisor
registered either with the Commission under Section 203 of the
Investment Advisers Act of 1940 or with a state securities
commission (or any agency office performing like functions); or (c)
any other entity (whether a natural person, corporation,
partnership, trust or otherwise) with total assets of at least $50
million.''
---------------------------------------------------------------------------
The NMS Cross Order provides a Member with an efficient mechanism
to clear out orders in BeX that would otherwise have time or price
priority (and/or displayed bids or offers in other Trading Centers that
would otherwise have price priority) and then to effect a cross
transaction at a particular price. If an NMS Cross Order is sent with a
share size that is too small to satisfy orders in BeX or bids or offers
in other markets, as applicable, the order will be automatically
cancelled. The share size necessary to satisfy orders in BeX or bids
and offers in other markets is separate and distinct from the cross
quantity and the cross quantity may not be diminished in order to
supplement the share size intended to satisfy orders in BeX or bids and
offers in other markets. Once the satisfying execution has occurred
(or, for orders sent to other Trading Centers, those orders have been
sent), the cross will be executed at a price that is better than the
best bid or offer in BeX.
2. Statutory Basis
The Exchange believes that the basis under the Act for this
proposed rule change is the requirement under Section 6(b)(5) \6\ that
an Exchange have rules that are designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in regulating, clearing, settling, processing
information with respect to, and facilitating transactions in
securities, to remove impediments to and perfect the mechanism of a
free and open market and a national market system, and, in general, to
protect investors and the public interest.
---------------------------------------------------------------------------
\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 would
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 written comments on
the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change does not: (i) Significantly affect
the protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative for 30
days after the date of filing, or such shorter time as the Commission
may designate if consistent with the protection of investors and the
public interest, the proposed rule change has become effective pursuant
to Section 19(b)(3)(A) of the Act \7\ and subparagraph (f)(6) of Rule
19b-4 thereunder.\8\
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in the furtherance of the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-BSE-2007-24 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-BSE-2007-24. 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 such
filing also will be available for inspection and copying at the
principal office of 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 wish to
make available publicly. All submissions should refer to File Number
SR-BSE-2007-24 and should be submitted on or before July 10, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\9\
---------------------------------------------------------------------------
\9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-11744 Filed 6-18-07; 8:45 am]
BILLING CODE 8010-01-P
