Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Position and Exercise Limits for Options on the KBW Bank Index, 35288-35290 [E7-12389]
Download as PDF
<![CDATA[
35288
Federal Register / Vol. 72, No. 123 / Wednesday, June 27, 2007 / Notices
11890(b), which requires decisions to
break or modify trades on Nasdaq’s own
motion to be made by senior officers
only. Consistent with current practice,
all adjudications under 11890(a) and (b)
will continue to be made on a ‘‘nonames basis’’ (i.e., the adjudicator does
not know the identities of the market
participants that will be affected by the
decision).
Finally, Nasdaq is amending the rule
to add a consolidated paragraph of
definitions of terms used in the rule and
to delete obsolete references to
transactions entered into by a member
of a national securities exchange with
unlisted trading privileges in Nasdaq
securities. Although Nasdaq’s former
SuperMontage system allowed other
exchanges to enter orders directly, the
current Nasdaq Market Center does not
retain this functionality. Rather, other
exchanges and their members can access
Nasdaq through broker-dealers that are
members of Nasdaq, including brokerdealers owned by exchanges.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
2. Statutory Basis
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–NASDAQ–2007–001 on the
subject line.
Nasdaq believes that the proposed
rule change is consistent with the
provisions of Section 6 of the Act,15 in
general, and with Section 6(b)(5) of the
Act,16 in particular, in that the proposal
is 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.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
Nasdaq does not believe that the
proposed rule change will result in any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
jlentini on PROD1PC65 with NOTICES
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor received.
15 15
16 15
U.S.C. 78f.
U.S.C. 78f(b)(5).
VerDate Aug<31>2005
15:50 Jun 26, 2007
Jkt 211001
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 Nasdaq consents, the
Commission will:
(A) By order approve the 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
Copies of such filing also will be
available for inspection and copying at
the principal office of Nasdaq. 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–NASDAQ–2007–001 and
should be submitted on or before July
18, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.17
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–12426 Filed 6–26–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55932; File No. SR–
NYSEArca–2007–54]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Establish Position and
Exercise Limits for Options on the
KBW Bank Index
June 20, 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 June 13,
to Nancy M. Morris, Secretary,
2007, NYSE Arca, Inc. (‘‘NYSE Arca’’ or
Securities and Exchange Commission,
‘‘Exchange’’) filed with the Securities
100 F Street, NE., Washington, DC
and Exchange Commission
20549–1090.
(‘‘Commission’’) the proposed rule
All submissions should refer to File
change as described in Items I and II
Number SR–NASDAQ–2007–001. This
below, which Items have been
file number should be included on the
subject line if e-mail is used. To help the substantially prepared by the Exchange.
The Exchange has designated the
Commission process and review your
proposed rule change as ‘‘noncomments more efficiently, please use
only one method. The Commission will controversial’’ under Section
3
post all comments on the Commission’s 19(b)(3)(A)(iii) of the Act and Rule
19b–4(f)(6) thereunder,4 which renders
Internet Web site (https://www.sec.gov/
the proposal effective upon filing with
rules/sro.shtml). Copies of the
the Commission. The Commission is
submission, all subsequent
publishing this notice to solicit
amendments, all written statements
comments on the proposed rule change
with respect to the proposed rule
from interested persons.
change that are filed with the
Paper Comments
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, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
PO 00000
Frm 00074
Fmt 4703
Sfmt 4703
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
NYSE Arca proposes to amend NYSE
Arca Rule 5.16 in order to increase the
position and exercise limits for options
17 17
CFR 200.30–3(a)(12).
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).
1 15
E:\FR\FM\27JNN1.SGM
27JNN1
Federal Register / Vol. 72, No. 123 / Wednesday, June 27, 2007 / Notices
on the KBW Bank Index. The text of the
proposed rule change is available at
NYSE Arca, at the Commission’s Public
Reference Room, and on the Exchange’s
Web site (https://www.nyse.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. NYSE
Arca 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
jlentini on PROD1PC65 with NOTICES
1. Purpose
The Exchange recently listed for
trading options on the KBW Bank Index
(‘‘BKX’’) pursuant to the generic listing
standards of NYSE Arca Rule 5.13.
Under NYSE Arca Rule 5.16(a), a
narrow-based index option such as BKX
cannot have position and exercise limits
that exceed 31,500 contracts. The
Exchange notes that the Philadelphia
Stock Exchange, Inc. (‘‘Phlx’’) and the
International Securities Exchange, LLC
(‘‘ISE’’) currently list options on BKX
and expanded their position and
exercise limits for options on BKX to
44,000 contracts.5 Accordingly, the
Exchange proposes to amend NYSE
Arca Rule 5.16 to increase the position
and exercise limits for options on BKX
to 44,000 contracts also. The Exchange
believes it is important for a product
traded at multiple exchanges to have
uniform position and exercise limits in
order to eliminate any confusion among
investors and other market participants.
2. Statutory Basis
The Exchange believes the basis
under the Act for this proposed rule
change is found in Section 6(b)(5),6 in
that the adoption of uniform position
and exercise limits for BKX will serve
to prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, to foster
cooperation and coordination with
5 See Securities Exchange Act Release Nos. 49312
(February 24, 2004), 69 FR 9672 (March 1, 2004)
(SR–Phlx–2004–13) and 55279 (February 12, 2007),
72 FR 7784 (February 20, 2007) (SR–ISE–2007–02).
6 15 U.S.C. 78f(b)(5).
VerDate Aug<31>2005
15:50 Jun 26, 2007
Jkt 211001
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.
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
Written comments on the proposed
rule change were neither solicited nor
received.
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
A proposed rule change filed under
19b–4(f)(6) normally may not become
operative prior to 30 days after the date
of filing.9 However, Rule 19b–
4(f)(6)(iii) 10 permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest.
The Commission believes that
waiving the five-day prefiling
requirement and the 30-day operative
delay is consistent with the protection
of investors and the public interest
because it would allow the Exchange to
immediately implement this proposal
and make NYSE Arca’s position and
exercise limits for options on BKX
consistent with the Phlx’s and ISE’s
position and exercise limits for such
options.11 Further, the Commission
further notes that the increased position
7 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
9 17 CFR 240.19b–4(f)(6)(iii).
10 Id.
11 See supra note 5.
8 17
PO 00000
Frm 00075
Fmt 4703
Sfmt 4703
35289
and exercise limits for Phlx were
previously noticed for comment and no
comments were received. The
Commission designates the proposal to
become effective and operative upon
filing.12
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 rulecomments@sec.gov. Please include File
Number SR–NYSEArca–2007–54 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–NYSEArca–2007–54. 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, 100 F Street, NE., Washington,
12 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
impact of the proposed rule on efficiency,
competition, and capital formation. 15 U.S.C. 78c(f).
E:\FR\FM\27JNN1.SGM
27JNN1
35290
Federal Register / Vol. 72, No. 123 / Wednesday, June 27, 2007 / Notices
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of such filing also will be
available for inspection and copying at
the principal office of NYSE Arca. 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–NYSEArca–2007–54 and
should be submitted on or before July
18, 2007.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
NYSE Arca proposes to amend its
Schedule of Fees and Charges for
Exchange Services (‘‘Schedule’’) by
making a technical change to the Firm
Facilitation fee, eliminating one Royalty
Fee, adding another, and capping the
fees it charges to OTP Firms for booths
on the options trading floor. The text of
the proposed rule change is available at
the Exchange, its Web Site (https://
www.nyse.com/regulation), and the
Commission’s Public Reference Room.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.13
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–12389 Filed 6–26–07; 8:45 am]
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.
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55906; File No. SR–
NYSEArca–2007–46]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change Relating to Firm
Facilitation, Royalty, and Booth Fees
June 13, 2007.
jlentini on PROD1PC65 with NOTICES
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 May 31,
2007, NYSE Arca, Inc. (‘‘NYSE Arca’’ 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 Exchange.
NYSE Arca has designated this proposal
as one establishing or changing a due,
fee, or other charge imposed by the
Exchange under Section 19(b)(3)(A)(ii)
of the Act 3 and Rule 19b–4(f)(2)
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.
13 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii).
4 17 CFR 240.19b–4(f)(2).
1 15
VerDate Aug<31>2005
15:50 Jun 26, 2007
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of this filing is to amend
the existing Schedule by: (1) Making a
technical change to the Firm Facilitation
Fee; (2) eliminating one Royalty Fee; (3)
adding one new Royalty Fee; and (4)
establishing a monthly cap on Booth
Fees. A brief description of each
proposed changes is provided below.
Firm Facilitation Fees. The Firm
Facilitation rate applies to transactions
involving a proprietary trading account
of an OTP Firm 5 that has a customer of
that OTP Firm on the contra side of the
transaction. This practice is generally
referred to as ‘‘facilitating’’ an order.
Facilitation Orders on NYSE Arca are
manually traded via open outcry and are
not presently eligible for electronic
execution. Open outcry trades are not
subject to the Post/Take pricing model
that NYSE Arca utilizes for issues that
trade as part of the Penny Pilot.
Accordingly, the Schedule now reads
‘‘N/A’’ for Firm Facilitation fees under
both ‘‘Post’’ and ‘‘Take’’ Liquidity. Once
the Facilitation Orders are fully
automated, the Exchange will file with
5 See NYSE Arca Options Rule 1.1(r) (defining
‘‘OTP Firm’’).
Jkt 211001
PO 00000
Frm 00076
Fmt 4703
Sfmt 4703
the Commission, a proposal for a new
Post/Take rate for this order type.
Royalty Fees. The Exchange proposes
to eliminate Royalty Fees for options
traded on the NASDAQ Fidelity
Composite Index ETF (ONEQ). The
Exchange will no longer collect the
$0.12 per contract fee on any trades in
ONEQ. By eliminating these fees, the
Exchange hopes to attract additional
order flow and encourage more trading
by market participants.
The Exchange plans to commence
trading of options on the KBW Bank
Index (BKX). The Exchange has entered
into a licensing agreement with Keefe,
Bruyette & Woods Inc., the firm that
created and maintains the fund. As a
part of this agreement, NYSE Arca will
pay a fee to Keefe, Bruyette & Woods on
every contract traded on the Exchange.
Effective with this filing, the Exchange
will assess a $0.10 Royalty Fee, on a per
contract basis, for Firm, Broker/Dealer,
and Market Maker transactions in
options on the KBW Bank Index. For
electronic executions in issues included
in the Penny Pilot, Royalty Fees will be
passed through to the trading
participant on the ‘‘Take’’ side of the
transaction.6
Booth Fees. OTP Firms apply for, and
receive permission to use, booths on the
options trading floor. The Exchange
currently charges a $350 per month fee
for each booth that an OTP Firm uses,
without any monthly cap. The Exchange
now proposes capping this fee at $3500
per month. Going forward, firms will
pay a maximum monthly booth fee of
$3500 regardless of how many booths
they are authorized to use.
2. Statutory Basis
The Exchange believes that the
proposal is consistent with Section 6(b)
of the Act,7 in general, and Section
6(b)(4),8 in particular, in that it provides
for the equitable allocation of reasonable
dues, fees, and other charges among its
members.
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 telephone conversation between Andrew
Stevens, Assistant General Counsel, Amex, and
Christopher Chow, Special Counsel, Commission,
on June 13, 2007.
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(4).
E:\FR\FM\27JNN1.SGM
27JNN1
]]>Agencies
[Federal Register Volume 72, Number 123 (Wednesday, June 27, 2007)]
[Notices]
[Pages 35288-35290]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-12389]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55932; File No. SR-NYSEArca-2007-54]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Establish
Position and Exercise Limits for Options on the KBW Bank Index
June 20, 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 13, 2007, 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. 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
NYSE Arca proposes to amend NYSE Arca Rule 5.16 in order to
increase the position and exercise limits for options
[[Page 35289]]
on the KBW Bank Index. The text of the proposed rule change is
available at NYSE Arca, at the Commission's Public Reference Room, and
on the Exchange's Web site (https://www.nyse.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. NYSE Arca 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 recently listed for trading options on the KBW Bank
Index (``BKX'') pursuant to the generic listing standards of NYSE Arca
Rule 5.13. Under NYSE Arca Rule 5.16(a), a narrow-based index option
such as BKX cannot have position and exercise limits that exceed 31,500
contracts. The Exchange notes that the Philadelphia Stock Exchange,
Inc. (``Phlx'') and the International Securities Exchange, LLC
(``ISE'') currently list options on BKX and expanded their position and
exercise limits for options on BKX to 44,000 contracts.\5\ Accordingly,
the Exchange proposes to amend NYSE Arca Rule 5.16 to increase the
position and exercise limits for options on BKX to 44,000 contracts
also. The Exchange believes it is important for a product traded at
multiple exchanges to have uniform position and exercise limits in
order to eliminate any confusion among investors and other market
participants.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release Nos. 49312 (February 24,
2004), 69 FR 9672 (March 1, 2004) (SR-Phlx-2004-13) and 55279
(February 12, 2007), 72 FR 7784 (February 20, 2007) (SR-ISE-2007-
02).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes the basis under the Act for this proposed
rule change is found in Section 6(b)(5),\6\ in that the adoption of
uniform position and exercise limits for BKX will serve 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
Written comments on the proposed rule change were neither solicited
nor received.
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).
---------------------------------------------------------------------------
A proposed rule change filed under 19b-4(f)(6) normally may not
become operative prior to 30 days after the date of filing.\9\ However,
Rule 19b-4(f)(6)(iii) \10\ permits the Commission to designate a
shorter time if such action is consistent with the protection of
investors and the public interest.
---------------------------------------------------------------------------
\9\ 17 CFR 240.19b-4(f)(6)(iii).
\10\ Id.
---------------------------------------------------------------------------
The Commission believes that waiving the five-day prefiling
requirement and the 30-day operative delay is consistent with the
protection of investors and the public interest because it would allow
the Exchange to immediately implement this proposal and make NYSE
Arca's position and exercise limits for options on BKX consistent with
the Phlx's and ISE's position and exercise limits for such options.\11\
Further, the Commission further notes that the increased position and
exercise limits for Phlx were previously noticed for comment and no
comments were received. The Commission designates the proposal to
become effective and operative upon filing.\12\
---------------------------------------------------------------------------
\11\ See supra note 5.
\12\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the impact of the proposed rule on
efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
---------------------------------------------------------------------------
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-NYSEArca-2007-54 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-NYSEArca-2007-54. 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, 100 F Street,
NE., Washington,
[[Page 35290]]
DC 20549, on official business days between the hours of 10 a.m. and 3
p.m. Copies of such filing also will be available for inspection and
copying at the principal office of NYSE Arca. 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-NYSEArca-2007-54 and should be submitted
on or before July 18, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------
\13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-12389 Filed 6-26-07; 8:45 am]
BILLING CODE 8010-01-P
