Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto Amending Section 5 (Obligations of Market Makers) of Chapter VI of the Rules of the Boston Options Exchange for Clarification Purposes Regarding the Guaranteed Directed Order, 35735-35736 [E7-12604]

Download as PDF Federal Register / Vol. 72, No. 125 / Friday, June 29, 2007 / Notices [FR Doc. E7–12634 Filed 6–28–07; 8:45 am] BILLING CODE 7590–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–55945; File No. SR–BSE– 2007–23] Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto Amending Section 5 (Obligations of Market Makers) of Chapter VI of the Rules of the Boston Options Exchange for Clarification Purposes Regarding the Guaranteed Directed Order June 22, 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 1, 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. BSE has filed the proposal as a noncontroversial rule change pursuant to Section 19(b)(3)(A) of the Act 3 and Rule 19b–4(f)(6) 4 thereunder, which renders the proposal effective upon filing with the Commission. On June 21, 2007, BSE filed Amendment No. 1 to the proposed rule change. The Commission is publishing this notice to solicit comments on the proposed rule change, as amended, from interested persons. mstockstill on PROD1PC66 with NOTICES I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange is proposing to amend Section 5 (Obligations of Market Makers) of Chapter VI of the Rules of the Boston Options Exchange (‘‘BOX Rules’’) for clarification purposes regarding the Guaranteed Directed Order (‘‘GDO’’). The text of the proposed rule is available at the Exchange, the Commission’s Public Reference Room, and on the Exchange’s Web site (http://www.bostonstock.com). 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A). 4 17 CFR 240.19b–4(f)(6). 2 17 VerDate Aug<31>2005 16:20 Jun 28, 2007 Jkt 211001 II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, 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 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 is proposing to amend Section 5 (Obligations of Market Makers) of Chapter VI of the BOX Rules 5 to clarify that the GDO is exposed for one time period with an NBBO filter at the end of the exposition. The section of the BOX Rules which discusses the GDO contains a cross reference to Chapter V, Section 16(b). The Exchange proposes to extend the cross reference and numbering to reflect the specific subsection of the corresponding BOX Rule so that the Exchange’s rules are accurate, comprehendible, and transparent to the marketplace. The GDO exposure time is not affected by this filing and remains three seconds, as set forth in Chapter VI, Section 5 of the BOX Rules. 2. Statutory Basis The Exchange believes that the proposal is consistent with the requirements of Section 6(b) of the Act,6 in general, and Section 6(b)(5) of the Act,7 in particular, in that it is designed to promote just and equitable principles of trade, and to protect investors and the public interest. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. 5 Specifically, the Exchange is amending Chapter VI, Section 5(c)(iii)(2)(b)(5) of the BOX Rules. Telephone conversation between Terri Evans, Special Counsel, Division of Market Regulation, Commission, and Brian Donnelly, AVP Regulation and Compliance, BSE, on June 21, 2007 (clarifying the specific rule being amended by the proposed rule change as described in Amendment No. 1). 6 15 U.S.C. 78f(b). 7 15 U.S.C. 78f(b)(5). PO 00000 Frm 00052 Fmt 4703 Sfmt 4703 35735 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 Because the foregoing 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 the filing, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest, it has become effective pursuant to Section 19(b)(3)(A) of the Act 8 and Rule 19b–4(f)(6) 9 thereunder.10 The Exchange has requested that the Commission waive the 30-day operative delay. The Commission believes waiving the 30-day operative delay is consistent with the protection of investors and the public interest. The Commission notes that the proposed rule change provides greater specificity as to a cross-reference within a rule, thereby avoiding confusion resulting from an incomplete cross-reference. Accordingly, the Commission designates the proposal to be operative upon filing with the Commission.11 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 furtherance of the purposes of the Act.12 IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, 8 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). 10 BSE provided the Commission with written notice of its intent to file the proposed rule change. See Section 19(b)(3)(A) of the Act, and Rule 19b– 4(f)(6)(iii) thereunder. 15 U.S.C. 78s(b)(3)(A), 17 CFR 240.19b–4(f)(6)(iii). 11 For purposes only of waiving the 30-day operative delay of the proposal, the Commission has considered the proposed rule’s impact on efficiency, competition and capital formation. 15 U.S.C. 78c(f). 12 For purposes of calculating the 60-day period within which the Commission may summarily abrogate the proposed rule change, as amended, under Section 19(b)(3)(C) of the Act, the Commission considers the period to commence on June 21, 2007, the date on which BSE submitted Amendment No. 1. See 15 U.S.C. 78s(b)(3)(C). 9 17 E:\FR\FM\29JNN1.SGM 29JNN1 35736 Federal Register / Vol. 72, No. 125 / Friday, June 29, 2007 / Notices including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments SUSQUEHANNA RIVER BASIN COMMISSION Notice of Actions Taken at June 13, 2007 Meeting Susquehanna River Basin Commission. ACTION: Notice of Commission actions. • 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–2007–23 on the subject line. AGENCY: For the Commission, by the Division of Market Regulation, pursuant to delegated authority.13 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–12604 Filed 6–28–07; 8:45 am] Public Hearing—Projects Approved mstockstill on PROD1PC66 with NOTICES SUMMARY: At a public hearing held on June 13, 2007 in North East, MD, the Susquehanna River Basin Commission approved certain water resources projects, accepted a settlement proposal, Paper Comments and incorporated two projects into the • Send paper comments in triplicate SRBC Comprehensive Plan, as described to Nancy M. Morris, Secretary, in the SUPPLEMENTARY INFORMATION Securities and Exchange Commission, section below. In other meeting action, 100 F Street, NE., Washington, DC the Commission heard informational 20549–1090. presentations on: (1) The 2007 migratory fish runs through the fish passage All submissions should refer to File facilities located at the lower Number SR–BSE–2007–23. This file Susquehanna River hydroelectric number should be included on the subject line if e-mail is used. To help the projects, (2) a Coastal Plain Aquifer Study being led by the U.S. Geological Commission process and review your Survey Maryland District, and (3) comments more efficiently, please use only one method. The Commission will hydrologic conditions in the basin post all comments on the Commission’s indicating the occurrence of dry conditions during the month of May. Internet Web site (http://www.sec.gov/ The Commission also adopted the FY– rules/sro.shtml). Copies of the 2009 budget, elected Commission submission, all subsequent officers for FY–2008, approved/ratified amendments, all written statements several grants and contracts, and with respect to the proposed rule presented the SRBC Maurice K. change that are filed with the Goddard Award to William A. Gast of Commission, and all written the Pennsylvania Dept. of communications relating to the Environmental Protection. For further proposed rule change between the Commission and any person, other than meeting details, visit the Commission’s Web site at http://www.srbc.net. those that may be withheld from the DATES: June 13, 2007. public in accordance with the provisions of 5 U.S.C. 552, will be ADDRESSES: Susquehanna River Basin available for inspection and copying in Commission, 1721 N. Front Street, the Commission’s Public Reference Harrisburg, PA 17102–2391. Room, 100 F Street, NE., Washington, FOR FURTHER INFORMATION CONTACT: DC 20549, on official business days Richard A. Cairo, General Counsel, between the hours of 10 a.m. and 3 p.m. telephone: (717) 238–0423; ext. 306; fax: Copies of such filing also will be (717) 238–2436; e-mail: rcairo@srbc.net available for inspection and copying at or Deborah J. Dickey, Secretary to the the principal office of BSE. All Commission, telephone: (717) 238– comments received will be posted 0422, ext. 301; fax: (717) 238–2436; without change; the Commission does e-mail: ddickey@srbc.net. Regular mail not edit personal identifying inquiries may be sent to the above information from submissions. You address. should submit only information that SUPPLEMENTARY INFORMATION: At a you wish to make available publicly. All public hearing on June 13, 2007, the submissions should refer to File Susquehanna River Basin Commission Number SR–BSE–2007–23 and should be submitted on or before July 20, 2007. took the following actions: BILLING CODE 8010–01–P 13 17 CFR 200.30–3(a)(12). VerDate Aug<31>2005 16:20 Jun 28, 2007 Jkt 211001 1. Project Sponsor and Facility: Town of Conklin (Well 5), Broome County, N.Y. Approval for groundwater withdrawal of 0.350 mgd. 2. Project Sponsor and Facility: Town of Erwin (ID Well 2, Well 2, Well 3, ID Well 1), Steuben County, N.Y. Approval for groundwater withdrawals of 0.504 PO 00000 Frm 00053 Fmt 4703 Sfmt 4703 mgd, 0.350 mgd, 0.325 mgd, and 0.125 mgd. 3. Project Sponsor and Facility: Far Away Springs—Brandonville, East Union and Mahanoy Townships, Schuylkill County, Pa. Approval for groundwater withdrawal of 0.079 mgd and consumptive water use of up to 0.200 mgd. 4. Project Sponsor and Facility: Hughesville Borough Authority (Well 1, Well 2, Well 3), Wolf Township, Lycoming County, Pa. Approval for groundwater withdrawals of 0.260 mgd, 0.260 mgd and 1.440 mgd. 5. Project Sponsor: Glenn O. Hawbaker, Inc. Project Facility: Pleasant Gap, Spring Township, Centre County, Pa. Modification of consumptive water use approval (Docket No. 20050307). 6. Project Sponsor and Facility: Centre Hills Country Club (Hole #8 Well, Driving Range Well), College Township, Centre County, Pa. Approval for groundwater withdrawals of 0.316 mgd and 0.316 mgd. 7. Project Sponsor: New Enterprise Stone & Lime Co., Inc. Project Facility: Tyrone Quarry, Warriors Mark and Snyder Townships, Huntingdon and Blair Counties, Pa. Modification of surface water and groundwater approval (Docket No. 20031205). 8. Project Sponsor: New Enterprise Stone & Lime Co., Inc. Project Facility: Ashcom Quarry, Snake Spring Valley Township, Bedford County, Pa. Modification of groundwater approval (Docket No. 20031204). 9. Project Sponsor and Facility: AES Ironwood, LLC, South Lebanon Township, Lebanon County, Pa. Modification of surface water and consumptive use approval and diversion (Docket No. 19980502). 10. Project Sponsor and Facility: East Cocalico Township Authority (Well F, Well M), East Cocalico Township, Lancaster County, Pa. Approval for groundwater withdrawals of 1.150 mgd and 1.580 mgd. 11. Project Sponsor: Golf Enterprises, Inc. Project Facility: Valley Green Golf Course, Newberry Township, York County, Pa. Modification of consumptive water use approval (Docket No. 20021019). 12. Project Sponsor and Facility: Mount Joy Borough Authority (Well 3), Mount Joy Borough, Lancaster County, Pa. Approval for groundwater withdrawal of 1.020 mgd. 13. Project Sponsor and Facility: Dart Container Corporation of Pennsylvania (Well B), Upper Leacock Township, Lancaster County, Pa. Approval for groundwater withdrawal of 0.122 mgd. 14. Project Sponsor: Honey Run GIBG LLC. Project Facility: Honey Run Golf E:\FR\FM\29JNN1.SGM 29JNN1

Agencies

[Federal Register Volume 72, Number 125 (Friday, June 29, 2007)]
[Notices]
[Pages 35735-35736]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-12604]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55945; File No. SR-BSE-2007-23]


Self-Regulatory Organizations; Boston Stock Exchange, Inc.; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
and Amendment No. 1 Thereto Amending Section 5 (Obligations of Market 
Makers) of Chapter VI of the Rules of the Boston Options Exchange for 
Clarification Purposes Regarding the Guaranteed Directed Order

June 22, 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 1, 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. 
BSE has filed the proposal as a non-controversial rule change pursuant 
to Section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(6) \4\ 
thereunder, which renders the proposal effective upon filing with the 
Commission. On June 21, 2007, BSE filed Amendment No. 1 to the proposed 
rule change. The Commission is publishing this notice to solicit 
comments on the proposed rule change, as amended, from interested 
persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange is proposing to amend Section 5 (Obligations of Market 
Makers) of Chapter VI of the Rules of the Boston Options Exchange 
(``BOX Rules'') for clarification purposes regarding the Guaranteed 
Directed Order (``GDO''). The text of the proposed rule is available at 
the Exchange, the Commission's Public Reference Room, and on the 
Exchange's Web site (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, 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 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 is proposing to amend Section 5 (Obligations of Market 
Makers) of Chapter VI of the BOX Rules \5\ to clarify that the GDO is 
exposed for one time period with an NBBO filter at the end of the 
exposition. The section of the BOX Rules which discusses the GDO 
contains a cross reference to Chapter V, Section 16(b). The Exchange 
proposes to extend the cross reference and numbering to reflect the 
specific subsection of the corresponding BOX Rule so that the 
Exchange's rules are accurate, comprehendible, and transparent to the 
marketplace. The GDO exposure time is not affected by this filing and 
remains three seconds, as set forth in Chapter VI, Section 5 of the BOX 
Rules.
---------------------------------------------------------------------------

    \5\ Specifically, the Exchange is amending Chapter VI, Section 
5(c)(iii)(2)(b)(5) of the BOX Rules. Telephone conversation between 
Terri Evans, Special Counsel, Division of Market Regulation, 
Commission, and Brian Donnelly, AVP Regulation and Compliance, BSE, 
on June 21, 2007 (clarifying the specific rule being amended by the 
proposed rule change as described in Amendment No. 1).
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposal is consistent with the 
requirements of Section 6(b) of the Act,\6\ in general, and Section 
6(b)(5) of the Act,\7\ in particular, in that it is designed to promote 
just and equitable principles of trade, and to protect investors and 
the public interest.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b).
    \7\ 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

    Because the foregoing 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 the filing, or such 
shorter time as the Commission may designate if consistent with the 
protection of investors and the public interest, it has become 
effective pursuant to Section 19(b)(3)(A) of the Act \8\ and Rule 19b-
4(f)(6) \9\ thereunder.\10\
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    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f)(6).
    \10\ BSE provided the Commission with written notice of its 
intent to file the proposed rule change. See Section 19(b)(3)(A) of 
the Act, and Rule 19b-4(f)(6)(iii) thereunder. 15 U.S.C. 
78s(b)(3)(A), 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------

    The Exchange has requested that the Commission waive the 30-day 
operative delay. The Commission believes waiving the 30-day operative 
delay is consistent with the protection of investors and the public 
interest. The Commission notes that the proposed rule change provides 
greater specificity as to a cross-reference within a rule, thereby 
avoiding confusion resulting from an incomplete cross-reference. 
Accordingly, the Commission designates the proposal to be operative 
upon filing with the Commission.\11\ 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 furtherance of the purposes of 
the Act.\12\
---------------------------------------------------------------------------

    \11\ For purposes only of waiving the 30-day operative delay of 
the proposal, the Commission has considered the proposed rule's 
impact on efficiency, competition and capital formation. 15 U.S.C. 
78c(f).
    \12\ For purposes of calculating the 60-day period within which 
the Commission may summarily abrogate the proposed rule change, as 
amended, under Section 19(b)(3)(C) of the Act, the Commission 
considers the period to commence on June 21, 2007, the date on which 
BSE submitted Amendment No. 1. See 15 U.S.C. 78s(b)(3)(C).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing,

[[Page 35736]]

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-2007-23 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-2007-23. This file 
number should be included on the subject line if e-mail is used. To 
help the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (http://www.sec.gov/rules/
sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for inspection and 
copying in the Commission's Public Reference Room, 100 F Street, NE., 
Washington, 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 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-2007-23 and should be 
submitted on or before July 20, 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. E7-12604 Filed 6-28-07; 8:45 am]
BILLING CODE 8010-01-P