Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing of Proposed Rule Change, as Modified by Amendment No. 1 Thereto, To Modify Provisions Relating to Cross With Yield Orders, 39865-39866 [E7-14037]
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Federal Register / Vol. 72, No. 139 / Friday, July 20, 2007 / Notices
and to determine what action, if any,
should be taken in response to any such
conflict.
11. If and to the extent that Rule 6e–
2 and Rule 6e–3(T) under the 1940 Act
are amended, or proposed Rule 6e–3
under the 1940 Act is adopted, to
provide exemptive relief from any
provision of the 1940 Act, or the rules
promulgated thereunder, with respect to
mixed or shared funding, on terms and
conditions materially different from any
exemptions granted in the order
requested in the Application, then the
Fund and/or Participating Insurance
Companies, as appropriate, shall take
such steps as may be necessary to
comply with Rules 6e–2 and 6e–3(T), or
Rule 6e–3, as such rules are applicable.
12. The Participants, at least annually,
will submit to the Board such reports,
materials, or data as a Board reasonably
may request so that the trustees of the
Board may fully carry out the
obligations imposed upon the Board by
the conditions contained in the
Application. Such reports, materials,
and data will be submitted more
frequently if deemed appropriate by the
Board. The obligations of the
Participants to provide these reports,
materials, and data to the Board, when
it so reasonably requests, will be a
contractual obligation of all Participants
under their agreements governing
participation in the Portfolios.
13. All reports of potential or existing
conflicts received by the Board, and all
Board action with regard to determining
the existence of a conflict, notifying
Participants of a conflict, and
determining whether any proposed
action adequately remedies a conflict,
will be properly recorded in the minutes
of the Board or other appropriate
records, and such minutes or other
records shall be made available to the
Commission upon request.
14. The Fund will not accept a
purchase order from a Qualified Plan if
such purchase would make the
Qualified Plan shareholder an owner of
10 percent or more of the assets of a
Portfolio unless the Trustees of such
Qualified Plan execute an agreement
with the Fund governing participation
in such Portfolio that includes the
conditions set forth herein to the extent
applicable. The Trustees of a Qualified
Plan will execute an application
containing an acknowledgment of this
condition at the time of its initial
purchase of shares of any Portfolio.
Conclusions
Applicants submit that, for the
reasons summarized above and to the
extent necessary or appropriate to
provide for the transactions described
VerDate Aug<31>2005
16:19 Jul 19, 2007
Jkt 211001
herein, the requested exemptions from
sections 9(a), 13(a), 15(a), and 15(b) of
the 1940 Act and Rules 6e–2(b)(15) and
6e–3(T)(b)(15) thereunder, in
accordance with the standards of
section 6(c) of the 1940 Act, are in the
public interest and consistent with the
protection of investors and the purposes
fairly intended by the policy and
provisions of the 1940 Act.
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–14028 Filed 7–19–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56064; File No. SR–CHX–
2006–42]
Self-Regulatory Organizations;
Chicago Stock Exchange, Inc.; Notice
of Filing of Proposed Rule Change, as
Modified by Amendment No. 1 Thereto,
To Modify Provisions Relating to Cross
With Yield Orders
July 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 December
22, 2006, the Chicago Stock Exchange,
Inc. (‘‘CHX’’ 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
CHX. On July 6, 2007, the Exchange
filed Amendment No. 1 to the proposed
rule change.3 The Commission is
publishing this notice to solicit
comments on the proposed rule change,
as amended, from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The CHX proposes to amend its rules
to permit participants submitting ‘‘cross
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Amendment No. 1, which replaced the original
filing in its entirety, removed a proposal that would
have allowed the Exchange’s Matching System to
reprice sell short mid-point cross orders. The
Exchange believes that such repricing is no longer
necessary due to the Commission’s recent decision
to eliminate Rule 10a–1 and all similar pricing tests
that might be applied to sell short orders. See
Securities Exchange Act Release No. 55970 (June
28, 2007), 72 FR 36348 (July 3, 2007). Amendment
No. 1 also removed a proposed effective date for the
new order type and made other small wording
changes to the narrative description.
PO 00000
1 15
2 17
Frm 00082
Fmt 4703
Sfmt 4703
39865
with yield’’ orders to elect to yield to
undisplayed interest. The text of this
proposed rule change is available at the
Exchange, on the Exchange’s Web site
at: https://www.chx.com/rules/
proposed_rules.htm, and in the
Commission’s Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
CHX 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 CHX 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
As part of the Exchange’s new trading
model, the CHX offers its participants a
wide variety of order types that may be
submitted to the CHX and its central
matching engine (‘‘Matching System’’).4
As the CHX and its participants gain
familiarity with this new trading model,
further dialogue with participant firms,
as well as industry developments, will
likely necessitate further refinement of
the CHX new trading model rules,
including the sort of order type
enhancement proposed in this
submission.
This proposed rule change would
amend the definition of a ‘‘cross with
yield’’ order to permit a CHX participant
to elect to yield to undisplayed market
interest in addition to bids and offers
that are displayed in the Matching
System. This change is consistent with
the purpose of a cross with yield
order—a participant selects this type of
order because it wants its customer
order to interact with available market
interest. This proposal, which simply
expands the types of orders to which a
participant’s interest would yield, is
reflected in changes to Article 1, Rule
2(h) and Article 20, Rules 4(b)(7) and
8(e) of the Exchange’s rules.
2. Statutory Basis
The CHX believes the proposal is
consistent with the requirements of the
Act and the rules and regulations
4 See, e.g., CHX Article 1, Rule 2 and CHX Article
20, Rule 4 (outlining the range of available order
types).
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39866
Federal Register / Vol. 72, No. 139 / Friday, July 20, 2007 / Notices
thereunder that are applicable to a
national securities exchange, and, in
particular, with the requirements of
section 6(b).5 The CHX believes the
proposal is consistent with section
6(b)(5) of the Act 6 in that it is designed
to promote just and equitable principles
of trade, to remove impediments to, and
to perfect the mechanism of, a free and
open market and a national market
system, and, in general, to protect
investors and the public interest by
permitting the Exchange to further
refine its product offerings.
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.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the Exchange consents,
the Commission will:
(A) By order approve such proposed
rule change, or
(B) institute proceedings to determine
whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–CHX–2006–42. 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,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of the filing also will be available
for inspection and copying at the
principal office of the Exchange. All
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–CHX–2006–42 and should
be submitted on or before August 10,
2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.7
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–14037 Filed 7–19–07; 8:45 am]
BILLING CODE 8010–01–P
mstockstill on PROD1PC66 with NOTICES
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–CHX–2006–42 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56068; File No. SR–
NASDAQ–2007–062]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Exclude
Partial Trading Days From the
Calculation of a Member’s Average
Daily Volume
July 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 21,
2007, The NASDAQ Stock Market LLC
(‘‘Nasdaq’’) 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
Nasdaq. Nasdaq has filed the proposal
pursuant to section 19(b)(3)(A) 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Nasdaq proposes to exclude partial
trading days from the calculation of a
member’s average daily volume. The
text of the proposed rule change is
available at Nasdaq, the Commission’s
Public Reference Room, and https://
www.nasdaq.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,
Nasdaq 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. Nasdaq has prepared
summaries, set forth in sections A, B,
and C below, of the most significant
aspects of such statements.
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)(2).
2 17
5 15
66
U.S.C. 78f(b).
15 U.S.C. 78f(b)(5).
VerDate Aug<31>2005
16:19 Jul 19, 2007
7 17
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CFR 200.30–3(a)(12).
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]]>Agencies
[Federal Register Volume 72, Number 139 (Friday, July 20, 2007)]
[Notices]
[Pages 39865-39866]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-14037]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56064; File No. SR-CHX-2006-42]
Self-Regulatory Organizations; Chicago Stock Exchange, Inc.;
Notice of Filing of Proposed Rule Change, as Modified by Amendment No.
1 Thereto, To Modify Provisions Relating to Cross With Yield Orders
July 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 December 22, 2006, the Chicago Stock Exchange, Inc. (``CHX'' 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 CHX.
On July 6, 2007, the Exchange filed Amendment No. 1 to the proposed
rule change.\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, which replaced the original filing in its
entirety, removed a proposal that would have allowed the Exchange's
Matching System to reprice sell short mid-point cross orders. The
Exchange believes that such repricing is no longer necessary due to
the Commission's recent decision to eliminate Rule 10a-1 and all
similar pricing tests that might be applied to sell short orders.
See Securities Exchange Act Release No. 55970 (June 28, 2007), 72 FR
36348 (July 3, 2007). Amendment No. 1 also removed a proposed
effective date for the new order type and made other small wording
changes to the narrative description.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The CHX proposes to amend its rules to permit participants
submitting ``cross with yield'' orders to elect to yield to undisplayed
interest. The text of this proposed rule change is available at the
Exchange, on the Exchange's Web site at: https://www.chx.com/rules/
proposed_rules.htm, and in the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the CHX 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 CHX 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
As part of the Exchange's new trading model, the CHX offers its
participants a wide variety of order types that may be submitted to the
CHX and its central matching engine (``Matching System'').\4\ As the
CHX and its participants gain familiarity with this new trading model,
further dialogue with participant firms, as well as industry
developments, will likely necessitate further refinement of the CHX new
trading model rules, including the sort of order type enhancement
proposed in this submission.
---------------------------------------------------------------------------
\4\ See, e.g., CHX Article 1, Rule 2 and CHX Article 20, Rule 4
(outlining the range of available order types).
---------------------------------------------------------------------------
This proposed rule change would amend the definition of a ``cross
with yield'' order to permit a CHX participant to elect to yield to
undisplayed market interest in addition to bids and offers that are
displayed in the Matching System. This change is consistent with the
purpose of a cross with yield order--a participant selects this type of
order because it wants its customer order to interact with available
market interest. This proposal, which simply expands the types of
orders to which a participant's interest would yield, is reflected in
changes to Article 1, Rule 2(h) and Article 20, Rules 4(b)(7) and 8(e)
of the Exchange's rules.
2. Statutory Basis
The CHX believes the proposal is consistent with the requirements
of the Act and the rules and regulations
[[Page 39866]]
thereunder that are applicable to a national securities exchange, and,
in particular, with the requirements of section 6(b).\5\ The CHX
believes the proposal is consistent with section 6(b)(5) of the Act \6\
in that it is designed to promote just and equitable principles of
trade, to remove impediments to, and to perfect the mechanism of, a
free and open market and a national market system, and, in general, to
protect investors and the public interest by permitting the Exchange to
further refine its product offerings.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 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.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission will:
(A) By order approve such proposed rule change, or
(B) institute proceedings to determine whether the proposed rule
change should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to: rule-comments@sec.gov. Please include
File Number SR-CHX-2006-42 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-CHX-2006-42. 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, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-CHX-2006-42 and should be
submitted on or before August 10, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\7\
---------------------------------------------------------------------------
\7\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-14037 Filed 7-19-07; 8:45 am]
BILLING CODE 8010-01-P
