Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change Relating to an Extension of the Linkage Fee Pilot Program, 40908-40910 [E7-14358]

Download as PDF 40908 Federal Register / Vol. 72, No. 142 / Wednesday, July 25, 2007 / Notices 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 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 No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the forgoing rule change does not: (1) Significantly affect the protection of investors or the public interest; (2) impose any significant burden on competition; and (3) become operative for 30 days after the date of this filing, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act13 and Rule 19b– 4(f)(6) thereunder.14 A proposed rule change filed under 19b–4(f)(6) normally may not become operative prior to 30 days after the date of filing.15 However, Rule 19b– 4(f)(6)(iii) 16 permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has requested that the Commission waive the 30-day operative delay. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because such waiver would permit position and exercise limits for options on IWM to continue at 500,000 option contracts for a six-month pilot period. For this reason, the Commission designates the proposed rule change to be operative upon filing with the Commission.17 13 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). 15 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule 19b–4(f)(6)(iii) requires that a self-regulatory organization submit to the Commission written notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied the fiveday pre-filing notice requirement. 16 Id. 17 For the purposes only of waiving the 30-day operative delay, the Commission has considered the rwilkins on PROD1PC63 with NOTICES 14 17 VerDate Aug<31>2005 19:31 Jul 24, 2007 Jkt 211001 At any time within 60 days of the filing of such 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. 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–Amex–2007–73 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–Amex–2007–73. 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 Amex. 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–Amex– 2007–73 and should be submitted on or before August 15, 2007. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.18 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–14312 Filed 7–24–07; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–56102; File No. SR–Amex– 2007–64] Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change Relating to an Extension of the Linkage Fee Pilot Program July 19, 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 27, 2007, the American Stock Exchange LLC (‘‘Amex’’ 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. This order provides notice of the proposed rule change and approves the proposed rule change on an accelerated basis. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to extend for one year, until July 31, 2008, the current pilot program regarding transaction fees for trades executed through the intermarket options linkage (the ‘‘Linkage’’) on the Exchange. The text of the proposed rule change is available at the Exchange, the Commission’s Public Reference Room, and https://www.amex.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, 18 17 proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). PO 00000 Frm 00084 Fmt 4703 Sfmt 4703 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 E:\FR\FM\25JYN1.SGM 25JYN1 Federal Register / Vol. 72, No. 142 / Wednesday, July 25, 2007 / Notices 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 III 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 rwilkins on PROD1PC63 with NOTICES 1. Purpose Amex proposes to extend for one year, until July 31, 2008, the current pilot program establishing Exchange fees for Principal Orders (‘‘P Orders’’) and Principal Acting As Agent Orders (‘‘P/A Orders’’) submitted through the Linkage. The fees in connection with the pilot program are scheduled to expire on July 31 2007.3 The current fees applicable to P Orders and P/A Orders executed on the Exchange are as follows: (i) $0.10 per contract side options transaction fee for equity options, exchange traded fund share (‘‘ETF’’) options, QQQQ options and trust issued receipt options; (ii) $0.21 per contract side options transaction fee for index options (including MNX and NDX options); (iii) $0.05 per contract side options comparison fee; (iv) $0.05 per contract side options floor brokerage fee; and (v) an options licensing fee for certain ETF and index option products ranging from $0.15 per contract side to $0.05 per contract side depending on the particular ETF or index option.4 These are the same fees charged to specialists and registered option traders (‘‘ROTs’’) for transactions executed on the Exchange.5 The Exchange does not charge for the execution of Satisfaction Orders sent through the Linkage. As was the case in the original pilot program and subsequent extensions, the Exchange believes that the existing fees currently charged to Exchange specialists and ROTs should also apply to executions resulting from Linkage Orders. 3 See Securities Exchange Act Release No. 54161 (July 17, 2006), 71 FR 42141 (July 25, 2006) (SR– Amex–2006–62). 4 See the Options Licensing Fee section of the Amex Options FeeSchedule available at https://www.amex.com. 5 As set forth in the Amex Options Fee Schedule, P/A Orders and POrders are not subject to the options marketing fee and the options cancellation fee even though specialists and ROTs may be subject to these fees for trades executed on the Exchange. E-mail from Jeffrey P. Burns, Vice President & Associate General Counsel, Amex to David Liu, Assistant Director, Division of Market Regulation, Commission dated July 18, 2007. VerDate Aug<31>2005 19:31 Jul 24, 2007 Jkt 211001 Based on the experience to date, the Exchange believes that an extension of the pilot program for one year until July 31, 2008 is appropriate. 2. Statutory Basis The proposed fee change is consistent with Section 6(b)(4) of the Act 6 regarding an equitable allocation of reasonable dues, fees, and other charges among its members and other persons using Exchange facilities. B. Self-Regulatory Organization’s Statement on Burden on Competition The proposed rule change will impose no 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 No written comments were solicited or received with respect to the proposed rule change. 40909 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 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-Amex-2007–64 and should be submitted on or before August 15, 2007. IV. Commission’s Findings and Order Granting Accelerated Approval of the Proposed Rule Change III. Solicitation of Comments After careful consideration, the Interested persons are invited to Commission finds that the proposed submit written data, views, and rule change is consistent with the requirements of the Act and the rules arguments concerning the foregoing, and regulations thereunder applicable to including whether the proposed rule a national securities exchange,7 and, in change is consistent with the Act. particular, the requirements of Section Comments may be submitted by any of 6(b) of the Act 8 and the rules and the following methods: regulations thereunder. The Electronic Comments Commission finds that the proposed • Use the Commission’s Internet rule change is consistent with Section comment form 6(b)(4) of the Act,9 which requires that (https://www.sec.gov/rules/sro.shtml); or the rules of the Exchange provide for the • Send an e-mail to equitable allocation of reasonable dues, rule-comments@sec.gov. Please include fees, and other charges among its File Number SR–Amex–2007–64 on the members and other persons using its subject line. facilities. The Commission believes that the extension of the Linkage fee pilot Paper Comments until July 31, 2008 will give the • Send paper comments in triplicate Exchange and the Commission further to Nancy M. Morris, Secretary, opportunity to evaluate whether such Securities and Exchange Commission, fees are appropriate. 100 F Street, NE., Washington, DC The Commission also finds good cause for approving the proposed rule 20549–1090. change prior to the 30th day after the All submissions should refer to File date of publication of the notice of filing Number SR–Amex–2007–64. This file thereof in the Federal Register. The number should be included on the subject line if e-mail is used. To help the Commission believes that granting accelerated approval of the proposed Commission process and review your rule change will preserve the comments more efficiently, please use only one method. The Commission will Exchange’s existing pilot program for post all comments on the Commission’s Linkage fees without interruption as the Exchange and the Commission continue Internet Web site considering the appropriateness of (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent Linkage fees. Therefore, the Commission amendments, all written statements 7 In approving this rule change, the Commission with respect to the proposed rule notes that it hasconsidered the proposal’s impact on change that are filed with the efficiency, competition, and capital formation. See Commission, and all written 15 U.S.C. 78c(f). PO 00000 8 15 6 15 U.S.C. 78f(b)(4). Frm 00085 Fmt 4703 9 15 Sfmt 4703 E:\FR\FM\25JYN1.SGM U.S.C. 78f(b). U.S.C. 78f(b)(4). 25JYN1 40910 Federal Register / Vol. 72, No. 142 / Wednesday, July 25, 2007 / Notices finds good cause, consistent with Section 19(b)(2) of the Exchange Act,10 to approve the proposed rule change on an accelerated basis. V. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act,11 that the proposed rule change (SR–Amex–2007– 64), be and it hereby is, approved on an accelerated basis. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.12 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–14358 Filed 7–24–07; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–56094; File No. SR–CBOE– 2007–80] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend Two Pilot Programs Related to the Exchange’s Automated Improvement Mechanism Until July 18, 2008 July 18, 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 July 13, 2007, the Chicago Board Options Exchange, Incorporated (‘‘Exchange’’ or ‘‘CBOE’’) 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 filed the proposed rule change pursuant to Section 19(b)(3)(A) of the Act 3 and Rule 19b–4(f)(6) thereunder,4 which renders the proposed rule change 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 rwilkins on PROD1PC63 with NOTICES CBOE proposes to extend two pilot programs related to the Exchange’s 10 15 U.S.C. 78s(b)(2). U.S.C. 78s(b)(2). 12 17 CFR 200.30–3(a)(12). 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). 11 15 VerDate Aug<31>2005 19:31 Jul 24, 2007 Jkt 211001 Automated Improvement Mechanism (‘‘AIM’’) for one year, until July 18, 2008. The text of the proposed rule change is available on the Exchange’s Web site (https://www.cboe.com), at the Exchange’s Office of the Secretary, and at 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 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 those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in Sections A, B, and C below, of the most significant parts of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose In February 2006, CBOE obtained approval of a filing adopting the AIM auction process.5 AIM exposes certain orders electronically to an auction process to provide such orders with the opportunity to receive an execution at an improved price. The AIM auction is available only for orders that an Exchange member represents as agent and for which a second order of the same size as the ‘‘Agency Order’’ (and on the opposite side of the market) is also submitted (effectively stopping the Agency Order at a given price). Two components of AIM were approved on a pilot basis: (1) That there is no minimum size requirement for orders to be eligible for the auction; and (2) that the auction will conclude prematurely anytime there is a quote lock on the Exchange pursuant to Exchange Rule 6.45A(d).6 In connection with the pilot programs, the Exchange has submitted to the Commission reports providing detailed AIM auction and order execution data. In July 2006, the Exchange extended the pilot program until July 18, 2007.7 The 5 See Securities Exchange Act Release No. 53222 (February 3, 2006), 71 FR7089 (February 10, 2006) (approving SR–CBOE–2005–60). 6 That rule relates to situations where a MarketMaker’s quote interacts with the quote of another CBOE Market-Maker (i.e. when internal quotes lock). 7 See Securities Exchange Act Release No. 54147 (July 14, 2006), 71 FR 41487 (July 21, 2006) (SR– CBOE–2006–64). PO 00000 Frm 00086 Fmt 4703 Sfmt 4703 proposed rule change merely extends the duration of the pilot programs until July 18, 2008. Extending the pilots for an additional year will allow the Commission more time to consider the impact of the pilot programs on AIM order executions. 2. Statutory Basis The Exchange believes the proposed rule change is consistent with Section 6(b) of the Act,8 in general, and furthers the objectives of Section 6(b)(5) of the Act,9 in particular, in that by allowing the Commission additional time to evaluate the AIM pilot programs, it should serve to remove impediments to and perfect the mechanism of a free and open market and a national market system, and protect investors and the public interest. B. Self-Regulatory Organization’s Statement on Burden on Competition CBOE does not believe that the proposed rule change will impose any burden on competition 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 neither solicited nor received comments on the proposal. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 10 and Rule 19b–4(f)(6) 11 thereunder because the proposal does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) by its terms, become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest.12 A proposed rule change filed under Rule 19b–4(f)(6) normally may not 8 15 U.S.C. 78f(b). U.S.C. 78(f)(b)(5). 10 15 U.S.C. 78s(b)(3)(A). 11 17 CFR 240.19b–4(f)(6). 12 Rule 19b–4(f)(6)(iii) under the Act requires the Exchange to provide the Commission notice of the Exchange’s intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. See 17 CFR 240.19b–4(f)(6)(iii). The Commission deems this requirement to have been satisfied by the notice of intent filed by the Exchange on July 10, 2007. 9 15 E:\FR\FM\25JYN1.SGM 25JYN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 72, Number 142 (Wednesday, July 25, 2007)]
[Notices]
[Pages 40908-40910]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-14358]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56102; File No. SR-Amex-2007-64]


Self-Regulatory Organizations; American Stock Exchange LLC; 
Notice of Filing and Order Granting Accelerated Approval of Proposed 
Rule Change Relating to an Extension of the Linkage Fee Pilot Program

July 19, 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 27, 2007, the American Stock Exchange LLC (``Amex'' 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. 
This order provides notice of the proposed rule change and approves the 
proposed rule change on an accelerated basis.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

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

    The Exchange proposes to extend for one year, until July 31, 2008, 
the current pilot program regarding transaction fees for trades 
executed through the intermarket options linkage (the ``Linkage'') on 
the Exchange. The text of the proposed rule change is available at the 
Exchange, the Commission's Public Reference Room, and https://
www.amex.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,

[[Page 40909]]

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 III 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
    Amex proposes to extend for one year, until July 31, 2008, the 
current pilot program establishing Exchange fees for Principal Orders 
(``P Orders'') and Principal Acting As Agent Orders (``P/A Orders'') 
submitted through the Linkage. The fees in connection with the pilot 
program are scheduled to expire on July 31 2007.\3\
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 54161 (July 17, 
2006), 71 FR 42141 (July 25, 2006) (SR-Amex-2006-62).
---------------------------------------------------------------------------

    The current fees applicable to P Orders and P/A Orders executed on 
the Exchange are as follows: (i) $0.10 per contract side options 
transaction fee for equity options, exchange traded fund share 
(``ETF'') options, QQQQ options and trust issued receipt options; (ii) 
$0.21 per contract side options transaction fee for index options 
(including MNX and NDX options); (iii) $0.05 per contract side options 
comparison fee; (iv) $0.05 per contract side options floor brokerage 
fee; and (v) an options licensing fee for certain ETF and index option 
products ranging from $0.15 per contract side to $0.05 per contract 
side depending on the particular ETF or index option.\4\ These are the 
same fees charged to specialists and registered option traders 
(``ROTs'') for transactions executed on the Exchange.\5\ The Exchange 
does not charge for the execution of Satisfaction Orders sent through 
the Linkage.
---------------------------------------------------------------------------

    \4\ See the Options Licensing Fee section of the Amex Options 
FeeSchedule available at https://www.amex.com.
    \5\ As set forth in the Amex Options Fee Schedule, P/A Orders 
and POrders are not subject to the options marketing fee and the 
options cancellation fee even though specialists and ROTs may be 
subject to these fees for trades executed on the Exchange. E-mail 
from Jeffrey P. Burns, Vice President & Associate General Counsel, 
Amex to David Liu, Assistant Director, Division of Market 
Regulation, Commission dated July 18, 2007.
---------------------------------------------------------------------------

    As was the case in the original pilot program and subsequent 
extensions, the Exchange believes that the existing fees currently 
charged to Exchange specialists and ROTs should also apply to 
executions resulting from Linkage Orders.
    Based on the experience to date, the Exchange believes that an 
extension of the pilot program for one year until July 31, 2008 is 
appropriate.
2. Statutory Basis
    The proposed fee change is consistent with Section 6(b)(4) of the 
Act \6\ regarding an equitable allocation of reasonable dues, fees, and 
other charges among its members and other persons using Exchange 
facilities.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The proposed rule change will impose no 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

    No written comments were solicited or received with respect to the 
proposed rule change.

III. 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-Amex-2007-64 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-Amex-2007-64. 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 such 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-Amex-2007-64 and should be 
submitted on or before August 15, 2007.

IV. Commission's Findings and Order Granting Accelerated Approval of 
the Proposed Rule Change

    After careful consideration, the Commission finds that the proposed 
rule change is consistent with the requirements of the Act and the 
rules and regulations thereunder applicable to a national securities 
exchange,\7\ and, in particular, the requirements of Section 6(b) of 
the Act \8\ and the rules and regulations thereunder. The Commission 
finds that the proposed rule change is consistent with Section 6(b)(4) 
of the Act,\9\ which requires that the rules of the Exchange provide 
for the equitable allocation of reasonable dues, fees, and other 
charges among its members and other persons using its facilities. The 
Commission believes that the extension of the Linkage fee pilot until 
July 31, 2008 will give the Exchange and the Commission further 
opportunity to evaluate whether such fees are appropriate.
---------------------------------------------------------------------------

    \7\ In approving this rule change, the Commission notes that it 
hasconsidered the proposal's impact on efficiency, competition, and 
capital formation. See 15 U.S.C. 78c(f).
    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    The Commission also finds good cause for approving the proposed 
rule change prior to the 30th day after the date of publication of the 
notice of filing thereof in the Federal Register. The Commission 
believes that granting accelerated approval of the proposed rule change 
will preserve the Exchange's existing pilot program for Linkage fees 
without interruption as the Exchange and the Commission continue 
considering the appropriateness of Linkage fees. Therefore, the 
Commission

[[Page 40910]]

finds good cause, consistent with Section 19(b)(2) of the Exchange 
Act,\10\ to approve the proposed rule change on an accelerated basis.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\11\ that the proposed rule change (SR-Amex-2007-64), be and it 
hereby is, approved on an accelerated basis.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\12\
---------------------------------------------------------------------------

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

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-14358 Filed 7-24-07; 8:45 am]
BILLING CODE 8010-01-P

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.