Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify the Auction Only Limit Order Type, 44208-44209 [E7-15312]

Download as PDF 44208 Federal Register / Vol. 72, No. 151 / Tuesday, August 7, 2007 / Notices 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NYSE–2007–70. 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 the NYSE. 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–NYSE–2007–70 and should be submitted on or before August 28, 2007. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.13 Nancy M. Morris, Secretary. [FR Doc. E7–15313 Filed 8–6–07; 8:45 am] notice is hereby given that on July 25, 2007, NYSE Arca, Inc. (‘‘NYSE Arca’’ or ‘‘Exchange’’), through its wholly owned subsidiary, NYSE Arca Equities, Inc. (‘‘NYSE Arca Equities’’ or ‘‘Corporation’’) 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, which renders it effective upon filing with the Commission.4 The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange, through NYSE Arca Equities, is proposing to amend its Rule 7.31(t) in order to modify the Auction Only Limit Order. The text of the proposed rule change is available at the Exchange, the Commission’s Public Reference Room, and http:// 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 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 BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–56180; File No. SR– NYSEArca–2007–72] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify the Auction Only Limit Order Type 1. Purpose As part of its continuing efforts to provide additional flexibility and increased functionality to its system and its Users,5 the Exchange proposes to modify the Auction Only Limit Order (‘‘Auction Only’’). Currently, this order type is defined as a limit order that may be executed only during the Market Order Auction 6 or the Trading Halt Auction.7 The Exchange proposes to jlentini on PROD1PC65 with NOTICES August 1, 2007. Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 13 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. VerDate Aug<31>2005 15:56 Aug 06, 2007 Jkt 211001 3 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). NYSE Arca Rule 1.1(yy) for the definition of ‘‘User.’’ 6 See NYSE Arca Rule 7.35(c) for a description of the ‘‘Market Order Auction.’’ 7 See NYSE Arca Rule 7.35(f) for a description of the ‘‘Trading Halt Auction.’’ 4 17 5 See PO 00000 Frm 00133 Fmt 4703 Sfmt 4703 amend and expand Rule 7.31(t) to include market orders and to make the order available in all auctions. According to the proposed rule change, the Auction Only order will be executable during the next auction following entry of the order and that any unexecuted balance will be cancelled. Auction Only orders are only available for auctions on the Exchange and are not routed to other exchanges. The Exchange believes that the implementation of the aforementioned rule change will enhance order entry and execution opportunities on NYSE Arca. 2. Statutory Basis The Exchange believes that 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 it 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 facilitating transactions in securities, and to remove impediments to and perfect the mechanisms of a free and open market and a national market system. 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 written 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 from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to section 19(b)(3)(A) 10 of the Act and Rule 19b– 4(f)(6) thereunder.11 At any time within 60 days of the filing of the proposed rule 8 15 U.S.C. 78f(b). U.S.C. 78f(b)(5). 10 15 U.S.C. 78s(b)(3)(A). 11 17 CFR 240.19b–4(f)(6). 9 15 E:\FR\FM\07AUN1.SGM 07AUN1 Federal Register / Vol. 72, No. 151 / Tuesday, August 7, 2007 / Notices 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. NYSE Arca has asked the Commission to waive the 30-day operative delay. The Commission believes such a waiver is consistent with the protection of investors and the public interest because it would permit the Exchange to modify the Auction Only order without delay.12 For this reason, the Commission designates the proposal to be operative upon filing with the Commission. 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 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–2007–72 and should be submitted on or before August 28, 2007. IV. Solicitation of Comments For the Commission, by the Division of Market Regulation, pursuant to delegated authority.13 Nancy M. Morris, Secretary. [FR Doc. E7–15312 Filed 8–6–07; 8:45 am] 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 BILLING CODE 8010–01–P SMALL BUSINESS ADMINISTRATION • 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–NYSEArca–2007–72 on the subject line. Reporting and Recordkeeping Requirements Under OMB Review. Small Business Administration. Notice of reporting requirements submitted for OMB review. AGENCY: ACTION: SUMMARY: Under the provisions of the Paperwork Reduction Act (44 U.S.C. • Send paper comments in triplicate Chapter 35), agencies are required to to Nancy M. Morris, Secretary, submit proposed reporting and Securities and Exchange Commission, recordkeeping requirements to OMB for 100 F Street, NE., Washington, DC review and approval, and to publish a 20549–1090. notice in the Federal Register notifying the public that the agency has made All submissions should refer to File such a submission. Number SR–NYSEArca–2007–72. This file number should be included on the DATES: Submit comments on or before subject line if e-mail is used. To help the September 6, 2007. If you intend to Commission process and review your comment but cannot prepare comments comments more efficiently, please use promptly, please advise the OMB only one method. The Commission will Reviewer and the Agency Clearance post all comments on the Commission’s Officer before the deadline. Internet Web site (http://www.sec.gov/ Copies: Request for clearance (OMB rules/sro.shtml). Copies of the 83–1), supporting statement, and other submission, all subsequent documents submitted to OMB for amendments, all written statements review may be obtained from the with respect to the proposed rule Agency Clearance Officer. change that are filed with the ADDRESSES: Address all comments Commission, and all written concerning this notice to: Agency communications relating to the Clearance Officer, Jacqueline White, proposed rule change between the Small Business Administration, 409 3rd Commission and any person, other than Street, SW., 5th Floor, Washington, DC those that may be withheld from the 20416; and OMB Reviewer, Office of public in accordance with the Information and Regulatory Affairs, provisions of 5 U.S.C. 552, will be Office of Management and Budget, New Executive Office Building, Washington, 12 For purposes only of waiving the 30-day preDC 20503. operative period, the Commission has considered jlentini on PROD1PC65 with NOTICES Paper Comments the proposed rule’s impact on efficiency, competition and capital formation. 15 U.S.C. 78c(f). VerDate Aug<31>2005 15:56 Aug 06, 2007 Jkt 211001 13 17 PO 00000 CFR 200.30–3(a)(12). Frm 00134 Fmt 4703 Sfmt 4703 44209 FOR FURTHER INFORMATION CONTACT: Jacqueline White, Agency Clearance Officer, (202) 205–7044. SUPPLEMENTARY INFORMATION: Title: Small Business Week Award Nominees. No: SBA Form 3300. Frequency: On occasion. Description of Respondents: Respondents Are Entrepreneurs and Small Business, Owners Nominated for SBA’s National Small Business Week Awards. Annual Responses: 600. Annual Burden: 450. Title: Small Business Administration Application for Certificate of Competency. No: SBA Form 1531. Frequency: On occasion. Description of Respondents: Small Business Owners. Annual Responses: 300. Annual Burden: 2,400. Title: SBIC Financial Reports. No: SBA Forms 468, 468.1, 468.2, 468.3, 468.4. Frequency: On occasion. Description of Respondents: Small Business Investment Companies. Annual Responses: 1,265. Annual Burden: 19,855. Title: Small Business Investment Companies. No: SBA Form 1031. Frequency: On occasion. Description of Respondents: Small Business Investment Companies. Annual Responses: 4,000. Annual Burden: 800. Title: Financing Eligibility Statement Social Disadvantage. No: SBA Forms 1941A, 1941B, 1941C. Frequency: On occasion. Description of Respondents: Small Business Investment Companies (SSBIC). Annual Responses: 190. Annual Burden: 380. Title: Size Status Declaration. No: SBA Form 480. Frequency: On occasion. Description of Respondents: New Licensees. Annual Responses: 4,200. Annual Burden: 700. Title: Stockholders Confirmation (Corporation) Owership Confirmation (Partnership). No: SBA Forms 1405, 1405a. Frequency: On occasion. Description of Respondents: Newly Licensed SBICs. Annual Responses: 600. Annual Burden: 600. Title: CDC Annual Report Guide. No: SBA Form 1253. E:\FR\FM\07AUN1.SGM 07AUN1

Agencies

[Federal Register Volume 72, Number 151 (Tuesday, August 7, 2007)]
[Notices]
[Pages 44208-44209]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-15312]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56180; File No. SR-NYSEArca-2007-72]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Modify the 
Auction Only Limit Order Type

August 1, 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 25, 2007, NYSE Arca, Inc. (``NYSE Arca'' or ``Exchange''), 
through its wholly owned subsidiary, NYSE Arca Equities, Inc. (``NYSE 
Arca Equities'' or ``Corporation'') 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, which renders it effective upon filing with the 
Commission.\4\ 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).
    \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, through NYSE Arca Equities, is proposing to amend its 
Rule 7.31(t) in order to modify the Auction Only Limit Order. The text 
of the proposed rule change is available at the Exchange, the 
Commission's Public Reference Room, and http://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 
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
    As part of its continuing efforts to provide additional flexibility 
and increased functionality to its system and its Users,\5\ the 
Exchange proposes to modify the Auction Only Limit Order (``Auction 
Only''). Currently, this order type is defined as a limit order that 
may be executed only during the Market Order Auction \6\ or the Trading 
Halt Auction.\7\ The Exchange proposes to amend and expand Rule 7.31(t) 
to include market orders and to make the order available in all 
auctions.
---------------------------------------------------------------------------

    \5\ See NYSE Arca Rule 1.1(yy) for the definition of ``User.''
    \6\ See NYSE Arca Rule 7.35(c) for a description of the ``Market 
Order Auction.''
    \7\ See NYSE Arca Rule 7.35(f) for a description of the 
``Trading Halt Auction.''
---------------------------------------------------------------------------

    According to the proposed rule change, the Auction Only order will 
be executable during the next auction following entry of the order and 
that any unexecuted balance will be cancelled. Auction Only orders are 
only available for auctions on the Exchange and are not routed to other 
exchanges.
    The Exchange believes that the implementation of the aforementioned 
rule change will enhance order entry and execution opportunities on 
NYSE Arca.
2. Statutory Basis
    The Exchange believes that 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 it 
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 facilitating 
transactions in securities, and to remove impediments to and perfect 
the mechanisms of a free and open market and a national market system.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f(b).
    \9\ 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 written 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 from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to section 19(b)(3)(A) \10\ of the Act and Rule 19b-
4(f)(6) thereunder.\11\ At any time within 60 days of the filing of the 
proposed rule

[[Page 44209]]

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.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(3)(A).
    \11\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    NYSE Arca has asked the Commission to waive the 30-day operative 
delay. The Commission believes such a waiver is consistent with the 
protection of investors and the public interest because it would permit 
the Exchange to modify the Auction Only order without delay.\12\ For 
this reason, the Commission designates the proposal to be operative 
upon filing with the Commission.
---------------------------------------------------------------------------

    \12\ For purposes only of waiving the 30-day pre-operative 
period, the Commission has considered the proposed rule's impact on 
efficiency, competition and capital formation. 15 U.S.C. 78c(f).
---------------------------------------------------------------------------

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 (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-NYSEArca-2007-72 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-2007-72. 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 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-2007-72 and should 
be submitted on or before August 28, 2007.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\13\
---------------------------------------------------------------------------

    \13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Nancy M. Morris,
Secretary.
[FR Doc. E7-15312 Filed 8-6-07; 8:45 am]
BILLING CODE 8010-01-P