Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto to Amend the Existing Fee Schedule, 44891-44892 [E7-15545]
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Federal Register / Vol. 72, No. 153 / Thursday, August 9, 2007 / Notices
amount of a class of preferred stock or
the creation of a pari passu issue is
required to be approved by a majority of
the outstanding shares of the class or
classes to be affected by such change.
However, a majority vote would not be
required if, at the time a class of
preferred stock was created, the
preferred shareholders gave the board of
directors the authority to increase the
authorized amount of a series of
preferred stock or create an additional
series of preferred stock equal in
preference.
For the Commission, by the Division
of Market Regulation, pursuant to
delegated authority.8
III. Discussion
Self-Regulatory Organizations; Boston
Stock Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change and
Amendment No. 1 Thereto to Amend
the Existing Fee Schedule
After careful review, 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 and, in particular,
with section 6(b)(5) of the Act,4 which
requires, among other things, that the
rules of a national securities exchange
be designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to remove impediments to, and
perfect the mechanism of, a free and
open market and a national market
system and, in general, to protect
investors and the public interest.5
The Commission notes that the
proposed rule change will make Amex’s
listing requirements relating to
minimum preferred voting rights
substantially similar to those of the New
York Stock Exchange LLC (‘‘NYSE’’).6
The Commission believes that the
proposed rule change may provide
additional flexibility to issuers of
preferred stock with regard to their
ability to raise capital, while at the same
time, ensuring that preferred
shareholders will retain important
voting rights. The proposal also ensures
that the rights and privileges of the
preferred shareholders are protected and
cannot be changed without prior
approval of the preferred shareholders.
IV. Conclusion
It is therefore ordered, pursuant to
section 19(b)(2) of the Act,7 that the
proposed rule change (SR–Amex–2007–
38) be, and hereby is, approved.
mstockstill on PROD1PC66 with NOTICES
4 15
U.S.C. 78f(b)(5).
approving this proposed rule change, the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
6 See Section 313.00(C) of the NYSE Listed
Company Manual.
7 15 U.S.C. 78s(b)(2).
5 In
VerDate Aug<31>2005
18:25 Aug 08, 2007
Jkt 211001
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–15541 Filed 8–8–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56194; File No. SR–BSE–
2007–32]
August 2, 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 5,
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, II, and
III below, which Items have been
substantially prepared by the Exchange.
The BSE has designated this proposal as
one changing a due, fee, or other charge
under section 19(b)(3)(A)(ii) of the Act 3
and Rule 19b–4(f)(2) thereunder,4 which
renders the proposal effective upon
filing with the Commission. On July 20,
2007, BSE filed Amendment No. 1 to the
proposed rule change.5 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 BSE proposes to amend certain
transaction fees set forth in the Boston
Equities Exchange (‘‘BeX’’) fee schedule.
The text of the proposed rule change is
available at https://
www.bostonstock.com, at the BSE, and
at the Commission’s Public Reference
Room.
8 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii).
4 17 CFR 240.19b–4(f)(2).
5 In Amendment No. 1, the Exchange replaced the
term Intermarket Sweep Order (‘‘ISO’’) with the
phrase ‘‘order routed as a part of an NMS Cross
Order’’ and the term ‘‘Reg NMS cross’’ with the
phrase ‘‘NMS Cross Order’’. In addition, the
Exchange updated the BeX fee schedule to reflect
these changes.
44891
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of, and basis for,
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
On November 20, 2006, the BSE filed
File No. SR–BSE–2006–44,6 a rule filing
that amended the existing BSE fee
schedule and established a fee schedule
for the BeX, a facility of the Exchange.
On March 5, 2007, a subsequent filing,
SR–BSE–2007–13,7 was made to add a
new Smart Order Routing fee. On June
28, 2007, the Exchange filed an
additional fee filing, SR–BSE–2007–29 8
to lower the rate for this service.
In this filing, the Exchange is
proposing to implement a fee for orders
routed as a part of an NMS Cross Order,9
which the Exchange has developed to
help firms comply with the tradethrough requirements of Regulation
NMS. An NMS Cross Order consists of
a priced cross with two quantities: (i)
The quantity that the customer wants to
cross; and (ii) the ‘‘disinterest’’ quantity,
which is the additional single-sided
amount that the customer is willing to
add in order to fulfill Regulation NMS
obligations.
When this new order type is received,
the Exchange will look at the best bids
and offers at all Regulation NMS venues
and route orders, as needed, up to the
disinterest quantity. The cross will then
be executed and reported back to the
customer, along with any executions
from the routed orders. If the disinterest
quantity is not large enough to satisfy
the size of the total trade-through on all
markets, no orders will be routed and
the entire cross will be rejected.
1 15
PO 00000
Frm 00073
Fmt 4703
Sfmt 4703
6 See Securities Exchange Act Release No. 54795
(November 20, 2006), 71 FR 68850 (November 28,
2007).
7 See Securities Exchange Act Release No. 55529
(March 26, 2007), 72 FR 15734 (April 2, 2007).
8 See Securities Exchange Act Release No. 56129
(July 25, 2007), 72 FR 42157 (August 1, 2007).
9 See Securities Exchange Act Release No. 55903
(June 13, 2007), 72 FR 33792 (June 19, 2007) (SR–
BSE–2007–24).
E:\FR\FM\09AUN1.SGM
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44892
Federal Register / Vol. 72, No. 153 / Thursday, August 9, 2007 / Notices
The orders routed as a result of an
NMS Cross Order will be added to the
Exchange’s other order routing products
and will be charged at a rate of $0.0020
per share if a firm uses its own give-up
on another market center and $0.0060
per share if a firm used a BeX provided
give-up on another market center.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the requirements of section 6(b) of the
Act,10 in general, and furthers the
objectives of section 6(b)(4) of the Act,11
in particular, in that it is designed to
provide for the equitable allocation of
reasonable dues, fees and other charges
among Exchange members and issuers
and other persons using Exchange
facilities.
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.
mstockstill on PROD1PC66 with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change
has been designated as a fee change
pursuant to section 19(b)(3)(A)(ii) of the
Act 12 and Rule 19b–4(f)(2)
thereunder,13 because it establishes or
changes a due, fee, or other charge
imposed by the Exchange. Accordingly,
the proposal will take effect upon filing
with the Commission.
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.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
10 15
U.S.C. 78f(b).
11 15 U.S.C. 78f(b)(4).
12 15 U.S.C. 78s(b)(3)(A)(ii).
13 17 CFR 240.19b–4(f)(2).
VerDate Aug<31>2005
18:25 Aug 08, 2007
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
[Release No. 34–56190; File No. SR–CBOE–
2007–04]
• 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–BSE–2007–32 on the
subject line.
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing of a
Proposed Rule Change and
Amendment No. 1 Thereto Amending
Its Obvious Error Rule for Equity
Options
Paper Comments
August 2, 2007.
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
Station Place, 100 F Street, NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–BSE–2007–32. 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 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–2007–32 and should
be submitted on or before August 30,
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 February
21, 2007, the Chicago Board Options
Exchange, Incorporated (‘‘CBOE’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
substantially prepared by the Exchange.
On July 2, 2007, the CBOE submitted
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.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.14
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–15545 Filed 8–8–07; 8:45 am]
BILLING CODE 8010–01–P
14 17
Jkt 211001
SECURITIES AND EXCHANGE
COMMISSION
PO 00000
CFR 200.30–3(a)(12).
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Fmt 4703
Sfmt 4703
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
CBOE Rule 6.25, which is the
Exchange’s rule applicable to the
nullification and adjustment of
transactions in equity options, to revise
its obvious error provision related to
‘‘no bid’’ series. The Exchange is also
proposing to make a non-substantive
change by adding a cross-reference
within the text of Rule 6.25.
Below is the text of the proposed rule
change. Proposed new language is in
italics and proposed deletions are in
[brackets].
Chicago Board Options Exchange,
Incorporated Rules
Rule 6.25—Nullification and
Adjustment of Equity Options
Transactions
RULE 6.25. This Rule governs the
nullification and adjustment of
transactions involving equity options.
Rule 24.16 governs the nullification and
adjustment of transactions involving
index options and options on ETFs and
HOLDRs. Paragraphs (a)(1), [and] (2)
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Amendment No. 1 supersedes and replaces the
original filing in its entirety. The substance of
Amendment No. 1 is incorporated into this notice.
2 17
E:\FR\FM\09AUN1.SGM
09AUN1
]]>Agencies
[Federal Register Volume 72, Number 153 (Thursday, August 9, 2007)]
[Notices]
[Pages 44891-44892]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-15545]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56194; File No. SR-BSE-2007-32]
Self-Regulatory Organizations; Boston Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
and Amendment No. 1 Thereto to Amend the Existing Fee Schedule
August 2, 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 5, 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, II,
and III below, which Items have been substantially prepared by the
Exchange. The BSE has designated this proposal as one changing a due,
fee, or other charge under section 19(b)(3)(A)(ii) of the Act \3\ and
Rule 19b-4(f)(2) thereunder,\4\ which renders the proposal effective
upon filing with the Commission. On July 20, 2007, BSE filed Amendment
No. 1 to the proposed rule change.\5\ 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)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
\5\ In Amendment No. 1, the Exchange replaced the term
Intermarket Sweep Order (``ISO'') with the phrase ``order routed as
a part of an NMS Cross Order'' and the term ``Reg NMS cross'' with
the phrase ``NMS Cross Order''. In addition, the Exchange updated
the BeX fee schedule to reflect these changes.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The BSE proposes to amend certain transaction fees set forth in the
Boston Equities Exchange (``BeX'') fee schedule. The text of the
proposed rule change is available at https://www.bostonstock.com, at the
BSE, 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 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
On November 20, 2006, the BSE filed File No. SR-BSE-2006-44,\6\ a
rule filing that amended the existing BSE fee schedule and established
a fee schedule for the BeX, a facility of the Exchange. On March 5,
2007, a subsequent filing, SR-BSE-2007-13,\7\ was made to add a new
Smart Order Routing fee. On June 28, 2007, the Exchange filed an
additional fee filing, SR-BSE-2007-29 \8\ to lower the rate for this
service.
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 54795 (November 20,
2006), 71 FR 68850 (November 28, 2007).
\7\ See Securities Exchange Act Release No. 55529 (March 26,
2007), 72 FR 15734 (April 2, 2007).
\8\ See Securities Exchange Act Release No. 56129 (July 25,
2007), 72 FR 42157 (August 1, 2007).
---------------------------------------------------------------------------
In this filing, the Exchange is proposing to implement a fee for
orders routed as a part of an NMS Cross Order,\9\ which the Exchange
has developed to help firms comply with the trade-through requirements
of Regulation NMS. An NMS Cross Order consists of a priced cross with
two quantities: (i) The quantity that the customer wants to cross; and
(ii) the ``disinterest'' quantity, which is the additional single-sided
amount that the customer is willing to add in order to fulfill
Regulation NMS obligations.
---------------------------------------------------------------------------
\9\ See Securities Exchange Act Release No. 55903 (June 13,
2007), 72 FR 33792 (June 19, 2007) (SR-BSE-2007-24).
---------------------------------------------------------------------------
When this new order type is received, the Exchange will look at the
best bids and offers at all Regulation NMS venues and route orders, as
needed, up to the disinterest quantity. The cross will then be executed
and reported back to the customer, along with any executions from the
routed orders. If the disinterest quantity is not large enough to
satisfy the size of the total trade-through on all markets, no orders
will be routed and the entire cross will be rejected.
[[Page 44892]]
The orders routed as a result of an NMS Cross Order will be added
to the Exchange's other order routing products and will be charged at a
rate of $0.0020 per share if a firm uses its own give-up on another
market center and $0.0060 per share if a firm used a BeX provided give-
up on another market center.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the requirements of section 6(b) of the Act,\10\ in general, and
furthers the objectives of section 6(b)(4) of the Act,\11\ in
particular, in that it is designed to provide for the equitable
allocation of reasonable dues, fees and other charges among Exchange
members and issuers and other persons using Exchange facilities.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
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
The foregoing proposed rule change has been designated as a fee
change pursuant to section 19(b)(3)(A)(ii) of the Act \12\ and Rule
19b-4(f)(2) thereunder,\13\ because it establishes or changes a due,
fee, or other charge imposed by the Exchange. Accordingly, the proposal
will take effect upon filing with the Commission.
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78s(b)(3)(A)(ii).
\13\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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.
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-BSE-2007-32 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street, NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-BSE-2007-32. 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 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-2007-32 and should be
submitted on or before August 30, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\14\
---------------------------------------------------------------------------
\14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-15545 Filed 8-8-07; 8:45 am]
BILLING CODE 8010-01-P
