Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change, as Modified by Amendment No. 1 Thereto, Relating to Exchange Fees and Charges, 44906-44907 [E7-15552]

Download as PDF 44906 Federal Register / Vol. 72, No. 153 / Thursday, August 9, 2007 / Notices Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–56200; File No. SR– NYSEArca–2007–77] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed All submissions should refer to File Rule Change, as Modified by Number SR–NYSE–2007–71. This file Amendment No. 1 Thereto, Relating to number should be included on the subject line if e-mail is used. To help the Exchange Fees and Charges Commission process and review your August 3, 2007. comments more efficiently, please use Pursuant to section 19(b)(1) of the only one method. The Commission will Securities Exchange Act of 1934 post all comments on the Commission’s (‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on July 27, Internet Web site (http://www.sec.gov/ 2007, NYSE Arca, Inc. (‘‘NYSE Arca’’ or rules/sro.shtml). Copies of the ‘‘Exchange’’) filed with the Securities submission, all subsequent and Exchange Commission amendments, all written statements (‘‘Commission’’) the proposed rule with respect to the proposed rule change as described in Items I, II, and change that are filed with the III below, which Items have been Commission, and all written substantially prepared by NYSE Arca. communications relating to the On August 1, 2007, the Exchange filed proposed rule change between the Amendment No. 1 to the proposed rule Commission and any person, other than change. The Exchange has designated those that may be withheld from the this proposal as one establishing or public in accordance with the changing a due, fee or other charge provisions of 5 U.S.C. 552, will be imposed by the Exchange under section available for inspection and copying in 19(b)(3)(A) 3 and Rule 19b–4(f)(2) the Commission’s Public Reference thereunder,4 which renders the proposal Room, on official business days between effective upon filing with the the hours of 10 a.m. and 3 p.m. Copies Commission. The Commission is of the filing also will be available for publishing this notice to solicit inspection and copying at the principal comments on the proposed rule change, office of the Exchange. All comments as amended, from interested persons. received will be posted without change; I. Self-Regulatory Organization’s the Commission does not edit personal Statement of the Terms of Substance of identifying information from the Proposed Rule Change submissions. You should submit only NYSE Arca proposes to amend its information that you wish to make Schedule of Fees and Charges for available publicly. All submissions Exchange Services (‘‘Schedule’’) in should refer to File Number SR–NYSE– order to revise the operative period for 2007–71 and should be submitted on or transactions fees that are applicable to before August 30, 2007. issues that trade as part of the Penny For the Commission, by the Division of Market Regulation, pursuant to delegated authority.12 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–15546 Filed 8–8–07; 8:45 am] mstockstill on PROD1PC66 with NOTICES BILLING CODE 8010–01–P Pilot.5 The text of the proposed rule change is available at http:// www.nysearca.com, at the Exchange, 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, NYSE Arca included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the 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). 5 See Securities Exchange Act Release No. 55156 (January 23, 2007) 72 FR 4759 (February 1, 2007) (SR–NYSEArca–2006–73). 2 17 12 17 CFR 200.30–3(a)(12). VerDate Aug<31>2005 18:25 Aug 08, 2007 Jkt 211001 PO 00000 Frm 00088 Fmt 4703 Sfmt 4703 proposal. The text of these statements may be examined at the places specified in Item IV below. NYSE Arca has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of this filing is to revise the existing NYSE Arca Schedule in conjunction with the extension of the Penny Pilot. On June 18, 2007, the Exchange filed SR–NYSEArca–2007–56, a proposal to extend the pilot program, under which the Exchange trades options on a limited number of underlying issues that are quoted in one-cent and five-cent increments (‘‘Penny Pilot’’). On July 23, 2007, the Exchange filed Amendment No. 1, which replaced the original proposal in its entirety. On July 25, 2007, the Exchange filed Amendment No. 2, which made non-substantive changes to the proposal. The amended proposal, which extends the operative date of the Penny Pilot until September 27, 2007, was effective upon filing. NYSE Arca charges certain fees on transactions occurring in issues that trade as part of the Penny Pilot. The Exchange now proposes to extend the operative date for these fees until September 27, 2007, to coincide with the dates of the Penny Pilot. 2. Statutory Basis NYSE Arca believes that the proposed rule change is consistent with Section 6(b) of the Act,6 in general, and furthers the objectives of Section 6(b)(4) of the Act,7 in particular, in that it provides for the equitable allocation of dues, fees and other charges among its members. B. Self-Regulatory Organization’s Statement on Burden on Competition NYSE Arca 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. 6 15 7 15 E:\FR\FM\09AUN1.SGM U.S.C. 78f(b). U.S.C. 78f(b)(4). 09AUN1 Federal Register / Vol. 72, No. 153 / Thursday, August 9, 2007 / Notices 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)(ii) of the Act 8 and subparagraph (f)(2) of Rule 19b–4 thereunder 9 because it establishes or changes a due, fee or other charge imposed by the Exchange. 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 of appropriate in the public interest, for the protection of investors, or otherwise in the 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: mstockstill on PROD1PC66 with NOTICES Electronic Comments • 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–2007–77 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–2007–77. 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 8 15 9 17 U.S.C. 78s(b)(3)(A)(ii). CFR 240.19b–4(f)(2). VerDate Aug<31>2005 18:25 Aug 08, 2007 Jkt 211001 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 No. SR–NYSEArca–2007–77 and should be submitted on or before August 30, 2007. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.10 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–15552 Filed 8–8–07; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–56198; File No. SR–Phlx– 2007–45] Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Order Granting Approval of Proposed Rule Change To Establish New Procedures To Follow When Trading Halts on the Primary Market for the Underlying Security August 3, 2007. On June 14, 2007, the Philadelphia Stock Exchange, Inc. (‘‘Phlx’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to amend Exchange Rules 1047, Trading Rotations, Halts and Suspensions concerning equity options, 1047A, Trading Rotations, Halts or Reopenings concerning index options, and OFPA G– 2, Trading Rotations, Halts or Reopenings, to establish new procedures to follow when trading halts on the primary market for the underlying security. The proposed rule change was published for notice and comment in the Federal Register on July 3, 2007.3 The Commission received no comments on the proposal. The Commission has reviewed carefully the proposed rule change and 10 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 See Securities Exchange Act Release No. 55958 (June 26, 2007), 72 FR 36538. 1 15 PO 00000 Frm 00089 Fmt 4703 Sfmt 4703 44907 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 4 and, in particular, the requirements of section 6(b)(5) of the Act,5 in that the proposed rule change is designed 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. The proposed rule change would permit specialists to halt trading in equity options in the overlying option when trading is halted on the primary market in the underlying security, and in index options when trading on the primary market in underlying securities representing more than 10% of the current index value is halted, before receiving approval from an Options Exchange Official, provided such approval is granted within five minutes following the halt of trading in the option. Because the proposed rule change is intended to reduce the period of time following a trading halt on the primary market in the underlying security before trading the overlying option is halted, thus enabling specialists to halt trading in the overlying option more expeditiously, the Commission believes the proposed rule change is reasonably designed to allow Exchange options specialists and Registered Options Traders to better manage their market risk. It is therefore ordered, pursuant to section 19(b)(2) of the Act 6, that the proposed rule change (SR–Phlx–2007– 45) be, and it hereby is, approved. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.7 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–15548 Filed 8–8–07; 8:45 am] BILLING CODE 8010–01–P 4 In approving this proposed rule change, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). 5 15 U.S.C. 78f(b)(5). 6 15 U.S.C. 78s(b)(2). 7 17 CFR 200.30–3(a)(12). E:\FR\FM\09AUN1.SGM 09AUN1

Agencies

[Federal Register Volume 72, Number 153 (Thursday, August 9, 2007)]
[Notices]
[Pages 44906-44907]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-15552]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56200; File No. SR-NYSEArca-2007-77]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change, as Modified by 
Amendment No. 1 Thereto, Relating to Exchange Fees and Charges

August 3, 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 27, 2007, NYSE Arca, Inc. (``NYSE Arca'' 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 NYSE Arca. On August 1, 2007, 
the Exchange filed Amendment No. 1 to the proposed rule change. The 
Exchange has designated this proposal as one establishing or changing a 
due, fee or other charge imposed by the Exchange under section 
19(b)(3)(A) \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, 
as amended, from interested persons.
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    \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)(2).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    NYSE Arca proposes to amend its Schedule of Fees and Charges for 
Exchange Services (``Schedule'') in order to revise the operative 
period for transactions fees that are applicable to issues that trade 
as part of the Penny Pilot.\5\ The text of the proposed rule change is 
available at http://www.nysearca.com, at the Exchange, and at the 
Commission's Public Reference Room.
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    \5\ See Securities Exchange Act Release No. 55156 (January 23, 
2007) 72 FR 4759 (February 1, 2007) (SR-NYSEArca-2006-73).
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II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, NYSE Arca included statements 
concerning the purpose of, and basis for, the proposed rule change and 
discussed any comments it received on the proposal. The text of these 
statements may be examined at the places specified in Item IV below. 
NYSE Arca has prepared summaries, set forth in sections A, B, and C 
below, of the most significant aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of this filing is to revise the existing NYSE Arca 
Schedule in conjunction with the extension of the Penny Pilot. On June 
18, 2007, the Exchange filed SR-NYSEArca-2007-56, a proposal to extend 
the pilot program, under which the Exchange trades options on a limited 
number of underlying issues that are quoted in one-cent and five-cent 
increments (``Penny Pilot''). On July 23, 2007, the Exchange filed 
Amendment No. 1, which replaced the original proposal in its entirety. 
On July 25, 2007, the Exchange filed Amendment No. 2, which made non-
substantive changes to the proposal. The amended proposal, which 
extends the operative date of the Penny Pilot until September 27, 2007, 
was effective upon filing.
    NYSE Arca charges certain fees on transactions occurring in issues 
that trade as part of the Penny Pilot. The Exchange now proposes to 
extend the operative date for these fees until September 27, 2007, to 
coincide with the dates of the Penny Pilot.
2. Statutory Basis
    NYSE Arca believes that the proposed rule change is consistent with 
Section 6(b) of the Act,\6\ in general, and furthers the objectives of 
Section 6(b)(4) of the Act,\7\ in particular, in that it provides for 
the equitable allocation of dues, fees and other charges among its 
members.
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    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    NYSE Arca 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.

[[Page 44907]]

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)(ii) of the Act \8\ and subparagraph (f)(2) of Rule 19b-4 
thereunder \9\ because it establishes or changes a due, fee or other 
charge imposed by the Exchange. 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 of appropriate in the public interest, for the 
protection of investors, or otherwise in the furtherance of the 
purposes of the Act.
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    \8\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \9\ 17 CFR 240.19b-4(f)(2).
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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-2007-77 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-2007-77. 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 No. SR-NYSEArca-2007-77 and should be 
submitted on or before August 30, 2007.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-15552 Filed 8-8-07; 8:45 am]
BILLING CODE 8010-01-P