Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Trading Sessions on XLE, 48718-48720 [E7-16754]
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48718
Federal Register / Vol. 72, No. 164 / Friday, August 24, 2007 / Notices
• If a determination is made that an
option should be removed from the
Penny Pilot, how much notice should be
given to market participants that the
quoting increment will change?
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments on the proposed
rule change were neither solicited nor
received.
Comments may be submitted by any of
the following methods:
yshivers on PROD1PC66 with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the Exchange consents,
the Commission will:
(A) By order approve such proposed
rule change, or
(B) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act. The
Commission also requests and
encourages interested persons to submit
comments on the following specific
questions:
• Whether there are circumstances
under which options classes included in
the Penny Pilot should be removed from
the Pilot?
• If so, what factors should be
considered in making the determination
to remove an option class from the
Penny Pilot?
Æ Should an objective standard be
used? For instance, should an option
class come out of the Penny Pilot if its
trading volume drops below a threshold
amount? If so, what should that
threshold be? Or, should an option class
come out of the Penny Pilot if it is no
longer among the most actively-traded
options? If so, what should be
considered the most-actively traded
options? What statistics or analysis
should be used to support a
determination to remove an options
class?
Æ Should a more subjective analysis
be allowed? If so, what factors should be
taken into account?
• What concerns might arise by
removing an option from the Penny
Pilot? How could such concerns be
ameliorated?
• How frequently should the analysis
be undertaken (e.g., annually, biannually, quarterly), or should the
evaluation be an automated process?
VerDate Aug<31>2005
14:35 Aug 23, 2007
Jkt 211001
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–NYSEArca–2007–88 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.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.8
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–16759 Filed 8–23–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56272; File No. SR–Phlx–
2007–57]
Self-Regulatory Organizations;
Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to Trading Sessions
on XLE
August 16, 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 August 3,
All submissions should refer to File
2007, the Philadelphia Stock Exchange,
Number SR–NYSEArca–2007–88. This
Inc. (‘‘Phlx’’ or ‘‘Exchange’’) filed with
file number should be included on the
the Securities and Exchange
subject line if e-mail is used. To help the Commission (‘‘Commission’’) the
Commission process and review your
proposed rule change as described in
Items I and II below, which Items have
comments more efficiently, please use
only one method. The Commission will been substantially prepared by the
post all comments on the Commission’s Exchange. The Exchange filed the
proposed rule change pursuant to
Internet Web site (https://www.sec.gov/
Section 19(b)(3)(A) of the Act 3 and Rule
rules/sro.shtml). Copies of the
19b–4(f)(6) thereunder,4 which renders
submission, all subsequent
the proposed rule change effective upon
amendments, all written statements
filing with the Commission. The
with respect to the proposed rule
Commission is publishing this notice to
change that are filed with the
solicit comments on the proposed rule
Commission, and all written
change from interested persons.
communications relating to the
proposed rule change between the
I. Self-Regulatory Organization’s
Commission and any person, other than Statement of the Terms of Substance of
the Proposed Rule Change
those that may be withheld from the
public in accordance with the
The Exchange proposes to amend
provisions of 5 U.S.C. 552, will be
Phlx Rule 101, Supplementary Material
available for inspection and copying in
.02 to provide for securities that trade in
the Commission’s Public Reference
one or two, but not all three, trading
Room, 100 F Street, NE., Washington,
sessions on XLE.5 In addition, the
DC 20549, on official business days
Exchange would amend the rule to
between the hours of 10 a.m. and 3 p.m. require the Exchange to maintain on its
Internet Web site information regarding
Copies of such filing also will be
securities that do not trade in all three
available for inspection and copying at
the principal office of the Exchange. All
8 17 CFR 200.30–3(a)(12).
comments received will be posted
1 15 U.S.C. 78s(b)(1).
without change; the Commission does
2 17 CFR 240.19b–4.
not edit personal identifying
3 15 U.S.C. 78s(b)(3)(A).
information from submissions. You
4 17 CFR 240.19b–4(f)(6).
5 Phlx Rule 101 Supplementary Material .02(1)–
should submit only information that
you wish to make available publicly. All (3) describes XLE’s three trading sessions. The Pre
Market Session begins at 8 a.m. Eastern Time
submissions should refer to File
(‘‘ET’’) and concludes at the commencement of the
Number SR–NYSEArca–2007–88 and
Core Session. The Core Session begins at 9:30 a.m.
(ET) and concludes at 4 p.m. (ET), provided that for
should be submitted on or before
specified exchange-traded funds, the Core Session
September 14, 2007.
PO 00000
concludes at 4:15 p.m. (ET). The Post Market
Session begins following the conclusion of the Core
Session and concludes at 6 p.m. (ET).
Frm 00110
Fmt 4703
Sfmt 4703
E:\FR\FM\24AUN1.SGM
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Federal Register / Vol. 72, No. 164 / Friday, August 24, 2007 / Notices
sessions on XLE and securities which
have a Core Session that lasts until 4:15
p.m. (ET).
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
Phlx 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 Phlx has prepared
summaries, set forth in Sections A, B,
and C below, of the most significant
aspects of such statements.
The text of the proposed rule change
is available on the Phlx Web site (https://
www.phlx.com), at the Exchange’s
Office of the Secretary, and at the
Commission’s Public Reference Room.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
yshivers on PROD1PC66 with NOTICES
The purpose of the proposed rule
change is to clarify the trading hours of
certain securities that will not trade on
Phlx during the entire XLE trading day.
Phlx Rule 101 currently provides, in
part, that XLE shall have three trading
sessions each day: A Pre Market Session
(8 a.m. until 9:30 a.m. (ET)), a Core
Session (9:30 a.m. until 4 p.m. (ET),
except for certain exchange-traded
funds (‘‘ETFs’’), for which the trading
session lasts until 4:15 p.m. (ET)) and a
Post Market Session (which begins at
the conclusion of the Core Session and
lasts until 6 p.m. (ET)). Proposed Phlx
Rule 101 would include a list of those
securities which are eligible to trade in
one or more, but not all three of these
trading sessions. Phlx would maintain
on its Internet Web site (https://
www.phlx.com) a list that identifies all
securities traded on XLE that do not
trade for the duration of each of the
three sessions specified in Phlx Rule
101. For example, certain ETFs that are
based on indexes composed of
commodities or securities not registered
in the United States may not be eligible
to trade during the entire XLE trading
day because the instruments underlying
the indexes underlying the ETF are not
active during certain times and therefore
last sale or other data used to determine
the index value is not available. In
addition, Phlx will maintain on its
Internet Web site a list that identifies all
securities traded on XLE for which the
Core Session is extended until 4:15 p.m.
14:35 Aug 23, 2007
Jkt 211001
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act 6 in general, and furthers the
objectives of Section 6(b)(5) of the Act 7
in particular, in that it 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.
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
1. Purpose
VerDate Aug<31>2005
(ET). Pursuant to the proposed rule,
Phlx would also be required to update
its Web site promptly and indicate on
its Web site a ‘‘current as of’’ date.
No written comments were either
solicited or received.
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 if consistent with the
protection of investors and the public
interest, it has become effective
pursuant to Section 19(b)(3)(A) of the
Act 8 and Rule 19b–4(f)(6) thereunder.9
A proposed rule change filed under
Rule 19b–4(f)(6) 10 normally does not
become operative prior to 30 days after
the date of filing. However, pursuant to
Rule 19b–4(f)(6)(iii), the Commission
may designate a shorter time if such
action is consistent with the protection
of investors and the public interest. The
Exchange has asked the Commission to
waive the 30-day operative delay.11 The
6 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
8 15 U.S.C. 78s(b)(3)(A).
9 17 CFR 240.19b–4(f)(6).
10 Id.
11 17 CFR 240.19b–4(f)(6)(iii). As required by Rule
19b–4(f)(6), the Exchange provided the Commission
with written notice of its intent to file the proposed
rule change, along with a brief description and text
75
PO 00000
Frm 00111
Fmt 4703
Sfmt 4703
48719
Commission believes that such waiver is
consistent with the protection of
investors and the public interest
because the proposed rule change
should provide transparency and more
clarity with respect to the trading hours
eligibility of certain derivative securities
products. For this reason, the
Commission designates the proposed
rule change as operative upon filing
with the Commission.12 The
Commission notes that the filing does
not change the trading hours of the
derivative securities products listed in
Phlx Rule 101, but codifies trading hour
sessions that have been established
through other rule changes or through
the use of the Exchange’s generic listing
standards 13 pursuant to Rule 19b–4(e)
under the Act.14 The Commission also
notes that the proposed rule change is
substantially similar to the rules of
another national securities exchange.15
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 rulecomments@sec.gov. Please include File
Number SR–Phlx–2007–57 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–Phlx–2007–57. This file
of the proposed rule change at least five days prior
to the date of filing of the proposed rule change.
12 For purposes only of waiving the operative date
of this proposal, the Commission has considered
the rule’s impact on efficiency, competition and
capital formation. See 15 U.S.C. 78c(f).
13 See e.g., Phlx Rule 803(i)(11)(1).
14 17 CFR 240.19b–4(e).
15 See Securities Exchange Act Release No. 55707
(May 4, 2007), 72 FR 26666 (May 10, 2007) (SR–
NYSEArca–2007–41).
E:\FR\FM\24AUN1.SGM
24AUN1
48720
Federal Register / Vol. 72, No. 164 / Friday, August 24, 2007 / Notices
number should be included on the
subject line if e-mail is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
Room, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of the filing also will be available
for inspection and copying at the
principal office of the Phlx. 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–Phlx–2007–57 and should
be submitted on or before September 14,
2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.16
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–16754 Filed 8–23–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56274; File No. SR–Phlx–
2007–54]
Self-Regulatory Organizations;
Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change and Amendments No. 1 and 2
Thereto Relating to Market Access
Providers
yshivers on PROD1PC66 with NOTICES
August 16, 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 August 6,
2007, the Philadelphia Stock Exchange,
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
Inc. (‘‘Phlx’’ 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
Phlx. The Phlx filed Amendments No. 1
and 2 to the proposed rule change on
August 14, 2007 and August 16, 2007,
respectively. The Phlx filed the
proposed rule change pursuant to
Section 19(b)(3)(A) of the Act 3 and Rule
19b–4(f)(2) thereunder,4 which renders
the proposal effective upon filing with
the Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change,
as amended, from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Phlx proposes to amend its
schedule of fees to institute a new
subsidy program (the ‘‘Subsidy’’), which
would be available to qualifying Phlx
member organizations that offer to
customers automated order routing
systems and electronic market access to
U.S. options markets (‘‘Market Access
Providers’’ or ‘‘MAPs’’) and which
would provide such qualified Market
Access Providers incentives to route
additional option orders to the Phlx and
to offer to their customers certain
services that are intended to promote
the business of the Phlx.
The Subsidy would be applicable to
any Exchange member organization that
qualifies as a MAP who elects to
participate by submitting any
application(s) and/or form(s) required
by the Exchange and complying with
other conditions enumerated below. The
Subsidy would apply to any MAP that
has elected to participate for the
calendar month that commences
following the satisfaction by such MAP
of all conditions of participation, and
for each calendar month thereafter,
provided that such conditions continue
to be satisfied.
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
Phlx 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 Phlx has prepared
summaries, set forth in Sections A, B,
16 17
1 15
VerDate Aug<31>2005
14:35 Aug 23, 2007
U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(2).
PO 00000
Frm 00112
Fmt 4703
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of the proposed rule
change is to provide incentives to
Exchange member organizations and
their customers.
For a MAP to be eligible for the
Subsidy, a MAP (an ‘‘Eligible MAP’’)
would be required to:
(1) Submit any required Exchange
applications and/or forms for Exchange
approval to participate as an Eligible
MAP;
(2) Provide to its customers systems
that enable the electronic routing of
equity option orders to all of the U.S.
options exchanges, including the Phlx;
(3) Provide to its customers current
consolidated market data from the U.S.
options exchanges;
(4) Interface with the Phlx’s API to
access the Exchange’s electronic options
trading platform, Phlx XL; 5
(5) Offer to its customers a customized
interface and routing functionality
(including sweep function described
below) such that:
(A) The Phlx will be the default
destination for all equity option orders
(whether marketable or not), provided
that in the case of marketable orders, the
Phlx is at the national best bid or offer
(‘‘NBBO’’) on the appropriate side of the
market (i.e., the contra-side of the order
that is routed to the Phlx), regardless of
size or time, up to the Phlx’s
disseminated size; and
(B) The MAP’s option order routing
functionality incorporates a feature that
causes equity option orders at a
specified price to be routed
simultaneously to multiple exchanges
with a single click (a ‘‘sweep function’’),
which is configured to route all such
orders (or, if such orders are for a size
larger than the size disseminated by the
Phlx on the opposite side of the market,
at least the portion of the order that
corresponds to the Phlx’s disseminated
size) to the Phlx as the default
destination for execution for a size up
to the full size quoted on the Phlx,
provided that, in the case of marketable
orders, the Phlx disseminated price on
the appropriate side of the market is at
the NBBO;
(6) Configure its own option order
routing functionality such that it is
configured as described in sub5 See Securities Exchange Act Release No. 50100
(July 27, 2004), 69 FR 46612 (August 3, 2004) (SR–
Phlx–2003–59).
3 15
Jkt 211001
and C below, of the most significant
aspects of such statements.
Sfmt 4703
E:\FR\FM\24AUN1.SGM
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]]>Agencies
[Federal Register Volume 72, Number 164 (Friday, August 24, 2007)]
[Notices]
[Pages 48718-48720]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-16754]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56272; File No. SR-Phlx-2007-57]
Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to Trading Sessions on XLE
August 16, 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 August 3, 2007, the Philadelphia Stock Exchange, Inc. (``Phlx'' 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.
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.
---------------------------------------------------------------------------
\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).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Phlx Rule 101, Supplementary
Material .02 to provide for securities that trade in one or two, but
not all three, trading sessions on XLE.\5\ In addition, the Exchange
would amend the rule to require the Exchange to maintain on its
Internet Web site information regarding securities that do not trade in
all three
[[Page 48719]]
sessions on XLE and securities which have a Core Session that lasts
until 4:15 p.m. (ET).
---------------------------------------------------------------------------
\5\ Phlx Rule 101 Supplementary Material .02(1)-(3) describes
XLE's three trading sessions. The Pre Market Session begins at 8
a.m. Eastern Time (``ET'') and concludes at the commencement of the
Core Session. The Core Session begins at 9:30 a.m. (ET) and
concludes at 4 p.m. (ET), provided that for specified exchange-
traded funds, the Core Session concludes at 4:15 p.m. (ET). The Post
Market Session begins following the conclusion of the Core Session
and concludes at 6 p.m. (ET).
---------------------------------------------------------------------------
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, Phlx 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 Phlx has prepared summaries, set forth in Sections
A, B, and C below, of the most significant aspects of such statements.
The text of the proposed rule change is available on the Phlx Web
site (https://www.phlx.com), at the Exchange's Office of the Secretary,
and at the Commission's Public Reference Room.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of the proposed rule change is to clarify the trading
hours of certain securities that will not trade on Phlx during the
entire XLE trading day. Phlx Rule 101 currently provides, in part, that
XLE shall have three trading sessions each day: A Pre Market Session (8
a.m. until 9:30 a.m. (ET)), a Core Session (9:30 a.m. until 4 p.m.
(ET), except for certain exchange-traded funds (``ETFs''), for which
the trading session lasts until 4:15 p.m. (ET)) and a Post Market
Session (which begins at the conclusion of the Core Session and lasts
until 6 p.m. (ET)). Proposed Phlx Rule 101 would include a list of
those securities which are eligible to trade in one or more, but not
all three of these trading sessions. Phlx would maintain on its
Internet Web site (https://www.phlx.com) a list that identifies all
securities traded on XLE that do not trade for the duration of each of
the three sessions specified in Phlx Rule 101. For example, certain
ETFs that are based on indexes composed of commodities or securities
not registered in the United States may not be eligible to trade during
the entire XLE trading day because the instruments underlying the
indexes underlying the ETF are not active during certain times and
therefore last sale or other data used to determine the index value is
not available. In addition, Phlx will maintain on its Internet Web site
a list that identifies all securities traded on XLE for which the Core
Session is extended until 4:15 p.m. (ET). Pursuant to the proposed
rule, Phlx would also be required to update its Web site promptly and
indicate on its Web site a ``current as of'' date.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \6\ in general, and furthers the objectives of Section
6(b)(5) of the Act \7\ in particular, in that it 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.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 5 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
No written comments were either solicited or received.
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 if
consistent with the protection of investors and the public interest, it
has become effective pursuant to Section 19(b)(3)(A) of the Act \8\ and
Rule 19b-4(f)(6) thereunder.\9\
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) \10\ normally
does not become operative prior to 30 days after the date of filing.
However, pursuant to Rule 19b-4(f)(6)(iii), the Commission may
designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay.\11\ The Commission
believes that such waiver is consistent with the protection of
investors and the public interest because the proposed rule change
should provide transparency and more clarity with respect to the
trading hours eligibility of certain derivative securities products.
For this reason, the Commission designates the proposed rule change as
operative upon filing with the Commission.\12\ The Commission notes
that the filing does not change the trading hours of the derivative
securities products listed in Phlx Rule 101, but codifies trading hour
sessions that have been established through other rule changes or
through the use of the Exchange's generic listing standards \13\
pursuant to Rule 19b-4(e) under the Act.\14\ The Commission also notes
that the proposed rule change is substantially similar to the rules of
another national securities exchange.\15\
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\10\ Id.
\11\ 17 CFR 240.19b-4(f)(6)(iii). As required by Rule 19b-
4(f)(6), the Exchange provided the Commission with 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 days
prior to the date of filing of the proposed rule change.
\12\ For purposes only of waiving the operative date of this
proposal, the Commission has considered the rule's impact on
efficiency, competition and capital formation. See 15 U.S.C. 78c(f).
\13\ See e.g., Phlx Rule 803(i)(11)(1).
\14\ 17 CFR 240.19b-4(e).
\15\ See Securities Exchange Act Release No. 55707 (May 4,
2007), 72 FR 26666 (May 10, 2007) (SR-NYSEArca-2007-41).
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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-Phlx-2007-57 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-Phlx-2007-57. This file
[[Page 48720]]
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (https://www.sec.gov/rules/
sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for inspection and
copying in the Commission's Public Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Phlx. 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-Phlx-2007-57 and should be
submitted on or before September 14, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\16\
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\16\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-16754 Filed 8-23-07; 8:45 am]
BILLING CODE 8010-01-P
