Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto Relating to U.S. Dollar-Settled Foreign Currency Option Charges, 53616-53617 [E7-18416]

Download as PDF 53616 Federal Register / Vol. 72, No. 181 / Wednesday, September 19, 2007 / Notices Amendment No. 1, be, and hereby is, approved. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.9 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–18391 Filed 9–18–07; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–56437; File No. SR–Phlx– 2007–65] Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto Relating to U.S. Dollar-Settled Foreign Currency Option Charges September 13, 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 30, 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, II and III below, which Items have been substantially prepared by the Exchange. On September 11, 2007, the Phlx submitted Amendment No. 1 to the proposed rule change.3 The Phlx has designated this proposal as one changing a due, fee, or other charge under Section 19(b)(3)(A)(ii) of the Act 4 and Rule 19b–4(f)(2) thereunder,5 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. rwilkins on PROD1PC63 with NOTICES I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Phlx proposes to: (1) Eliminate the $0.04 per contract customer option comparison charge for U.S. dollarsettled foreign currency option transactions; (2) adopt a separate fee schedule for U.S. dollar-settled foreign currency option charges; and (3) make technical changes to the current 9 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 In Amendment No. 1, the Exchange made nonsubstantive typographical corrections to the filing. 4 15 U.S.C. 78s(b)(3)(A)(ii). 5 17 CFR 240.19b–4(f)(2). VerDate Aug<31>2005 16:58 Sep 18, 2007 Jkt 211001 Summary of Index Option and U.S. Dollar-Settled Foreign Currency Option Charges fee schedule to update the fee schedule accordingly. This proposal is scheduled to become operative for transactions settling on or after September 4, 2007. The text of the proposed rule change is available on the Exchange’s Web site at www.Phlx.com, at the Phlx, 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 The Exchange intends to update its fees applicable to U.S. dollar-settled foreign currency options in order to attract business and streamline the Exchange’s fee schedule. The Exchange proposes to eliminate the $0.04 per contract comparison charge for transactions in U.S. dollarsettled foreign currency options applicable to customers. Currently, the comparison charge consists of either a $0.03 per contract charge for Registered Option Traders or a $0.04 per contract charge for Firm (Proprietary and Customer Executions). At this time, the Exchange proposes to eliminate the $0.04 per contract customer comparison charge. The $0.03 per contract charge for Registered Option Traders and the $0.04 per contract for Firm (Proprietary) will continue to apply. The Exchange believes that the elimination of the customer comparison charge may attract additional order flow to the Exchange. Currently, the Exchange charges fees for transactions in U.S. dollar-settled foreign currency options in the same manner that it charges for index options so therefore, the index option and U.S. dollar-settled foreign currency options are set forth on the same fee schedule. At this time, the Exchange proposes to separate out the fee schedule for the U.S. dollar-settled foreign currency PO 00000 Frm 00095 Fmt 4703 Sfmt 4703 options and to make technical changes to the current Summary of Index Option and U.S. Dollar-Settled Foreign Currency Option Charges fee schedule to update the fee schedule accordingly. The purpose of this proposal is to set forth the U.S. dollar-settled foreign currency option charges in a fee schedule separate from the index option fee schedule to more readily identify the fees for these products and to simplify the Exchange’s fee schedule. No new index options fees are being adopted pursuant to this proposal. In addition, because this proposal merely deletes the $0.04 per contract comparison charge in connection with U.S. dollar-settled foreign currency option transactions, no new U.S. dollarsettled foreign currency option fees are being adopted pursuant to this proposal. 2. Statutory Basis The Exchange believes that its proposal to amend its schedule of dues, fees and charges 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 is an equitable allocation of reasonable dues, fees and other charges among Exchange members and issuers and other persons using its facilities.8 The Exchange believes that eliminating the comparison charge for customers is equitable because customer transactions should benefit from reduced fees, which may in turn attract additional customer business to the Exchange for this relatively new product. 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 The foregoing proposed rule change has been designated as a fee change 6 15 U.S.C. 78f(b). U.S.C. 78f(b)(4). 8 For purposes of calculating the 60-day period within which the Commission may summarily abrogate the proposed rule change under Section 19(b)(3)(C) of the Act, the Commission considers the period to commence on September 11, 2007, the date on which the Phlx filed Amendment No. 1. See 15 U.S.C. 78s(b)(3)(C). 7 15 E:\FR\FM\19SEN1.SGM 19SEN1 Federal Register / Vol. 72, No. 181 / Wednesday, September 19, 2007 / Notices pursuant to Section 19(b)(3)(A)(ii) of the Act 9 and Rule 19b–4(f)(2) thereunder,10 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 change is consistent with the Act. Comments may be submitted by any of the following methods: rwilkins on PROD1PC63 with NOTICES 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–2007–65 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–2007–65. 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 9 15 16:58 Sep 18, 2007 For the Commission, by the Division of Market Regulation, pursuant to delegated authority.11 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–18416 Filed 9–18–07; 8:45 am] BILLING CODE 8010–01–P SMALL BUSINESS ADMINISTRATION Gulf Opportunity Pilot Loan Program (GO Loan Pilot) U.S. Small Business Administration (SBA). ACTION: Notice of extension of waiver of regulatory provisions. AGENCY: SUMMARY: This notice announces the extension of the ‘‘Notice of waiver of regulatory provisions’’ for SBA’s GO Loan Pilot until September 30, 2008. Due to the scope and magnitude of the devastation to Presidentially-declared disaster areas resulting from Hurricanes Katrina and Rita, the Agency is extending its full guaranty and streamlined and centralized loan processing available through the GO Loan Pilot to the small businesses in the eligible parishes/counties through September 30, 2008. DATES: The waiver of regulatory provisions published in the Federal Register on November 17, 2005, is extended under this notice until September 30, 2008. FOR FURTHER INFORMATION CONTACT: Charles Thomas, Office of Financial Assistance, U.S. Small Business Administration, 409 Third Street, SW., Washington, DC 20416; Telephone (202) 205–6490; charles.thomas@sba.gov. SUPPLEMENTARY INFORMATION: On November 8, 2005, SBA initiated, on an emergency basis, the GO Loan Pilot which was designed to provide expedited small business financial assistance to businesses located in those communities severely impacted by Hurricanes Katrina and Rita. Under this unique initiative, SBA provides its full (85%) guaranty and streamlined and centralized loan processing to all eligible lenders that agree to make expedited SBA 7(a) loans available to small businesses located in, locating to or re-locating in the parishes/counties that have been Presidentially-declared as disaster areas resulting from Hurricanes Katrina and Rita, plus any contiguous parishes/counties. To maximize the effectiveness of the GO Loan Pilot, on November 17, 2005, SBA published a notice in the Federal Register waiving for the GO Loan Pilot certain Agency regulations for the 7(a) Business Loan Program. (70 FR 69645). Since the pilot was designed as a temporary program scheduled to expire on September 30, 2006, and was extended to September 30, 2007, the waiver of certain Agency regulations also is due to expire on September 30, 2007. However, the Agency believes that there is a continuing, substantial need for the specific SBA assistance provided by this pilot in the affected areas. As part of a comprehensive federal initiative to assist in the continuing recovery of these highly devastated communities, the Agency believes it is essential that SBA extend this unique and vital program through September 30, 2008. Accordingly, the SBA is also extending its waiver of the certain Agency regulations identified in the Federal Register notice at 70 FR 69645 through September 30, 2008. SBA’s waiver of these provisions is authorized by regulations. These waivers apply only to those loans approved under the GO Loan Pilot and will last only for the duration of the Pilot, which expires September 30, 2008. As part of the GO Loan Pilot, these waivers apply only to those small businesses located in, locating to or relocating in the parishes/counties that have been Presidentially-declared as disaster areas resulting from Hurricanes Katrina or Rita, plus any contiguous parishes/counties. (A list of all eligible parishes/counties is located at https:// www.sba.gov/idc/groups/public/ documents/sba_homepage/ serv_goloan_3.pdf.) Authority: 15 U.S.C. 636(a)(24); 13 CFR 120.3. Michael W. Hager, Associate Administrator, Office of Capital Access. [FR Doc. E7–18520 Filed 9–18–07; 8:45 am] BILLING CODE 8025–01–P U.S.C. 78s(b)(3)(A)(ii). CFR 240.19b–4(f)(2). 10 17 VerDate Aug<31>2005 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 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–2007–65 and should be submitted on or before October 10, 2007. 11 17 Jkt 211001 PO 00000 CFR 200.30–3(a)(12). Frm 00096 Fmt 4703 Sfmt 4703 53617 E:\FR\FM\19SEN1.SGM 19SEN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 72, Number 181 (Wednesday, September 19, 2007)]
[Notices]
[Pages 53616-53617]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-18416]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56437; File No. SR-Phlx-2007-65]


Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
and Amendment No. 1 Thereto Relating to U.S. Dollar-Settled Foreign 
Currency Option Charges

September 13, 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 30, 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, II 
and III below, which Items have been substantially prepared by the 
Exchange. On September 11, 2007, the Phlx submitted Amendment No. 1 to 
the proposed rule change.\3\ The Phlx has designated this proposal as 
one changing a due, fee, or other charge under Section 19(b)(3)(A)(ii) 
of the Act \4\ and Rule 19b-4(f)(2) thereunder,\5\ 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.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ In Amendment No. 1, the Exchange made non-substantive 
typographical corrections to the filing.
    \4\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \5\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

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

    The Phlx proposes to: (1) Eliminate the $0.04 per contract customer 
option comparison charge for U.S. dollar-settled foreign currency 
option transactions; (2) adopt a separate fee schedule for U.S. dollar-
settled foreign currency option charges; and (3) make technical changes 
to the current Summary of Index Option and U.S. Dollar-Settled Foreign 
Currency Option Charges fee schedule to update the fee schedule 
accordingly. This proposal is scheduled to become operative for 
transactions settling on or after September 4, 2007.
    The text of the proposed rule change is available on the Exchange's 
Web site at www.Phlx.com, at the Phlx, 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
    The Exchange intends to update its fees applicable to U.S. dollar-
settled foreign currency options in order to attract business and 
streamline the Exchange's fee schedule.
    The Exchange proposes to eliminate the $0.04 per contract 
comparison charge for transactions in U.S. dollar-settled foreign 
currency options applicable to customers. Currently, the comparison 
charge consists of either a $0.03 per contract charge for Registered 
Option Traders or a $0.04 per contract charge for Firm (Proprietary and 
Customer Executions). At this time, the Exchange proposes to eliminate 
the $0.04 per contract customer comparison charge. The $0.03 per 
contract charge for Registered Option Traders and the $0.04 per 
contract for Firm (Proprietary) will continue to apply. The Exchange 
believes that the elimination of the customer comparison charge may 
attract additional order flow to the Exchange.
    Currently, the Exchange charges fees for transactions in U.S. 
dollar-settled foreign currency options in the same manner that it 
charges for index options so therefore, the index option and U.S. 
dollar-settled foreign currency options are set forth on the same fee 
schedule. At this time, the Exchange proposes to separate out the fee 
schedule for the U.S. dollar-settled foreign currency options and to 
make technical changes to the current Summary of Index Option and U.S. 
Dollar-Settled Foreign Currency Option Charges fee schedule to update 
the fee schedule accordingly. The purpose of this proposal is to set 
forth the U.S. dollar-settled foreign currency option charges in a fee 
schedule separate from the index option fee schedule to more readily 
identify the fees for these products and to simplify the Exchange's fee 
schedule.
    No new index options fees are being adopted pursuant to this 
proposal. In addition, because this proposal merely deletes the $0.04 
per contract comparison charge in connection with U.S. dollar-settled 
foreign currency option transactions, no new U.S. dollar-settled 
foreign currency option fees are being adopted pursuant to this 
proposal.
2. Statutory Basis
    The Exchange believes that its proposal to amend its schedule of 
dues, fees and charges 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 is an equitable allocation of 
reasonable dues, fees and other charges among Exchange members and 
issuers and other persons using its facilities.\8\ The Exchange 
believes that eliminating the comparison charge for customers is 
equitable because customer transactions should benefit from reduced 
fees, which may in turn attract additional customer business to the 
Exchange for this relatively new product.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(4).
    \8\ For purposes of calculating the 60-day period within which 
the Commission may summarily abrogate the proposed rule change under 
Section 19(b)(3)(C) of the Act, the Commission considers the period 
to commence on September 11, 2007, the date on which the Phlx filed 
Amendment No. 1. See 15 U.S.C. 78s(b)(3)(C).
---------------------------------------------------------------------------

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

    The foregoing proposed rule change has been designated as a fee 
change

[[Page 53617]]

pursuant to Section 19(b)(3)(A)(ii) of the Act \9\ and Rule 19b-4(f)(2) 
thereunder,\10\ 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.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \10\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

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-2007-65 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-2007-65. 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 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-2007-65 and should be 
submitted on or before October 10, 2007.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-18416 Filed 9-18-07; 8:45 am]
BILLING CODE 8010-01-P

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