Self-Regulatory Organizations; New York Stock Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to NYSE Rules 104(b) and 123D, 57366-57368 [E7-19748]
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57366
Federal Register / Vol. 72, No. 194 / Tuesday, October 9, 2007 / Notices
trading in the Shares if the circuit
breaker parameters of Amex Rule 117
have been reached. In exercising its
discretion to halt or suspend trading in
the Shares, the Exchange may consider
factors such as those set forth in Amex
Rule 918C(b) and other relevant factors.
In addition, Amex Rule 1002A(b)(ii)
provides that, if the IIV or the
Underlying Index value applicable to
that series of Index Fund Shares is not
being disseminated as required, the
Exchange may halt trading during the
day in which the interruption to the
dissemination of the IIV or the
Underlying Index value occurs. If the
interruption to the dissemination of the
IIV or the Underlying Index value
persists past the trading day in which it
occurred, the Exchange will halt trading
no later than the beginning of the
trading day following the interruption.
The Commission further believes that
the trading rules and procedures to
which the Shares will be subject
pursuant to this proposal are consistent
with the Act. The Exchange has
represented that the Shares are equity
securities subject to Amex’s rules
governing the trading of equity
securities.
In support of this proposal, the
Exchange has made the following
representations:
(1) The Exchange’s surveillance
procedures are adequate to properly
monitor the trading of the Shares.
Specifically, Amex will rely on its
existing surveillance procedures
governing Index Fund Shares.
(2) Prior to the commencement of
trading, the Exchange will inform its
members and member organizations in
an Information Circular regarding the
application of Commentary .06 to Amex
Rule 1000A–AEMI to the Funds and the
prospectus and/or product description
delivery requirements that apply to the
Funds. The Information Circular will
also provide guidance with regard to
member firm compliance
responsibilities when effecting
transactions in the Shares and
highlighting the special risks and
characteristics of the Funds and Shares,
as well as applicable Exchange rules. In
addition, the Information Circular will
disclose that the procedures for
purchases and redemptions of Shares in
Creation Units are described in each
Fund’s prospectus, and that Shares are
not individually redeemable, but are
redeemable only in Creation Unit
aggregations or multiples thereof.
(3) The Exchange represents that the
Trust is required to comply with Rule
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17:07 Oct 05, 2007
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10A–3 under the Act 15 for the initial
and continued listing of the Shares.
This approval order is based on the
Exchange’s representations.
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,16 that the
proposed rule change (SR–Amex–2007–
60), as modified by Amendment Nos. 1
and 2 thereto, be, and it hereby is,
approved.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.17
Nancy M. Morris,
Secretary.
[FR Doc. E7–19752 Filed 10–5–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56588; File No. SR–NYSE–
2007–92]
Self-Regulatory Organizations; New
York Stock Exchange, LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to
NYSE Rules 104(b) and 123D
October 1, 2007.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on
September 28, 2007, the New York
Stock Exchange, LLC (‘‘NYSE’’ 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 NYSE.
The Exchange filed the proposal
pursuant to Section 19(b)(3)(A) of the
Act 3 and Rule 19b–4(f)(6) 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 from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The NYSE proposes to amend its Rule
104(b) to provide for an automated
opening message that will be effectuated
through the Specialist Application
15 17
CFR 240.10A–3.
U.S.C. 78s(b)(2).
17 17 CFR 200.30–3(a)(12).
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).
16 15
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Programmed Interface (‘‘SAPI’’), to
allow specialists to open a security on
a quote. Additionally, the Exchange
seeks to amend its Rule 123D (Openings
and Halts in Trading) to clarify that
specialists may open a security on a
trade or a quote. The text of the
proposed rule change is available at the
Exchange, on the Exchange’s Web site at
https://www.nyse.com, 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 is filing this proposed
rule change to amend its Rules 104(b)
and 123D to allow specialists to open a
security on a quote by sending a
message from the SAPI to the NYSE
Display Book system for publication of
a quote when there is no opening trade.5
The proposed rule change merely
provides the specialist with the ability
to electronically open a security on a
quote, which currently may be
accomplished manually.
Proposed Rule 104(b)
The Exchange seeks to add this
electronic opening quote message
provision to Exchange Rule 104(b),
which includes other SAPI trading and
quoting messages. The Exchange
believes that, with increased automation
of trading, specialists should be able to
perform their trading and quoting
functions both electronically and
manually. To do otherwise would
unnecessarily limit their effectiveness in
5 The Display Book system is an order
management and execution facility. The Display
Book system receives and displays orders to the
specialists, contains the Book, and provides a
mechanism to execute and report transactions and
publish the results to the Consolidated Tape. The
Display Book system is connected to a number of
other Exchange systems for the purposes of
comparison, surveillance, and reporting
information to customers and other market data and
national market systems.
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Federal Register / Vol. 72, No. 194 / Tuesday, October 9, 2007 / Notices
the market and disadvantage investors.
The proposed Rule 104(b) provision
refers to proposed Rule 123D, which
clarifies that a specialist is permitted to
open a security in which he or she is
registered on either a trade or a quote.
Rule 123D: Specialist Obligations at the
Opening
The provisions of Exchange Rule
123D require a specialist to open the
securities in which he or she is
registered. According to Rule 123D,
specialists must, among other things, do
the following when opening and
reopening their assigned securities:
• Open a registered security as close
to the opening bell as possible;
• Open securities in a timely, fair and
orderly manner; and
• Provide timely and impartial
information at all phases of the opening
process.
The proposed rule change will codify
the practice of the specialist in the
opening process, which is that the
specialist may open an assigned security
on a trade or on a quote. The specialist
may open a security on a quote when
there is no trade upon which to open.
The practice has been and will remain
that if a specialist opens a security on
a quote, he or she must provide the
highest bid price and lowest offer price
available to them.6 The proposed
amendment to Rule 123D refers to the
proposed amendment of Rule 104(b) as
described above.
mstockstill on PROD1PC66 with NOTICES
Delayed or Untimely Openings
Specialists’ delayed or untimely
openings of securities potentially
disadvantage market participants, as
investors are unable to trade such
securities at the NYSE until the security
is opened. The ability to open a security
on a quote via an automated quoting
message will enable the specialist to
open their assigned securities in a
timely manner, thereby providing
investors with access to the NYSE
market as close to 9:30 a.m. as possible.
Opening securities in a timely, fair and
orderly manner is consistent with the
specialist’s obligations under Exchange
Rules 123D and 104. Therefore, the
Exchange believes it is imperative to
provide the specialist with an
automated message that will assist the
specialist in opening their assigned
securities on a quote. Through this rule
filing, the Exchange is merely seeking to
automate an approved specialist
6 The specialist must also be guided by Exchange
Rules 79A.30 (one or two points or more away from
the last sale) and 115A (Orders at Openings or in
Unusual Situations) when opening and reopening
securities.
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Jkt 214001
function that is presently performed
manually.
When a specialist on the NYSE fails
to timely open a security that also trades
on other exchanges, the investor will
generally trade that particular security
on other exchanges so as not to miss the
market. As a consequence of late
openings, the NYSE could lose market
volume and market data revenue.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b)(5) of the Act 7 in that it is
designed to promote just and equitable
principles of trade, to foster cooperation
and coordination with persons engaged
in regulating, clearing, settling,
processing information with respect to,
and facilitating transactions in
securities, 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
Exchange also believes that the
proposed rule change is designed to
support the principles of Section
11A(a)(1) of the Act 8 in that it seeks to
assure economically efficient execution
of securities transactions by making it
easier for specialists to open securities
in which they are registered on a quote
in a timely fashion by providing an
automated quoting message that is
effectuated through the SAPI.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
The Exchange has neither solicited
nor received written comments on the
proposed rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the forgoing rule change does
not: (1) Significantly affect the
protection of investors or the public
interest; (2) impose any significant
burden on competition; and (3) become
operative for 30 days after the date of
this filing, or such shorter time as the
Commission may designate, it has
become effective pursuant to Section
7 15
8 15
PO 00000
U.S.C. 78(f)(b)(5).
U.S.C. 78k–1(a)(1).
Frm 00084
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57367
19(b)(3)(A) of the Act and Rule 19b–
4(f)(6) thereunder.9
A proposed rule change filed under
19b–4(f)(6) normally may not become
operative prior to 30 days after the date
of filing. However, Rule 19b–4(f)(6)(iii)
permits the Commission to designate a
shorter time if such action is consistent
with the protection of investors and the
public interest. The Exchange has
requested that the Commission waive
the 30-day operative delay. The
Commission believes that waiving the
30-day operative delay is consistent
with the protection of investors and the
public interest because it should assist
the specialist in its ability to open
securities in a timely, fair, and orderly
manner. The Commission notes that the
Exchange has represented that this
proposal would merely automate the
ability that specialists currently have to
manually open trading in a security on
a quote when there is no opening trade.
For these reasons, the Commission
designates the proposed rule change to
be effective and operative upon filing
with the Commission.10
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 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–NYSE–2007–92 on the
subject line.
9 In addition, Rule 19b–4(f)(6) requires a selfregulatory organization to give the Commission
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 business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. The NYSE has satisfied this
requirement.
10 For the purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
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57368
Federal Register / Vol. 72, No. 194 / Tuesday, October 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. 34–56589; File No. SR–NYSE–
2007–85]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
All submissions should refer to File
a Proposed Rule Change Relating to
Number SR–NYSE–2007–92. This file
Temporary Waiver of the Specialist
number should be included on the
subject line if e-mail is used. To help the Marketing and Investor Education Fee
for Specialists in Certain Listed
Commission process and review your
Investment Company Units
comments more efficiently, please use
only one method. The Commission will October 1, 2007.
post all comments on the Commission’s
Pursuant to Section 19(b)(1) of the
Internet Web site (https://www.sec.gov/
Securities Exchange Act of 1934
rules/sro.shtml). Copies of the
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
submission, all subsequent
notice is hereby given that on
amendments, all written statements
September 25, 2007, the New York
Stock Exchange LLC (‘‘NYSE’’ or
with respect to the proposed rule
‘‘Exchange’’) filed with the Securities
change that are filed with the
and Exchange Commission
Commission, and all written
(‘‘Commission’’) the proposed rule
communications relating to the
change as described in Items I and II
proposed rule change between the
Commission and any person, other than below, which Items have been
substantially prepared by the Exchange.
those that may be withheld from the
The Exchange has designated this
public in accordance with the
proposal as one establishing or changing
provisions of 5 U.S.C. 552, will be
a due, fee, or other charge imposed by
available for inspection and copying in
NYSE under Section 19(b)(3)(A)(ii) of
the Commission’s Public Reference
the Act 3 and Rule 19b–4(f)(2)
Room. Copies of the filing also will be
thereunder,4 which renders the proposal
available for inspection and copying at
effective upon filing with the
the principal office of the Exchange. All
Commission. The Commission is
comments received will be posted
publishing this notice to solicit
without change; the Commission does
comments on the proposed rule change
not edit personal identifying
from interested persons.
information from submissions. You
I. Self-Regulatory Organization’s
should submit only information that
you wish to make available publicly. All Statement of the Terms of Substance of
the Proposed Rule Change
submissions should refer to File
The Exchange proposes, for the period
Number SR–NYSE–2007–92 and should
from August 1, 2007 to December 1,
be submitted on or before October 30,
2007, to waive the Specialist Marketing
2007.
and Investor Education Fee (‘‘Fee’’) for
For the Commission, by the Division of
those specialists in listed Investment
Market Regulation, pursuant to delegated
Company Units (‘‘ICUs’’) otherwise
authority.11
subject to such fee that have been
Nancy M. Morris,
reallocated following the previous
Secretary.
specialist’s withdrawal from registration
[FR Doc. E7–19748 Filed 10–5–07; 8:45 am]
as specialist in such ICUs.
mstockstill on PROD1PC66 with NOTICES
BILLING CODE 8011–01–P
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
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii).
4 17 CFR 240.19b–4(f)(2).
places specified in Item IV below. NYSE
has substantially 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 currently imposes the
Fee on Exchange specialists in ICUs in
circumstances where the Exchange
undertakes to provide funds to a third
party for marketing and investor
education in connection with the listing
of those ICUs (also known as exchange
traded funds).5 The Exchange states that
the fee is imposed in a fair and equitable
manner on all specialists trading the
securities subject to a third party fee or
payment.
The amount paid by the specialists is
calculated and apportioned following
each calendar quarter among the
specialist units allocated ICUs that are
subject to an Exchange payment to third
parties. This amount represents fivesixths (83.33%) of the annual amount
payable by the Exchange, as
apportioned for the quarter. Such
amount is apportioned to specialist
units for each ICU that is subject to the
Fee, calculated based on the ‘‘Notional
NYSE ADV’’ for each relevant ICU.
Notional NYSE ADV is defined as the
average daily share volume on the NYSE
for the calendar quarter for the
particular ICU multiplied by the average
consolidated closing price for the
quarter for such ICU.
One of the specialist units previously
registered in a number of the ICUs
subject to the Fee notified the Exchange
in July 2007 of its intention to withdraw
from registration as specialist from the
Exchange in all listed products. As a
result, the Exchange was required to
reallocate these ICUs to other specialist
units within a short time frame
following notification by the previous
specialist unit. This reallocation was
accomplished on August 1, 2007. Under
these circumstances, given that the
specialist firms, to which the ICUs were
reallocated on short notice, were not
able to anticipate or budget for the
expense, the Exchange considered it
necessary, appropriate, and equitable to
waive the Fee with respect to such
reallocated ICUs for the period August
1, 2007 to December 1, 2007.
1 15
2 17
11 17
CFR 200.30–3(a)(12).
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5 See Securities Exchange Act Release No. 51872
(June 17, 2005), 70 FR 36683 (June 24, 2005) (SR–
NYSE–2005–42).
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]]>Agencies
[Federal Register Volume 72, Number 194 (Tuesday, October 9, 2007)]
[Notices]
[Pages 57366-57368]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-19748]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56588; File No. SR-NYSE-2007-92]
Self-Regulatory Organizations; New York Stock Exchange, LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to NYSE Rules 104(b) and 123D
October 1, 2007.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on September 28, 2007, the New York Stock Exchange, LLC (``NYSE'' 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 NYSE. The
Exchange filed the proposal pursuant to Section 19(b)(3)(A) of the Act
\3\ and Rule 19b-4(f)(6) 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 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 NYSE proposes to amend its Rule 104(b) to provide for an
automated opening message that will be effectuated through the
Specialist Application Programmed Interface (``SAPI''), to allow
specialists to open a security on a quote. Additionally, the Exchange
seeks to amend its Rule 123D (Openings and Halts in Trading) to clarify
that specialists may open a security on a trade or a quote. The text of
the proposed rule change is available at the Exchange, on the
Exchange's Web site at https://www.nyse.com, 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 is filing this proposed rule change to amend its Rules
104(b) and 123D to allow specialists to open a security on a quote by
sending a message from the SAPI to the NYSE Display Book[supreg] system
for publication of a quote when there is no opening trade.\5\ The
proposed rule change merely provides the specialist with the ability to
electronically open a security on a quote, which currently may be
accomplished manually.
---------------------------------------------------------------------------
\5\ The Display Book[supreg] system is an order management and
execution facility. The Display Book system receives and displays
orders to the specialists, contains the Book, and provides a
mechanism to execute and report transactions and publish the results
to the Consolidated Tape. The Display Book system is connected to a
number of other Exchange systems for the purposes of comparison,
surveillance, and reporting information to customers and other
market data and national market systems.
---------------------------------------------------------------------------
Proposed Rule 104(b)
The Exchange seeks to add this electronic opening quote message
provision to Exchange Rule 104(b), which includes other SAPI trading
and quoting messages. The Exchange believes that, with increased
automation of trading, specialists should be able to perform their
trading and quoting functions both electronically and manually. To do
otherwise would unnecessarily limit their effectiveness in
[[Page 57367]]
the market and disadvantage investors. The proposed Rule 104(b)
provision refers to proposed Rule 123D, which clarifies that a
specialist is permitted to open a security in which he or she is
registered on either a trade or a quote.
Rule 123D: Specialist Obligations at the Opening
The provisions of Exchange Rule 123D require a specialist to open
the securities in which he or she is registered. According to Rule
123D, specialists must, among other things, do the following when
opening and reopening their assigned securities:
Open a registered security as close to the opening bell as
possible;
Open securities in a timely, fair and orderly manner; and
Provide timely and impartial information at all phases of
the opening process.
The proposed rule change will codify the practice of the specialist
in the opening process, which is that the specialist may open an
assigned security on a trade or on a quote. The specialist may open a
security on a quote when there is no trade upon which to open. The
practice has been and will remain that if a specialist opens a security
on a quote, he or she must provide the highest bid price and lowest
offer price available to them.\6\ The proposed amendment to Rule 123D
refers to the proposed amendment of Rule 104(b) as described above.
---------------------------------------------------------------------------
\6\ The specialist must also be guided by Exchange Rules 79A.30
(one or two points or more away from the last sale) and 115A (Orders
at Openings or in Unusual Situations) when opening and reopening
securities.
---------------------------------------------------------------------------
Delayed or Untimely Openings
Specialists' delayed or untimely openings of securities potentially
disadvantage market participants, as investors are unable to trade such
securities at the NYSE until the security is opened. The ability to
open a security on a quote via an automated quoting message will enable
the specialist to open their assigned securities in a timely manner,
thereby providing investors with access to the NYSE market as close to
9:30 a.m. as possible. Opening securities in a timely, fair and orderly
manner is consistent with the specialist's obligations under Exchange
Rules 123D and 104. Therefore, the Exchange believes it is imperative
to provide the specialist with an automated message that will assist
the specialist in opening their assigned securities on a quote. Through
this rule filing, the Exchange is merely seeking to automate an
approved specialist function that is presently performed manually.
When a specialist on the NYSE fails to timely open a security that
also trades on other exchanges, the investor will generally trade that
particular security on other exchanges so as not to miss the market. As
a consequence of late openings, the NYSE could lose market volume and
market data revenue.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b)(5) of the Act \7\ in that it is designed to promote
just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling,
processing information with respect to, and facilitating transactions
in securities, 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 Exchange also believes
that the proposed rule change is designed to support the principles of
Section 11A(a)(1) of the Act \8\ in that it seeks to assure
economically efficient execution of securities transactions by making
it easier for specialists to open securities in which they are
registered on a quote in a timely fashion by providing an automated
quoting message that is effectuated through the SAPI.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78(f)(b)(5).
\8\ 15 U.S.C. 78k-1(a)(1).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
The Exchange has neither solicited nor received written comments on
the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the forgoing rule change does not: (1) Significantly affect
the protection of investors or the public interest; (2) impose any
significant burden on competition; and (3) become operative for 30 days
after the date of this filing, or such shorter time as the Commission
may designate, it has become effective pursuant to Section 19(b)(3)(A)
of the Act and Rule 19b-4(f)(6) thereunder.\9\
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\9\ In addition, Rule 19b-4(f)(6) requires a self-regulatory
organization to give the Commission 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 business days prior
to the date of filing of the proposed rule change, or such shorter
time as designated by the Commission. The NYSE has satisfied this
requirement.
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A proposed rule change filed under 19b-4(f)(6) normally may not
become operative prior to 30 days after the date of filing. However,
Rule 19b-4(f)(6)(iii) permits the Commission to designate a shorter
time if such action is consistent with the protection of investors and
the public interest. The Exchange has requested that the Commission
waive the 30-day operative delay. The Commission believes that waiving
the 30-day operative delay is consistent with the protection of
investors and the public interest because it should assist the
specialist in its ability to open securities in a timely, fair, and
orderly manner. The Commission notes that the Exchange has represented
that this proposal would merely automate the ability that specialists
currently have to manually open trading in a security on a quote when
there is no opening trade. For these reasons, the Commission designates
the proposed rule change to be effective and operative upon filing with
the Commission.\10\
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\10\ For the purposes only of waiving the 30-day operative
delay, the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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 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-NYSE-2007-92 on the subject line.
[[Page 57368]]
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-NYSE-2007-92. 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. Copies of the filing
also will be available for inspection and copying at the principal
office of the Exchange. All comments received will be posted without
change; the Commission does not edit personal identifying information
from submissions. You should submit only information that you wish to
make available publicly. All submissions should refer to File Number
SR-NYSE-2007-92 and should be submitted on or before October 30, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
[FR Doc. E7-19748 Filed 10-5-07; 8:45 am]
BILLING CODE 8011-01-P
