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]

Download as PDF mstockstill on PROD1PC66 with NOTICES 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 VerDate Aug<31>2005 17:07 Oct 05, 2007 Jkt 214001 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 PO 00000 Frm 00083 Fmt 4703 Sfmt 4703 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 http://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. E:\FR\FM\09OCN1.SGM 09OCN1 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. VerDate Aug<31>2005 17:07 Oct 05, 2007 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 Fmt 4703 Sfmt 4703 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 (http://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). E:\FR\FM\09OCN1.SGM 09OCN1 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 (http://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). VerDate Aug<31>2005 17:07 Oct 05, 2007 Jkt 214001 PO 00000 Frm 00085 Fmt 4703 Sfmt 4703 5 See Securities Exchange Act Release No. 51872 (June 17, 2005), 70 FR 36683 (June 24, 2005) (SR– NYSE–2005–42). E:\FR\FM\09OCN1.SGM 09OCN1

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]


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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).
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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 http://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\
---------------------------------------------------------------------------

    \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.
---------------------------------------------------------------------------

    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\
---------------------------------------------------------------------------

    \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).
---------------------------------------------------------------------------

    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 (http://
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 (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. 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\
---------------------------------------------------------------------------

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

Nancy M. Morris,
Secretary.
[FR Doc. E7-19748 Filed 10-5-07; 8:45 am]
BILLING CODE 8011-01-P