Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Relating to a New Book Feed Product, 57980-57982 [E7-20024]
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Federal Register / Vol. 72, No. 196 / Thursday, October 11, 2007 / Notices
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56611; File No. SR–CHX–
2007–19]
Self-Regulatory Organizations;
Chicago Stock Exchange, Inc.; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Relating to a New
Book Feed Product
October 4, 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 27, 2007, the Chicago Stock
Exchange, Inc. (‘‘CHX’’ 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
CHX. The Commission is publishing
this notice to solicit comments on the
proposed rule change from interested
persons.
1 15
2 17
E:\FR\FM\11OCN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
11OCN1
Federal Register / Vol. 72, No. 196 / Thursday, October 11, 2007 / Notices
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Through this filing, the Exchange
proposes to distribute a new Book Feed
product and to amend its Fee Schedule
to confirm that it will not charge a fee
for the distribution of this product. The
text of this proposed rule change is
available on the Exchange’s Web site at
https://www.chx.com/rules/
proposed_rules.htm, at the CHX’s Office
of the Secretary, 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
CHX included statements concerning
the purpose of and basis for the
proposed rule changes and discussed
any comments it received regarding the
proposal. The text of these statements
may be examined at the places specified
in Item IV below. The CHX 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
rwilkins on PROD1PC63 with NOTICES
1. Purpose
Through this filing, the Exchange
proposes to distribute a new Book Feed
product and to amend its Fee Schedule
to confirm that it will not charge a fee
for the distribution of this product.3
This product currently is slated to be
available on or before October 31, 2007.
Through the Book Feed, the Exchange
would disseminate a real-time stream of
data that includes, among other things,
all visible orders submitted to the
Exchange’s Matching System, as well as
any changes to those orders.4 The Book
Feed would also contain information
about trades that occur on the Exchange.
This data would be available to any
person or entity, either through a direct
feed from the Exchange or through a
company or vendor that provides the
data to others.5 The Book Feed would
3 The Exchange does not currently plan to charge
a fee for the distribution of this data, but may
choose to do so in the future. Any decision to
charge a fee for the Book Feed data would be
reflected in a filing submitted to the Commission
as required by Rule 19b–4 of the Act.
4 Undisplayed orders and the undisplayed
portions of reserve size orders would not be
disseminated through the Book Feed; however, any
odd lot orders (which are not expressly identified
as ‘‘undisplayed’’) would be disseminated through
the Book Feed.
5 Each person or entity that requests the data
directly from the Exchange would be required to
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16:09 Oct 10, 2007
Jkt 214001
include basic information about each
order, including the size and price of
the order; whether it was an order to
buy or sell; its time of receipt; and the
identity of the participant firm that
submitted the order.6
The Exchange believes that, by
making this Book Feed available, it
would enhance market transparency
and foster competition among markets.7
Other self-regulatory organizations
currently distribute similar data feeds.8
2. Statutory Basis
The CHX believes the proposal is
consistent with the requirements of the
Act and the rules and regulations
thereunder that are applicable to a
national securities exchange, and, in
particular, with the requirements of
section 6(b).9 The proposed rule change
is consistent with section 6(b)(4) of the
Act in that it provides for the equitable
allocation of reasonable dues, fees and
other charges among its members. The
proposed rule change is consistent with
section 6(b)(5) of the Act because it
would promote just and equitable
principles of trade, remove
impediments to, and perfect the
mechanism of, a free and open market
and a national market system, and, in
general, protect investors and the public
sign an appropriate agreement with the Exchange;
if the recipient of the data (the ‘‘vendor’’)
disseminates the data to another person or entity
(the ‘‘subscriber’’), the subscriber would be required
to sign a subscriber agreement with the vendor.
Each of these agreements would contain provisions
substantially similar to those used by the securities
information processors for the distribution of
market data.
6 A participant firm could choose, either on a
firm-wide or order-by-order basis, to have its
identity kept confidential in the order information
that is distributed in the Book Feed. The Exchange
plans to have the ability to remove a participant
firm’s identity on the data, at the firm’s request, on
or before October 31, 2007; alternatively, beginning
on or about November 15, 2007, the firm could
append a special indicator to the order confirming
its choice to remain anonymous in the Book Feed.
7 Within the Exchange’s systems, the data that
would be disseminated as part of the Book Feed
would leave the Matching System immediately
following the best bids, offers and last sales that are
being sent to the securities information processors
(‘‘SIPs’’). The Exchange would not use any
technology that is designed to make the Book Feed
data available from the Matching System earlier
than the best bids, offers and last sales are available
to the SIPs.
8 See filings relating to the New York Stock
Exchange’s OpenBook service (including Securities
Exchange Act Release Nos. 44138 (December 7,
2001), 66 FR 64895 (December 14, 2001) and 53585
(March 31, 2006), 71 FR 17934 (April 7, 2006));
NYSE Arca’s ArcaBook data, Securities Exchange
Act Release No. 54597 (October 12, 2006), 71 FR
62029 (October 20, 2006) (confirming that the
ArcaBook data currently is disseminated without
charge); and the Philadelphia Stock Exchange’s data
display in its new XLE system, Securities Exchange
Act Release No. 54538 (September 28, 2006), 71 FR
59184 (October 6, 2006).
9 15 U.S.C. 78(f)(b).
PO 00000
Frm 00073
Fmt 4703
Sfmt 4703
57981
interest by allowing the Exchange
distribute a Book Feed much like those
already distributed by other markets.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
CHX 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 neither solicited nor
received comments on the proposal.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule does not (i)
Significantly affect the protection of
investors or the public interest; (ii)
impose any significant burden on
competition; and (iii) become operative
for 30 days from the date on which it
was filed, or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest, provided that the
Exchange has given the Commission
written notice of its intent to file 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,10 the proposed rule
change has become effective pursuant to
section 19(b)(3)(A) of the Act 11 and
Rule 19b–4(f)(6) thereunder.12
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–CHX–2007–19 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
10 The
Exchange has fulfilled this requirement.
U.S.C. 78s(b)(3)(A).
12 17 CFR 240.19b–4(f)(6).
11 15
E:\FR\FM\11OCN1.SGM
11OCN1
57982
Federal Register / Vol. 72, No. 196 / Thursday, October 11, 2007 / Notices
100 F Street, NE., Washington, DC
20549–1090.
SECURITIES AND EXCHANGE
COMMISSION
All submissions should refer to File
Number SR–CHX–2007–19. 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 CHX. 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–CHX–2007–19 and should
be submitted on or before November 1,
2007.
[Release No. 34–56606; File No. SR–
NYSEArca–2007–69]
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.13
Nancy M. Morris,
Secretary.
[FR Doc. E7–20024 Filed 10–10–07; 8:45 am]
rwilkins on PROD1PC63 with NOTICES
BILLING CODE 8011–01–P
13 17
CFR 200.30–3(a)(12).
VerDate Aug<31>2005
16:09 Oct 10, 2007
Jkt 214001
Self-Regulatory Organizations; NYSE
Arca, Inc.; Order Granting Accelerated
Approval of Proposed Rule Change, as
Modified by Amendment No. 1, and
Notice of Filing of Amendment No. 1
Thereto Relating to Adoption of
Revised Initial and Continued Listing
Standards for the Pilot Program
Expiring on November 30, 2007
October 3, 2007.
I. Introduction
On July 23, 2007, NYSE Arca, Inc.
(‘‘NYSE Arca’’ or ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change to amend its initial and
continued listing standards for the
listing of common stock under a pilot
program expiring on November 30, 2007
(‘‘Pilot Program’’).3 The proposed rule
change was published for comment in
the Federal Register on August 16,
2007.4 The Commission received no
comments on the proposal. On
September 27, 2007, NYSE Arca filed
Partial Amendment No. 1 to the
proposed rule change.5 This order
approves the proposed rule change, as
modified by Amendment No. 1, on an
accelerated basis, and provides notice of
filing of Amendment No. 1.
II. Description of the Proposal
NYSE Arca proposes to amend its
initial and continued listing standards
under the Pilot Program. According to
the Exchange, based on its experience in
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 The Commission initially approved the Pilot
Program for six months, until May 29, 2007. See
Securities Exchange Act Release No. 54796
(November 20, 2006), 71 FR 69166 (November 29,
2006) (SR–NYSEArca–2006–85). The Pilot Program
was subsequently extended for an additional six
months, until November 30, 2007. See Securities
Exchange Act Release No. 55838 (May 31, 2007), 72
FR 31642 (June 7, 2007) (SR–NYSEArca–2007–51).
4 See Securities Exchange Act Release No. 56232
(August 9, 2007), 72 FR 46119.
5 In Partial Amendment No. 1, NYSE Arca (i)
Indicates that it is the Exchange’s current practice
to require, in the case of initial public offerings, at
least $5 per share, based on the initial public
offering price; (ii) codifies the Exchange’s current
practice of requiring at least $5 per share for initial
public offerings; (iii) describes the Exchange’s
process to verify compliance with the initial listing
requirements; and (iv) clarifies that the Exchange is
amending the closing price per share for currently
listed issuers by requiring them to meet the price
for at least 90 consecutive trading days prior to
applying for listing.
2 17
PO 00000
Frm 00074
Fmt 4703
Sfmt 4703
the initial six-month period of the Pilot
Program, the Exchange concluded that
the listing standards would qualify
many companies for listing that are
much smaller than the minimum size it
wishes to include in its target market.
NYSE Arca further noted that the
proposed amended initial listing
standard would exclude from
qualification some companies that
currently qualify to list but whose size
or financial performance is not
consistent with that of the kind of issuer
NYSE Arca intends to list.
A. Initial Listing Standards
The current NYSE Arca listing
standards require for initial listing that,
at the time of initial listing, the listed
class of common stock shall have: 6
At least 1.1 million publicly held
shares.
A closing price per share of $5 or
more.7
A minimum of 400 round lot
shareholders.
In addition, the requirements of one
of Standards One, Two, or Three below
must be met:
Standard One
The issuer of the security had annual
income from continuing operations
before income taxes of at least $1
million in the most recently completed
fiscal year or in two of the last three
most recently completed fiscal years.
The market value of publicly held
shares is at least $8 million.
The issuer of the security has
stockholders’ equity of at least $15
million.
Standard Two
The issuer of the security has
stockholders’ equity of at least $30
million.
The market value of publicly held
shares is at least $18 million.
The issuer has a two-year operating
history.
Standard Three
The market value of publicly held
shares is at least $20 million.
The issuer has:
A market value of listed securities of
at least $75 million (currently traded
issuers must meet this requirement and
the $5 closing price requirement for 90
consecutive trading days prior to
applying for listing); or
Total assets and total revenue of at
least $75 million each for the most
6 See
NYSE Arca Equities Rule 5.2(c).
the case of initial public offerings, the
Exchange represents that it interprets the provision
as requiring an initial public offering price of $5 per
share or more. See Partial Amendment No. 1, supra
note 5.
7 In
E:\FR\FM\11OCN1.SGM
11OCN1
]]>Agencies
[Federal Register Volume 72, Number 196 (Thursday, October 11, 2007)]
[Notices]
[Pages 57980-57982]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-20024]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56611; File No. SR-CHX-2007-19]
Self-Regulatory Organizations; Chicago Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Relating
to a New Book Feed Product
October 4, 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 27, 2007, the Chicago Stock Exchange, Inc. (``CHX'' 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 CHX.
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.
---------------------------------------------------------------------------
[[Page 57981]]
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Through this filing, the Exchange proposes to distribute a new Book
Feed product and to amend its Fee Schedule to confirm that it will not
charge a fee for the distribution of this product. The text of this
proposed rule change is available on the Exchange's Web site at https://
www.chx.com/rules/proposed_rules.htm, at the CHX's Office of the
Secretary, 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 CHX included statements
concerning the purpose of and basis for the proposed rule changes and
discussed any comments it received regarding the proposal. The text of
these statements may be examined at the places specified in Item IV
below. The CHX 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
Through this filing, the Exchange proposes to distribute a new Book
Feed product and to amend its Fee Schedule to confirm that it will not
charge a fee for the distribution of this product.\3\ This product
currently is slated to be available on or before October 31, 2007.
---------------------------------------------------------------------------
\3\ The Exchange does not currently plan to charge a fee for the
distribution of this data, but may choose to do so in the future.
Any decision to charge a fee for the Book Feed data would be
reflected in a filing submitted to the Commission as required by
Rule 19b-4 of the Act.
---------------------------------------------------------------------------
Through the Book Feed, the Exchange would disseminate a real-time
stream of data that includes, among other things, all visible orders
submitted to the Exchange's Matching System, as well as any changes to
those orders.\4\ The Book Feed would also contain information about
trades that occur on the Exchange. This data would be available to any
person or entity, either through a direct feed from the Exchange or
through a company or vendor that provides the data to others.\5\ The
Book Feed would include basic information about each order, including
the size and price of the order; whether it was an order to buy or
sell; its time of receipt; and the identity of the participant firm
that submitted the order.\6\
---------------------------------------------------------------------------
\4\ Undisplayed orders and the undisplayed portions of reserve
size orders would not be disseminated through the Book Feed;
however, any odd lot orders (which are not expressly identified as
``undisplayed'') would be disseminated through the Book Feed.
\5\ Each person or entity that requests the data directly from
the Exchange would be required to sign an appropriate agreement with
the Exchange; if the recipient of the data (the ``vendor'')
disseminates the data to another person or entity (the
``subscriber''), the subscriber would be required to sign a
subscriber agreement with the vendor. Each of these agreements would
contain provisions substantially similar to those used by the
securities information processors for the distribution of market
data.
\6\ A participant firm could choose, either on a firm-wide or
order-by-order basis, to have its identity kept confidential in the
order information that is distributed in the Book Feed. The Exchange
plans to have the ability to remove a participant firm's identity on
the data, at the firm's request, on or before October 31, 2007;
alternatively, beginning on or about November 15, 2007, the firm
could append a special indicator to the order confirming its choice
to remain anonymous in the Book Feed.
---------------------------------------------------------------------------
The Exchange believes that, by making this Book Feed available, it
would enhance market transparency and foster competition among
markets.\7\ Other self-regulatory organizations currently distribute
similar data feeds.\8\
---------------------------------------------------------------------------
\7\ Within the Exchange's systems, the data that would be
disseminated as part of the Book Feed would leave the Matching
System immediately following the best bids, offers and last sales
that are being sent to the securities information processors
(``SIPs''). The Exchange would not use any technology that is
designed to make the Book Feed data available from the Matching
System earlier than the best bids, offers and last sales are
available to the SIPs.
\8\ See filings relating to the New York Stock Exchange's
OpenBook service (including Securities Exchange Act Release Nos.
44138 (December 7, 2001), 66 FR 64895 (December 14, 2001) and 53585
(March 31, 2006), 71 FR 17934 (April 7, 2006)); NYSE Arca's ArcaBook
data, Securities Exchange Act Release No. 54597 (October 12, 2006),
71 FR 62029 (October 20, 2006) (confirming that the ArcaBook data
currently is disseminated without charge); and the Philadelphia
Stock Exchange's data display in its new XLE system, Securities
Exchange Act Release No. 54538 (September 28, 2006), 71 FR 59184
(October 6, 2006).
---------------------------------------------------------------------------
2. Statutory Basis
The CHX believes the proposal is consistent with the requirements
of the Act and the rules and regulations thereunder that are applicable
to a national securities exchange, and, in particular, with the
requirements of section 6(b).\9\ The proposed rule change is consistent
with section 6(b)(4) of the Act in that it provides for the equitable
allocation of reasonable dues, fees and other charges among its
members. The proposed rule change is consistent with section 6(b)(5) of
the Act because it would promote just and equitable principles of
trade, remove impediments to, and perfect the mechanism of, a free and
open market and a national market system, and, in general, protect
investors and the public interest by allowing the Exchange distribute a
Book Feed much like those already distributed by other markets.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78(f)(b).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
CHX 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 neither solicited nor received comments on the
proposal.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule does not (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative for 30
days from the date on which it was filed, or such shorter time as the
Commission may designate if consistent with the protection of investors
and the public interest, provided that the Exchange has given the
Commission written notice of its intent to file 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,\10\ the proposed rule change has become effective pursuant
to section 19(b)(3)(A) of the Act \11\ and Rule 19b-4(f)(6)
thereunder.\12\
---------------------------------------------------------------------------
\10\ The Exchange has fulfilled this requirement.
\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(6).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-CHX-2007-19 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission,
[[Page 57982]]
100 F Street, NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-CHX-2007-19. 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 CHX. 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-CHX-2007-19 and should be
submitted on or before November 1, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
[FR Doc. E7-20024 Filed 10-10-07; 8:45 am]
BILLING CODE 8011-01-P
