Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Series of U.S. Dollar-Settled Foreign Currency Options Open for Trading, 60050-60051 [E7-20769]

Download as PDF 60050 Federal Register / Vol. 72, No. 204 / Tuesday, October 23, 2007 / Notices SECURITIES AND EXCHANGE COMMISSION Sections A, B, and C below, of the most significant aspects of such statements. B. Self-Regulatory Organization’s Statement on Burden on Competition [Release No. 34–56663; File No. SR–Phlx– 2007–74] A. Self-Regulatory Organization’s Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 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. Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Series of U.S. Dollar-Settled Foreign Currency Options Open for Trading 1. Purpose October 16, 2007. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on October 4, 2007, the Philadelphia Stock Exchange, Inc. (‘‘Phlx’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been substantially prepared by the Exchange. The Exchange filed the 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 Exchange proposes to amend Rule 1012, Series of Options Open for Trading, in order to increase the number of permissible cycle month series of U.S. dollar-settled foreign currency options (‘‘FCOs’’) that may be opened for trading from three to four. The text of the proposed rule change is available at the Exchange, the Commission’s Public Reference Room, and https://www.phlx.com. rfrederick on PROD1PC67 with NOTICES 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. Phlx has prepared summaries, set forth in 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A). 4 17 CFR 240.19b–4(f)(6). 2 17 VerDate Aug<31>2005 15:33 Oct 22, 2007 Jkt 214001 The purpose of the proposed rule change is to permit the Exchange to list an additional series of cycle month U.S. dollar-settled FCOs.5 Currently, Rule 1012(a)(iii)(B) provides that, with respect to any particular class of U.S. dollar-settled FCO, series of options expiring in up to three of the four cycle months designated by the Exchange for that class may be opened for trading simultaneously. Thus, for example, in October the Exchange may have open for trading series of options expiring in the December, March and June cycle months.6 As amended, Rule 1012(a)(iii)(B) would permit four cycle months to be open for trading simultaneously. Thus, in the example just used, in October the Exchange would be able to have open for trading series of options expiring in the December, March, June, and September contract months. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act 7 in general and furthers the objectives of Section 6(b)(5) 8 in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to remove impediments to, and perfect the mechanism of, a free and open market and a national market system, and in general, to protect investors and the public interest, by providing investors another contract month for U.S. dollar-settled FCOs with which they can hedge their foreign currency risks. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) Impose any significant burden on competition; and (iii) Become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, if consistent with the protection of investors and the public interest, it has become effective pursuant to Section 19(b)(3)(A) of the Act 9 and Rule 19b–4(f)(6) thereunder.10 As required under Rule 19b–4(f)(6)(iii) under the Act,11 the Exchange provided the Commission with written notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of the filing of the proposed rule change. At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. IV. Solicitation of Comments 5 Rule 1012(a)(iii)(B) provides that the Exchange may designate one expiration cycle for each class of U.S. dollar-settled FCO. An expiration cycle consists of four calendar months (‘‘cycle months’’) occurring at three-month intervals. The Exchange has designated the March, June, September, and December cycle as the expiration cycle for U.S. dollar-settled FCOs. 6 In addition to the three cycle month expirations, the Exchange currently has open two consecutive month expirations. Thus, at any given time the Exchange has open expirations at one, two, three, six, and nine months. The open series are on three of the months from the March, June, September, December cycle, plus two additional near term months (five months at all times). No change is being proposed to the consecutive month expiration series. 7 15 U.S.C. 78f(b). 8 15 U.S.C. 78f(b)(5). PO 00000 Frm 00052 Fmt 4703 Sfmt 4703 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 9 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). 11 17 CFR 240.19b–4(f)(6)(iii). 10 17 E:\FR\FM\23OCN1.SGM 23OCN1 Federal Register / Vol. 72, No. 204 / Tuesday, October 23, 2007 / Notices • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–Phlx–2007–74 on the subject line. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–SR–Phlx–2007–74. 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 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–Phlx–2007–74 and should be submitted on or before November 13, 2007. For the Commission, by the Division of Market Regulation, pursuant to delegated authority. 12 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–20769 Filed 10–22–07; 8:45 am] rfrederick on PROD1PC67 with NOTICES BILLING CODE 8011–01–P 12 17 CFR 200.30–3(a)(12). VerDate Aug<31>2005 15:33 Oct 22, 2007 Jkt 214001 DEPARTMENT OF STATE [Public Notice 5973] Culturally Significant Objects Imported for Exhibition Determinations: ‘‘Wine, Worship and Sacrifice: The Golden Graves of Ancient Vani’’ Department of State. Notice, correction. 60051 Dated: October 16, 2007. C. Miller Crouch, Principal Deputy Assistant Secretary for Educational and Cultural Affairs, Department of State. [FR Doc. E7–20832 Filed 10–22–07; 8:45 am] BILLING CODE 4710–05–P AGENCY: ACTION: DEPARTMENT OF TRANSPORTATION SUMMARY: On October 11, 2007, notice was published on page 57987 of the Federal Register (volume 72, number 196) of determinations made by the Department of State pertaining to the exhibition ‘‘Wine, Worship and Sacrifice: The Golden Graves of Ancient Vani.’’ The referenced notice is corrected as to the description of two objects covered, and five additional objects to be included in the the exhibition. Notice is hereby given of the following determinations: Pursuant to the authority vested in me by the Act of October 19, 1965 (79 Stat. 985; 22 U.S.C. 2459), Executive Order 12047 of March 27, 1978, the Foreign Affairs Reform and Restructuring Act of 1998 (112 Stat. 2681, et seq.; 22 U.S.C. 6501 note, et seq.), Delegation of Authority No. 234 of October 1, 1999, Delegation of Authority No. 236 of October 19, 1999, as amended, and Delegation of Authority No. 257 of April 15, 2003 [68 FR 19875], I hereby determine that the corrected and additional objects to be included in the exhibition ‘‘Wine, Worship and Sacrifice: The Golden Graves of Ancient Vani’’, imported from abroad for temporary exhibition within the United States, are of cultural significance. The corrected and additional objects are imported pursuant to loan agreements with the foreign owners or custodians. I also determine that the exhibition or display of the corrected and additional exhibit objects at the Arthur M. Sackler Gallery, Washington, DC, from on or about December 1, 2007, until on or about February 24, 2008, at the Institute for the Study of the Ancient World, New York, NY, from on or about March 10, 2008 until on or about June 1, 2008, and at possible additional exhibitions or venues yet to be determined, is in the national interest. Public Notice of these Determinations is ordered to be published in the Federal Register. FOR FURTHER INFORMATION CONTACT: For further information, including a list of the exhibit objects, contact Richard Lahne, Attorney-Adviser, Office of the Legal Adviser, U.S. Department of State (telephone: 202/453–8058). The address is U.S. Department of State, SA–44, 301 4th Street, SW. Room 700, Washington, DC 20547–0001. PO 00000 Frm 00053 Fmt 4703 Sfmt 4703 Office of the Secretary [Docket No. FHWA–2007–0006] Agency Information Collection Activities: Notice of Request for Renewal of a Previously Approved Information Collection Office of the Secretary (OST). Notice and request for comments. AGENCY: ACTION: SUMMARY: The OST invites public comments about our intention to request the Office of Management and Budget’s (OMB) approval for renewal of a previously approved information collection that is summarized below under SUPPLEMENTARY INFORMATION. We are required to publish this notice in the Federal Register by the Paperwork Reduction Act of 1995. DATES: Please submit comments by December 24, 2007. ADDRESSES: You may submit comments identified by Docket ID Number FHWA– 2007–0006 by any of the following methods: Web Site: For access to the docket to read background documents or comments received go to the Federal eRulemaking Portal: Go to https:// www.regulations.gov. Follow the online instructions for submitting comments. Fax: 1–202–493–2251. Mail: Docket Management Facility, U.S. Department of Transportation, West Building Ground Floor, Room W12–140, 1200 New Jersey Avenue, SE., Washington, DC 20590–0001. Hand Delivery or Courier: U.S. Department of Transportation, West Building Ground Floor, Room W12–140, 1200 New Jersey Avenue SE., Washington, DC 20590, between 9 a.m. and 5 p.m. ET, Monday through Friday, except Federal holidays. FOR FURTHER INFORMATION CONTACT: David Walterscheid, 720–963–3073, Office of Real Estate Services, Federal Highway Administration, 12300 West Dakota Ave., Room 175, Lakewood, CO 80228, between 7:30 a.m. to 4:30 p.m., Monday through Friday, except Federal holidays. SUPPLEMENTARY INFORMATION: E:\FR\FM\23OCN1.SGM 23OCN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 72, Number 204 (Tuesday, October 23, 2007)]
[Notices]
[Pages 60050-60051]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-20769]



[[Page 60050]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56663; File No. SR-Phlx-2007-74]


Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Relating to Series of U.S. Dollar-Settled Foreign Currency Options Open 
for Trading

October 16, 2007.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on October 4, 2007, the Philadelphia Stock Exchange, Inc. (``Phlx'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I and 
II below, which Items have been substantially prepared by the Exchange. 
The Exchange filed the 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 Exchange proposes to amend Rule 1012, Series of Options Open 
for Trading, in order to increase the number of permissible cycle month 
series of U.S. dollar-settled foreign currency options (``FCOs'') that 
may be opened for trading from three to four.
    The text of the proposed rule change is available at the Exchange, 
the Commission's Public Reference Room, and https://www.phlx.com.

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. Phlx 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 the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of the proposed rule change is to permit the Exchange 
to list an additional series of cycle month U.S. dollar-settled 
FCOs.\5\ Currently, Rule 1012(a)(iii)(B) provides that, with respect to 
any particular class of U.S. dollar-settled FCO, series of options 
expiring in up to three of the four cycle months designated by the 
Exchange for that class may be opened for trading simultaneously. Thus, 
for example, in October the Exchange may have open for trading series 
of options expiring in the December, March and June cycle months.\6\
---------------------------------------------------------------------------

    \5\ Rule 1012(a)(iii)(B) provides that the Exchange may 
designate one expiration cycle for each class of U.S. dollar-settled 
FCO. An expiration cycle consists of four calendar months (``cycle 
months'') occurring at three-month intervals. The Exchange has 
designated the March, June, September, and December cycle as the 
expiration cycle for U.S. dollar-settled FCOs.
    \6\ In addition to the three cycle month expirations, the 
Exchange currently has open two consecutive month expirations. Thus, 
at any given time the Exchange has open expirations at one, two, 
three, six, and nine months. The open series are on three of the 
months from the March, June, September, December cycle, plus two 
additional near term months (five months at all times). No change is 
being proposed to the consecutive month expiration series.
---------------------------------------------------------------------------

    As amended, Rule 1012(a)(iii)(B) would permit four cycle months to 
be open for trading simultaneously. Thus, in the example just used, in 
October the Exchange would be able to have open for trading series of 
options expiring in the December, March, June, and September contract 
months.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act \7\ in general and furthers the objectives 
of Section 6(b)(5) \8\ in particular, in that it is designed to prevent 
fraudulent and manipulative acts and practices, to promote just and 
equitable principles of trade, to remove impediments to, and perfect 
the mechanism of, a free and open market and a national market system, 
and in general, to protect investors and the public interest, by 
providing investors another contract month for U.S. dollar-settled FCOs 
with which they can hedge their foreign currency risks.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants or Others

    No written comments were solicited or received with respect to the 
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing proposed rule change does not:
    (i) Significantly affect the protection of investors or the public 
interest;
    (ii) Impose any significant burden on competition; and
    (iii) Become operative for 30 days from the date on which it was 
filed, or such shorter time as the Commission may designate, if 
consistent with the protection of investors and the public interest, it 
has become effective pursuant to Section 19(b)(3)(A) of the Act \9\ and 
Rule 19b-4(f)(6) thereunder.\10\ As required under Rule 19b-
4(f)(6)(iii) under the Act,\11\ the Exchange provided the Commission 
with written notice of its intent to file the proposed rule change, 
along with a brief description and text of the proposed rule change, at 
least five business days prior to the date of the filing of the 
proposed rule change.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(6).
    \11\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule 
change, the Commission may summarily abrogate such rule change if it 
appears to the Commission that such action is necessary or appropriate 
in the public interest, for the protection of investors, or otherwise 
in furtherance of the purposes of the Act.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or

[[Page 60051]]

     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-Phlx-2007-74 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-SR-Phlx-2007-74. 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 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-Phlx-2007-74 and should be 
submitted on or before November 13, 2007.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority. \12\
---------------------------------------------------------------------------

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

Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-20769 Filed 10-22-07; 8:45 am]
BILLING CODE 8011-01-P

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