Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing of a Proposed Rule Change Relating to Amending By-Law Article X, Section 10-11, 65119-65120 [E7-22481]

Download as PDF Federal Register / Vol. 72, No. 222 / Monday, November 19, 2007 / Notices 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–2007–87 on the subject line. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–56775; File No. SR–Phlx– 2007–83] Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing of a Proposed Rule Change Relating to Amending By-Law Article X, Section 10–11 November 9, 2007. Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b-4 thereunder,2 • Send paper comments in triplicate notice is hereby given that on October to Nancy M. Morris, Secretary, 29, 2007, the Philadelphia Stock Securities and Exchange Commission, Exchange, Inc. (‘‘Phlx’’ or ‘‘Exchange’’) 100 F Street, NE., Washington, DC filed with the Securities and Exchange 20549–1090. Commission (‘‘Commission’’) the All submissions should refer to File proposed rule change as described in Number SR–NYSE–2007–87. This file Items I, II, and III below, which Items number should be included on the have been substantially prepared by the subject line if e-mail is used. To help the Exchange. The Commission is Commission process and review your publishing this notice to solicit comments more efficiently, please use comments on the proposed rule change only one method. The Commission will from interested persons. post all comments on the Commission’s I. Self-Regulatory Organization’s Internet Web site (http://www.sec.gov/ Statement of the Terms of Substance of rules/sro.shtml). Copies of the the Proposed Rule Change submission, all subsequent Phlx proposes to expand the type of amendments, all written statements business that certain members of the with respect to the proposed rule Exchange’s Business Conduct change that are filed with the Committee (‘‘Committee’’) must conduct Commission, and all written in order to qualify as a Committee communications relating to the member. The text of the proposed rule proposed rule change between the Commission and any person, other than change is available at the Exchange, the Commission’s Public Reference Room, those that may be withheld from the and http://www.Phlx.com/exchange/ public in accordance with the phlx-rule-fil.html. provisions of 5 U.S.C. 552, will be available for inspection and copying in II. Self-Regulatory Organization’s the Commission’s Public Reference Statement of the Purpose of, and Room, 100 F Street, NE., Washington, Statutory Basis for, the Proposed Rule DC 20549, on official business days Change between the hours of 10 a.m. and 3 p.m. In its filing with the Commission, the Copies of such filing also will be Exchange included statements available for inspection and copying at concerning the purpose of and basis for the principal office of NYSE. All the proposed rule change, and discussed comments received will be posted any comments it received on the without change; the Commission does proposed rule change. The text of these not edit personal identifying statements may be examined at the information from submissions. You places specified in Item IV below. The should submit only information that Exchange has prepared summaries, set you wish to make available publicly. All forth in sections A, B, and C below, of submissions should refer to File the most significant aspects of such Number SR–NYSE–2007–87 and should statements. be submitted on or before December 10, A. Self-Regulatory Organization’s 2007. Statement of the Purpose of, and For the Commission, by the Division of Statutory Basis for, the Proposed Rule Market Regulation, pursuant to delegated Change authority.7 rwilkins on PROD1PC63 with NOTICES Paper Comments Florence E. Harmon, Deputy Secretary. [FR Doc. E7–22509 Filed 11–16–07; 8:45 am] 1. Purpose The Exchange states that the purpose of the proposed rule change is to allow BILLING CODE 8011–01–P 7 17 20:17 Nov 16, 2007 2. Statutory Basis The Exchange believes that its proposal is consistent with section 6(b) of the Act 3 in general, and furthers the objectives of section 6(b)(5) of the Act 4 in particular, in that it is designed 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. In addition, the Exchange believes that the proposed rule change also furthers the objectives of section 6(b)(3) under the Act 5 in that the Committee’s composition continues to reflect a ‘‘fair representation’’ of the Exchange’s members in the administration of its affairs. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. U.S.C. 78f(b). U.S.C. 78f(b)(5). 5 15 U.S.C. 78f(b)(3). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. CFR 200.30–3(a)(12). VerDate Aug<31>2005 a greater pool of Phlx members with varying backgrounds and industry experience to serve on the Committee. Exchange By-Law X, section 10–11(h) currently requires nine members to comprise the Committee; one member of the Committee must principally carry out its business on XLE, and one member must principally carry out its business on the equity options floor. Phlx believes that expanding the qualifications for these two Committee members, as set forth in this proposed rule change, should allow a greater pool of Exchange members to be eligible to serve on the Committee. The Committee has exclusive jurisdiction to monitor compliance with the Act, the rules and regulations thereunder and the by-laws and rules of the Exchange as well as to authorize the initiation of any disciplinary actions or proceedings, among other things. Phlx believes that qualifying additional members for service on the Committee should permit a greater pool of members to serve and thereby bring their experience to the Committee process. 3 15 1 15 Jkt 214001 PO 00000 Frm 00134 Fmt 4703 4 15 Sfmt 4703 65119 E:\FR\FM\19NON1.SGM 19NON1 65120 Federal Register / Vol. 72, No. 222 / Monday, November 19, 2007 / Notices III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within 35 days of the date of publication of this notice in the Federal Register or within such longer period (i) as the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: A. By order approve such proposed rule change, or B. Institute proceedings to determine whether the proposed rule change should be disapproved. 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–Phlx–2007–83 on the subject line. 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–2007–83 and should be submitted on or before December 10, 2007. Options’’ to establish additional criteria to determine the single opening price in a particular option series when the Exchange’s system could open trading in such series at two or more prices.5 The text of the proposed rule change is available at the Exchange, the Commission’s Public Reference Room, and http://www.phlx.com. For the Commission, by the Division of Market Regulation, pursuant to delegated authority. 6 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–22481 Filed 11–16–07; 8:45 am] 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 substantially prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–56776; File No. SR–Phlx– 2007–81] Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to the Exchange’s Automated Opening System November 9, 2007. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 • Send paper comments in triplicate notice is hereby given that on October to Nancy M. Morris, Secretary, 16, 2007, the Philadelphia Stock Securities and Exchange Commission, Exchange, Inc. (‘‘Phlx’’ or ‘‘Exchange’’) 100 F Street, NE., Washington, DC filed with the Securities and Exchange 20549–1090. Commission (‘‘Commission’’) the All submissions should refer to File proposed rule change as described in Number SR–Phlx–2007–83. This file Items I and II below, which Items have number should be included on the subject line if e-mail is used. To help the been substantially prepared by the Exchange. The Exchange filed the Commission process and review your proposal as a ‘‘non-controversial’’ comments more efficiently, please use only one method. The Commission will proposed rule change pursuant to 3 the post all comments on the Commission’s Section 19(b)(3)(A) of 4 Act and Rule 19b–4(f)(6) thereunder, which renders Internet Web site (http://www.sec.gov/ the proposal effective upon filing with rules/sro.shtml). Copies of the the Commission. The Commission is submission, all subsequent publishing this notice to solicit amendments, all written statements comments on the proposed rule change with respect to the proposed rule from interested persons. change that are filed with the Commission, and all written I. Self-Regulatory Organization’s communications relating to the Statement of the Terms of Substance of proposed rule change between the the Proposed Rule Change Commission and any person, other than The Exchange proposes to amend those that may be withheld from the Exchange Rule 1017 ‘‘Openings in public in accordance with the provisions of 5 U.S.C. 552, will be 6 17 CFR 200.30–3(a)(12). available for inspection and copying in 1 15 U.S.C. 78s(b)(1). the Commission’s Public Reference 2 17 CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A). Room, 100 F Street, NE., Washington, 4 17 CFR 240.19b–4(f)(6). DC 20549, on official business days rwilkins on PROD1PC63 with NOTICES Paper Comments VerDate Aug<31>2005 20:17 Nov 16, 2007 Jkt 214001 PO 00000 Frm 00135 Fmt 4703 Sfmt 4703 II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange states that the purpose of the proposed rule change is to ensure that the Exchange’s opening price in a particular option series is established at a single price when two or more opening prices would satisfy the requirement in Exchange Rule 1017(c) that such price be the price at which the maximum quantity of contracts will trade. The Exchange believes that this proposal should facilitate fair and orderly markets on the opening of a particular option series on the Exchange at a single price. Rule 1017(c) sets forth the methodology by which the Exchange’s system establishes the opening price of a series. Generally, the opening price of a series is the price at which the maximum quantity of contracts will be traded. The Exchange notes that frequently, however, there will be more than one price that will satisfy the ‘‘maximum quantity’’ test in determining the opening price of a series. Accordingly, Rule 1017(c) lists a number of ‘‘tie-breakers’’ used by the 5 The Exchange has advised that it anticipates implementing the proposed rule change on December 1, 2007. The Exchange states that, if this date is delayed, it will inform its members through a circular. Telephone conversation among Richard Rudolph, Vice President and Counsel, Exchange, and Hong-Anh Tran and Michou H.M. Nguyen, Special Counsels, Division of Market Regulation, Commission on November 6, 2007. E:\FR\FM\19NON1.SGM 19NON1

Agencies

[Federal Register Volume 72, Number 222 (Monday, November 19, 2007)]
[Notices]
[Pages 65119-65120]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-22481]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56775; File No. SR-Phlx-2007-83]


Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; 
Notice of Filing of a Proposed Rule Change Relating to Amending By-Law 
Article X, Section 10-11

November 9, 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 29, 2007, the Philadelphia Stock Exchange, Inc. (``Phlx'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I, II, 
and III below, which Items have been substantially prepared by the 
Exchange. 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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    Phlx proposes to expand the type of business that certain members 
of the Exchange's Business Conduct Committee (``Committee'') must 
conduct in order to qualify as a Committee member. The text of the 
proposed rule change is available at the Exchange, the Commission's 
Public Reference Room, and http://www.Phlx.com/exchange/phlx-rule-
fil.html.

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 states that the purpose of the proposed rule change is 
to allow a greater pool of Phlx members with varying backgrounds and 
industry experience to serve on the Committee. Exchange By-Law X, 
section 10-11(h) currently requires nine members to comprise the 
Committee; one member of the Committee must principally carry out its 
business on XLE, and one member must principally carry out its business 
on the equity options floor. Phlx believes that expanding the 
qualifications for these two Committee members, as set forth in this 
proposed rule change, should allow a greater pool of Exchange members 
to be eligible to serve on the Committee.
    The Committee has exclusive jurisdiction to monitor compliance with 
the Act, the rules and regulations thereunder and the by-laws and rules 
of the Exchange as well as to authorize the initiation of any 
disciplinary actions or proceedings, among other things. Phlx believes 
that qualifying additional members for service on the Committee should 
permit a greater pool of members to serve and thereby bring their 
experience to the Committee process.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with section 
6(b) of the Act \3\ in general, and furthers the objectives of section 
6(b)(5) of the Act \4\ in particular, in that it is designed 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. 
In addition, the Exchange believes that the proposed rule change also 
furthers the objectives of section 6(b)(3) under the Act \5\ in that 
the Committee's composition continues to reflect a ``fair 
representation'' of the Exchange's members in the administration of its 
affairs.
---------------------------------------------------------------------------

    \3\ 15 U.S.C. 78f(b).
    \4\ 15 U.S.C. 78f(b)(5).
    \5\ 15 U.S.C. 78f(b)(3).
---------------------------------------------------------------------------

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

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

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

    No written comments were either solicited or received.

[[Page 65120]]

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

    Within 35 days of the date of publication of this notice in the 
Federal Register or within such longer period (i) as the Commission may 
designate up to 90 days of such date if it finds such longer period to 
be appropriate and publishes its reasons for so finding or (ii) as to 
which the self-regulatory organization consents, the Commission will:
    A. By order approve such proposed rule change, or
    B. Institute proceedings to determine whether the proposed rule 
change should be disapproved.

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-Phlx-2007-83 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-Phlx-2007-83. 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, 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-2007-83 and should be 
submitted on or before December 10, 2007.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority. \6\
---------------------------------------------------------------------------

    \6\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-22481 Filed 11-16-07; 8:45 am]
BILLING CODE 8011-01-P