Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Revising the AEMI Rules To Eliminate the Post-Opening Pair-Off of Marketable Orders Held in a Message Queue, 65993-65994 [E7-22891]
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Federal Register / Vol. 72, No. 226 / Monday, November 26, 2007 / Notices
Commission, and recording secretaries
will attend the Closed Meeting. Certain
staff members who have an interest in
the matters may also be present.
The General Counsel of the
Commission, or his designee, has
certified that, in his opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(5), (7), (9)(B), and (10)
and 17 CFR 200.402(a)(5), (7), 9(ii) and
(10), permit consideration of the
scheduled matters at the Closed
Meeting.
Commissioner Casey, as duty officer,
voted to consider the items listed for the
closed meeting in closed session.
The subject matters of the Open
Meeting scheduled for Wednesday,
November 28, 2007 will be:
1. The Commission will consider
whether to adopt amendments to Rule
14a–8(i)(8) under the Securities
Exchange Act of 1934, to clarify its
longstanding interpretation of that rule.
2. The Commission will consider
whether to adopt amendments to the
proxy rules under the Securities
Exchange Act of 1934 to facilitate the
use of electronic shareholder forums.
The subject matter of the Closed
Meeting scheduled for Thursday,
November 29, 2007 will be:
Formal orders of investigation;
Institution and settlement of injunctive
actions;
Institution and settlement of
administrative proceedings of an
enforcement nature;
Adjudicatory matters; and
Other matters related to enforcement
actions.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
For further information and to
ascertain what, if any, matters have been
added, deleted or postponed, please
contact:
The Office of the Secretary at (202)
551–5400.
mstockstill on PROD1PC66 with NOTICES
November 20, 2007.
Nancy M. Morris,
Secretary.
[FR Doc. E7–22999 Filed 11–23–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56811; File No. SR–Amex–
2007–118]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing and Immediate Effectiveness
of a Proposed Rule Change Revising
the AEMI Rules To Eliminate the PostOpening Pair-Off of Marketable Orders
Held in a Message Queue
November 19, 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 November
13, 2007, the American Stock Exchange
LLC (‘‘Amex’’ 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 prepared substantially by the
Amex. The Amex has filed the proposed
rule change pursuant to Section
19(b)(3)(A) of the Act 3 and Rule 19b–
4(f)(5) thereunder 4 as one that effects a
change in an existing order-entry or
trading system, 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 Amex proposes to adopt changes
to the rules governing the Exchange’s
new hybrid market trading platform for
equity products and exchange-traded
funds, designated as AEMISM
(‘‘AEMI’’), to eliminate the existing postopening pair-off of marketable orders
that are held in a Message Queue 5
during the main pair-off at an opening
or reopening.
The proposed rule change is available
at the Amex’s principal office, the
Commission’s Public Reference Room,
and the Amex’s Web site at https://
www.amex.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
Amex included statements concerning
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)(5).
5 See Rule 1A–AEMI for a description of a
Message Queue.
2 17
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22:03 Nov 23, 2007
Jkt 214001
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Frm 00057
Fmt 4703
Sfmt 4703
65993
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 Amex 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 Amex recently adopted new
Commentary .06 to Rule 126–AEMI,
‘‘Precedence of Bids and Offers,’’ which
provides that AEMI will function at all
times in a manner that assures
compliance with the Exchange’s priority
and parity rules.6 The Amex adopted
Commentary .06 to comply with an
undertaking in Section III.F.1 of the
settlement order in a recent
administrative proceeding.7 In the
September Proposal, the Exchange
noted that there were two exceptions to
its compliance with the requirements of
Commentary .06 that the Exchange had
recently become aware of and was
working to correct in the near future.8
The Exchange has subsequently
changed its trading system to eliminate
the first exception mentioned above.
The purpose of this proposal is to
resolve the second exception to Rule
126–AEMI, Commentary .06 mentioned
above by amending Amex Rules 108–
AEMI, ‘‘Priority and Parity at Openings
and Reopenings,’’ and 128A–AEMI,
‘‘Automatic Execution,’’ to eliminate the
existing post-opening pair-off of
marketable orders that are briefly held
in a Message Queue during the main
pair-off at an opening or reopening.
System issues associated with this postopening pair-off, which takes place at
the time the Message Queue is
terminated, can, under certain
circumstances, result in the violation of
the Exchange’s priority and parity rules.
The Amex is filing this proposal
simultaneously with the
6 See Securities Exchange Act Release No. 56495
(September 21, 2007), 72 FR 55262 (September 28,
2007) (notice of filing and immediate effectiveness
of File No. SR–Amex–2007–105) (‘‘September
Proposal’’).
7 See In the Matter of American Stock Exchange
LLC, Order Instituting Administrative and Ceaseand-Desist Proceedings, Making Findings, and
Imposing Remedial Sanctions, a Censure, and a
Cease-and-Desist Order Pursuant to Sections
19(h)(1) and 21C of the Securities Exchange Act of
1934, Securities Exchange Act Release No. 55507
(March 22, 2007) (Administrative Proceeding File
No. 3–12594).
8 See September Proposal, supra note 6, at note
7.
E:\FR\FM\26NON1.SGM
26NON1
65994
Federal Register / Vol. 72, No. 226 / Monday, November 26, 2007 / Notices
implementation of the related changes
to the AEMI system eliminating the
post-opening pair-off. As provided in
the proposed rule language, the orders
from the Message Queue following the
opening pair-off will be treated in the
same manner as incoming orders during
the regular session, including the
generation of intermarket sweep orders
as required, and they will enter the
AEMI Book in the same time sequence
in which they entered the Message
Queue.9
The Exchange asserts that the
proposal to effect the foregoing changes
to the AEMI trading system does not
significantly affect the protection of
investors or the public interest, does not
impose any significant burden on
competition, and does not have the
effect of limiting the access to or
availability of the system. The Exchange
believes that the proposed rule changes
are non-controversial and that the
related changes to the AEMI system will
benefit investors by eliminating an
existing system function that could
potentially result in a violation of the
Exchange’s rules. The Amex believes
that the changes also should have the
additional benefit of simplifying the
Amex’s market structure and making its
pricing more transparent.
2. Statutory Basis
The proposed rule change is designed
to be consistent with Section 6(b) of the
Act,10 in general, and furthers the
objectives of Section 6(b)(5) of the Act,11
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.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
mstockstill on PROD1PC66 with NOTICES
The proposed rule change will impose
no burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
9 The Exchange also proposes to make a
conforming change to the definition of ‘‘Message
Queue’’ in Rule 1A–AEMI to clarify that queued
messages that enter the AEMI Book do so in the
aforementioned time sequence under the current
functioning of the AEMI system.
10 15 U.S.C. 78f(b).
11 15 U.S.C. 78f(b)(5).
VerDate Aug<31>2005
22:03 Nov 23, 2007
Jkt 214001
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 Amex has designated the
proposed rule change as effecting a
change in an existing order-entry or
trading system of the Amex that does
not: (1) Significantly affect the
protection of investors or the public
interest; (2) impose any significant
burden on competition; and (3) have the
effect of limiting the access to or
availability of the system, the foregoing
rule change has become effective
pursuant to Section 19(b)(3)(A)(iii) of
the Act 12 and Rule 19b–4(f)(5)
thereunder.13
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 the 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 at https://www.sec.gov/
rules/sro.shtml; or
• Send an e-mail to
rulecomments@sec.gov. Please include
File No. SR–Amex 2007–118 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 No.
SR–Amex 2007–118. 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 at 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 No.
SR–Amex 2007–118 and should be
submitted on or before December 17,
2007.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–22891 Filed 11–21–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56802; File No. SR–Amex–
2007–53]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing of a Proposed Rule Change,
and Amendment Nos. 1 and 2 Thereto,
Relating to the Listing and Trading of
the GreenHaven Continuous
Commodity Index Fund
November 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 May 29,
2007, the American Stock Exchange LLC
(‘‘Amex’’ 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
14 17
12 15
U.S.C. 78s(b)(3)(A)(iii).
13 17 CFR 240.19b–4(f)(5).
PO 00000
Frm 00058
Fmt 4703
Sfmt 4703
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\26NON1.SGM
26NON1
]]>Agencies
[Federal Register Volume 72, Number 226 (Monday, November 26, 2007)]
[Notices]
[Pages 65993-65994]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-22891]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56811; File No. SR-Amex-2007-118]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
Revising the AEMI Rules To Eliminate the Post-Opening Pair-Off of
Marketable Orders Held in a Message Queue
November 19, 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 November 13, 2007, the American Stock Exchange LLC (``Amex'' 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 prepared substantially by the
Amex. The Amex has filed the proposed rule change pursuant to Section
19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(5) thereunder \4\ as one
that effects a change in an existing order-entry or trading system,
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)(5).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Amex proposes to adopt changes to the rules governing the
Exchange's new hybrid market trading platform for equity products and
exchange-traded funds, designated as AEMISM (``AEMI''), to eliminate
the existing post-opening pair-off of marketable orders that are held
in a Message Queue \5\ during the main pair-off at an opening or
reopening.
---------------------------------------------------------------------------
\5\ See Rule 1A-AEMI for a description of a Message Queue.
---------------------------------------------------------------------------
The proposed rule change is available at the Amex's principal
office, the Commission's Public Reference Room, and the Amex's Web site
at https://www.amex.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 Amex 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 Amex 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 Amex recently adopted new Commentary .06 to Rule 126-AEMI,
``Precedence of Bids and Offers,'' which provides that AEMI will
function at all times in a manner that assures compliance with the
Exchange's priority and parity rules.\6\ The Amex adopted Commentary
.06 to comply with an undertaking in Section III.F.1 of the settlement
order in a recent administrative proceeding.\7\ In the September
Proposal, the Exchange noted that there were two exceptions to its
compliance with the requirements of Commentary .06 that the Exchange
had recently become aware of and was working to correct in the near
future.\8\
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 56495 (September 21,
2007), 72 FR 55262 (September 28, 2007) (notice of filing and
immediate effectiveness of File No. SR-Amex-2007-105) (``September
Proposal'').
\7\ See In the Matter of American Stock Exchange LLC, Order
Instituting Administrative and Cease-and-Desist Proceedings, Making
Findings, and Imposing Remedial Sanctions, a Censure, and a Cease-
and-Desist Order Pursuant to Sections 19(h)(1) and 21C of the
Securities Exchange Act of 1934, Securities Exchange Act Release No.
55507 (March 22, 2007) (Administrative Proceeding File No. 3-12594).
\8\ See September Proposal, supra note 6, at note 7.
---------------------------------------------------------------------------
The Exchange has subsequently changed its trading system to
eliminate the first exception mentioned above. The purpose of this
proposal is to resolve the second exception to Rule 126-AEMI,
Commentary .06 mentioned above by amending Amex Rules 108-AEMI,
``Priority and Parity at Openings and Reopenings,'' and 128A-AEMI,
``Automatic Execution,'' to eliminate the existing post-opening pair-
off of marketable orders that are briefly held in a Message Queue
during the main pair-off at an opening or reopening. System issues
associated with this post-opening pair-off, which takes place at the
time the Message Queue is terminated, can, under certain circumstances,
result in the violation of the Exchange's priority and parity rules.
The Amex is filing this proposal simultaneously with the
[[Page 65994]]
implementation of the related changes to the AEMI system eliminating
the post-opening pair-off. As provided in the proposed rule language,
the orders from the Message Queue following the opening pair-off will
be treated in the same manner as incoming orders during the regular
session, including the generation of intermarket sweep orders as
required, and they will enter the AEMI Book in the same time sequence
in which they entered the Message Queue.\9\
---------------------------------------------------------------------------
\9\ The Exchange also proposes to make a conforming change to
the definition of ``Message Queue'' in Rule 1A-AEMI to clarify that
queued messages that enter the AEMI Book do so in the aforementioned
time sequence under the current functioning of the AEMI system.
---------------------------------------------------------------------------
The Exchange asserts that the proposal to effect the foregoing
changes to the AEMI trading system does not significantly affect the
protection of investors or the public interest, does not impose any
significant burden on competition, and does not have the effect of
limiting the access to or availability of the system. The Exchange
believes that the proposed rule changes are non-controversial and that
the related changes to the AEMI system will benefit investors by
eliminating an existing system function that could potentially result
in a violation of the Exchange's rules. The Amex believes that the
changes also should have the additional benefit of simplifying the
Amex's market structure and making its pricing more transparent.
2. Statutory Basis
The proposed rule change is designed to be consistent with Section
6(b) of the Act,\10\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\11\ 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.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The proposed rule change will impose no 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 Amex has designated the proposed rule change as
effecting a change in an existing order-entry or trading system of the
Amex that does not: (1) Significantly affect the protection of
investors or the public interest; (2) impose any significant burden on
competition; and (3) have the effect of limiting the access to or
availability of the system, the foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \12\ and Rule
19b-4(f)(5) thereunder.\13\
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78s(b)(3)(A)(iii).
\13\ 17 CFR 240.19b-4(f)(5).
---------------------------------------------------------------------------
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 the 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 at https://
www.sec.gov/rules/sro.shtml; or
Send an e-mail to rulecomments@sec.gov. Please include
File No. SR-Amex 2007-118 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 No. SR-Amex 2007-118. 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 at 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 No. SR-Amex 2007-118 and should be
submitted on or before December 17, 2007.
---------------------------------------------------------------------------
\14\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-22891 Filed 11-21-07; 8:45 am]
BILLING CODE 8011-01-P
