Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No.1 Thereto, To Send P/A Orders Through Linkage Prior to the Opening of Trading, 68225-68226 [E7-23396]
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Federal Register / Vol. 72, No. 232 / Tuesday, December 4, 2007 / Notices
Bank of America, Docket No. MC2007–
1.
6. Labor Update.
7. Personnel Matters and
Compensation Issues.
8. Governors’ Executive Session—
Discussion of prior agenda items and
Board Governance.
Tuesday, December 11 at 8:30 a.m.
(Open)
1. Minutes of Previous Meeting,
November 14–15, 2007.
2. Remarks of the Chairman and Vice
Chairman of the Board.
3. Remarks of the Postmaster General
and CEO Jack Potter.
4. Holiday Preparations.
5. Committee Reports.
6. Consideration of the Postal Service
Fiscal Year 2007 Annual Report.
7. Fiscal Year 2007 Comprehensive
Statement on Postal Operations,
including Government Performance and
Results Act (GPRA) Reporting
Requirements.
8. Consideration of Final Fiscal Year
2009 Appropriation Request.
9. Diversity Strategy.
10. Tentative Agenda for the January
29–30, 2008, meeting in Washington,
DC.
Tuesday, December 11 at 10:30 a.m.
(Closed)—if needed.
1. Continuation of Monday’s closed
session agenda.
CONTACT PERSON FOR MORE INFORMATION:
notice is hereby given that on November
16, 2007, the American Stock Exchange
LLC (‘‘Exchange’’ or ‘‘Amex’’) 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
Amex. On November 26, 2008, the
Exchange filed Amendment No. 1 to the
proposed rule change. The Commission
is publishing this notice to solicit
comments on the proposed rule change,
as amended, from interested persons
and is approving the proposed rule
change on an accelerated basis.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to adopt
Commentary .06 to Amex Rule 918 to
permit the sending of Principal Acting
as Agent Orders (‘‘P/A Orders’’) 3
through the Intermarket Options
Linkage (‘‘Linkage’’) prior to the
opening of trading. This proposal would
conform Amex Rule 918 to Joint
Amendment No. 23 4 (‘‘Amendment No.
23’’) to the Plan for the Purpose of
Creating and Operating an Intermarket
Options Linkage (the ‘‘Linkage Plan’’).5
The text of the proposed rule change is
available at the Amex, at the
Commission’s Public Reference Room,
and at https://www.amex.com.
Wenday A. Hocking, Secretary of the
Board, U.S. Postal Service, 475 L’Enfant
Plaza, SW., Washington, DC 20260–
1000. Telephone (202) 268–4800.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
Wendy A. Hocking,
Secretary.
[FR Doc. 07–5945 Filed 11–30–07; 3:56 pm]
In its filing with the Commission, the
Exchange included statements
concerning the purpose of, and basis for,
its 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 III below. The
Exchange has prepared summaries, set
forth in Sections A, B, and C below, of
BILLING CODE 7710–12–M
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56850; File No. SR–Amex–
2007–123]
mstockstill on PROD1PC66 with NOTICES
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing and Order Granting
Accelerated Approval of a Proposed
Rule Change, as Modified by
Amendment No.1 Thereto, To Send
P/A Orders Through Linkage Prior to
the Opening of Trading
November 27, 2007.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
1 15
2 17
U.S.C. 78s(b)(l).
CFR 240. 19b–4.
VerDate Aug<31>2005
17:38 Dec 03, 2007
Jkt 214001
3 See Section 2(16)(a) of the Plan for the Purpose
of Creating and Operating an Intermarket Option
Linkage (‘‘Linkage Plan’’) .
4 See Securities Exchange Act Release No. 56780
(November 13, 2007), 72 FR 65113 (November 19,
2007) (File No. 4–429).
5 On July 28, 2000, the Commission approved a
national market system plan for the purpose of
creating and operating an intermarket options
market linkage proposed by the Amex, CBOE, and
ISE. See Securities Exchange Act Release No. 43086
(July 28, 2000), 65 FR 48023 (August 4, 2000).
Subsequently, Phlx, Pacific Exchange, Inc. (n/k/a
NYSE Arca, Inc.), and BSE joined the Linkage Plan.
See Securities Exchange Act Release Nos. 43573
(November 16, 2000), 65 FR 70851 (November 28,
2000); 43574 (November 16, 2000), 65 FR 70850
(November 28, 2000); and 49198 (February 5, 2004),
69 FR 7029 (February 12, 2004).
PO 00000
Frm 00104
Fmt 4703
Sfmt 4703
68225
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 Amex proposes to adopt
Commentary .06 to Amex Rule 918 to
amend its rule to conform to
Amendment No. 23 to the Linkage Plan.
The proposal will permit the use of the
Linkage prior to the opening of trading.
Prior to the adoption of Amendment No.
23, the Linkage Plan did not
comtemplate the use of the Linkage
before a Linkage Plan participant (a
‘‘Participant’’) opened for trading and
disseminated a quotation in an options
series. In addition, there was no tradethrough protection for opening trades.
As a result, if there was a better market
away at the time a Plan Participant
opens its market, the Amex specialist,
responsible both for the opening and for
protecting customer orders, could not
access that market for a customer. The
customer accordingly could receive a
price inferior to the national best bid
and offer (‘‘NBBO’’). This proposal,
along with Amendment No. 23 to the
Linkage Plan, will permit the sending of
P/A Orders prior to the opening,
allowing the Amex specialist to access
better markets on behalf of customers
prior to the Exchange’s opening.
In implementing this proposed rule
change, the Exchange represented that it
will ensure that customers receive the
best price for their orders. Under the
Linkage Plan, a Participant receiving
market has five (5) seconds to respond
to a P/A Order, and the Participant
receiving market can then reject a
response it receives more than five (5)
seconds after sending the order. In the
unlikely event that the Amex opens its
market during this five (5) second
period, it is possible that the opening
price could differ from the price of an
executed P/A Order. In that case, the
Amex represented that it will ensure
that the specialist provides the customer
with the most advantageous price.
Therefore, the proposal will only benefit
customers by providing them with
potential price improvement at the
opening.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with the Act
and the rules and regulations under the
Act applicable to national securities
exchanges and, in particular, the
E:\FR\FM\04DEN1.SGM
04DEN1
68226
Federal Register / Vol. 72, No. 232 / Tuesday, December 4, 2007 / Notices
requirements of Section 6(b) of the Act.6
Specifically, the Exchanges believe the
proposed rule change is consistent with
the requirements of Section 6(b)(5) of
the Act7 that the rules of an exchange
be designed to prevent fraudulent and
manipulative acts, 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
The Exchange believes that the
proposed rule change would 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
The Exchange has neither solicited
nor received comments on this
proposal.
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 the filings also will be
available for inspection and copying at
the principal offices 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–2007–123 and should be
submitted on or before December 26,
2007.
IV. Commission’s Findings and Order
Granting Accelerated Approval of
Proposed Rule Changes
III. Solicitation of Comments
mstockstill on PROD1PC66 with NOTICES
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:
After careful consideration, the
Commission finds that the proposed
rule change is consistent with the
requirements of the Act and the rules
and regulations thereunder, applicable
to national securities exchanges.8 In
particular, the Commission finds that
the proposal is consistent with the
Electronic Comments
provisions of Section 6(b)(5) of the Act9
• Use the Commission’s Internet
in that it is designed to prevent
comment form (https://www.sec.gov/
fraudulent and manipulative acts and
rules/sro.shtml ); or
practices, to promote just and equitable
• Send an e-mail to ruleprinciples of trade, to remove
comments@sec.gov. Please include File
impediments to and perfect the
Number SR–Amex–2007–123 on the
mechanism of a free and open market
subject line.
and a national market system, and, in
Paper Comments
general, to protect investors and the
public interest. The Commission
• Send paper comments in triplicate
believes that allowing the Exchange to
to Nancy M. Morris, Secretary,
send P/A Orders to the Linkage prior to
Securities and Exchange Commission,
the opening should facilitate investors’
100 F Street, NE., Washington, DC
intermarket access to superior prices.
20549–1090.
The Commission finds good cause for
All submissions should refer to File
approving the proposed rule change
Number SR–Amex–2007–123. This file
before the 30th day after the date of
number should be included on the
publication of notice of filing thereof in
subject line if e-mail is used. To help the
the Federal Register. Granting
Commission process and review your
accelerated approval would facilitate
comments more efficiently, please use
the implementation of the proposed rule
only one method. The Commission will
change in conjunction with Amendment
post all comments on the Commission’s
No. 23 to the Linkage Plan.10 In
Internet Web site (https://www.sec.gov/
addition, the Commission notes that the
rules/sro.shtml ). Copies of the
submissions, all subsequent
amendments, all written statements
6 15
7 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
VerDate Aug<31>2005
17:38 Dec 03, 2007
Jkt 214001
8 In approving this proposal, the Commission has
considered its impact on efficiency, competition,
and capital formation. See U.S.C. 78c(f).
9 15 U.S.C. 78f(b)(5).
10 See supra note 4.
PO 00000
Frm 00105
Fmt 4703
Sfmt 4703
Exchange has committed to ensuring
that, for Linkage P/A Orders sent prior
to the opening, Amex specialists will
provide customers with the most
advantageous price in the event that the
Amex opens its market while the
Exchange is awaiting a response to such
a P/A Order. Therefore, the Commission
finds good cause, consistent with
Section 19(b)(2) of the Act,11 to approve
the proposed rule change on an
accelerated basis.
V. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,12 that the
proposed rule change (SR–Amex–2007–
123) be, and it hereby is, approved on
an accelerated basis.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Nancy M. Morris,
Secretary.
[FR Doc. E7–23396 Filed 12–3–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56852; File No. SR–CBOE–
2007–139]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Regarding Fees for
Trading on the FLEX Hybrid Trading
System
November 28, 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
20, 2007, the Chicago Board Options
Exchange, Incorporated (‘‘Exchange’’ or
‘‘CBOE’’) 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend its
Fees Schedule to establish fees
11 15
U.S.C. 78s(b)(2).
CFR 200.30–3(a)(12).
13 15 U.S.C. 78s(b)(2).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
12 17
E:\FR\FM\04DEN1.SGM
04DEN1
Agencies
[Federal Register Volume 72, Number 232 (Tuesday, December 4, 2007)]
[Notices]
[Pages 68225-68226]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-23396]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56850; File No. SR-Amex-2007-123]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing and Order Granting Accelerated Approval of a Proposed
Rule Change, as Modified by Amendment No.1 Thereto, To Send P/A Orders
Through Linkage Prior to the Opening of Trading
November 27, 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 16, 2007, the American Stock Exchange LLC (``Exchange'' or
``Amex'') 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 Amex. On
November 26, 2008, the Exchange filed Amendment No. 1 to the proposed
rule change. The Commission is publishing this notice to solicit
comments on the proposed rule change, as amended, from interested
persons and is approving the proposed rule change on an accelerated
basis.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(l).
\2\ 17 CFR 240. 19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to adopt Commentary .06 to Amex Rule 918 to
permit the sending of Principal Acting as Agent Orders (``P/A Orders'')
\3\ through the Intermarket Options Linkage (``Linkage'') prior to the
opening of trading. This proposal would conform Amex Rule 918 to Joint
Amendment No. 23 \4\ (``Amendment No. 23'') to the Plan for the Purpose
of Creating and Operating an Intermarket Options Linkage (the ``Linkage
Plan'').\5\ The text of the proposed rule change is available at the
Amex, at the Commission's Public Reference Room, and at https://
www.amex.com.
---------------------------------------------------------------------------
\3\ See Section 2(16)(a) of the Plan for the Purpose of Creating
and Operating an Intermarket Option Linkage (``Linkage Plan'') .
\4\ See Securities Exchange Act Release No. 56780 (November 13,
2007), 72 FR 65113 (November 19, 2007) (File No. 4-429).
\5\ On July 28, 2000, the Commission approved a national market
system plan for the purpose of creating and operating an intermarket
options market linkage proposed by the Amex, CBOE, and ISE. See
Securities Exchange Act Release No. 43086 (July 28, 2000), 65 FR
48023 (August 4, 2000). Subsequently, Phlx, Pacific Exchange, Inc.
(n/k/a NYSE Arca, Inc.), and BSE joined the Linkage Plan. See
Securities Exchange Act Release Nos. 43573 (November 16, 2000), 65
FR 70851 (November 28, 2000); 43574 (November 16, 2000), 65 FR 70850
(November 28, 2000); and 49198 (February 5, 2004), 69 FR 7029
(February 12, 2004).
---------------------------------------------------------------------------
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, its 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 III 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 Amex proposes to adopt Commentary .06 to Amex Rule 918 to amend
its rule to conform to Amendment No. 23 to the Linkage Plan. The
proposal will permit the use of the Linkage prior to the opening of
trading. Prior to the adoption of Amendment No. 23, the Linkage Plan
did not comtemplate the use of the Linkage before a Linkage Plan
participant (a ``Participant'') opened for trading and disseminated a
quotation in an options series. In addition, there was no trade-through
protection for opening trades. As a result, if there was a better
market away at the time a Plan Participant opens its market, the Amex
specialist, responsible both for the opening and for protecting
customer orders, could not access that market for a customer. The
customer accordingly could receive a price inferior to the national
best bid and offer (``NBBO''). This proposal, along with Amendment No.
23 to the Linkage Plan, will permit the sending of P/A Orders prior to
the opening, allowing the Amex specialist to access better markets on
behalf of customers prior to the Exchange's opening.
In implementing this proposed rule change, the Exchange represented
that it will ensure that customers receive the best price for their
orders. Under the Linkage Plan, a Participant receiving market has five
(5) seconds to respond to a P/A Order, and the Participant receiving
market can then reject a response it receives more than five (5)
seconds after sending the order. In the unlikely event that the Amex
opens its market during this five (5) second period, it is possible
that the opening price could differ from the price of an executed P/A
Order. In that case, the Amex represented that it will ensure that the
specialist provides the customer with the most advantageous price.
Therefore, the proposal will only benefit customers by providing them
with potential price improvement at the opening.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations under the Act applicable to
national securities exchanges and, in particular, the
[[Page 68226]]
requirements of Section 6(b) of the Act.\6\ Specifically, the Exchanges
believe the proposed rule change is consistent with the requirements of
Section 6(b)(5) of the Act\7\ that the rules of an exchange be designed
to prevent fraudulent and manipulative acts, 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.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes that the proposed rule change would 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
The Exchange has neither solicited nor received comments on this
proposal.
III. 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-Amex-2007-123 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-Amex-2007-123. 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 submissions, 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 the filings also will be available for inspection and
copying at the principal offices 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-2007-123 and should be submitted on or
before December 26, 2007.
IV. Commission's Findings and Order Granting Accelerated Approval of
Proposed Rule Changes
After careful consideration, the Commission finds that the proposed
rule change is consistent with the requirements of the Act and the
rules and regulations thereunder, applicable to national securities
exchanges.\8\ In particular, the Commission finds that the proposal is
consistent with the provisions of Section 6(b)(5) of the Act\9\ 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. The Commission believes that allowing the Exchange to
send P/A Orders to the Linkage prior to the opening should facilitate
investors' intermarket access to superior prices.
---------------------------------------------------------------------------
\8\ In approving this proposal, the Commission has considered
its impact on efficiency, competition, and capital formation. See
U.S.C. 78c(f).
\9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Commission finds good cause for approving the proposed rule
change before the 30th day after the date of publication of notice of
filing thereof in the Federal Register. Granting accelerated approval
would facilitate the implementation of the proposed rule change in
conjunction with Amendment No. 23 to the Linkage Plan.\10\ In addition,
the Commission notes that the Exchange has committed to ensuring that,
for Linkage P/A Orders sent prior to the opening, Amex specialists will
provide customers with the most advantageous price in the event that
the Amex opens its market while the Exchange is awaiting a response to
such a P/A Order. Therefore, the Commission finds good cause,
consistent with Section 19(b)(2) of the Act,\11\ to approve the
proposed rule change on an accelerated basis.
---------------------------------------------------------------------------
\10\ See supra note 4.
\11\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------
V. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\12\ that the proposed rule change (SR-Amex-2007-123) be, and it
hereby is, approved on an accelerated basis.
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------
\13\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------
Nancy M. Morris,
Secretary.
[FR Doc. E7-23396 Filed 12-3-07; 8:45 am]
BILLING CODE 8011-01-P