Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Exchange Rule 107A (Registered Competitive Market Makers) and Exchange Rule 110 (Competitive Traders), 1252-1253 [E7-25654]
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1252
Federal Register / Vol. 73, No. 4 / Monday, January 7, 2008 / Notices
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–NYSE–2007–123 and
should be submitted on or before
January 28, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.21
Nancy M. Morris,
Secretary.
[FR Doc. E7–25600 Filed 1–4–08; 8:45 am]
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57072; File No. SR–NYSE–
2007–125]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
a Proposed Rule Change Relating to
Exchange Rule 107A (Registered
Competitive Market Makers) and
Exchange Rule 110 (Competitive
Traders)
December 31, 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 December
31, 2007, the New York Stock Exchange
LLC (‘‘NYSE’’ 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 Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
pwalker on PROD1PC71 with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The NYSE proposes to extend for
three months the moratorium related to
the qualification and registration of
Registered Competitive Market Makers
(‘‘RCMMs’’) pursuant to Exchange Rule
107A and Competitive Traders (‘‘CTs’’)
pursuant to Exchange Rule 110. The text
of the proposed rule change is available
on the NYSE’s Web site (https://
www.nyse.com), at the NYSE, and at the
Commission’s Public Reference Room.
21 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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19:05 Jan 04, 2008
Jkt 214001
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. 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.
1. Purpose
The Exchange proposes to extend for
three months the current moratorium
related to the qualification and
registration of RCMMs pursuant to
Exchange Rule 107A and CTs pursuant
to Exchange Rule 110.
On September 22, 2005, the Exchange
filed SR–NYSE–2005–63 3 with the
Commission proposing to implement a
moratorium on the qualification and
registration of new RCMMs and CTs
(‘‘Moratorium’’). The purpose of the
Moratorium was to allow the Exchange
an opportunity to review the viability of
RCMMs and CTs in the NYSE HYBRID
MARKETSM (‘‘Hybrid Market’’).4
The phased-in implementation of the
Hybrid Market required the Exchange to
extend the Moratorium an additional
four times over the next eighteen (18)
months.5 During each phase of the
Hybrid Market, new system
functionality was included in the
operation of Exchange systems and new
data was generated. As a result, the
Exchange was unable to make an
informed decision as to the viability of
RCMMs and CTs in the Hybrid Market.
The Exchange is now proposing to
extend the Moratorium, as amended,6
for an additional three months to March
3 See Securities Exchange Act Release No. 52648
(October 21, 2005), 70 FR 62155 (October 28, 2005)
(SR–NYSE–2005–63).
4 See Securities Exchange Act Release No. 53539
(March 22, 2006), 71 FR 16353 (March 31, 2006)
(SR–NYSE–2004–05) (establishing the Hybrid
Market).
5 See Securities Exchange Act Release Nos. 54140
(July 13, 2006), 71 FR 41491 (July 21, 2006) (SR–
NYSE–2006–48); 54985 (December 21, 2006), 72 FR
171 (January 3, 2007) (SR–NYSE–2006–113); 55992
(June 29, 2007), 72 FR 37289 (July 9, 2007) (SR–
NYSE–2007–57); and 56556 (September 27, 2007),
72 FR 56421 (October 3, 2007) (SR–NYSE–2007–
86).
6 See Securities Exchange Act Release No.53549
(March 24, 2006), 71 FR 16388 (March 31, 2006)
(SR–NYSE–2006–11) (making certain amendments
to the Moratorium).
PO 00000
Frm 00055
Fmt 4703
Sfmt 4703
31, 2008 in order to finalize its
determination as to the roles of RCMMs
and CTs in the Exchange’s Hybrid
Market and to formally submit a
proposal to the Commission outlining
these roles. The Exchange has continued
to review the data related to RCMMs
and CTs generated during the phasing in
of the Hybrid Market.
The Exchange is currently undergoing
significant developments in its
technology and market model.
Accordingly, the Exchange requests
additional time to decide what roles, if
any, RCMMs and CTs should perform in
the current Hybrid Market.
The Exchange will issue an
Information Memo announcing the
extension of the Moratorium.
2. Statutory Basis
The basis under the Act 7 for this
proposed rule change is the requirement
under section 6(b)(5) 8 that an exchange
have rules that are 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.
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
The Exchange has neither solicited
nor received written comments on the
proposed rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change: (i)
Does not significantly affect the
protection of investors or the public
interest; (ii) does not impose any
significant burden on competition; and
(iii) does not become operative for 30
days after the date of the filing, or such
shorter time as the Commission may
designate if consistent with the
protection of investors and the public
interest, the proposed rule change has
become effective pursuant to section
7 15
8 15
E:\FR\FM\07JAN1.SGM
U.S.C. 78a.
U.S.C. 78f(b)(5).
07JAN1
Federal Register / Vol. 73, No. 4 / Monday, January 7, 2008 / Notices
19(b)(3)(A) of the Act 9 and Rule 19b–
4(f)(6) thereunder.10
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act 11 normally does not become
operative for 30 days after the date of its
filing. However, Rule 19b–4(f)(6)(iii) 12
permits the Commission to designate a
shorter time if such action is consistent
with the protection of investors and the
public interest. The NYSE has requested
that the Commission waive the 30-day
operative delay. The Commission
believes that waiving the 30-day
operative delay is consistent with the
protection of investors and the public
interest because it would allow the
Moratorium to continue without
interruption so that the Exchange may
have additional time to make a final
determination as to the future roles of
RCMMs and CTs in the Hybrid Market,
if any, and to file with the Commission
a proposed rule change outlining such
roles. For these reasons, the
Commission designates that the
proposed rule change become operative
immediately.13
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
the 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
9 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). Pursuant to Rule 19b–
4(f)(6)(iii) under the Act, the Exchange is required
to give the Commission 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 filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has requested that the Commission waive the 5-day
pre-filing notice requirement. The Commission has
determined to waive this requirement to allow the
Exchange to file its proposal to extend the
Moratorium, which expires on December 31, 2007,
without delay.
11 17 CFR 240.19b–4(f)(6).
12 17 CFR 240.19b–4(f)(6)(iii).
13 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. 15 U.S.C. 78c(f).
pwalker on PROD1PC71 with NOTICES
10 17
VerDate Aug<31>2005
19:05 Jan 04, 2008
Jkt 214001
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–NYSE–2007–125 on the
subject line.
1253
and Budget (OMB) in compliance with
Public Law 104–13, the Paperwork
Reduction Act of 1995, effective October
1, 1995. The information collection
packages that may be included in this
Paper Comments
notice are for new information
• Send paper comments in triplicate
collections, approval of existing
to Nancy M. Morris, Secretary,
information collections, revisions to
Securities and Exchange Commission,
OMB-approved information collections
100 F Street, NE., Washington, DC
and extensions (no change) of OMB20549–1090.
approved information collections.
All submissions should refer to File
SSA is soliciting comments on the
Number SR–NYSE–2007–125. This file
accuracy of the Agency’s burden
number should be included on the
estimate; the need for the information;
subject line if e-mail is used. To help the its practical utility; ways to enhance its
Commission process and review your
quality, utility and clarity; and on ways
comments more efficiently, please use
to minimize the burden on respondents,
only one method. The Commission will including the use of automated
post all comments on the Commission’s collection techniques or other forms of
Internet Web site (https://www.sec.gov/
information technology. Written
rules/sro.shtml). Copies of the
comments and recommendations
submission, all subsequent
regarding the information collection(s)
amendments, all written statements
should be submitted to the OMB Desk
with respect to the proposed rule
Officer and the SSA Reports Clearance
change that are filed with the
Officer. The information can be mailed,
Commission, and all written
faxed or emailed to the individuals at
communications relating to the
the addresses and fax numbers listed
proposed rule change between the
below:
Commission and any person, other than (OMB), Office of Management and
those that may be withheld from the
Budget, Attn: Desk Officer for SSA,
public in accordance with the
Fax: 202–395–6974, E-mail address:
provisions of 5 U.S.C. 552, will be
OIRA_Submission@omb.eop.gov.
available for inspection and copying in
(SSA), Social Security Administration,
the Commission’s Public Reference
DCBFM, Attn: Reports Clearance
Room, on official business days between
Officer, 1333 Annex Building, 6401
the hours of 10 a.m. and 3 p.m. Copies
Security Blvd., Baltimore, MD 21235,
of the filing also will be available for
Fax: 410–965–6400, E-mail address:
inspection and copying at the principal
OPLM.RCO@ssa.gov.
office of the Exchange. All comments
I. The information collections listed
received will be posted without change;
below are pending at SSA and will be
the Commission does not edit personal
submitted to OMB within 60 days from
identifying information from
the date of this notice. Therefore, your
submissions. You should submit only
comments should be submitted to SSA
information that you wish to make
within 60 days from the date of this
available publicly. All submissions
publication. You can obtain copies of
should refer to File Number SR–NYSE–
the collection instruments by calling the
2007–125 and should be submitted on
SSA Reports Clearance Officer at 410–
or before January 28, 2008.
965–0454 or by writing to the address
For the Commission, by the Division of
listed above.
Trading and Markets, pursuant to delegated
1. Function Report—Adult—Third
authority.14
Party—20 CFR 404.1512, 416.912—
Nancy M. Morris,
0960–0635. The information collected
Secretary.
on the SSA–3380–BK is needed to make
[FR Doc. E7–25654 Filed 1–4–08; 8:45 am]
determinations on Supplemental
BILLING CODE 8011–01–P
Security Income (SSI) and Social
Security disability (SSDI) claims. This
information is necessary for case
SOCIAL SECURITY ADMINISTRATION
development and adjudication, and is
used by State Disability Determination
Agency Information Collection
Services (DDS) evaluators as an
Activities: Proposed Request and
evidentiary source used in the disability
Comment Request
evaluation process. The respondents are
third parties familiar with the functional
The Social Security Administration
limitations (or lack thereof) of claimants
(SSA) publishes a list of information
who apply for SSDI benefits and SSI
collection packages that will require
payments.
clearance by the Office of Management
Type of Request: Revision of an OMB14 17 CFR 200.30–3(a)(12).
approved information collection.
PO 00000
Frm 00056
Fmt 4703
Sfmt 4703
E:\FR\FM\07JAN1.SGM
07JAN1
]]>Agencies
[Federal Register Volume 73, Number 4 (Monday, January 7, 2008)]
[Notices]
[Pages 1252-1253]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-25654]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57072; File No. SR-NYSE-2007-125]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
Relating to Exchange Rule 107A (Registered Competitive Market Makers)
and Exchange Rule 110 (Competitive Traders)
December 31, 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 December 31, 2007, the New York Stock Exchange LLC (``NYSE'' 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 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.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The NYSE proposes to extend for three months the moratorium related
to the qualification and registration of Registered Competitive Market
Makers (``RCMMs'') pursuant to Exchange Rule 107A and Competitive
Traders (``CTs'') pursuant to Exchange Rule 110. The text of the
proposed rule change is available on the NYSE's Web site (https://
www.nyse.com), at the NYSE, and at the Commission's Public Reference
Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of, and basis for, 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 proposes to extend for three months the current
moratorium related to the qualification and registration of RCMMs
pursuant to Exchange Rule 107A and CTs pursuant to Exchange Rule 110.
On September 22, 2005, the Exchange filed SR-NYSE-2005-63 \3\ with
the Commission proposing to implement a moratorium on the qualification
and registration of new RCMMs and CTs (``Moratorium''). The purpose of
the Moratorium was to allow the Exchange an opportunity to review the
viability of RCMMs and CTs in the NYSE HYBRID MARKETSM (``Hybrid
Market'').\4\
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 52648 (October 21,
2005), 70 FR 62155 (October 28, 2005) (SR-NYSE-2005-63).
\4\ See Securities Exchange Act Release No. 53539 (March 22,
2006), 71 FR 16353 (March 31, 2006) (SR-NYSE-2004-05) (establishing
the Hybrid Market).
---------------------------------------------------------------------------
The phased-in implementation of the Hybrid Market required the
Exchange to extend the Moratorium an additional four times over the
next eighteen (18) months.\5\ During each phase of the Hybrid Market,
new system functionality was included in the operation of Exchange
systems and new data was generated. As a result, the Exchange was
unable to make an informed decision as to the viability of RCMMs and
CTs in the Hybrid Market.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release Nos. 54140 (July 13,
2006), 71 FR 41491 (July 21, 2006) (SR-NYSE-2006-48); 54985
(December 21, 2006), 72 FR 171 (January 3, 2007) (SR-NYSE-2006-113);
55992 (June 29, 2007), 72 FR 37289 (July 9, 2007) (SR-NYSE-2007-57);
and 56556 (September 27, 2007), 72 FR 56421 (October 3, 2007) (SR-
NYSE-2007-86).
---------------------------------------------------------------------------
The Exchange is now proposing to extend the Moratorium, as
amended,\6\ for an additional three months to March 31, 2008 in order
to finalize its determination as to the roles of RCMMs and CTs in the
Exchange's Hybrid Market and to formally submit a proposal to the
Commission outlining these roles. The Exchange has continued to review
the data related to RCMMs and CTs generated during the phasing in of
the Hybrid Market.
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No.53549 (March 24,
2006), 71 FR 16388 (March 31, 2006) (SR-NYSE-2006-11) (making
certain amendments to the Moratorium).
---------------------------------------------------------------------------
The Exchange is currently undergoing significant developments in
its technology and market model. Accordingly, the Exchange requests
additional time to decide what roles, if any, RCMMs and CTs should
perform in the current Hybrid Market.
The Exchange will issue an Information Memo announcing the
extension of the Moratorium.
2. Statutory Basis
The basis under the Act \7\ for this proposed rule change is the
requirement under section 6(b)(5) \8\ that an exchange have rules that
are 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78a.
\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
The Exchange has neither solicited nor received written comments on
the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change: (i) Does not significantly affect
the protection of investors or the public interest; (ii) does not
impose any significant burden on competition; and (iii) does not become
operative for 30 days after the date of the filing, or such shorter
time as the Commission may designate if consistent with the protection
of investors and the public interest, the proposed rule change has
become effective pursuant to section
[[Page 1253]]
19(b)(3)(A) of the Act \9\ and Rule 19b-4(f)(6) thereunder.\10\
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6). Pursuant to Rule 19b-4(f)(6)(iii)
under the Act, the Exchange is required to give the Commission
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 filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has requested that the Commission waive the 5-day pre-
filing notice requirement. The Commission has determined to waive
this requirement to allow the Exchange to file its proposal to
extend the Moratorium, which expires on December 31, 2007, without
delay.
---------------------------------------------------------------------------
A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \11\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \12\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The NYSE has
requested that the Commission waive the 30-day operative delay. The
Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest
because it would allow the Moratorium to continue without interruption
so that the Exchange may have additional time to make a final
determination as to the future roles of RCMMs and CTs in the Hybrid
Market, if any, and to file with the Commission a proposed rule change
outlining such roles. For these reasons, the Commission designates that
the proposed rule change become operative immediately.\13\
---------------------------------------------------------------------------
\11\ 17 CFR 240.19b-4(f)(6).
\12\ 17 CFR 240.19b-4(f)(6)(iii).
\13\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate the 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
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NYSE-2007-125 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-NYSE-2007-125. 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, on official business
days between the hours of 10 a.m. and 3 p.m. Copies of the 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-
NYSE-2007-125 and should be submitted on or before January 28, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
---------------------------------------------------------------------------
\14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Nancy M. Morris,
Secretary.
[FR Doc. E7-25654 Filed 1-4-08; 8:45 am]
BILLING CODE 8011-01-P
