Joint Industry Plan; Order Approving Joint Amendment No. 25 to the Plan for the Purpose of Creating and Operating an Intermarket Option Linkage Relating to Response Time for Certain Orders Sent Through the Linkage, 6748-6749 [E8-2058]

Download as PDF 6748 Federal Register / Vol. 73, No. 24 / Tuesday, February 5, 2008 / Notices need a reasonable accommodation to participate in these public meetings, or need this meeting notice or the transcript or other information from the public meetings in another format (e.g. braille, large print), please notify the NRC’s Disability Program Coordinator, Rohn Brown, at 301–492–2279, TDD: 301–415–2100, or by e-mail at REB3@nrc.gov. Determinations on requests for reasonable accommodation will be made on a case-by-case basis. * * * * * This notice is distributed by mail to several hundred subscribers; if you no longer wish to receive it, or would like to be added to the distribution, please contact the Office of the Secretary, Washington, DC 20555 (301–415–1969). In addition, distribution of this meeting notice over the Internet system is available. If you are interested in receiving this Commission meeting schedule electronically, please send an electronic message to dkw@nrc.gov. Dated: January 31, 2008. R. Michelle Schroll, Office of the Secretary. [FR Doc. 08–512 Filed 2–1–08; 10:37 am] BILLING CODE 7590–01–P SECURITIES AND EXCHANGE COMMISSION Proposed Collection; Comment Request Upon written request, copies available from: U.S. Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. rmajette on PROD1PC64 with NOTICES Extension: Rule 17Ac3–1(a); SEC File No. 270–96; OMB Control No. 3235–015; Form TA– W(1669); SEC File No. 270–96; OMB Control No. 3235–0151. Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.) the Securities and Exchange Commission (‘‘Commission’’) is soliciting comments on the collection of information summarized below. The Commission plans to submit this existing collection of information to the Office of Management and Budget for extension and approval. Subsection (c)(4)(B) of Section 17A of the Securities Exchange Act of 1934 (15 U.S.C. 78 et seq.) authorizes transfer agents registered with an appropriate regulatory agency (‘‘ARA’’) to withdraw from registration by filing with the ARA a written notice of withdrawal and by agreeing to such terms and conditions as the ARA deems necessary or VerDate Aug<31>2005 15:34 Feb 04, 2008 Jkt 214001 appropriate in the public interest, for the protection of investors, or in the furtherance of the purposes of Section 17A. In order to implement Section 17A(c)(4)(B) of the Exchange Act the Commission, on September 1, 1977, promulgated Rule 17Ac3–1(a) (17 CFR 240.17Ac3–1(a)) and accompanying Form TA–W (17 CFR 249b.101). Rule 17Ac3–1(a) provides that notice of withdrawal from registration as a transfer agent with the Commission shall be filed on Form TA–W. Form TA– W requires the withdrawing transfer agent to provide the Commission with certain information, including: (1) The locations where transfer agent activities are or were performed; (2) the reasons for ceasing the performance of such activities; (3) disclosure of unsatisfied judgments or liens; and (4) information regarding successor transfer agents. The Commission uses the information disclosed on Form TA–W to determine whether the registered transfer agent applying for withdrawal from registration as a transfer agent should be allowed to deregister and, if so, whether the Commission should attach to the granting of the application any terms or conditions necessary or appropriate in the public interest, for the protection of investors, or in furtherance of the purposes of Section 17A of the Exchange Act. Without Rule 17Ac3–1(a) and Form TA–W, transfer agents registered with the Commission would not have a means for voluntary deregistration when necessary or appropriate to do so. Respondents file approximately 50 TA–Ws with the Commission annually. A Form TA–W filing occurs only once, when a transfer agent is seeking deregistration. Since the form is simple and straightforward, the Commission estimates that a transfer agent need spend no more than 30 minutes to complete a Form TA–W. Therefore, the total average annual burden to covered entities is approximately 25 hours of preparation and maintenance time. In view of the ready availability of the information requested by Form TA–W, its short and simple presentation, and the Commission’s experience with the filers, we estimate that approximately 30 minutes is required to complete Form TA–W, including clerical time. Approximately 80 percent of these are completed by the transfer agent or its employees and approximately 20 percent are completed by an outside filing agent. In either case, we estimate a cost of approximately $35 for each 30 minutes. Therefore, the total average annual cost burden is approximately $1,750. PO 00000 Frm 00059 Fmt 4703 Sfmt 4703 Written comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; (b) the accuracy of the agency’s estimate of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information collected; and (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. Consideration will be given to comments and suggestions submitted in writing within 60 days of this publication. Comments should be directed to: R. Corey Booth, Director/Chief Information Officer, Securities and Exchange Commission, C/O Shirley Martinson, 6432 General Green Way, Alexandria, Virginia 22312 or send an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted within 60 days of this notice. Dated: January 28, 2008. Florence E. Harmon, Deputy Secretary. [FR Doc. E8–1966 Filed 2–4–08; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57238; File No. 4–429] Joint Industry Plan; Order Approving Joint Amendment No. 25 to the Plan for the Purpose of Creating and Operating an Intermarket Option Linkage Relating to Response Time for Certain Orders Sent Through the Linkage January 30, 2008. I. Introduction On November 9, 2007, November 13, 2007, November 23, 2007, November 28, 2007, and November 29, 2007, the American Stock Exchange LLC (‘‘Amex’’), the Boston Stock Exchange, Inc. (‘‘BSE’’), the Chicago Board Options Exchange, Incorporated (‘‘CBOE’’), the International Securities Exchange, LLC (‘‘ISE’’), the NYSE Arca, Inc. (‘‘NYSE Arca’’), and the Philadelphia Stock Exchange, Inc. (‘‘Phlx’’) (collectively, ‘‘Participants’’), respectively, filed with the Securities and Exchange Commission (‘‘Commission’’) pursuant to Section 11A of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 1 15 E:\FR\FM\05FEN1.SGM U.S.C. 78k–1. 05FEN1 Federal Register / Vol. 73, No. 24 / Tuesday, February 5, 2008 / Notices 608 thereunder 2 an amendment (‘‘Joint Amendment No. 25’’) to the Plan for the Purpose of Creating and Operating an Intermarket Option Linkage (‘‘Linkage Plan’’).3 In Joint Amendment No. 25, the Participants propose to reduce (i) the amount of time a member must wait after sending a Linkage Order 4 to another market before the member 5 can trade through that market and (ii) the time frame within which a Participant must respond to a Linkage Order after receipt of that Linkage Order. On December 4, 2007, the Commission summarily put into effect Joint Amendment No. 25 on a temporary basis not to exceed 120 days and solicited comment on Joint Amendment No. 25 from interested persons.6 The Commission received no comments on Joint Amendment No. 25. This order approves Joint Amendment No. 25. II. Description of the Proposed Amendment In Joint Amendment No. 25, the Participants proposed to reduce the amount of time a member must wait after sending a Linkage Order to another market before the member can trade through that market. The Participants proposed to decrease this time period from 5 seconds to 3 seconds. The Participants also proposed to reduce the time frame in which a Participant must respond to a Linkage Order from 5 seconds to 3 seconds after receipt of that Linkage Order. III. Discussion and Commission Findings The Commission previously determined, pursuant to Rule 608 under the Act,7 to put into effect summarily on CFR 242.608. July 28, 2000, the Commission approved a national market system plan for the purpose of creating and operating an intermarket options market linkage (‘‘Linkage’’) proposed by 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), 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). 4 See Section 2(16) of the Linkage Plan. For the purposes of this Joint Amendment No. 25 only, references to ‘‘Linkage Orders’’ herein pertain to P/A Orders and Principal Orders. For definitions of ‘‘P/A Order’’ and ‘‘Principal Order,’’ see Section 2(16)(a) and (b) of the Linkage Plan, respectively. 5 The term ‘‘member,’’ as used herein, includes NYSE Arca OTP Holders and OTP Firms and Boston Options Exchange (‘‘BOX’’) Options Participants. See NYSE Arca Rules 1.1(q) and 1.1(r) and Chapter I, Sec. 1(a)(40) of BOX Rules, respectively. 6 See Securities Exchange Act Release No. 56893, 72 FR 70353 (December 11, 2007). 7 17 CFR 242.608. a temporary basis not to exceed 120 days, the changes to the Linkage Plan detailed above in Joint Amendment No. 25.8 After careful consideration of Joint Amendment No. 25, the Commission finds that approving Joint Amendment No. 25 is consistent with the requirements of the Act and the rules and regulations thereunder. Specifically, the Commission finds that Joint Amendment No. 25 is consistent with Section 11A of the Act 9 and Rule 608 of Regulation NMS thereunder 10 in that it is in the public interest, for the protection of investors, and the maintenance of fair and orderly markets. The Commission believes that reducing the time required by a Participant to respond to a Linkage Order and the amount of time a member sending a Linkage Order must wait before trading through a nonresponsive Participant should facilitate the more timely execution of orders across the options exchanges. pursuant to Section 11A of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 608 thereunder,2 an amendment to the Plan for Reporting of Consolidated Options Last Sale Reports and Quotation Information (‘‘OPRA Plan’’).3 The proposed OPRA Plan amendment would adopt a new form of Television Dissemination Rider to OPRA’s Vendor Agreement for use by television companies that wish to disseminate current OPRA Data via a passive scrolling or ticker television display (‘‘Rider’’). OPRA’s Fee Schedule would be modified to incorporate the fee that OPRA would charge for the dissemination of OPRA Data in the manner discussed below. The proposed OPRA Plan amendment was published for comment in the Federal Register on December 13, 2007.4 The Commission received no comment letters in response to the Notice. This order approves the proposed OPRA Plan amendment. IV. Conclusion It is therefore ordered, pursuant to Section 11A of the Act 11 and Rule 608 thereunder,12 that Joint Amendment No. 25 is approved. Presently, a company that disseminates current OPRA Data to third parties is a ‘‘Vendor’’ for OPRA’s purposes, and is therefore required to sign OPRA’s Vendor Agreement. Furthermore, OPRA’s Vendor Agreement states that any person that receives current OPRA Data from a Vendor is a ‘‘Subscriber’’ and requires the Vendor to cause each of its Subscribers to agree to a Subscriber Agreement, either with the Vendor for the benefit of OPRA, or directly with OPRA. OPRA is proposing a new Rider to state that this requirement would not apply to persons that receive OPRA Data in the form of a passive scrolling or ticker television display. The new Rider would also state that the reporting requirements in the Vendor Agreement that enable OPRA to verify the Vendor’s fees would not apply to television dissemination of OPRA Data. Instead, the Rider would set For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.13 Florence E. Harmon, Deputy Secretary. [FR Doc. E8–2058 Filed 2–4–08; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57233; File No. SR–OPRA– 2007–05] 2 17 rmajette on PROD1PC64 with NOTICES 3 On VerDate Aug<31>2005 15:34 Feb 04, 2008 Jkt 214001 6749 Options Price Reporting Authority; Order Approving an Amendment to the Plan for Reporting of Consolidated Options Last Sale Reports and Quotation Information To Adopt New Form of Rider to OPRA’s Vendor Agreement for Use by Television Companies That Wish To Disseminate OPRA Data January 30, 2008. I. Introduction On December 6, 2007, the Options Price Reporting Authority (‘‘OPRA’’) submitted to the Securities and Exchange Commission (‘‘Commission’’), 8 See supra note 6. U.S.C. 78k–1. 10 17 CFR 242.608. 11 15 U.S.C. 78k–1. 12 17 CFR 242.608. 13 17 CFR 200.30–3(a)(29). 9 15 PO 00000 Frm 00060 Fmt 4703 Sfmt 4703 II. Description of the Proposal 1 15 U.S.C. 78k–1. CFR 242.608. 3 The OPRA Plan is a national market system plan approved by the Commission pursuant to Section 11A of the Act and Rule 608 thereunder (formerly Rule 11Aa3–2). See Securities Exchange Act Release No. 17638 (March 18, 1981), 22 S.E.C. Docket 484 (March 31, 1981). The full text of the OPRA Plan is available at https:// www.opradata.com. The OPRA Plan provides for the collection and dissemination of last sale and quotation information on options that are traded on the participant exchanges. The six participants to the OPRA Plan are the American Stock Exchange LLC, the Boston Stock Exchange, Inc., the Chicago Board Options Exchange, Incorporated, the International Securities Exchange, Inc., the NYSE Arca, Inc., and the Philadelphia Stock Exchange, Inc. 4 See Securities Exchange Act Release No. 56926 (December 7, 2007), 72 FR 70907 (‘‘Notice’’). 2 17 E:\FR\FM\05FEN1.SGM 05FEN1

Agencies

[Federal Register Volume 73, Number 24 (Tuesday, February 5, 2008)]
[Notices]
[Pages 6748-6749]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-2058]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57238; File No. 4-429]


Joint Industry Plan; Order Approving Joint Amendment No. 25 to 
the Plan for the Purpose of Creating and Operating an Intermarket 
Option Linkage Relating to Response Time for Certain Orders Sent 
Through the Linkage

January 30, 2008.

I. Introduction

    On November 9, 2007, November 13, 2007, November 23, 2007, November 
28, 2007, and November 29, 2007, the American Stock Exchange LLC 
(``Amex''), the Boston Stock Exchange, Inc. (``BSE''), the Chicago 
Board Options Exchange, Incorporated (``CBOE''), the International 
Securities Exchange, LLC (``ISE''), the NYSE Arca, Inc. (``NYSE 
Arca''), and the Philadelphia Stock Exchange, Inc. (``Phlx'') 
(collectively, ``Participants''), respectively, filed with the 
Securities and Exchange Commission (``Commission'') pursuant to Section 
11A of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule

[[Page 6749]]

608 thereunder \2\ an amendment (``Joint Amendment No. 25'') to the 
Plan for the Purpose of Creating and Operating an Intermarket Option 
Linkage (``Linkage Plan'').\3\ In Joint Amendment No. 25, the 
Participants propose to reduce (i) the amount of time a member must 
wait after sending a Linkage Order \4\ to another market before the 
member \5\ can trade through that market and (ii) the time frame within 
which a Participant must respond to a Linkage Order after receipt of 
that Linkage Order. On December 4, 2007, the Commission summarily put 
into effect Joint Amendment No. 25 on a temporary basis not to exceed 
120 days and solicited comment on Joint Amendment No. 25 from 
interested persons.\6\ The Commission received no comments on Joint 
Amendment No. 25. This order approves Joint Amendment No. 25.
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    \1\ 15 U.S.C. 78k-1.
    \2\ 17 CFR 242.608.
    \3\ On July 28, 2000, the Commission approved a national market 
system plan for the purpose of creating and operating an intermarket 
options market linkage (``Linkage'') proposed by 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), 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).
    \4\ See Section 2(16) of the Linkage Plan. For the purposes of 
this Joint Amendment No. 25 only, references to ``Linkage Orders'' 
herein pertain to P/A Orders and Principal Orders. For definitions 
of ``P/A Order'' and ``Principal Order,'' see Section 2(16)(a) and 
(b) of the Linkage Plan, respectively.
    \5\ The term ``member,'' as used herein, includes NYSE Arca OTP 
Holders and OTP Firms and Boston Options Exchange (``BOX'') Options 
Participants. See NYSE Arca Rules 1.1(q) and 1.1(r) and Chapter I, 
Sec. 1(a)(40) of BOX Rules, respectively.
    \6\ See Securities Exchange Act Release No. 56893, 72 FR 70353 
(December 11, 2007).
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II. Description of the Proposed Amendment

    In Joint Amendment No. 25, the Participants proposed to reduce the 
amount of time a member must wait after sending a Linkage Order to 
another market before the member can trade through that market. The 
Participants proposed to decrease this time period from 5 seconds to 3 
seconds. The Participants also proposed to reduce the time frame in 
which a Participant must respond to a Linkage Order from 5 seconds to 3 
seconds after receipt of that Linkage Order.

III. Discussion and Commission Findings

    The Commission previously determined, pursuant to Rule 608 under 
the Act,\7\ to put into effect summarily on a temporary basis not to 
exceed 120 days, the changes to the Linkage Plan detailed above in 
Joint Amendment No. 25.\8\ After careful consideration of Joint 
Amendment No. 25, the Commission finds that approving Joint Amendment 
No. 25 is consistent with the requirements of the Act and the rules and 
regulations thereunder. Specifically, the Commission finds that Joint 
Amendment No. 25 is consistent with Section 11A of the Act \9\ and Rule 
608 of Regulation NMS thereunder \10\ in that it is in the public 
interest, for the protection of investors, and the maintenance of fair 
and orderly markets. The Commission believes that reducing the time 
required by a Participant to respond to a Linkage Order and the amount 
of time a member sending a Linkage Order must wait before trading 
through a nonresponsive Participant should facilitate the more timely 
execution of orders across the options exchanges.
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    \7\ 17 CFR 242.608.
    \8\ See supra note 6.
    \9\ 15 U.S.C. 78k-1.
    \10\ 17 CFR 242.608.
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IV. Conclusion

    It is therefore ordered, pursuant to Section 11A of the Act \11\ 
and Rule 608 thereunder,\12\ that Joint Amendment No. 25 is approved.
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    \11\ 15 U.S.C. 78k-1.
    \12\ 17 CFR 242.608.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(29).
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Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E8-2058 Filed 2-4-08; 8:45 am]
BILLING CODE 8011-01-P
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