Self-Regulatory Organizations; American Stock Exchange, LLC; Order Approving a Proposed Rule Change, as Modified by Amendment No. 1, to Allow Register Options Traders to Submit Electronic Quotations and Orders From Off the Amex's Trading Floor on a Limited Basis, 7016 [E8-2139]

Download as PDF 7016 Federal Register / Vol. 73, No. 25 / Wednesday, February 6, 2008 / Notices the waiver will be passed through to the Portfolio. 11. With respect to Registered Separate Accounts that invest in a Portfolio, no sales load will be charged at the Portfolio level or at the Underlying Fund level. Other sales charges and service fees, as defined in NASD Conduct Rule 2830, if any, will only be charged at the Portfolio level or at the Underlying Fund level, not both. With respect to other investment in a Portfolio, any sales charges and/or service fees charged with respect to shares of the Portfolio will not exceed the limits applicable to a funds of funds set forth in NASD Conduct Rule 2830. 12. No Underlying Fund will acquire securities of any other investment company or company relying on section 3(c)(1) or 3(c)(7) of the Act in excess of the limits contained in section 12(d)(1)(A) of the Act, except to the extent that such Underlying Fund: (a) Receives securities of another investment company as a dividend or as a result of a plan of reorganization of a company (other than a plan devised for the purpose of evading section 12(d)(1) of the Act); or (b) acquires (or is deemed to have acquired) securities of another investment company pursuant to exemptive relief from the Commission permitting such Underlying Fund to: (i) Acquire securities of one or more affiliated investment companies for short-term cash management purposes, or (ii) engage in interfund borrowing and lending transactions. For the Commission, by the Division of Investment Management, pursuant to delegated authority. Florence E. Harmon, Deputy Secretary. [FR Doc. E8–2120 Filed 2–5–08; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57248; File No. SR–Amex– 2007–25] Self-Regulatory Organizations; American Stock Exchange, LLC; Order Approving a Proposed Rule Change, as Modified by Amendment No. 1, to Allow Register Options Traders to Submit Electronic Quotations and Orders From Off the Amex’s Trading Floor on a Limited Basis pwalker on PROD1PC71 with NOTICES January 31, 2008. I. Introduction On February 27, 2007, the American Stock Exchange LLC (‘‘Amex’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission VerDate Aug<31>2005 18:21 Feb 05, 2008 Jkt 214001 (‘‘Commission’’), pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 a proposal to amend its rules to allow registered options traders to submit electronic quotations and orders from off the Amex’s trading floor on a limited basis. The Amex filed Amendment No. 1 to the proposal on December 13, 2007.3 The proposed rule change, as modified by Amendment No. 1, was published for comment in the Federal Register on December 28, 2007.4 The Commission received no comments regarding the proposed rule change, as amended. This order approves the proposed rule change, as modified by Amendment No. 1. II. Description of the Proposal The Amex proposes to amend Amex Rule 958–ANTE, ‘‘Options Transactions of Registered Options Traders and Supplemental Registered Options Traders and Remote Registered Options Traders,’’ to allow registered options traders to submit electronic quotations and orders from off the Amex’s trading floor on a temporary basis for a maximum of 20 days during a calendar year.5 According to the Amex, the proposal is designed to accommodate registered options traders when they are temporarily unable to be present on the Amex’s physical trading floor. For purposes of the ‘‘in-person’’ requirements set forth in Amex Rule 958–ANTE, a registered options trader’s transactions through this limited remote quoting program will be deemed to occur on the floor. A registered options trader must notify the Amex’s Division of Regulation and Compliance immediately following the day or days during which he or she submits quotes from off the floor.6 The Amex notes that it has an independent means to monitor when a register options trader is off the floor because all members must scan in. The Amex states that it will use its existing surveillance procedures to monitor registered options traders’ temporary off-floor trading. In addition, the Amex represents that it will be able to monitor for compliance with the Amex’s trading rules and the federal U.S.C. 78s(b)(1). CFR 240.19b–4. 3 Amendment No. 1 supersedes and replaces the original filing in its entirety. 4 See Securities Exchange Act Release No. 57011 (December 20, 2007), 72 FR 73910. 5 See Amex Rule 958–ANTE, Commentary .01(c). Under the proposal, quoting and submitting orders from off the trading floor for less than an entire day would qualify as one day. 6 See Amex Rule 958–ANTE, Commentary .01(c). securities laws and the rules and regulations thereunder. III. Discussion The Commission finds that the proposed rule change, as amended, is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange.7 In particular, the Commission finds that the proposal is consistent with section 6(b)(5) of the Act,8 which requires, among other things, that the rules of a national securities exchange be 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 the proposal is designed to provide registered options traders with the flexibility to trade from off the Amex’s floor on a limited basis when they are temporarily unable to be present on the floor. The Commission notes that the Amex has stated that it will use its existing surveillance procedures to monitor the off-floor trading permitted under the proposal, and that the Amex has represented that it will be able to monitor for compliance with the Amex’s trading rules and the federal securities laws and the rules and regulations thereunder. IV. Conclusion It is therefore ordered, pursuant to section 19(b)(2) of the Act,9 that the proposed rule change (SR–Amex–2007– 25), as modified by Amendment No. 1, is approved. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Florence E. Harmon, Deputy Secretary. [FR Doc. E8–2139 Filed 2–5–08; 8:45 am] BILLING CODE 8011–01–P 1 15 2 17 PO 00000 Frm 00097 Fmt 4703 Sfmt 4703 7 In approving the proposed rule change, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 8 15 U.S.C. 78f(b)(5). 9 15 U.S.C. 78s(b)(2). 10 17 CFR 200.30–3(a)(12). E:\FR\FM\06FEN1.SGM 06FEN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 73, Number 25 (Wednesday, February 6, 2008)]
[Notices]
[Page 7016]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-2139]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57248; File No. SR-Amex-2007-25]


Self-Regulatory Organizations; American Stock Exchange, LLC; 
Order Approving a Proposed Rule Change, as Modified by Amendment No. 1, 
to Allow Register Options Traders to Submit Electronic Quotations and 
Orders From Off the Amex's Trading Floor on a Limited Basis

January 31, 2008.

I. Introduction

    On February 27, 2007, the American Stock Exchange LLC (``Amex'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ a 
proposal to amend its rules to allow registered options traders to 
submit electronic quotations and orders from off the Amex's trading 
floor on a limited basis. The Amex filed Amendment No. 1 to the 
proposal on December 13, 2007.\3\ The proposed rule change, as modified 
by Amendment No. 1, was published for comment in the Federal Register 
on December 28, 2007.\4\ The Commission received no comments regarding 
the proposed rule change, as amended. This order approves the proposed 
rule change, as modified by Amendment No. 1.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Amendment No. 1 supersedes and replaces the original filing 
in its entirety.
    \4\ See Securities Exchange Act Release No. 57011 (December 20, 
2007), 72 FR 73910.
---------------------------------------------------------------------------

II. Description of the Proposal

    The Amex proposes to amend Amex Rule 958-ANTE, ``Options 
Transactions of Registered Options Traders and Supplemental Registered 
Options Traders and Remote Registered Options Traders,'' to allow 
registered options traders to submit electronic quotations and orders 
from off the Amex's trading floor on a temporary basis for a maximum of 
20 days during a calendar year.\5\ According to the Amex, the proposal 
is designed to accommodate registered options traders when they are 
temporarily unable to be present on the Amex's physical trading floor. 
For purposes of the ``in-person'' requirements set forth in Amex Rule 
958-ANTE, a registered options trader's transactions through this 
limited remote quoting program will be deemed to occur on the floor.
---------------------------------------------------------------------------

    \5\ See Amex Rule 958-ANTE, Commentary .01(c). Under the 
proposal, quoting and submitting orders from off the trading floor 
for less than an entire day would qualify as one day.
---------------------------------------------------------------------------

    A registered options trader must notify the Amex's Division of 
Regulation and Compliance immediately following the day or days during 
which he or she submits quotes from off the floor.\6\ The Amex notes 
that it has an independent means to monitor when a register options 
trader is off the floor because all members must scan in.
---------------------------------------------------------------------------

    \6\ See Amex Rule 958-ANTE, Commentary .01(c).
---------------------------------------------------------------------------

    The Amex states that it will use its existing surveillance 
procedures to monitor registered options traders' temporary off-floor 
trading. In addition, the Amex represents that it will be able to 
monitor for compliance with the Amex's trading rules and the federal 
securities laws and the rules and regulations thereunder.

III. Discussion

    The Commission finds that the proposed rule change, as amended, is 
consistent with the requirements of the Act and the rules and 
regulations thereunder applicable to a national securities exchange.\7\ 
In particular, the Commission finds that the proposal is consistent 
with section 6(b)(5) of the Act,\8\ which requires, among other things, 
that the rules of a national securities exchange be 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.
---------------------------------------------------------------------------

    \7\ In approving the proposed rule change, the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. See 15 U.S.C. 78c(f).
    \8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Commission believes that the proposal is designed to provide 
registered options traders with the flexibility to trade from off the 
Amex's floor on a limited basis when they are temporarily unable to be 
present on the floor. The Commission notes that the Amex has stated 
that it will use its existing surveillance procedures to monitor the 
off-floor trading permitted under the proposal, and that the Amex has 
represented that it will be able to monitor for compliance with the 
Amex's trading rules and the federal securities laws and the rules and 
regulations thereunder.

IV. Conclusion

    It is therefore ordered, pursuant to section 19(b)(2) of the 
Act,\9\ that the proposed rule change (SR-Amex-2007-25), as modified by 
Amendment No. 1, is approved.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
---------------------------------------------------------------------------

    \10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E8-2139 Filed 2-5-08; 8:45 am]
BILLING CODE 8011-01-P

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