Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to NYSE Rule 104 (Dealings by Specialists), 8733-8735 [E8-2732]
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Federal Register / Vol. 73, No. 31 / Thursday, February 14, 2008 / Notices
receiving inferior priced executions.
NYSE believes that rescission of these
order types promotes the use of
electronic functionality and therefore
would provide its customers with better
execution opportunities.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
NYSE 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
Written comments were neither
solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to section
19(b)(3)(A) of the Act 11 and Rule 19b–
4(f)(6) thereunder.12
A proposed rule change filed under
19b–4(f)(6) normally may not become
operative prior to 30 days after the date
of filing.13 However, Rule 19b–
4(f)(6)(iii) 14 permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange has requested that the
Commission waive the 30-day operative
delay to immediately remove a current
impediment to the efficient operation of
its market and to provide customers
with better execution opportunities. The
Commission hereby grants the
Exchange’s request and designates the
proposal as operative upon filing.15
At any time within 60 days of the
filing of the proposed rule change, the
11 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
13 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
give the Commission written notice of its intent to
file 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. NYSE has complied with this
requirement.
14 Id.
15 For purposes only of waiving the 30-day
operative delay of this proposal, the Commission
has considered the proposed rule’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
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12 17
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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 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 rulecomments@sec.gov. Please include File
No. SR–NYSE–2008–11 on the subject
line.
8733
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–2695 Filed 2–13–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57287; File No. SR–NYSE–
2008–12]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to
NYSE Rule 104 (Dealings by
Specialists)
February 7, 2008.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
Paper Comments
notice is hereby given that on February
4, 2008, the New York Stock Exchange
• Send paper comments in triplicate
LLC (‘‘NYSE’’ or ‘‘Exchange’’) filed with
to Nancy M. Morris, Secretary,
the Securities and Exchange
Securities and Exchange Commission,
Commission (‘‘Commission’’) the
Station Place, 100 F Street, NE.,
proposed rule change as described in
Washington, DC 20549–1090.
Items I and II below, which Items have
All submissions should refer to File
been prepared by the Exchange. The
Number SR–NYSE–2008–11. This file
Exchange filed the proposed rule change
number should be included on the
subject line if e-mail is used. To help the pursuant to Section 19(b)(3)(A) of the
Act 3 and Rule 19b–4(f)(6) thereunder,
Commission process and review your
which renders it effective upon filing
comments more efficiently, please use
4
only one method. The Commission will with the Commission. The Commission
is publishing this notice to solicit
post all comments on the Commission’s
comments on the proposed rule change
Internet Web site (https://www.sec.gov/
from interested persons.
rules/sro.shtml). Copies of the
submission, all subsequent
I. Self-Regulatory Organization’s
amendments, all written statements
Statement of the Terms of Substance of
with respect to the proposed rule
the Proposed Rule Change
change that are filed with the
The NYSE proposes to amend
Commission, and all written
Exchange Rule 104 (Dealings by
communications relating to the
Specialists) to conform its language to
proposed rule change between the
Commission and any person, other than other recent amendments of Rule 104
and Rule 70 (Bids and Offers).
those that may be withheld from the
The text of the proposed rule change
public in accordance with the
is available at the Exchange, the
provisions of 5 U.S.C. 552, will be
Commission’s Public Reference Room,
available for inspection and copying in
and https://www.nyse.com.
the Commission’s Public Reference
Room, on official business days between II. Self-Regulatory Organization’s
the hours of 10 a.m. and 3 p.m. Copies
Statement of the Purpose of, and
of such filing also will be available for
Statutory Basis for, the Proposed Rule
inspection and copying at the principal
Change
office of NYSE. All comments received
In its filing with the Commission, the
will be posted without change; the
NYSE included statements concerning
Commission does not edit personal
the purpose of, and basis for, the
identifying information from
proposed rule change and discussed any
submissions. You should submit only
information that you wish to make
16 17 CFR 200.30–3(a)(12).
available publicly. All submissions
1 15 U.S.C. 78s(b)(1).
should refer to File Number SR–NYSE–
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
2008–11 and should be submitted on or
4 17 CFR 240.19b–4(f)(6).
before March 6, 2008.
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8734
Federal Register / Vol. 73, No. 31 / Thursday, February 14, 2008 / Notices
comments it received on the proposed
rule change. 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
rwilkins on PROD1PC63 with NOTICES
The Exchange proposes to amend
Exchange NYSE Rule 104 (Dealings by
Specialists) to conform its language to
recent amendments of NYSE Rule 104
and NYSE Rule 70 (Bids and Offers).
Specifically, on October 2, 2007, the
Exchange amended NYSE Rules 70 and
104 to reduce the minimum display
requirement to 100 shares for Floor
brokers and specialists to utilize the
reserve functionality of the e-Quote and
s-Quote.5 In doing so, the Exchange
referred to the new display requirement
in terms of a ‘‘round-lot’’ instead of
using the term ‘‘shares.’’ The change in
language takes into account that, for
certain equity securities that trade on
the Exchange, a round-lot is other than
100 shares.6
Pursuant to Exchange Rule 104(e),
specialists are allowed to provide price
improvement to an order through the
use of an algorithmically generated
trading message provided the specialist
is represented in the bid or offer in a
‘‘meaningful amount.’’ This is defined
in the Rule as 1,000 shares for the 100
most active securities on the Exchange,
and 500 shares for all other securities on
the Exchange.
The Exchange proposes to amend the
language in NYSE Rule 104(e)(ii) in
order to conform it to the language
contained in recent amendments to
NYSE Rule 70.20(c) and NYSE Rule
104(d), by changing the reference to
‘‘1,000 shares’’ to ‘‘ten round-lots’’ and
the reference to ‘‘500 shares’’ to ‘‘five
round-lots.’’
The Exchange believes that the
proposed amendment clarifies the
operation of the rule by adding language
that takes into account those equity
securities that trade on the Exchange in
units other than 100 shares.
5 See Securities Exchange Act Release No. 56599
(October 2, 2007) 72 FR 57622 (October 10, 2007)
(SR–NYSE–2007–93).
6 Exchange Rule 55 (Unit of Trading—Stocks and
Bonds) provides in pertinent part, that: ‘‘The unit
of trading in stocks shall be 100 shares, except that
in the case of certain stocks designated by the
Exchange the unit of trading shall be such lesser
number of shares as may be determined by the
Exchange, with respect to each stock so
designated.’’
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2. Statutory Basis
NYSE believes that the proposed rule
change is consistent with Section 6(b) of
the Act 7 in general, and furthers the
objectives of Section 6(b)(5) of the Act 8
in particular, in that it is 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. The
Exchange believes that the instant
proposal is consistent with the
objectives of the Act in that the
amendment serves to remove the
ambiguity that currently exists in the
rule text of Exchange Rule 104(e)(ii) by
clarifying the number of shares that a
specialist must display in order to use
his or her ability to provide price
improvement in those equity securities
that trade on the Exchange in units
other than 100 shares.
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
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 9 and Rule
19b–4(f)(6) thereunder.10 Because the
proposed rule change does not: (i)
Significantly affect the protection of
investors or the public interest; (ii)
impose any significant burden on
competition; and (iii) become operative
prior to 30 days from the date on which
it was filed, 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 19(b)(3)(A)
of the Act and Rule 19b–4(f)(6)(iii)
thereunder.11
7 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
9 15 U.S.C. 78s(b)(3)(A)(iii).
10 17 CFR 240.19b–4(f)(6).
11 Rule 19b–4(f)(6) also requires the Exchange to
give the Commission written notice of its intent to
8 15
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A proposed rule change filed under
Rule 19b–4(f)(6) normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),12 the
Commission may designate a shorter
time if such action is consistent with the
protection of investors and the public
interest. NYSE has asked the
Commission to waive the 30-day
operative delay so that the proposal may
become operative immediately upon
filing. The Exchange believes the waiver
of this period will allow it to
immediately clarify certain terms within
NYSE Rule 104, which it believes is in
the public interest as it will avoid
ambiguity or confusion by market
participants as to how NYSE Rule 104
operates. The Commission believes such
waiver is consistent with the protection
of investors and the public interest
because it presents no new issues and
would provide clarification of the
Exchange’s rules with respect to equity
securities that trade on the Exchange in
units other than 100 shares. For this
reason, the Commission designates the
proposal to be operative upon filing
with the Commission.13
At any time within 60 days of the
filing of the 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 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 e-mail to rulecomments@sec.gov. Please include File
Number SR–NYSE–2008–12 on the
subject line.
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 satisfied the pre-filing requirement.
12 17 CFR 240.19b–4(f)(6)(iii).
13 For purposes only of waiving the 30-day preoperative period, the Commission has considered
the proposed rule’s impact on efficiency,
competition and capital formation. 15 U.S.C. 78c(f).
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Federal Register / Vol. 73, No. 31 / Thursday, February 14, 2008 / Notices
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57277; File No. SR–Phlx–
2008–09]
Self-Regulatory Organizations;
Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate
All submissions should refer to File
Effectiveness of Proposed Rule
Number SR–NYSE–2008–12. This file
Change to Modify Trading Hours for
number should be included on the
subject line if e-mail is used. To help the Physical Delivery FCOs
Commission process and review your
February 6, 2008.
comments more efficiently, please use
Pursuant to Section 19(b)(1) of the
only one method. The Commission will Securities Exchange Act of 1934
post all comments on the Commission’s (‘‘Act’’),1 and Rule 19b–4 thereunder,2
Internet Web site (https://www.sec.gov/
notice is hereby given that on February
rules/sro/shtml). Copies of the
1, 2008, the Philadelphia Stock
submission, all subsequent
Exchange, Inc. (‘‘Phlx’’ or ‘‘Exchange’’)
amendments, all written statements
filed with the Securities and Exchange
Commission (‘‘Commission’’) the
with respect to the proposed rule
proposed rule change as described in
change that are filed with the
Items I, II, and III below, which Items
Commission, and all written
have been substantially prepared by the
communications relating to the
Phlx. The Exchange has designated this
proposed rule change between the
Commission and any person, other than proposal as constituting a stated policy,
practice, or interpretation with respect
those that may be withheld from the
to the meaning, administration, or
public in accordance with the
enforcement of an existing rule under
provisions of 5 U.S.C. 552, will be
Section 19(b)(3)(A)(i) of the Act 3 and
available for inspection and copying in
Rule 19b–4(f)(1) thereunder,4 which
the Commission’s Public Reference
renders the proposal effective upon
Room, 100 F Street NE., Washington, DC
filing with the Commission. The
20549, on official business days
Commission is publishing this notice to
between the hours of 10 a.m. and 3 p.m.
solicit comments on the proposed rule
Copies of such filing will also be
change from interested persons.
available for inspection and copying at
I. Self-Regulatory Organization’s
the principal office of the NYSE. All
Statement of the Terms of Substance of
comments received will be posted
the Proposed Rule Change
without change; the Commission does
not edit personal identifying
The Phlx proposes to modify its hours
information from submissions. You
of business for dealings on the Exchange
to change the opening of physical
should submit only information that
you wish to make available publicly. All delivery foreign currency options
submissions should refer to File number (‘‘FCOs’’) trading from 7:30 a.m. Eastern
Time (‘‘ET’’) to 9:30 a.m. ET. The
SR–NYSE–2008–12 and should be
change will become effective on
submitted on or before March 6, 2008.
February 4, 2008. The text of the
For the Commission, by the Division of
proposed rule change is available on the
Trading and Markets, pursuant to delegated
Exchange’s Web site at https://
authority.14
www.Phlx.com/exchange/
Florence E. Harmon,
phlx_rule_fil.html, at the Exchange, and
Deputy Secretary.
at the Commission’s Public Reference
[FR Doc. E8–2732 Filed 2–13–08; 8:45 am]
Room.
rwilkins on PROD1PC63 with NOTICES
BILLING CODE 8011–01–P
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
Phlx included statements concerning
the purpose of, and basis for, the
proposed rule change and discussed any
comments it received on the proposed
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(i).
4 17 CFR 19b–4(f)(1).
2 17
14 17
CFR 200.30–3(a)(12).
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16:49 Feb 13, 2008
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8735
rule change. The text of these statements
may be examined at the places specified
in Item IV below. The Phlx 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 purpose of the proposed rule
change is to make the Exchange’s
physical delivery FCO program more
cost-effective by reducing the duration
of the physical delivery FCO trading
session. Currently, Phlx Rule 101,
‘‘Hours of Business,’’ states that FCO
trading sessions shall be conducted at
such times as the Exchange’s Board of
Governors (‘‘Board’’) shall specify
between 6 p.m. ET, Sundays and 3 p.m.
ET, Fridays, provided that U.S. dollarsettled FCOs shall trade during the same
hours as narrow-based index options.5
Accordingly, the Board adopted the
current hours for physical delivery FCO
trading sessions, opening at 7:30 a.m.
ET and closing at 2:30 p.m. ET.6
The Exchange proposes to adopt a
reduced time period for physical
delivery FCO trading sessions by
specifying that, beginning February 4,
2008, FCO trading sessions will open at
9:30 a.m. ET and close at 2:30 p.m. ET.
The Exchange represents that it has
delisted most of its physical delivery
FCO contracts and intends to delist the
remaining physical delivery FCO on or
before March 31, 2008. The Exchange
has already limited trading in the
remaining physical delivery FCO
contracts to ‘‘closing only’’ transactions.
The Exchange therefore believes that a
5 The Exchange is not proposing to change the
trading hours applicable to U.S. dollar-settled
FCOs.
6 In 1993, the Exchange filed a proposed rule
change to amend Phlx Rule 101 to provide that all
FCO trading, except FCOs on the Canadian dollar,
will be conducted between 1:30 a.m. ET and 2:30
p.m. ET each business day. See Securities Exchange
Act Release No. 33246 (November 24, 1993), 58 FR
63421 (December 1, 1993) (SR–Phlx–93–42).
Subsequently, the trading hours were modified to
move the opening of FCO trading from 1:30 a.m. ET
to 2:30 a.m. ET for all Exchange-listed FCOs except
the Canadian dollar. See Securities Exchange Act
Release No. 34898 (October 26, 1994), 59 FR 54651
(November 1, 1994) (SR–Phlx–94–47). In May 2004,
the Exchange expanded the trading hours for
options on the Canadian dollar to conform to the
trading hours for all other FCOs on the Exchange.
See Securities Exchange Act Release No. 49690
(May 12, 2004), 69 FR 28972 (May 19, 2004) (SR–
Phlx–2004–24). On December 1, 2006 the Exchange
changed the trading hours for all physical delivery
FCOs to be from 7:30 a.m. ET until 2:30 p.m. ET.
See Securities Exchange Act Release No. 54802
(November 21, 2006), 71 FR 68875 (November 28,
2006) (SR–Phlx–2006–72).
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]]>Agencies
[Federal Register Volume 73, Number 31 (Thursday, February 14, 2008)]
[Notices]
[Pages 8733-8735]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-2732]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57287; File No. SR-NYSE-2008-12]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to NYSE Rule 104 (Dealings by Specialists)
February 7, 2008.
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 February 4, 2008, 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 prepared by the Exchange. The Exchange
filed the proposed rule change pursuant to Section 19(b)(3)(A) of the
Act \3\ and Rule 19b-4(f)(6) thereunder, which renders it effective
upon filing with the Commission.\4\ 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)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The NYSE proposes to amend Exchange Rule 104 (Dealings by
Specialists) to conform its language to other recent amendments of Rule
104 and Rule 70 (Bids and Offers).
The text of the proposed rule change is available at the Exchange,
the Commission's Public Reference Room, and https://www.nyse.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 NYSE included statements
concerning the purpose of, and basis for, the proposed rule change and
discussed any
[[Page 8734]]
comments it received on the proposed rule change. 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 amend Exchange NYSE Rule 104 (Dealings by
Specialists) to conform its language to recent amendments of NYSE Rule
104 and NYSE Rule 70 (Bids and Offers). Specifically, on October 2,
2007, the Exchange amended NYSE Rules 70 and 104 to reduce the minimum
display requirement to 100 shares for Floor brokers and specialists to
utilize the reserve functionality of the e-Quote and s-Quote.\5\ In
doing so, the Exchange referred to the new display requirement in terms
of a ``round-lot'' instead of using the term ``shares.'' The change in
language takes into account that, for certain equity securities that
trade on the Exchange, a round-lot is other than 100 shares.\6\
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 56599 (October 2,
2007) 72 FR 57622 (October 10, 2007) (SR-NYSE-2007-93).
\6\ Exchange Rule 55 (Unit of Trading--Stocks and Bonds)
provides in pertinent part, that: ``The unit of trading in stocks
shall be 100 shares, except that in the case of certain stocks
designated by the Exchange the unit of trading shall be such lesser
number of shares as may be determined by the Exchange, with respect
to each stock so designated.''
---------------------------------------------------------------------------
Pursuant to Exchange Rule 104(e), specialists are allowed to
provide price improvement to an order through the use of an
algorithmically generated trading message provided the specialist is
represented in the bid or offer in a ``meaningful amount.'' This is
defined in the Rule as 1,000 shares for the 100 most active securities
on the Exchange, and 500 shares for all other securities on the
Exchange.
The Exchange proposes to amend the language in NYSE Rule 104(e)(ii)
in order to conform it to the language contained in recent amendments
to NYSE Rule 70.20(c) and NYSE Rule 104(d), by changing the reference
to ``1,000 shares'' to ``ten round-lots'' and the reference to ``500
shares'' to ``five round-lots.''
The Exchange believes that the proposed amendment clarifies the
operation of the rule by adding language that takes into account those
equity securities that trade on the Exchange in units other than 100
shares.
2. Statutory Basis
NYSE believes that the proposed rule change is consistent with
Section 6(b) of the Act \7\ in general, and furthers the objectives of
Section 6(b)(5) of the Act \8\ in particular, in that it is 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. The Exchange believes that the instant proposal is consistent
with the objectives of the Act in that the amendment serves to remove
the ambiguity that currently exists in the rule text of Exchange Rule
104(e)(ii) by clarifying the number of shares that a specialist must
display in order to use his or her ability to provide price improvement
in those equity securities that trade on the Exchange in units other
than 100 shares.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\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
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \9\ and Rule 19b-4(f)(6) thereunder.\10\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, 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 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.\11\
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\9\ 15 U.S.C. 78s(b)(3)(A)(iii).
\10\ 17 CFR 240.19b-4(f)(6).
\11\ Rule 19b-4(f)(6) also requires the Exchange 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 satisfied the pre-filing requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative prior to 30 days after the date of the filing.
However, pursuant to Rule 19b-4(f)(6)(iii),\12\ the Commission may
designate a shorter time if such action is consistent with the
protection of investors and the public interest. NYSE has asked the
Commission to waive the 30-day operative delay so that the proposal may
become operative immediately upon filing. The Exchange believes the
waiver of this period will allow it to immediately clarify certain
terms within NYSE Rule 104, which it believes is in the public interest
as it will avoid ambiguity or confusion by market participants as to
how NYSE Rule 104 operates. The Commission believes such waiver is
consistent with the protection of investors and the public interest
because it presents no new issues and would provide clarification of
the Exchange's rules with respect to equity securities that trade on
the Exchange in units other than 100 shares. For this reason, the
Commission designates the proposal to be operative upon filing with the
Commission.\13\
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\12\ 17 CFR 240.19b-4(f)(6)(iii).
\13\ For purposes only of waiving the 30-day pre-operative
period, the Commission has considered the proposed rule's impact on
efficiency, competition and capital formation. 15 U.S.C. 78c(f).
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At any time within 60 days of the filing of the 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 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 e-mail to rule-comments@sec.gov. Please include File
Number SR-NYSE-2008-12 on the subject line.
[[Page 8735]]
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-2008-12. 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, 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 will also be available for
inspection and copying at the principal office of the NYSE. 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-2008-12 and should be
submitted on or before March 6, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-2732 Filed 2-13-08; 8:45 am]
BILLING CODE 8011-01-P
