Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Modify Trading Hours for Physical Delivery FCOs, 8735-8736 [E8-2751]
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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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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).
E:\FR\FM\14FEN1.SGM
14FEN1
8736
Federal Register / Vol. 73, No. 31 / Thursday, February 14, 2008 / Notices
reduction in the duration of the trading
session is appropriate at this time.
In connection with the proposed rule
change adopting Phlx Rule 101, the
Exchange committed to make future
filings under Section 19(b)(3)(A) of the
Act 7 any time it expands or changes
FCO trading hours in connection with
Phlx Rule 101.8 The Exchange intends
to notify its membership of the change
in trading hours for physical delivery
FCOs by issuing a circular to members.
The new trading hours for physical
delivery FCOs will be in effect
beginning February 4, 2008.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,9 in general, and furthers the
objectives of Section 6(b)(5) of the Act,10
in particular, because 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.
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 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
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change
has become effective pursuant to
Section 19(b)(3)(A)(i) of the Act 11 and
Rule 19b–4(f)(1) 12 thereunder, because
it constitutes a stated policy, practice, or
interpretation with respect to the
meaning, administration, or
enforcement of an existing rule.
At any time within 60 days of the
filing of such 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
rwilkins on PROD1PC63 with NOTICES
7 15
U.S.C. 78s(b)(3)(A).
Securities Exchange Act Release No. 26087
(September 16, 1988), 53 FR 36930 (September 22,
1988) (SR–Phlx–88–25).
9 15 U.S.C. 78f(b).
10 15 U.S.C. 78f(b)(5).
11 15 U.S.C. 78s(b)(3)(A)(i).
12 17 CFR 240.19b–4(f)(1).
8 See
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16:49 Feb 13, 2008
Jkt 214001
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–Phlx–2008–09 on the subject
line.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–2751 Filed 2–13–08; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF TRANSPORTATION
[Docket No. OST–2007–27407]
National Surface Transportation
Infrastructure Financing Commission
Department of Transportation
(DOT).
ACTION: Notice of meeting location and
time.
AGENCY:
SUMMARY: This notice lists the location
and time of the ninth meeting of the
National Surface Transportation
Paper Comments
Infrastructure Financing Commission.
• Send paper comments in triplicate
FOR FURTHER INFORMATION CONTACT: John
to Nancy M. Morris, Secretary,
V. Wells, Chief Economist, U.S.
Securities and Exchange Commission,
Department of Transportation, (202)
Station Place, 100 F Street, NE.,
366–9224, jack.wells@dot.gov.
Washington, DC 20549–1090.
SUPPLEMENTARY INFORMATION: By
All submissions should refer to File
Federal Register Notice dated March 12,
Number SR–Phlx–2008–09. This file
2007, and in accordance with the
number should be included on the
requirements of the Federal Advisory
subject line if e-mail is used. To help the Committee Act (‘‘FACA’’) (5 U.S.C. App.
Commission process and review your
2) and the Safe, Accountable, Flexible,
comments more efficiently, please use
Efficient Transportation Equity Act: A
only one method. The Commission will Legacy for Users (‘‘SAFETEA–LU’’)
post all comments on the Commission’s (Pub. L. 109–59, 119 Stat. 1144), the
Internet Web site (https://www.sec.gov/
U.S. Department of Transportation (the
rules/sro.shtml). Copies of the
‘‘Department’’) issued a notice of intent
submission, all subsequent
to form the National Surface
amendments, all written statements
Transportation Infrastructure Financing
with respect to the proposed rule
Commission (the ‘‘Financing
change that are filed with the
Commission’’). Section 11142(a) of
Commission, and all written
SAFETEA–LU established the National
communications relating to the
Surface Transportation Infrastructure
proposed rule change between the
Financing Commission and charged it
Commission and any person, other than with analyzing future highway and
those that may be withheld from the
transit needs and the finances of the
public in accordance with the
Highway Trust Fund and with making
provisions of 5 U.S.C. 552, will be
recommendations regarding alternative
available for inspection and copying in
approaches to financing surface
the Commission’s Public Reference
transportation infrastructure.
Room, 100 F Street, NE., Washington,
Notice of Meeting Location and Time
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
The Commissioners have agreed to
Copies of such filing also will be
hold their ninth meeting from 8:30 a.m.
available for inspection and copying at
to 4 p.m. on Wednesday, March 5, 2008.
the principal office of the Phlx. All
The meeting will be open to the public
comments received will be posted
and is scheduled to take place at the
without change; the Commission does
Department’s headquarters building,
not edit personal identifying
located at 1200 New Jersey Avenue, SE.,
information from submissions. You
Washington, DC 20590, in Conference
should submit only information that
Room W82–302.
you wish to make available publicly. All
If you need accommodations because
submissions should refer to File
of a disability or require additional
Number SR–Phlx–2008–09 and should
information to attend this meeting,
be submitted on or before March 6,
2008.
13 17 CFR 200.30–3(a)(12).
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]]>Agencies
[Federal Register Volume 73, Number 31 (Thursday, February 14, 2008)]
[Notices]
[Pages 8735-8736]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-2751]
-----------------------------------------------------------------------
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 Effectiveness of Proposed Rule Change to
Modify Trading Hours for Physical Delivery FCOs
February 6, 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 1, 2008, the Philadelphia Stock Exchange, Inc. (``Phlx'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been substantially prepared by the
Phlx. The Exchange has designated this proposal as constituting a
stated policy, practice, or interpretation with respect to the meaning,
administration, or enforcement of an existing rule under Section
19(b)(3)(A)(i) of the Act \3\ and Rule 19b-4(f)(1) thereunder,\4\ which
renders the proposal effective upon filing with the Commission. 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)(i).
\4\ 17 CFR 19b-4(f)(1).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Phlx proposes to modify its hours of business for dealings on
the Exchange to change the opening of physical delivery foreign
currency options (``FCOs'') trading from 7:30 a.m. Eastern Time
(``ET'') to 9:30 a.m. ET. The change will become effective on February
4, 2008. The text of the proposed rule change is available on the
Exchange's Web site at https://www.Phlx.com/exchange/phlx_rule_
fil.html, at the Exchange, 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 Phlx included statements
concerning the purpose of, and basis for, the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item 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. dollar-settled 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\
---------------------------------------------------------------------------
\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).
---------------------------------------------------------------------------
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
[[Page 8736]]
reduction in the duration of the trading session is appropriate at this
time.
In connection with the proposed rule change adopting Phlx Rule 101,
the Exchange committed to make future filings under Section 19(b)(3)(A)
of the Act \7\ any time it expands or changes FCO trading hours in
connection with Phlx Rule 101.\8\ The Exchange intends to notify its
membership of the change in trading hours for physical delivery FCOs by
issuing a circular to members. The new trading hours for physical
delivery FCOs will be in effect beginning February 4, 2008.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ See Securities Exchange Act Release No. 26087 (September 16,
1988), 53 FR 36930 (September 22, 1988) (SR-Phlx-88-25).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\9\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\10\ in particular, because 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.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78f(b).
\10\ 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 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
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change has become effective pursuant to
Section 19(b)(3)(A)(i) of the Act \11\ and Rule 19b-4(f)(1) \12\
thereunder, because it constitutes a stated policy, practice, or
interpretation with respect to the meaning, administration, or
enforcement of an existing rule.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78s(b)(3)(A)(i).
\12\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------
At any time within 60 days of the filing of such 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 an e-mail to rule-comments@sec.gov. Please include
File No. SR-Phlx-2008-09 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street, NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-Phlx-2008-09. 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 also will be available for
inspection and copying at the principal office of the Phlx. 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-Phlx-2008-09 and should be
submitted on or before March 6, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------
\13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-2751 Filed 2-13-08; 8:45 am]
BILLING CODE 8011-01-P
