Self-Regulatory Organizations; American Stock Exchange LLC; Order Approving a Proposed Rule Change, as modified by Amendment No. 1, to Eliminate a Volume Add-on to Amex Options Specialist Financial Requirements, 9842 [E8-3254]

Download as PDF 9842 Federal Register / Vol. 73, No. 36 / Friday, February 22, 2008 / Notices staff members who have an interest in the matters may also be present. The General Counsel of the Commission, or his designee, has certified that, in his opinion, one or more of the exemptions set forth in 5 U.S.C. 552b(c)(5), (7), (8), (9)(B), and (10) and 17 CFR 200.402(a)(5), (7), (8), 9(ii) and (10), permit consideration of the scheduled matters at the Closed Meetings. Commissioner Atkins, as duty officer, voted to consider the items listed for the closed meetings in closed sessions. The subject matter of the Closed Meeting scheduled for Tuesday, February 26, 2008 will be: Institution and settlement of injunctive actions; and Institution and settlement of administrative proceedings of an enforcement nature. The subject matter of the Closed Meeting scheduled for Wednesday, February 27, 2008 will be: Formal orders of investigation; Institution and settlement of injunctive actions; Institution and settlement of administrative proceedings of an enforcement nature; and A regulatory matter regarding a financial institution. At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact: The Office of the Secretary at (202) 551–5400. Dated: February 19, 2008. Nancy M. Morris, Secretary. [FR Doc. E8–3343 Filed 2–21–08; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57336; File No. SR–Amex– 2007–36] mstockstill on PROD1PC66 with NOTICES Self-Regulatory Organizations; American Stock Exchange LLC; Order Approving a Proposed Rule Change, as modified by Amendment No. 1, to Eliminate a Volume Add-on to Amex Options Specialist Financial Requirements I. Introduction On April 10, 2007, the American Stock Exchange LLC (‘‘Amex’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to section VerDate Aug<31>2005 16:38 Feb 21, 2008 Jkt 214001 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 eliminate a volume add-on to Amex options specialist financial requirements. The Amex filed Amendment No. 1 to the proposal on December 12, 2007. The proposed rule change, as modified by Amendment No. 1, was published for comment in the Federal Register on January 14, 2008.3 The Commission received no comments regarding the proposed rule change, as amended. This order approves the proposed rule change. II. Description of the Proposal The Amex proposes to amend Rule 950–ANTE(h). Rule 950–ANTE(h) currently requires an option specialist to maintain minimum tentative net capital in the amount of $1,000,000 plus $25,000 for each option issue (option class) in excess of the initial twenty-five issues in which the specialist is registered. The amendment would eliminate the $25,000 add-on for each option class in excess of the initial twenty-five option classes. 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 under the Act applicable to a national securities exchange.4 In particular, the Commission finds that the proposal is consistent with section 6(b)(5) of the Act,5 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. Amex member firms are subject to both the Amex and the Commission’s net capital rule.6 The multiple listing of options across markets, as well as quoting obligations of registered options traders, remote registered options traders, and supplemental registered options traders now provides multiple 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act of 1934 Release No. 34–57106 (January 4, 2008), 73 FR 2291. 4 In approving this proposed rule change, the Commission has considered the impact on efficiency, competition, and capital formation of the proposed rule change. See 15 U.S.C. 78c(f). 5 15 U.S.C. 78f(b)(5). 6 Rule 15c3–1 under the Act (17 CFR 240.15c3– 1). 2 17 PO 00000 Frm 00086 Fmt 4703 Sfmt 4703 sources of liquidity in each options class, which diminishes the role and need to highly capitalize any one liquidity provider. Therefore, the benefits of requiring Amex options specialists to maintain net capital beyond the Commission’s net capital rule have been greatly reduced. Reducing the amount of capital required to be held under the Amex net capital rule also would allow options specialists to use funds previously maintained to meet Amex net capital requirements for other purposes, lowering their cost of business and helping to ensure that they can continue to function as options specialists on the Exchange. IV. Conclusion It is therefore ordered, pursuant to section 19(b)(2) of the Act,7 that the proposed rule change (SR–Amex–2007– 36), as modified by Amendment No. 1, be, and hereby is, approved. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.8 Florence E. Harmon, Deputy Secretary. [FR Doc. E8–3254 Filed 2–21–08; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57298A; File No. SR–DTC– 2007–13] Self-Regulatory Organizations; The Depository Trust Company; Order Granting Approval of a Proposed Rule Change Relating to the Foreign Currency Payment Option February 8, 2008. Correction In FR Doc. No. E8–2823, beginning on page 8921, the date was incorrectly stated as February 8, 2007. The correct date appears above. Florence E. Harmon, Deputy Secretary. [FR Doc. E8–3307 Filed 2–21–08; 8:45 am] BILLING CODE 8011–01–P 7 15 8 17 E:\FR\FM\22FEN1.SGM U.S.C. 78s(b)(2). CFR 200.30–3(a)(12). 22FEN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 73, Number 36 (Friday, February 22, 2008)]
[Notices]
[Page 9842]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-3254]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57336; File No. SR-Amex-2007-36]


Self-Regulatory Organizations; American Stock Exchange LLC; Order 
Approving a Proposed Rule Change, as modified by Amendment No. 1, to 
Eliminate a Volume Add-on to Amex Options Specialist Financial 
Requirements

I. Introduction

    On April 10, 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 eliminate a volume add-on to Amex 
options specialist financial requirements. The Amex filed Amendment No. 
1 to the proposal on December 12, 2007. The proposed rule change, as 
modified by Amendment No. 1, was published for comment in the Federal 
Register on January 14, 2008.\3\ The Commission received no comments 
regarding the proposed rule change, as amended. This order approves the 
proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act of 1934 Release No. 34-57106 
(January 4, 2008), 73 FR 2291.
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II. Description of the Proposal

    The Amex proposes to amend Rule 950-ANTE(h). Rule 950-ANTE(h) 
currently requires an option specialist to maintain minimum tentative 
net capital in the amount of $1,000,000 plus $25,000 for each option 
issue (option class) in excess of the initial twenty-five issues in 
which the specialist is registered. The amendment would eliminate the 
$25,000 add-on for each option class in excess of the initial twenty-
five option classes.

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 under the Act applicable to a national securities 
exchange.\4\ In particular, the Commission finds that the proposal is 
consistent with section 6(b)(5) of the Act,\5\ 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.
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    \4\ In approving this proposed rule change, the Commission has 
considered the impact on efficiency, competition, and capital 
formation of the proposed rule change. See 15 U.S.C. 78c(f).
    \5\ 15 U.S.C. 78f(b)(5).
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    Amex member firms are subject to both the Amex and the Commission's 
net capital rule.\6\ The multiple listing of options across markets, as 
well as quoting obligations of registered options traders, remote 
registered options traders, and supplemental registered options traders 
now provides multiple sources of liquidity in each options class, which 
diminishes the role and need to highly capitalize any one liquidity 
provider. Therefore, the benefits of requiring Amex options specialists 
to maintain net capital beyond the Commission's net capital rule have 
been greatly reduced. Reducing the amount of capital required to be 
held under the Amex net capital rule also would allow options 
specialists to use funds previously maintained to meet Amex net capital 
requirements for other purposes, lowering their cost of business and 
helping to ensure that they can continue to function as options 
specialists on the Exchange.
---------------------------------------------------------------------------

    \6\ Rule 15c3-1 under the Act (17 CFR 240.15c3-1).
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IV. Conclusion

    It is therefore ordered, pursuant to section 19(b)(2) of the 
Act,\7\ that the proposed rule change (SR-Amex-2007-36), as modified by 
Amendment No. 1, be, and hereby is, approved.
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    \7\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-3254 Filed 2-21-08; 8:45 am]
BILLING CODE 8011-01-P

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