Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extending the SizeQuote Mechanism Pilot Program for a Period of One Year, 12492-12493 [E8-4512]
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12492
Federal Register / Vol. 73, No. 46 / Friday, March 7, 2008 / Notices
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–NSCC–2007–15 on the
subject line.
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–NSCC–2007–15. 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 NSCC. 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–NSCC–2007–15 and should
be submitted on or before March 28,
2008.
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.7
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–4400 Filed 3–6–08; 8:45 am]
sroberts on PROD1PC70 with NOTICES
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
most significant aspects of such
statements.
[Release No. 34–57412; File No. SR–
NYSEArca–2008–21]
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Extending the SizeQuote
Mechanism Pilot Program for a Period
of One Year
March 3, 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
15, 2008, NYSE Arca, Inc. (‘‘NYSE
Arca’’ 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
substantially by NYSE Arca. NYSE Arca
has designated the proposed rule change
as one constituting a non-controversial
rule change under Section
19(b)(3)(A)(iii) of the Act 3 and Rule
19b–4(f)(6) 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
NYSE Arca is proposing to amend its
rules in order to extend its SizeQuote
Mechanism pilot program (‘‘Pilot
Program’’),5 for a one-year period
ending February 15, 2009. The text of
the proposed rule change is available at
https://www.nyse.com, NYSE Arca, and
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,
NYSE Arca 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. NYSE
Arca has prepared summaries, set forth
in Sections A, B, and C below, of the
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
5 See NYSE Arca Rule 6.47(f).
2 17
7 17
CFR 200.30–3(a)(12).
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18:46 Mar 06, 2008
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1. Purpose
The purpose of this proposal is to
extend, for a one year period, the
Exchange’s SizeQuote Pilot Program.
The Pilot Program was initially
established when the Exchange filed
SR–PCX–2005–35.6 The Pilot Program
was subsequently extended,7 and was
set to expire on February 15, 2008.
The Exchange has represented that at
the completion of the Pilot Program,
NYSE Arca would provide to the
Commission a report summarizing the
effectiveness of the SizeQuote program.
While the Exchange believes that the
SizeQuote Mechanism can be an
effective tool for Floor Brokers to use
while executing large size orders in
open outcry, the mechanism has not
been used frequently enough to supply
sufficient evidence to evaluate the
effectiveness of the Pilot Program. In
order to allow for additional time to
compile sufficient evidence as to the
effectiveness of the Pilot Program, NYSE
Arca proposes to extend the Pilot
Program for an additional one-year
period ending February 15, 2009.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,8 in general, and
furthers the objectives of Section
6(b)(5), 9 in particular, in that it is
designed to facilitate transactions in
securities, to promote just and equitable
principles of trade, and 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 that is not
necessary or appropriate in furtherance
of the purposes of the Act.
6 See Securities Exchange Act Release No. 51576
(April 19, 2005), 70 FR 21488 (April 26, 2005).
7See Securities Exchange Act Release No. 53315
(February 15, 2006), 71 FR 9406 (February 23, 2006)
(SR–PCX–2006–09); Securities Exchange Act
Release No. 55312 (February 16, 2007), 72 FR 8827
(February 27, 2007) (SR–NYSEArca–2007–16).
8 15 U.S.C. 78f.
9 15 U.S.C. 78f(b)(5).
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Federal Register / Vol. 73, No. 46 / Friday, March 7, 2008 / Notices
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received from
Members, Participants, or Others
Comments may be submitted by any of
the following methods:
The Exchange has neither solicited
nor received written comments on the
proposed rule change.
• 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
Number SR–NYSEArca–2008–21 on the
subject line.
Electronic Comments
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 10 and Rule 19b–
4(f)(6) thereunder.11
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.
NYSE Arca has requested that the
Commission waive the 30-day operative
delay to allow NYSE Arca to continue
the existing Pilot Program without
interruption. The Commission believes
that waiver of the 30-day operative
delay is consistent with the protection
of investors and the public interest
because it will allow the Pilot Program
to continue uninterrupted for an
additional year and allow the Exchange
more time to assess the effectiveness of
the Pilot Program. Accordingly, the
Commission designates the proposal as
operative upon filing with the
Commission.12
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.
10 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). Rule 19b–4(f)(6) also
requires the self-regulatory organization to give the
Commission 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 Commission has determined to
grant the Exchange’s request to waive the five day
pre-filing notice requirement.
12 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).
sroberts on PROD1PC70 with NOTICES
11 17
VerDate Aug<31>2005
18:46 Mar 06, 2008
Jkt 214001
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.
12493
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57418; File No. SR–Phlx–
2008–14]
Self-Regulatory Organizations;
Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change To Make Permanent a Pilot
Program That Increases Position and
Exercise Limits on Equity Options
March 3, 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
28, 2008, the Philadelphia Stock
All submissions should refer to File
Exchange, Inc. (‘‘Exchange’’ or ‘‘Phlx’’)
Number SR–NYSEArca–2008–21. This
filed with the Securities and Exchange
file number should be included on the
Commission (‘‘Commission’’) the
subject line if e-mail is used. To help the proposed rule change as described in
Commission process and review your
Items I and II below, which Items have
comments more efficiently, please use
been substantially prepared by the
only one method. The Commission will Exchange. The Exchange has designated
post all comments on the Commission’s this proposal as non-controversial under
Internet Web site (https://www.sec.gov/
Section 19(b)(3)(A)(iii) of the Act 3 and
rules/sro.shtml). Copies of the
Rule 19b–4(f)(6) thereunder,4 which
submission, all subsequent
renders the proposed rule change
amendments, all written statements
effective upon filing with the
with respect to the proposed rule
Commission. The Commission is
change that are filed with the
publishing this notice to solicit
Commission, and all written
comments on the proposed rule change
communications relating to the
from interested persons.
proposed rule change between the
Commission and any person, other than I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
those that may be withheld from the
the Proposed Rule Change
public in accordance with the
provisions of 5 U.S.C. 552, will be
The Exchange seeks to make
available for inspection and copying in
permanent an existing pilot program
the Commission’s Public Reference
(the ‘‘Pilot Program’’), the terms of
Room, 100 F Street, NE., Washington,
which are set forth in Exchange Rule
DC 20549, on official business days
1001 (Position Limits), which increases
between the hours of 10 a.m. and 3 p.m. the standard position and exercise
Copies of such filing also will be
limits for equity option contracts,
available for inspection and copying at
including options on the PowerShares
the principal office of NYSE Arca. All
QQQ Trust (‘‘QQQQ’’). The Pilot
comments received will be posted
Program is scheduled to expire March 1,
without change; the Commission does
2008.5 The text of the proposed rule
not edit personal identifying
change is available on the Exchange’s
information from submissions. You
Web site (https://www.phlx.com), at the
should submit only information that
Exchange’s principal office, and at the
you wish to make available publicly. All Commission’s Public Reference Room.
submissions should refer to File
Number SR–NYSEArca–2008–21 and
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
should be submitted on or before March
3 15 U.S.C. 78s(b)(3)(A)(iii).
28, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–4512 Filed 3–6–08; 8:45 am]
BILLING CODE 8011–01–P
13 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00127
Fmt 4703
Sfmt 4703
4 17
CFR 240.19b–4(f)(6).
Securities Exchange Act Release Nos. 56267
(August 15, 2007), 72 FR 47114 (August 22, 2007)
(SR–Phlx–2007–58); 55285 (February 13, 2007), 72
FR 8053 (February 22, 2007) (SR–Phlx–2007–10);
54387 (August 30, 2006), 71 FR 52842 (September
7, 2006) (SR–Phlx–2006–48); 53388 (February 28,
2006), 71 FR 11458 (March 7, 2006) (SR–Phlx–
2006–13); 52261 (August 15, 2005), 70 FR 49004
(August 22, 2005) (SR–Phlx–2005–51); and 51322
(March 4, 2005), 70 FR 12260 (March 11, 2005) (SR–
Phlx–2005–17).
5 See
E:\FR\FM\07MRN1.SGM
07MRN1
]]>Agencies
[Federal Register Volume 73, Number 46 (Friday, March 7, 2008)]
[Notices]
[Pages 12492-12493]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-4512]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57412; File No. SR-NYSEArca-2008-21]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Extending the
SizeQuote Mechanism Pilot Program for a Period of One Year
March 3, 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 15, 2008, NYSE Arca, Inc. (``NYSE Arca'' 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 substantially by NYSE Arca. NYSE Arca has designated
the proposed rule change as one constituting a non-controversial rule
change under Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-
4(f)(6) 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)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
NYSE Arca is proposing to amend its rules in order to extend its
SizeQuote Mechanism pilot program (``Pilot Program''),\5\ for a one-
year period ending February 15, 2009. The text of the proposed rule
change is available at https://www.nyse.com, NYSE Arca, and the
Commission's Public Reference Room.
---------------------------------------------------------------------------
\5\ See NYSE Arca Rule 6.47(f).
---------------------------------------------------------------------------
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, NYSE Arca 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. NYSE Arca 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 this proposal is to extend, for a one year period,
the Exchange's SizeQuote Pilot Program. The Pilot Program was initially
established when the Exchange filed SR-PCX-2005-35.\6\ The Pilot
Program was subsequently extended,\7\ and was set to expire on February
15, 2008.
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 51576 (April 19,
2005), 70 FR 21488 (April 26, 2005).
\7\See Securities Exchange Act Release No. 53315 (February 15,
2006), 71 FR 9406 (February 23, 2006) (SR-PCX-2006-09); Securities
Exchange Act Release No. 55312 (February 16, 2007), 72 FR 8827
(February 27, 2007) (SR-NYSEArca-2007-16).
---------------------------------------------------------------------------
The Exchange has represented that at the completion of the Pilot
Program, NYSE Arca would provide to the Commission a report summarizing
the effectiveness of the SizeQuote program. While the Exchange believes
that the SizeQuote Mechanism can be an effective tool for Floor Brokers
to use while executing large size orders in open outcry, the mechanism
has not been used frequently enough to supply sufficient evidence to
evaluate the effectiveness of the Pilot Program. In order to allow for
additional time to compile sufficient evidence as to the effectiveness
of the Pilot Program, NYSE Arca proposes to extend the Pilot Program
for an additional one-year period ending February 15, 2009.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\8\ in general, and furthers the
objectives of Section 6(b)(5), \9\ in particular, in that it is
designed to facilitate transactions in securities, to promote just and
equitable principles of trade, and to protect investors and the public
interest.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f.
\9\ 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.
[[Page 12493]]
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
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 \10\ and Rule 19b-
4(f)(6) thereunder.\11\
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6). Rule 19b-4(f)(6) also requires the
self-regulatory organization to give the Commission 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
Commission has determined to grant the Exchange's request to waive
the five day pre-filing notice requirement.
---------------------------------------------------------------------------
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.
NYSE Arca has requested that the Commission waive the 30-day
operative delay to allow NYSE Arca to continue the existing Pilot
Program without interruption. The Commission believes that waiver of
the 30-day operative delay is consistent with the protection of
investors and the public interest because it will allow the Pilot
Program to continue uninterrupted for an additional year and allow the
Exchange more time to assess the effectiveness of the Pilot Program.
Accordingly, the Commission designates the proposal as operative upon
filing with the Commission.\12\
---------------------------------------------------------------------------
\12\ 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).
---------------------------------------------------------------------------
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 Number SR-NYSEArca-2008-21 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-NYSEArca-2008-21. 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 NYSE Arca. 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-NYSEArca-2008-21 and should
be submitted on or before March 28, 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. E8-4512 Filed 3-6-08; 8:45 am]
BILLING CODE 8011-01-P
